$ORC
Orchid Island Capital, Inc.

2021 Q1 Form 10-Q Financial Statement

#000151862121000079 Filed on April 30, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020 Q1
Revenue $26.86M $21.29M $35.67M
YoY Change -24.71% -48.54% 9.98%
Cost Of Revenue $3.560M $3.400M $17.90M
YoY Change -80.11% -84.19% -11.3%
Gross Profit -$27.50M $17.89M -$90.44M
YoY Change -69.59% -9.96% -885.75%
Gross Profit Margin -102.4% 84.03% -253.54%
Selling, General & Admin $3.493M $1.210M $2.141M
YoY Change 63.15% 15.24% -2.5%
% of Gross Profit 6.76%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $3.493M $1.410M $2.141M
YoY Change 63.15% 11.9% -2.5%
Operating Profit -$30.99M $16.48M -$92.58M
YoY Change -66.52% -11.45% -1094.0%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $972.0K $417.0K
YoY Change 10.45% -29.08%
Pretax Income -$29.37M $16.48M -$91.20M
YoY Change -67.8% -11.45% -960.38%
Income Tax
% Of Pretax Income
Net Earnings -$29.37M $16.48M -$91.20M
YoY Change -67.8% -11.46% -960.61%
Net Earnings / Revenue -109.36% 77.4% -255.67%
Basic Earnings Per Share -$0.34 -$1.41
Diluted Earnings Per Share -$0.34 $0.23 -$1.41
COMMON SHARES
Basic Shares Outstanding 85.12M shares 69.30M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q4 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $211.4M $220.1M $162.7M
YoY Change 29.93% 13.57% 29.23%
Cash & Equivalents $211.4M $220.1M $162.7M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $155.0M $400.0K
Other Receivables $10.80M $9.700M
Total Short-Term Assets $377.2M $230.2M $172.8M
YoY Change 118.29% 11.64% 24.77%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $4.339B $3.727B $2.949B
YoY Change 47.13% 3.79% -4.52%
Other Assets $117.2M $58.80M $22.20M
YoY Change 427.93% -10.77% 226.47%
Total Long-Term Assets $4.554B $3.828B $2.990B
YoY Change 52.32% 4.13% -4.16%
TOTAL ASSETS
Total Short-Term Assets $377.2M $230.2M $172.8M
Total Long-Term Assets $4.554B $3.828B $2.990B
Total Assets $4.931B $4.058B $3.162B
YoY Change 55.92% 4.53% -2.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $700.0K $600.0K $500.0K
YoY Change 40.0% 0.0% 0.0%
Accrued Expenses $900.0K $1.200M $3.800M
YoY Change -76.32% -89.19% -25.49%
Deferred Revenue
YoY Change
Short-Term Debt $4.182B $3.596B $2.810B
YoY Change 48.8% 4.28% -1.97%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.407B $3.602B $2.823B
YoY Change 56.1% 3.97% -3.02%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $57.40M $40.40M $30.90M
YoY Change 85.76% 86.18% 423.73%
Total Long-Term Liabilities $57.40M $40.40M $30.90M
YoY Change 85.76% 86.18% 423.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.407B $3.602B $2.823B
Total Long-Term Liabilities $57.40M $40.40M $30.90M
Total Liabilities $4.465B $3.643B $2.854B
YoY Change 56.42% 4.48% -2.16%
SHAREHOLDERS EQUITY
Retained Earnings -$47.36M -$17.99M -$111.3M
YoY Change -57.45% -10.58% 229.45%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $466.2M $415.3M $308.1M
YoY Change
Total Liabilities & Shareholders Equity $4.931B $4.058B $3.162B
YoY Change 55.92% 4.53% -2.93%

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020 Q1
OPERATING ACTIVITIES
Net Income -$29.37M $16.48M -$91.20M
YoY Change -67.8% -11.46% -960.61%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $24.76M $24.49M -$7.100M
YoY Change -448.77% 2.99% 346.54%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$662.4M -$309.1M $563.7M
YoY Change -217.5% -171.27% 208.28%
Cash From Investing Activities -$662.4M -$309.1M $563.7M
YoY Change -217.5% -171.27% 208.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$96.61M -$19.45M
YoY Change 396.79% 255.33%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $666.7M 336.8M -$633.8M
YoY Change -205.18% -188.38% 285.07%
NET CHANGE
Cash From Operating Activities $24.76M 24.49M -7.100M
Cash From Investing Activities -$662.4M -309.1M 563.7M
Cash From Financing Activities $666.7M 336.8M -$633.8M
Net Change In Cash $29.09M 52.16M -$633.8M
YoY Change -104.59% -31.76% -3902.19%
FREE CASH FLOW
