$DX
DYNEX CAPITAL INC

2020 Q4 Form 10-Q Financial Statement

#000082667520000068 Filed on November 03, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $16.70M $20.10M $44.50M
YoY Change -60.24% -54.83% 65.43%
Cost Of Revenue $2.300M $3.400M $31.30M
YoY Change -91.09% -89.14% 111.49%
Gross Profit $14.40M $16.70M $13.20M
YoY Change -11.11% 26.52% 8.2%
Gross Profit Margin 86.23% 83.08% 29.66%
Selling, General & Admin $6.900M $4.800M $3.800M
YoY Change 72.5% 26.32% -5.0%
% of Gross Profit 47.92% 28.74% 28.79%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $600.0K $400.0K $500.0K
YoY Change 20.0% -20.0% 66.67%
% of Gross Profit 4.17% 2.4% 3.79%
Operating Expenses $7.100M $5.000M $3.700M
YoY Change 77.5% 35.14% -13.95%
Operating Profit $7.300M $11.70M $9.500M
YoY Change -40.16% 23.16% 20.25%
Interest Expense $33.10M $3.375M $31.26M
YoY Change 28.46% -89.2% 111.89%
% of Operating Profit 453.42% 28.85% 329.01%
Other Income/Expense, Net
YoY Change
Pretax Income $40.40M $40.70M -$36.60M
YoY Change -26.68% -211.2% -242.97%
Income Tax
% Of Pretax Income
Net Earnings $40.40M $40.73M -$36.60M
YoY Change -26.68% -211.26% -243.06%
Net Earnings / Revenue 241.92% 202.61% -82.26%
Basic Earnings Per Share $1.62
Diluted Earnings Per Share $1.734M $1.62 -$1.512M
COMMON SHARES
Basic Shares Outstanding 23.14M shares 23.14M shares 24.66M shares
Diluted Shares Outstanding 23.14M shares

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $295.6M $158.9M $41.80M
YoY Change 372.2% 280.14% -24.41%
Cash & Equivalents $295.6M $158.9M $41.78M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $164.8M $16.50M $24.10M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $460.4M $175.4M $65.90M
YoY Change 418.47% 166.16% -12.02%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.603B $3.003B $5.313B
YoY Change -49.93% -43.48% 60.66%
Other Assets $7.100M $26.00M $97.20M
YoY Change -90.08% -73.25% 66.72%
Total Long-Term Assets $2.634B $3.040B $5.422B
YoY Change -50.12% -43.93% 60.72%
TOTAL ASSETS
Total Short-Term Assets $460.4M $175.4M $65.90M
Total Long-Term Assets $2.634B $3.040B $5.422B
Total Assets $3.095B $3.215B $5.487B
YoY Change -42.38% -41.41% 59.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $1.400M $1.100M $7.200M
YoY Change -91.03% -84.72% 26.32%
Deferred Revenue
YoY Change
Short-Term Debt $2.437B $2.595B $4.873B
YoY Change -48.72% -46.75% 81.09%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.444B $2.602B $4.897B
YoY Change -48.87% -46.87% 69.29%
LONG-TERM LIABILITIES
Long-Term Debt $100.0K $600.0K $3.000M
YoY Change -96.3% -80.0% -18.92%
Other Long-Term Liabilities $9.800M $9.200M $3.200M
YoY Change 117.78% 187.5% -37.25%
Total Long-Term Liabilities $9.900M $9.800M $6.200M
YoY Change 37.5% 58.06% -29.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.444B $2.602B $4.897B
Total Long-Term Liabilities $9.900M $9.800M $6.200M
Total Liabilities $2.461B $2.611B $4.903B
YoY Change -48.59% -46.74% 68.98%
SHAREHOLDERS EQUITY
Retained Earnings -$491.1M -$519.2M -$653.6M
YoY Change -19.78% -20.57% 113.47%
Common Stock $869.5M $859.1M $858.1M
YoY Change 1.3% 0.12% 7.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $633.5M $603.6M $584.4M
YoY Change
Total Liabilities & Shareholders Equity $3.095B $3.215B $5.487B
YoY Change -42.38% -41.41% 59.14%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income $40.40M $40.73M -$36.60M
YoY Change -26.68% -211.26% -243.06%
Depreciation, Depletion And Amortization $600.0K $400.0K $500.0K
YoY Change 20.0% -20.0% 66.67%
Cash From Operating Activities $44.00M $46.50M $37.20M
YoY Change -17.29% 25.0% -18.42%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $234.4M $665.2M -$32.90M
YoY Change 206.41% -2121.88% -89.91%
Cash From Investing Activities $234.4M $665.2M -$32.90M
YoY Change 206.41% -2121.88% -89.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -160.6M -733.3M 23.30M
YoY Change 19.49% -3247.21% -86.77%
NET CHANGE
Cash From Operating Activities 44.00M 46.50M 37.20M
Cash From Investing Activities 234.4M 665.2M -32.90M
Cash From Financing Activities -160.6M -733.3M 23.30M
Net Change In Cash 117.8M -21.60M 27.60M
YoY Change -2606.38% -178.26% -126.44%
FREE CASH FLOW
Cash From Operating Activities $44.00M $46.50M $37.20M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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DYNEX CAPITAL, INC.
