2018 Q4 Form 10-Q Financial Statement

#000093313618000014 Filed on November 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3
Revenue $252.0M $164.0M
YoY Change 12750.59% 7070.97%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $408.0M $498.0M
YoY Change 4700.0% 23614.29%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $24.00M $15.00M
YoY Change
% of Gross Profit
Operating Expenses $432.0M $242.0M
YoY Change 5300.0% 10900.0%
Operating Profit
YoY Change
Interest Expense -$5.000M $122.0M
YoY Change 66.67% 219.37%
% of Operating Profit
Other Income/Expense, Net $2.000M -$26.00M
YoY Change -26100.0%
Pretax Income -$178.0M -$83.00M
YoY Change 1877.78% -316.15%
Income Tax -$42.00M -$19.00M
% Of Pretax Income
Net Earnings -$136.0M -$64.00M
YoY Change 1411.11% -266.67%
Net Earnings / Revenue -53.97% -39.02%
Basic Earnings Per Share -$1.50 -$0.65
Diluted Earnings Per Share -$1.50 -$0.65
COMMON SHARES
Basic Shares Outstanding 90.81M shares 90.81M shares
Diluted Shares Outstanding 91.99M shares

Balance Sheet

Concept 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $242.0M $198.0M
YoY Change 796.3% 661.54%
Cash & Equivalents $242.0M $166.0M
Short-Term Investments
Other Short-Term Assets $31.00M
YoY Change
Inventory
Prepaid Expenses
Receivables $145.0M $144.0M
Other Receivables $7.934B $8.886B
Total Short-Term Assets $8.321B $9.259B
YoY Change 30718.52% 35511.54%
LONG-TERM ASSETS
Property, Plant & Equipment $96.00M $102.0M
YoY Change
Goodwill $23.00M $10.00M
YoY Change
Intangibles $117.0M $117.0M
YoY Change
Long-Term Investments $3.676B $3.515B
YoY Change 45850.0% 20576.47%
Other Assets $1.286B $1.266B
YoY Change 122.11% 119.41%
Total Long-Term Assets $8.652B $7.767B
YoY Change -51.96% 998.59%
TOTAL ASSETS
Total Short-Term Assets $8.321B $9.259B
Total Long-Term Assets $8.652B $7.767B
Total Assets $16.97B $17.03B
YoY Change -5.89% 2222.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $215.0M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.128B $2.710B
YoY Change
Total Short-Term Liabilities $3.671B $4.045B
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $10.07B $10.40B
YoY Change
Other Long-Term Liabilities $1.287B $1.204B
YoY Change 7470.59% 7926.67%
Total Long-Term Liabilities $11.36B $11.61B
YoY Change 66705.88% 77266.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.671B $4.045B
Total Long-Term Liabilities $11.36B $11.61B
Total Liabilities $15.03B $15.65B
YoY Change 89267.27% 107106.47%
SHAREHOLDERS EQUITY
Retained Earnings $848.0M $984.0M
YoY Change 806.46% 818.81%
Common Stock $1.094B $1.094B
YoY Change 54699900.0% 54699900.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00 $0.00
YoY Change
Treasury Stock Shares 0.000 shares 0.000 shares
Shareholders Equity $1.942B $2.078B
YoY Change
Total Liabilities & Shareholders Equity $16.97B $17.73B
YoY Change 2663.79% 2319.42%

Cashflow Statement

Concept 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income -$136.0M -$64.00M
YoY Change 1411.11% -266.67%
Depreciation, Depletion And Amortization $24.00M $15.00M
YoY Change
Cash From Operating Activities $1.075B $176.0M
YoY Change 21400.0% -4500.0%
INVESTING ACTIVITIES
Capital Expenditures -$245.0M -$251.0M
YoY Change
Acquisitions $33.00M
YoY Change
Other Investing Activities $45.00M $35.00M
YoY Change 542.86% 169.23%
Cash From Investing Activities -$200.0M -$50.00M
YoY Change -2957.14% -484.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -844.0M -$1.219B
YoY Change 16780.0% 5440.91%
NET CHANGE
Cash From Operating Activities 1.075B $176.0M
Cash From Investing Activities -200.0M -$50.00M
Cash From Financing Activities -844.0M -$1.219B
Net Change In Cash 31.00M -$1.093B
YoY Change 342.86% 8307.69%
FREE CASH FLOW
Cash From Operating Activities $1.075B $176.0M
Capital Expenditures -$245.0M -$251.0M
Free Cash Flow $1.320B $427.0M
YoY Change

