2019 Q1 Form 10-Q Financial Statement

#000156459019015575 Filed on May 03, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $131.0M $215.1M
YoY Change -39.08% -10.55%
Cost Of Revenue $36.60M $65.00M
YoY Change -43.69% -3.42%
Gross Profit $94.40M $150.0M
YoY Change -37.07% -13.34%
Gross Profit Margin 72.05% 69.75%
Selling, General & Admin $14.10M $12.80M
YoY Change 10.16% -58.84%
% of Gross Profit 14.94% 8.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $42.60M $74.40M
YoY Change -42.74% -18.15%
% of Gross Profit 45.13% 49.6%
Operating Expenses $93.92M $183.5M
YoY Change -48.82% 50.54%
Operating Profit $94.44M $150.0M
YoY Change -37.05% -13.33%
Interest Expense $21.73M $44.04M
YoY Change -50.67% -197.65%
% of Operating Profit 23.01% 29.36%
Other Income/Expense, Net -$17.05M -$100.3M
YoY Change -83.0% 31.98%
Pretax Income $36.37M -$68.75M
YoY Change -152.9% -25.19%
Income Tax $300.0K $0.00
% Of Pretax Income 0.82%
Net Earnings $35.79M -$54.15M
YoY Change -166.09% -0.16%
Net Earnings / Revenue 27.32% -25.18%
Basic Earnings Per Share $0.15 -$0.34
Diluted Earnings Per Share $0.15 -$0.34
COMMON SHARES
Basic Shares Outstanding 180.5M 184.6M
Diluted Shares Outstanding 181.1M 184.6M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.00M $17.00M
YoY Change -41.18% -15.0%
Cash & Equivalents $11.67M $65.82M
Short-Term Investments
Other Short-Term Assets $10.00M $26.00M
YoY Change -61.54% -21.21%
Inventory
Prepaid Expenses
Receivables $61.00M $100.0M
Other Receivables $0.00 $66.00M
Total Short-Term Assets $81.00M $209.0M
YoY Change -61.24% 22.22%
LONG-TERM ASSETS
Property, Plant & Equipment $3.407B $6.111B
YoY Change -44.25% -14.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $527.0M $334.0M
YoY Change 57.78% -15.44%
Other Assets $7.000M $57.00M
YoY Change -87.72% 11.76%
Total Long-Term Assets $4.035B $6.701B
YoY Change -39.79% -15.41%
TOTAL ASSETS
Total Short-Term Assets $81.00M $209.0M
Total Long-Term Assets $4.035B $6.701B
Total Assets $4.116B $6.910B
YoY Change -40.43% -14.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $154.0M $318.0M
YoY Change -51.57% -13.82%
Accrued Expenses $40.00M
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 $239.0M $397.0M
YoY Change -39.8% -10.59%
LONG-TERM LIABILITIES
Long-Term Debt $1.824B $3.742B
YoY Change -51.26% -17.23%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.824B $3.742B
YoY Change -51.26% -17.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $239.0M $397.0M
Total Long-Term Liabilities $1.824B $3.742B
Total Liabilities $2.066B $4.143B
YoY Change -50.13% -16.71%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.050B $2.767B
YoY Change
Total Liabilities & Shareholders Equity $4.116B $6.910B
YoY Change -40.43% -14.62%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $35.79M -$54.15M
YoY Change -166.09% -0.16%
Depreciation, Depletion And Amortization $42.60M $74.40M
YoY Change -42.74% -18.15%
Cash From Operating Activities $42.26M $57.76M
YoY Change -26.83% -37.15%
INVESTING ACTIVITIES
Capital Expenditures -$18.20M -$34.70M
YoY Change -47.55% -69.61%
Acquisitions
YoY Change
Other Investing Activities $94.60M $188.2M
YoY Change -49.73% 98.73%
Cash From Investing Activities $76.46M $153.5M
YoY Change -50.2% -891.41%
FINANCING ACTIVITIES
Cash Dividend Paid $45.26M $78.55M
YoY Change -42.38% 4.38%
Common Stock Issuance & Retirement, Net $14.07M -$5.149M
YoY Change -373.24% -247.11%
Debt Paid & Issued, Net $678.7M
YoY Change 972.2%
Cash From Financing Activities -120.7M -240.2M
YoY Change -49.75% 429.08%
NET CHANGE
Cash From Operating Activities 42.26M 57.76M
Cash From Investing Activities 76.46M 153.5M
Cash From Financing Activities -120.7M -240.2M
Net Change In Cash -1.974M -28.91M
YoY Change -93.17% -206.66%
FREE CASH FLOW
Cash From Operating Activities $42.26M $57.76M
Capital Expenditures -$18.20M -$34.70M
Free Cash Flow $60.46M $92.46M
YoY Change -34.61% -55.14%

Facts In Submission

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<p style="margin-top:10pt;margin-bottom:0pt;text-indent:2.27%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates in Preparation of Financial Statements</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with generally accepted accounting principles (&#8220;GAAP&#8221;) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the year.&nbsp;&nbsp;Actual results could differ from those estimates.&nbsp;&nbsp;</p>
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CY2019Q1 sitc Insurance Receivable And Reduction Of Real Estate Due To Hurricane
InsuranceReceivableAndReductionOfRealEstateDueToHurricane
0
CY2018Q1 sitc Insurance Receivable And Reduction Of Real Estate Due To Hurricane
InsuranceReceivableAndReductionOfRealEstateDueToHurricane
5700000
CY2019Q1 sitc Noncash Or Part Noncash Financial Or Equity Instrument Consideration Redemption Value
NoncashOrPartNoncashFinancialOrEquityInstrumentConsiderationRedemptionValue
0
CY2018Q1 sitc Noncash Or Part Noncash Financial Or Equity Instrument Consideration Redemption Value