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CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
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us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Payments For Repurchase Of Redeemable Preferred Stock
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100000000 USD
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us-gaap Payments Of Stock Issuance Costs
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us-gaap Payments For Repurchase Of Common Stock
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372000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
25034000 USD
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245000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments Of Dividends
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us-gaap Net Cash Provided By Used In Financing Activities
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Interest Paid Net
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us-gaap Nature Of Operations
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OrganizationDynex Capital, Inc. (“Company”) was incorporated in the Commonwealth of Virginia on December 18, 1987 and commenced operations in February 1988. The Company is an internally managed mortgage real estate investment trust, or mortgage REIT, which primarily earns income from investing on a leveraged basis in debt securities, the majority of which are specified pools of Agency mortgage-backed securities (“MBS”) consisting of commercial MBS (“CMBS”), residential MBS (“RMBS”), and CMBS interest-only (“IO”) securities and non-Agency MBS, which consist mainly of CMBS IO. Agency MBS have a guaranty of principal payment by a U.S. government-sponsored entity (“GSE”) such as Fannie Mae and Freddie Mac which are in conservatorship and are currently supported by a senior preferred stock purchase agreement from U.S. Treasury. Non-Agency MBS are issued by non-governmental enterprises and do not have a guaranty of principal payment. The Company also invests in other types of mortgage-related securities, such as to-be-announced securities (“TBAs” or “TBA securities”).
us-gaap Use Of Estimates
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 and fair value measurements of its investments. These items are discussed further below within this note to the consolidated financial statements.</span></div>
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
As previously disclosed in the 2019 Form 10-K, the receiver (the “Receiver”) for one of the plaintiffs awarded damages in a judgment (the "DCI Judgment") against Dynex Commercial, Inc. ("DCI"), a subsidiary of a former affiliate of the Company, filed a separate claim in May 2018 against the Company seeking payment of the damages awarded in connection with the DCI Judgment, alleging that the Company breached a litigation cost sharing agreement, as amended (the "Agreement"), that was initially entered into by the Company and DCI in December 2000. On November 21, 2019, the U.S. District Court, Northern District of Texas ("Northern District Court") granted in part and denied in part summary judgment on the Receiver’s claim and the Company’s claim for offset and recoupment. The Northern District Court found that the Company breached the Agreement and therefore must pay damages to the Receiver. The Northern District Court simultaneously granted the Company’s motion for summary judgment finding that DCI also breached the Agreement and that the Company can recover amounts due to it from DCI under the Agreement. The Receiver subsequently filed a claim for damages with the Northern District Court of approximately $12,600, while the Company filed claims for damages ranging from $13,300 to $30,600, including interest. The Receiver filed objections (the "Objections") with the Northern District Court to, among other things, the Company recovering amounts incurred prior to entry into the Agreement and amounts incurred under the Agreement after January 31, 2006, including interest, which is the date that DCI’s corporate existence ceased under Virginia law. The Company has disputed the Receiver’s Objections, arguing, among other things, that the Receiver's Objections are not supportable under Virginia law and has further refined its damages claim to range from $13,300 based on simple interest to $17,800 based on a combination of simple and compound interest, which the Company believes is supportable under Virginia law. There have been no material developments in this matter during the three months ended September 30, 2020. After consultation with litigation counsel, the Company believes, based upon information currently available and its evaluation of Virginia law, that the likelihood of loss is not probable, and given the range of potential claims for damages by the Company to offset the Receiver's claims, the amount of possible loss cannot be reasonably estimated, and therefore, no contingent liability has been recorded.