Facts In Submission

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CY2018Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2018Q3 us-gaap Fees And Commissions Mortgage Banking And Servicing
FeesAndCommissionsMortgageBankingAndServicing
259000000 USD
CY2018Q3 us-gaap Financial Services Liabilities
FinancialServicesLiabilities
530000000 USD
CY2018Q3 us-gaap Financing Receivable Recorded Investment Past Due
FinancingReceivableRecordedInvestmentPastDue
317000000 USD
CY2018Q3 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
0 USD
CY2018Q3 us-gaap Gain Loss On Sales Of Loans Net
GainLossOnSalesOfLoansNet
83000000 USD
CY2018Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
136000000 USD
CY2018Q3 us-gaap Goodwill
Goodwill
3000000 USD
CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
41000000 USD
CY2018Q3 us-gaap Income Loss From Subsidiaries Before Tax
IncomeLossFromSubsidiariesBeforeTax
0 USD
CY2018Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-979000000 USD
CY2018Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 USD
CY2018Q3 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-159000000 USD
CY2018Q3 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-76000000 USD
CY2018Q3 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
15000000 USD
CY2018Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
345000 shares
CY2018Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
117000000 USD
CY2018Q3 us-gaap Interest Expense
InterestExpense
122000000 USD
CY2018Q3 us-gaap Interest Income Other
InterestIncomeOther
90000000 USD
CY2018Q3 us-gaap Interest Paid
InterestPaid
135000000 USD
CY2018Q3 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
61000000 USD
CY2018Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
139000000 USD
CY2018Q3 us-gaap Late Fee Income Generated By Servicing Financial Assets Amount
LateFeeIncomeGeneratedByServicingFinancialAssetsAmount
14000000 USD
CY2018Q3 us-gaap Legal Fees
LegalFees
5000000 USD
us-gaap Legal Fees
LegalFees
40000000 USD
CY2018Q3 us-gaap Legal Fees
LegalFees
33000000 USD
CY2017Q3 us-gaap Legal Fees
LegalFees
10000000 USD
us-gaap Legal Fees
LegalFees
29000000 USD
CY2018Q3 us-gaap Liabilities
Liabilities
15650000000 USD
CY2018Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
17728000000 USD
CY2018Q3 us-gaap Loans Receivable Held For Sale Amount
LoansReceivableHeldForSaleAmount
1681000000 USD
CY2018Q3 us-gaap Loans Receivable Held For Sale Amount
LoansReceivableHeldForSaleAmount
1514000000 USD
CY2018Q3 us-gaap Loans Receivable Held For Sale Net Not Part Of Disposal Group Mortgage
LoansReceivableHeldForSaleNetNotPartOfDisposalGroupMortgage
1681000000 USD
CY2018Q3 us-gaap Loans Receivable Held For Sale Reconciliation To Cash Flow Additions To Held For Sale
LoansReceivableHeldForSaleReconciliationToCashFlowAdditionsToHeldForSale
3459000000 USD
CY2018Q3 us-gaap Loans Receivable Held For Sale Reconciliation To Cash Flow Deductions From Held For Sale
LoansReceivableHeldForSaleReconciliationToCashFlowDeductionsFromHeldForSale
3508000000 USD
CY2018Q3 us-gaap Minimum Net Worth Required For Compliance
MinimumNetWorthRequiredForCompliance
766000000 USD
CY2018Q3 us-gaap Minority Interest
MinorityInterest
0 USD
CY2018Q3 us-gaap Mortgage Loans In Process Of Foreclosure Amount
MortgageLoansInProcessOfForeclosureAmount
33000000 USD
CY2018Q3 us-gaap Mortgage Servicing Rights Msr Impairment Recovery
MortgageServicingRightsMSRImpairmentRecovery
-27000000 USD
CY2018Q3 us-gaap Mortgages Held For Sale Fair Value Disclosure
MortgagesHeldForSaleFairValueDisclosure
1681000000 USD
CY2018Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1219000000 USD
CY2018Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-50000000 USD
CY2018Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
176000000 USD
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
1020000000 USD
CY2018Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0 USD
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1011000000 USD
CY2018Q3 us-gaap Non Recourse Debt
NonRecourseDebt
7165000000 USD
CY2018Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-26000000 USD
CY2018Q3 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
2888000000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4 segment
CY2018Q3 us-gaap Operating Expenses
OperatingExpenses
275000000 USD
CY2018Q3 us-gaap Other Assets
OtherAssets
799000000 USD
CY2018Q3 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
167000000 USD
CY2018Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
6000000 USD
CY2018Q3 us-gaap Payments For Origination And Purchases Of Loans Held For Sale
PaymentsForOriginationAndPurchasesOfLoansHeldForSale
3458000000 USD
CY2018Q3 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
14000000 USD
CY2018Q3 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
0 USD
CY2018Q3 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1000000 USD
CY2018Q3 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0 USD
CY2018Q3 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
33000000 USD
CY2018Q3 us-gaap Preferred Stock Liquidation Preference Value
PreferredStockLiquidationPreferenceValue
10 USD
CY2018Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2018Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2018Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
