2016 Q2 Form 10-Q Financial Statement

#000093023616000054 Filed on August 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $66.79M $63.37M
YoY Change 5.39% 9.28%
Cost Of Revenue $22.40M $23.00M
YoY Change -2.61% 8.49%
Gross Profit $44.30M $40.40M
YoY Change 9.65% 9.78%
Gross Profit Margin 66.33% 63.75%
Selling, General & Admin $17.30M $21.10M
YoY Change -18.01% 9.33%
% of Gross Profit 39.05% 52.23%
Research & Development $1.960M $2.242M
YoY Change -12.58% -43.63%
% of Gross Profit 4.42% 5.55%
Depreciation & Amortization $300.0K $200.0K
YoY Change 50.0% 100.0%
% of Gross Profit 0.68% 0.5%
Operating Expenses $20.16M $25.22M
YoY Change -20.08% 13.18%
Operating Profit $24.15M $15.18M
YoY Change 59.04% 4.57%
Interest Expense $22.44M $23.01M
YoY Change -2.45% 8.78%
% of Operating Profit 92.96% 151.55%
Other Income/Expense, Net
YoY Change
Pretax Income $41.61M $29.51M
YoY Change 40.99% 80.5%
Income Tax $327.0K $2.448M
% Of Pretax Income 0.79% 8.29%
Net Earnings $41.28M $27.06M
YoY Change 52.53% 68.97%
Net Earnings / Revenue 61.81% 42.71%
Basic Earnings Per Share $0.52 $0.31
Diluted Earnings Per Share $0.48 $0.31
COMMON SHARES
Basic Shares Outstanding 76.66M shares 83.94M shares
Diluted Shares Outstanding 97.76M shares 94.95M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.101B $1.384B
YoY Change -20.47% -30.87%
Cash & Equivalents $216.9M $226.4M
Short-Term Investments $883.8M $1.158B
Other Short-Term Assets $2.000M $3.000M
YoY Change -33.33% 50.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $342.0M $309.0M
YoY Change 10.68% 40.45%
LONG-TERM ASSETS
Property, Plant & Equipment $3.542M $4.442M
YoY Change -20.26% 153.25%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $994.0M $1.326B
YoY Change -25.04% -30.79%
Other Assets $8.000M $16.00M
YoY Change -50.0% 33.33%
Total Long-Term Assets $5.556B $5.287B
YoY Change 5.08% 2.49%
TOTAL ASSETS
Total Short-Term Assets $342.0M $309.0M
Total Long-Term Assets $5.556B $5.287B
Total Assets $5.898B $5.596B
YoY Change 5.39% 4.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.331M $5.446M
YoY Change -75.56%
Accrued Expenses $22.00M $24.00M
YoY Change -8.33% 14.29%
Deferred Revenue
YoY Change
Short-Term Debt $1.059B $1.367B
YoY Change -22.53% -20.45%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.082B $1.396B
YoY Change -22.49% -19.77%
LONG-TERM LIABILITIES
Long-Term Debt $3.544B $2.841B
YoY Change 24.74% 22.72%
Other Long-Term Liabilities $179.0M $83.00M
YoY Change 115.66% 23.88%
Total Long-Term Liabilities $3.723B $2.924B
YoY Change 27.33% 22.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.082B $1.396B
Total Long-Term Liabilities $3.723B $2.924B
Total Liabilities $4.805B $4.331B
YoY Change 10.94% 4.88%
SHAREHOLDERS EQUITY
Retained Earnings $1.072B $958.5M
YoY Change 11.85% 14.83%
Common Stock $1.680B $1.780B
YoY Change -5.64% 0.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.093B $1.265B
YoY Change
Total Liabilities & Shareholders Equity $5.898B $5.596B
YoY Change 5.39% 4.04%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $41.28M $27.06M
YoY Change 52.53% 68.97%
Depreciation, Depletion And Amortization $300.0K $200.0K
YoY Change 50.0% 100.0%
Cash From Operating Activities -$466.7M -$167.2M
YoY Change 179.13% -56.51%
INVESTING ACTIVITIES
Capital Expenditures -$8.400M -$10.80M
YoY Change -22.22% 390.91%
Acquisitions
YoY Change
Other Investing Activities $266.9M $326.9M
YoY Change -18.35% 585.32%
Cash From Investing Activities $258.6M $316.1M
YoY Change -18.19% 591.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 119.9M -226.3M
YoY Change -152.98% -165.4%
NET CHANGE
Cash From Operating Activities -466.7M -167.2M
Cash From Investing Activities 258.6M 316.1M
Cash From Financing Activities 119.9M -226.3M
Net Change In Cash -88.20M -77.40M
YoY Change 13.95% -1175.0%
FREE CASH FLOW
Cash From Operating Activities -$466.7M -$167.2M
Capital Expenditures -$8.400M -$10.80M
Free Cash Flow -$458.3M -$156.4M
YoY Change 193.03% -59.09%

Facts In Submission

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CY2016Q2 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Collateral Obligation To Return Cash
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedCollateralObligationToReturnCash
11530000 USD
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
41871000 USD
CY2016Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
30900000 USD
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
7682000 USD
CY2015Q2 us-gaap Contractually Specified Servicing Fees Amount
ContractuallySpecifiedServicingFeesAmount
8454000 USD
us-gaap Contractually Specified Servicing Fees Amount
ContractuallySpecifiedServicingFeesAmount
18170000 USD
CY2016Q2 us-gaap Contractually Specified Servicing Fees Amount
ContractuallySpecifiedServicingFeesAmount
10572000 USD
us-gaap Contractually Specified Servicing Fees Amount
ContractuallySpecifiedServicingFeesAmount
22256000 USD
CY2015Q2 us-gaap Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets
7292000 USD
us-gaap Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets
15779000 USD
CY2016Q2 us-gaap Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets
8870000 USD
us-gaap Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets
18516000 USD
CY2015Q4 us-gaap Cumulative Dividends
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1661149000 USD
CY2016Q2 us-gaap Cumulative Dividends
CumulativeDividends
1705452000 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
315000 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
575000 USD
CY2015Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowed
1243000 USD
