2015 Q1 Form 10-Q Financial Statement

#000151133715000067 Filed on May 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $270.4M $236.4M
YoY Change 14.4% 10.01%
Cost Of Revenue $163.5M $145.6M
YoY Change 12.29% 9.15%
Gross Profit $106.9M $90.80M
YoY Change 17.73% 11.41%
Gross Profit Margin 39.53% 38.41%
Selling, General & Admin $30.40M $27.40M
YoY Change 10.95% 16.6%
% of Gross Profit 28.44% 30.18%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $37.20M $32.88M
YoY Change 13.16% 4.58%
% of Gross Profit 34.8% 36.21%
Operating Expenses $231.3M $207.3M
YoY Change 11.54% 9.5%
Operating Profit $39.15M $29.05M
YoY Change 34.78% 13.79%
Interest Expense $13.51M $14.65M
YoY Change -7.77% -13.2%
% of Operating Profit 34.5% 50.42%
Other Income/Expense, Net $100.0K $100.0K
YoY Change 0.0% 0.0%
Pretax Income $26.18M $14.84M
YoY Change 76.46% 64.31%
Income Tax $375.0K $294.0K
% Of Pretax Income 1.43% 1.98%
Net Earnings $48.10M $11.99M
YoY Change 301.35% 41.12%
Net Earnings / Revenue 17.79% 5.07%
Basic Earnings Per Share $0.36 $0.10
Diluted Earnings Per Share $0.36 $0.10
COMMON SHARES
Basic Shares Outstanding 131.3M shares 121.7M shares
Diluted Shares Outstanding 132.3M shares 122.9M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $339.8M $270.8M
YoY Change 25.48% -21.96%
Cash & Equivalents $339.8M $270.8M
Short-Term Investments
Other Short-Term Assets $36.70M $39.40M
YoY Change -6.85% 37.76%
Inventory
Prepaid Expenses
Receivables $30.80M $31.80M
Other Receivables $0.00 $0.00
Total Short-Term Assets $407.3M $342.0M
YoY Change 19.09% -15.35%
LONG-TERM ASSETS
Property, Plant & Equipment $3.509B $3.420B
YoY Change 2.58% 9.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $74.70M $71.80M
YoY Change 4.04% -6.39%
Total Long-Term Assets $3.586B $3.502B
YoY Change 2.4% 8.29%
TOTAL ASSETS
Total Short-Term Assets $407.3M $342.0M
Total Long-Term Assets $3.586B $3.502B
Total Assets $3.993B $3.844B
YoY Change 3.89% 5.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $120.0M $102.5M
YoY Change 17.07% 33.29%
Accrued Expenses $2.800M $2.600M
YoY Change 7.69% 8.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $169.3M $133.8M
YoY Change 26.53% 27.19%
LONG-TERM LIABILITIES
Long-Term Debt $1.428B $1.562B
YoY Change -8.53% 12.01%
Other Long-Term Liabilities $12.40M $14.10M
YoY Change -12.06% 2.92%
Total Long-Term Liabilities $1.441B $1.576B
YoY Change -8.56% 11.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $169.3M $133.8M
Total Long-Term Liabilities $1.441B $1.576B
Total Liabilities $1.618B $1.713B
YoY Change -5.55% 12.9%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $2.423B $2.182B
YoY Change 11.07% 0.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.358B $2.114B
YoY Change
Total Liabilities & Shareholders Equity $3.993B $3.844B
YoY Change 3.89% 5.66%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $48.10M $11.99M
YoY Change 301.35% 41.12%
Depreciation, Depletion And Amortization $37.20M $32.88M
YoY Change 13.16% 4.58%
Cash From Operating Activities $44.05M $31.56M
YoY Change 39.58% -7.24%
INVESTING ACTIVITIES
Capital Expenditures $50.00K $1.000K
YoY Change 4900.0% -97.83%
Acquisitions
YoY Change
Other Investing Activities $231.9M -$195.7M
YoY Change -218.5% 155.15%
Cash From Investing Activities $204.3M -$210.6M
YoY Change -197.05% 138.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.772M $1.097M
YoY Change 61.53% -100.34%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$171.1M $117.5M
YoY Change -245.59% -58.82%
NET CHANGE
Cash From Operating Activities $44.05M $31.56M
Cash From Investing Activities $204.3M -$210.6M
Cash From Financing Activities -$171.1M $117.5M
Net Change In Cash $77.32M -$61.48M
YoY Change -225.75% -126.6%
FREE CASH FLOW
Cash From Operating Activities $44.05M $31.56M
Capital Expenditures $50.00K $1.000K
Free Cash Flow $44.00M $31.56M
YoY Change 39.43% -7.12%

Facts In Submission

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544000 USD
CY2014Q1 us-gaap Increase Decrease In Restricted Cash
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CY2014Q1 us-gaap Interest Paid
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CY2015Q1 us-gaap Interest Paid
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CY2014Q4 us-gaap Interest Payable Current And Noncurrent
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CY2015Q1 us-gaap Interest Payable Current And Noncurrent
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CY2014Q4 us-gaap Investment Building And Building Improvements
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CY2015Q1 us-gaap Investment Income Interest
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CY2014Q4 us-gaap Minority Interest
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CY2015Q1 us-gaap Minority Interest
