2013 Q4 Form 10-Q Financial Statement

#000119312513425798 Filed on November 05, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q3
Revenue $436.8M $423.1M $492.9M
YoY Change -13.7% -14.18% 6.66%
Cost Of Revenue $121.0M $128.8M $142.2M
YoY Change -12.38% -9.42%
Gross Profit $295.7M $294.2M $357.3M
YoY Change -15.22% -17.66%
Gross Profit Margin 67.7% 69.54% 72.48%
Selling, General & Admin $63.10M $55.00M $55.90M
YoY Change 4.13% -1.61% -70.64%
% of Gross Profit 21.34% 18.69% 15.65%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $167.9M $159.3M $198.3M
YoY Change -11.45% -19.67% 0.1%
% of Gross Profit 56.78% 54.15% 55.5%
Operating Expenses $228.5M $345.7M $424.2M
YoY Change -7.56% -18.51% 8.83%
Operating Profit $71.48M $77.38M $76.52M
YoY Change -143.98% 1.12% -2.25%
Interest Expense -$77.80M $84.64M $122.8M
YoY Change -28.03% -31.08% -9.6%
% of Operating Profit -108.84% 109.38% 160.5%
Other Income/Expense, Net -$113.9M -$104.7M
YoY Change 8.73% 164.32%
Pretax Income $28.30M -$36.49M -$29.48M
YoY Change -110.52% 23.79% -174.22%
Income Tax $22.20M $12.18M -$19.98M
% Of Pretax Income 78.45%
Net Earnings $61.20M -$5.399M -$36.22M
YoY Change -128.02% -85.09% -155.01%
Net Earnings / Revenue 14.01% -1.28% -7.35%
Basic Earnings Per Share $0.12 -$0.02 -$0.10
Diluted Earnings Per Share $0.12 -$0.02 -$0.10
COMMON SHARES
Basic Shares Outstanding 498.7M shares 498.0M shares 460.1M shares
Diluted Shares Outstanding 499.8M shares 462.0M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $491.0M $122.0M $158.0M
YoY Change 386.14% -22.78% -27.19%
Cash & Equivalents $491.1M $121.7M $158.2M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $108.0M $138.0M $182.0M
Other Receivables $188.0M $190.0M $244.0M
Total Short-Term Assets $787.0M $450.0M $584.0M
YoY Change 71.09% -22.95% -35.18%
LONG-TERM ASSETS
Property, Plant & Equipment $18.26B $19.06B $24.07B
YoY Change -21.75% -20.82% 0.95%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $4.250B $4.036B $1.966B
YoY Change 111.02% 105.31% -35.23%
Other Assets $4.000M $46.00M $549.0M
YoY Change -98.03% -91.62% 228.74%
Total Long-Term Assets $23.79B $24.34B $27.99B
YoY Change -11.41% -13.05% 1.11%
TOTAL ASSETS
Total Short-Term Assets $787.0M $450.0M $584.0M
Total Long-Term Assets $23.79B $24.34B $27.99B
Total Assets $24.57B $24.79B $28.58B
YoY Change -10.02% -13.25% -0.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $564.0M $692.0M $626.0M
YoY Change -7.84% 10.54% -1.11%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $564.0M $1.083B $1.403B
YoY Change -55.97% -22.81% -5.07%
LONG-TERM LIABILITIES
Long-Term Debt $9.011B $9.119B $12.58B
YoY Change -23.58% -27.5% 3.55%
Other Long-Term Liabilities $821.0M $324.0M $421.0M
YoY Change 76.18% -23.04% 17.27%
Total Long-Term Liabilities $9.832B $9.443B $13.00B
YoY Change -19.78% -27.36% 3.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $564.0M $1.083B $1.403B
Total Long-Term Liabilities $9.832B $9.443B $13.00B
Total Liabilities $10.40B $10.53B $14.40B
YoY Change -23.2% -26.91% -1.71%
SHAREHOLDERS EQUITY
Retained Earnings -$3.933B -$3.853B -$3.336B
YoY Change 6.4% 15.5%
Common Stock $4.988M $4.986M $4.609M
YoY Change 8.01% 8.18%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.71B $13.75B $13.48B
YoY Change
Total Liabilities & Shareholders Equity $24.57B $24.79B $28.58B
YoY Change -10.02% -13.25% -0.03%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $61.20M -$5.399M -$36.22M
YoY Change -128.02% -85.09% -155.01%
Depreciation, Depletion And Amortization $167.9M $159.3M $198.3M
YoY Change -11.45% -19.67% 0.1%
Cash From Operating Activities $152.8M $128.6M $213.2M
YoY Change 69.4% -39.68% 76.49%
INVESTING ACTIVITIES