Cash From Operating Activities $24.76M $24.49M -$7.100M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<div id="TextBlockContainer7" style="position:relative;font-family:Arial;font-size:14.72px;font-stretch:condensed;color:#000000;line-height:normal;width:733px;height:115px;display:inline-block;border:inherit;margin-left:-2px;margin-right:-2px;"><div id="a1868" style="position:absolute;font-weight:normal;font-style:normal;left:28.475px;top:0px;">The preparation<div style="display:inline-block;width:0.86px"> </div>of financial<div style="display:inline-block;width:1.48px"> </div>statements<div style="display:inline-block;width:1.75px"> </div>in conformity<div style="display:inline-block;width:1.33px"> </div>with GAAP<div style="display:inline-block;width:1.48px"> </div>requires management<div style="display:inline-block;width:0.34px"> </div>to make estimates<div style="display:inline-block;width:0.75px"> </div>and assumptions<div style="display:inline-block;width:0.73px"> </div>that affect </div><div id="a1870" style="position:absolute;font-weight:normal;font-style:normal;left:4.475px;top:19.4px;">the reported<div style="display:inline-block;width:1.3px"> </div>amounts of<div style="display:inline-block;width:1.71px"> </div>assets and<div style="display:inline-block;width:1.61px"> </div>liabilities<div style="display:inline-block;width:1.74px"> </div>and disclosure<div style="display:inline-block;width:1.04px"> </div>of contingent<div style="display:inline-block;width:1.1px"> </div>assets and<div style="display:inline-block;width:1.77px"> </div>liabilities<div style="display:inline-block;width:1.52px"> </div>at the date<div style="display:inline-block;width:1.5px"> </div>of the financial<div style="display:inline-block;width:0.86px"> </div>statements<div style="display:inline-block;width:1.75px"> </div>and </div><div id="a1872" style="position:absolute;font-weight:normal;font-style:normal;left:4.475px;top:38.7px;">the reported<div style="display:inline-block;width:1.3px"> </div>amounts of<div style="display:inline-block;width:1.71px"> </div>revenues and<div style="display:inline-block;width:1.41px"> </div>expenses during<div style="display:inline-block;width:1.01px"> </div>the reporting<div style="display:inline-block;width:1.02px"> </div>period. Actual<div style="display:inline-block;width:1.06px"> </div>results could<div style="display:inline-block;width:1.35px"> </div>differ from<div style="display:inline-block;width:1.71px"> </div>those estimates.<div style="display:inline-block;width:4.07px"> </div>The </div><div id="a1875" style="position:absolute;font-weight:normal;font-style:normal;left:4.475px;top:58.1px;">significant<div style="display:inline-block;width:1.68px"> </div>estimates<div style="display:inline-block;width:1.78px"> </div>affecting the<div style="display:inline-block;width:1.31px"> </div>accompanying<div style="display:inline-block;width:1.52px"> </div>financial<div style="display:inline-block;width:1.79px"> </div>statements<div style="display:inline-block;width:1.59px"> </div>are the fair<div style="display:inline-block;width:1.4px"> </div>values of RMBS<div style="display:inline-block;width:1px"> </div>and derivatives.<div style="display:inline-block;width:0.93px"> </div>Management<div style="display:inline-block;width:1.54px"> </div>believes </div><div id="a1879" style="position:absolute;font-weight:normal;font-style:normal;left:4.475px;top:77.5px;">the estimates<div style="display:inline-block;width:1.32px"> </div>and assumptions<div style="display:inline-block;width:0.73px"> </div>underlying<div style="display:inline-block;width:1.74px"> </div>the financial<div style="display:inline-block;width:1.33px"> </div>statements<div style="display:inline-block;width:1.59px"> </div>are reasonable<div style="display:inline-block;width:1.07px"> </div>based on the<div style="display:inline-block;width:1.39px"> </div>information<div style="display:inline-block;width:1.57px"> </div>available as<div style="display:inline-block;width:1.53px"> </div>of March 31, </div><div id="a1881" style="position:absolute;font-weight:normal;font-style:normal;left:4.475px;top:96.8px;">2021.</div></div>
CY2021Q1 us-gaap Financial Instruments Owned At Fair Value
FinancialInstrumentsOwnedAtFairValue
4338536000 USD
CY2020Q4 us-gaap Financial Instruments Owned At Fair Value
FinancialInstrumentsOwnedAtFairValue
3726895000 USD
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
211436000 USD
CY2021Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
117155000 USD
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
79363000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
328591000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
299506000 USD
CY2021Q1 us-gaap Gain Loss On Derivative Instruments Held For Trading Purposes Net
GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet
45472000 USD
CY2020Q1 us-gaap Gain Loss On Derivative Instruments Held For Trading Purposes Net
GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet
-82858000 USD
