2019 Q4 Form 10-Q Financial Statement

#000074026019000168 Filed on October 25, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $996.0M $983.2M $936.5M
YoY Change 7.88% 4.98% 4.07%
Cost Of Revenue $480.9M $462.1M $428.8M
YoY Change 12.49% 7.77% 13.86%
Gross Profit $515.2M $521.0M $507.7M
YoY Change 3.91% 2.62% -2.98%
Gross Profit Margin 51.73% 52.99% 54.21%
Selling, General & Admin $41.60M $40.50M $39.70M
YoY Change 8.05% 2.02% 19.22%
% of Gross Profit 8.07% 7.77% 7.82%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $348.9M $234.6M $218.6M
YoY Change 42.87% 7.32% 2.44%
% of Gross Profit 67.72% 45.03% 43.06%
Operating Expenses $279.5M $266.1M $258.3M
YoY Change 32.15% 3.02% 6.65%
Operating Profit $235.7M $254.9M $249.4M
YoY Change -17.09% 2.21% -11.28%
Interest Expense -$116.5M $114.0M $107.6M
YoY Change -1.02% 5.94% -5.52%
% of Operating Profit -49.43% 44.71% 43.14%
Other Income/Expense, Net $8.300M -$2.164M -$1.244M
YoY Change -114.09% 73.95% -90.43%
Pretax Income $13.60M $88.90M $96.00M
YoY Change -60.81% -7.4% -35.29%
Income Tax $700.0K $2.005M -$7.327M
% Of Pretax Income 5.15% 2.26% -7.63%
Net Earnings $12.89M $86.92M $103.3M
YoY Change -79.63% -15.84% -83.21%
Net Earnings / Revenue 1.29% 8.84% 11.03%
Basic Earnings Per Share $0.03 $0.23 $0.29
Diluted Earnings Per Share $0.03 $0.23 $0.28
COMMON SHARES
Basic Shares Outstanding 372.7M shares 372.4M shares 356.3M shares
Diluted Shares Outstanding 376.6M shares 359.4M shares

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $106.0M $148.0M $86.00M
YoY Change 47.22% 72.09% 1.18%
Cash & Equivalents $106.4M $148.1M $148.5M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $106.0M $148.0M $86.00M
YoY Change 47.22% 72.09% 1.18%
LONG-TERM ASSETS
Property, Plant & Equipment $21.73B $21.93B $20.02B
YoY Change 8.14% 9.54% -2.17%
Goodwill $1.051B $1.050B
YoY Change 0.06%
Intangibles
YoY Change
Long-Term Investments $342.0M $165.0M $319.0M
YoY Change 9.62% -48.28% 99.38%
Other Assets $179.0M $65.00M $87.00M
YoY Change 175.38% -25.29% -40.0%
Total Long-Term Assets $24.59B $24.66B $22.51B
YoY Change 9.21% 9.52% -4.83%
TOTAL ASSETS
Total Short-Term Assets $106.0M $148.0M $86.00M
Total Long-Term Assets $24.59B $24.66B $22.51B
Total Assets $24.69B $24.80B $22.60B
YoY Change 9.33% 9.76% -4.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.146B $1.194B $1.135B
YoY Change 5.52% 5.2% 20.23%
Accrued Expenses $362.0M $334.0M $77.00M
YoY Change 262.0% 333.77% -19.79%
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 $1.508B $1.528B $1.212B
YoY Change 27.15% 26.07% 16.54%
LONG-TERM LIABILITIES
Long-Term Debt $12.16B $12.05B $10.48B
YoY Change 13.28% 15.03% -8.28%
Other Long-Term Liabilities $5.000M $2.000M $15.00M
YoY Change -86.67% 50.0%
Total Long-Term Liabilities $12.16B $12.06B $10.49B
YoY Change 13.32% 14.89% -8.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.508B $1.528B $1.212B
Total Long-Term Liabilities $12.16B $12.06B $10.49B
Total Liabilities $13.87B $13.73B $12.00B
YoY Change 14.42% 14.4% -6.01%
SHAREHOLDERS EQUITY
Retained Earnings -$3.669B -$3.384B
YoY Change 25.21%
Common Stock $14.15B $14.11B
YoY Change 7.47%
Preferred Stock
YoY Change
Treasury Stock (at cost) $132.0K
YoY Change
Treasury Stock Shares 2.000K shares
Shareholders Equity $10.45B $10.67B $10.60B
YoY Change
Total Liabilities & Shareholders Equity $24.69B $24.80B $22.60B
YoY Change 9.33% 9.76% -4.81%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income $12.89M $86.92M $103.3M
YoY Change -79.63% -15.84% -83.21%
Depreciation, Depletion And Amortization $348.9M $234.6M $218.6M
YoY Change 42.87% 7.32% 2.44%
Cash From Operating Activities $354.3M $354.3M $307.3M
YoY Change -2.64% 15.29% -14.35%
INVESTING ACTIVITIES
Capital Expenditures -$231.0M -$157.0M -$105.7M
YoY Change 45.01% 48.53% 11.73%
Acquisitions
YoY Change
Other Investing Activities $67.50M -$757.1M $44.70M
YoY Change -137.27% -1793.74% -91.63%
Cash From Investing Activities -$163.4M -$914.2M -$61.00M
YoY Change -52.0% 1398.69% -113.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -254.4M 630.0M -255.8M
YoY Change 534.41% -346.29% -68.26%
NET CHANGE
Cash From Operating Activities 354.3M 354.3M 307.3M
Cash From Investing Activities -163.4M -914.2M -61.00M
Cash From Financing Activities -254.4M 630.0M -255.8M
Net Change In Cash -63.50M 70.10M -9.500M
YoY Change 282.53% -837.89% 26.67%
FREE CASH FLOW
Cash From Operating Activities $354.3M $354.3M $307.3M
Capital Expenditures -$231.0M -$157.0M -$105.7M
Free Cash Flow $585.3M $511.3M $413.0M
YoY Change 11.87% 23.8% -8.91%

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us-gaap Profit Loss
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us-gaap Profit Loss
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0 USD
us-gaap Stock Issued1
StockIssued1
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us-gaap Nature Of Operations
NatureOfOperations
