$DX
DYNEX CAPITAL INC

2013 Q4 Form 10-Q Financial Statement

#000082667513000040 Filed on November 12, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q4
Revenue $28.60M $31.67M $31.60M
YoY Change -9.49% 10.82% 33.33%
Cost Of Revenue $8.400M $8.700M $10.40M
YoY Change -19.23% -8.42%
Gross Profit $20.20M $22.90M $21.10M
YoY Change -4.27% 19.9%
Gross Profit Margin 70.63% 72.32% 66.77%
Selling, General & Admin $1.800M $3.600M $3.500M
YoY Change -48.57% 16.13% 9.38%
% of Gross Profit 8.91% 15.72% 16.59%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.900M $2.900M $3.600M
YoY Change -47.22% -12.12% -64.36%
Operating Profit $18.30M $20.00M $17.50M
YoY Change 4.57% 26.58%
Interest Expense $3.300M $8.718M $2.000M
YoY Change 65.0% -7.98% 150.0%
% of Operating Profit 18.03% 43.59% 11.43%
Other Income/Expense, Net
YoY Change
Pretax Income $21.60M -$4.600M $19.60M
YoY Change 10.2% -123.96% 36.11%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $21.60M -$4.627M $19.60M
YoY Change 10.2% -124.14% 36.11%
Net Earnings / Revenue 75.52% -14.61% 62.03%
Basic Earnings Per Share $0.35 -$0.13 $0.34
Diluted Earnings Per Share $0.35 -$0.13 $0.34
COMMON SHARES
Basic Shares Outstanding 54.43M shares 54.90M shares 54.37M shares
Diluted Shares Outstanding 54.90M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $69.30M $39.60M $55.80M
YoY Change 24.19% 14.12% 14.34%
Cash & Equivalents $69.33M $39.61M $55.81M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $34.70M $40.40M $40.10M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $104.0M $80.00M $95.90M
YoY Change 8.45% 40.85% 56.19%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $4.203B $4.176B
YoY Change -100.0% -2.63% 66.96%
Other Assets $13.40M $15.80M $0.00
YoY Change
Total Long-Term Assets $4.113B $4.240B $4.184B
YoY Change -1.7% -2.5% 65.99%
TOTAL ASSETS
Total Short-Term Assets $104.0M $80.00M $95.90M
Total Long-Term Assets $4.113B $4.240B $4.184B
Total Assets $4.217B $4.320B $4.280B
YoY Change -1.47% -1.94% 65.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $2.500M $2.400M $2.900M
YoY Change -13.79% 0.0% 31.82%
Deferred Revenue
YoY Change
Short-Term Debt $3.581B $3.675B $3.564B
YoY Change 0.47% 0.11% 70.22%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.610B $3.694B $3.584B
YoY Change 0.74% 0.11% 70.07%
LONG-TERM LIABILITIES
Long-Term Debt $12.90M $21.10M $30.50M
YoY Change -57.7% -32.59% -56.98%
Other Long-Term Liabilities $8.100M $23.50M $49.20M
YoY Change -83.54% -64.34% 50.46%
Total Long-Term Liabilities $21.00M $44.60M $79.70M
YoY Change -73.65% -54.12% -23.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.610B $3.694B $3.584B
Total Long-Term Liabilities $21.00M $44.60M $79.70M
Total Liabilities $3.631B $3.739B $3.664B
YoY Change -0.88% -1.28% 65.71%
SHAREHOLDERS EQUITY
Retained Earnings -$252.1M -$256.7M -$251.0M
YoY Change 0.44% 1.22% -3.65%
Common Stock $762.1M $762.4M $759.8M
YoY Change 0.31% 0.29% 19.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $585.9M $581.0M $616.7M
YoY Change
Total Liabilities & Shareholders Equity $4.217B $4.320B $4.280B
YoY Change -1.47% -1.94% 65.76%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q4
OPERATING ACTIVITIES
Net Income $21.60M -$4.627M $19.60M
YoY Change 10.2% -124.14% 36.11%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $50.80M $56.00M $52.30M
YoY Change -2.87% 46.21% 207.65%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $96.90M $394.6M $94.30M
YoY Change 2.76% -160.18% 222.95%
Cash From Investing Activities $96.90M $394.6M $94.30M
YoY Change 2.76% -160.18% 222.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -117.9M -440.4M -125.5M
YoY Change -6.06% -173.61% 1551.32%
NET CHANGE
Cash From Operating Activities 50.80M 56.00M 52.30M
Cash From Investing Activities 96.90M 394.6M 94.30M
Cash From Financing Activities -117.9M -440.4M -125.5M
Net Change In Cash 29.80M 10.20M 21.10M
YoY Change 41.23% -153.4% -45.34%
FREE CASH FLOW
Cash From Operating Activities $50.80M $56.00M $52.30M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Description Of Derivative Activity Volume
DescriptionOfDerivativeActivityVolume
Information related to the volume of activity for our interest rate derivative instruments subsequent to December 31, 2012 is as follows:(amounts in thousands)Interest Rate Swaps Eurodollar FuturesNotional amount as of December 31, 2012:$1,462,000 $—Additions:380,000 22,100,000Settlements, terminations, or expirations:(150,000) (1,850,000)Notional amount as of September 30, 2013:(1)$1,692,000 $20,250,000(1)The Eurodollar futures notional amount as of September 30, 2013 represents the total notional of the 3-month contracts with expiration dates from 2013 to 2020. The maximum notional outstanding for any 3-month period does not exceed $1,275,000.
