2019 Q1 Form 10-Q Financial Statement

#000162828019005480 Filed on May 01, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $40.88M $37.11M
YoY Change 10.17% 18.02%
Cost Of Revenue $10.69M $9.890M
YoY Change 8.09% 15.67%
Gross Profit $30.19M $27.21M
YoY Change 10.95% 18.87%
Gross Profit Margin 73.85% 73.33%
Selling, General & Admin $5.960M $5.080M
YoY Change 17.32% 21.53%
% of Gross Profit 19.74% 18.67%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.40M $10.70M
YoY Change -2.8% 16.3%
% of Gross Profit 34.45% 39.32%
Operating Expenses $16.38M $15.82M
YoY Change 3.54% 18.41%
Operating Profit $13.81M $11.39M
YoY Change 21.25% 19.52%
Interest Expense $4.264M $4.685M
YoY Change -8.99% -225.6%
% of Operating Profit 30.88% 41.13%
Other Income/Expense, Net $1.723M -$1.342M
YoY Change -228.39% -64.03%
Pretax Income $15.53M $10.06M
YoY Change 54.37% 73.45%
Income Tax
% Of Pretax Income
Net Earnings $15.53M $10.06M
YoY Change 54.44% 73.43%
Net Earnings / Revenue 37.99% 27.1%
Basic Earnings Per Share $0.25 $0.18
Diluted Earnings Per Share $0.25 $0.18
COMMON SHARES
Basic Shares Outstanding 61.46M shares 55.13M shares
Diluted Shares Outstanding 61.60M shares 55.13M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $59.80M $7.500M
YoY Change 697.33% -32.43%
Cash & Equivalents $59.75M $7.476M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $59.80M $7.500M
YoY Change 697.33% -32.43%
LONG-TERM ASSETS
Property, Plant & Equipment $1.741B $1.563B
YoY Change 11.39% 27.05%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.600M $4.000M
YoY Change -35.0% -80.95%
Total Long-Term Assets $1.800B $1.597B
YoY Change 12.77% 24.68%
TOTAL ASSETS
Total Short-Term Assets $59.80M $7.500M
Total Long-Term Assets $1.800B $1.597B
Total Assets $1.860B $1.604B
YoY Change 15.97% 24.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.00M $18.00M
YoY Change 33.33% -5.76%
Accrued Expenses $800.0K
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 $52.10M $41.20M
YoY Change 26.46% 6.46%
LONG-TERM LIABILITIES
Long-Term Debt $442.9M $501.8M
YoY Change -11.74% 32.26%
Other Long-Term Liabilities $32.10M $30.40M
YoY Change 5.59% 230.43%
Total Long-Term Liabilities $475.0M $532.2M
YoY Change -10.75% 36.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $52.10M $41.20M
Total Long-Term Liabilities $475.0M $532.2M
Total Liabilities $527.0M $573.3M
YoY Change -8.07% 34.17%
SHAREHOLDERS EQUITY
Retained Earnings $14.61M
YoY Change
Common Stock $1.319B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.333B $1.031B
YoY Change
Total Liabilities & Shareholders Equity $1.860B $1.604B
YoY Change 15.97% 24.19%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $15.53M $10.06M
YoY Change 54.44% 73.43%
Depreciation, Depletion And Amortization $10.40M $10.70M
YoY Change -2.8% 16.3%
Cash From Operating Activities $19.78M $14.69M
YoY Change 34.62% -8.75%
INVESTING ACTIVITIES
Capital Expenditures -$13.90M -$6.300M
YoY Change 120.63% -1.56%
Acquisitions
YoY Change
Other Investing Activities -$13.80M -$65.60M
YoY Change -78.96% 334.44%
Cash From Investing Activities -$27.68M -$71.85M
YoY Change -61.47% 234.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$71.12M $1.795M
YoY Change -4062.23%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $35.81M $25.86M
YoY Change 38.44% 530.83%
NET CHANGE
Cash From Operating Activities $19.78M $14.69M
Cash From Investing Activities -$27.68M -$71.85M
Cash From Financing Activities $35.81M $25.86M
Net Change In Cash $27.90M -$31.29M
YoY Change -189.16% 2307.23%
FREE CASH FLOW
Cash From Operating Activities $19.78M $14.69M
Capital Expenditures -$13.90M -$6.300M
Free Cash Flow $33.68M $20.99M
YoY Change 60.44% -6.71%