CY2015Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Collateral Obligation To Return Securities
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedCollateralObligationToReturnSecurities
7549000 USD
CY2016Q2 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Collateral Obligation To Return Securities
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedCollateralObligationToReturnSecurities
36260000 USD
CY2015Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Gross
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedGross
11722000 USD
CY2016Q2 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Gross
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedGross
50162000 USD
CY2015Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Liability
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedLiability
0 USD
CY2015Q4 us-gaap Derivative Assets
DerivativeAssets
16393000 USD
CY2016Q2 us-gaap Derivative Assets
DerivativeAssets
57610000 USD
CY2015Q4 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
-46401000 USD
CY2016Q2 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
-61551000 USD
CY2015Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
62794000 USD
CY2016Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
119161000 USD
CY2015Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoaned
614000 USD
CY2016Q2 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoaned
307000 USD
CY2015Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Amount Offset Against Collateral
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAmountOffsetAgainstCollateral
1778711000 USD
CY2016Q2 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Amount Offset Against Collateral
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAmountOffsetAgainstCollateral
1177693000 USD
CY2015Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Asset
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAsset
0 USD
CY2016Q2 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Asset
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAsset
0 USD
CY2015Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Cash
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimCash
53167000 USD
CY2016Q2 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Cash
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimCash
82082000 USD
CY2015Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Securities
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimSecurities
1724930000 USD
CY2016Q2 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Securities
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimSecurities
1095304000 USD
CY2015Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Gross
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross
1778711000 USD
CY2016Q2 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Gross
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross
1177693000 USD
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.48
CY2016Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.52
us-gaap Effective Income Tax Rate Reconciliation Deductions Dividends
EffectiveIncomeTaxRateReconciliationDeductionsDividends
0.332
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.072
us-gaap Dividends Common Stock
DividendsCommonStock
48268000 USD
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.072
us-gaap Dividends Common Stock
DividendsCommonStock
44303000 USD
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.31
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.67
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.31
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.47
CY2016Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.48
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.67
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.074
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.007
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34
us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.016
us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.255
us-gaap Effective Income Tax Rate Reconciliation Deductions
EffectiveIncomeTaxRateReconciliationDeductions
0.156
us-gaap Effective Income Tax Rate Reconciliation Deductions
EffectiveIncomeTaxRateReconciliationDeductions
0.328
us-gaap Effective Income Tax Rate Reconciliation Deductions Dividends
EffectiveIncomeTaxRateReconciliationDeductionsDividends
0.346
CY2015Q4 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
17527000 USD
CY2016Q2 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
6690000 USD
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
6318000 USD
CY2015Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
23608000 USD
CY2016Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
16630000 USD
CY2015Q4 us-gaap Federal Home Loan Bank Stock
FederalHomeLoanBankStock
34437000 USD
CY2016Q2 us-gaap Federal Home Loan Bank Stock
FederalHomeLoanBankStock
43393000 USD
CY2016Q2 us-gaap Financial Instruments Owned And Pledged As Collateral At Fair Value
FinancialInstrumentsOwnedAndPledgedAsCollateralAtFairValue
10000000 USD
us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
10622000 USD
us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
19422000 USD
CY2015Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1366000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2598000 USD
CY2016Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1065000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2445000 USD
CY2015Q4 us-gaap Guaranty Assets
GuarantyAssets
5697000 USD
CY2016Q2 us-gaap Guaranty Assets
GuarantyAssets
3320000 USD
CY2015Q4 us-gaap Guaranty Liabilities
