2019 Q1 Form 10-Q Financial Statement

#000140762319000012 Filed on April 25, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $76.05M $74.40M
YoY Change 2.23% 12.89%
Cost Of Revenue $11.06M $10.48M
YoY Change 5.53% 12.69%
Gross Profit $64.99M $63.92M
YoY Change 1.67% 12.93%
Gross Profit Margin 85.45% 85.92%
Selling, General & Admin $12.51M $11.35M
YoY Change 10.22% 7.38%
% of Gross Profit 19.25% 17.76%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $24.76M $25.22M
YoY Change -1.81% 9.36%
% of Gross Profit 38.1% 39.45%
Operating Expenses $48.43M $47.11M
YoY Change 2.79% 9.63%
Operating Profit $30.26M $27.28M
YoY Change 10.93% 19.0%
Interest Expense $15.68M $15.46M
YoY Change 1.44% 32.39%
% of Operating Profit 51.81% 56.66%
Other Income/Expense, Net
YoY Change
Pretax Income $14.58M $11.82M
YoY Change 23.35% 5.07%
Income Tax
% Of Pretax Income
Net Earnings $13.25M $10.70M
YoY Change 23.81% 5.23%
Net Earnings / Revenue 17.42% 14.39%
Basic Earnings Per Share
Diluted Earnings Per Share $105.6K $86.20K
COMMON SHARES
Basic Shares Outstanding 113.7M shares 112.2M shares
Diluted Shares Outstanding 125.4M shares 124.1M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.600M $13.00M
YoY Change -26.15% -32.99%
Cash & Equivalents $9.649M $13.01M
Short-Term Investments
Other Short-Term Assets $3.000M $2.900M
YoY Change 3.45% 16.0%
Inventory
Prepaid Expenses
Receivables $47.70M $43.60M
Other Receivables $0.00 $0.00
Total Short-Term Assets $60.30M $59.50M
YoY Change 1.34% 2.94%
LONG-TERM ASSETS
Property, Plant & Equipment $2.827B $2.860B
YoY Change -1.16% 11.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $33.60M $39.10M
YoY Change -14.07% 15.0%
Total Long-Term Assets $2.934B $2.990B
YoY Change -1.88% 11.13%
TOTAL ASSETS
Total Short-Term Assets $60.30M $59.50M
Total Long-Term Assets $2.934B $2.990B
Total Assets $2.994B $3.050B
YoY Change -1.81% 10.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.70M $30.60M
YoY Change -9.48% 13.75%
Accrued Expenses $18.00M
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 $52.80M $37.50M
YoY Change 40.8% 12.95%
LONG-TERM LIABILITIES
Long-Term Debt $1.469B $1.494B
YoY Change -1.67% 19.94%
Other Long-Term Liabilities $178.5M $195.7M
YoY Change -8.79% 20.73%
Total Long-Term Liabilities $1.648B $1.690B
YoY Change -2.49% 20.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $52.80M $37.50M
Total Long-Term Liabilities $1.648B $1.690B
Total Liabilities $1.700B $1.727B
YoY Change -1.55% 19.87%
SHAREHOLDERS EQUITY
Retained Earnings -$265.6M -$221.8M
YoY Change 19.71% 25.75%
Common Stock $11.00K $11.00K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.176B $1.198B
YoY Change
Total Liabilities & Shareholders Equity $2.994B $3.050B
YoY Change -1.81% 10.96%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $13.25M $10.70M
YoY Change 23.81% 5.23%
Depreciation, Depletion And Amortization $24.76M $25.22M
YoY Change -1.81% 9.36%
Cash From Operating Activities $40.19M $44.42M
YoY Change -9.53% 12.04%
INVESTING ACTIVITIES
Capital Expenditures -$10.10M -$27.80M
YoY Change -63.67% -70.89%
Acquisitions
YoY Change
Other Investing Activities $16.00M $0.00
YoY Change -100.0%
Cash From Investing Activities $5.926M -$27.78M
YoY Change -121.33% -71.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $1.508M
YoY Change -100.0% -4.01%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$42.37M -$18.60M
YoY Change 127.8% -128.96%
NET CHANGE
Cash From Operating Activities $40.19M $44.42M
Cash From Investing Activities $5.926M -$27.78M
Cash From Financing Activities -$42.37M -$18.60M
Net Change In Cash $3.745M -$1.955M
YoY Change -291.56% -130.82%
FREE CASH FLOW
Cash From Operating Activities $40.19M $44.42M
Capital Expenditures -$10.10M -$27.80M
Free Cash Flow $50.29M $72.22M
YoY Change -30.37% -46.56%

