$IVR
Invesco Mortgage Capital Inc.

2012 Q4 Form 10-Q Financial Statement

#000119312512448836 Filed on November 02, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2011 Q3
Revenue $145.4M $140.5M $138.3M
YoY Change 5.75% 1.59% 283.1%
Cost Of Revenue $74.40M $69.40M $58.30M
YoY Change 16.8% 19.04% 434.86%
Gross Profit $71.00M $71.10M $80.00M
YoY Change -3.92% -11.13% 217.46%
Gross Profit Margin 48.83% 50.6% 57.85%
Selling, General & Admin $900.0K $1.000M $800.0K
YoY Change -10.0% 25.0% -11.11%
% of Gross Profit 1.27% 1.41% 1.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $10.18M $10.01M $8.714M
YoY Change 5.46% 14.9% 868.22%
Operating Profit $60.82M $61.09M $71.29M
YoY Change -5.33% -14.31% 193.36%
Interest Expense $65.09M $60.33M $50.45M
YoY Change 1708.14% 19.57% 1341.49%
% of Operating Profit 107.02% 98.75% 70.77%
Other Income/Expense, Net
YoY Change
Pretax Income $93.30M $86.80M $82.20M
YoY Change 21.96% 5.6% 197.83%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0% 0.0% 0.0%
Net Earnings $92.23M $85.75M $81.08M
YoY Change 22.02% 5.75% 209.48%
Net Earnings / Revenue 63.43% 61.03% 58.63%
Basic Earnings Per Share $0.77 $0.72
Diluted Earnings Per Share $0.77 $0.72 $666.9K
COMMON SHARES
Basic Shares Outstanding 116.2M shares 115.4M shares 103.0M shares
Diluted Shares Outstanding 116.9M shares 104.5M shares