1000000 shares
CY2018Q3 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
3485000000 USD
CY2018Q3 us-gaap Servicing Liability At Amortized Value Balance
ServicingLiabilityAtAmortizedValueBalance
79000000 USD
CY2018Q3 us-gaap Share Based Compensation
ShareBasedCompensation
2000000 USD
CY2018Q3 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
0 USD
CY2018Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
1000000 shares
CY2018Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q3 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
31000000 USD
CY2009Q4 us-gaap Principal Amount Outstanding On Loans Securitized
PrincipalAmountOutstandingOnLoansSecuritized
222000000 USD
CY2018Q3 us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
0 USD
CY2018Q3 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
46000000 USD
CY2018Q3 us-gaap Proceeds From Repayments Of Secured Debt
ProceedsFromRepaymentsOfSecuredDebt
186000000 USD
CY2018Q3 us-gaap Proceeds From Sale Of Mortgage Loans Held For Sale
ProceedsFromSaleOfMortgageLoansHeldForSale
3543000000 USD
CY2018Q3 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
0 USD
CY2018Q3 us-gaap Profit Loss
ProfitLoss
1020000000 USD
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
102000000 USD
CY2018Q3 us-gaap Receivable With Imputed Interest Discount
ReceivableWithImputedInterestDiscount
56000000 USD
CY2018Q3 us-gaap Receivable With Imputed Interest Discount
ReceivableWithImputedInterestDiscount
56000000 USD
CY2018Q3 us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
91000000 USD
CY2018Q3 us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
1030000000 USD
CY2018Q3 us-gaap Restricted Cash
RestrictedCash
332000000 USD
CY2018Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
332000000 USD
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
984000000 USD
CY2018Q3 us-gaap Revenues
Revenues
342000000 USD
CY2018Q3 us-gaap Secured Debt
SecuredDebt
596000000 USD
CY2018Q3 us-gaap Servicing Asset
ServicingAsset
3500000000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
2078000000 USD
CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2078000000 USD
CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1056000000 USD
CY2018Q3 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
8000000 USD
CY2018Q3 us-gaap Transfers Accounted For As Secured Borrowings Assets Carrying Amount
TransfersAccountedForAsSecuredBorrowingsAssetsCarryingAmount
914000000 USD
CY2018Q3 us-gaap Transfers Accounted For As Secured Borrowings Associated Liabilities Carrying Amount
TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount
596000000 USD
CY2018Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
0 shares
CY2018Q3 us-gaap Treasury Stock Value
TreasuryStockValue
0 USD
CY2018Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
9000000 USD
CY2018Q3 us-gaap Unsecured Debt
UnsecuredDebt
2457000000 USD
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
91992000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
90808000 shares
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reclassification</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain reclassifications have been made in the Predecessor's consolidated financial statements to conform to the Successor's 2018 presentation. Such reclassifications did not affect total revenues or net income. </font></div></div>
us-gaap Revenue Recognition Interest
RevenueRecognitionInterest
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Interest Income</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest income is recognized on loans held for sale for the period from loan funding to sale, which is typically within&#160;30 days. Loans are placed on non-accrual status when any portion of the principal or interest is&#160;90 days&#160;past due. Interest received from loans on non-accrual status is recorded as income when collected. Loans return to accrual status when the principal and interest become current and it is probable that the amounts are fully collectible. For individual loans that have been modified, a period of six timely payments is required before the loan is returned to an accrual basis. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest income also includes interest earned on custodial cash deposits associated with the mortgage loans serviced and interest earned on reverse mortgage interests. Reverse mortgage interests accrue as interest income in accordance with FHA guidelines.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The use of estimates described below were adopted by Nationstar and applied to the Predecessor financial statements for the periods impacted by the adoption. The adoption of such standards are also considered in the Successor's financial statements. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates due to factors such as adverse changes in the economy, changes in interest rates, secondary market pricing for loans held for sale and derivatives, strength of underwriting and servicing practices, changes in prepayment assumptions, declines in home prices or discrete events adversely affecting specific borrowers, and such differences could be material.</font></div></div>

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