2018 Q4 Form 10-Q Financial Statement

#000149229818000033 Filed on November 05, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $139.2M $151.8M $111.8M
YoY Change -17.68% 35.79% 80.52%
Cost Of Revenue $12.50M $12.60M $5.100M
YoY Change 111.86% 147.06% 264.29%
Gross Profit $126.7M $139.2M $106.7M
YoY Change -22.37% 30.46% 76.36%
Gross Profit Margin 91.02% 91.7% 95.45%
Selling, General & Admin $40.90M $16.90M $18.10M
YoY Change 128.49% -6.63% 229.09%
% of Gross Profit 32.28% 12.14% 16.96%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $48.10M $48.47M $25.93M
YoY Change -6.78% 86.9% 51.64%
% of Gross Profit 37.96% 34.82% 24.3%
Operating Expenses $89.00M $65.40M $43.90M
YoY Change 27.87% 48.97% 94.25%
Operating Profit $37.70M $73.80M $62.80M
YoY Change -59.72% 17.52% 65.7%
Interest Expense -$39.00M -$39.00M -$24.60M
YoY Change 21.12% 58.54% 55.7%
% of Operating Profit -103.45% -52.85% -39.17%
Other Income/Expense, Net $300.0K $1.350M $80.00K
YoY Change -111.54% 1587.5% -98.18%
Pretax Income -$18.20M $37.69M $14.87M
YoY Change -117.42% 153.36% -41.59%
Income Tax $1.200M $732.0K -$195.0K
% Of Pretax Income 1.94% -1.31%
Net Earnings -$19.40M $35.22M $15.10M
YoY Change -118.67% 133.31% -40.42%
Net Earnings / Revenue -13.94% 23.2% 13.5%
Basic Earnings Per Share $0.20 $0.11
Diluted Earnings Per Share -$108.8K $0.20 $0.11
COMMON SHARES
Basic Shares Outstanding 178.3M shares 178.3M shares 112.1M shares
Diluted Shares Outstanding 178.9M shares 112.4M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $50.20M $36.30M $30.90M
YoY Change -90.32% 17.48% 56.85%
Cash & Equivalents $50.23M $36.35M $30.87M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $188.0M $195.8M $190.5M
YoY Change -71.58% 2.78% 39.97%
LONG-TERM ASSETS
Property, Plant & Equipment $5.854B $5.976B $5.973B
YoY Change -2.35% 0.05% 198.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $340.1M $344.3M
YoY Change
Other Assets $9.400M $103.2M $12.50M
YoY Change -86.34% 725.6% 35.87%
Total Long-Term Assets $6.477B $6.715B $6.398B
YoY Change 1.67% 4.95% 204.18%
TOTAL ASSETS
Total Short-Term Assets $188.0M $195.8M $190.5M
Total Long-Term Assets $6.477B $6.715B $6.398B
Total Assets $6.665B $6.910B $6.588B
YoY Change -5.22% 4.89% 194.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $94.80M $86.90M $116.1M
YoY Change -7.51% -25.15% 203.93%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $94.80M $86.90M $116.1M
YoY Change -7.51% -25.15% 203.93%
LONG-TERM LIABILITIES
Long-Term Debt $3.232B $3.369B $3.006B
YoY Change -4.79% 12.08% 153.12%
Other Long-Term Liabilities $83.70M $87.60M $94.90M
YoY Change -14.59% -7.69%
Total Long-Term Liabilities $3.316B $3.456B $3.100B
YoY Change -5.06% 11.48% 161.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $94.80M $86.90M $116.1M
Total Long-Term Liabilities $3.316B $3.456B $3.100B
Total Liabilities $3.411B $3.543B $3.216B
YoY Change -5.13% 10.15% 162.46%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.783M $1.783M $1.758M
YoY Change 0.0% 1.42% 169.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.250B $3.363B $3.369B
YoY Change
Total Liabilities & Shareholders Equity $6.665B $6.910B $6.588B
YoY Change -5.22% 4.89% 194.2%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$19.40M $35.22M $15.10M
YoY Change -118.67% 133.31% -40.42%
Depreciation, Depletion And Amortization $48.10M $48.47M $25.93M
YoY Change -6.78% 86.9% 51.64%
Cash From Operating Activities $77.60M $71.40M -$1.000M
YoY Change -5.94% -7240.0% -102.54%
INVESTING ACTIVITIES
Capital Expenditures -$22.50M -$25.00M -$378.6M
YoY Change -16.04% -93.4% 245.44%
Acquisitions
YoY Change
Other Investing Activities $80.30M $5.600M $81.80M
YoY Change -45.52% -93.15% 200.74%
Cash From Investing Activities $57.80M -$19.40M -$296.8M
YoY Change -52.03% -93.46% 260.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -214.8M -138.3M 317.9M
YoY Change -162.99% -143.5% -862.35%
NET CHANGE
Cash From Operating Activities 77.60M 71.40M -1.000M
Cash From Investing Activities 57.80M -19.40M -296.8M
Cash From Financing Activities -214.8M -138.3M 317.9M
Net Change In Cash -79.40M -86.30M 20.10M
YoY Change -114.6% -529.35% -123.7%
FREE CASH FLOW
Cash From Operating Activities $77.60M $71.40M -$1.000M
Capital Expenditures -$22.50M -$25.00M -$378.6M
Free Cash Flow $100.1M $96.40M $377.6M
YoY Change -8.42% -74.47% 153.59%

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0 USD
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us-gaap Gains Losses On Extinguishment Of Debt
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4614000 USD
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us-gaap General And Administrative Expense
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1300000 USD
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0 USD
us-gaap Impairment Of Real Estate
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0 USD
CY2018Q3 us-gaap Impairment Of Real Estate
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0 USD
us-gaap Impairment Of Real Estate
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1413000 USD
us-gaap Impairment Of Real Estate
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1400000 USD
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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0 USD
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us-gaap Income Loss From Equity Method Investments
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Interest And Fee Income Loans And Leases
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15600000 USD
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0 USD
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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10000 USD
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us-gaap Net Income Loss Available To Common Stockholders Basic
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35218000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
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0 USD
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3726093000 USD
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0 USD
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us-gaap Operating Costs And Expenses
