2019 Q1 Form 10-Q Financial Statement

#000072672819000049 Filed on May 02, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $354.4M $318.3M
YoY Change 11.33% 6.81%
Cost Of Revenue $21.60M $16.60M
YoY Change 30.12% -13.09%
Gross Profit $332.7M $301.7M
YoY Change 10.28% 8.14%
Gross Profit Margin 93.89% 94.79%
Selling, General & Admin $15.10M $15.70M
YoY Change -3.82% 17.16%
% of Gross Profit 4.54% 5.2%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $137.5M $131.1M
YoY Change 4.89% 8.26%
% of Gross Profit 41.33% 43.45%
Operating Expenses $152.0M $146.4M
YoY Change 3.83% 7.57%
Operating Profit $180.7M $155.3M
YoY Change 16.36% 8.68%
Interest Expense $70.02M $59.42M
YoY Change 17.85% -204.42%
% of Operating Profit 38.75% 38.26%
Other Income/Expense, Net -$900.0K -$600.0K
YoY Change 50.0% -25.0%
Pretax Income $112.7M $84.50M
YoY Change 33.37% -6.22%
Income Tax $1.445M $1.223M
% Of Pretax Income 1.28% 1.45%
Net Earnings $110.9M $83.16M
YoY Change 33.4% -6.45%
Net Earnings / Revenue 31.31% 26.13%
Basic Earnings Per Share
Diluted Earnings Per Share $365.0K $292.6K
COMMON SHARES
Basic Shares Outstanding 303.5M shares 283.9M shares
Diluted Shares Outstanding 303.8M shares 284.3M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.000M $21.00M
YoY Change -85.71% -25.0%
Cash & Equivalents $2.997M $20.63M
Short-Term Investments
Other Short-Term Assets $17.00M $16.00M
YoY Change 6.25% -5.88%
Inventory
Prepaid Expenses
Receivables $151.0M $126.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $171.0M $163.0M
YoY Change 4.91% 2.52%
LONG-TERM ASSETS
Property, Plant & Equipment $14.31B $13.00B
YoY Change 10.04% 7.49%
Goodwill $14.60M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.000M $0.00
YoY Change -100.0%
Total Long-Term Assets $15.59B $14.31B
YoY Change 8.95% 7.9%
TOTAL ASSETS
Total Short-Term Assets $171.0M $163.0M
Total Long-Term Assets $15.59B $14.31B
Total Assets $15.76B $14.47B
YoY Change 8.9% 7.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $222.0M $71.00M
YoY Change 212.68% 7.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $422.0M $274.0M
YoY Change 54.01% 4.58%
LONG-TERM LIABILITIES
Long-Term Debt $7.021B $6.600B
YoY Change 6.38% 21.57%
Other Long-Term Liabilities $311.0M $303.0M
YoY Change 2.64% -55.24%
Total Long-Term Liabilities $7.332B $6.903B
YoY Change 6.21% 13.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $422.0M $274.0M
Total Long-Term Liabilities $7.332B $6.903B
Total Liabilities $7.754B $7.206B
YoY Change 7.6% 12.82%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.984B $7.268B
YoY Change
Total Liabilities & Shareholders Equity $15.76B $14.47B
YoY Change 8.9% 7.84%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $110.9M $83.16M
YoY Change 33.4% -6.45%
Depreciation, Depletion And Amortization $137.5M $131.1M
YoY Change 4.89% 8.26%
Cash From Operating Activities $212.0M $213.5M
YoY Change -0.7% 0.2%
INVESTING ACTIVITIES
Capital Expenditures -$521.0M -$507.4M
YoY Change 2.68% 34.13%
Acquisitions
YoY Change
Other Investing Activities $22.50M $14.60M
YoY Change 54.11% 12.31%
Cash From Investing Activities -$498.5M -$492.8M
YoY Change 1.15% 34.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $287.8M $293.7M
YoY Change -2.04% 72.39%
NET CHANGE
Cash From Operating Activities $212.0M $213.5M
Cash From Investing Activities -$498.5M -$492.8M
Cash From Financing Activities $287.8M $293.7M
Net Change In Cash $1.263M $14.44M
YoY Change -91.25% -20.66%
FREE CASH FLOW
Cash From Operating Activities $212.0M $213.5M
Capital Expenditures -$521.0M -$507.4M
Free Cash Flow $733.0M $720.9M
YoY Change 1.68% 21.9%

