2016 Q4 Form 10-Q Financial Statement

#000094539416000012 Filed on November 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $479.3M $543.5M $511.9M
YoY Change 2.53% 6.18% 11.38%
Cost Of Revenue $279.3M $322.0M $308.6M
YoY Change 2.2% 4.34% 10.37%
Gross Profit $200.0M $221.5M $203.3M
YoY Change 3.04% 8.95% 12.88%
Gross Profit Margin 41.73% 40.75% 39.72%
Selling, General & Admin $8.000M $37.70M $19.80M
YoY Change -85.71% 90.4% 17.86%
% of Gross Profit 4.0% 17.02% 9.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $91.10M $90.14M $84.26M
YoY Change 5.93% 6.98% 5.86%
% of Gross Profit 45.55% 40.69% 41.45%
Operating Expenses $99.10M $127.9M $104.0M
YoY Change -30.16% 22.98% 7.77%
Operating Profit $100.9M $93.47M $98.34M
YoY Change 93.3% -4.95% 17.63%
Interest Expense -$36.70M $41.28M $36.63M
YoY Change 7.0% 12.7% -206.79%
% of Operating Profit -36.37% 44.16% 37.25%
Other Income/Expense, Net
YoY Change
Pretax Income $63.70M $52.75M $61.72M
YoY Change -430.05% -14.54% 25.45%
Income Tax $500.0K $948.0K $514.0K
% Of Pretax Income 0.78% 1.8% 0.83%
Net Earnings $63.19M $51.81M $61.19M
YoY Change -424.13% -15.32% 24.36%
Net Earnings / Revenue 13.18% 9.53% 11.95%
Basic Earnings Per Share
Diluted Earnings Per Share $384.9K $329.3K $404.2K
COMMON SHARES
Basic Shares Outstanding 164.3M shares 157.2M shares 151.4M shares
Diluted Shares Outstanding 157.3M shares 151.4M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.90M $9.500M $7.400M
YoY Change -20.44% 28.38% -61.26%
Cash & Equivalents $10.90M $9.534M $7.375M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $65.30M $62.90M $46.90M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $76.20M $72.40M $54.30M
YoY Change 17.77% 33.33% -8.59%
LONG-TERM ASSETS
Property, Plant & Equipment $6.209B $6.161B $6.045B
YoY Change 2.73% 1.92% 6.3%
Goodwill
YoY Change
Intangibles $108.5M
YoY Change
Long-Term Investments
YoY Change
Other Assets $60.50M $60.60M $44.30M
YoY Change 18.16% 36.79% 44.77%
Total Long-Term Assets $6.558B $6.514B $6.440B
YoY Change 3.6% 1.14% 8.58%
TOTAL ASSETS
Total Short-Term Assets $76.20M $72.40M $54.30M
Total Long-Term Assets $6.558B $6.514B $6.440B
Total Assets $6.634B $6.586B $6.495B
YoY Change 3.74% 1.41% 8.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $246.5M $219.7M $184.4M
YoY Change -1.12% 19.14% 66.13%
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 $341.0M $313.4M $242.7M
YoY Change 10.71% 29.13% 58.21%
LONG-TERM LIABILITIES
Long-Term Debt $3.164B $3.121B $3.276B
YoY Change -3.39% -4.73% 15.55%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $3.164B $3.121B $3.276B
YoY Change -3.39% -4.73% 15.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $341.0M $313.4M $242.7M
Total Long-Term Liabilities $3.164B $3.121B $3.276B
Total Liabilities $3.505B $3.435B $3.519B
YoY Change -2.17% -2.39% 17.74%
SHAREHOLDERS EQUITY
Retained Earnings $3.105B $3.042B
YoY Change 7.74%
Common Stock $1.643M $1.643M
YoY Change 8.45%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.129B $3.151B $2.976B
YoY Change
Total Liabilities & Shareholders Equity $6.634B $6.586B $6.495B
YoY Change 3.74% 1.41% 8.41%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $63.19M $51.81M $61.19M
YoY Change -424.13% -15.32% 24.36%
Depreciation, Depletion And Amortization $91.10M $90.14M $84.26M
YoY Change 5.93% 6.98% 5.86%
Cash From Operating Activities $172.4M $128.6M $122.8M
YoY Change 10.51% 4.72% 12.15%
INVESTING ACTIVITIES
Capital Expenditures -$123.2M -$46.30M -$187.6M
YoY Change 58.35% -75.32% 198.25%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$123.2M -$46.30M -$187.6M
YoY Change 56.94% -75.32% 188.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $372.2M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -48.00M -93.10M 53.70M
YoY Change -32.49% -273.37% -231.62%
NET CHANGE
Cash From Operating Activities 172.4M 128.6M 122.8M
Cash From Investing Activities -123.2M -46.30M -187.6M
Cash From Financing Activities -48.00M -93.10M 53.70M
Net Change In Cash 1.200M -10.80M -11.10M
YoY Change -81.25% -2.7% -408.33%
FREE CASH FLOW
Cash From Operating Activities $172.4M $128.6M $122.8M
Capital Expenditures -$123.2M -$46.30M -$187.6M
Free Cash Flow $295.6M $174.9M $310.4M
YoY Change 26.43% -43.65% 80.05%