Balance Sheet

Concept 2012 Q4 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $286.0M $191.0M $57.00M
YoY Change 45.18% 235.09% 185.0%
Cash & Equivalents $286.5M $190.8M $56.91M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $286.0M $191.0M $57.00M
YoY Change 45.18% 235.09% 185.0%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $35.30M $55.65M $14.45B
YoY Change -48.69% -99.61% 473.56%
Other Assets $0.00 $13.00M $255.0M
YoY Change -100.0% -94.9% 537.5%
Total Long-Term Assets $18.63B $18.47B $15.19B
YoY Change 27.81% 21.55% 490.44%
TOTAL ASSETS
Total Short-Term Assets $286.0M $191.0M $57.00M
Total Long-Term Assets $18.63B $18.47B $15.19B
Total Assets $18.91B $18.66B $15.25B
YoY Change 28.04% 22.35% 488.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $73.00M $632.0M $649.0M
YoY Change -37.07% -2.62% 1000.0%
Accrued Expenses $15.00M $12.00M $11.00M
YoY Change 25.0% 9.09% 450.0%
Deferred Revenue
YoY Change
Short-Term Debt $15.72B $14.88B $12.18B
YoY Change 28.3% 22.12% 596.51%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $15.82B $14.97B $12.29B
YoY Change 26.96% 21.83% 568.86%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $436.0M $472.0M $389.0M
YoY Change 9.82% 21.34% 745.65%
Total Long-Term Liabilities $436.0M $472.0M $389.0M
YoY Change 9.82% 21.34% 96.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.82B $14.97B $12.29B
Total Long-Term Liabilities $436.0M $472.0M $389.0M
Total Liabilities $16.33B $16.07B $13.35B
YoY Change 27.0% 20.39% 545.86%
SHAREHOLDERS EQUITY
Retained Earnings $18.85M $4.855M
YoY Change -225.09%
Common Stock $2.317B $2.301B
YoY Change 0.73%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.558B $2.554B $1.899B
YoY Change
Total Liabilities & Shareholders Equity $18.91B $18.66B $15.25B
YoY Change 28.04% 22.35% 488.08%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income $92.23M $85.75M $81.08M
YoY Change 22.02% 5.75% 209.48%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $118.4M $105.4M $86.60M
YoY Change 14.95% 21.71% 341.84%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$776.3M -$1.478B -$2.484B
YoY Change 57.66% -40.49% 4168.21%
Cash From Investing Activities -$776.3M -$1.478B -$2.484B
YoY Change 57.66% -40.49% 4168.21%
FINANCING ACTIVITIES
Cash Dividend Paid -$2.682M
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 753.5M 1.395B 2.454B
YoY Change 42.25% -43.15% 5634.58%
NET CHANGE
Cash From Operating Activities 118.4M 105.4M 86.60M
Cash From Investing Activities -776.3M -1.478B -2.484B
Cash From Financing Activities 753.5M 1.395B 2.454B
Net Change In Cash 95.60M 22.30M 56.90M
YoY Change -31.86% -60.81% 1254.76%
FREE CASH FLOW
Cash From Operating Activities $118.4M $105.4M $86.60M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Other Income
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us-gaap Interest Paid
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us-gaap Share Based Compensation
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Gain Loss On Sales Of Mortgage Backed Securities Mbs
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us-gaap Repayments Of Other Short Term Debt
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us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
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RelatedPartyTransactionAmountsOfTransaction
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us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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us-gaap Payments To Acquire Mortgage Backed Securities Mbs Categorized As Available For Sale
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PaymentsOfDividendsCommonStock
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ivr Mortgage Backed Securities Coupon Interest
MortgageBackedSecuritiesCouponInterest
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ivr Distributions From Investment In Unconsolidated Ventures
DistributionsFromInvestmentInUnconsolidatedVentures
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ivr Unrealized Gain Loss On Credit Default Swap
UnrealizedGainLossOnCreditDefaultSwap
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ivr Payable For Mortgage Backed Securities Purchased
PayableForMortgageBackedSecuritiesPurchased
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ivr Net Change In Equity Investments
NetChangeInEquityInvestments
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ivr Net Change In Restricted Cash
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ivr Net Change In Unrealized Gain On Available For Sale Securities And Derivatives
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ivr Realized And Unrealized Credit Default Swap Income
RealizedAndUnrealizedCreditDefaultSwapIncome
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ivr Repurchase Agreements Not Settled
RepurchaseAgreementsNotSettled
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ivr Incremental Common Shares Attributable To Operating Partnership Unit
IncrementalCommonSharesAttributableToOperatingPartnershipUnit
1425000 shares
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2012-09-30
dei Entity Central Index Key
EntityCentralIndexKey
0001437071
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Trading Symbol
TradingSymbol
IVR
dei Entity Registrant Name
EntityRegistrantName
Invesco Mortgage Capital Inc.
dei Amendment Flag
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false
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
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IncreaseDecreaseInOtherOperatingAssets
165000
us-gaap Profit Loss
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250678000
us-gaap Earnings Per Share Basic And Diluted
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Other Income
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31052000
us-gaap Dividends Common Stock Cash
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225048000
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us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Proceeds From Other Short Term Debt
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us-gaap General And Administrative Expense
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us-gaap Available For Sale Securities Gross Realized Gains
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us-gaap Comprehensive Income Net Of Tax
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us-gaap Payments To Acquire Mortgage Backed Securities Mbs Categorized As Available For Sale
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us-gaap Dividends Preferred Stock Cash
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us-gaap Payments Of Dividends Common Stock
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us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Use of Estimates</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The accounting and reporting policies of the Company conform to U.S. GAAP. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Examples of estimates include, but are not limited to, estimates of the fair values of financial instruments, interest income on mortgage-backed securities (&#x201C;MBS&#x201D;) and other-than-temporary impairment charges. Actual results may differ from those estimates.</font></p> </div>
us-gaap Interest Income Securities Mortgage Backed
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us-gaap Interest Expense
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37692000
ivr Securities Sold Under Agreements To Repurchase Weighted Average Remaining Maturity
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P19D
ivr Hedging Exposure To Variability In Future Cash Flows For Forecasted Transaction Over Period
HedgingExposureToVariabilityInFutureCashFlowsForForecastedTransactionOverPeriod
P104M
ivr Available For Sale Securities Unamortized Discount
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1108194000
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AvailableForSaleSecuritiesUnamortizedPremium
794903000
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-94722000
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516164000
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-672589000
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512080000
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2694000
ivr Available For Sale Securities Weighted Average Yield
AvailableForSaleSecuritiesWeightedAverageYield
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AvailableForSaleSecuritiesNetWeightedAverageCouponRate
0.0423 pure
ivr Available For Sale Securities Average Yield
AvailableForSaleSecuritiesAverageYield
0.0351 pure
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1.11 pure
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0.0150 pure
ivr Incremental Common Shares Attributable To Operating Partnership Unit
IncrementalCommonSharesAttributableToOperatingPartnershipUnit
1425000 shares
ivr Components Of Non Agency Rmbs Portfolio By Asset Type
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<div> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The following table summarizes our non-Agency RMBS portfolio by asset type as of September&#xA0;30, 2012 and December&#xA0;31, 2011, respectively:</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr> <td width="42%"></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="1"><b>$ in thousands</b></font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>September&#xA0;30,2012</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>%&#xA0;of&#xA0;Non-Agency</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>December&#xA0;31,2011</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>%&#xA0;of&#xA0;Non-Agency</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Re-REMIC Senior</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,811,216</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">69.0&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,634,376</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">69.3</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">%&#xA0;</font></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Prime</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">508,164</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">19.4&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">482,113</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">20.4</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">%&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; 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MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Total Non-Agency</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2,625,793</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">100.0&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2,359,228</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">100.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">%&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div>
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135359000
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0.25 pure
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