2018 Q1 Form 10-Q Financial Statement

#000093023618000020 Filed on May 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $76.62M $54.63M
YoY Change 40.26% -12.35%
Cost Of Revenue $41.50M $21.00M
YoY Change 97.62% -12.5%
Gross Profit $35.10M $33.60M
YoY Change 4.46% -12.5%
Gross Profit Margin 45.81% 61.51%
Selling, General & Admin $19.90M $15.80M
YoY Change 25.95% -7.06%
% of Gross Profit 56.7% 47.02%
Research & Development $1.866M $1.638M
YoY Change 13.92% -37.53%
% of Gross Profit 5.32% 4.88%
Depreciation & Amortization $300.0K $300.0K
YoY Change 0.0% 0.0%
% of Gross Profit 0.85% 0.89%
Operating Expenses $23.03M $18.23M
YoY Change 26.36% -40.15%
Operating Profit $12.07M $15.37M
YoY Change -21.49% 93.43%
Interest Expense $41.51M $21.03M
YoY Change 97.39% -12.19%
% of Operating Profit 343.94% 136.8%
Other Income/Expense, Net
YoY Change
Pretax Income $51.74M $43.13M
YoY Change 19.98% 256.68%
Income Tax $5.000M $6.157M
% Of Pretax Income 9.66% 14.28%
Net Earnings $46.85M $36.97M
YoY Change 26.71% 206.47%
Net Earnings / Revenue 61.14% 67.67%
Basic Earnings Per Share $0.60 $0.47
Diluted Earnings Per Share $0.50 $0.43
COMMON SHARES
Basic Shares Outstanding 75.40M shares 76.74M shares
Diluted Shares Outstanding 108.2M shares 97.95M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.536B $1.388B
YoY Change 10.71% 13.28%
Cash & Equivalents $178.6M $221.8M
Short-Term Investments $1.358B $1.166B
Other Short-Term Assets $2.000M
YoY Change 0.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $233.0M $308.0M
YoY Change -24.35% -27.19%
LONG-TERM ASSETS
Property, Plant & Equipment $3.794M $3.309M
YoY Change 14.66% -8.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.424B $1.277B
YoY Change 11.51% 21.97%
Other Assets $2.000M $2.000M
YoY Change 0.0% 0.0%
Total Long-Term Assets $6.767B $4.906B
YoY Change 37.92% -7.5%
TOTAL ASSETS
Total Short-Term Assets $233.0M $308.0M
Total Long-Term Assets $6.767B $4.906B
Total Assets $7.000B $5.214B
YoY Change 34.24% -8.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $776.0K
YoY Change -25.24%
Accrued Expenses $35.00M $25.00M
YoY Change 40.0% 4.17%
Deferred Revenue
YoY Change
Short-Term Debt $1.504B $563.8M
YoY Change 166.86% -29.89%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.544B $597.0M
YoY Change 158.63% -27.99%
LONG-TERM LIABILITIES
Long-Term Debt $4.118B $3.350B
YoY Change 22.93% -8.02%
Other Long-Term Liabilities $105.0M $101.0M
YoY Change 3.96% -40.94%
Total Long-Term Liabilities $4.223B $3.451B
YoY Change 22.37% -9.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.544B $597.0M
Total Long-Term Liabilities $4.223B $3.451B
Total Liabilities $5.780B $4.049B
YoY Change 42.76% -12.77%
SHAREHOLDERS EQUITY
Retained Earnings $1.337B $1.187B
YoY Change 12.66% 15.15%
Common Stock $1.662B $1.678B
YoY Change -0.92% -0.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.220B $1.166B
YoY Change
Total Liabilities & Shareholders Equity $7.000B $5.214B
YoY Change 34.24% -8.95%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $46.85M $36.97M
YoY Change 26.71% 206.47%
Depreciation, Depletion And Amortization $300.0K $300.0K
YoY Change 0.0% 0.0%
Cash From Operating Activities -$143.2M $253.6M
YoY Change -156.48% 139.34%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$100.0K
YoY Change -100.0% -98.15%
Acquisitions $0.00
YoY Change
Other Investing Activities -$3.827M $55.70M
YoY Change -106.87% -88.36%
Cash From Investing Activities $293.5M $55.63M
YoY Change 427.52% -88.24%
FINANCING ACTIVITIES
Cash Dividend Paid $21.80M $22.09M
YoY Change -1.29% -0.97%
Common Stock Issuance & Retirement, Net $16.23M -$73.00K
YoY Change -22328.77% -100.32%
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities -$116.1M -$307.0M
YoY Change -62.2% -37.86%
NET CHANGE
Cash From Operating Activities -$143.2M $253.6M
Cash From Investing Activities $293.5M $55.63M
Cash From Financing Activities -$116.1M -$307.0M
Net Change In Cash $34.16M $2.243M
YoY Change 1423.0% -97.36%
FREE CASH FLOW
Cash From Operating Activities -$143.2M $253.6M
Capital Expenditures $0.00 -$100.0K
Free Cash Flow -$143.2M $253.7M
YoY Change -156.45% 127.82%

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EarningsPerShareBasic
0.47
CY2018Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.60
CY2017Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.43
CY2018Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.50
CY2017Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.143
CY2018Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.095
CY2017Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2017Q1 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.030
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.039
CY2017Q1 us-gaap Effective Income Tax Rate Reconciliation Deductions
EffectiveIncomeTaxRateReconciliationDeductions
0.085
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation Deductions
EffectiveIncomeTaxRateReconciliationDeductions
0.041
CY2017Q1 us-gaap Effective Income Tax Rate Reconciliation Deductions Dividends
EffectiveIncomeTaxRateReconciliationDeductionsDividends
0.154
