$ARI
Apollo Commercial Real Estate Finance, Inc.

2012 Q3 Form 10-Q Financial Statement

#000119312512460457 Filed on November 08, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2011 Q3
Revenue $15.00M $14.00M
YoY Change 7.14% 66.67%
Cost Of Revenue $1.800M $3.700M
YoY Change -51.35% 27.59%
Gross Profit $13.20M $10.20M
YoY Change 29.41% 85.45%
Gross Profit Margin 88.0% 72.86%
Selling, General & Admin $3.900M $2.500M
YoY Change 56.0% 19.05%
% of Gross Profit 29.55% 24.51%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $3.948M $2.538M
YoY Change 55.56% 15.36%
Operating Profit $9.252M $7.662M
YoY Change 20.75% 132.18%
Interest Expense $1.768M $3.716M
YoY Change -52.42% -471.6%
% of Operating Profit 19.11% 48.5%
Other Income/Expense, Net
YoY Change
Pretax Income $12.20M $5.500M
YoY Change 121.82% 129.17%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $12.21M $5.512M
YoY Change 121.53% 129.67%
Net Earnings / Revenue 81.41% 39.37%
Basic Earnings Per Share
Diluted Earnings Per Share $581.0K $280.6K
COMMON SHARES
Basic Shares Outstanding 20.57M shares
Diluted Shares Outstanding 20.99M shares

Balance Sheet

Concept 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $68.00M $44.50M
YoY Change 52.81% -24.32%
Cash & Equivalents $67.99M $44.45M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $72.10M $53.60M
YoY Change 34.51% -15.06%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $506.7M $746.0M
YoY Change -32.08% 22.38%
Other Assets $1.100M $1.700M
YoY Change -35.29% -43.33%
Total Long-Term Assets $612.1M $857.0M
YoY Change -28.57% 18.63%
TOTAL ASSETS
Total Short-Term Assets $72.10M $53.60M
Total Long-Term Assets $612.1M $857.0M
Total Assets $684.2M $910.6M
YoY Change -24.86% 15.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.000M $3.000M
YoY Change -33.33% -14.29%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.60M $12.80M
YoY Change 6.25% 12.28%
LONG-TERM LIABILITIES
Long-Term Debt $243.0M $560.9M
YoY Change -56.68% 30.14%
Other Long-Term Liabilities $300.0K $900.0K
YoY Change -66.67% -97.8%
Total Long-Term Liabilities $243.3M $561.8M
YoY Change -56.69% 19.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.60M $12.80M
Total Long-Term Liabilities $243.3M $561.8M
Total Liabilities $256.8M $574.6M
YoY Change -55.3% 18.87%
SHAREHOLDERS EQUITY
Retained Earnings $4.808M
YoY Change
Common Stock $422.5M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $427.4M $336.0M
YoY Change
Total Liabilities & Shareholders Equity $684.2M $910.6M
YoY Change -24.86% 15.93%