NoncashOrPartNoncashFinancialOrEquityInstrumentConsiderationRedemptionValue
900000
CY2019Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.20
CY2018Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.38
CY2019Q1 sitc Number Of Shopping Centers Leased Under Ground Lease Agreements
NumberOfShoppingCentersLeasedUnderGroundLeaseAgreements
3
CY2019Q1 sitc Number Of Additional Lease Agreements Where Company Is Lessee
NumberOfAdditionalLeaseAgreementsWhereCompanyIsLessee
3
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
21962000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
40303000
CY2019Q1 sitc Reversal Of Real Estate Taxes Paid By Tenants
ReversalOfRealEstateTaxesPaidByTenants
1700000
CY2019Q1 sitc Investment In Redeemable Noncontrolling Interest Equity Preferred
InvestmentInRedeemableNoncontrollingInterestEquityPreferred
176120000
CY2019Q1 us-gaap Equity Method Investment Difference Between Carrying Amount And Underlying Equity
EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquity
-9638000
CY2019Q1 sitc Equity Method Investment Difference Between Carrying Amount And Underlying Equity Deferred Development Fees Net Of Portion Relating To Company Interest
EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquityDeferredDevelopmentFeesNetOfPortionRelatingToCompanyInterest
2531000
CY2019Q1 us-gaap Due From Joint Ventures
DueFromJointVentures
6501000
CY2019Q1 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
302722000
CY2019Q1 sitc Valuation Allowance Of Preferred Equity Interest
ValuationAllowanceOfPreferredEquityInterest
73500000
CY2019Q1 sitc Income Loss From Equity Method Investments Before Amortization Of Basis Differentials
IncomeLossFromEquityMethodInvestmentsBeforeAmortizationOfBasisDifferentials
845000
CY2019Q1 sitc Amortization Of Basis Differentials
AmortizationOfBasisDifferentials
198000
CY2019Q1 sitc Interest Income Earned On Preferred Interests In Joint Ventures
InterestIncomeEarnedOnPreferredInterestsInJointVentures
4200000
CY2018Q1 sitc Interest Income Earned On Preferred Interests In Joint Ventures
InterestIncomeEarnedOnPreferredInterestsInJointVentures
5000000
CY2019Q1 sitc Other Revenue Earned From Unconsolidated Joint Ventures
OtherRevenueEarnedFromUnconsolidatedJointVentures
800000
CY2018Q1 sitc Other Revenue Earned From Unconsolidated Joint Ventures
OtherRevenueEarnedFromUnconsolidatedJointVentures
500000
CY2019Q1 sitc Fee And Other Income Earned From Unconsolidated Joint Ventures
FeeAndOtherIncomeEarnedFromUnconsolidatedJointVentures
11600000
CY2018Q1 sitc Fee And Other Income Earned From Unconsolidated Joint Ventures
FeeAndOtherIncomeEarnedFromUnconsolidatedJointVentures
13000000
CY2019Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
66757000
CY2018Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
77419000
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
0
CY2019Q1 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
9970000
CY2018Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
5372000
CY2019Q1 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
3182000
CY2018Q4 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
3612000
CY2019Q1 us-gaap Deposits Assets
DepositsAssets
4406000
CY2018Q4 us-gaap Deposits Assets
DepositsAssets
4384000
CY2018Q1 sitc Amortization Of Intangible Assets Excluding Above And Below Market Leases
AmortizationOfIntangibleAssetsExcludingAboveAndBelowMarketLeases
11900000
CY2019Q1 us-gaap Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List
OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
us-gaap:OtherAssets
CY2019Q1 us-gaap Operating Lease Liability Statement Of Financial Position Extensible List
OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList
us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
CY2019Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
5233000
CY2018Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
5767000
CY2019Q1 sitc Amortization Of Intangible Assets Excluding Above And Below Market Leases
AmortizationOfIntangibleAssetsExcludingAboveAndBelowMarketLeases
5000000
CY2019Q1 us-gaap Lease Cost
LeaseCost
1730000
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P36Y2M12D
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0733
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
669000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable Current
OperatingLeasesFutureMinimumPaymentsReceivableCurrent
306740000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Two Years
OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears
279374000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Three Years
OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears
243379000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Four Years
OperatingLeasesFutureMinimumPaymentsReceivableInFourYears
202371000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Five Years
OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears