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CY2019Q1 us-gaap Other Assets
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CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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3808000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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-2810000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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3808000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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-2810000 USD
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
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3390000 USD
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-418000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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202000 USD
CY2019Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
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-2608000 USD
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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3390000 USD
CY2019Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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-2608000 USD
CY2018Q4 us-gaap Other Liabilities
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23219000 USD
CY2019Q1 us-gaap Other Liabilities
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37636000 USD
CY2018Q1 us-gaap Other Noncash Expense
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535000 USD
CY2019Q1 us-gaap Other Noncash Expense
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301000 USD
CY2018Q1 us-gaap Other Operating Income
OtherOperatingIncome
2857000 USD
CY2019Q1 us-gaap Other Operating Income
OtherOperatingIncome
686000 USD
CY2018Q1 us-gaap Other Operating Income Expense Net
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-69000 USD
CY2019Q1 us-gaap Other Operating Income Expense Net
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-93000 USD
CY2018Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
101000 USD
CY2019Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
114000 USD
CY2018Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
101000 USD
CY2019Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
114000 USD
CY2019Q1 us-gaap Partners Capital Account Units
PartnersCapitalAccountUnits
125718829 shares
CY2018Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
8441000 USD
CY2019Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
10120000 USD
CY2018Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
22066000 USD
CY2019Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
22722000 USD
CY2018Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
48000 USD
CY2019Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
32000 USD
CY2018Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1400000 USD
CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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1986000 USD
CY2018Q1 us-gaap Payments To Acquire Commercial Real Estate
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19337000 USD
CY2019Q1 us-gaap Payments To Acquire Commercial Real Estate
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0 USD
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.0001
CY2019Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2018Q4 us-gaap Preferred Stock Shares Authorized
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50000000 shares
CY2019Q1 us-gaap Preferred Stock Shares Authorized
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50000000 shares
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0 shares
CY2019Q1 us-gaap Preferred Stock Shares Issued
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0 shares
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2019Q1 us-gaap Preferred Stock Shares Outstanding
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0 shares
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0 USD
CY2019Q1 us-gaap Preferred Stock Value
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4194000 USD
CY2019Q1 us-gaap Prepaid Expense Current And Noncurrent
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2958000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Common Stock
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1508000 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Common Stock
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0 USD
CY2018Q1 us-gaap Proceeds From Lines Of Credit
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45000000 USD
CY2019Q1 us-gaap Proceeds From Lines Of Credit
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22000000 USD
CY2018Q1 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
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0 USD
CY2019Q1 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
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16046000 USD
CY2018Q1 us-gaap Profit Loss
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11824000 USD
CY2019Q1 us-gaap Profit Loss
ProfitLoss
14583000 USD
CY2018Q4 us-gaap Real Estate Gross At Carrying Value
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3160472000 USD
CY2019Q1 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
3152218000 USD
CY2018Q1 us-gaap Real Estate Improvements
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10600000 USD
CY2018Q1 us-gaap Provision For Loan And Lease Losses
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323000 USD
CY2019Q1 us-gaap Provision For Loan And Lease Losses
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CY2018Q1 us-gaap Real Estate Tax Expense
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CY2019Q1 us-gaap Real Estate Tax Expense
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8238000 USD
CY2019Q1 us-gaap Real Estate Improvements
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CY2018Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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329207000 USD
CY2019Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
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CY2018Q4 us-gaap Real Estate Investment Property Net
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CY2019Q1 us-gaap Real Estate Investment Property Net
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CY2018Q1 us-gaap Repayments Of Lines Of Credit
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CY2019Q1 us-gaap Repayments Of Lines Of Credit
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CY2018Q1 us-gaap Repayments Of Secured Debt
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CY2019Q1 us-gaap Repayments Of Secured Debt
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CY2018Q1 us-gaap Restricted Cash And Cash Equivalents
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1998000 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents
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1373000 USD
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents
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1545000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
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-256438000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
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-265565000 USD
CY2018Q1 us-gaap Revenues
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74395000 USD
CY2019Q1 us-gaap Revenues
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76053000 USD
CY2018Q4 us-gaap Security Deposit Liability
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7065000 USD
CY2019Q1 us-gaap Security Deposit Liability
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7101000 USD
CY2018Q4 us-gaap Senior Notes
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CY2019Q1 us-gaap Senior Notes
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CY2018Q1 us-gaap Share Based Compensation
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CY2019Q1 us-gaap Share Based Compensation
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CY2018Q1 us-gaap Stock Issued During Period Value New Issues
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CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2013Q3 us-gaap Stock Repurchase Program Authorized Amount1
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CY2018Q4 us-gaap Stockholders Equity
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CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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1329641000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1322431000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1308428000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1293949000 USD
CY2018Q1 us-gaap Straight Line Rent
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1471000 USD
CY2019Q1 us-gaap Straight Line Rent
StraightLineRent
1180000 USD
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
125440770 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
112162943 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
113680670 shares
CY2019Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Concentration of Credit Risk</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and tenant receivables. The Company places its cash and cash equivalents in excess of insured amounts with high quality financial institutions. The Company performs ongoing credit evaluations of its tenants and requires tenants to provide security deposits.</font></div></div>
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. The most significant assumptions and estimates relate to the purchase price allocations, depreciable lives, revenue recognition and the collectability of tenant receivables, other receivables, notes receivables, the valuation of performance-based restricted stock, LTIPs, and derivatives. Actual results could differ from these estimates.</font></div></div>

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