2016 Q1 Form 10-K Financial Statement

#000119312516465332 Filed on February 16, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q4 2015
Revenue $123.0M $128.4M $410.6M
YoY Change 94.02% 120.4% 122.25%
Cost Of Revenue $45.40M $46.30M $152.4M
YoY Change 87.6% 116.36% 120.55%
Gross Profit $77.60M $82.10M $258.2M
YoY Change 97.96% 123.1% 123.36%
Gross Profit Margin 63.08% 63.94% 62.88%
Selling, General & Admin $20.40M $22.40M $67.30M
YoY Change 42.66% 83.61% 48.57%
% of Gross Profit 26.29% 27.28% 26.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $20.40M $22.40M $70.00M
YoY Change 42.66% 83.61% 47.68%
Operating Profit $57.20M $59.70M $188.2M
YoY Change 129.72% 142.68% 175.95%
Interest Expense $45.38M $6.000M $152.4M
YoY Change 87.83% -36.17% 120.44%
% of Operating Profit 79.34% 10.05% 80.99%
Other Income/Expense, Net
YoY Change
Pretax Income $57.44M $65.70M $212.4M
YoY Change 23.96% 158.66% 110.26%
Income Tax $241.0K $100.0K $504.0K
% Of Pretax Income 0.42% 0.15% 0.24%
Net Earnings $57.05M $65.26M $196.8M
YoY Change 61.18% 203.69% 118.59%
Net Earnings / Revenue 46.37% 50.83% 47.93%
Basic Earnings Per Share
Diluted Earnings Per Share $605.7K $696.9K $2.409M
COMMON SHARES
Basic Shares Outstanding 93.93M shares 93.21M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q1 2015 Q4 2015
SHORT-TERM ASSETS
Cash & Short-Term Investments $111.0M $96.00M $96.00M
YoY Change 516.67% 84.62% 84.62%
Cash & Equivalents $110.6M $96.45M $96.00M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $111.0M $96.00M $96.00M
YoY Change 516.67% 84.62% 84.62%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $3.000M $9.441M $9.000M
YoY Change -75.0% -14.17% -18.18%
Other Assets $0.00 $10.00M $10.00M
YoY Change -100.0% -16.67% -16.67%
Total Long-Term Assets $9.444B $9.281B $9.281B
YoY Change 86.35% 105.29% 105.29%
TOTAL ASSETS
Total Short-Term Assets $111.0M $96.00M $96.00M
Total Long-Term Assets $9.444B $9.281B $9.281B
Total Assets $9.555B $9.377B $9.377B
YoY Change 87.88% 105.05% 105.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $6.953B $6.777B $6.777B
YoY Change 698.28% 125.07% 125.07%
Other Long-Term Liabilities $100.0M $94.00M $94.00M
YoY Change 58.73% 54.1% 54.1%
Total Long-Term Liabilities $7.053B $6.871B $6.871B
YoY Change 655.14% 123.67% 123.67%
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities $7.053B $6.871B $6.871B
Total Liabilities $7.053B $6.871B $6.884B
YoY Change 96.84% 123.67% 121.56%
SHAREHOLDERS EQUITY
Retained Earnings -$547.1M -$545.8M
YoY Change 0.81% -0.33%
Common Stock $3.075B $3.071B
YoY Change 51.38% 51.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.495B $2.493B $2.493B
YoY Change
Total Liabilities & Shareholders Equity $9.555B $9.377B $9.377B
YoY Change 87.88% 105.05% 105.05%

Cashflow Statement

Concept 2016 Q1 2015 Q4 2015
OPERATING ACTIVITIES
Net Income $57.05M $65.26M $196.8M
YoY Change 61.18% 203.69% 118.59%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $65.80M $66.80M $171.4M
YoY Change 103.09% 189.18% 112.56%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$146.0M $370.8M -$4.823B
YoY Change -74.12% -167.94% 99.88%
Cash From Investing Activities -$146.0M $370.8M -$4.823B
YoY Change -74.12% -167.94% 99.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $6.000K $1.030B
YoY Change 100.0% 34.38%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 91.70M -479.5M 4.694B
YoY Change -81.62% -193.73% 101.12%
NET CHANGE
Cash From Operating Activities 65.80M 66.80M 171.4M
Cash From Investing Activities -146.0M 370.8M -4.823B
Cash From Financing Activities 91.70M -479.5M 4.694B
Net Change In Cash 11.50M -41.90M 42.50M
YoY Change -134.85% 277.48% 2434.29%
FREE CASH FLOW
Cash From Operating Activities $65.80M $66.80M $171.4M
Capital Expenditures
Free Cash Flow
YoY Change