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In July 2013, the FASB issued ASU 2013-10, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Derivatives and Hedging (Topic 815), Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes(a consensus of the FASB Emerging Issues Task Force) </font><font style="font-family:inherit;font-size:10pt;">("ASU 2013-10")</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">. </font><font style="font-family:inherit;font-size:10pt;">The new guidance permits the use of the Federal Funds Effective Swap Rate as a benchmark interest rate for hedge accounting purposes and removes certain restrictions on being able to apply hedge accounting for similar hedges using different benchmark interest rates. ASU 2013-10 is effective prospectively for qualifying new or re-designated hedging relationships entered into on or after July 17, 2013. The adoption of this ASU does not have an impact on our derivatives and will not have a material impact on the Company's consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2013, the FASB issued ASU 2013-08,&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Services - Investment Companies: Amendments to the Scope, Measurement, and Disclosure Requirements</font><font style="font-family:inherit;font-size:10pt;">&#160;("ASU 2013-08"). In general, the amendments of this ASU: (i) revise the definition of an investment company; (ii) require an investment company to measure non-controlling ownership interests in other investment companies at fair value rather than using the equity method of accounting; and (iii) require information to be disclosed concerning the status of the entity and any financial support provided, or contractually required to be provided, by the investment company to its investees. ASU 2013-08 is effective for interim and annual periods that begin after December 15, 2013 and early application is prohibited. As the FASB has decided to retain the current U.S. GAAP scope exception from investment company accounting and financial reporting for real estate investment trusts, the adoption of this ASU will not have a material impact on the Company's consolidated financial statements.</font></div></div>
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CY2013Q3 us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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CY2012Q4 us-gaap Financial Instruments Owned And Pledged As Collateral At Fair Value
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us-gaap Gain Loss On Sales Of Mortgage Backed Securities Mbs
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us-gaap Gain Loss On Sales Of Mortgage Backed Securities Mbs
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2597000 USD
CY2013Q3 us-gaap Gain Loss On Sales Of Mortgage Backed Securities Mbs
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dei Amendment Flag
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<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;">Interest Income, Premium Amortization, and Discount Accretion</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;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest income is accrued based on the outstanding principal balance (or notional balance in the case of interest-only, or "IO", securities) on the Company's investment securities and their contractual terms. Premiums and discounts on Agency and non-Agency MBS and on loans are recognized over the expected life of the investment using the effective yield method in accordance with ASC Topic 310-20. Adjustments to premium amortization are made for actual prepayment activity as well as changes in projected future cash flows in accordance with 320-10. Interest income on non-Agency MBS that are rated lower than &#8220;AA&#8221; are recognized over the expected life as adjusted for the estimated prepayments and credit losses of the securities.&#160;&#160;Actual prepayment and any credit losses experienced are compared to projected prepayments and credit losses, and effective yields are adjusted when those amounts differ.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's projections of future cash flows are based on input and analysis received from external sources and internal models, and includes assumptions about the amount and timing of credit losses, loan prepayment rates, fluctuations in interest rates, and other factors. On at least a quarterly basis, the Company reviews and makes any necessary adjustments to its cash flow projections and updates the yield recognized on these assets.</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;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For securities, the accrual of interest is discontinued when, in the opinion of management, it is probable that all amounts contractually due will not be collected, and in certain instances, as a result of the other-than-temporary impairment analysis. For loans, the accrual of interest is discontinued when, in the opinion of management, the interest is not collectible in the normal course of business, when the loan is significantly past due or when the primary servicer of the loan fails to advance the interest and/or principal due on the loan.&#160;&#160;Loans are considered past due when the borrower fails to make a timely payment in accordance with the underlying loan agreement.&#160;&#160;All interest accrued but not collected for investments that are placed on a non-accrual status or are charged-off is reversed against interest income.&#160;&#160;Interest on these investments is accounted for on the cash-basis or cost-recovery method until qualifying for return to accrual status.&#160;&#160;Investments are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.</font></div></div>
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TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount