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-32977000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-575254000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-331249000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
374906000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
360078000 USD
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
61185000 USD
us-gaap Net Income Loss
NetIncomeLoss
185912000 USD
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
51812000 USD
us-gaap Net Income Loss
NetIncomeLoss
159924000 USD
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NetIncomeLossAvailableToCommonStockholdersBasic
56019000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
170414000 USD
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
46646000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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144426000 USD
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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45965000 USD
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
48388000 USD
us-gaap Noncash Or Part Noncash Divestiture Amount Of Consideration Received1
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45042000 USD
us-gaap Number Of Reportable Segments
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2 segment
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
98340000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
284157000 USD
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OperatingIncomeLoss
93470000 USD
us-gaap Operating Income Loss
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234280000 USD
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291826000 USD
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-15458000 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
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-7832000 USD
CY2016Q3 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
14032000 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
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51253000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
72000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
91000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
-80000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
-175000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-15530000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-7923000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
14112000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
51428000 USD
CY2016Q3 us-gaap Other Interest And Dividend Income
OtherInterestAndDividendIncome
626000 USD
us-gaap Other Interest And Dividend Income
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CY2016Q3 us-gaap Other Liabilities
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us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
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224190000 USD
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us-gaap Payments Of Dividends Preferred Stock And Preference Stock
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us-gaap Payments Of Financing Costs
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5000 USD
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us-gaap Payments To Acquire Businesses And Interest In Affiliates
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15196000 USD
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
208738000 USD
us-gaap Payments To Acquire Real Estate
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380926000 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
206745000 USD
us-gaap Percentage Rent
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2048000 USD
CY2015Q4 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2016Q3 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2016Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
280107000 USD
CY2016Q3 us-gaap Preferred Stock Value
PreferredStockValue
280107000 USD
CY2016Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
371956000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
371956000 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
737612000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
611000000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
643000000 USD
CY2015Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
2217135000 USD
CY2016Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
2436327000 USD
CY2015Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
8261772000 USD
CY2016Q3 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
8597544000 USD
CY2015Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
6044637000 USD
CY2016Q3 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
6161217000 USD
CY2015Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
73747000 USD
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
207561000 USD
CY2016Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
78278000 USD
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
231830000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
175000000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
958000000 USD
CY2015Q4 us-gaap Replacement Reserve Escrow
ReplacementReserveEscrow
51211000 USD
CY2016Q3 us-gaap Replacement Reserve Escrow
ReplacementReserveEscrow
60606000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2881657000 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
3041581000 USD
CY2015Q3 us-gaap Revenue From Leased And Owned Hotels
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437171000 USD
us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
1243744000 USD
CY2016Q3 us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
464173000 USD
us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
1332586000 USD
CY2015Q3 us-gaap Revenues
Revenues
511886000 USD
us-gaap Revenues
Revenues
1454464000 USD
CY2016Q3 us-gaap Revenues
Revenues
543516000 USD
us-gaap Revenues
Revenues
1567933000 USD
CY2015Q4 us-gaap Security Deposit Liability
SecurityDepositLiability
53579000 USD
CY2016Q3 us-gaap Security Deposit Liability
SecurityDepositLiability
88524000 USD
CY2015Q4 us-gaap Senior Notes
SeniorNotes
2403439000 USD
CY2016Q3 us-gaap Senior Notes
SeniorNotes
2564476000 USD
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
79100 shares
CY2016Q3 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
19677 shares
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
2812082000 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
3151498000 USD
us-gaap Straight Line Rent
StraightLineRent
5807000 USD
us-gaap Straight Line Rent
StraightLineRent
10377000 USD
CY2015Q3 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
3752000 USD
us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
5807000 USD
CY2016Q3 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
2932000 USD
us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
10377000 USD
CY2016Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
29.64
CY2015Q4 us-gaap Unsecured Debt
UnsecuredDebt
397756000 USD
CY2016Q3 us-gaap Unsecured Debt
UnsecuredDebt
398254000 USD
CY2015Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
26559000 USD
CY2016Q3 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
35150000 USD
CY2015Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
68921000 USD
CY2016Q3 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
100848000 USD
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
151386000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
150863000 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
157263000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
153390000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
151359000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
150476000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
157217000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
153357000 shares
CY2016Q3 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
158000 USD
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
228000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:13px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates.&#160;&#160;Significant estimates in our condensed consolidated financial statements include the allowance for doubtful accounts, purchase price allocations, useful lives of fixed assets, impairment of real estate and the valuation of intangible assets.</font></div></div>

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