us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
12600000 USD
us-gaap Loss Contingency Inestimable Loss
LossContingencyInestimableLoss
After consultation with litigation counsel, the Company believes, based upon information currently available and its evaluation of Virginia law, that the likelihood of loss is not probable, and given the range of potential claims for damages by the Company to offset the Receiver's claims, the amount of possible loss cannot be reasonably estimated, and therefore, no contingent liability has been recorded.
CY2020Q3 dx Parvalueofavailableforsaledebtsecurity
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CY2019Q4 srt Payables To Broker Dealers And Clearing Organizations
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CY2019Q4 dx Originaltermtomaturity
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CY2020Q3 dx Number Of Counterparties Borrowings Outstanding
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CY2020Q3 us-gaap Securities Sold Under Agreements To Repurchase
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CY2020Q3 us-gaap Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Securities
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2594683000 USD
CY2020Q3 us-gaap Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Cash
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4752348000 USD
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CY2019Q4 us-gaap Securities Sold Under Agreements To Repurchase
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CY2019Q4 us-gaap Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Securities
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CY2019Q4 us-gaap Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Cash
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CY2019Q4 us-gaap Securities Sold Under Agreements To Repurchase Amount Offset Against Collateral
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CY2020Q3 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
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CY2019Q3 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
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us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-196156000 USD
us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-229941000 USD
CY2020Q3 us-gaap Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue
4266000 USD
CY2019Q4 us-gaap Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue
4290000 USD
CY2020Q3 us-gaap Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsLiabilityAtFairValue
5164000 USD
CY2019Q4 us-gaap Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsLiabilityAtFairValue
974000 USD
CY2020Q3 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
4266000 USD
CY2020Q3 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
4266000 USD
CY2020Q3 us-gaap Derivative Collateral Obligation To Return Securities
DerivativeCollateralObligationToReturnSecurities
0 USD
CY2020Q3 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
0 USD
CY2020Q3 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
4266000 USD
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
4290000 USD
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
4290000 USD
CY2019Q4 us-gaap Derivative Collateral Obligation To Return Securities
DerivativeCollateralObligationToReturnSecurities
380000 USD
CY2019Q4 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
0 USD
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
3910000 USD
CY2020Q3 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
5164000 USD
CY2020Q3 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
5164000 USD
CY2020Q3 us-gaap Derivative Collateral Right To Reclaim Securities
DerivativeCollateralRightToReclaimSecurities
0 USD
CY2020Q3 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
0 USD
CY2020Q3 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral
5164000 USD
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
974000 USD
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
974000 USD
CY2019Q4 us-gaap Derivative Collateral Right To Reclaim Securities
DerivativeCollateralRightToReclaimSecurities
380000 USD
CY2019Q4 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
0 USD
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral
594000 USD
CY2020Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2020Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2020Q3 us-gaap Redemption Premium
RedemptionPremium
3914000 USD
CY2020Q1 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2020-01-13
CY2020Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.15
CY2020Q1 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2020-02-14
CY2020Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.15
CY2020Q1 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2020-03-10
CY2020Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.15
CY2020Q2 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2020-04-08
CY2020Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.15
CY2020Q2 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2020-05-12
CY2020Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.15
CY2020Q2 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2020-06-10
CY2020Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.13
CY2020Q3 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2020-07-13
CY2020Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.13
CY2020Q3 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2020-08-10
CY2020Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.13
CY2020Q3 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2020-09-14
CY2020Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.13
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
2300000 shares
CY2020Q3 us-gaap Share Based Compensation
ShareBasedCompensation
568000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1299000 USD
CY2019Q3 us-gaap Share Based Compensation
ShareBasedCompensation
306000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
899000 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y2M12D

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