GuarantyLiabilities
22704000 USD
CY2016Q2 us-gaap Guaranty Liabilities
GuarantyLiabilities
24022000 USD
CY2016Q2 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
18000000 USD
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
29512000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
38997000 USD
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
41608000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
53699000 USD
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2448000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2868000 USD
CY2016Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
327000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
355000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
48000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
467000 USD
us-gaap Increase Decrease In Operating Assets
IncreaseDecreaseInOperatingAssets
28265000 USD
us-gaap Increase Decrease In Operating Assets
IncreaseDecreaseInOperatingAssets
20667000 USD
us-gaap Increase Decrease In Operating Liabilities
IncreaseDecreaseInOperatingLiabilities
-1390000 USD
us-gaap Increase Decrease In Operating Liabilities
IncreaseDecreaseInOperatingLiabilities
5390000 USD
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
1761000 USD
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
2726000 USD
CY2015Q2 us-gaap Increase Decrease In Trading Securities
IncreaseDecreaseInTradingSecurities
-7000000 USD
us-gaap Increase Decrease In Trading Securities
IncreaseDecreaseInTradingSecurities
-7000000 USD
CY2016Q2 us-gaap Increase Decrease In Trading Securities
IncreaseDecreaseInTradingSecurities
-400000 USD
us-gaap Increase Decrease In Trading Securities
IncreaseDecreaseInTradingSecurities
-4000000 USD
CY2015Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
9466859 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
0 shares
CY2016Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
21096738 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
11825450 shares
CY2015Q2 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
63373000 USD
us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
127119000 USD
CY2016Q2 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
66787000 USD
us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
129115000 USD
CY2015Q2 us-gaap Interest And Fee Income Loans Commercial Real Estate
InterestAndFeeIncomeLoansCommercialRealEstate
12679000 USD
us-gaap Interest And Fee Income Loans Commercial Real Estate
InterestAndFeeIncomeLoansCommercialRealEstate
23593000 USD
CY2016Q2 us-gaap Interest And Fee Income Loans Commercial Real Estate
InterestAndFeeIncomeLoansCommercialRealEstate
12921000 USD
us-gaap Interest And Fee Income Loans Commercial Real Estate
InterestAndFeeIncomeLoansCommercialRealEstate
22381000 USD
CY2015Q2 us-gaap Interest And Fee Income Loans Consumer Real Estate
InterestAndFeeIncomeLoansConsumerRealEstate
25808000 USD
us-gaap Interest And Fee Income Loans Consumer Real Estate
InterestAndFeeIncomeLoansConsumerRealEstate
50817000 USD
CY2016Q2 us-gaap Interest And Fee Income Loans Consumer Real Estate
InterestAndFeeIncomeLoansConsumerRealEstate
35154000 USD
us-gaap Interest And Fee Income Loans Consumer Real Estate
InterestAndFeeIncomeLoansConsumerRealEstate
66554000 USD
CY2015Q2 us-gaap Interest Expense
InterestExpense
23008000 USD
us-gaap Interest Expense
InterestExpense
46969000 USD
CY2016Q2 us-gaap Interest Expense
InterestExpense
22444000 USD
us-gaap Interest Expense
InterestExpense
46394000 USD
CY2015Q2 us-gaap Interest Expense Beneficial Interests Issued By Consolidated Variable Interest Entities
InterestExpenseBeneficialInterestsIssuedByConsolidatedVariableInterestEntities
5645000 USD
us-gaap Interest Expense Beneficial Interests Issued By Consolidated Variable Interest Entities
InterestExpenseBeneficialInterestsIssuedByConsolidatedVariableInterestEntities
11847000 USD
CY2016Q2 us-gaap Interest Expense Beneficial Interests Issued By Consolidated Variable Interest Entities
InterestExpenseBeneficialInterestsIssuedByConsolidatedVariableInterestEntities
3982000 USD
us-gaap Interest Expense Beneficial Interests Issued By Consolidated Variable Interest Entities
InterestExpenseBeneficialInterestsIssuedByConsolidatedVariableInterestEntities
8264000 USD
CY2015Q2 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
10836000 USD
us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
21371000 USD
CY2016Q2 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
13125000 USD
us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
26096000 USD
CY2015Q2 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
6527000 USD
us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
13751000 USD
CY2016Q2 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
5337000 USD
us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
12034000 USD
CY2015Q4 us-gaap Long Term Debt
LongTermDebt
2027737000 USD
CY2015Q2 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
40626000 USD
us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
80205000 USD
us-gaap Interest Income Other
InterestIncomeOther
95000 USD
CY2016Q2 us-gaap Interest Income Other
InterestIncomeOther
295000 USD
us-gaap Interest Income Other
InterestIncomeOther
668000 USD
CY2015Q2 us-gaap Interest Income Securities Mortgage Backed
InterestIncomeSecuritiesMortgageBacked
24839000 USD
us-gaap Interest Income Securities Mortgage Backed
InterestIncomeSecuritiesMortgageBacked
52614000 USD
CY2016Q2 us-gaap Interest Income Securities Mortgage Backed
InterestIncomeSecuritiesMortgageBacked
18417000 USD
us-gaap Interest Income Securities Mortgage Backed
