2018 Q2 Form 10-Q Financial Statement

#000147409818000092 Filed on July 25, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $206.5M $205.7M
YoY Change 0.38% -3.09%
Cost Of Revenue $120.0M $121.1M
YoY Change -0.91% -0.98%
Gross Profit $86.50M $84.60M
YoY Change 2.25% -6.0%
Gross Profit Margin 41.89% 41.12%
Selling, General & Admin $21.10M $18.50M
YoY Change 14.05% -1.6%
% of Gross Profit 24.39% 21.87%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $24.60M $25.90M
YoY Change -5.02% 0.39%
% of Gross Profit 28.44% 30.61%
Operating Expenses $45.60M $44.50M
YoY Change 2.47% -0.22%
Operating Profit $48.48M $40.18M
YoY Change 20.66% -11.35%
Interest Expense $10.82M $9.705M
YoY Change 11.45% -15.11%
% of Operating Profit 22.31% 24.15%
Other Income/Expense, Net $22.97M -$64.00K
YoY Change -35987.5% -36.63%
Pretax Income $60.63M $45.09M
YoY Change 34.46% -40.99%
Income Tax $2.338M $1.423M
% Of Pretax Income 3.86% 3.16%
Net Earnings $58.10M $43.51M
YoY Change 33.53% -41.35%
Net Earnings / Revenue 28.14% 21.15%
Basic Earnings Per Share $0.78 $0.57
Diluted Earnings Per Share $0.78 $0.57
COMMON SHARES
Basic Shares Outstanding 68.91M shares 69.17M shares
Diluted Shares Outstanding 69.20M shares 69.47M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.30M $14.30M
YoY Change 20.98% -60.61%
Cash & Equivalents $17.25M $14.34M
Short-Term Investments
Other Short-Term Assets $55.80M $40.50M
YoY Change 37.78% 10.96%
Inventory
Prepaid Expenses
Receivables $35.00M $34.80M
Other Receivables $0.00 $0.00
Total Short-Term Assets $108.1M $89.60M
YoY Change 20.65% -12.76%
LONG-TERM ASSETS
Property, Plant & Equipment $2.468B $2.507B
YoY Change -1.58% -5.13%
Goodwill
YoY Change
Intangibles $28.74M $29.33M
YoY Change -2.01% -1.97%
Long-Term Investments $370.0M
YoY Change
Other Assets $8.300M $6.700M
YoY Change 23.88% -15.19%
Total Long-Term Assets $2.846B $2.514B
YoY Change 13.2% -13.16%
TOTAL ASSETS
Total Short-Term Assets $108.1M $89.60M
Total Long-Term Assets $2.846B $2.514B
Total Assets $2.954B $2.604B
YoY Change 13.46% -13.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $138.8M $149.8M
YoY Change -7.34% -5.79%
Accrued Expenses $2.300M $1.900M
YoY Change 21.05% -26.92%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $199.0M $203.0M
YoY Change -1.97% -5.23%
LONG-TERM LIABILITIES
Long-Term Debt $1.223B $886.3M
YoY Change 37.94% -13.99%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.223B $886.3M
YoY Change 37.94% -13.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $199.0M $203.0M
Total Long-Term Liabilities $1.223B $886.3M
Total Liabilities $1.421B $1.089B
YoY Change 30.5% -12.48%
SHAREHOLDERS EQUITY
Retained Earnings -$169.6M -$172.6M
YoY Change -1.73% 104.02%
Common Stock $689.0K $688.0K
YoY Change 0.15% -4.31%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.527B $1.510B
YoY Change
Total Liabilities & Shareholders Equity $2.954B $2.604B
YoY Change 13.46% -13.15%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $58.10M $43.51M
YoY Change 33.53% -41.35%
Depreciation, Depletion And Amortization $24.60M $25.90M
YoY Change -5.02% 0.39%
Cash From Operating Activities $61.20M $56.30M
YoY Change 8.7% -20.25%
INVESTING ACTIVITIES
Capital Expenditures -$19.10M -$25.60M
YoY Change -25.39% 4.92%
Acquisitions
YoY Change
Other Investing Activities -$188.7M $203.2M
YoY Change -192.86% 86.94%
Cash From Investing Activities -$207.8M $177.6M
YoY Change -217.0% 110.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 148.9M -252.0M
YoY Change -159.09% 71.43%
NET CHANGE
Cash From Operating Activities 61.20M 56.30M
Cash From Investing Activities -207.8M 177.6M
Cash From Financing Activities 148.9M -252.0M
Net Change In Cash 2.300M -18.10M
YoY Change -112.71% -329.11%
FREE CASH FLOW
Cash From Operating Activities $61.20M $56.30M
Capital Expenditures -$19.10M -$25.60M
Free Cash Flow $80.30M $81.90M
YoY Change -1.95% -13.79%