<div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">NOTE 1—DESCRIPTION OF BUSINESS</span><span style="font-family:inherit;font-size:10pt;font-weight:bold;"> </span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Ventas, Inc. (together with its subsidiaries, unless otherwise indicated or except where the context otherwise requires, “we,” “us” or “our”), an S&amp;P 500 company, is a real estate investment trust (“REIT”) with a highly diversified portfolio of seniors housing, research and innovation, and healthcare properties located throughout the United States, Canada and the United Kingdom. As of </span><span style="font-family:inherit;font-size:10pt;">September 30, 2019</span><span style="font-family:inherit;font-size:10pt;">, we owned approximately </span><span style="font-family:inherit;font-size:10pt;"><span>1,200</span></span><span style="font-family:inherit;font-size:10pt;"> properties (including properties owned through investments in unconsolidated entities and properties classified as held for sale), consisting of seniors housing communities, medical office buildings (“MOBs”), research and innovation centers, inpatient rehabilitation facilities (“IRFs”) and long-term acute care facilities (“LTACs”), and health systems. We had </span><span style="font-family:inherit;font-size:10pt;"><span>23</span></span><span style="font-family:inherit;font-size:10pt;"> properties under development, including </span><span style="font-family:inherit;font-size:10pt;"><span>four</span></span><span style="font-family:inherit;font-size:10pt;"> properties that are owned by unconsolidated real estate entities. Our company was originally founded in 1983 and is headquartered in Chicago, Illinois. </span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">We primarily invest in seniors housing, research and innovation, and healthcare properties through acquisitions and lease our properties to unaffiliated tenants or operate them through independent third-party managers. As of </span><span style="font-family:inherit;font-size:10pt;">September 30, 2019</span><span style="font-family:inherit;font-size:10pt;">, we leased a total of </span><span style="font-family:inherit;font-size:10pt;"><span>423</span></span><span style="font-family:inherit;font-size:10pt;"> properties (excluding properties within our office operations reportable business segment) to various healthcare operating companies under “triple-net” or “absolute-net” leases that obligate the tenants to pay all property-related expenses, including maintenance, utilities, repairs, taxes, insurance and capital expenditures.</span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Our </span><span style="font-family:inherit;font-size:10pt;"><span>three</span></span><span style="font-family:inherit;font-size:10pt;"> largest tenants, Brookdale Senior Living Inc. (together with its subsidiaries, “Brookdale Senior Living”), Ardent Health Partners, LLC (together with its subsidiaries, “Ardent”) and Kindred Healthcare, LLC (formerly Kindred Healthcare, Inc., together with its subsidiaries, “Kindred”) leased from us </span><span style="font-family:inherit;font-size:10pt;"><span>124</span></span><span style="font-family:inherit;font-size:10pt;"> properties (excluding </span><span style="font-family:inherit;font-size:10pt;"><span>two</span></span><span style="font-family:inherit;font-size:10pt;"> properties managed by Brookdale Senior Living pursuant to a long-term management agreement), </span><span style="font-family:inherit;font-size:10pt;"><span>11</span></span><span style="font-family:inherit;font-size:10pt;"> properties and </span><span style="font-family:inherit;font-size:10pt;"><span>32</span></span><span style="font-family:inherit;font-size:10pt;"> properties, respectively, as of </span><span style="font-family:inherit;font-size:10pt;">September 30, 2019</span><span style="font-family:inherit;font-size:10pt;">.</span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">As of </span><span style="font-family:inherit;font-size:10pt;">September 30, 2019</span><span style="font-family:inherit;font-size:10pt;">, pursuant to long-term management agreements, we engaged independent operators, such as Atria Senior Living, Inc. (“Atria”) and Sunrise Senior Living, LLC (together with its subsidiaries, “Sunrise”), to manage </span><span style="font-family:inherit;font-size:10pt;"><span>400</span></span><span style="font-family:inherit;font-size:10pt;"> seniors housing communities for us. </span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div><span style="font-family:inherit;font-size:10pt;"/><span style="font-family:inherit;font-size:10pt;">Through our Lillibridge Healthcare Services, Inc. subsidiary and our ownership interest in PMB Real Estate Services LLC, we also provide MOB management, leasing, marketing, facility development and advisory services to highly rated hospitals and health systems throughout the United States. In addition, from time to time, we make secured and non-mortgage loans and other investments relating to seniors housing and healthcare operators or properties.</span>
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CY2019Q3 vtr Concentration Risk Numberof Tenants
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us-gaap Proceeds From Sale Of Real Estate
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us-gaap Impairment Of Real Estate
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CY2019Q3 vtr Secured Loans Unsecured Loans And Other Available For Sale Securities
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FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1
P10Y6M