InterestIncomeSecuritiesMortgageBacked
39512000 USD
CY2015Q2 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
2789000 USD
us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
0 USD
CY2015Q4 us-gaap Line Of Credit
LineOfCredit
0 USD
CY2016Q2 us-gaap Line Of Credit
LineOfCredit
0 USD
CY2016Q2 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
10000000 USD
CY2015Q4 us-gaap Litigation Reserve
LitigationReserve
2000000 USD
CY2016Q2 us-gaap Litigation Reserve
LitigationReserve
2000000 USD
CY2015Q4 us-gaap Loans And Leases Receivable Net Reported Amount Commercial
LoansAndLeasesReceivableNetReportedAmountCommercial
402647000 USD
CY2016Q2 us-gaap Loans And Leases Receivable Net Reported Amount Commercial
LoansAndLeasesReceivableNetReportedAmountCommercial
325063000 USD
CY2015Q4 us-gaap Loans And Leases Receivable Net Reported Amount Consumer
LoansAndLeasesReceivableNetReportedAmountConsumer
3928803000 USD
CY2016Q2 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
7015000 USD
us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
7637000 USD
us-gaap Interest Paid
InterestPaid
41440000 USD
us-gaap Interest Paid
InterestPaid
45758000 USD
CY2016Q2 us-gaap Loans And Leases Receivable Net Reported Amount Consumer
LoansAndLeasesReceivableNetReportedAmountConsumer
4040138000 USD
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
642000 USD
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1280000 USD
CY2016Q2 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
50875000 USD
us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
88964000 USD
CY2015Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
40365000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
80150000 USD
CY2016Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
44343000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
82721000 USD
CY2015Q2 us-gaap Interest Income Other
InterestIncomeOther
47000 USD
CY2015Q4 us-gaap Interest Payable Current
InterestPayableCurrent
2000000 USD
CY2016Q2 us-gaap Interest Payable Current
InterestPayableCurrent
3000000 USD
CY2015Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
8936000 USD
CY2016Q2 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
9515000 USD
CY2015Q4 us-gaap Interest Receivable
InterestReceivable
23290000 USD
CY2016Q2 us-gaap Interest Receivable
InterestReceivable
20594000 USD
CY2015Q4 us-gaap Investments
Investments
5976911000 USD
CY2016Q2 us-gaap Investments
Investments
5575971000 USD
CY2015Q2 us-gaap Labor And Related Expense
LaborAndRelatedExpense
16403000 USD
us-gaap Labor And Related Expense
LaborAndRelatedExpense
32287000 USD
CY2016Q2 us-gaap Labor And Related Expense
LaborAndRelatedExpense
12891000 USD
us-gaap Labor And Related Expense
LaborAndRelatedExpense
24877000 USD
CY2015Q4 us-gaap Liabilities
Liabilities
5073782000 USD
CY2016Q2 us-gaap Liabilities
Liabilities
4804989000 USD
CY2015Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
6220047000 USD
CY2016Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
5897592000 USD
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
2333000 USD
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
48000 USD
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
1200000 USD
CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
40192000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1000000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1000000 USD
CY2015Q4 us-gaap Other Assets
OtherAssets
197886000 USD
CY2016Q2 us-gaap Long Term Debt
LongTermDebt
2684302000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-374201000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
510185000 USD
CY2016Q2 us-gaap Other Assets
OtherAssets
235124000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
731560000 USD
CY2015Q4 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
4438000 USD
CY2015Q4 us-gaap Loans Receivable Fair Value Disclosure
LoansReceivableFairValueDisclosure
402647000 USD
CY2016Q2 us-gaap Loans Receivable Fair Value Disclosure
LoansReceivableFairValueDisclosure
325063000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-286262000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-360665000 USD
us-gaap Noninterest Income
NoninterestIncome
9073000 USD
CY2016Q2 us-gaap Noninterest Income
NoninterestIncome
10888000 USD
us-gaap Noninterest Income
NoninterestIncome
15342000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 Segment
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
25218000 USD
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
27064000 USD
us-gaap Net Income Loss
NetIncomeLoss
41865000 USD
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
41281000 USD
us-gaap Net Income Loss
NetIncomeLoss
53344000 USD
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
26422000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
40490000 USD
us-gaap Operating Expenses
OperatingExpenses
50281000 USD
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
20155000 USD
us-gaap Operating Expenses
OperatingExpenses
50607000 USD
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
6084000 USD
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
581000 USD
CY2015Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
63152000 USD
CY2016Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
65240000 USD
CY2015Q4 us-gaap Margin Deposit Assets
MarginDepositAssets
83191000 USD
CY2016Q2 us-gaap Margin Deposit Assets
MarginDepositAssets
104108000 USD
CY2015Q4 us-gaap Marketable Securities
MarketableSecurities
1233256000 USD
CY2016Q2 us-gaap Marketable Securities
MarketableSecurities