Capital Expenditures -$442.1M -$319.6M -$333.3M
YoY Change 40.84% -4.11% -6.85%
Acquisitions
YoY Change
Other Investing Activities $1.109B -$431.6M $95.00M
YoY Change 24.44% -554.32% -54.15%
Cash From Investing Activities $667.2M -$751.2M -$238.3M
YoY Change 15.53% 215.23% 58.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -436.5M 356.7M -106.0M
YoY Change -39.84% -436.51% 829.82%
NET CHANGE
Cash From Operating Activities 152.8M 128.6M 213.2M
Cash From Investing Activities 667.2M -751.2M -238.3M
Cash From Financing Activities -436.5M 356.7M -106.0M
Net Change In Cash 383.5M -265.9M -131.1M
YoY Change -762.35% 102.82% 218.2%
FREE CASH FLOW
Cash From Operating Activities $152.8M $128.6M $213.2M
Capital Expenditures -$442.1M -$319.6M -$333.3M
Free Cash Flow $594.9M $448.2M $546.5M
YoY Change 47.22% -17.99% 14.19%

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<div> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Business.</i></b> Prologis, Inc. (the &#x201C;REIT&#x201D;) commenced operations as a fully integrated real estate company in 1997, elected to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended, and believes the current organization and method of operation will enable the REIT to maintain its status as a real estate investment trust. The REIT is the general partner of Prologis, L.P. (the &#x201C;Operating Partnership&#x201D;). Through the REIT&#x2019;s controlling interest in the Operating Partnership, we are engaged in the ownership, acquisition, development and operation of industrial properties primarily in global and regional markets throughout the Americas, Europe and Asia. Our current business strategy includes two reportable business segments: Real Estate Operations and Investment Management. Our Real Estate Operations segment represents the long-term ownership of industrial properties. Our Investment Management segment (previously referred to as Private Capital) represents the long-term management of co-investment ventures and other unconsolidated entities. See Note 13 for further discussion of our business segments. Unless otherwise indicated, the notes to the Consolidated Financial Statements apply to both the REIT and the Operating Partnership. The terms &#x201C;the Company,&#x201D; &#x201C;Prologis,&#x201D; &#x201C;we,&#x201D; &#x201C;our&#x201D; or &#x201C;us&#x201D; means the REIT and Operating Partnership collectively.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">As of September&#xA0;30, 2013, the REIT owned an approximate 99.63% common general partnership interest in the Operating Partnership, and 100% of the preferred units. The remaining approximate 0.37% common limited partnership interests are owned by non-affiliated investors and certain current and former directors and officers of the REIT. As the sole general partner of the Operating Partnership, the REIT has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Operating Partnership. We operate the REIT and the Operating Partnership as one enterprise. The management of the REIT consists of the same members as the management of the Operating Partnership. These members are officers of the REIT and employees of the Operating Partnership or one of its direct or indirect subsidiaries. As general partner with control of the Operating Partnership, the REIT consolidates the Operating Partnership for financial reporting purposes, and the REIT does not have significant assets other than its investment in the Operating Partnership. Therefore, the assets and liabilities of the REIT and the Operating Partnership are the same on their respective financial statements.</font></p> </div>
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