Americold Realty Trust(US:COLD)2019-05-10 20:11Financial Position - Total assets increased to $2,587,729,000 as of March 31, 2019, compared to $2,532,428,000 on December 31, 2018, reflecting a growth of approximately 2.2%[27] - Total liabilities rose to $1,907,252,000 as of March 31, 2019, up from $1,825,673,000 at the end of 2018, indicating an increase of about 4.5%[27] - Shareholders' equity decreased to $680,477,000 from $706,755,000, reflecting a decline of approximately 3.7%[28] - The accumulated deficit increased to $(673,297,000) from $(638,345,000), indicating a rise of approximately 5.5%[28] - The company has a total of 149,132,808 common shares issued and outstanding as of March 31, 2019, compared to 148,234,959 shares at the end of 2018[28] Cash Flow - Cash and cash equivalents decreased to $172,838,000 from $208,078,000, representing a decline of approximately 17%[27] - Net cash provided by operating activities increased to $53,012 thousand, up from $50,247 thousand, reflecting a 3.5% growth[40] - Net cash used in investing activities increased to $(58,705) thousand from $(27,919) thousand, showing a significant increase in investment outflows[40] - The end cash balance decreased to $179,650,000 in 2019 from $213,262,000 in 2018, a decline of 15.8%[57] Revenue and Income - Total revenues for Q1 2019 were $393,079,000, a slight increase from $391,141,000 in Q1 2018, representing a growth of 0.5%[31] - Operating income decreased significantly to $16,417,000 in Q1 2019 from $35,932,000 in Q1 2018, a decline of 54.4%[31] - Net loss attributable to common shares was $4,629,000 in Q1 2019, compared to a net loss of $10,457,000 in Q1 2018, showing an improvement of 55.7%[31] - The company reported total operating expenses of $376,662,000 in Q1 2019, up from $355,209,000 in Q1 2018, an increase of 6.0%[31] Stock and Equity - The weighted average common shares outstanding increased to 149,404,000 in Q1 2019 from 124,433,000 in Q1 2018, reflecting a growth of 20.0%[32] - The company declared distributions per common share of beneficial interest at $0.2024 in Q1 2019, up from $0.1504 in Q1 2018, an increase of 34.5%[38] - Total distributions paid for the three months ended March 31, 2019, amounted to $28.1 million, compared to $30.2 million for the same period in 2018, reflecting a decrease of approximately 7%[177] Expenses and Charges - The company incurred acquisition, litigation, and other expenses totaling $8,493,000 in Q1 2019, significantly higher than $3,841,000 in Q1 2018, an increase of 121.0%[31] - Share-based compensation expense rose to $2,640 thousand, up from $1,918 thousand, marking a 37.6% increase[40] - The company incurred total acquisition, litigation, and other charges of $8.5 million for the three months ended March 31, 2019, compared to $3.8 million for the same period in 2018[114] Debt and Financing - As of March 31, 2019, the total outstanding indebtedness of the operating partnership was $1,363.3 million, with a carrying amount of $1,350.1 million net of unamortized and debt discount[123] - The company has $200 million in Senior Unsecured 4.68% Notes due 2026 and $400 million in Senior Unsecured 4.86% Notes due 2029, with interest payments starting July 8, 2019[131] - The Company maintained a debt service coverage ratio of 1.72x, exceeding the required minimum of 1.10x[137] - The Company’s financial covenants include a minimum fixed charge coverage ratio of greater than or equal to 1.50 to 1.00, which was met as of March 31, 2019[135] Pension and Benefits - The net pension benefit cost for the three months ended March 31, 2019, was $518,000[212] - The company expects to contribute a total of $2.5 million to all pension plans in 2019[215] - The interest cost component of the net periodic benefit cost was $354,000, up from $300,000, indicating an 18% increase[214] - The total net periodic benefit cost components are reported within sales, general, and administration expenses[214]