Cashflow Statement

Concept 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income $12.21M $5.512M
YoY Change 121.53% 129.67%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $17.30M $8.500M
YoY Change 103.53% 77.08%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $71.60M $800.0K
YoY Change 8850.0% -100.48%
Cash From Investing Activities $71.60M $800.0K
YoY Change 8850.0% -100.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -32.90M 10.60M
YoY Change -410.38% -94.9%
NET CHANGE
Cash From Operating Activities 17.30M 8.500M
Cash From Investing Activities 71.60M 800.0K
Cash From Financing Activities -32.90M 10.60M
Net Change In Cash 56.00M 19.90M
YoY Change 181.41% -55.18%
FREE CASH FLOW
Cash From Operating Activities $17.30M $8.500M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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dei Document Fiscal Period Focus
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dei Document Fiscal Year Focus
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dei Document Type
DocumentType
10-Q
dei Document Period End Date
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2012-09-30
dei Entity Central Index Key
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dei Current Fiscal Year End Date
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dei Trading Symbol
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dei Entity Registrant Name
EntityRegistrantName
Apollo Commercial Real Estate Finance, Inc.
dei Amendment Flag
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us-gaap Available For Sale Securities Change In Net Unrealized Holding Gain Loss
AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLoss
-464000
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.20
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
7229000
us-gaap Restricted Stock Expense
RestrictedStockExpense
3244000
us-gaap Mortgage Loans On Real Estate Interest Rate
MortgageLoansOnRealEstateInterestRate
0.0698 pure
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-241982000
us-gaap Dividends Preferred Stock
DividendsPreferredStock
1219000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1097000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
29531000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
36375000
us-gaap Operating Expenses
OperatingExpenses
11328000
us-gaap Interest And Fee Income Other Loans Held For Sale
InterestAndFeeIncomeOtherLoansHeldForSale
5920000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
569000
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
1219000
us-gaap Payments To Purchase Mortgage Loans Held For Sale
PaymentsToPurchaseMortgageLoansHeldForSale
17883000
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
228000
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
86250000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
1875 shares
us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
222000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
11080 shares
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
405000
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
86250000
us-gaap Availableforsale Securities Gross Realized Gain Loss Excluding Other Than Temporary Impairments
AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments
-262000
us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
3395000
us-gaap Preferred Stock Dividends Per Share Declared
PreferredStockDividendsPerShareDeclared
0.4432
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
29995000
us-gaap Proceeds From Collection Of Mortgage Loans Held For Sale
ProceedsFromCollectionOfMortgageLoansHeldForSale
24541000
us-gaap Participating Securities Distributed And Undistributed Earnings
ParticipatingSecuritiesDistributedAndUndistributedEarnings
505000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
24995000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3244000
us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
1551000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
251327000
us-gaap Interest Expense
InterestExpense
6939000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
4808000
us-gaap Interest And Fee Income Loans Commercial
InterestAndFeeIncomeLoansCommercial
17316000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
464000
us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
3244000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
32660000
ari Aggregate Balance Of Companys Investment In Repurchase Facility
AggregateBalanceOfCompanysInvestmentInRepurchaseFacility
