2017 Q1 Form 10-Q Financial Statement

#000151133717000073 Filed on May 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $260.2M $275.2M
YoY Change -5.43% 1.76%
Cost Of Revenue $156.0M $163.4M
YoY Change -4.53% -0.06%
Gross Profit $104.3M $111.8M
YoY Change -6.71% 4.58%
Gross Profit Margin 40.08% 40.63%
Selling, General & Admin $28.30M $29.80M
YoY Change -5.03% -1.97%
% of Gross Profit 27.13% 26.65%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $38.67M $40.73M
YoY Change -5.07% 9.48%
% of Gross Profit 37.07% 36.43%
Operating Expenses $223.5M $234.0M
YoY Change -4.47% 1.18%
Operating Profit $36.71M $41.19M
YoY Change -10.89% 5.21%
Interest Expense $14.33M $14.89M
YoY Change -3.79% 10.25%
% of Operating Profit 39.03% 36.15%
Other Income/Expense, Net $140.0K $302.0K
YoY Change -53.64% 202.0%
Pretax Income $23.00M $27.00M
YoY Change -14.8% 3.13%
Income Tax $1.166M $1.476M
% Of Pretax Income 5.07% 5.47%
Net Earnings $21.76M $25.35M
YoY Change -14.17% -47.3%
Net Earnings / Revenue 8.36% 9.21%
Basic Earnings Per Share $0.17 $0.20
Diluted Earnings Per Share $0.17 $0.20
COMMON SHARES
Basic Shares Outstanding 123.7M shares 123.7M shares
Diluted Shares Outstanding 123.8M shares 124.1M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $451.0M $126.0M
YoY Change 257.94% -62.92%
Cash & Equivalents $451.0M $126.0M
Short-Term Investments
Other Short-Term Assets $60.70M $36.70M
YoY Change 65.4% 0.0%
Inventory
Prepaid Expenses
Receivables $34.70M $31.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $546.4M $193.7M
YoY Change 182.09% -52.44%
LONG-TERM ASSETS
Property, Plant & Equipment $3.339B $3.641B
YoY Change -8.29% 3.77%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $105.2M $103.4M
YoY Change 1.74% 38.42%
Total Long-Term Assets $3.446B $3.747B
YoY Change -8.01% 4.49%
TOTAL ASSETS
Total Short-Term Assets $546.4M $193.7M
Total Long-Term Assets $3.446B $3.747B
Total Assets $3.993B $3.940B
YoY Change 1.33% -1.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $116.3M $130.8M
YoY Change -11.09% 9.0%
Accrued Expenses $3.700M $4.900M
YoY Change -24.49% 75.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $161.7M $177.1M
YoY Change -8.7% 4.61%
LONG-TERM LIABILITIES
Long-Term Debt $1.582B $1.585B
YoY Change -0.19% 11.0%
Other Long-Term Liabilities $14.30M $13.50M
YoY Change 5.93% 8.87%
Total Long-Term Liabilities $1.597B $1.599B
YoY Change -0.14% 10.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $161.7M $177.1M
Total Long-Term Liabilities $1.597B $1.599B
Total Liabilities $1.770B $1.786B
YoY Change -0.89% 10.38%
SHAREHOLDERS EQUITY
Retained Earnings $18.71M
YoY Change
Common Stock $2.190B $2.192B
YoY Change -0.07% -9.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.210B $2.142B
YoY Change
Total Liabilities & Shareholders Equity $3.993B $3.940B
YoY Change 1.33% -1.32%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $21.76M $25.35M
YoY Change -14.17% -47.3%
Depreciation, Depletion And Amortization $38.67M $40.73M
YoY Change -5.07% 9.48%
Cash From Operating Activities $49.92M $55.15M
YoY Change -9.48% 25.2%
INVESTING ACTIVITIES
Capital Expenditures $3.000K $142.0K
YoY Change -97.89% 184.0%
Acquisitions
YoY Change
Other Investing Activities -$100.0K $3.600M
YoY Change -102.78% -98.45%
Cash From Investing Activities -$18.60M -$18.90M
YoY Change -1.62% -109.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $486.0K $653.0K
YoY Change -25.57% -63.15%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$42.66M -$44.44M
YoY Change -4.01% -74.03%
NET CHANGE
Cash From Operating Activities $49.92M $55.15M
Cash From Investing Activities -$18.60M -$18.90M
Cash From Financing Activities -$42.66M -$44.44M
Net Change In Cash -$11.33M -$8.188M
YoY Change 38.37% -110.59%
FREE CASH FLOW
Cash From Operating Activities $49.92M $55.15M
Capital Expenditures $3.000K $142.0K
Free Cash Flow $49.92M $55.01M
YoY Change -9.25% 25.01%