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Manager is entitled to an incentive fee in an amount equal to the product of (i) 20% and (ii) the excess of (a) our Core Earnings (as defined in our management agreement) for the previous 12-month period over (b) an amount equal to 7.00% per annum multiplied by our outstanding Equity, provided that our Core Earnings over the prior three-year period (or the period since the date of the first offering of our class A common stock following December 19, 2012, whichever is shorter) is greater than zero. Core Earnings, as defined in our management agreement, is generally equal to our net income (loss) prepared in accordance with GAAP, excluding (i) certain non-cash items (ii) the net income (loss) related to our legacy portfolio and (iii) incentive management fees.
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt" align="justify">The following table outlines the key terms of our revolving repurchase facilities as of December&#xA0;31, 2015:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"><!-- Begin Table Head --> <tr> <td width="30%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom" nowrap="nowrap"> <p style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; 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VERTICAL-ALIGN: top">(8)</sup></td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Morgan Stanley</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">L+2.35</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">25</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">78.7</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">Collateral marks only</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right">March 3, 2017</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Soci&#xE9;t&#xE9; G&#xE9;n&#xE9;rale</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">L+1.60</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">25</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">80.0</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">Collateral marks only</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right">July 13, 2018<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(9)</sup></td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <!-- End Table Body --></table> <p style="MARGIN-BOTTOM: 2pt; BORDER-BOTTOM: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt; LINE-HEIGHT: 8pt; WIDTH: 10%"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">(1)</td> <td valign="top" align="left"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" align="justify">Represents a weighted-average based on borrowings outstanding and collateral assets pledged as of December&#xA0;31, 2015.</p> </td> </tr> </table> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">(2)</td> <td valign="top" align="left"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" align="justify">Represents weighted-average cash coupon on borrowings outstanding as of December&#xA0;31, 2015. As of December&#xA0;31, 2015, our floating rate loans and related liabilities were indexed to the various benchmark rates relevant in each case in terms of currency and payment frequency. Therefore the net exposure to each benchmark rate is in direct proportion to our net assets indexed to that rate.</p> </td> </tr> </table> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">(3)</td> <td valign="top" align="left"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" align="justify">Other than amounts guaranteed based on specific collateral asset types, borrowings under our revolving repurchase facilities are non-recourse to us.</p> </td> </tr> </table> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">(4)</td> <td valign="top" align="left"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" align="justify">Margin call provisions under our revolving repurchase facilities do not permit valuation adjustments based on capital markets activity, and are limited to collateral-specific credit marks.</p> </td> </tr> </table> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">(5)</td> <td valign="top" align="left"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" align="justify">These revolving repurchase facilities have various availability periods during which new advances can be made and which are generally subject to each lender&#x2019;s discretion. Maturity dates for advances outstanding are tied to the term of each respective collateral asset.</p> </td> </tr> </table> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">(6)</td> <td valign="top" align="left"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" align="justify">Includes two one-year extension options which may be exercised at our sole discretion.</p> </td> </tr> </table> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">(7)</td> <td valign="top" align="left"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" align="justify">Borrowings denominated in British pound sterling under this facility mature on January&#xA0;7, 2018.</p> </td> </tr> </table> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">(8)</td> <td valign="top" align="left"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" align="justify">Includes five one-year extension options which may be exercised at our sole discretion.</p> </td> </tr> </table> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">(9)</td> <td valign="top" align="left"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" align="justify">Includes a one-year extension option which, subject to certain provisions, may be exercised at our discretion.</p> </td> </tr> </table> </div>
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