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P14Y6M
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P14Y4M24D
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FiniteLivedIntangibleLiabilitiesAccumulatedAmortization
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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us-gaap Income Loss From Discontinued Operations Net Of Tax
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us-gaap Income Loss From Discontinued Operations Net Of Tax
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us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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CY2019Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2018Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2019Q3 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
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us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
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us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
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2421000 shares
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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367657000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2019Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
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us-gaap Income Loss From Continuing Operations Per Basic Share
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us-gaap Income Loss From Continuing Operations Per Basic Share
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0.99
CY2019Q3 us-gaap Earnings Per Share Basic
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0.23
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.29
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.16
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.97
CY2019Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
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CY2018Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
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0.29
us-gaap Income Loss From Continuing Operations Per Diluted Share
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1.16
CY2019Q3 us-gaap Revenues
Revenues
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us-gaap Revenues
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us-gaap Revenues
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us-gaap Income Loss From Continuing Operations Per Diluted Share
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0.98
CY2019Q3 us-gaap Earnings Per Share Diluted
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0.23
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.28
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.15
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.97
CY2019Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.7925
CY2018Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.79
us-gaap Common Stock Dividends Per Share Declared
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2.3775
us-gaap Common Stock Dividends Per Share Declared
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2.37
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
vtr Intersegmentsalesandtransfers
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us-gaap Income Tax Expense Benefit
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us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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CY2019Q3 us-gaap Real Estate Investment Property Net
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CY2019Q3 us-gaap Goodwill
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CY2019Q3 us-gaap Assets
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CY2019Q3 us-gaap Liabilities
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us-gaap Income Loss From Discontinued Operations Net Of Tax
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us-gaap Profit Loss
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Operating Lease Lease Income
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us-gaap Revenues
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us-gaap Revenues
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us-gaap Interest And Other Income
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us-gaap Direct Costs Of Leased And Rented Property Or Equipment
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us-gaap Depreciation And Amortization
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us-gaap Payments To Acquire Productive Assets
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CY2018Q4 us-gaap Assets
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us-gaap Profit Loss
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2019Q3 us-gaap Profit Loss
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CY2019Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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CY2019Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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CY2019Q3 us-gaap Comprehensive Income Net Of Tax
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