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CY2014Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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CY2014Q4 us-gaap Minority Interest In Joint Ventures
MinorityInterestInJointVentures
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CY2015Q1 us-gaap Minority Interest In Joint Ventures
MinorityInterestInJointVentures
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CY2014Q4 us-gaap Minority Interest In Operating Partnerships
MinorityInterestInOperatingPartnerships
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MinorityInterestOwnershipPercentageByNoncontrollingOwners
0.017
CY2015Q1 us-gaap Mortgage Loans On Real Estate Number Of Loans
MortgageLoansOnRealEstateNumberOfLoans
1 loan
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities
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117511000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
31560000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
44052000 USD
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
11932000 USD
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
47850000 USD
CY2014Q1 us-gaap Noncash Or Part Noncash Acquisition Accounts Receivable Acquired1
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373000 USD
CY2015Q1 us-gaap Noncash Or Part Noncash Acquisition Accounts Receivable Acquired1
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0 USD
CY2014Q1 us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
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311973000 USD
CY2015Q1 us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
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0 USD
CY2014Q1 us-gaap Noncash Or Part Noncash Acquisition Other Assets Acquired1
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1198000 USD
CY2015Q1 us-gaap Noncash Or Part Noncash Acquisition Other Assets Acquired1
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0 USD
CY2014Q1 us-gaap Noncash Or Part Noncash Acquisition Payables Assumed1
NoncashOrPartNoncashAcquisitionPayablesAssumed1
1693000 USD
CY2015Q1 us-gaap Noncash Or Part Noncash Acquisition Payables Assumed1
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0 USD
CY2014Q1 us-gaap Noncontrolling Interest In Net Income Loss Joint Venture Partners Nonredeemable
NoncontrollingInterestInNetIncomeLossJointVenturePartnersNonredeemable
-34000 USD
CY2015Q1 us-gaap Noncontrolling Interest In Net Income Loss Joint Venture Partners Nonredeemable
NoncontrollingInterestInNetIncomeLossJointVenturePartnersNonredeemable
-69000 USD
CY2014Q1 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Nonredeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable
87000 USD
CY2015Q1 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Nonredeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable
321000 USD
CY2015Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
126 property
CY2015Q1 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
21 state
CY2015Q1 us-gaap Number Of Units In Real Estate Property
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20435 room
CY2014Q1 us-gaap Occupancy Costs
OccupancyCosts
47521000 USD
CY2015Q1 us-gaap Occupancy Costs
OccupancyCosts
54086000 USD
CY2014Q1 us-gaap Occupancy Revenue
OccupancyRevenue
206025000 USD
CY2015Q1 us-gaap Occupancy Revenue
OccupancyRevenue
232559000 USD
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
207324000 USD
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
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CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
39152000 USD
CY2014Q1 us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
244000 USD
CY2015Q1 us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
217000 USD
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-1361000 USD
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-9403000 USD
CY2014Q1 us-gaap Other Direct Costs Of Hotels
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56376000 USD
CY2015Q1 us-gaap Other Direct Costs Of Hotels
OtherDirectCostsOfHotels
60581000 USD
CY2014Q1 us-gaap Other Hotel Operating Revenue
OtherHotelOperatingRevenue
6981000 USD
CY2015Q1 us-gaap Other Hotel Operating Revenue
OtherHotelOperatingRevenue
8853000 USD
CY2014Q1 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
110000 USD
CY2015Q1 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
90000 USD
CY2014Q1 us-gaap Owned Property Management Costs
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24813000 USD
CY2015Q1 us-gaap Owned Property Management Costs
OwnedPropertyManagementCosts
28042000 USD
CY2014Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
14898000 USD
CY2015Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
27453000 USD
CY2014Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1097000 USD
CY2015Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1772000 USD
