2018 Q1 Form 10-Q Financial Statement

#000142368918000016 Filed on May 07, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $648.0M $191.0M
YoY Change 239.27% -129.84%
Cost Of Revenue $206.0M $98.00M
YoY Change 110.2% -22.22%
Gross Profit $442.0M $93.00M
YoY Change 375.27% -112.14%
Gross Profit Margin 68.21% 48.69%
Selling, General & Admin $10.00M $10.00M
YoY Change 0.0%
% of Gross Profit 2.26% 10.75%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.000M $1.000M
YoY Change 0.0%
% of Gross Profit 0.23% 1.08%
Operating Expenses $18.00M $18.00M
YoY Change 0.0% -45.45%
Operating Profit $424.0M $75.00M
YoY Change 465.33% -109.39%
Interest Expense $206.0M $98.00M
YoY Change 110.2% -1.01%
% of Operating Profit 48.58% 130.67%
Other Income/Expense, Net
YoY Change
Pretax Income $424.0M $76.00M
YoY Change 457.89% -109.84%
Income Tax
% Of Pretax Income
Net Earnings $424.0M $76.00M
YoY Change 457.89% -109.84%
Net Earnings / Revenue 65.43% 39.79%
Basic Earnings Per Share $1.06 $0.21
Diluted Earnings Per Share $1.06 $229.5K
COMMON SHARES
Basic Shares Outstanding 391.3M shares 331.0M shares
Diluted Shares Outstanding 391.5M shares 331.1M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $972.0M $1.073B
YoY Change -9.41% -3.25%
Cash & Equivalents $972.0M $1.073B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $688.0M
Other Receivables $8.908B
Total Short-Term Assets $972.0M $10.67B
YoY Change -90.89% 149.74%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $66.72B $45.05B
YoY Change 48.11% -19.69%
Other Assets $386.0M $219.0M
YoY Change 76.26% -87.01%
Total Long-Term Assets $68.25B $46.17B
YoY Change 47.82% -20.57%
TOTAL ASSETS
Total Short-Term Assets $972.0M $10.67B
Total Long-Term Assets $68.25B $46.17B
Total Assets $69.22B $56.84B
YoY Change 21.79% -8.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $670.0M $117.0M
YoY Change 472.65% 62.5%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $48.96B $39.38B
YoY Change 24.33% -18.5%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $50.16B $40.25B
YoY Change 24.63% -18.43%
LONG-TERM LIABILITIES
Long-Term Debt $336.0M $434.0M
YoY Change -22.58% -22.78%
Other Long-Term Liabilities $10.38B $8.861B
YoY Change 17.19% 83.57%
Total Long-Term Liabilities $10.72B $9.295B
YoY Change 15.33% 72.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $50.16B $40.25B
Total Long-Term Liabilities $10.72B $9.295B
Total Liabilities $60.88B $49.55B
YoY Change 22.88% -9.48%
SHAREHOLDERS EQUITY
Retained Earnings -$2.358B -$2.628B
YoY Change -10.27% -21.06%
Common Stock $4.000M $3.000M
YoY Change 33.33% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.338B $7.292B
YoY Change
Total Liabilities & Shareholders Equity $69.22B $56.84B
YoY Change 21.79% -8.91%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $424.0M $76.00M
YoY Change 457.89% -109.84%
Depreciation, Depletion And Amortization $1.000M $1.000M
YoY Change 0.0%
Cash From Operating Activities $288.0M $390.0M
YoY Change -26.15% 7.73%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $16.00M $50.00M
YoY Change -68.0% -261.29%
Cash From Investing Activities $1.287B $1.354B
YoY Change -4.95% -147.79%
FINANCING ACTIVITIES
Cash Dividend Paid $220.0M $186.0M
YoY Change 18.28% -10.58%
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.580B -$1.734B
YoY Change -8.88% -170.2%
NET CHANGE
Cash From Operating Activities $288.0M $390.0M
Cash From Investing Activities $1.287B $1.354B
Cash From Financing Activities -$1.580B -$1.734B
Net Change In Cash -$5.000M $10.00M
YoY Change -150.0% -1100.0%
FREE CASH FLOW
Cash From Operating Activities $288.0M $390.0M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2018Q1 us-gaap Increase Decrease In Other Operating Assets
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CY2017Q4 us-gaap Intangible Assets Net Including Goodwill
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551000000 USD
CY2018Q1 us-gaap Intangible Assets Net Including Goodwill
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550000000 USD
CY2017Q1 us-gaap Interest Expense
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98000000 USD
CY2018Q1 us-gaap Interest Expense
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206000000 USD
CY2017Q1 us-gaap Interest Income Expense Net
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198000000 USD
CY2018Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
225000000 USD
CY2017Q1 us-gaap Interest Income Securities Mortgage Backed
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296000000 USD
CY2018Q1 us-gaap Interest Income Securities Mortgage Backed
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431000000 USD
CY2017Q1 us-gaap Labor And Related Expense
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10000000 USD
CY2018Q1 us-gaap Labor And Related Expense
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10000000 USD
CY2017Q4 us-gaap Liabilities
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61622000000 USD
CY2018Q1 us-gaap Liabilities
