2018 Q1 Form 10-Q Financial Statement

#000147620418000018 Filed on May 10, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $103.2M $68.30M
YoY Change 51.09% 8.28%
Cost Of Revenue $31.30M $21.70M
YoY Change 44.24% 10.15%
Gross Profit $71.90M $46.60M
YoY Change 54.29% 7.37%
Gross Profit Margin 69.67% 68.23%
Selling, General & Admin $10.50M $7.800M
YoY Change 34.62% 2.63%
% of Gross Profit 14.6% 16.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $42.04M $27.28M
YoY Change 54.08% 9.43%
% of Gross Profit 58.47% 58.55%
Operating Expenses $88.15M $57.14M
YoY Change 54.26% 7.9%
Operating Profit -$16.25M -$10.54M
YoY Change 54.12% 10.28%
Interest Expense $16.78M $8.390M
YoY Change 99.99% 8.51%
% of Operating Profit
Other Income/Expense, Net -$107.0K -$1.635M
YoY Change -93.46% 1102.21%
Pretax Income -$1.800M $1.100M
YoY Change -263.64% -52.17%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings -$1.600M $1.106M
YoY Change -244.67% -50.16%
Net Earnings / Revenue -1.55% 1.62%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.03 $0.02
COMMON SHARES
Basic Shares Outstanding 185.9M shares 183.2M shares
Diluted Shares Outstanding 230.4M shares 186.0M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.70M $5.900M
YoY Change 149.15% -45.87%
Cash & Equivalents $14.69M $5.894M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses $7.455M
Receivables $6.900M
Other Receivables $0.00
Total Short-Term Assets $21.60M $5.900M
YoY Change 266.1% -45.87%
LONG-TERM ASSETS
Property, Plant & Equipment $3.264B $2.241B
YoY Change 45.64% 7.0%
Goodwill $29.07M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $17.30M $5.100M
YoY Change 239.22% -25.0%
Total Long-Term Assets $3.497B $2.336B
YoY Change 49.74% 8.06%
TOTAL ASSETS
Total Short-Term Assets $21.60M $5.900M
Total Long-Term Assets $3.497B $2.336B
Total Assets $3.519B $2.342B
YoY Change 50.29% 7.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $134.4M $53.70M
YoY Change 150.28% 0.94%
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 $134.4M $53.70M
YoY Change 150.28% 0.94%
LONG-TERM LIABILITIES
Long-Term Debt $1.835B $1.075B
YoY Change 70.65% 32.5%
Other Long-Term Liabilities $88.50M $42.30M
YoY Change 109.22% 9.3%
Total Long-Term Liabilities $1.923B $1.118B
YoY Change 72.11% 31.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $134.4M $53.70M
Total Long-Term Liabilities $1.923B $1.118B
Total Liabilities $2.058B $1.171B
YoY Change 75.7% 29.65%
SHAREHOLDERS EQUITY
Retained Earnings -$634.2M -$467.4M
YoY Change 35.68% 32.81%
Common Stock $1.860M $1.825M
YoY Change 1.92% -0.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.033B $1.147B
YoY Change
Total Liabilities & Shareholders Equity $3.519B $2.342B
YoY Change 50.29% 7.79%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$1.600M $1.106M
YoY Change -244.67% -50.16%
Depreciation, Depletion And Amortization $42.04M $27.28M
YoY Change 54.08% 9.43%
Cash From Operating Activities $23.51M $20.46M
YoY Change 14.93% -18.04%
INVESTING ACTIVITIES
Capital Expenditures $8.600M $5.500M
YoY Change 56.36% 27.91%
Acquisitions
YoY Change
Other Investing Activities -$8.300M -$15.80M
YoY Change -47.47% -15900.0%
Cash From Investing Activities -$16.93M -$21.28M
YoY Change -20.44% 406.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.875M $40.34M
YoY Change -92.87% 3312.86%
Debt Paid & Issued, Net $2.646M $37.71M
YoY Change -92.98% 50.68%
Cash From Financing Activities -$2.058M -$38.17M
YoY Change -94.61% -24.54%
NET CHANGE
Cash From Operating Activities $23.51M $20.46M
Cash From Investing Activities -$16.93M -$21.28M
Cash From Financing Activities -$2.058M -$38.17M
Net Change In Cash $4.524M -$38.99M
YoY Change -111.6% 30.73%
FREE CASH FLOW
Cash From Operating Activities $23.51M $20.46M
Capital Expenditures $8.600M $5.500M
Free Cash Flow $14.91M $14.96M
YoY Change -0.31% -27.61%