CY2014Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
29433000 USD
CY2015Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
39590000 USD
CY2014Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1565000 USD
CY2015Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
21000 USD
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1000 USD
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
50000 USD
CY2014Q1 us-gaap Payments To Acquire Real Estate Held For Investment
PaymentsToAcquireRealEstateHeldForInvestment
311973000 USD
CY2015Q1 us-gaap Payments To Acquire Real Estate Held For Investment
PaymentsToAcquireRealEstateHeldForInvestment
0 USD
CY2014Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
1182000 USD
CY2015Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
0 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
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2015Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets
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CY2014Q1 us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
175000000 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
0 USD
CY2014Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
170000000 USD
CY2015Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0 USD
CY2014Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
111081000 USD
CY2015Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
225593000 USD
CY2014Q1 us-gaap Profit Loss
ProfitLoss
11985000 USD
CY2015Q1 us-gaap Profit Loss
ProfitLoss
48102000 USD
CY2014Q1 us-gaap Provision For Other Losses
ProvisionForOtherLosses
804000 USD
CY2015Q1 us-gaap Provision For Other Losses
ProvisionForOtherLosses
0 USD
CY2014Q4 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
197335000 USD
CY2014Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
693717000 USD
CY2015Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
730819000 USD
CY2014Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
4212520000 USD
CY2015Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
4241851000 USD
CY2014Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
3518803000 USD
CY2015Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
3511032000 USD
CY2014Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
170000000 USD
CY2015Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 USD
CY2014Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
23999000 USD
CY2015Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
129428000 USD
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
63054000 USD
CY2015Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
56795000 USD
CY2014Q1 us-gaap Revenues
Revenues
236373000 USD
CY2015Q1 us-gaap Revenues
Revenues
270405000 USD
CY2014Q4 us-gaap Secured Debt
SecuredDebt
532747000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 USD
CY2015Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 USD
CY2014Q4 us-gaap Unsecured Debt
UnsecuredDebt
1025000000 USD
CY2015Q1 us-gaap Unsecured Debt
UnsecuredDebt
1025000000 USD
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
122867755 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
132286542 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
121740962 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
131272611 shares
CY2015Q1 us-gaap Secured Debt
SecuredDebt
403319000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3573000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
4023000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
1057 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
31.31
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
5000000 shares
CY2014Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
28000 USD
CY2015Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
33000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
2360991000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
2357777000 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2146334000 USD
CY2014Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2130827000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2378484000 USD
CY2015Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2375227000 USD
CY2014Q1 us-gaap Undistributed Earnings
UndistributedEarnings
0 USD
CY2015Q1 us-gaap Undistributed Earnings
UndistributedEarnings
27000 USD
CY2015Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
27000 USD
CY2015Q1 us-gaap Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income, shareholders&#8217; equity or cash flows.</font></div></div>
CY2015Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:24px;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%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the Company&#8217;s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>

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