2023 Q4 Form 10-Q Financial Statement

#000161154723000054 Filed on October 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $116.6M $101.8M
YoY Change 14.75% 3.61%
Cost Of Revenue $38.88M $36.00M
YoY Change 10.48% -2.73%
Gross Profit $77.70M $65.90M
YoY Change 17.02% 7.54%
Gross Profit Margin 66.65% 64.71%
Selling, General & Admin $9.167M $8.900M
YoY Change -20.15% -9.66%
% of Gross Profit 11.8% 13.51%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $32.77M $27.90M
YoY Change 27.95% 11.48%
% of Gross Profit 42.17% 42.34%
Operating Expenses $40.63M $35.80M
YoY Change 11.76% 4.69%
Operating Profit $37.07M $30.10M
YoY Change 23.38% 11.14%
Interest Expense -$21.12M -$18.40M
YoY Change 40.1% 22.9%
% of Operating Profit -56.97% -61.13%
Other Income/Expense, Net
YoY Change
Pretax Income $231.9M $54.60M
YoY Change 1448.95% 350.85%
Income Tax -$10.00K $17.06M
% Of Pretax Income 0.0% 31.25%
Net Earnings $221.1M $36.12M
YoY Change 1517.24% 217.3%
Net Earnings / Revenue 189.62% 35.47%
Basic Earnings Per Share $0.31
Diluted Earnings Per Share $1.88 $0.31
COMMON SHARES
Basic Shares Outstanding 117.6M shares 117.6M shares
Diluted Shares Outstanding 122.2M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $101.1M $50.80M
YoY Change 18.25% -53.15%
Cash & Equivalents $101.1M $50.79M
Short-Term Investments
Other Short-Term Assets $13.11M $15.40M
YoY Change -11.04% 14.86%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $175.0M $133.7M
YoY Change 6.09% -28.14%
LONG-TERM ASSETS
Property, Plant & Equipment $2.827B $2.567B
YoY Change 8.62% 0.03%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $126.8M $81.50M
YoY Change 13.82% -24.61%
Total Long-Term Assets $3.105B $2.748B
YoY Change 10.39% -0.98%
TOTAL ASSETS
Total Short-Term Assets $175.0M $133.7M
Total Long-Term Assets $3.105B $2.748B
Total Assets $3.280B $2.882B
YoY Change 10.16% -2.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $97.47M $90.10M
YoY Change -15.86% -4.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $104.7M $98.40M
YoY Change -15.45% -3.45%
LONG-TERM LIABILITIES
Long-Term Debt $1.734B $1.646B
YoY Change 2.33% -3.08%
Other Long-Term Liabilities $219.5M $129.8M
YoY Change 70.5% 0.83%
Total Long-Term Liabilities $1.954B $1.776B
YoY Change 7.14% -2.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $104.7M $98.40M
Total Long-Term Liabilities $1.954B $1.776B
Total Liabilities $2.058B $1.875B
YoY Change 5.7% -2.84%
SHAREHOLDERS EQUITY
Retained Earnings $137.1M -$65.30M
YoY Change -479.77% 110.75%
Common Stock $1.175M $1.175M
YoY Change 0.17% 0.17%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.151B $950.5M
YoY Change
Total Liabilities & Shareholders Equity $3.280B $2.882B
YoY Change 10.16% -2.69%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $221.1M $36.12M
YoY Change 1517.24% 217.3%
Depreciation, Depletion And Amortization $32.77M $27.90M
YoY Change 27.95% 11.48%
Cash From Operating Activities $60.11M $34.50M
YoY Change 46.82% -8.48%
INVESTING ACTIVITIES
Capital Expenditures $343.8M $30.00M
YoY Change 737.46% -211.56%
Acquisitions
YoY Change
Other Investing Activities $312.5M $0.00
YoY Change
Cash From Investing Activities -$31.20M -$30.00M
YoY Change -24.0% 11.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 67.36M -19.90M
YoY Change -386.53% -33.07%
NET CHANGE
Cash From Operating Activities 60.11M 34.50M
Cash From Investing Activities -31.20M -30.00M
Cash From Financing Activities 67.36M -19.90M
Net Change In Cash 96.27M -15.40M
YoY Change -507.65% -18.65%
FREE CASH FLOW
Cash From Operating Activities $60.11M $34.50M
Capital Expenditures $343.8M $30.00M
Free Cash Flow -$283.7M $4.500M
YoY Change 262580.56% -93.03%

Facts In Submission

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CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2300000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
7200000 usd
CY2022Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2600000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
8100000 usd
CY2023Q3 ue Below Market Lease Net Of Above Market Lease Amortization Income Reminderof Fiscal Year
BelowMarketLeaseNetOfAboveMarketLeaseAmortizationIncomeReminderofFiscalYear
1916000 usd
CY2023Q3 ue Below Market Lease Net Of Above Market Lease Amortization Income Year One
BelowMarketLeaseNetOfAboveMarketLeaseAmortizationIncomeYearOne
7416000 usd
CY2023Q3 ue Below Market Lease Net Of Above Market Lease Amortization Income Year Two