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation Deductions Dividends
EffectiveIncomeTaxRateReconciliationDeductionsDividends
0.121
CY2017Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.072
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.086
CY2017Q4 us-gaap Employee Related Liabilities Current And Noncurrent
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24025000 USD
CY2018Q1 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
11982000 USD
CY2018Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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5966000 USD
CY2017Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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21470000 USD
CY2018Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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24739000 USD
CY2017Q4 us-gaap Federal Home Loan Bank Stock
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43393000 USD
CY2018Q1 us-gaap Federal Home Loan Bank Stock
FederalHomeLoanBankStock
43393000 USD
CY2018Q1 us-gaap Financial Instruments Owned And Pledged As Collateral At Fair Value
FinancialInstrumentsOwnedAndPledgedAsCollateralAtFairValue
5000000 USD
CY2017Q1 us-gaap Gain Loss On Sale Of Investments
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5703000 USD
CY2018Q1 us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
9363000 USD
CY2017Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1103000 USD
CY2018Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1140000 USD
CY2017Q4 us-gaap Guaranty Assets
GuarantyAssets
2869000 USD
CY2018Q1 us-gaap Guaranty Assets
GuarantyAssets
3055000 USD
CY2017Q4 us-gaap Guaranty Liabilities
GuarantyLiabilities
19487000 USD
CY2018Q1 us-gaap Guaranty Liabilities
GuarantyLiabilities
18931000 USD
CY2018Q1 us-gaap Impairment Of Investments
ImpairmentOfInvestments
0 USD
CY2017Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
43126000 USD
CY2018Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
51741000 USD
CY2017Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6157000 USD
CY2018Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4896000 USD
CY2017Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
4000 USD
CY2018Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
42000 USD
CY2017Q1 us-gaap Increase Decrease In Operating Assets
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10490000 USD
CY2018Q1 us-gaap Increase Decrease In Operating Assets
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-35824000 USD
CY2017Q1 us-gaap Increase Decrease In Operating Liabilities
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-17301000 USD
CY2018Q1 us-gaap Increase Decrease In Operating Liabilities
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11581000 USD
CY2017Q1 us-gaap Increase Decrease In Trading Securities
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11000000 USD
CY2018Q1 us-gaap Increase Decrease In Trading Securities
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-3000000 USD
CY2017Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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21096738 shares
CY2018Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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32763121 shares
CY2017Q1 us-gaap Interest And Dividend Income Operating
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54628000 USD
CY2018Q1 us-gaap Interest And Dividend Income Operating
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76619000 USD
CY2017Q1 us-gaap Interest And Fee Income Loans Consumer Real Estate
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34362000 USD
CY2018Q1 us-gaap Interest And Fee Income Loans Consumer Real Estate
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50231000 USD
CY2017Q1 us-gaap Interest Expense
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21031000 USD
CY2018Q1 us-gaap Interest Expense
InterestExpense
41514000 USD
CY2017Q1 us-gaap Interest Expense Beneficial Interests Issued By Consolidated Variable Interest Entities
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3530000 USD
CY2018Q1 us-gaap Interest Expense Beneficial Interests Issued By Consolidated Variable Interest Entities
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11401000 USD
CY2017Q1 us-gaap Interest Expense Long Term Debt
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13048000 USD
CY2018Q1 us-gaap Interest Expense Long Term Debt
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16678000 USD
CY2017Q1 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
4453000 USD
CY2018Q1 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
13435000 USD
CY2017Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
33597000 USD
CY2018Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
35105000 USD
CY2017Q1 us-gaap Interest Income Other
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449000 USD
CY2018Q1 us-gaap Interest Income Other
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693000 USD
CY2017Q1 us-gaap Interest Income Securities Mortgage Backed
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19817000 USD
