$ORC
Orchid Island Capital, Inc.

2022 Q1 Form 10-Q Financial Statement

#000151862122000045 Filed on April 29, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $41.86M $26.86M
YoY Change 55.86% -24.71%
Cost Of Revenue $5.289M $3.560M
YoY Change 48.57% -80.11%
Gross Profit -$146.7M -$27.50M
YoY Change 433.32% -69.59%
Gross Profit Margin -350.39% -102.4%
Selling, General & Admin $4.697M $3.493M
YoY Change 34.47% 63.15%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $4.697M $3.493M
YoY Change 34.47% 63.15%
Operating Profit -$151.4M -$30.99M
YoY Change 388.37% -66.52%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$148.7M -$29.37M
YoY Change 406.39% -67.8%
Income Tax
% Of Pretax Income
Net Earnings -$148.7M -$29.37M
YoY Change 406.41% -67.8%
Net Earnings / Revenue -355.32% -109.36%
Basic Earnings Per Share -$4.20 -$0.34
Diluted Earnings Per Share -$840.3K -$0.34
COMMON SHARES
Basic Shares Outstanding 177.0M shares 85.12M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $297.2M $211.4M
YoY Change 40.61% 29.93%
Cash & Equivalents $297.2M $211.4M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $155.0M
Other Receivables $10.80M
Total Short-Term Assets $312.1M $377.2M
YoY Change -17.26% 118.29%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $4.617B $4.339B
YoY Change 6.42% 47.13%
Other Assets $130.2M $117.2M
YoY Change 11.09% 427.93%
Total Long-Term Assets $4.875B $4.554B
YoY Change 7.07% 52.32%
TOTAL ASSETS
Total Short-Term Assets $312.1M $377.2M
Total Long-Term Assets $4.875B $4.554B
Total Assets $5.187B $4.931B
YoY Change 5.2% 55.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.066M $700.0K
YoY Change 52.29% 40.0%
Accrued Expenses $1.018M $900.0K
YoY Change 13.11% -76.32%
Deferred Revenue
YoY Change
Short-Term Debt $4.464B $4.182B
YoY Change 6.75% 48.8%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.474B $4.407B
YoY Change 1.52% 56.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $120.8M $57.40M
YoY Change 110.5% 85.76%
Total Long-Term Liabilities $120.8M $57.40M
YoY Change 110.5% 85.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.474B $4.407B
Total Long-Term Liabilities $120.8M $57.40M
Total Liabilities $4.595B $4.465B
YoY Change 2.92% 56.42%
SHAREHOLDERS EQUITY
Retained Earnings -$47.36M
YoY Change -57.45%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $592.4M $466.2M
YoY Change
Total Liabilities & Shareholders Equity $5.187B $4.931B
YoY Change 5.21% 55.92%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$148.7M -$29.37M
YoY Change 406.41% -67.8%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $114.2M $24.76M
YoY Change 361.06% -448.77%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $1.674B -$662.4M
YoY Change -352.74% -217.5%
Cash From Investing Activities $1.674B -$662.4M
YoY Change -352.74% -217.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $214.0K -$96.61M
YoY Change -100.22% 396.79%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.811B $666.7M
YoY Change -371.68% -205.18%
NET CHANGE
Cash From Operating Activities $114.2M $24.76M
Cash From Investing Activities $1.674B -$662.4M
Cash From Financing Activities -1.811B $666.7M
Net Change In Cash $1.788B $29.09M
YoY Change 6048.27% -104.59%
FREE CASH FLOW
Cash From Operating Activities $114.2M $24.76M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<div id="TextBlockContainer7" style="position:relative;font-family:'Arial Narrow';font-size:14.72px;font-stretch:condensed;color:#000000;line-height:normal;width:733px;height:114px;display:inline-block;border:inherit;margin-left:-2px;margin-right:-2px;"><div id="a1777" style="position:absolute;font-family:'Arial Narrow';font-size:14.72px;font-weight:normal;font-style:normal;font-stretch:condensed;color:#000000;left:29px;top:0px;">The preparation<div style="display:inline-block;width:1px"> </div>of financial<div style="display:inline-block;width:1px"> </div>statements<div style="display:inline-block;width:2px"> </div>in conformity<div style="display:inline-block;width:1px"> </div>with GAAP<div style="display:inline-block;width:1px"> </div>requires<div style="display:inline-block;width:2px"> </div>management<div style="display:inline-block;width:2px"> </div>to make estimates<div style="display:inline-block;width:1px"> </div>and assumptions<div style="display:inline-block;width:1px"> </div>that affect </div><div id="a1779" style="position:absolute;font-family:'Arial Narrow';font-size:14.72px;font-weight:normal;font-style:normal;font-stretch:condensed;color:#000000;left:4px;top:19px;">the reported<div style="display:inline-block;width:1px"> </div>amounts of<div style="display:inline-block;width:2px"> </div>assets and<div style="display:inline-block;width:2px"> </div>liabilities<div style="display:inline-block;width:2px"> </div>and disclosure<div style="display:inline-block;width:1px"> </div>of contingent<div style="display:inline-block;width:1px"> </div>assets and<div style="display:inline-block;width:2px"> </div>liabilities<div