2015 Q1 Form 10-Q Financial Statement

#000147409815000020 Filed on April 23, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $163.4M $125.7M
YoY Change 30.01% 19.82%
Cost Of Revenue $107.2M $84.60M
YoY Change 26.71% 12.8%
Gross Profit $56.20M $41.10M
YoY Change 36.74% 37.46%
Gross Profit Margin 34.39% 32.69%
Selling, General & Admin $18.90M $14.50M
YoY Change 30.34% 33.03%
% of Gross Profit 33.63% 35.28%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $21.30M $15.90M
YoY Change 33.96% 20.45%
% of Gross Profit 37.9% 38.69%
Operating Expenses $40.20M $30.30M
YoY Change 32.67% 25.73%
Operating Profit $15.92M $10.49M
YoY Change 51.69% 114.69%
Interest Expense $8.321M $6.075M
YoY Change 36.97% 11.3%
% of Operating Profit 52.28% 57.9%
Other Income/Expense, Net $0.00
YoY Change
Pretax Income $3.781M $1.787M
YoY Change 111.58% -162.83%
Income Tax -$3.389M -$2.334M
% Of Pretax Income -89.63% -130.61%
Net Earnings $7.143M $4.078M
YoY Change 75.16% -1744.35%
Net Earnings / Revenue 4.37% 3.24%
Basic Earnings Per Share $0.01 -$0.03
Diluted Earnings Per Share $0.01 -$0.03
COMMON SHARES
Basic Shares Outstanding 71.67M shares 63.76M shares
Diluted Shares Outstanding 72.45M shares 63.76M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.70M $44.30M
YoY Change -35.21% -61.68%
Cash & Equivalents $28.66M $44.29M
Short-Term Investments
Other Short-Term Assets $46.20M $35.60M
YoY Change 29.78% 87.37%
Inventory
Prepaid Expenses
Receivables $27.70M $19.80M
Other Receivables $0.00 $0.00
Total Short-Term Assets $102.6M $99.70M
YoY Change 2.91% -35.64%
LONG-TERM ASSETS
Property, Plant & Equipment $2.381B $1.732B
YoY Change 37.47% 12.03%
Goodwill
YoY Change
Intangibles $30.66M $19.16M
YoY Change 60.04% 87.31%
Long-Term Investments $247.5M $255.6M
YoY Change -3.15% -7.52%
Other Assets $19.40M $18.70M
YoY Change 3.74% -0.53%
Total Long-Term Assets $2.647B $2.006B
YoY Change 31.98% 8.97%
TOTAL ASSETS
Total Short-Term Assets $102.6M $99.70M
Total Long-Term Assets $2.647B $2.006B
Total Assets $2.750B $2.106B
YoY Change 30.6% 5.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $111.3M $62.00M
YoY Change 79.52% 29.17%
Accrued Expenses $2.300M $1.900M
YoY Change 21.05% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $155.6M $94.00M
YoY Change 65.53% 31.28%
LONG-TERM LIABILITIES
Long-Term Debt $840.1M $551.4M
YoY Change 52.36% 2.53%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $840.1M $551.4M
YoY Change 52.36% 2.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $155.6M $94.00M
Total Long-Term Liabilities $840.1M $551.4M
Total Liabilities $995.7M $645.4M
YoY Change 54.28% 5.89%
SHAREHOLDERS EQUITY
Retained Earnings -$106.4M -$86.56M
YoY Change 22.88% 34.12%
Common Stock $717.0K $638.0K
YoY Change 12.38% 4.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.753B $1.458B
YoY Change
Total Liabilities & Shareholders Equity $2.750B $2.106B
YoY Change 30.6% 5.51%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $7.143M $4.078M
YoY Change 75.16% -1744.35%
Depreciation, Depletion And Amortization $21.30M $15.90M
YoY Change 33.96% 20.45%
Cash From Operating Activities $30.02M $19.35M
YoY Change 55.18% 81.11%
INVESTING ACTIVITIES
Capital Expenditures -$26.50M -$7.500M
YoY Change 253.33% -86.84%
Acquisitions
YoY Change
Other Investing Activities $3.200M -$3.300M
YoY Change -196.97% -194.29%
Cash From Investing Activities -$23.39M -$10.80M
YoY Change 116.63% -79.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.094M $632.0K
YoY Change 547.78% 20.84%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$30.87M -$19.40M
YoY Change 59.11% -126.75%
NET CHANGE
Cash From Operating Activities $30.02M $19.35M
Cash From Investing Activities -$23.39M -$10.80M
Cash From Financing Activities -$30.87M -$19.40M
Net Change In Cash -$24.23M -$10.85M
YoY Change 123.37% -136.48%
FREE CASH FLOW
Cash From Operating Activities $30.02M $19.35M
Capital Expenditures -$26.50M -$7.500M
Free Cash Flow $56.52M $26.85M
YoY Change 110.53% -60.33%