Facts In Submission

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us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
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CY2018Q2 us-gaap Number Of Real Estate Properties
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CY2017Q2 us-gaap Occupancy Costs
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us-gaap Occupancy Costs
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us-gaap Occupancy Revenue
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7290000 USD
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54281000 USD
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106449000 USD
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OtherHotelOperatingRevenue
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OtherHotelOperatingRevenue
15273000 USD
us-gaap Other Hotel Operating Revenue
OtherHotelOperatingRevenue
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OtherNoncashIncomeExpense
-1438000 USD
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OtherNoncashIncomeExpense
-1146000 USD
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OtherNonoperatingIncomeExpense
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OtherNonoperatingIncomeExpense
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us-gaap Payments For Capital Improvements
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47364000 USD
CY2018Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
22909000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
35301000 USD
us-gaap Payments For Repurchase Of Common Stock
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95862000 USD
us-gaap Payments For Repurchase Of Common Stock
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2507000 USD
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54747000 USD
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PaymentsOfDividendsCommonStock
53078000 USD
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356180000 USD
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PaymentsToAcquireProductiveAssets
10000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
26000 USD
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us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
8047000 USD
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PreferredStockDividendsIncomeStatementImpact
4024000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
8047000 USD
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250000000 USD
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PreferredStockLiquidationPreferenceValue
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0.01
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CY2017Q4 us-gaap Preferred Stock Shares Authorized
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PreferredStockSharesAuthorized
100000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
10000000 shares
CY2018Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
10000000 shares
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PreferredStockSharesOutstanding
10000000 shares
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PreferredStockSharesOutstanding
10000000 shares
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PreferredStockValue
100000 USD
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PreferredStockValue
100000 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets
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43642000 USD
CY2018Q2 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
55762000 USD
us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
0 USD
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ProceedsFromInsuranceSettlementInvestingActivities
2648000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
194922000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
465373000 USD
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
106000 USD
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
0 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
0 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
6658000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
203189000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
CY2017Q2 us-gaap Profit Loss
ProfitLoss
43670000 USD
us-gaap Profit Loss
ProfitLoss
57759000 USD
CY2018Q2 us-gaap Profit Loss
ProfitLoss
58295000 USD
us-gaap Profit Loss
ProfitLoss
82811000 USD
CY2017Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
447622000 USD
CY2018Q2 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
496629000 USD
CY2017Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
2904072000 USD
CY2018Q2 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
2935769000 USD
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2456450000 USD
CY2018Q2 us-gaap Real Estate Investment Property Net
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us-gaap Repayments Of Lines Of Credit
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233922000 USD
us-gaap Repayments Of Lines Of Credit
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127373000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
71170000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
1175000 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
7123000 USD
CY2018Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
8263000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-191013000 USD
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-169600000 USD
CY2017Q2 us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
205717000 USD
us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
387895000 USD
CY2018Q2 us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
206501000 USD
us-gaap Revenue From Leased And Owned Hotels
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387556000 USD
CY2017Q4 us-gaap Secured Debt
SecuredDebt
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SecuredDebt
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us-gaap Share Based Compensation
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3186000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1599000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P6Y
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1207886 shares
us-gaap Stock Issued1
StockIssued1
503000 USD
us-gaap Stock Issued1
StockIssued1
662000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
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3186000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1599000 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
95863000 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
2507000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
1498901000 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
1527354000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1609116000 USD
CY2017Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1514451000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1503526000 USD
CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1532634000 USD
CY2017Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
52000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0 USD
CY2018Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
88000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
69000 USD
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
69468354 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
70706802 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
69204571 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
69227098 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
69168788 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
70383149 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
68912185 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
68894413 shares
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
776000 USD
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
0 USD
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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