CY2021Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
117155000 USD
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
79363000 USD
CY2021Q1 orc Assets Pledged To Counterparties
AssetsPledgedToCounterparties
4403204000 USD
CY2020Q4 orc Assets Pledged To Counterparties
AssetsPledgedToCounterparties
3808905000 USD
CY2021Q1 orc Securities Pledged By Counterparties
SecuritiesPledgedByCounterparties
22205000 USD
CY2020Q4 orc Securities Pledged By Counterparties
SecuritiesPledgedByCounterparties
6456000 USD
CY2021Q1 orc Gross Amount Of Recognized Assets
GrossAmountOfRecognizedAssets
95752000 USD
CY2021Q1 orc Gross Amount Of Assets Offset In The Balance Sheet
GrossAmountOfAssetsOffsetInTheBalanceSheet
0 USD
CY2021Q1 orc Net Amount Of Assets Presented In The Balance Sheet
NetAmountOfAssetsPresentedInTheBalanceSheet
95752000 USD
CY2021Q1 orc Gross Amounts Of Financial Instruments Received Not Offset In Balance Sheet
GrossAmountsOfFinancialInstrumentsReceivedNotOffsetInBalanceSheet
0 USD
CY2021Q1 orc Gross Amounts Of Cash Collateral Received Not Offset In Balance Sheet
GrossAmountsOfCashCollateralReceivedNotOffsetInBalanceSheet
-21369000 USD
CY2021Q1 orc Net Amount Of Assets
NetAmountOfAssets
74383000 USD
CY2020Q4 orc Gross Amount Of Recognized Assets
GrossAmountOfRecognizedAssets
20999000 USD
CY2020Q4 orc Gross Amount Of Assets Offset In The Balance Sheet
GrossAmountOfAssetsOffsetInTheBalanceSheet
0 USD
CY2020Q4 orc Net Amount Of Assets Presented In The Balance Sheet
NetAmountOfAssetsPresentedInTheBalanceSheet
20999000 USD
CY2020Q4 orc Gross Amounts Of Financial Instruments Received Not Offset In Balance Sheet
GrossAmountsOfFinancialInstrumentsReceivedNotOffsetInBalanceSheet
0 USD
CY2020Q4 orc Gross Amounts Of Cash Collateral Received Not Offset In Balance Sheet
GrossAmountsOfCashCollateralReceivedNotOffsetInBalanceSheet
-6083000 USD
CY2020Q4 orc Net Amount Of Assets
NetAmountOfAssets
14916000 USD
CY2021Q1 orc Gross Amount Of Recognized Liabilties
GrossAmountOfRecognizedLiabilties
4216737000 USD
CY2021Q1 orc Gross Amount Of Liabilties Offset In The Balance Sheet
GrossAmountOfLiabiltiesOffsetInTheBalanceSheet
0 USD
CY2021Q1 orc Net Amount Of Liabilities Presented In The Balance Sheet
NetAmountOfLiabilitiesPresentedInTheBalanceSheet
4216737000 USD
CY2021Q1 orc Gross Amounts Of Cash Posted Not Offset In Balance Sheet
GrossAmountsOfCashPostedNotOffsetInBalanceSheet
-102575000 USD
CY2020Q4 orc Gross Amount Of Recognized Liabilties
GrossAmountOfRecognizedLiabilties
3628813000 USD
CY2020Q4 orc Gross Amount Of Liabilties Offset In The Balance Sheet
GrossAmountOfLiabiltiesOffsetInTheBalanceSheet
0 USD
CY2020Q4 orc Net Amount Of Liabilities Presented In The Balance Sheet
NetAmountOfLiabilitiesPresentedInTheBalanceSheet
3628813000 USD
CY2020Q4 orc Gross Amount Of Financial Instruments Posted Not Offset In Balance Sheet
GrossAmountOfFinancialInstrumentsPostedNotOffsetInBalanceSheet
-3536757000 USD
CY2020Q4 orc Gross Amounts Of Cash Posted Not Offset In Balance Sheet
GrossAmountsOfCashPostedNotOffsetInBalanceSheet
-78874000 USD
CY2020Q4 orc Net Amount Of Liabilities
NetAmountOfLiabilities
13182000 USD
CY2021Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
18248048000 shares
CY2021Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
96908000 USD
CY2020 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
13019240 shares
CY2020 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
71050000 USD
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
4000000 shares
CY2020Q1 orc Common Shares Outstanding Earnings Per Share
CommonSharesOutstandingEarningsPerShare
66237000 shares
CY2021Q1 orc Effect Of Weighting
EffectOfWeighting
-9066000 shares
CY2020Q1 orc Effect Of Weighting
EffectOfWeighting
-1647000 shares
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
85345000 shares
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
64590000 shares
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.34
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.41
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
242000 shares
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-29369000 USD
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-91199000 USD
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-91199000 USD
CY2021Q1 orc Common Shares Outstanding Earnings Per Share
CommonSharesOutstandingEarningsPerShare
94411000 shares
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
67000 shares

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