CY2018Q1 us-gaap Interest Income Securities Mortgage Backed
InterestIncomeSecuritiesMortgageBacked
25695000 USD
CY2017Q1 us-gaap Interest On Convertible Debt Net Of Tax
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5870000 USD
CY2018Q1 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
8641000 USD
CY2017Q1 us-gaap Interest Paid
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14726000 USD
CY2018Q1 us-gaap Interest Paid
InterestPaid
38285000 USD
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2000000 USD
CY2018Q1 us-gaap Interest Payable Current
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2000000 USD
CY2017Q4 us-gaap Interest Payable Current And Noncurrent
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18435000 USD
CY2018Q1 us-gaap Interest Payable Current And Noncurrent
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23492000 USD
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27013000 USD
CY2018Q1 us-gaap Interest Receivable
InterestReceivable
27257000 USD
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6799981000 USD
CY2018Q1 us-gaap Investments
Investments
6748518000 USD
CY2017Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
12111000 USD
CY2018Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
16043000 USD
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5827535000 USD
CY2018Q1 us-gaap Liabilities
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5779590000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
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7039822000 USD
CY2018Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
6999573000 USD
CY2017Q4 us-gaap Line Of Credit
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0 USD
CY2018Q1 us-gaap Line Of Credit
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0 USD
CY2018Q1 us-gaap Line Of Credit Facility Current Borrowing Capacity
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10000000 USD
CY2017Q4 us-gaap Litigation Reserve
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2000000 USD
CY2018Q1 us-gaap Litigation Reserve
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2000000 USD
CY2018Q1 us-gaap Litigation Reserve
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2000000 USD
CY2017Q4 us-gaap Long Term Debt
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CY2018Q1 us-gaap Long Term Debt
LongTermDebt
2575588000 USD
CY2017Q4 us-gaap Margin Deposit Assets
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85044000 USD
CY2018Q1 us-gaap Margin Deposit Assets
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50200000 USD
CY2017Q4 us-gaap Marketable Securities
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1476510000 USD
CY2018Q1 us-gaap Marketable Securities
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1357720000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities
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-307026000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities
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55631000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
293463000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities
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253638000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2017Q1 us-gaap Net Income Loss
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36969000 USD
CY2018Q1 us-gaap Net Income Loss
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46845000 USD
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
36001000 USD
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
45412000 USD
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
41834000 USD
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
54092000 USD
CY2017Q1 us-gaap Noninterest Income
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27755000 USD
CY2018Q1 us-gaap Noninterest Income
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39666000 USD
CY2018Q1 us-gaap Number Of Operating Segments
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2 Segment
CY2017Q1 us-gaap Operating Expenses
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18226000 USD
CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
23030000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due
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17110000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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1474000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1965000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1987000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
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1467000 USD
CY2017Q1 us-gaap Operating Leases Rent Expense Net
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1000000 USD
CY2018Q1 us-gaap Operating Leases Rent Expense Net
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1000000 USD
CY2017Q4 us-gaap Other Assets
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194966000 USD
CY2018Q1 us-gaap Other Assets
OtherAssets
157848000 USD
CY2017Q4 us-gaap Other Assets Miscellaneous
