2014 Q1 Form 10-Q Financial Statement

#000115752314002049 Filed on May 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue -$27.00M $1.106B
YoY Change -102.44% -1.24%
Cost Of Revenue $125.0M $177.6M
YoY Change -29.62% 33.23%
Gross Profit -$152.0M $928.0M
YoY Change -116.38% -5.9%
Gross Profit Margin 83.94%
Selling, General & Admin $47.40M $51.90M
YoY Change -8.67% -23.56%
% of Gross Profit 5.59%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $292.0K $0.00
YoY Change -100.0%
% of Gross Profit 0.0%
Operating Expenses $47.30M $51.90M
YoY Change -8.86% -23.68%
Operating Profit -$199.3M $876.1M
YoY Change -122.75% -4.59%
Interest Expense $125.0M $177.6M
YoY Change -29.63% 33.18%
% of Operating Profit 20.27%
Other Income/Expense, Net $20.68M $368.4M
YoY Change -94.39% 39.2%
Pretax Income -$210.4M $876.1M
YoY Change -124.02% -4.59%
Income Tax $4.001M $5.807M
% Of Pretax Income 0.66%
Net Earnings -$214.4M $870.3M
YoY Change -124.64% -3.5%
Net Earnings / Revenue 78.72%
Basic Earnings Per Share -$0.23 $0.90
Diluted Earnings Per Share -$0.23 $0.87
COMMON SHARES
Basic Shares Outstanding 947.5M shares 947.2M shares
Diluted Shares Outstanding 947.5M shares 994.8M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $924.0M $1.863B
YoY Change -50.4% 99.68%
Cash & Equivalents $924.2M $1.863B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $26.00M $1.305B
Other Receivables $276.0M $389.0M
Total Short-Term Assets $1.226B $3.557B
YoY Change -65.53% 94.48%
LONG-TERM ASSETS
Property, Plant & Equipment $40.00M
YoY Change
Goodwill $94.78M $55.42M
YoY Change 71.03%
Intangibles
YoY Change
Long-Term Investments $80.64B $121.8B
YoY Change -33.81% 2.93%
Other Assets
YoY Change
Total Long-Term Assets $81.19B $121.9B
YoY Change -33.42% 2.95%
TOTAL ASSETS
Total Short-Term Assets $1.226B $3.557B
Total Long-Term Assets $81.19B $121.9B
Total Assets $82.41B $125.5B
YoY Change -34.33% 4.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $171.0M $176.0M
YoY Change -2.84% 36.43%
Deferred Revenue
YoY Change
Short-Term Debt $64.54B $102.7B
YoY Change -37.12% 10.86%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $66.90B $106.5B
YoY Change -37.16% 7.57%
LONG-TERM LIABILITIES
Long-Term Debt $1.635B $825.0M
YoY Change 98.18% 57.44%
Other Long-Term Liabilities $1.318B $2.912B
YoY Change -54.74% -39.92%
Total Long-Term Liabilities $2.953B $3.737B
YoY Change -20.98% -30.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $66.90B $106.5B
Total Long-Term Liabilities $2.953B $3.737B
Total Liabilities $69.85B $110.2B
YoY Change -36.61% 5.61%
SHAREHOLDERS EQUITY
Retained Earnings -$1.040B -$2.366B
YoY Change -56.05%
Common Stock $9.475M $9.473M
YoY Change 0.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.56B $15.31B
YoY Change
Total Liabilities & Shareholders Equity $82.41B $125.5B
YoY Change -34.33% 4.34%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$214.4M $870.3M
YoY Change -124.64% -3.5%
Depreciation, Depletion And Amortization $292.0K $0.00
YoY Change -100.0%
Cash From Operating Activities $4.300B -$3.882B
YoY Change -210.77% -177.73%
INVESTING ACTIVITIES
Capital Expenditures -$126.0M
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$1.473B $7.151B
YoY Change -120.6% -191.53%
Cash From Investing Activities -$1.599B $7.151B
YoY Change -122.36% -191.53%
FINANCING ACTIVITIES
Cash Dividend Paid $284.2M $450.1M
YoY Change -36.86% -19.15%
Common Stock Issuance & Retirement, Net $141.1M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.329B -2.022B
YoY Change 15.18% -173.34%
NET CHANGE
Cash From Operating Activities 4.300B -3.882B
Cash From Investing Activities -1.599B 7.151B
Cash From Financing Activities -2.329B -2.022B
Net Change In Cash 372.0M 1.247B
YoY Change -70.17% -2111.29%
FREE CASH FLOW
Cash From Operating Activities $4.300B -$3.882B
Capital Expenditures -$126.0M
Free Cash Flow $4.426B
YoY Change

Facts In Submission

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FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#xA0;</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right" valign="bottom" width="14%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">100,000</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#xA0;</font></td> <td style="BORDER-BOTTOM: black 4px double" valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#xA0;</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td style="BORDER-BOTTOM: black 4px double; 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GeneralAndAdministrativeExpense
