2022 Q1 Form 10-Q Financial Statement

#000147615022000010 Filed on May 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $64.04M $50.69M
YoY Change 26.32% 12.36%
Cost Of Revenue $16.88M $13.51M
YoY Change 24.91% 13.43%
Gross Profit $47.16M $37.18M
YoY Change 26.84% 11.95%
Gross Profit Margin 73.65% 73.35%
Selling, General & Admin $7.527M $5.580M
YoY Change 34.89% -3.13%
% of Gross Profit 15.96% 15.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $14.98M $11.40M
YoY Change 31.42% 2.7%
% of Gross Profit 31.77% 30.66%
Operating Expenses $22.51M $16.96M
YoY Change 32.72% 0.59%
Operating Profit $24.65M $20.22M
YoY Change 21.91% 23.67%
Interest Expense $5.081M $4.145M
YoY Change 22.58% 3.47%
% of Operating Profit 20.61% 20.5%
Other Income/Expense, Net -$4.960M -$3.909M
YoY Change 26.89% 13.57%
Pretax Income $19.66M $16.26M
YoY Change 20.92% 26.44%
Income Tax
% Of Pretax Income
Net Earnings $19.66M $16.26M
YoY Change 20.94% 26.45%
Net Earnings / Revenue 30.71% 32.07%
Basic Earnings Per Share $0.26 $0.24
Diluted Earnings Per Share $0.26 $0.24
COMMON SHARES
Basic Shares Outstanding 75.20M shares 68.60M shares
Diluted Shares Outstanding 75.28M shares 68.86M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $106.3M $29.40M
YoY Change 261.49% -57.82%
Cash & Equivalents $106.3M $29.38M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $106.3M $29.40M
YoY Change 261.56% -57.82%
LONG-TERM ASSETS
Property, Plant & Equipment $2.723B $2.098B
YoY Change 29.81% 8.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $33.83M $1.000M
YoY Change 3282.8% -96.88%
Total Long-Term Assets $2.814B $2.142B
YoY Change 31.36% 6.23%
TOTAL ASSETS
Total Short-Term Assets $106.3M $29.40M
Total Long-Term Assets $2.814B $2.142B
Total Assets $2.920B $2.172B
YoY Change 34.47% 4.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $43.80M $24.00M
YoY Change 82.48% 20.0%
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 $95.00M $62.10M
YoY Change 52.98% 18.06%
LONG-TERM LIABILITIES
Long-Term Debt $720.9M $448.0M
YoY Change 60.91% -2.4%
Other Long-Term Liabilities $50.18M $27.90M
YoY Change 79.86% -13.08%
Total Long-Term Liabilities $771.0M $475.9M
YoY Change 62.02% -3.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $95.00M $62.10M
Total Long-Term Liabilities $771.0M $475.9M
Total Liabilities $866.1M $538.0M
YoY Change 60.99% -1.05%
SHAREHOLDERS EQUITY
Retained Earnings -$3.214M $2.092M
YoY Change -253.63% -173.74%
Common Stock $2.084B $1.647B
YoY Change 26.58% 6.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.054B $1.634B
YoY Change
Total Liabilities & Shareholders Equity $2.920B $2.172B
YoY Change 34.47% 4.09%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $19.66M $16.26M
YoY Change 20.94% 26.45%
Depreciation, Depletion And Amortization $14.98M $11.40M
YoY Change 31.42% 2.7%
Cash From Operating Activities $28.03M $26.16M
YoY Change 7.18% 18.04%
INVESTING ACTIVITIES
Capital Expenditures -$28.79M -$8.000M
YoY Change 259.81% -27.93%
Acquisitions
YoY Change
Other Investing Activities -$68.05M -$104.4M
YoY Change -34.82% 315.94%
Cash From Investing Activities -$96.84M -$112.4M
YoY Change -13.83% 210.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $493.0K -$40.54M
YoY Change -101.22% 79.79%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$26.47M $8.793M
YoY Change -401.07% -130.67%
NET CHANGE
Cash From Operating Activities $28.03M $26.16M
Cash From Investing Activities -$96.84M -$112.4M
Cash From Financing Activities -$26.47M $8.793M
Net Change In Cash -$95.28M -$77.43M
YoY Change 23.05% 81.3%
FREE CASH FLOW
Cash From Operating Activities $28.03M $26.16M
Capital Expenditures -$28.79M -$8.000M
Free Cash Flow $56.82M $34.16M
YoY Change 66.35% 2.7%

