$OPI
OFFICE PROPERTIES INCOME TRUST

2017 Q2 Form 10-Q Financial Statement

#000145677217000031 Filed on August 01, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $69.89M $64.06M
YoY Change 9.09% 3.14%
Cost Of Revenue $23.10M $20.80M
YoY Change 11.06% 5.05%
Gross Profit $46.80M $43.20M
YoY Change 8.33% 2.13%
Gross Profit Margin 66.97% 67.44%
Selling, General & Admin $9.300M $7.700M
YoY Change 20.78% 0.0%
% of Gross Profit 19.87% 17.82%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $20.40M $17.70M
YoY Change 15.25% 4.12%
% of Gross Profit 43.59% 40.97%
Operating Expenses $29.90M $25.70M
YoY Change 16.34% 2.39%
Operating Profit $16.84M $17.50M
YoY Change -3.78% 1.74%
Interest Expense $13.96M $10.31M
YoY Change 35.38% -104.82%
% of Operating Profit 82.93% 58.94%
Other Income/Expense, Net
YoY Change
Pretax Income $3.266M $7.574M
YoY Change -56.88% -103.84%
Income Tax $25.00K $35.00K
% Of Pretax Income 0.77% 0.46%
Net Earnings $11.68M $16.80M
YoY Change -30.49% -108.79%
Net Earnings / Revenue 16.71% 26.23%
Basic Earnings Per Share
Diluted Earnings Per Share $438.2K $943.8K
COMMON SHARES
Basic Shares Outstanding 71.09M shares 71.04M shares
Diluted Shares Outstanding 71.12M shares 71.06M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.90M $9.000M
YoY Change 43.33% 26.76%
Cash & Equivalents $12.91M $9.021M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $47.70M $46.60M
Other Receivables $0.00 $0.00
Total Short-Term Assets $60.60M $55.60M
YoY Change 8.99% 17.55%
LONG-TERM ASSETS
Property, Plant & Equipment $1.711B $1.614B
YoY Change 5.98% 2.24%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $477.2M $492.8M
YoY Change -3.16% -4.18%
Other Assets $34.10M $33.00M
YoY Change 3.33% -15.38%
Total Long-Term Assets $2.305B $2.196B
YoY Change 4.96% 0.24%
TOTAL ASSETS
Total Short-Term Assets $60.60M $55.60M
Total Long-Term Assets $2.305B $2.196B
Total Assets $2.365B $2.251B
YoY Change 5.06% 0.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $64.50M $56.70M
YoY Change 13.76% 12.28%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $69.90M $60.30M
YoY Change 15.92% 12.5%
LONG-TERM LIABILITIES
Long-Term Debt $1.377B $1.222B
YoY Change 12.71% 6.98%
Other Long-Term Liabilities $9.500M $12.00M
YoY Change -20.83% -17.81%
Total Long-Term Liabilities $1.387B $1.234B
YoY Change 12.38% 6.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $69.90M $60.30M
Total Long-Term Liabilities $1.387B $1.234B
Total Liabilities $1.456B $1.294B
YoY Change 12.55% 6.92%
SHAREHOLDERS EQUITY
Retained Earnings $115.4M
YoY Change
Common Stock $1.475B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $908.7M $957.2M
YoY Change
Total Liabilities & Shareholders Equity $2.365B $2.251B
YoY Change 5.06% 0.61%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $11.68M $16.80M
YoY Change -30.49% -108.79%
Depreciation, Depletion And Amortization $20.40M $17.70M
YoY Change 15.25% 4.12%
Cash From Operating Activities $43.60M $40.80M
YoY Change 6.86% 17.58%
INVESTING ACTIVITIES
Capital Expenditures -$12.30M -$9.200M
YoY Change 33.7% 124.39%
Acquisitions
YoY Change
Other Investing Activities $4.500M $3.900M
YoY Change 15.38% -162.9%
Cash From Investing Activities -$7.800M -$5.400M
YoY Change 44.44% -47.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -36.00M -42.10M
YoY Change -14.49% 57.09%
NET CHANGE
Cash From Operating Activities 43.60M 40.80M
Cash From Investing Activities -7.800M -5.400M
Cash From Financing Activities -36.00M -42.10M
Net Change In Cash -200.0K -6.700M
YoY Change -97.01% 179.17%
FREE CASH FLOW
Cash From Operating Activities $43.60M $40.80M
Capital Expenditures -$12.30M -$9.200M
Free Cash Flow $55.90M $50.00M
YoY Change 11.8% 28.87%