47378000
CY2014Q1 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
8857000
CY2014Q1 us-gaap Proceeds From Securities Purchased Under Agreements To Resell
ProceedsFromSecuritiesPurchasedUnderAgreementsToResell
35181890000
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
371761000
CY2014Q1 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
CY2014Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
400000
CY2014Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
6155091000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1599436000
CY2014Q1 us-gaap Employee Service Share Based Compensation Cash Received From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationCashReceivedFromExerciseOfStockOptions
0
CY2014Q1 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
25032000
CY2014Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
18897000
CY2014Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
6410000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4001000
CY2014Q1 us-gaap Interest Expense Securities Sold Under Agreements To Repurchase
InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase
1076000
CY2014Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
284247000
CY2014Q1 us-gaap Mortgage Loans On Real Estate Other Additions
MortgageLoansOnRealEstateOtherAdditions
126946000
CY2014Q1 us-gaap Interest Expense
InterestExpense
124971000
CY2014Q1 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
20740000
CY2014Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
7300000
CY2014Q1 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
17992000
CY2014Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2813000
CY2014Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
99000
CY2014Q1 us-gaap Depreciation
Depreciation
292000
CY2014Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
38521000
CY2014Q1 us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
973000
CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
80718000
CY2014Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
13801000
CY2014Q1 nly Interest Paid Excluding Interest Paid On Interest Rate Swaps
InterestPaidExcludingInterestPaidOnInterestRateSwaps
118131000
CY2014Q1 nly Nonoperating Income Expense Pre Derivative Instruments
NonoperatingIncomeExpensePreDerivativeInstruments
-66683000
CY2014Q1 nly Securities Sold Under Agreements To Repurchase Gross Amounts
SecuritiesSoldUnderAgreementsToRepurchaseGrossAmounts
65866137000
CY2014Q1 nly Interest Paid Net Interest Rate Derivative
InterestPaidNetInterestRateDerivative
250571000
CY2014Q1 nly Open Tax Years
OpenTaxYears
2012, 2011 and 2010
CY2014Q1 nly Debt Instrument Repurchase Rate
DebtInstrumentRepurchaseRate
0.14 pure
CY2014Q1 nly Proceeds From Debt Investments
ProceedsFromDebtInvestments
3159253000
CY2014Q1 nly Proceeds From Securities Loaned
ProceedsFromSecuritiesLoaned
37178735000
CY2014Q1 nly Proceeds From Principal Collection Of Corporate Debt
ProceedsFromPrincipalCollectionOfCorporateDebt
1051000
CY2014Q1 nly Proceeds From Principal Collection Of Mortgage Backed Securities Categorized As Available For Sale
ProceedsFromPrincipalCollectionOfMortgageBackedSecuritiesCategorizedAsAvailableForSale
1675575000
CY2014Q1 nly Payments On Securities Loaned
PaymentsOnSecuritiesLoaned
39192893000
CY2014Q1 nly Increase Decrease In Lease Origination Costs
IncreaseDecreaseInLeaseOriginationCosts
-996000
CY2014Q1 nly Accretion Amortization Of Discounts And Premiums On Loan Purchases
AccretionAmortizationOfDiscountsAndPremiumsOnLoanPurchases
890000
CY2014Q1 nly Payments On Securities Borrowed
PaymentsOnSecuritiesBorrowed
17924187000
CY2014Q1 nly Unrealized Gain Loss On Interest Only Mortgage Backed Securities Mbs
UnrealizedGainLossOnInterestOnlyMortgageBackedSecuritiesMBS
-20793000
CY2014Q1 nly Securities Sold Under Agreements To Repurchase Amounts Offset
SecuritiesSoldUnderAgreementsToRepurchaseAmountsOffset
1322188000
CY2014Q1 nly Interest Income Securities Loaned
InterestIncomeSecuritiesLoaned
114000
CY2014Q1 nly Payments To Acquire Corporate Debt
PaymentsToAcquireCorporateDebt
28705000
CY2014Q1 nly Proceeds From Repurchase Agreements From Broker Dealer