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12178429000 USD
CY2018Q4 us-gaap Land
Land
4682660000 USD
CY2019Q1 us-gaap Land
Land
4751091000 USD
CY2018Q1 us-gaap Lease Income
LeaseIncome
317848000 USD
CY2019Q1 us-gaap Lease Income
LeaseIncome
354037000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
171400000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
101900000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
14400000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
14300000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
14500000 USD
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
1109269000 USD
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
1193221000 USD
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
1003897000 USD
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
7195770000 USD
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
1261972000 USD
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
1310769000 USD
CY2018Q4 us-gaap Liabilities
Liabilities
7139505000 USD
CY2019Q1 us-gaap Liabilities
Liabilities
7753832000 USD
CY2018Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
15260483000 USD
CY2019Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
15762908000 USD
CY2018Q4 us-gaap Line Of Credit
LineOfCredit
252000000 USD
CY2019Q1 us-gaap Line Of Credit
LineOfCredit
838000000 USD
CY2018Q4 us-gaap Loans Payable
LoansPayable
568610000 USD
CY2019Q1 us-gaap Loans Payable
LoansPayable
498722000 USD
CY2018Q4 us-gaap Minority Interest
MinorityInterest
32236000 USD
CY2019Q1 us-gaap Minority Interest
MinorityInterest
25181000 USD
CY2018Q1 us-gaap Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
0 USD
CY2018Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
3300000 USD
CY2019Q1 us-gaap Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
20225000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
293746000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
287750000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-492835000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-498514000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
213529000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
212027000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
83163000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
110942000 USD
CY2018Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
152000 USD
CY2019Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
288000 USD
CY2018Q1 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
12144000 USD
CY2019Q1 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
6286000 USD
CY2018Q4 us-gaap Notes And Loans Receivable Gross Noncurrent
NotesAndLoansReceivableGrossNoncurrent
0 USD
CY2019Q1 us-gaap Notes And Loans Receivable Gross Noncurrent
NotesAndLoansReceivableGrossNoncurrent
22592000 USD
CY2018Q4 us-gaap Notes Payable
NotesPayable
5376797000 USD
CY2019Q1 us-gaap Notes Payable
NotesPayable
5377712000 USD
CY2019Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
48 segment
CY2019Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
5876 property
CY2019Q1 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
49 state
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
129100000 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
129145000 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
128073000 USD
CY2019Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
3600000 USD
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0428
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P12Y9M18D
CY2018Q4 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
29426000 USD
CY2019Q1 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
21519000 USD
CY2018Q4 us-gaap Other Assets
OtherAssets
47361000 USD
CY2019Q1 us-gaap Other Assets
OtherAssets
246932000 USD
CY2018Q4 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
1853000 USD
CY2019Q1 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
4180000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
0 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
-4377000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
0 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
-678000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
0 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-3699000 USD
CY2018Q1 us-gaap Other Income
OtherIncome
447000 USD
CY2019Q1 us-gaap Other Income
OtherIncome
328000 USD
CY2018Q4 us-gaap Other Liabilities
OtherLiabilities
127109000 USD
CY2019Q1 us-gaap Other Liabilities
OtherLiabilities
243591000 USD
CY2018Q1 us-gaap Other Noncash Income
OtherNoncashIncome
1544000 USD
CY2019Q1 us-gaap Other Noncash Income
OtherNoncashIncome
2116000 USD
CY2018Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
8940000 USD
CY2019Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
2995000 USD
CY2018Q1 us-gaap Payments For Deposits On Real Estate Acquisitions
PaymentsForDepositsOnRealEstateAcquisitions
442000 USD
CY2019Q1 us-gaap Payments For Deposits On Real Estate Acquisitions
PaymentsForDepositsOnRealEstateAcquisitions
0 USD
CY2018Q1 us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
0 USD
CY2019Q1 us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
20225000 USD
CY2018Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
185556000 USD
CY2019Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
204546000 USD
CY2018Q1 us-gaap Payments To Acquire And Develop Real Estate
PaymentsToAcquireAndDevelopRealEstate
498448000 USD
CY2019Q1 us-gaap Payments To Acquire And Develop Real Estate
PaymentsToAcquireAndDevelopRealEstate
517975000 USD
CY2018Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
14695000 USD
CY2019Q1 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
16905000 USD
CY2018Q1 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
32000 USD
CY2019Q1 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
0 USD
CY2018Q1 us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
1184000 USD
CY2019Q1 us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
0 USD
CY2018Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
1058000000 USD
CY2019Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
732000000 USD
CY2018Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-6542000 USD
CY2019Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-4087000 USD
CY2018Q1 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
13800000 USD
CY2018Q1 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
13779000 USD
CY2019Q1 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
22456000 USD
CY2019Q1 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
22500000 USD
CY2018Q1 us-gaap Profit Loss
ProfitLoss
83315000 USD
CY2019Q1 us-gaap Profit Loss
ProfitLoss
111230000 USD
CY2018Q4 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
16585000 USD
CY2019Q1 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
22064000 USD
CY2018Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
2714534000 USD
CY2019Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
2809690000 USD
CY2018Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
16541466000 USD
CY2019Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
16929520000 USD
CY2018Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
13826932000 USD
CY2019Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
14119830000 USD
CY2018Q1 us-gaap Repayments Of First Mortgage Bond
RepaymentsOfFirstMortgageBond
12323000 USD
CY2019Q1 us-gaap Repayments Of First Mortgage Bond
RepaymentsOfFirstMortgageBond
1235000 USD
CY2018Q1 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
86000000 USD
CY2019Q1 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
146000000 USD
CY2018Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
350000000 USD
CY2019Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0 USD
CY2018Q1 us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
125866000 USD
CY2019Q1 us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
70000000 USD
CY2018Q4 us-gaap Restricted Cash
RestrictedCash
1129000 USD
CY2019Q1 us-gaap Restricted Cash
RestrictedCash
9081000 USD
CY2018Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
32000 USD
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
9081000 USD
CY2018Q1 us-gaap Revenues
Revenues
318295000 USD
CY2019Q1 us-gaap Revenues
Revenues
354365000 USD
CY2018Q4 us-gaap Secured Debt
SecuredDebt
302569000 USD
CY2019Q1 us-gaap Secured Debt
SecuredDebt
300993000 USD
CY2018Q4 us-gaap Security Deposit Liability
SecurityDepositLiability
6093000 USD
CY2019Q1 us-gaap Security Deposit Liability
SecurityDepositLiability
6089000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3662000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2764000 USD
CY2018Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
2218000 USD
CY2019Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
2151000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-2750000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-1310000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
8088742000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
7983895000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
7390708000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
7297659000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
8120978000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
8009076000 USD
CY2018Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
2007000 USD
CY2019Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-678000 USD
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
284345328 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
303819878 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
283917418 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
303528336 shares

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