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6905000 USD
CY2018Q1 us-gaap Other Assets Miscellaneous
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8049000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
2930000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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-4237000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Before Reclassification Adjustments Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesBeforeReclassificationAdjustmentsTax
100000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Before Reclassification Adjustments Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesBeforeReclassificationAdjustmentsTax
100000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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749000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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-5193000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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3928000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
9387000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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-14000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
0 USD
CY2017Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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1733000 USD
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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8431000 USD
CY2017Q1 us-gaap Other Cost And Expense Operating
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803000 USD
CY2018Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
825000 USD
CY2017Q1 us-gaap Other General Expense
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440000 USD
CY2018Q1 us-gaap Other General Expense
OtherGeneralExpense
504000 USD
CY2017Q1 us-gaap Other Income
OtherIncome
1184000 USD
CY2018Q1 us-gaap Other Income
OtherIncome
1161000 USD
CY2017Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions No Previous Impairment
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97000 USD
CY2018Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions No Previous Impairment
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsAdditionsNoPreviousImpairment
0 USD
CY2016Q4 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
28261000 USD
CY2017Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
26390000 USD
CY2017Q4 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
21037000 USD
CY2018Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
20924000 USD
CY2017Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Securities Sold
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1566000 USD
CY2018Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Securities Sold
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99000 USD
CY2017Q1 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Before Tax Including Portion Attributable To Noncontrolling Interest
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossBeforeTaxIncludingPortionAttributableToNoncontrollingInterest
100000 USD
CY2017Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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968000 USD
CY2018Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
1433000 USD
CY2017Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
1005000 USD
CY2018Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
1394000 USD
CY2017Q1 us-gaap Payments For Proceeds From Derivative Instrument Financing Activities
PaymentsForProceedsFromDerivativeInstrumentFinancingActivities
34000 USD
CY2018Q1 us-gaap Payments For Proceeds From Derivative Instrument Financing Activities
PaymentsForProceedsFromDerivativeInstrumentFinancingActivities
85000 USD
CY2017Q1 us-gaap Payments For Repurchase Of Common Stock
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0 USD
CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
16315000 USD
CY2017Q1 us-gaap Payments Of Dividends
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22089000 USD
CY2018Q1 us-gaap Payments Of Dividends
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21803000 USD
CY2017Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1601000 USD
CY2018Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
371000 USD
CY2017Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
25000000 USD
CY2018Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
4000000 USD
CY2017Q1 us-gaap Payments To Acquire Marketable Securities
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144948000 USD
CY2018Q1 us-gaap Payments To Acquire Marketable Securities
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128069000 USD
CY2017Q1 us-gaap Payments To Acquire Mortgage Servicing Rights Msr
PaymentsToAcquireMortgageServicingRightsMSR
100000 USD
CY2018Q1 us-gaap Payments To Acquire Mortgage Servicing Rights Msr
PaymentsToAcquireMortgageServicingRightsMSR
0 USD
CY2017Q1 us-gaap Payments To Acquire Trading Securities Heldforinvestment
PaymentsToAcquireTradingSecuritiesHeldforinvestment
154000000 USD