Facts In Submission

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CY2017Q1 us-gaap Interest Rate Cash Flow Hedge Derivative At Fair Value Net
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646000 USD
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259000 USD
CY2016Q4 us-gaap Minority Interest In Joint Ventures
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5973000 USD
CY2017Q1 us-gaap Minority Interest In Joint Ventures
MinorityInterestInJointVentures
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CY2016Q4 us-gaap Minority Interest In Operating Partnerships
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CY2017Q1 us-gaap Minority Interest In Operating Partnerships
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CY2017Q1 us-gaap Mortgage Loans On Real Estate Number Of Loans
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1 loan
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities
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55151000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities
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49921000 USD
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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25298000 USD
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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21758000 USD
CY2016Q1 us-gaap Noncontrolling Interest In Net Income Loss Joint Venture Partners Nonredeemable
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-62000 USD
CY2017Q1 us-gaap Noncontrolling Interest In Net Income Loss Joint Venture Partners Nonredeemable
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-66000 USD
CY2016Q1 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Nonredeemable
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114000 USD
CY2017Q1 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Nonredeemable
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85000 USD
CY2017Q1 us-gaap Number Of Real Estate Properties
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122 property
CY2017Q1 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
21 state
CY2017Q1 us-gaap Number Of Units In Real Estate Property
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20100 room
CY2016Q1 us-gaap Occupancy Costs
OccupancyCosts
55028000 USD
CY2017Q1 us-gaap Occupancy Costs
OccupancyCosts
51922000 USD
CY2016Q1 us-gaap Occupancy Revenue
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239512000 USD
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CY2016Q1 us-gaap Operating Expenses
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CY2017Q1 us-gaap Operating Expenses
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223526000 USD
CY2016Q1 us-gaap Operating Income Loss
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41191000 USD
CY2017Q1 us-gaap Operating Income Loss
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36706000 USD
CY2016Q1 us-gaap Other Amortization Of Deferred Charges
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188000 USD
CY2017Q1 us-gaap Other Amortization Of Deferred Charges
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188000 USD
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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-20248000 USD
CY2017Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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5548000 USD
CY2016Q1 us-gaap Other Direct Costs Of Hotels
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60021000 USD
CY2017Q1 us-gaap Other Direct Costs Of Hotels
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57823000 USD
CY2016Q1 us-gaap Other Hotel Operating Revenue
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9104000 USD
CY2017Q1 us-gaap Other Hotel Operating Revenue
OtherHotelOperatingRevenue
8576000 USD
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
302000 USD
CY2017Q1 us-gaap Other Nonoperating Income Expense
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140000 USD
CY2016Q1 us-gaap Owned Property Management Costs
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11100000 USD
CY2017Q1 us-gaap Owned Property Management Costs
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10400000 USD
CY2016Q1 us-gaap Payments For Capital Improvements
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22315000 USD
CY2017Q1 us-gaap Payments For Capital Improvements
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18533000 USD
CY2017Q1 us-gaap Payments For Repurchase Of Common Stock
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486000 USD
CY2017Q1 us-gaap Payments For Proceeds From Productive Assets
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60000 USD
CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
653000 USD
CY2016Q1 us-gaap Payments For Repurchase Of Equity
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11289000 USD
CY2017Q1 us-gaap Payments For Repurchase Of Equity
PaymentsForRepurchaseOfEquity
0 USD
CY2016Q1 us-gaap Payments Of Dividends Common Stock
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41130000 USD
CY2017Q1 us-gaap Payments Of Dividends Common Stock
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41040000 USD
CY2016Q1 us-gaap Payments Of Financing Costs
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882000 USD
CY2017Q1 us-gaap Payments Of Financing Costs
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0 USD
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
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142000 USD
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3000 USD
CY2016Q1 us-gaap Payments To Minority Shareholders
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259000 USD
CY2017Q1 us-gaap Payments To Minority Shareholders
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0 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
CY2017Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2016Q4 us-gaap Preferred Stock Shares Authorized
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50000000 shares
CY2017Q1 us-gaap Preferred Stock Shares Authorized
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CY2016Q4 us-gaap Preferred Stock Shares Issued
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0 shares
CY2017Q1 us-gaap Preferred Stock Shares Issued
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0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2017Q1 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2016Q4 us-gaap Preferred Stock Value
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0 USD
CY2017Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets
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CY2016Q1 us-gaap Proceeds From Issuance Of Secured Debt
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CY2017Q1 us-gaap Proceeds From Issuance Of Secured Debt
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0 USD
CY2016Q1 us-gaap Proceeds From Lines Of Credit
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30000000 USD
CY2017Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0 USD
CY2016Q1 us-gaap Proceeds From Sale Of Productive Assets
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CY2016Q1 us-gaap Profit Loss
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25350000 USD
CY2017Q1 us-gaap Profit Loss
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CY2016Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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955383000 USD
CY2017Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
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989237000 USD
CY2016Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
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CY2017Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
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CY2016Q4 us-gaap Real Estate Investment Property Net
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CY2017Q1 us-gaap Real Estate Investment Property Net
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3341219000 USD
CY2016Q1 us-gaap Repayments Of Lines Of Credit
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30000000 USD
CY2017Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 USD
CY2016Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
936000 USD
CY2017Q1 us-gaap Repayments Of Secured Debt
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902000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents
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CY2017Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
61538000 USD
CY2016Q1 us-gaap Restricted Stock Award Forfeitures
RestrictedStockAwardForfeitures
0 USD
CY2017Q1 us-gaap Restricted Stock Award Forfeitures
RestrictedStockAwardForfeitures
0 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
38249000 USD
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
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18711000 USD
CY2016Q1 us-gaap Revenues
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275171000 USD
CY2017Q1 us-gaap Revenues
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260232000 USD
CY2016Q1 us-gaap Share Based Compensation
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2591000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2334000 USD
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
7500000 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
3610370 shares
CY2016Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
33000 USD
CY2016Q1 us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
0 USD
CY2016Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 USD
CY2017Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 USD
CY2016Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
400000000.0 USD
CY2017Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
440000000.0 USD
CY2017Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
201542669 USD
CY2016Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
11289000 USD
CY2016Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
11300000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2200524000 USD
CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2154682000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2235277000 USD
CY2017Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2222970000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 USD
CY2017Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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0 USD
CY2016Q4 us-gaap Unsecured Debt
UnsecuredDebt
1169308000 USD
CY2017Q1 us-gaap Unsecured Debt
UnsecuredDebt
1169733000 USD
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
124141824 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
123841400 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
123739823 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
123734173 shares
CY2017Q1 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;">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>
CY2017Q1 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;">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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