2018 Q1 Form 10-Q Financial Statement

#000149229818000018 Filed on May 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $166.1M $62.65M
YoY Change 165.1% 0.15%
Cost Of Revenue $12.10M $2.400M
YoY Change 404.17% 71.43%
Gross Profit $154.0M $60.20M
YoY Change 155.81% -1.47%
Gross Profit Margin 92.72% 96.09%
Selling, General & Admin $9.100M $7.900M
YoY Change 15.19% 9.72%
% of Gross Profit 5.91% 13.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $48.01M $19.14M
YoY Change 150.85% 7.72%
% of Gross Profit 31.17% 31.79%
Operating Expenses $57.10M $27.00M
YoY Change 111.48% 8.0%
Operating Profit $96.90M $33.20M
YoY Change 191.87% -8.03%
Interest Expense -$35.40M -$15.80M
YoY Change 124.05% -6.51%
% of Operating Profit -36.53% -47.59%
Other Income/Expense, Net $2.348M $2.129M
YoY Change 10.29%
Pretax Income $62.55M $19.01M
YoY Change 228.99% -221.09%
Income Tax $510.0K $220.0K
% Of Pretax Income 0.82% 1.16%
Net Earnings $62.47M $18.82M
YoY Change 231.89% -219.81%
Net Earnings / Revenue 37.61% 30.04%
Basic Earnings Per Share $0.34 $0.25
Diluted Earnings Per Share $0.34 $0.25
COMMON SHARES
Basic Shares Outstanding 178.3M shares 65.35M shares
Diluted Shares Outstanding 178.5M shares 65.92M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $46.40M $12.80M
YoY Change 262.5% 40.66%
Cash & Equivalents $46.35M $12.81M
Short-Term Investments
Other Short-Term Assets $126.0M
YoY Change 5.44%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $212.1M $138.8M
YoY Change 52.81% 7.93%
LONG-TERM ASSETS
Property, Plant & Equipment $6.109B $1.994B
YoY Change 206.42% 3.63%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $354.9M
YoY Change
Other Assets $11.80M $11.20M
YoY Change 5.36% -86.7%
Total Long-Term Assets $6.772B $2.101B
YoY Change 222.3% -8.86%
TOTAL ASSETS
Total Short-Term Assets $212.1M $138.8M
Total Long-Term Assets $6.772B $2.101B
Total Assets $6.985B $2.240B
YoY Change 211.79% -7.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $102.4M $33.40M
YoY Change 206.59% 18.02%
Accrued Expenses
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 $102.4M $33.40M
YoY Change 206.59% 18.02%
LONG-TERM LIABILITIES
Long-Term Debt $3.361B $1.202B
YoY Change 179.53% -13.99%
Other Long-Term Liabilities $94.50M
YoY Change
Total Long-Term Liabilities $3.456B $1.202B
YoY Change 187.39% -14.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $102.4M $33.40M
Total Long-Term Liabilities $3.456B $1.202B
Total Liabilities $3.558B $1.236B
YoY Change 187.92% -13.38%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.783M $654.0K
YoY Change 172.63% 0.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.422B $1.004B
YoY Change
Total Liabilities & Shareholders Equity $6.985B $2.240B
YoY Change 211.79% -7.97%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $62.47M $18.82M
YoY Change 231.89% -219.81%
Depreciation, Depletion And Amortization $48.01M $19.14M
YoY Change 150.85% 7.72%
Cash From Operating Activities $101.6M $31.59M
YoY Change 221.8% 27.75%
INVESTING ACTIVITIES
Capital Expenditures -$172.0M $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$344.4M -$1.000M
YoY Change 34340.0% -150.0%
Cash From Investing Activities -$516.4M -$961.0K
YoY Change 53633.51% -148.93%
FINANCING ACTIVITIES
Cash Dividend Paid $82.79M $29.99M
YoY Change 176.03% 2.36%
Common Stock Issuance & Retirement, Net -$499.0K -$3.224M
YoY Change -84.52% 153.06%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$114.4M -$43.35M
YoY Change 163.9% 72.55%
NET CHANGE
Cash From Operating Activities $101.6M $31.59M
Cash From Investing Activities -$516.4M -$961.0K
Cash From Financing Activities -$114.4M -$43.35M
Net Change In Cash -$529.1M -$12.72M
YoY Change 4059.45% -911.29%
FREE CASH FLOW
Cash From Operating Activities $101.6M $31.59M
Capital Expenditures -$172.0M $0.00
Free Cash Flow $273.6M $31.59M
YoY Change 766.33%

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10000 USD
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CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2017Q1 us-gaap Payments Of Dividends
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6000 USD
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200000 USD
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0 USD
CY2018Q1 us-gaap Payments To Acquire Equity Method Investments
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CY2017Q1 us-gaap Payments To Acquire Furniture And Fixtures
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37000 USD
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0 USD
CY2013Q1 us-gaap Preferred Stock Dividend Rate Percentage
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0.07125
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2561000 USD
CY2018Q1 us-gaap Preferred Stock Dividends Income Statement Impact
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2561000 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
CY2018Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2018Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
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CY2018Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
5750000 shares
CY2013Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
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CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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CY2018Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
5750000 shares
CY2017Q4 us-gaap Preferred Stock Value
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58000 USD
CY2018Q1 us-gaap Preferred Stock Value
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58000 USD
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-3224000 USD
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0 USD
CY2018Q1 us-gaap Proceeds From Payments For Other Financing Activities
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0 USD
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-9000000 USD
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-30000000 USD
CY2017Q1 us-gaap Proceeds From Sale Of Productive Assets
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0 USD
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6743000 USD
CY2017Q1 us-gaap Provision For Doubtful Accounts
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1770000 USD
CY2018Q1 us-gaap Provision For Doubtful Accounts
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1213000 USD
CY2017Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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CY2018Q1 us-gaap Real Estate Investment Property Net
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CY2017Q1 us-gaap Repayments Of Secured Debt
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CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
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11818000 USD
CY2017Q1 us-gaap Revenues
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CY2018Q1 us-gaap Revenues
Revenues
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CY2013Q1 us-gaap Sale Of Stock Price Per Share
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25.00
CY2017Q4 us-gaap Secured Debt
SecuredDebt
256430000 USD
CY2018Q1 us-gaap Secured Debt
SecuredDebt
254917000 USD
CY2017Q4 us-gaap Security Deposit Liability
SecurityDepositLiability
20300000 USD
CY2018Q1 us-gaap Security Deposit Liability
SecurityDepositLiability
22100000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2588000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1135000 USD
CY2017Q1 us-gaap Stock Issued During Period Value New Issues
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-2814000 USD
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StockIssuedDuringPeriodValueNewIssues
-202000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
3432807000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
3422151000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1015609000 USD
CY2017Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1004353000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3437249000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3426566000 USD
CY2017Q1 us-gaap Straight Line Rent
StraightLineRent
4607000 USD
CY2018Q1 us-gaap Straight Line Rent
StraightLineRent
11563000 USD
CY2017Q4 us-gaap Unsecured Debt
UnsecuredDebt
1306286000 USD
CY2018Q1 us-gaap Unsecured Debt
UnsecuredDebt
1306566000 USD
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
65920486 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
178516388 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
65354649 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
178294605 shares
CY2018Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain amounts in the Company&#8217;s consolidated financial statements for prior periods have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of prior periods. As a result, certain reclassifications were made to the condensed consolidated statements of income.</font></div></div>
CY2018Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.</font></div></div>

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