Facts In Submission

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CY2018Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
455159000 USD
CY2019Q1 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
439582000 USD
CY2019Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
6 segment
CY2018Q1 us-gaap Operating Lease Initial Direct Cost Expense Over Term
OperatingLeaseInitialDirectCostExpenseOverTerm
9893000 USD
CY2019Q1 us-gaap Operating Lease Initial Direct Cost Expense Over Term
OperatingLeaseInitialDirectCostExpenseOverTerm
10693000 USD
CY2018Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
37107000 USD
CY2019Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
40880000 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
800000 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
900000 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
800000 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
800000 USD
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0270
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y6M12D
CY2018Q4 us-gaap Other Assets
OtherAssets
31529000 USD
CY2019Q1 us-gaap Other Assets
OtherAssets
41385000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
84000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
63000 USD
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
55000 USD
CY2019Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
87000 USD
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
84000 USD
CY2019Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
63000 USD
CY2018Q1 us-gaap Payments For Construction In Process
PaymentsForConstructionInProcess
548000 USD
CY2019Q1 us-gaap Payments For Construction In Process
PaymentsForConstructionInProcess
5533000 USD
CY2019Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
3959000 USD
CY2018Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
12181000 USD
CY2019Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
14643000 USD
CY2018Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
10000 USD
CY2019Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD
CY2019Q1 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
3000000 shares
CY2018Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
132000 USD
CY2019Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1427000 USD
CY2018Q1 us-gaap Payments To Acquire Buildings
PaymentsToAcquireBuildings
85402000 USD
CY2019Q1 us-gaap Payments To Acquire Buildings
PaymentsToAcquireBuildings
25753000 USD
CY2018Q1 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
5740000 USD
CY2019Q1 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
8375000 USD
CY2019Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2018Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2075000 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
75081000 USD
CY2018Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
40350000 USD
CY2019Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
17000000 USD
CY2018Q1 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
19841000 USD
CY2019Q1 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
11980000 USD
CY2018Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
169772000 USD
CY2019Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
179115000 USD
CY2018Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1845776000 USD
CY2019Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1919746000 USD
CY2018Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1676004000 USD
CY2019Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1740631000 USD
CY2018Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 USD
CY2019Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
36000000 USD
CY2018Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
470000 USD
CY2019Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
373000 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
7090000 USD
CY2018Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
4030000 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
3475000 USD
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
2630000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
14185000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
14608000 USD
CY2018Q1 us-gaap Revenues
Revenues
37107000 USD
CY2019Q1 us-gaap Revenues
Revenues
40880000 USD
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
825000 USD
CY2018Q4 us-gaap Secured Debt
SecuredDebt
45767000 USD
CY2019Q1 us-gaap Secured Debt
SecuredDebt
45411000 USD
CY2018Q4 us-gaap Security Deposit Liability
SecurityDepositLiability
11933000 USD
CY2019Q1 us-gaap Security Deposit Liability
SecurityDepositLiability
12147000 USD
CY2018Q4 us-gaap Senior Notes
SeniorNotes
248263000 USD
CY2019Q1 us-gaap Senior Notes
SeniorNotes
248338000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2042000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2500000 USD
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
389852 shares
CY2018Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
0 shares
CY2019Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
0 shares
CY2018Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
8704000 USD
CY2019Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
87924000 USD
CY2018Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
3870000 USD
CY2019Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
3959000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
1027494000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
1030712000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
1247797000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
1333176000 USD
CY2018Q1 us-gaap Straight Line Rent
StraightLineRent
1047000 USD
CY2019Q1 us-gaap Straight Line Rent
StraightLineRent
737000 USD
CY2018Q1 us-gaap Transfer To Other Real Estate
TransferToOtherRealEstate
0 USD
CY2019Q1 us-gaap Transfer To Other Real Estate
TransferToOtherRealEstate
39085000 USD
CY2019Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
CY2018Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
65000 USD
CY2019Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
98000 USD
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55127580 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
61604250 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55127580 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
61456965 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
359503 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
389518 shares
CY2019Q1 us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Derivative Financial Instruments.</font><font style="font-family:inherit;font-size:10pt;"> ASC 815, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Derivatives and Hedging</font><font style="font-family:inherit;font-size:10pt;"> (See &#8220;Note 8 &#8211; Derivative Financial Instruments&#8221;), provides the disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (a)&#160;how and why the Company uses derivative instruments, (b)&#160;how the Company accounts for derivative instruments and related hedged items, and (c)&#160;how derivative instruments and related hedged items affect the Company&#8217;s financial position, financial performance, and cash flows. Further, qualitative disclosures are required that explain the Company&#8217;s objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of and gains and losses on derivative instruments.</font></div><div style="line-height:120%;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.</font></div></div>
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates.</font><font style="font-family:inherit;font-size:10pt;"> The preparation of the interim 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.</font></div></div>

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