150909000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable Thereafter
OperatingLeasesFutureMinimumPaymentsReceivableThereafter
417296000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable
OperatingLeasesFutureMinimumPaymentsReceivable
1600069000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
3253000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
4070000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
4080000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
3928000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
3417000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
120825000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
139573000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
3601000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
4072000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
4083000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour
3744000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFive
3440000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due After Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterRollingYearFive
119953000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
138893000
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
98590000
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Next Rolling Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextRollingTwelveMonths
309546000
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Rolling Year Two
LessorOperatingLeasePaymentsToBeReceivedRollingYearTwo
280371000
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Rolling Year Three
LessorOperatingLeasePaymentsToBeReceivedRollingYearThree
242764000
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Rolling Year Four
LessorOperatingLeasePaymentsToBeReceivedRollingYearFour
197093000
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Rolling Year Five
LessorOperatingLeasePaymentsToBeReceivedRollingYearFive
146434000
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received After Rolling Year Five
LessorOperatingLeasePaymentsToBeReceivedAfterRollingYearFive
425980000
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
1602188000
CY2019Q1 sitc Revolving Credit Facilities And Term Loans
RevolvingCreditFacilitiesAndTermLoans
89676000
CY2018Q4 sitc Revolving Credit Facilities And Term Loans
RevolvingCreditFacilitiesAndTermLoans
149655000
CY2019Q1 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
187000
CY2019Q1 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
-117000
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
304000
CY2019Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
600000
CY2018Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2019Q1 sitc Impairment Of Assets Included In Spin Off
ImpairmentOfAssetsIncludedInSpinOff
0
CY2018Q1 sitc Impairment Of Assets Included In Spin Off
ImpairmentOfAssetsIncludedInSpinOff
30400000
CY2019Q1 sitc Impairment Charges Including Discontinued Operations And Investment
ImpairmentChargesIncludingDiscontinuedOperationsAndInvestment
1700000
CY2018Q1 sitc Impairment Charges Including Discontinued Operations And Investment
ImpairmentChargesIncludingDiscontinuedOperationsAndInvestment
34400000
CY2019Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
172000
CY2018Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
203000
CY2019Q1 sitc Net Income Loss Attributable To Common Shareholders After Allocation To Participating Securities
NetIncomeLossAttributableToCommonShareholdersAfterAllocationToParticipatingSecurities
27235000
CY2018Q1 sitc Net Income Loss Attributable To Common Shareholders After Allocation To Participating Securities
NetIncomeLossAttributableToCommonShareholdersAfterAllocationToParticipatingSecurities
-62739000
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
180546000
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
184560000
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
545000
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
181091000
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
184560000
CY2018Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000
CY2019Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1200000
CY2019Q1 us-gaap Other Income
OtherIncome
18801000
CY2019Q1 sitc Rental Operating Expense
RentalOperatingExpense
36584000
CY2019Q1 sitc Unallocated Expense
UnallocatedExpense
35838000
CY2019Q1 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
4583366000
CY2018Q1 us-gaap Other Income
OtherIncome
11302000
CY2018Q1 sitc Rental Operating Expense
RentalOperatingExpense
65049000
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
150019000
CY2018Q1 sitc Unallocated Expense
UnallocatedExpense
56886000
CY2018Q1 us-gaap Loss From Catastrophes
LossFromCatastrophes
750000
CY2018Q1 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
8074030000
CY2018Q1 us-gaap Notes Receivable Net
NotesReceivableNet
19675000

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