BelowMarketLeaseNetOfAboveMarketLeaseAmortizationIncomeYearTwo
7250000 usd
CY2023Q3 ue Below Market Lease Net Of Above Market Lease Amortization Income Year Three
BelowMarketLeaseNetOfAboveMarketLeaseAmortizationIncomeYearThree
6916000 usd
CY2023Q3 ue Below Market Lease Net Of Above Market Lease Amortization Income Year Four
BelowMarketLeaseNetOfAboveMarketLeaseAmortizationIncomeYearFour
6638000 usd
CY2023Q3 ue Below Market Lease Net Of Above Market Lease Amortization Income Year Five
BelowMarketLeaseNetOfAboveMarketLeaseAmortizationIncomeYearFive
5991000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
25446000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
161885000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
40282000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
128374000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
319473000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
275632000 usd
CY2023Q3 ue Longterm Debt Maturities Repaymentsof Principal Year Six
LongtermDebtMaturitiesRepaymentsofPrincipalYearSix
704348000 usd
CY2023Q2 ue Number Of Credit Letters
NumberOfCreditLetters
2 property
CY2023Q3 us-gaap Line Of Credit Facility Fair Value Of Amount Outstanding
LineOfCreditFacilityFairValueOfAmountOutstanding
0 usd
CY2022Q4 us-gaap Line Of Credit Facility Fair Value Of Amount Outstanding
LineOfCreditFacilityFairValueOfAmountOutstanding
0 usd
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
216356000 usd
CY2023Q3 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
25776000 usd
CY2022Q3 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
25064000 usd
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
75981000 usd
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
78689000 usd
CY2023Q3 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
101732000 usd
CY2022Q3 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
98175000 usd
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
299859000 usd
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
295045000 usd
CY2023Q3 ue Operating Lease Variable Lease Income Percentage Rent
OperatingLeaseVariableLeaseIncomePercentageRent
1300000 usd
ue Operating Lease Variable Lease Income Percentage Rent
OperatingLeaseVariableLeaseIncomePercentageRent
2400000 usd
CY2022Q3 ue Operating Lease Variable Lease Income Percentage Rent
OperatingLeaseVariableLeaseIncomePercentageRent
1000000 usd
ue Operating Lease Variable Lease Income Percentage Rent
OperatingLeaseVariableLeaseIncomePercentageRent
2600000 usd
CY2023Q3 us-gaap Derivative Fixed Interest Rate
DerivativeFixedInterestRate
0.0776
CY2022Q4 us-gaap Derivative Fixed Interest Rate
DerivativeFixedInterestRate
0.0689
CY2023Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
1058000 usd
CY2022Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
632000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
737000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
578000 usd
CY2023Q1 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
34100000 usd
CY2023Q1 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
34100000 usd
CY2022Q3 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0 usd
CY2023Q3 ue Inventory Real Estate Number Of Projects
InventoryRealEstateNumberOfProjects
23 project
CY2023Q3 us-gaap Inventory Real Estate Construction In Process
InventoryRealEstateConstructionInProcess
168500000 usd
CY2023Q3 ue Development In Process Estimated Additional Cost To Complete
DevelopmentInProcessEstimatedAdditionalCostToComplete
93800000 usd
CY2023Q3 ue Insurance Coverage Pollution Insurance Limit Per Occurrence
InsuranceCoveragePollutionInsuranceLimitPerOccurrence
50000000 usd
CY2023Q3 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
1400000 usd
CY2022Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
1600000 usd
CY2023Q3 ue Lessor Operating Lease Number Of Contracts Rejected
LessorOperatingLeaseNumberOfContractsRejected
2 property
CY2023Q3 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
20962000 usd
CY2023Q3 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
29379000 usd
CY2023Q3 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
8507000 usd
CY2023Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
5511000 usd
CY2023Q3 us-gaap Deposit Assets
DepositAssets
2724000 usd
CY2022Q4 us-gaap Deposit Assets
DepositAssets
2724000 usd
CY2023Q3 us-gaap Prepaid Taxes
PrepaidTaxes
9684000 usd
CY2022Q4 us-gaap Prepaid Taxes