style="display:inline-block;width:1px"> </div>at the date<div style="display:inline-block;width:1px"> </div>of the financial<div style="display:inline-block;width:1px"> </div>statements<div style="display:inline-block;width:2px"> </div>and </div><div id="a1782" style="position:absolute;font-family:'Arial Narrow';font-size:14.72px;font-weight:normal;font-style:normal;font-stretch:condensed;color:#000000;left:4px;top:39px;">the reported<div style="display:inline-block;width:1px"> </div>amounts of<div style="display:inline-block;width:2px"> </div>revenues<div style="display:inline-block;width:2px"> </div>and expenses<div style="display:inline-block;width:1px"> </div>during the<div style="display:inline-block;width:2px"> </div>reporting<div style="display:inline-block;width:2px"> </div>period. Actual<div style="display:inline-block;width:1px"> </div>results could<div style="display:inline-block;width:1px"> </div>differ from<div style="display:inline-block;width:2px"> </div>those estimates.<div style="display:inline-block;width:4px"> </div>The </div><div id="a1785" style="position:absolute;font-family:'Arial Narrow';font-size:14.72px;font-weight:normal;font-style:normal;font-stretch:condensed;color:#000000;left:4px;top:58px;">significant<div style="display:inline-block;width:2px"> </div>estimates<div style="display:inline-block;width:2px"> </div>affecting the<div style="display:inline-block;width:1px"> </div>accompanying<div style="display:inline-block;width:2px"> </div>financial<div style="display:inline-block;width:2px"> </div>statements<div style="display:inline-block;width:2px"> </div>are the fair<div style="display:inline-block;width:1px"> </div>values of RMBS<div style="display:inline-block;width:1px"> </div>and derivatives.<div style="display:inline-block;width:1px"> </div>Management<div style="display:inline-block;width:2px"> </div>believes </div><div id="a1789" style="position:absolute;font-family:'Arial Narrow';font-size:14.72px;font-weight:normal;font-style:normal;font-stretch:condensed;color:#000000;left:4px;top:77px;">the estimates<div style="display:inline-block;width:1px"> </div>and assumptions<div style="display:inline-block;width:1px"> </div>underlying<div style="display:inline-block;width:2px"> </div>the financial<div style="display:inline-block;width:1px"> </div>statements<div style="display:inline-block;width:2px"> </div>are reasonable<div style="display:inline-block;width:1px"> </div>based on<div style="display:inline-block;width:2px"> </div>the information<div style="display:inline-block;width:1px"> </div>available<div style="display:inline-block;width:2px"> </div>as of March<div style="display:inline-block;width:2px"> </div>31, </div><div id="a1791" style="position:absolute;font-family:'Arial Narrow';font-size:14.72px;font-weight:normal;font-style:normal;font-stretch:condensed;color:#000000;left:4px;top:97px;">2022.</div></div>
CY2022Q1 orc Gross Amount Of Recognized Assets
GrossAmountOfRecognizedAssets
126910000 USD
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
297246000 USD
CY2022Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
130199000 USD
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
65299000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
427445000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
450442000 USD
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
65299000 USD
CY2022Q1 orc Assets Pledged To Counterparties
AssetsPledgedToCounterparties
4758342000 USD
CY2022Q1 us-gaap Gain Loss On Derivative Instruments Held For Trading Purposes Net
GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet
177816000 USD
CY2021Q1 us-gaap Gain Loss On Derivative Instruments Held For Trading Purposes Net
GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet
45472000 USD
CY2022Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
130199000 USD
CY2021Q4 orc Assets Pledged To Counterparties
AssetsPledgedToCounterparties
6620228000 USD
CY2022Q1 us-gaap Financial Instruments Owned Mortgages Mortgage Backed And Asset Backed Securities At Fair Value
FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue
4580594000 USD
CY2022Q1 us-gaap Financial Instruments Owned Us Government And Agency Obligations At Fair Value
FinancialInstrumentsOwnedUSGovernmentAndAgencyObligationsAtFairValue
36500000 USD
CY2021Q4 us-gaap Financial Instruments Owned Us Government And Agency Obligations At Fair Value
FinancialInstrumentsOwnedUSGovernmentAndAgencyObligationsAtFairValue
37200000 USD
CY2022Q1 orc Proceeds From Sale Of Mortgage Backed Securities Mbs Categorized As Trading
ProceedsFromSaleOfMortgageBackedSecuritiesMbsCategorizedAsTrading
1413039000 USD
CY2021Q1 orc Proceeds From Sale Of Mortgage Backed Securities Mbs Categorized As Trading
ProceedsFromSaleOfMortgageBackedSecuritiesMbsCategorizedAsTrading
988523000 USD
CY2022Q1 orc Investment Sales Carrying Value
InvestmentSalesCarryingValue
-1464125000 USD
CY2021Q1 orc Investment Sales Carrying Value