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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-77431000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
204801000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
107836000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
109524000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
30405000 USD
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
7176000 USD
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
4424000 USD
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
18794000 USD
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
8720000 USD
CY2022Q1 us-gaap Stock Issued1
StockIssued1
11535000 USD
CY2021Q1 us-gaap Stock Issued1
StockIssued1
7321000 USD
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 USD
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
424000 USD
CY2022Q1 trno Reconciliation Acquisition Of Properties
ReconciliationAcquisitionOfProperties
70295000 USD
CY2021Q1 trno Reconciliation Acquisition Of Properties
ReconciliationAcquisitionOfProperties
109882000 USD
CY2022Q1 trno Assumptions Of Other Assets And Liabilities
AssumptionsOfOtherAssetsAndLiabilities
2243000 USD
CY2021Q1 trno Assumptions Of Other Assets And Liabilities
AssumptionsOfOtherAssetsAndLiabilities
5510000 USD
CY2022Q1 us-gaap Payments To Acquire Buildings
PaymentsToAcquireBuildings
68052000 USD
CY2021Q1 us-gaap Payments To Acquire Buildings
PaymentsToAcquireBuildings
104372000 USD
CY2022Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
6 segment
CY2021Q1 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
1400000 USD
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.</span>
CY2022Q1 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
3100000 USD
CY2021Q4 us-gaap Below Market Lease Net
BelowMarketLeaseNet
51025000 USD
CY2022Q1 trno Finite Lived Intangible Assets Liabilities Gross
FiniteLivedIntangibleAssetsLiabilitiesGross
34246000 USD
CY2022Q1 trno Finite Lived Intangible Assets Liabilities Accumulated Amortization
FiniteLivedIntangibleAssetsLiabilitiesAccumulatedAmortization
48385000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1
P6Y10M24D
CY2022Q1 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
80803000 USD
CY2022Q1 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
30621000 USD
CY2022Q1 us-gaap Below Market Lease Net
BelowMarketLeaseNet
50182000 USD
CY2021Q4 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
78753000 USD
CY2021Q4 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
27728000 USD
CY2022Q1 trno Finite Lived Intangible Assets Liabilities Net
FiniteLivedIntangibleAssetsLiabilitiesNet
-14139000 USD
CY2021Q4 trno Finite Lived Intangible Assets Liabilities Gross
FiniteLivedIntangibleAssetsLiabilitiesGross
35373000 USD
CY2021Q4 trno Finite Lived Intangible Assets Liabilities Accumulated Amortization
FiniteLivedIntangibleAssetsLiabilitiesAccumulatedAmortization
48244000 USD
CY2021Q4 trno Finite Lived Intangible Assets Liabilities Net
FiniteLivedIntangibleAssetsLiabilitiesNet
-12871000 USD
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
204404000 USD
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
107180000 USD
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
397000 USD
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
656000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
204801000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
107836000 USD
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
106278000 USD
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
29377000 USD
CY2022Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
3246000 USD
CY2021Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1028000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
109524000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
30405000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-95277000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-77431000 USD
CY2022Q1 trno Straight Line Rent And Accounts Receivables Net Of Allowances
StraightLineRentAndAccountsReceivablesNetOfAllowances
43100000 USD
CY2021Q4 trno Straight Line Rent And Accounts Receivables Net Of Allowances
StraightLineRentAndAccountsReceivablesNetOfAllowances
39700000 USD
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
400000 USD
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
500000 USD
CY2022Q1 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
10900000 USD
CY2021Q4 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
10600000 USD
CY2022Q1 trno Performance Measurement Period
PerformanceMeasurementPeriod
P3Y
CY2022Q1 us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
Use of Derivative Financial Instruments. The Company records all derivatives on the accompanying consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting.
CY2022Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2022Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1400000 USD
CY2021Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
0 USD
CY2022Q1 trno Percentage Accounted By Properties Of Its Annualized Base Rent
PercentageAccountedByPropertiesOfItsAnnualizedBaseRent
0.274
CY2022Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
700000 USD
CY2022Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
725000000 USD
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
725000000 USD
CY2022Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
4136000 USD
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
720670000 USD
CY2021Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
4330000 USD
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
720864000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
50000000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
0 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
100000000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
0 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
50000000 USD
CY2022Q1 trno Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
525000000 USD
CY2022Q1 trno Long Term Debt Before Net Debt Issuance Costs
LongTermDebtBeforeNetDebtIssuanceCosts
725000000 USD
CY2022Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
4136000 USD
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
720864000 USD
CY2022Q1 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.030
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
186391000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
177154000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
156493000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
130437000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
101962000 USD
CY2022Q1 trno Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
222309000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
974746000 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
0 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
0 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
0 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
106000 USD
CY2022Q1 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
698264000 USD
CY2022Q1 us-gaap Notes Payable
NotesPayable
720864000 USD
CY2021Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
743592000 USD
CY2021Q4 us-gaap Notes Payable
NotesPayable
720670000 USD
CY2022Q1 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
3000000 shares
CY2022Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
400000000 shares
CY2022Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2022Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2022Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2022Q1 trno Common Stock Aggregate Offering Price Remaining
CommonStockAggregateOfferingPriceRemaining
221400000 USD
CY2021Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
706524 shares
CY2021Q1 trno Sales Of Stock Weighted Average Offering Price
SalesOfStockWeightedAverageOfferingPrice
58.20
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
600000 USD
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
308677 shares
CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.34
CY2022Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
303666 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
211746 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
303666 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
211746 shares

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