Facts In Submission

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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On January 1, 2017, we adopted the Financial Accounting Standards Board, or FASB, Accounting Standards Update, or ASU, No. 2017-01, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Clarifying the Definition of a Business</font><font style="font-family:inherit;font-size:10pt;">, which provides additional guidance on evaluating whether</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">a</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">transaction should be accounted for as an acquisition (or disposal) of assets or of a business. This update defines three requirements for a set of assets and</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">activities (collectively referred to as a &#8220;set&#8221;) to be considered a business: inputs, processes and outputs. As a result of the implementation of this update, certain property acquisitions, which under previous guidance were accounted for</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">as business combinations, are now accounted for as acquisitions of assets. In an acquisition of assets, certain acquisition costs are capitalized as opposed to expensed</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">under the previous guidance.</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On January 1, 2017, we adopted FASB ASU No. 2016-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation - Stock Compensation</font><font style="font-family:inherit;font-size:10pt;">, which identifies areas for simplification involving several aspects of accounting for share based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the condensed statement of cash flows. The adoption of ASU No. 2016-09 did not have a material impact in our condensed consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued ASU No. 2014-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue From Contracts With Customers</font><font style="font-family:inherit;font-size:10pt;">, which outlines a comprehensive model for</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">entities to use in accounting for revenue arising from contracts with customers. ASU No. 2014-09 states that &#8220;an entity recognizes revenue to depict the transfer of</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">services.&#8221; While ASU No. 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">equipment. In August 2015, the FASB provided for a one-year deferral of the effective date for ASU No. 2014-09, which is now effective for us beginning January 1,</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">2018. A substantial portion of our revenue consists of rental income from leasing arrangements, which is specifically excluded from ASU No. 2014-09. We are</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">continuing to evaluate ASU No. 2014-09 (and related clarifying guidance issued by the FASB); however, we do not expect its adoption to have a significant impact on the amount or timing of our revenue recognition in our consolidated financial statements with the exception of profit recognition on real estate sales. We</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;"> </font><font style="font-family:inherit;font-size:10pt;">currently have recorded a deferred gain on sale of real estate of </font><font style="font-family:inherit;font-size:10pt;">$712</font><font style="font-family:inherit;font-size:10pt;"> that under current guidance would be recognized upon repayment of a promissory note we received in connection with the sale but will be recognized in its entirety upon adoption of ASU No. 2014-09. We currently expect to adopt the standard using the modified retrospective approach.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2016, the FASB issued ASU No. 2016-01, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Recognition and Measurement of Financial Assets and Financial Liabilities</font><font style="font-family:inherit;font-size:10pt;">, which changes how</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">entities measure certain equity investments and present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. This update is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted subject to certain conditions. Currently, changes in fair value of these investments are recorded through other comprehensive income. ASU No. 2016-01 states that these changes will be recorded through earnings. We are continuing to evaluate this guidance, but we expect the implementation of this guidance will affect how changes in the fair value of available for sale securities we hold are presented in our condensed consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU No. 2016-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases</font><font style="font-family:inherit;font-size:10pt;">, which sets out the principles for the recognition, measurement, presentation and</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">disclosure of leases for both parties to a contract (i.e., lessees and lessors). ASU No. 2016-02 requires lessees to apply a dual approach, classifying leases as either</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">will determine whether the lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease. A lessee is also</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">required to record a right of use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">approach that is substantially equivalent to existing guidance for sales type leases, direct financing leases and operating leases. ASU No. 2016-02 is effective for</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">reporting periods beginning after December 15, 2018, with early adoption permitted. We are currently assessing the potential impact the adoption of ASU No.</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">2016-02 will have in our condensed consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2016, the FASB issued ASU No. 2016-13, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</font><font style="font-family:inherit;font-size:10pt;">, which requires that entities use a new forward looking &#8220;expected loss&#8221; model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are currently assessing the potential impact the adoption of ASU No. 2016-13 will have in our condensed consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2016, the FASB issued ASU No. 2016-15, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments</font><font style="font-family:inherit;font-size:10pt;">, which clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows. ASU No. 2016-15 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We are currently assessing the potential impact the adoption of ASU No. 2016-15 will have in our condensed consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In November 2016, the FASB issued ASU No. 2016-18, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Restricted Cash</font><font style="font-family:inherit;font-size:10pt;">, which clarifies how companies should present restricted cash and restricted cash equivalents. Companies will show the changes in the total of cash, cash equivalents,</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">restricted cash and restricted cash equivalents in the statement of cash flows. The new standard requires a reconciliation of the</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">totals in the statement of cash flows to the related captions in the balance sheets. ASU No. 2016-18 is effective for fiscal years</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">beginning after December 15, 2017, including interim periods within those fiscal years. Upon the adoption of ASU No. 2016-18, we will reconcile both cash and cash equivalents and restricted cash and restricted cash equivalents, whereas under the current guidance we explain the changes during the period for cash and cash equivalents only.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2017, the FASB issued ASU No. 2017-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Scope of Modification Accounting</font><font style="font-family:inherit;font-size:10pt;">, which clarifies which changes to the terms or conditions of a share-based payment award are subject to the guidance on modification accounting under ASC 718. Entities would apply the modification accounting guidance unless the value, vesting requirements and classification of a share-based payment award are the same immediately before and after a change to the terms or conditions of the award. ASU No. 2017-09 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We are continuing to evaluate ASU No. 2017-09; however, we do not expect its adoption to have a material impact in our condensed consolidated financial statements.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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