InvestmentSalesCarryingValue
-995920000 USD
CY2022Q1 us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
-51086000 USD
CY2021Q1 us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
-7397000 USD
CY2022Q1 us-gaap Debt Securities Available For Sale Realized Gain
DebtSecuritiesAvailableForSaleRealizedGain
709000 USD
CY2021Q1 us-gaap Debt Securities Available For Sale Realized Gain
DebtSecuritiesAvailableForSaleRealizedGain
2813000 USD
CY2022Q1 us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
-51795000 USD
CY2021Q1 us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
-10210000 USD
CY2022Q1 us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
-51086000 USD
CY2021Q1 us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
-7397000 USD
CY2022Q1 us-gaap Securities Sold Under Agreements To Repurchase Fair Value Of Collateral
SecuritiesSoldUnderAgreementsToRepurchaseFairValueOfCollateral
4591663000 USD
CY2022Q1 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
4464109000 USD
CY2022Q1 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0037 pure
CY2021Q4 us-gaap Securities Sold Under Agreements To Repurchase Fair Value Of Collateral
SecuritiesSoldUnderAgreementsToRepurchaseFairValueOfCollateral
6525175000 USD
CY2021Q4 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
6244106000 USD
CY2021Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0015 pure
CY2021Q4 orc Securities Pledged By Counterparties
SecuritiesPledgedByCounterparties
11545000 USD
CY2022Q1 orc Gross Amount Of Assets Offset In The Balance Sheet
GrossAmountOfAssetsOffsetInTheBalanceSheet
0 USD
CY2022Q1 orc Net Amount Of Assets Presented In The Balance Sheet
NetAmountOfAssetsPresentedInTheBalanceSheet
126910000 USD
CY2022Q1 orc Gross Amounts Of Financial Instruments Received Not Offset In Balance Sheet
GrossAmountsOfFinancialInstrumentsReceivedNotOffsetInBalanceSheet
0 USD
CY2022Q1 orc Gross Amounts Of Cash Collateral Received Not Offset In Balance Sheet
GrossAmountsOfCashCollateralReceivedNotOffsetInBalanceSheet
-34983000 USD
CY2022Q1 orc Net Amount Of Assets
NetAmountOfAssets
91927000 USD
CY2021Q4 orc Gross Amount Of Recognized Assets
GrossAmountOfRecognizedAssets
50786000 USD
CY2021Q4 orc Gross Amount Of Assets Offset In The Balance Sheet
GrossAmountOfAssetsOffsetInTheBalanceSheet
0 USD
CY2021Q4 orc Net Amount Of Assets Presented In The Balance Sheet
NetAmountOfAssetsPresentedInTheBalanceSheet
50786000 USD
CY2021Q4 orc Gross Amounts Of Financial Instruments Received Not Offset In Balance Sheet
GrossAmountsOfFinancialInstrumentsReceivedNotOffsetInBalanceSheet
0 USD
CY2021Q4 orc Gross Amounts Of Cash Collateral Received Not Offset In Balance Sheet
GrossAmountsOfCashCollateralReceivedNotOffsetInBalanceSheet
-6350000 USD
CY2021Q4 orc Net Amount Of Assets
NetAmountOfAssets
44436000 USD
CY2022Q1 orc Gross Amount Of Liabilties Offset In The Balance Sheet
GrossAmountOfLiabiltiesOffsetInTheBalanceSheet
0 USD
CY2022Q1 orc Gross Amounts Of Cash Posted Not Offset In Balance Sheet
GrossAmountsOfCashPostedNotOffsetInBalanceSheet
-113589000 USD
CY2021Q4 orc Gross Amount Of Recognized Liabilties
GrossAmountOfRecognizedLiabilties
6251695000 USD
CY2021Q4 orc Gross Amount Of Liabilties Offset In The Balance Sheet
GrossAmountOfLiabiltiesOffsetInTheBalanceSheet
0 USD
CY2021Q4 orc Net Amount Of Liabilities Presented In The Balance Sheet
NetAmountOfLiabilitiesPresentedInTheBalanceSheet
6251695000 USD
CY2021Q4 orc Gross Amount Of Financial Instruments Posted Not Offset In Balance Sheet
GrossAmountOfFinancialInstrumentsPostedNotOffsetInBalanceSheet
-6189704000 USD
CY2021Q4 orc Gross Amounts Of Cash Posted Not Offset In Balance Sheet
GrossAmountsOfCashPostedNotOffsetInBalanceSheet
-57264000 USD
CY2021Q4 orc Net Amount Of Liabilities
NetAmountOfLiabilities
4727000 USD
CY2021 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
100828173 shares
CY2021 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
514059000 USD
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Outstanding Stock Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum
0.10 pure
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
7366623 shares
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-29369000 USD
CY2022Q1 orc Common Shares Outstanding Earnings Per Share
CommonSharesOutstandingEarningsPerShare
177117000 shares
CY2021Q1 orc Common Shares Outstanding Earnings Per Share
CommonSharesOutstandingEarningsPerShare
94411000 shares
CY2022Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
176998000 shares
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
85345000 shares
CY2022Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.84
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.34
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
454000 shares
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
242000 shares
CY2021Q1 orc Effect Of Weighting
EffectOfWeighting
-9066000 shares

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