CY2018Q1 us-gaap Payments To Acquire Trading Securities Heldforinvestment
PaymentsToAcquireTradingSecuritiesHeldforinvestment
145000000 USD
CY2017Q1 us-gaap Payments To Purchase Loans Held For Sale
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1103047000 USD
CY2018Q1 us-gaap Payments To Purchase Loans Held For Sale
PaymentsToPurchaseLoansHeldForSale
1820002000 USD
CY2017Q4 us-gaap Pledged Assets Separately Reported Other Assets Pledged As Collateral At Fair Value
PledgedAssetsSeparatelyReportedOtherAssetsPledgedAsCollateralAtFairValue
42615000 USD
CY2018Q1 us-gaap Pledged Assets Separately Reported Other Assets Pledged As Collateral At Fair Value
PledgedAssetsSeparatelyReportedOtherAssetsPledgedAsCollateralAtFairValue
42290000 USD
CY2018Q1 us-gaap Principal Investment Gains Losses
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100000 USD
CY2017Q1 us-gaap Proceeds From Collection Of Loans Held For Sale
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13001000 USD
CY2018Q1 us-gaap Proceeds From Collection Of Loans Held For Sale
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16332000 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Common Stock
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73000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Common Stock
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88000 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Secured Debt
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0 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Secured Debt
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441741000 USD
CY2017Q1 us-gaap Proceeds From Principal Repayments On Loans And Leases Held For Investment
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147127000 USD
CY2018Q1 us-gaap Proceeds From Principal Repayments On Loans And Leases Held For Investment
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159889000 USD
CY2017Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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26887000 USD
CY2018Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
241570000 USD
CY2017Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
19000000 USD
CY2018Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
51000000 USD
CY2017Q1 us-gaap Proceeds From Sale Of Loans Held For Sale
ProceedsFromSaleOfLoansHeldForSale
1347575000 USD
CY2018Q1 us-gaap Proceeds From Sale Of Loans Held For Sale
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1581806000 USD
CY2017Q1 us-gaap Proceeds From Sale Of Mortgage Servicing Rights Msr
ProceedsFromSaleOfMortgageServicingRightsMSR
9136000 USD
CY2018Q1 us-gaap Proceeds From Sale Of Mortgage Servicing Rights Msr
ProceedsFromSaleOfMortgageServicingRightsMSR
3827000 USD
CY2017Q1 us-gaap Proceeds From Sale Of Trading Securities Heldforinvestment
ProceedsFromSaleOfTradingSecuritiesHeldforinvestment
9000000 USD
CY2018Q1 us-gaap Proceeds From Sale Of Trading Securities Heldforinvestment
ProceedsFromSaleOfTradingSecuritiesHeldforinvestment
182000000 USD
CY2017Q1 us-gaap Proceeds From Short Term Debt
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877495000 USD
CY2018Q1 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
1318754000 USD
CY2017Q1 us-gaap Professional Fees
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926000 USD
CY2018Q1 us-gaap Professional Fees
ProfessionalFees
834000 USD
CY2018Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8000000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2645000 USD
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3794000 USD
CY2017Q4 us-gaap Real Estate Acquired Through Foreclosure
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3354000 USD
CY2018Q1 us-gaap Real Estate Acquired Through Foreclosure
RealEstateAcquiredThroughForeclosure
3115000 USD
CY2018Q1 us-gaap Real Estate Acquired Through Foreclosure
RealEstateAcquiredThroughForeclosure
3000000 USD
CY2018Q1 us-gaap Real Estate Acquisitions Through Foreclosures
RealEstateAcquisitionsThroughForeclosures
1000000 USD
CY2018Q1 us-gaap Real Estate Cost Of Real Estate Sold
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2000000 USD
CY2017Q1 us-gaap Realized Investment Gains Losses
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5703000 USD
CY2018Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
9363000 USD
CY2017Q1 us-gaap Repayments Of Secured Debt
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55609000 USD
CY2018Q1 us-gaap Repayments Of Secured Debt
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84974000 USD
CY2017Q1 us-gaap Repayments Of Short Term Debt
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1105261000 USD
CY2018Q1 us-gaap Repayments Of Short Term Debt
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1753090000 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
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2144000 USD
CY2018Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
2000000 USD
CY2018Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
