$DX
DYNEX CAPITAL INC

2019 Q4 Form 10-Q Financial Statement

#000082667519000053 Filed on November 05, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $42.00M $44.50M $26.90M
YoY Change 31.25% 65.43% 16.45%
Cost Of Revenue $25.80M $31.30M $14.80M
YoY Change 35.08% 111.49% 49.49%
Gross Profit $16.20M $13.20M $12.20M
YoY Change 24.62% 8.2% -7.58%
Gross Profit Margin 38.57% 29.66% 45.35%
Selling, General & Admin $4.000M $3.800M $4.000M
YoY Change 14.29% -5.0% 11.11%
% of Gross Profit 24.69% 28.79% 32.79%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $500.0K $500.0K $300.0K
YoY Change 66.67% 66.67% 0.0%
% of Gross Profit 3.09% 3.79% 2.46%
Operating Expenses $4.000M $3.700M $4.300M
YoY Change 0.0% -13.95% 16.22%
Operating Profit $12.20M $9.500M $7.900M
YoY Change 35.56% 20.25% -16.84%
Interest Expense $25.77M $31.26M $14.75M
YoY Change 35.23% 111.89% 49.17%
% of Operating Profit 211.2% 329.01% 186.72%
Other Income/Expense, Net
YoY Change
Pretax Income $55.10M -$36.60M $25.60M
YoY Change -170.19% -242.97% 148.54%
Income Tax
% Of Pretax Income
Net Earnings $55.10M -$36.60M $25.59M
YoY Change -170.19% -243.06% 148.14%
Net Earnings / Revenue 131.19% -82.26% 95.12%
Basic Earnings Per Share
Diluted Earnings Per Share $2.406M -$1.512M $1.333M
COMMON SHARES
Basic Shares Outstanding 22.95M shares 24.66M shares 57.51M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $62.60M $41.80M $55.30M
YoY Change 80.92% -24.41% -53.02%
Cash & Equivalents $62.58M $41.78M $55.25M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $26.20M $24.10M $19.60M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $88.80M $65.90M $74.90M
YoY Change 59.71% -12.02% -51.3%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.198B $5.313B $3.307B
YoY Change 38.2% 60.66% 12.56%
Other Assets $71.60M $97.20M $58.30M
YoY Change 32.35% 66.72% 32.5%
Total Long-Term Assets $5.282B $5.422B $3.373B
YoY Change 37.89% 60.72% 12.84%
TOTAL ASSETS
Total Short-Term Assets $88.80M $65.90M $74.90M
Total Long-Term Assets $5.282B $5.422B $3.373B
Total Assets $5.371B $5.487B $3.448B
YoY Change 38.2% 59.14% 9.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $15.60M $7.200M $5.700M
YoY Change 51.46% 26.32% 111.11%
Deferred Revenue
YoY Change
Short-Term Debt $4.752B $4.873B $2.691B
YoY Change 45.42% 81.09% 6.82%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.780B $4.897B $2.893B
YoY Change 42.66% 69.29% 10.79%
LONG-TERM LIABILITIES
Long-Term Debt $2.700M $3.000M $3.700M
YoY Change -22.86% -18.92% -35.09%
Other Long-Term Liabilities $4.500M $3.200M $5.100M
YoY Change 0.0% -37.25% 104.0%
Total Long-Term Liabilities $7.200M $6.200M $8.800M
YoY Change -10.0% -29.55% 7.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.780B $4.897B $2.893B
Total Long-Term Liabilities $7.200M $6.200M $8.800M
Total Liabilities $4.788B $4.903B $2.901B
YoY Change 42.53% 68.98% 10.78%
SHAREHOLDERS EQUITY
Retained Earnings -$612.2M -$653.6M -$306.2M
YoY Change 53.43% 113.47% -15.17%
Common Stock $858.3M $858.1M $795.6M
YoY Change 4.82% 7.85% 7.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $583.0M $584.4M $546.8M
YoY Change
Total Liabilities & Shareholders Equity $5.371B $5.487B $3.448B
YoY Change 38.2% 59.14% 9.7%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income $55.10M -$36.60M $25.59M
YoY Change -170.19% -243.06% 148.14%
Depreciation, Depletion And Amortization $500.0K $500.0K $300.0K
YoY Change 66.67% 66.67% 0.0%
Cash From Operating Activities $53.20M $37.20M $45.60M
YoY Change 26.67% -18.42% -14.12%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $76.50M -$32.90M -$326.1M
YoY Change -111.72% -89.91% 1139.92%
Cash From Investing Activities $76.50M -$32.90M -$326.1M
YoY Change -111.72% -89.91% 1139.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -134.4M 23.30M 176.1M
YoY Change -122.93% -86.77% -1658.41%
NET CHANGE
Cash From Operating Activities 53.20M 37.20M 45.60M
Cash From Investing Activities 76.50M -32.90M -326.1M
Cash From Financing Activities -134.4M 23.30M 176.1M
Net Change In Cash -4.700M 27.60M -104.4M
YoY Change -81.05% -126.44% -773.55%
FREE CASH FLOW
Cash From Operating Activities $53.20M $37.20M $45.60M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2018Q2 us-gaap Profit Loss
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15652000 USD
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CY2018Q3 us-gaap Profit Loss
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25586000 USD
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CY2018Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Increase Decrease In Interest Payable Net
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PaymentsForProceedsFromOtherInvestingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Repayments Of Secured Debt
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us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
19924000 USD
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