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11929000 USD
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5482000 USD
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412000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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552000 USD
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
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10000 USD
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CY2018Q3 us-gaap Other Nonoperating Income Expense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Operating Income Expense Net
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us-gaap Other Operating Income Expense Net
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us-gaap Payments For Repurchase Of Redeemable Preferred Stock
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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200000 USD
us-gaap Payments To Acquire Equity Method Investments
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us-gaap Payments To Acquire Equity Method Investments
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PaymentsToAcquireFurnitureAndFixtures
3233000 USD
us-gaap Payments To Acquire Furniture And Fixtures
PaymentsToAcquireFurnitureAndFixtures
21695000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
2713000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
5285000 USD
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
5642000 USD
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
41448000 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
393064000 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
239001000 USD
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
0 USD
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
107000 USD
CY2013Q1 us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.07125
CY2017Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
2561000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
7682000 USD
CY2018Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
0 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q2 us-gaap Preferred Stock Per Share Amounts Of Preferred Dividends In Arrears
PreferredStockPerShareAmountsOfPreferredDividendsInArrears
0.4453125
CY2018Q2 us-gaap Preferred Stock Redemption Price Per Share
PreferredStockRedemptionPricePerShare
25.00
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
5750000 shares
CY2013Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
5750000.00 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
5750000 shares
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
58000 USD
CY2018Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
8710000 USD
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
48282000 USD
CY2013Q1 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
138300000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
11723000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
290864000 USD
CY2017Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
5149000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
7454000 USD
CY2018Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
8910000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
9449000 USD
CY2017Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
340423000 USD
CY2018Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
419225000 USD
CY2017Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
6334855000 USD
CY2018Q3 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
6394815000 USD
CY2017Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
5994432000 USD
CY2018Q3 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
5975590000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
137000000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
22000000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
3094000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
3202000 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
68817000 USD
CY2018Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
103168000 USD
CY2017Q3 us-gaap Revenues
Revenues
111789000 USD
us-gaap Revenues
Revenues
239175000 USD
CY2018Q3 us-gaap Revenues
Revenues
151802000 USD
us-gaap Revenues
Revenues
484200000 USD
CY2013Q1 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
25.00
CY2017Q4 us-gaap Secured Debt
SecuredDebt
256430000 USD
CY2018Q3 us-gaap Secured Debt
SecuredDebt
252827000 USD
CY2017Q4 us-gaap Security Deposit Liability
SecurityDepositLiability
20300000 USD
CY2018Q3 us-gaap Security Deposit Liability
SecurityDepositLiability
14300000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
8329000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
6275000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
2371985000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
-202000 USD
us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
143750000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
3432807000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
3362901000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1015609000 USD
CY2017Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3371829000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3437249000 USD
CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3367258000 USD
us-gaap Straight Line Rent
StraightLineRent
18260000 USD
us-gaap Straight Line Rent
StraightLineRent
34404000 USD
CY2017Q4 us-gaap Unsecured Debt
UnsecuredDebt
1306286000 USD
CY2018Q3 us-gaap Unsecured Debt
UnsecuredDebt
1307120000 USD
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
112418100 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
81429044 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
178941213 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
178729853 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
112149638 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
81150846 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
178317769 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
178309127 shares
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 cash flows.</font></div></div>
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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