883801000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-267227000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
51850000 USD
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
29234000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
40490000 USD
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us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Securities Sold
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us-gaap Payments To Acquire Available For Sale Securities
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15000000 USD
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us-gaap Payments To Acquire Available For Sale Securities
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1668000 USD
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us-gaap Payments To Acquire Mortgage Servicing Rights Msr
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13766000 USD
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52000000 USD
us-gaap Payments To Acquire Trading Securities Heldforinvestment
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75000000 USD
CY2016Q2 us-gaap Payments To Acquire Trading Securities Heldforinvestment
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83000000 USD
us-gaap Payments To Acquire Trading Securities Heldforinvestment
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133000000 USD
us-gaap Payments To Purchase Loans Held For Sale
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us-gaap Payments To Purchase Loans Held For Sale
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215000000 USD
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1823735 shares
CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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369 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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1675 shares
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WeightedAverageNumberOfDilutedSharesOutstanding
94949741 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
85473905 shares
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
97761936 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
88728380 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
83936844 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
83650170 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
76664829 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
76901255 shares
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Redwood Trust, Inc., together with its subsidiaries, focuses on investing in mortgage- and other real estate-related assets and engaging in mortgage banking activities. We seek to invest in real estate-related assets that have the potential to generate attractive cash flow returns over time and to generate income through our mortgage banking activities. We operate our business in </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> segments: Residential Investments, Residential Mortgage Banking, and Commercial. Redwood was incorporated in the State of Maryland on April&#160;11, 1994, and commenced operations on August&#160;19, 1994. References herein to &#8220;Redwood,&#8221; the &#8220;company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; and &#8220;our&#8221; include Redwood Trust, Inc. and its consolidated subsidiaries, unless the context otherwise requires. </font></div><div style="line-height:120%;padding-top:10px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Redwood Trust, Inc. has elected to be taxed as a real estate investment trust (&#8220;REIT&#8221;) under the Internal Revenue Code of 1986, as amended (the &#8220;Internal Revenue Code&#8221;), beginning with its taxable year ended December 31, 1994. We generally refer, collectively, to Redwood Trust, Inc. and those of its subsidiaries that are not subject to subsidiary-level corporate income tax as &#8220;the REIT&#8221; or &#8220;our REIT.&#8221; We generally refer to subsidiaries of Redwood Trust, Inc. that are subject to subsidiary-level corporate income tax as &#8220;our operating subsidiaries&#8221; or &#8220;our taxable REIT subsidiaries&#8221; or &#8220;TRS.&#8221; </font></div><div style="line-height:120%;padding-top:10px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We sponsor our Sequoia securitization program, which we use for the securitization of residential mortgage loans. References to Sequoia with respect to any time or period generally refer collectively to all the then consolidated Sequoia securitization entities for the periods presented. We have also engaged in securitization transactions in order to obtain financing for certain of our securities and commercial loans.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates </font></div><div style="line-height:120%;padding-top:10px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements requires us to make a number of significant estimates. These include estimates of fair value of certain assets and liabilities, amounts and timing of credit losses, prepayment rates, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the consolidated financial statements and the reported amounts of certain revenues and expenses during the reported periods. It is likely that changes in these estimates (e.g., valuation changes due to supply and demand, credit performance, prepayments, interest rates, or other reasons) will occur in the near term. Our estimates are inherently subjective in nature and actual results could differ from our estimates and the differences could be material.</font></div></div>

Files In Submission

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