$OPI
OFFICE PROPERTIES INCOME TRUST

2018 Q2 Form 10-Q Financial Statement

#000145677218000026 Filed on August 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q4 2017 Q2
Revenue $108.1M $107.2M $69.89M
YoY Change 54.66% 62.31% 9.09%
Cost Of Revenue $34.00M $34.30M $23.10M
YoY Change 47.19% 54.5% 11.06%
Gross Profit $74.10M $72.90M $46.80M
YoY Change 58.33% 66.06% 8.33%
Gross Profit Margin 68.56% 68.02% 66.97%
Selling, General & Admin $10.50M $13.30M $9.300M
YoY Change 12.9% 77.33% 20.78%
% of Gross Profit 14.17% 18.24% 19.87%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $42.30M $47.50M $20.40M
YoY Change 107.35% 165.36% 15.25%
% of Gross Profit 57.09% 65.16% 43.59%
Operating Expenses $53.10M $60.90M $29.90M
YoY Change 77.59% 135.14% 16.34%
Operating Profit $21.30M $12.00M $16.84M
YoY Change 26.5% -33.33% -3.78%
Interest Expense $23.30M -$21.40M $13.96M
YoY Change 66.9% 72.58% 35.38%
% of Operating Profit 109.41% -178.33% 82.93%
Other Income/Expense, Net
YoY Change
Pretax Income $26.10M -$18.70M $3.266M
YoY Change 699.08% -497.87% -56.88%
Income Tax $83.00K $0.00 $25.00K
% Of Pretax Income 0.32% 0.77%
Net Earnings $29.70M -$18.00M $11.68M
YoY Change 154.3% -248.76% -30.49%
Net Earnings / Revenue 27.47% -16.8% 16.71%
Basic Earnings Per Share
Diluted Earnings Per Share $496.0K -$725.8K $438.2K
COMMON SHARES
Basic Shares Outstanding 24.76M shares 99.15M shares 71.09M shares
Diluted Shares Outstanding 24.77M shares 71.12M shares

Balance Sheet

Concept 2018 Q2 2017 Q4 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.70M $16.60M $12.90M
YoY Change 44.96% -44.48% 43.33%
Cash & Equivalents $18.70M $16.57M $12.91M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $61.50M $61.40M $47.70M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $80.20M $78.00M $60.60M
YoY Change 32.34% -0.51% 8.99%
LONG-TERM ASSETS
Property, Plant & Equipment $2.785B $2.986B $1.711B
YoY Change 62.77% 73.91% 5.98%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $456.8M $467.5M $477.2M
YoY Change -4.29% -4.14% -3.16%
Other Assets $25.30M $26.10M $34.10M
YoY Change -25.81% -23.68% 3.33%
Total Long-Term Assets $3.428B $3.626B $2.305B
YoY Change 48.73% 57.18% 4.96%
TOTAL ASSETS
Total Short-Term Assets $80.20M $78.00M $60.60M
Total Long-Term Assets $3.428B $3.626B $2.305B
Total Assets $3.508B $3.704B $2.365B
YoY Change 48.31% 55.28% 5.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $80.70M $89.40M $64.50M
YoY Change 25.12% 65.56% 13.76%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $87.80M $94.30M $69.90M
YoY Change 25.61% 64.0% 15.92%
LONG-TERM LIABILITIES
Long-Term Debt $2.127B $2.266B $1.377B
YoY Change 54.42% 63.95% 12.71%
Other Long-Term Liabilities $11.70M $13.60M $9.500M
YoY Change 23.16% 27.1% -20.83%
Total Long-Term Liabilities $2.138B $2.279B $1.387B
YoY Change 54.2% 63.67% 12.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $87.80M $94.30M $69.90M
Total Long-Term Liabilities $2.138B $2.279B $1.387B
Total Liabilities $2.226B $2.353B $1.456B
YoY Change 52.85% 62.27% 12.55%
SHAREHOLDERS EQUITY
Retained Earnings $205.0M $108.1M $115.4M
YoY Change 77.64% 12.27%
Common Stock $1.969B $1.969B $1.475B
YoY Change 33.56% 33.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.282B $1.330B $908.7M
YoY Change
Total Liabilities & Shareholders Equity $3.508B $3.704B $2.365B
YoY Change 48.31% 55.28% 5.06%