1290000 USD
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us-gaap Proceeds From Issuance Of Common Stock
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19281000 USD
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185000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
10000 USD
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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us-gaap Net Cash Provided By Used In Financing Activities
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
26385000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
138935000 USD
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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113585000 USD
us-gaap Interest Paid Net
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us-gaap Interest Paid Net
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us-gaap Nature Of Operations
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<div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Dynex Capital, Inc. (“Company”) was incorporated in the Commonwealth of Virginia on December 18, 1987 and commenced operations in February 1988. The Company primarily earns income from investing on a leveraged basis in debt securities, the majority of which are specified pools of Agency and non-Agency mortgage-backed securities (“MBS”) consisting of residential MBS (“RMBS”), commercial MBS (“CMBS”) and CMBS interest-only (“IO”) securities that are issued or guaranteed by U.S. Government sponsored agencies (“Agency MBS”) and MBS issued by others (“non-Agency MBS”). The Company also invests in other types of mortgage-related securities, such as to-be-announced securities (“TBAs” or “TBA securities”).</span></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div>
us-gaap Use Of Estimates
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<div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><span 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. Actual results could differ from those estimates. The most significant estimates used by management include, but are not limited to, amortization of premiums and discounts, fair value measurements of its investments, and other-than-temporary impairments. These items are discussed further below within this note to the consolidated financial statements.</span></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div>
CY2019Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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138935000 USD
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550802000 USD
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5085917000 USD
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1125000 USD
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5302926000 USD
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590968000 USD
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3785409000 USD
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CY2018Q4 us-gaap Available For Sale Securities Debt Maturities Rolling After Year Ten Fair Value
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CY2019Q3 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date
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CY2018Q4 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date
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3749464000 USD
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116651000 USD
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CY2019Q3 dx Number Of Counterparties Borrowing Availability
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4872869000 USD
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SecuritiesSoldUnderAgreementsToRepurchaseGross
3267984000 USD
CY2018Q4 us-gaap Securities Sold Under Agreements To Repurchase Asset
SecuritiesSoldUnderAgreementsToRepurchaseAsset
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CY2018Q4 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
3267984000 USD
CY2018Q4 us-gaap Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Securities
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3267984000 USD
CY2018Q4 us-gaap Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Cash
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0 USD
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DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue
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CY2018Q4 us-gaap Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue
6563000 USD
CY2019Q3 us-gaap Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsLiabilityAtFairValue
439000 USD
CY2018Q4 us-gaap Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsLiabilityAtFairValue
1218000 USD
CY2019Q3 dx Variationmargin
Variationmargin
-44140000 USD
CY2018Q4 dx Variationmargin
Variationmargin
8424000 USD
CY2019Q3 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-50709000 USD