47439000
ari Coupon
Coupon
0.056 pure
ari Debt Repaid Upon Sale Of Collateral
DebtRepaidUponSaleOfCollateral
123064000
ari Debt Repaid
DebtRepaid
169809000
ari Date Of Share Based Compensation Transaction
DateOfShareBasedCompensationTransaction
February 2012
ari Distributable Earnings
DistributableEarnings
1.20
ari First Mortgage Loan Fee Percentage
FirstMortgageLoanFeePercentage
0.0050 pure
ari Investment Under Repurchase Facility Interest Rate
InvestmentUnderRepurchaseFacilityInterestRate
0.130 pure
ari Increased Borrowings Related To Collateral
IncreasedBorrowingsRelatedToCollateral
264401000
ari Investment Repurchase Agreement Amount
InvestmentRepurchaseAgreementAmount
47439000
ari Investment Under Repurchase Facility Accrual Interest Rate
InvestmentUnderRepurchaseFacilityAccrualInterestRate
0.030 pure
ari Investment Under Repurchase Facility Current Pay Interest Rate
InvestmentUnderRepurchaseFacilityCurrentPayInterestRate
0.100 pure
ari Interest Rate For Principal Repayments That Occur Prior To Twenty First Month Are Subject To Make Whole Provision
InterestRateForPrincipalRepaymentsThatOccurPriorToTwentyFirstMonthAreSubjectToMakeWholeProvision
0.130 pure
ari Management Fees To Related Parties
ManagementFeesToRelatedParties
4099000
ari Mortgage Loans Basis Spread On Variable Rate
MortgageLoansBasisSpreadOnVariableRate
0.0172 pure
ari Number Of Debt Position In Cdo Bond
NumberOfDebtPositionInCdoBond
58 Securities
ari Percentage Vintage
PercentageVintage
1.00 pure
ari Percentage Of Face Amount Of Cdo Bond
PercentageOfFaceAmountOfCdoBond
0.69 pure
ari Principal Payments Received On Securities At Estimated Fair Value
PrincipalPaymentsReceivedOnSecuritiesAtEstimatedFairValue
92009000
ari Proceeds From Repurchase Agreements
ProceedsFromRepurchaseAgreements
36464000
ari Principal Payments Received On Securities Available For Sale
PrincipalPaymentsReceivedOnSecuritiesAvailableForSale
99191000
ari Repurchase Agreements Maturity
RepurchaseAgreementsMaturity
P1Y3M18D
ari Repayment Of First Mortgage Loans
RepaymentOfFirstMortgageLoans
33000
ari Sale Of Available For Sale Debt Securities Amortized Cost Basis
SaleOfAvailableForSaleDebtSecuritiesAmortizedCostBasis
137423000
ari Subordinate Loans Held For Investment Coupon Rate
SubordinateLoansHeldForInvestmentCouponRate
0.1275 pure
ari Yield
Yield
0.042 pure
ari Weighted Average Life
WeightedAverageLife
P2Y1M6D
ari Undistributed Earnings Basic And Diluted
UndistributedEarningsBasicAndDiluted
0.23
ari Interest Received On Make Whole Provision Of Repurchase Agreement
InterestReceivedOnMakeWholeProvisionOfRepurchaseAgreement
1817000
ari Proceeds From Securities Sold Under Agreements To Repurchase
ProceedsFromSecuritiesSoldUnderAgreementsToRepurchase
-361590000
ari Payments For Securities Sold Under Agreements To Repurchase
PaymentsForSecuritiesSoldUnderAgreementsToRepurchase
-313860000
ari Proceeds From Sale Of Securities Held As Collateral At Fair Value
ProceedsFromSaleOfSecuritiesHeldAsCollateralAtFairValue
16918000
ari Payments To Acquire Securities Held As Collateral At Fair Value
PaymentsToAcquireSecuritiesHeldAsCollateralAtFairValue
70676000
ari Proceeds From Collection Of Commercial Real Estate Loans Held For Sale
ProceedsFromCollectionOfCommercialRealEstateLoansHeldForSale
26000
ari Payments To Purchase Loans Held For Sale Commercial Real Estate
PaymentsToPurchaseLoansHeldForSaleCommercialRealEstate
46180000
CY2012Q2 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
15444
CY2012Q2 us-gaap Mortgage Loans On Real Estate Interest Rate
MortgageLoansOnRealEstateInterestRate
0.0800 pure
CY2012Q2 ari Mortgage Loans On Real Estate Loan Period
MortgageLoansOnRealEstateLoanPeriod
P2Y
CY2012Q2 ari Property Size
PropertySize
155 Room
CY2011 us-gaap Mortgage Loans On Real Estate Interest Rate
MortgageLoansOnRealEstateInterestRate
0.0831 pure
CY2011 ari Coupon
Coupon
0.056 pure
CY2011 ari Increased Maximum Permitted Borrowing
IncreasedMaximumPermittedBorrowing
506000000
CY2011 ari Maximum Permitted Borrowing
MaximumPermittedBorrowing
250000000
CY2011 ari Percentage Vintage
PercentageVintage
1.00 pure
CY2011 ari Repurchase Agreements Maturity
RepurchaseAgreementsMaturity
P1Y3M18D
CY2011 ari Subordinate Loans Held For Investment Coupon Rate
SubordinateLoansHeldForInvestmentCouponRate
0.1300 pure
CY2011 ari Yield
Yield
0.043 pure
CY2011 ari Weighted Average Life
WeightedAverageLife
P1Y2M12D
CY2012Q1 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
262000
CY2012Q1 us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