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60883000000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
70376000000 USD
CY2018Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
69221000000 USD
CY2017Q1 us-gaap Management Fees Revenue
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4000000 USD
CY2018Q1 us-gaap Management Fees Revenue
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4000000 USD
CY2017Q4 us-gaap Marketable Securities Equity Securities
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29000000 USD
CY2018Q1 us-gaap Marketable Securities Equity Securities
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42000000 USD
CY2017Q4 us-gaap Mortgage Backed Securities Available For Sale Fair Value Disclosure
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57080000000 USD
CY2018Q1 us-gaap Mortgage Backed Securities Available For Sale Fair Value Disclosure
MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure
55682000000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities
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-1734000000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1580000000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
1354000000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
1287000000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
390000000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
288000000 USD
CY2017Q1 us-gaap Net Income Loss
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76000000 USD
CY2018Q1 us-gaap Net Income Loss
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424000000 USD
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
69000000 USD
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
415000000 USD
CY2017Q1 us-gaap Noninterest Income
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-104000000 USD
CY2018Q1 us-gaap Noninterest Income
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CY2017Q1 us-gaap Operating Expenses
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18000000 USD
CY2018Q1 us-gaap Operating Expenses
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18000000 USD
CY2017Q4 us-gaap Other Assets
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187000000 USD
CY2018Q1 us-gaap Other Assets
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185000000 USD
CY2017Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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46000000 USD
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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CY2017Q4 us-gaap Other Long Term Debt
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357000000 USD
CY2018Q1 us-gaap Other Long Term Debt
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336000000 USD
CY2017Q4 us-gaap Payables To Broker Dealers And Clearing Organizations
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95000000 USD
CY2018Q1 us-gaap Payables To Broker Dealers And Clearing Organizations
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457000000 USD
CY2017Q1 us-gaap Payments For Proceeds From Derivative Instrument Financing Activities
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72000000 USD
CY2018Q1 us-gaap Payments For Proceeds From Derivative Instrument Financing Activities
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-466000000 USD
CY2017Q1 us-gaap Payments Of Dividends
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186000000 USD
CY2018Q1 us-gaap Payments Of Dividends
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220000000 USD
CY2017Q1 us-gaap Payments To Acquire Available For Sale Securities
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1748000000 USD
CY2018Q1 us-gaap Payments To Acquire Available For Sale Securities
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1345000000 USD
CY2017Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
0 USD
CY2018Q1 us-gaap Payments To Acquire Marketable Securities
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16000000 USD
CY2017Q1 us-gaap Payments To Acquire Mortgage Backed Securities Mbs Categorized As Available For Sale
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4573000000 USD
CY2018Q1 us-gaap Payments To Acquire Mortgage Backed Securities Mbs Categorized As Available For Sale
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2287000000 USD
CY2017Q1 us-gaap Preferred Stock Dividends Income Statement Impact
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7000000 USD
CY2018Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
9000000 USD
CY2018Q1 us-gaap Preferred Stock Shares Authorized
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10000000 shares
CY2017Q1 us-gaap Proceeds From Payments For Securities Purchased Under Agreements To Resell
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CY2018Q1 us-gaap Proceeds From Payments For Securities Purchased Under Agreements To Resell
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231000000 USD
CY2017Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
2999000000 USD