Facts In Submission

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CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
23510000 USD
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
1106000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-1600000 USD
CY2017Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
28000 USD
CY2018Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-237000 USD
CY2017Q1 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
-28000 USD
CY2018Q1 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
334000 USD
CY2018Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
237
CY2017Q1 us-gaap Operating Expenses
OperatingExpenses
57144000 USD
CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
88150000 USD
CY2017Q1 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
51093000 USD
CY2018Q1 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
71449000 USD
CY2017Q4 us-gaap Other Assets
OtherAssets
118448000 USD
CY2018Q1 us-gaap Other Assets
OtherAssets
135102000 USD
CY2017Q4 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
1193000 USD
CY2018Q1 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
1010000 USD
CY2017Q1 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
1816000 USD
CY2018Q1 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
13488000 USD
CY2017Q4 us-gaap Other Deferred Costs Gross
OtherDeferredCostsGross
53334000 USD
CY2018Q1 us-gaap Other Deferred Costs Gross
OtherDeferredCostsGross
56415000 USD
CY2017Q4 us-gaap Other Deferred Costs Net
OtherDeferredCostsNet
36213000 USD
CY2018Q1 us-gaap Other Deferred Costs Net
OtherDeferredCostsNet
36738000 USD
CY2017Q1 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
0 USD
CY2018Q1 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
4128000 USD
CY2018Q1 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
7748000 USD
CY2017Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-36000 USD
CY2018Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-319000 USD
CY2017Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1635000 USD
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-107000 USD
CY2017Q1 us-gaap Other Real Estate Revenue
OtherRealEstateRevenue
274000 USD
CY2018Q1 us-gaap Other Real Estate Revenue
OtherRealEstateRevenue
601000 USD
CY2017Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
5457000 USD
CY2018Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
8593000 USD
CY2017Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
40340000 USD
CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2875000 USD
CY2017Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
16656000 USD
CY2018Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
18710000 USD
CY2017Q1 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
461000 USD
CY2018Q1 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
6827000 USD
CY2017Q1 us-gaap Payments To Acquire Commercial Real Estate
PaymentsToAcquireCommercialRealEstate
16069000 USD
CY2018Q1 us-gaap Payments To Acquire Commercial Real Estate
PaymentsToAcquireCommercialRealEstate
8374000 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2018Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
4232000 USD
CY2018Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
7455000 USD
CY2017Q1 us-gaap Proceeds From Repayments Of Other Long Term Debt
ProceedsFromRepaymentsOfOtherLongTermDebt
0 USD
CY2018Q1 us-gaap Proceeds From Repayments Of Other Long Term Debt
ProceedsFromRepaymentsOfOtherLongTermDebt
65000000 USD
CY2017Q1 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
250000 USD
CY2018Q1 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
39000 USD
CY2017Q1 us-gaap Profit Loss
ProfitLoss
1134000 USD
CY2018Q1 us-gaap Profit Loss
ProfitLoss
-1837000 USD
CY2017Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
462025000 USD
CY2018Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
504912000 USD
CY2017Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
3751946000 USD
CY2018Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
3768667000 USD
CY2017Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
3289921000 USD
CY2018Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
3263755000 USD
CY2017Q1 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
10258000 USD
CY2018Q1 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
13147000 USD
CY2017Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
37710000 USD
CY2018Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2646000 USD
CY2017Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
5065000 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
21729000 USD
CY2018Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
17279000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-601238000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-634164000 USD
CY2017Q1 us-gaap Revenues
Revenues
68303000 USD
CY2018Q1 us-gaap Revenues
Revenues
103199000 USD
CY2017Q4 us-gaap Secured Debt
SecuredDebt
615310000 USD
CY2018Q1 us-gaap Secured Debt
SecuredDebt
614310000 USD
CY2017Q4 us-gaap Share Price
SharePrice
10.20
CY2017Q4 us-gaap Share Price
SharePrice
11.00
CY2017Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
15000 USD
CY2018Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
318000 USD
CY2017Q1 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
13716000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
12764000 USD
CY2017Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
40340000 USD
CY2018Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
4015000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
1046240000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
1033253000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1224787000 USD
CY2017Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1170329000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1478682000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1461272000 USD
CY2018Q1 us-gaap Stockholders Equity Other
StockholdersEquityOther
13000 USD
CY2017Q1 us-gaap Straight Line Rent
StraightLineRent
493000 USD
CY2018Q1 us-gaap Straight Line Rent
StraightLineRent
1057000 USD
CY2017Q1 us-gaap Tenant Reimbursements
TenantReimbursements
16936000 USD
CY2018Q1 us-gaap Tenant Reimbursements
TenantReimbursements
22437000 USD
CY2017Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
16000000 USD
CY2017Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
16042000 USD
CY2018Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
15033000 USD
CY2018Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
15000000 USD
CY2017Q4 us-gaap Unsecured Debt
UnsecuredDebt
1202476000 USD
CY2018Q1 us-gaap Unsecured Debt
UnsecuredDebt
1230569000 USD
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
186022000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
230352000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
183230000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
185899000 shares
CY2018Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;font-size:8pt;"><font style="font-family:Verdana,sans-serif;font-size:8pt;font-weight:bold;">Reclassifications</font><font style="font-family:Verdana,sans-serif;font-size:8pt;">&#8212;The following line item on our consolidated statement of operations and comprehensive income for the </font><font style="font-family:Verdana,sans-serif;font-size:8pt;">three months ended</font><font style="font-family:Verdana,sans-serif;font-size:8pt;"> </font><font style="font-family:Verdana,sans-serif;font-size:8pt;">March 31,</font><font style="font-family:Verdana,sans-serif;font-size:8pt;"> </font><font style="font-family:Verdana,sans-serif;font-size:8pt;">2017</font><font style="font-family:Verdana,sans-serif;font-size:8pt;">, was reclassified:</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:24px;"><font style="font-family:Verdana,sans-serif;font-size:8pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;"><font style="font-family:Verdana,sans-serif;font-size:8pt;">Unrealized Gain (Loss) on Derivatives and Reclassification of Derivative Loss to Interest Expense were combined to Change in Unrealized Gain on Interest Rate Swaps.</font></div></td></tr></table></div>

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