3564128000 USD
CY2013Q3 us-gaap Unrealized Gain On Securities
UnrealizedGainOnSecurities
96000 USD
us-gaap Unrealized Gain On Securities
UnrealizedGainOnSecurities
716000 USD
CY2012Q3 us-gaap Unrealized Gain On Securities
UnrealizedGainOnSecurities
283000 USD
us-gaap Unrealized Loss On Securities
UnrealizedLossOnSecurities
-634000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;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;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenue and expenses during the reported period.&#160;&#160;Actual results could differ from those estimates.&#160;&#160;The most significant estimates used by management include but are not limited to fair value measurements of its investments, allowance for loan losses, other-than-temporary impairments, contingencies, and amortization of premiums and discounts. These items are discussed further below within this note to the consolidated financial statements.</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div></div>
CY2013Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2012Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
866 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54903637 shares
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54368215 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54727950 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
52751763 shares
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54367349 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54727950 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
52751763 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54903637 shares
CY2012Q4 dx Accumulated Other Comprehensive Income Loss Available For Sale Securities Unrealized Gains Net Of Tax
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesUnrealizedGainsNetOfTax
104869000 USD
CY2013Q3 dx Accumulated Other Comprehensive Income Loss Available For Sale Securities Unrealized Gains Net Of Tax
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesUnrealizedGainsNetOfTax
49669000 USD
CY2012Q4 dx Accumulated Other Comprehensive Income Loss Available For Sale Securities Unrealized Losses Net Of Tax
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesUnrealizedLossesNetOfTax
12623000 USD
CY2013Q3 dx Accumulated Other Comprehensive Income Loss Available For Sale Securities Unrealized Losses Net Of Tax
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesUnrealizedLossesNetOfTax
72057000 USD
CY2012Q4 dx Accumulated Other Comprehensive Income Loss Unrealized Gains From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossUnrealizedGainsFromCashFlowHedgesEffectNetOfTax
0 USD
CY2013Q3 dx Accumulated Other Comprehensive Income Loss Unrealized Gains From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossUnrealizedGainsFromCashFlowHedgesEffectNetOfTax
3779000 USD
CY2013Q3 dx Accumulated Other Comprehensive Income Loss Unrealized Losses From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossUnrealizedLossesFromCashFlowHedgesEffectNetOfTax
15754000 USD
CY2012Q4 dx Accumulated Other Comprehensive Income Loss Unrealized Losses From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossUnrealizedLossesFromCashFlowHedgesEffectNetOfTax
39735000 USD
CY2013Q3 dx Amount Outstanding With Counterparty
AmountOutstandingWithCounterparty
401404000 USD
dx Comprehensive Income To Common Shareholders
ComprehensiveIncomeToCommonShareholders
112820000 USD
CY2012Q3 dx Comprehensive Income To Common Shareholders
ComprehensiveIncomeToCommonShareholders
52737000 USD
CY2013Q3 dx Comprehensive Income To Common Shareholders
ComprehensiveIncomeToCommonShareholders
-6184000 USD
dx Comprehensive Income To Common Shareholders
ComprehensiveIncomeToCommonShareholders
-45972000 USD
CY2013Q3 dx Dedesignatedcashflowhedgeamortization
Dedesignatedcashflowhedgeamortization
0 USD
CY2013Q3 dx Dividend Reinvestment Plan Shares Authorized
DividendReinvestmentPlanSharesAuthorized
3000000 shares
dx Increase In Principal Receivable On Investments
IncreaseInPrincipalReceivableOnInvestments
6548000 USD
dx Increase In Principal Receivable On Investments
IncreaseInPrincipalReceivableOnInvestments
1259000 USD
CY2012Q4 dx Investments Unamortized Premium Discount
InvestmentsUnamortizedPremiumDiscount
800080000 USD
CY2013Q3 dx Investments Unamortized Premium Discount
InvestmentsUnamortizedPremiumDiscount
754316000 USD
dx Lossonderivativeinstrumentsnet
Lossonderivativeinstrumentsnet
12683000 USD
dx Lossonderivativeinstrumentsnet
Lossonderivativeinstrumentsnet
907000 USD
CY2013Q3 dx Number Of Counterparties Borrowing Availability
NumberOfCounterpartiesBorrowingAvailability
31 Agreements
CY2013Q3 dx Number Of Counterparties Borrowings Outstanding
NumberOfCounterpartiesBorrowingsOutstanding
21 Agreements
CY2013Q3 dx Principal Payments Receivable
PrincipalPaymentsReceivable
18267000 USD
dx Principal Payments Received On Investments
PrincipalPaymentsReceivedOnInvestments
459380000 USD
dx Principal Payments Received On Investments
PrincipalPaymentsReceivedOnInvestments
743810000 USD
CY2013Q3 dx Repurchase Agreement Counterparty Percent Of Equity At Risk
RepurchaseAgreementCounterpartyPercentOfEquityAtRisk
0.17
CY2013Q3 dx Stock Issued During Period Remaining Shares Available Dividend Reinvestment Plan
StockIssuedDuringPeriodRemainingSharesAvailableDividendReinvestmentPlan
2472324 shares
CY2013Q3 dx Weighted Average Interest Rate Amount Outstanding With Counterparty
WeightedAverageInterestRateAmountOutstandingWithCounterparty
0.0117
dei Document Period End Date
DocumentPeriodEndDate
2013-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000826675
CY2013Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
54428943 shares
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
DYNEX CAPITAL INC

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