2018 Q2 Form 10-Q Financial Statement

#000104277618000157 Filed on August 01, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $129.2M $148.7M
YoY Change -13.12% 9.88%
Cost Of Revenue $52.60M $55.80M
YoY Change -5.73% 6.69%
Gross Profit $76.50M $92.90M
YoY Change -17.65% 11.93%
Gross Profit Margin 59.22% 62.48%
Selling, General & Admin $8.300M $8.000M
YoY Change 3.75% -3.61%
% of Gross Profit 10.85% 8.61%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $27.12M $30.06M
YoY Change -9.79% -4.74%
% of Gross Profit 35.44% 32.36%
Operating Expenses $103.3M $113.2M
YoY Change -8.78% -6.08%
Operating Profit $25.92M $35.49M
YoY Change -26.97% 139.95%
Interest Expense $15.69M $18.42M
YoY Change -14.84% 12.23%
% of Operating Profit 60.52% 51.9%
Other Income/Expense, Net -$14.98M -$18.28M
YoY Change -18.04% 11.82%
Pretax Income $10.90M $17.20M
YoY Change -36.63% -1175.0%
Income Tax
% Of Pretax Income
Net Earnings $10.94M $23.71M
YoY Change -53.85% -67.2%
Net Earnings / Revenue 8.47% 15.95%
Basic Earnings Per Share $0.09
Diluted Earnings Per Share $0.09 $118.0K
COMMON SHARES
Basic Shares Outstanding 128.3M shares 145.4M shares
Diluted Shares Outstanding 128.7M shares 145.8M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.900M $9.600M
YoY Change -7.29% -54.5%
Cash & Equivalents $8.944M $9.596M
Short-Term Investments
Other Short-Term Assets $29.20M $29.50M
YoY Change -1.02% -0.67%
Inventory $225.1M
Prepaid Expenses
Receivables $184.7M $201.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $222.8M $465.9M
YoY Change -52.18% 57.08%
LONG-TERM ASSETS
Property, Plant & Equipment $2.975B $3.373B
YoY Change -11.79% -2.57%
Goodwill $98.92M $98.92M
YoY Change 0.0% -45.08%
Intangibles
YoY Change
Long-Term Investments $0.00 $7.800M
YoY Change -100.0% 5.41%
Other Assets $254.1M $289.9M
YoY Change -12.35% 3.28%
Total Long-Term Assets $3.401B $3.854B
YoY Change -11.76% -3.69%
TOTAL ASSETS
Total Short-Term Assets $222.8M $465.9M
Total Long-Term Assets $3.401B $3.854B
Total Assets $3.624B $4.320B
YoY Change -16.12% 0.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $94.20M $111.0M
YoY Change -15.14% -9.31%
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 $94.20M $111.0M
YoY Change -15.14% -9.31%
LONG-TERM LIABILITIES
Long-Term Debt $1.721B $2.053B
YoY Change -16.19% 8.96%
Other Long-Term Liabilities $65.90M $75.80M
YoY Change -13.06% -10.93%
Total Long-Term Liabilities $1.787B $2.129B
YoY Change -16.08% 8.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $94.20M $111.0M
Total Long-Term Liabilities $1.787B $2.129B
Total Liabilities $1.881B $2.240B
YoY Change -16.03% 7.09%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $3.682B $3.677B
YoY Change 0.15% 0.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.741B $2.078B
YoY Change
Total Liabilities & Shareholders Equity $3.624B $4.320B
YoY Change -16.12% 0.51%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $10.94M $23.71M
YoY Change -53.85% -67.2%
Depreciation, Depletion And Amortization $27.12M $30.06M
YoY Change -9.79% -4.74%
Cash From Operating Activities $49.90M $61.40M
YoY Change -18.73% 15.85%
INVESTING ACTIVITIES
Capital Expenditures -$13.80M -$30.00M
YoY Change -54.0% -20.84%
Acquisitions
YoY Change
Other Investing Activities -$3.200M $17.80M
YoY Change -117.98% -88.36%
Cash From Investing Activities -$16.90M -$12.30M
YoY Change 37.4% -110.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -30.90M -46.30M
YoY Change -33.26% -69.48%
NET CHANGE
Cash From Operating Activities 49.90M 61.40M
Cash From Investing Activities -16.90M -12.30M
Cash From Financing Activities -30.90M -46.30M
Net Change In Cash 2.100M 2.800M
YoY Change -25.0% -82.82%
FREE CASH FLOW
Cash From Operating Activities $49.90M $61.40M
Capital Expenditures -$13.80M -$30.00M
Free Cash Flow $63.70M $91.40M
YoY Change -30.31% 0.55%

Facts In Submission

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3200000 USD
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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us-gaap Prior Period Reclassification Adjustment Description
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications</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;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior period amounts presented in the accompanying consolidated statements of income have been reclassified to conform to the current period financial statement presentation. These amounts included: (i) the reclassification of approximately </font><font style="font-family:inherit;font-size:10pt;">$5.5 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$10.6 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three and six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;">, respectively, of parking, antennae license and fiber income that was previously included in rental income into other property related income, as well as certain other miscellaneous revenue into tenant reimbursements and/or property management fee revenue in conjunction with the adoption of the Revenue Recognition Amendments, as further defined and described below; and (ii) the reclassification of </font><font style="font-family:inherit;font-size:10pt;">$0.5 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$1.0 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three and six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;">, respectively, of expense related to certain regional employees who are primarily engaged in the operation and management of properties that was previously included in general and administrative expense to property operating costs. </font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</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;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and notes. Actual results could differ from those estimates.</font></div></div>

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