2014 Q4 Form 10-Q Financial Statement

#000119312514396568 Filed on November 05, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $450.9M $415.2M $423.1M
YoY Change 3.23% -1.87% -14.18%
Cost Of Revenue $130.4M $124.8M $128.8M
YoY Change 7.77% -3.11% -9.42%
Gross Profit $320.4M $290.4M $294.2M
YoY Change 8.35% -1.29% -17.66%
Gross Profit Margin 71.06% 69.95% 69.54%
Selling, General & Admin $66.00M $58.20M $55.00M
YoY Change 4.6% 5.82% -1.61%
% of Gross Profit 20.6% 20.04% 18.69%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $171.4M $149.2M $159.3M
YoY Change 2.08% -6.34% -19.67%
% of Gross Profit 53.5% 51.38% 54.15%
Operating Expenses $245.5M $337.0M $345.7M
YoY Change 7.44% -2.5% -18.51%
Operating Profit $74.96M $78.11M $77.38M
YoY Change 4.86% 0.95% 1.12%
Interest Expense -$33.70M $69.09M $84.64M
YoY Change -56.68% -18.38% -31.08%
% of Operating Profit -44.96% 88.44% 109.38%
Other Income/Expense, Net $45.75M -$113.9M
YoY Change -140.18% 8.73%
Pretax Income $427.4M $123.9M -$36.49M
YoY Change 1410.25% -439.44% 23.79%
Income Tax -$400.0K -$23.26M $12.18M
% Of Pretax Income -0.09% -18.78%
Net Earnings $410.3M $137.9M -$5.399M
YoY Change 570.42% -2654.45% -85.09%
Net Earnings / Revenue 91.0% 33.22% -1.28%
Basic Earnings Per Share $0.82 $0.27 -$0.02
Diluted Earnings Per Share $0.81 $0.23 -$0.02
COMMON SHARES
Basic Shares Outstanding 500.0M shares 499.3M 498.0M shares
Diluted Shares Outstanding 516.1M 499.8M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $351.0M $312.0M $122.0M
YoY Change -28.51% 155.74% -22.78%
Cash & Equivalents $350.7M $311.9M $121.7M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $103.0M $132.0M $138.0M
Other Receivables $0.00 $0.00 $190.0M
Total Short-Term Assets $454.0M $444.0M $450.0M
YoY Change -42.31% -1.33% -22.95%
LONG-TERM ASSETS
Property, Plant & Equipment $19.40B $16.77B $19.06B
YoY Change 6.27% -12.01% -20.82%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $4.666B $5.641B $4.036B
YoY Change 9.79% 39.76% 105.31%
Other Assets $44.00M $46.00M
YoY Change 1000.0% -91.62%
Total Long-Term Assets $25.36B $23.63B $24.34B
YoY Change 6.64% -2.92% -13.05%
TOTAL ASSETS
Total Short-Term Assets $454.0M $444.0M $450.0M
Total Long-Term Assets $25.36B $23.63B $24.34B
Total Assets $25.82B $24.07B $24.79B
YoY Change 5.07% -2.89% -13.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $628.0M $557.0M $692.0M
YoY Change 11.35% -19.51% 10.54%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $19.00M $0.00
YoY Change
Total Short-Term Liabilities $628.0M $576.0M $1.083B
YoY Change 11.35% -46.81% -22.81%
LONG-TERM LIABILITIES
Long-Term Debt $9.380B $8.804B $9.119B
YoY Change 4.09% -3.45% -27.5%
Other Long-Term Liabilities $626.0M $555.0M $324.0M
YoY Change -23.75% 71.3% -23.04%
Total Long-Term Liabilities $10.01B $9.359B $9.443B
YoY Change 1.77% -0.89% -27.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $628.0M $576.0M $1.083B
Total Long-Term Liabilities $10.01B $9.359B $9.443B
Total Liabilities $10.63B $9.935B $10.53B
YoY Change 2.3% -5.61% -26.91%
SHAREHOLDERS EQUITY
Retained Earnings -$3.974B -$4.214B -$3.853B
YoY Change 1.06% 9.38% 15.5%
Common Stock $5.095M $5.000M $4.986M
YoY Change 2.15% 0.28% 8.18%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.98B $13.44B $13.75B
YoY Change
Total Liabilities & Shareholders Equity $25.78B $24.07B $24.79B
YoY Change 4.89% -2.89% -13.25%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $410.3M $137.9M -$5.399M
YoY Change 570.42% -2654.45% -85.09%
Depreciation, Depletion And Amortization $171.4M $149.2M $159.3M
YoY Change 2.08% -6.34% -19.67%
Cash From Operating Activities $443.7M $144.9M $128.6M
YoY Change 190.38% 12.67% -39.68%
INVESTING ACTIVITIES
Capital Expenditures -$541.0M -$559.3M -$319.6M
YoY Change 22.37% 75.0% -4.11%
Acquisitions
YoY Change
Other Investing Activities $479.2M $145.4M -$431.6M
YoY Change -56.8% -133.69% -554.32%
Cash From Investing Activities -$61.80M -$413.9M -$751.2M
YoY Change -109.26% -44.9% 215.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -327.7M 327.8M 356.7M
YoY Change -24.93% -8.1% -436.51%
NET CHANGE
Cash From Operating Activities 443.7M 144.9M 128.6M
Cash From Investing Activities -61.80M -413.9M -751.2M
Cash From Financing Activities -327.7M 327.8M 356.7M
Net Change In Cash 54.20M 58.80M -265.9M
YoY Change -85.87% -122.11% 102.82%
FREE CASH FLOW
Cash From Operating Activities $443.7M $144.9M $128.6M
Capital Expenditures -$541.0M -$559.3M -$319.6M
Free Cash Flow $984.7M $704.2M $448.2M
YoY Change 65.52% 57.12% -17.99%

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dei Document Type
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dei Entity Registrant Name
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<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>Business.&#xA0;</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 (&#x201C;Internal Revenue Code&#x201D;), 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 controlling interest in the Operating Partnership, we are engaged in the ownership, acquisition, development and operation of industrial properties in global and regional markets throughout the Americas, Europe and Asia. Our current business strategy includes two reportable business segments: Real Estate Operations and Strategic Capital (formerly Investment Management). Our Real Estate Operations segment represents the long-term ownership of industrial properties. Our Strategic Capital segment represents the long-term management of co-investment ventures, both private and public. 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.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> For each share of common stock or preferred stock the REIT issues, the Operating Partnership issues a corresponding common or preferred partnership unit, as applicable, to the REIT in exchange for the contribution of the proceeds from the stock issuance. As of September&#xA0;30, 2014, 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 subsidiaries. As general partner with control of the Operating Partnership, the REIT consolidates the Operating Partnership for financial reporting purposes. The REIT&#x2019;s only significant asset is its investment in the Operating Partnership and therefore, the assets and liabilities of the REIT and the Operating Partnership are the same on their respective financial statements.</p> </div>
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