PrepaidTaxes
12080000 usd
CY2023Q3 us-gaap Prepaid Insurance
PrepaidInsurance
4288000 usd
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
1391000 usd
CY2023Q3 ue Prepaid Rentand License Fees
PrepaidRentandLicenseFees
1421000 usd
CY2022Q4 ue Prepaid Rentand License Fees
PrepaidRentandLicenseFees
1261000 usd
CY2023Q3 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
73969000 usd
CY2022Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
77207000 usd
CY2020Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
9.22
CY2023Q3 ue Accrued Capital Expendituresand Lease Costs
AccruedCapitalExpendituresandLeaseCosts
19555000 usd
CY2022Q4 ue Accrued Capital Expendituresand Lease Costs
AccruedCapitalExpendituresandLeaseCosts
35732000 usd
CY2023Q3 ue Deferred Tenant Revenue
DeferredTenantRevenue
30329000 usd
CY2022Q4 ue Deferred Tenant Revenue
DeferredTenantRevenue
28468000 usd
CY2023Q3 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
9065000 usd
CY2022Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
10789000 usd
CY2023Q3 us-gaap Security Deposit Liability
SecurityDepositLiability
8305000 usd
CY2022Q4 us-gaap Security Deposit Liability
SecurityDepositLiability
8048000 usd
CY2023Q3 us-gaap Other Sundry Liabilities
OtherSundryLiabilities
12481000 usd
CY2022Q4 us-gaap Other Sundry Liabilities
OtherSundryLiabilities
6939000 usd
CY2023Q3 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
3025000 usd
CY2022Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
3016000 usd
CY2023Q3 us-gaap Accrued Salaries Current And Noncurrent
AccruedSalariesCurrentAndNoncurrent
7257000 usd
CY2022Q4 us-gaap Accrued Salaries Current And Noncurrent
AccruedSalariesCurrentAndNoncurrent
9527000 usd
CY2023Q3 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
90017000 usd
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
102519000 usd
CY2023Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
17932000 usd
CY2022Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
14344000 usd
CY2023Q3 us-gaap Debt Related Commitment Fees And Debt Issuance Costs
DebtRelatedCommitmentFeesAndDebtIssuanceCosts
1074000 usd
CY2022Q3 us-gaap Debt Related Commitment Fees And Debt Issuance Costs
DebtRelatedCommitmentFeesAndDebtIssuanceCosts
922000 usd
CY2023Q3 us-gaap Interest And Debt Expense
InterestAndDebtExpense
19006000 usd
CY2022Q3 us-gaap Interest And Debt Expense
InterestAndDebtExpense
15266000 usd
CY2023Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
200000000 usd
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
CY2020Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
54100000 usd
CY2023Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
145900000 usd
CY2023Q3 us-gaap Distribution Made To Limited Partner Distributions Declared Per Unit
DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit
0.16
CY2022Q3 us-gaap Distribution Made To Limited Partner Distributions Declared Per Unit
DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit
0.16
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
36118000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
11383000 usd
CY2023Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
30000 usd
CY2022Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
6000 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
36088000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
11377000 usd
CY2023Q3 us-gaap Undistributed Earnings Diluted
UndistributedEarningsDiluted
1375000 usd
CY2022Q3 us-gaap Undistributed Earnings Diluted
UndistributedEarningsDiluted
388000 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
37463000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
11765000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
117543000 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
117382000 shares
CY2023Q3 us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
4566000 shares
CY2022Q3 us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
4243000 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
122205000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
121683000 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.31
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.10
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.31
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.10
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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