Facts In Submission

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CY2015Q1 us-gaap Minority Interest Ownership Percentage By Noncontrolling Owners
MinorityInterestOwnershipPercentageByNoncontrollingOwners
0.003
CY2015Q1 us-gaap Minority Interest Ownership Percentage By Parent
MinorityInterestOwnershipPercentageByParent
0.997
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-19399000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-30866000 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-10795000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-23385000 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
19348000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
30024000 USD
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
4078000 USD
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
7143000 USD
CY2014Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
43000 USD
CY2015Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
27000 USD
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2003000 USD
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
655000 USD
CY2015Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
35 properties
CY2014Q1 us-gaap Occupancy Costs
OccupancyCosts
22895000 USD
CY2015Q1 us-gaap Occupancy Costs
OccupancyCosts
27983000 USD
CY2014Q1 us-gaap Occupancy Revenue
OccupancyRevenue
83569000 USD
CY2015Q1 us-gaap Occupancy Revenue
OccupancyRevenue
108834000 USD
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
10492000 USD
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
15915000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
100000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
800000 USD
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-116000 USD
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-4169000 USD
CY2014Q1 us-gaap Other Direct Costs Of Hotels
OtherDirectCostsOfHotels
37887000 USD
CY2015Q1 us-gaap Other Direct Costs Of Hotels
OtherDirectCostsOfHotels
49836000 USD
CY2014Q1 us-gaap Other Hotel Operating Revenue
OtherHotelOperatingRevenue
9695000 USD
CY2015Q1 us-gaap Other Hotel Operating Revenue
OtherHotelOperatingRevenue
11363000 USD
CY2014Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-138000 USD
CY2015Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-158000 USD
CY2014Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
7518000 USD
CY2015Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
26365000 USD
CY2014Q1 us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
6000000 USD
CY2015Q1 us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
3000000 USD
CY2014Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
632000 USD
CY2015Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
4094000 USD
CY2014Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
10314000 USD
CY2015Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
16991000 USD
CY2014Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
6081000 USD
CY2015Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
6488000 USD
CY2014Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD
CY2015Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
123000 USD
CY2014Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
73000 USD
CY2015Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
77000 USD
CY2014Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
15000 USD
CY2015Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
183000 USD
CY2014Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
6081000 USD
CY2015Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
14000000 shares
CY2015Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
14000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
14000000 shares
CY2015Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
6488000 USD
CY2014Q4 us-gaap Preferred Stock Liquidation Preference Value
PreferredStockLiquidationPreferenceValue
350000000 USD
CY2015Q1 us-gaap Preferred Stock Liquidation Preference Value
PreferredStockLiquidationPreferenceValue
350000000 USD
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q1 us-gaap Preferred Stock Redemption Price Per Share
PreferredStockRedemptionPricePerShare
25.00
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2015Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
14000000 shares
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
140000 USD
CY2015Q1 us-gaap Preferred Stock Value
PreferredStockValue
140000 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
40243000 USD
CY2015Q1 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
46226000 USD
CY2014Q1 us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
1000000 USD
CY2015Q1 us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
0 USD
CY2014Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
CY2014Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0 USD
CY2015Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
65000000 USD
CY2014Q1 us-gaap Proceeds From Sale And Collection Of Notes Receivable
ProceedsFromSaleAndCollectionOfNotesReceivable
0 USD
CY2015Q1 us-gaap Proceeds From Sale And Collection Of Notes Receivable
ProceedsFromSaleAndCollectionOfNotesReceivable
3020000 USD
CY2014Q1 us-gaap Profit Loss
ProfitLoss
4121000 USD
CY2015Q1 us-gaap Profit Loss
ProfitLoss
7170000 USD
CY2014Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
194580000 USD
CY2015Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
215613000 USD
CY2014Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
2538270000 USD
CY2015Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
2565487000 USD
CY2014Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
2343690000 USD
CY2015Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
2349874000 USD
CY2014Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 USD
CY2015Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
15000000 USD
CY2014Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
2299000 USD
CY2015Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
53093000 USD
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
16383000 USD
CY2015Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
13641000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-84163000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-106368000 USD
CY2014Q1 us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
125712000 USD
CY2015Q1 us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
163435000 USD
CY2014Q4 us-gaap Secured Debt
SecuredDebt
493987000 USD
CY2015Q1 us-gaap Secured Debt
SecuredDebt
440064000 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1475084000 USD
CY2014Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1460292000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2614000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2146000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P6Y
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
768877 shares
CY2014Q1 us-gaap Stock Issued1
StockIssued1
421000 USD
CY2015Q1 us-gaap Stock Issued1
StockIssued1
373000 USD
CY2014Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
73000 USD
CY2015Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
77000 USD
CY2014Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
632000 USD
CY2015Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
4094000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
1781091000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
1752786000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1782411000 USD
CY2015Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1754339000 USD
CY2014Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0 USD
CY2015Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0 USD
CY2014Q4 us-gaap Unsecured Debt
UnsecuredDebt
300000000 USD
CY2015Q1 us-gaap Unsecured Debt
UnsecuredDebt
300000000 USD
CY2014Q4 us-gaap Unsecured Debt
UnsecuredDebt
100000000 USD
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
63762930 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72446229 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
63762930 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71673669 shares
CY2015Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:6px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management&#8217;s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.</font></div></div>

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