345000
CY2012Q1 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
83000
CY2012Q1 ari Proceeds From Sale After Repayments Of Long Term Debt
ProceedsFromSaleAfterRepaymentsOfLongTermDebt
14621000
CY2011Q3 us-gaap Interest Revenue Expense Net
InterestRevenueExpenseNet
2000
CY2011Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.28
CY2011Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
6316000
CY2011Q3 us-gaap Interest And Fee Income Loans Held For Sale Mortgages
InterestAndFeeIncomeLoansHeldForSaleMortgages
2276000
CY2011Q3 us-gaap Unrealized Gain On Securities
UnrealizedGainOnSecurities
-1511000
CY2011Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
19647989 shares
CY2011Q3 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-677000
CY2011Q3 us-gaap Dividends Common Stock
DividendsCommonStock
8224000
CY2011Q3 us-gaap Net Income Loss
NetIncomeLoss
5512000
CY2011Q3 us-gaap Available For Sale Securities Change In Net Unrealized Holding Gain Loss
AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLoss
-2355000
CY2011Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.40
CY2011Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1297000
CY2011Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
3157000
CY2011Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
10236000
CY2011Q3 us-gaap Operating Expenses
OperatingExpenses
2538000
CY2011Q3 us-gaap Interest And Fee Income Other Loans Held For Sale
InterestAndFeeIncomeOtherLoansHeldForSale
1576000
CY2011Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-202000
CY2011Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
5512000
CY2011Q3 us-gaap Participating Securities Distributed And Undistributed Earnings
ParticipatingSecuritiesDistributedAndUndistributedEarnings
173000
CY2011Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
418000
CY2011Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
318606 shares
CY2011Q3 us-gaap Interest Expense
InterestExpense
3716000
CY2011Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-2885000
CY2011Q3 us-gaap Interest And Fee Income Loans Commercial
InterestAndFeeIncomeLoansCommercial
3784000
CY2011Q3 ari Distributable Earnings
DistributableEarnings
0.42
CY2011Q3 ari Management Fees To Related Parties
ManagementFeesToRelatedParties
1241000
CY2011Q3 ari Undistributed Earnings Basic And Diluted
UndistributedEarningsBasicAndDiluted
-0.14
CY2012Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.52
CY2012Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
3674000
CY2012Q3 us-gaap Interest And Fee Income Loans Held For Sale Mortgages
InterestAndFeeIncomeLoansHeldForSaleMortgages
2825000
CY2012Q3 us-gaap Unrealized Gain On Securities
UnrealizedGainOnSecurities
3010000
CY2012Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
20992312 shares
CY2012Q3 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-87000
CY2012Q3 us-gaap Dividends Common Stock
DividendsCommonStock
8229000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
12211000
CY2012Q3 us-gaap Available For Sale Securities Change In Net Unrealized Holding Gain Loss
AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLoss
-876000
CY2012Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.40
CY2012Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2430000
CY2012Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
10116000
CY2012Q3 us-gaap Operating Expenses
OperatingExpenses
3948000
CY2012Q3 us-gaap Interest And Fee Income Other Loans Held For Sale
InterestAndFeeIncomeOtherLoansHeldForSale
2361000
CY2012Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
1219000
CY2012Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
40000
CY2012Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
13236000
CY2012Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
10992000
CY2012Q3 us-gaap Participating Securities Distributed And Undistributed Earnings
ParticipatingSecuritiesDistributedAndUndistributedEarnings
168000
CY2012Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1276000
CY2012Q3 us-gaap Interest Expense
InterestExpense
1768000
CY2012Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
2595000
CY2012Q3 us-gaap Interest And Fee Income Loans Commercial
InterestAndFeeIncomeLoansCommercial
6144000
CY2012Q3 ari Distributable Earnings
DistributableEarnings
0.40
CY2012Q3 ari Management Fees To Related Parties
ManagementFeesToRelatedParties
1518000
CY2012Q3 ari Undistributed Earnings Basic And Diluted
UndistributedEarningsBasicAndDiluted
0.12

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