Cashflow Statement

Concept 2018 Q2 2017 Q4 2017 Q2
OPERATING ACTIVITIES
Net Income $29.70M -$18.00M $11.68M
YoY Change 154.3% -248.76% -30.49%
Depreciation, Depletion And Amortization $42.30M $47.50M $20.40M
YoY Change 107.35% 165.36% 15.25%
Cash From Operating Activities $58.20M $41.70M $43.60M
YoY Change 33.49% 27.91% 6.86%
INVESTING ACTIVITIES
Capital Expenditures -$10.30M -$537.4M -$12.30M
YoY Change -16.26% 325.83% 33.7%
Acquisitions
YoY Change
Other Investing Activities $133.2M $13.70M $4.500M
YoY Change 2860.0% 128.33% 15.38%
Cash From Investing Activities $122.9M -$523.6M -$7.800M
YoY Change -1675.64% 334.88% 44.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -182.2M -50.60M -36.00M
YoY Change 406.11% -148.65% -14.49%
NET CHANGE
Cash From Operating Activities 58.20M 41.70M 43.60M
Cash From Investing Activities 122.9M -523.6M -7.800M
Cash From Financing Activities -182.2M -50.60M -36.00M
Net Change In Cash -1.100M -532.5M -200.0K
YoY Change 450.0% -3387.04% -97.01%
FREE CASH FLOW
Cash From Operating Activities $58.20M $41.70M $43.60M
Capital Expenditures -$10.30M -$537.4M -$12.30M
Free Cash Flow $68.50M $579.1M $55.90M
YoY Change 22.54% 264.67% 11.8%

Facts In Submission

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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%;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;">On January 1, 2018, we adopted the Financial Accounting Standards Board, or FASB, Accounting Standards Update, or ASU, No. 2014-09 (and related clarifying guidance issued by the FASB), </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 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 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 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 equipment. A substantial portion of our revenue consists of rental income from leasing arrangements, which is specifically excluded from ASU No. 2014-09. We have adopted ASU No. 2014-09 using the modified retrospective approach, which resulted in an adjustment to reclassify a previous 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;"> from accounts payable and other liabilities to cumulative net income. The adoption of ASU No. 2014-09 did not have a material impact on the amount or timing of our revenue recognition in our condensed consolidated financial statements except for profit recognition on real estate sales. </font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On January 1, 2018, we adopted FASB 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 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. The implementation of ASU No. 2016-01 resulted in the reclassification of historical changes in the fair value of our available for sale equity securities of </font><font style="font-family:inherit;font-size:10pt;">$45,116</font><font style="font-family:inherit;font-size:10pt;"> from cumulative other comprehensive income to cumulative net income. We also reclassified </font><font style="font-family:inherit;font-size:10pt;">$15,165</font><font style="font-family:inherit;font-size:10pt;"> from cumulative other comprehensive income to cumulative net income for our share of cumulative other comprehensive income of certain of our equity method investees. Effective January 1, 2018, changes in the fair value of our equity securities are recorded through earnings in accordance with ASU No. 2016-01. </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%;padding-bottom:13px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On January 1, 2018, we adopted FASB 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 statements of cash flows. The implementation of this update resulted in the reclassification of </font><font style="font-family:inherit;font-size:10pt;">$1,472</font><font style="font-family:inherit;font-size:10pt;"> of accretion recorded in our equity in the earnings of Select Income REIT, or SIR, from cash flow from investing activities to cash flow from operating activities for the six months ended June 30, 2017. See Note 12 for further information regarding our investment in SIR.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On January 1, 2018, we adopted FASB 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 requires companies to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The implementation of ASU 2016-18 resulted in an increase of </font><font style="font-family:inherit;font-size:10pt;">$186</font><font style="font-family:inherit;font-size:10pt;"> of net cash provided by operating activities for the six months ended June 30, 2017. This update also requires a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheets. As a result, amounts included in restricted cash on our condensed consolidated balance sheets are included with cash and cash equivalents on the condensed consolidated statements of cash flows. Restricted cash, which consists of amounts escrowed for future real estate taxes, insurance, leasing costs, capital expenditures and debt service, as required by certain of our mortgage debts, totaled </font><font style="font-family:inherit;font-size:10pt;">$2,448</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$344</font><font style="font-family:inherit;font-size:10pt;"> as of June 30, 2018 and 2017, respectively. The adoption of this update did not change our balance sheet presentation.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;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 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 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 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 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 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 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 reporting periods beginning after December 15, 2018, with early adoption permitted. We are currently assessing the potential impact the adoption of ASU No. 2016-02 will have in our condensed consolidated financial statements.</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 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. We currently expect to adopt the standard using the modified retrospective approach. </font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2018, the FASB issued ASU No. 2018-07,&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting</font><font style="font-family:inherit;font-size:10pt;">, which aligns the measurement and classification guidance for share based payments to nonemployees with the guidance for share based payments to employees, with certain exceptions. ASU No. 2018-07 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We are currently assessing the potential impact the adoption of ASU No. 2018-07 will have in our condensed consolidated financial statements.</font></div></div>

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