2406000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1290341000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1337186000 USD
CY2017Q4 us-gaap Secured Debt
SecuredDebt
1164585000 USD
CY2018Q1 us-gaap Secured Debt
SecuredDebt
1542087000 USD
CY2017Q1 us-gaap Servicing Asset At Fair Value Additions
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7386000 USD
CY2018Q1 us-gaap Servicing Asset At Fair Value Additions
ServicingAssetAtFairValueAdditions
0 USD
CY2017Q4 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
63598000 USD
CY2018Q1 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
66496000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2242000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3674000 USD
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1356438 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
999636 shares
CY2017Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
1938682000 USD
CY2018Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
1504460000 USD
CY2017Q1 us-gaap Shortterm Debt Average Outstanding Amount
ShorttermDebtAverageOutstandingAmount
794000000 USD
CY2018Q1 us-gaap Shortterm Debt Average Outstanding Amount
ShorttermDebtAverageOutstandingAmount
1370000000 USD
CY2018Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
15544000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
1149428000 USD
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
1165771000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
1212287000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
1219983000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1212287000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1219983000 USD
CY2017Q4 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
0 USD
CY2018Q1 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
4950000 USD
CY2017Q4 us-gaap Trading Securities
TradingSecurities
968844000 USD
CY2018Q1 us-gaap Trading Securities
TradingSecurities
907432000 USD
CY2018Q1 us-gaap Trading Securities Pledged As Collateral
TradingSecuritiesPledgedAsCollateral
486000000 USD
CY2017Q1 us-gaap Transfer Of Loans Held For Sale To Portfolio Loans1
TransferOfLoansHeldForSaleToPortfolioLoans1
184996000 USD
CY2018Q1 us-gaap Transfer Of Loans Held For Sale To Portfolio Loans1
TransferOfLoansHeldForSaleToPortfolioLoans1
507616000 USD
CY2017Q1 us-gaap Transfer To Other Real Estate
TransferToOtherRealEstate
968000 USD
CY2018Q1 us-gaap Transfer To Other Real Estate
TransferToOtherRealEstate
1268000 USD
CY2017Q1 us-gaap Transfers Of Financial Assets Accounted For As Sale Initial Fair Value Of Assets Obtained As Proceeds
TransfersOfFinancialAssetsAccountedForAsSaleInitialFairValueOfAssetsObtainedAsProceeds
25858000 USD
CY2018Q1 us-gaap Transfers Of Financial Assets Accounted For As Sale Initial Fair Value Of Assets Obtained As Proceeds
TransfersOfFinancialAssetsAccountedForAsSaleInitialFairValueOfAssetsObtainedAsProceeds
16396000 USD
CY2017Q1 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
1551000 USD
CY2018Q1 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
1609000 USD
CY2017Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
1259774000 USD
CY2018Q1 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
1647850000 USD
CY2017Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
1167157000 USD
CY2018Q1 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
1546066000 USD
CY2017Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
111197 shares
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
34827 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
97946137 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
108194597 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
76738202 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
75396649 shares
CY2018Q1 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, is a specialty finance company focused on making credit-sensitive investments in residential mortgages and related assets and engaging in mortgage banking activities. Our goal is to provide attractive returns to shareholders through a stable and growing stream of earnings and dividends, as well as through capital appreciation. We operate our business in </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> segments: Investment Portfolio and Residential Mortgage Banking. </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;">Our primary sources of income are net interest income from our investment portfolios and non-interest income from our mortgage banking activities. Net interest income consists of the interest income we earn on investments less the interest expense we incur on borrowed funds and other liabilities. Income from mortgage banking activities consists of the profit we seek to generate through the acquisition of loans and their subsequent sale or securitization. </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:12px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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>
CY2018Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><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>

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