Short answer
Americold Realty Trust (COLD) filed its fiscal 2017 10-K annual report with the SEC on Mar 29, 2018. It reported revenue of $1.5B (+3.6% year over year) and net income of −$608,000.
- Top risk flagged: REIT qualification risk under the Internal Revenue Code after the December 2017 Tax Cuts and Jobs Act
FY2017 key financial metrics · XBRL
- Revenue
- $1.5B
- +3.6% YoY
- Net income
- −$608,000
- −112.3% YoY
- Operating margin
- 9.0%
- +0.0 pp YoY
- EPS (diluted)
- −$0.43
- −22.9% YoY
- ROE
- 0.3%
- +3.6 pp YoY
- Operating cash flow
- $163M
- +37.5% YoY
Source: XBRL data from the Americold Realty Trust (COLD) FY2017 10-K on SEC EDGAR. USD.
Americold Realty Trust FY2017 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Global temperature-controlled warehouse owner and operator, combining storage, handling, third-party management and transportation services
- First publicly traded temperature-controlled warehouse REIT, emphasizing capital-markets access for acquisitions, development and network expansion
- IPO completed January 23, 2018, issuing 33,350,000 shares at $16.00 and generating $493.6 million net proceeds
- 933.9 million cubic feet across a global network, serving over 2,600 customers
- Fixed storage commitments increasingly replacing as-utilized contracts, supporting more predictable warehouse revenue; largest 25 customers contributed 60.6% of revenue
Management Discussion & Analysis
- Revenue $1.54B, up $53.6M, or 3.6% YoY, driven by warehouse revenue of $1.15B, up 6.0%
- Warehouse margin 30.4% vs 29.1%, best segment contribution $348.3M; quarry worst, contribution break-even vs $2.4M
- Operating cash flow $163.3M; dividends $48.7M; recurring maintenance capex $49.9M and growth capex $108.6M
- Investing cash use $119.6M, including $149.0M property additions; financing cash use $18.6M
- Outlook: funding expected from operations, cash balances, credit facilities and debt or equity offerings; risks include currency, occupancy and pension liability up to $319.3M
Risk Factors
- REIT qualification risk under the Internal Revenue Code after the December 2017 Tax Cuts and Jobs Act
- $1.6B consolidated indebtedness, including $922.8M variable-rate debt exposed to higher interest costs
- Customer concentration: 25 largest warehouse customers generated 61% of warehouse segment revenues in 2017
- Power and refrigeration vulnerability: power costs represented 9.1% of warehouse operating expenses
- Competition from Lineage Logistics, Preferred Freezer Services and newer temperature-controlled warehouses
Generated from the filing text; verify against the original. How to read a 10-K
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