ProceedsFromRepurchaseAgreementsFromBrokerDealer
329649937000
CY2014Q1 nly Gain Loss On Realized Interest Rate Swaps
GainLossOnRealizedInterestRateSwaps
-260435000
CY2014Q1 nly Interest Paid On Repurchase Agreements
InterestPaidOnRepurchaseAgreements
103131000
CY2014Q1 nly Payments On Repurchase Agreements From Broker Dealer
PaymentsOnRepurchaseAgreementsFromBrokerDealer
324602992000
CY2014Q1 nly Securities For Reverse Repurchase Agreements Amounts Offset
SecuritiesForReverseRepurchaseAgreementsAmountsOffset
1322188000
CY2014Q1 nly Net Proceeds From Direct Purchase And Dividend Reinvestment
NetProceedsFromDirectPurchaseAndDividendReinvestment
607000
CY2014Q1 nly Stock Issued During Period Shares Direct Purchase And Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDirectPurchaseAndDividendReinvestmentPlan
56000 shares
CY2014Q1 nly Realized And Unrealized Gain Loss On Sale Of Trading Assets
RealizedAndUnrealizedGainLossOnSaleOfTradingAssets
-146228000
CY2014Q1 nly Dividends Received
DividendsReceived
13045000
CY2014Q1 nly Securities For Reverse Repurchase Agreements Gross Amounts
SecuritiesForReverseRepurchaseAgreementsGrossAmounts
1766563000
CY2014Q1 nly Fees Received
FeesReceived
6464000
CY2014Q1 nly Realized And Unrealized Gain Loss On Sale Of Debt Investments Us Treasury Securities
RealizedAndUnrealizedGainLossOnSaleOfDebtInvestmentsUSTreasurySecurities
-146228000
CY2014Q1 nly Notional Amount Of Interest Rate Derivatives Settled
NotionalAmountOfInterestRateDerivativesSettled
58100000000
CY2014Q1 nly Mortgage Backed Securities Sold Carrying Value
MortgageBackedSecuritiesSoldCarryingValue
4300000000
CY2014Q1 nly Gain Loss On Termination Of Interest Rate Swaps
GainLossOnTerminationOfInterestRateSwaps
-6842000
CY2014Q1 nly Common Stock Equity Distribution Agreement Description
CommonStockEquityDistributionAgreementDescription
In March 2012, the Company entered into six separate Distribution Agency Agreements ("Distribution Agency Agreements") with each of Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and RCap Securities, Inc. (together, the Agents).
CY2014Q1 nly Interest Income Securities Mortgage Backed And Agency Debentures
InterestIncomeSecuritiesMortgageBackedAndAgencyDebentures
614419000
CY2014Q1 nly Proceeds From Repurchase Agreements
ProceedsFromRepurchaseAgreements
49726537000
CY2014Q1 nly Increase Decrease In Advisory And Service Fees Receivable
IncreaseDecreaseInAdvisoryAndServiceFeesReceivable
-341000
CY2014Q1 nly Dividend Income From Available For Sale Equity Securities
DividendIncomeFromAvailableForSaleEquitySecurities
13045000
CY2014Q1 nly Proceeds From Direct Purchase And Dividend Reinvestment
ProceedsFromDirectPurchaseAndDividendReinvestment
607000
CY2014Q1 nly Principal Payments On Repurchase Agreements
PrincipalPaymentsOnRepurchaseAgreements
52010534000
CY2014Q1 nly Proceeds From Securities Borrowed
ProceedsFromSecuritiesBorrowed
19993580000
CY2014Q1 nly Payments On Structured Debt Financing
PaymentsOnStructuredDebtFinancing
72000
CY2014Q1 nly Common Stock Equity Distribution Agreement Date
CommonStockEquityDistributionAgreementDate
March 2012
CY2014Q1 nly Interest Expense Securities Borrowed
InterestExpenseSecuritiesBorrowed
95000
CY2014Q1 nly Payments For Proceeds From Derivative Instrument Operating Activities
PaymentsForProceedsFromDerivativeInstrumentOperatingActivities
-90440000
CY2014Q1 nly Payments On Debt Investments
PaymentsOnDebtInvestments
3920425000
CY2014Q1 nly Net Change In Unrealized Gain Loss On Availableforsale Securities And Interest Rate Swaps Net Of Reclassification Adjustment
NetChangeInUnrealizedGainLossOnAvailableforsaleSecuritiesAndInterestRateSwapsNetOfReclassificationAdjustment
660454000
CY2014Q1 nly Interest Received
InterestReceived
769627000
CY2014Q1 nly Interest Expense Participation Sold
InterestExpenseParticipationSold
161000
CY2014Q1 nly Accretion Amortization Of Discounts And Premiums Commercial Real Estate Investments
AccretionAmortizationOfDiscountsAndPremiumsCommercialRealEstateInvestments
-792000
CY2014Q1 nly Interest Income Commercial Real Estate Debt And Preferred Equity
InterestIncomeCommercialRealEstateDebtAndPreferredEquity
39486000
CY2014Q1 nly Interest Expense Securitized Debt Of Consolidated Vie
InterestExpenseSecuritizedDebtOfConsolidatedVie
1611000

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