CY2018Q3 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
19499000 USD
us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-229941000 USD
us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
78520000 USD
CY2019Q3 us-gaap Derivative Swaption Interest Rate
DerivativeSwaptionInterestRate
0.0207
us-gaap Derivative Term Of Contract
DerivativeTermOfContract
P10Y
CY2019Q3 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
4845000 USD
CY2019Q3 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
4845000 USD
CY2019Q3 us-gaap Derivative Collateral Obligation To Return Securities
DerivativeCollateralObligationToReturnSecurities
355000 USD
CY2019Q3 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
928000 USD
CY2019Q3 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
3562000 USD
CY2018Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
6563000 USD
CY2018Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
6563000 USD
CY2018Q4 us-gaap Derivative Collateral Obligation To Return Securities
DerivativeCollateralObligationToReturnSecurities
0 USD
CY2018Q4 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
1719000 USD
CY2018Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
4844000 USD
CY2019Q3 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
439000 USD
CY2019Q3 us-gaap Derivative Collateral Right To Reclaim Securities
DerivativeCollateralRightToReclaimSecurities
355000 USD
CY2019Q3 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
0 USD
CY2019Q3 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral
84000 USD
CY2018Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
1218000 USD
CY2019Q3 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
439000 USD
CY2018Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
1218000 USD
CY2018Q4 us-gaap Derivative Collateral Right To Reclaim Securities
DerivativeCollateralRightToReclaimSecurities
0 USD
CY2018Q4 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
1218000 USD
CY2018Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral
0 USD
CY2019Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2019Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2019Q3 us-gaap Preferred Stock Liquidation Preference
PreferredStockLiquidationPreference
25.00
us-gaap Preferred Stock Dividend Payment Terms
PreferredStockDividendPaymentTerms
The Series A Preferred Stock pays a cumulative cash dividend equivalent to 8.50% of the $25.00 liquidation preference per share each year and the Series B Preferred Stock pays a cumulative cash dividend equivalent to 7.625% of the $25.00 liquidation preference per share each year.
us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
3
us-gaap Stock Issued During Period Shares Reverse Stock Splits
StockIssuedDuringPeriodSharesReverseStockSplits
49210493 shares
CY2019Q1 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2019-01-07
CY2019Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.18
CY2019Q1 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2019-01-28
CY2019Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.18
CY2019Q1 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2019-03-12
CY2019Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.18
CY2019Q2 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2019-04-10
CY2019Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.18
CY2019Q2 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2019-05-16
CY2019Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.18
CY2019Q2 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2019-06-06
CY2019Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.18
CY2019Q3 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2019-07-08
CY2019Q3 us-gaap Share Based Compensation
ShareBasedCompensation
306000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
899000 USD
CY2019Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.18
CY2019Q3 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2019-08-12
CY2019Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.15
CY2019Q3 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2019-09-11
CY2019Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.15
CY2018Q3 us-gaap Share Based Compensation
ShareBasedCompensation
301000 USD
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
1000000 shares
us-gaap Share Based Compensation
ShareBasedCompensation
930000 USD

Files In Submission

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0000826675-19-000053.txt Edgar Link pending
0000826675-19-000053-xbrl.zip Edgar Link pending
a3q1910-q.htm Edgar Link pending
a3q1910-q_htm.xml Edgar Link completed
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dx-20190930.xsd Edgar Link pending
dx-20190930_cal.xml Edgar Link unprocessable
dx-20190930_def.xml Edgar Link unprocessable
dx-20190930_lab.xml Edgar Link unprocessable
dx-20190930_pre.xml Edgar Link unprocessable
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