CY2018Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
1403000000 USD
CY2017Q1 us-gaap Proceeds From Sale Of Mortgage Backed Securities Mbs Categorized As Available For Sale
ProceedsFromSaleOfMortgageBackedSecuritiesMBSCategorizedAsAvailableForSale
4424000000 USD
CY2018Q1 us-gaap Proceeds From Sale Of Mortgage Backed Securities Mbs Categorized As Available For Sale
ProceedsFromSaleOfMortgageBackedSecuritiesMBSCategorizedAsAvailableForSale
1181000000 USD
CY2017Q1 us-gaap Proceeds From Short Term Debt
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77864000000 USD
CY2018Q1 us-gaap Proceeds From Short Term Debt
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243168000000 USD
CY2017Q1 us-gaap Repayments Of Federal Home Loan Bank Borrowings
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3037000000 USD
CY2018Q1 us-gaap Repayments Of Federal Home Loan Bank Borrowings
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0 USD
CY2017Q1 us-gaap Repayments Of Other Debt
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28000000 USD
CY2018Q1 us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
21000000 USD
CY2017Q1 us-gaap Repayments Of Short Term Debt
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76347000000 USD
CY2018Q1 us-gaap Repayments Of Short Term Debt
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244507000000 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
317000000 USD
CY2018Q1 us-gaap Restricted Cash And Cash Equivalents
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386000000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
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-2562000000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-2358000000 USD
CY2017Q4 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
20.96
CY2017Q2 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
20.51
CY2017Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
20.47
CY2018Q1 us-gaap Securities Held As Collateral At Fair Value
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600000000 USD
CY2017Q4 us-gaap Securities Sold Under Agreements To Repurchase
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50296000000 USD
CY2018Q1 us-gaap Securities Sold Under Agreements To Repurchase
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48956000000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
0 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1000000 USD
CY2017Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
24500000 shares
CY2017Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
28200000 shares
CY2017 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
7600000 shares
CY2017Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1000000000 USD
CY2017Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1000000000 USD
CY2017 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
0 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
7356000000 USD
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
7292000000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
8754000000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
8338000000 USD
CY2017Q4 us-gaap Trading Securities Pledged As Collateral
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0 USD
CY2018Q1 us-gaap Trading Securities Pledged As Collateral
TradingSecuritiesPledgedAsCollateral
0 USD
CY2017Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
662000000 USD
CY2018Q1 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
621000000 USD
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
331100000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
391500000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
331000000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
391300000 shares
CY2018Q1 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Loss Contingencies</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We evaluate the existence of any pending or threatened litigation or other potential claims against the Company in accordance with ASC Topic 450, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Contingencies, </font><font style="font-family:inherit;font-size:10pt;">which requires that we assess the likelihood and range of potential outcomes of any such matters. We are the defendant in three stockholder derivative lawsuits alleging that certain of our current and former directors and officers breached fiduciary duties and wasted corporate assets relating to past renewals of the management agreement with our former external manager and the internalization of our management, which occurred on July 1, 2016. Although the outcomes of these cases cannot be predicted with certainty, we do not believe that these cases have merit or will result in a material liability, and, as of </font><font style="font-family:inherit;font-size:10pt;">March 31, 2018</font><font style="font-family:inherit;font-size:10pt;">, we did not accrue a loss contingency related to these matters.</font></div></div>

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