2018 Q4 Form 10-Q Financial Statement

#000093023618000034 Filed on November 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $119.7M $99.40M $62.74M
YoY Change 67.52% 58.43% 3.01%
Cost Of Revenue $85.00M $64.40M $27.40M
YoY Change 135.46% 135.04% 26.85%
Gross Profit $34.80M $35.00M $35.30M
YoY Change -1.69% -0.85% -10.18%
Gross Profit Margin 29.07% 35.21% 56.27%
Selling, General & Admin $15.80M $18.00M $17.40M
YoY Change -9.2% 3.45% -1.14%
% of Gross Profit 45.4% 51.43% 49.29%
Research & Development $1.794M $1.856M
YoY Change -3.34% -31.05%
% of Gross Profit 5.13% 5.26%
Depreciation & Amortization $400.0K $300.0K $300.0K
YoY Change 33.33% 0.0% 50.0%
% of Gross Profit 1.15% 0.86% 0.85%
Operating Expenses $19.38M $21.56M $19.92M
YoY Change -4.86% 8.23% -2.13%
Operating Profit $15.42M $13.44M $15.38M
YoY Change 2.59% -12.61% -18.83%
Interest Expense $84.96M $64.35M $27.44M
YoY Change 135.3% 134.49% 27.07%
% of Operating Profit 550.91% 478.84% 178.46%
Other Income/Expense, Net
YoY Change
Pretax Income -$2.200M $45.84M $41.44M
YoY Change -108.49% 10.61% -22.57%
Income Tax -$1.300M $4.919M $5.262M
% Of Pretax Income 10.73% 12.7%
Net Earnings -$913.0K $40.92M $36.18M
YoY Change -102.95% 13.1% -31.16%
Net Earnings / Revenue -0.76% 41.17% 57.67%
Basic Earnings Per Share -$0.02 $0.49 $0.46
Diluted Earnings Per Share -$0.02 $0.42 $0.41
COMMON SHARES
Basic Shares Outstanding 82.97M shares 80.80M shares 76.85M shares
Diluted Shares Outstanding 114.7M shares 102.7M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.628B $1.644B $1.614B
YoY Change 0.43% 1.87% 39.33%
Cash & Equivalents $176.0M $174.0M $257.6M
Short-Term Investments $1.452B $1.470B $1.356B
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $284.0M $259.0M $368.0M
YoY Change 19.33% -29.62% 14.64%
LONG-TERM ASSETS
Property, Plant & Equipment $5.106M $5.409M $2.852M
YoY Change 93.04% 89.66% 0.07%
Goodwill $0.00
YoY Change
Intangibles $0.00
YoY Change
Long-Term Investments $1.891B $1.528B $1.419B
YoY Change 22.79% 7.68% 36.05%
Other Assets $29.00M $27.00M $26.00M
YoY Change 1350.0% 3.85% 1200.0%
Total Long-Term Assets $11.65B $8.881B $5.763B
YoY Change 71.33% 54.11% 3.8%
TOTAL ASSETS
Total Short-Term Assets $284.0M $259.0M $368.0M
Total Long-Term Assets $11.65B $8.881B $5.763B
Total Assets $11.94B $9.140B $6.131B
YoY Change 69.57% 49.08% 4.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $423.0K $1.920M
YoY Change -68.41% 48.61%
Accrued Expenses $77.00M $50.00M $39.00M
YoY Change 75.0% 28.21% 14.71%
Deferred Revenue
YoY Change
Short-Term Debt $2.400B $1.424B $1.238B
YoY Change 23.81% 15.03% 10.81%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.477B $1.477B $1.295B
YoY Change 24.85% 14.05% 12.41%
LONG-TERM LIABILITIES
Long-Term Debt $7.982B $6.178B $3.519B
YoY Change 113.42% 75.56% 2.3%
Other Long-Term Liabilities $120.0M $111.0M $108.0M
YoY Change 30.43% 2.78% -28.0%
Total Long-Term Liabilities $8.102B $6.289B $3.627B
YoY Change 111.43% 73.39% 1.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.477B $1.477B $1.295B
Total Long-Term Liabilities $8.102B $6.289B $3.627B
Total Liabilities $10.59B $7.778B $4.922B
YoY Change 81.7% 58.03% 3.79%
SHAREHOLDERS EQUITY
Retained Earnings $1.410B $1.411B $1.259B
YoY Change 9.27% 12.03% 11.99%
Common Stock $1.812B $1.787B $1.683B
YoY Change 8.22% 6.18% 0.26%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.349B $1.361B $1.209B
YoY Change
Total Liabilities & Shareholders Equity $11.94B $9.140B $6.131B
YoY Change 69.57% 49.08% 4.39%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$913.0K $40.92M $36.18M
YoY Change -102.95% 13.1% -31.16%
Depreciation, Depletion And Amortization $400.0K $300.0K $300.0K
YoY Change 33.33% 0.0% 50.0%
Cash From Operating Activities -$248.7M -$688.6M -$362.2M
YoY Change -77.06% 90.12% -8.4%
INVESTING ACTIVITIES
Capital Expenditures -$25.50M
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$341.9M -$9.400M $24.10M
YoY Change -696.68% -139.0% -94.25%
Cash From Investing Activities -$367.4M -$9.400M $24.10M
YoY Change -741.19% -139.0% -94.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $117.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 620.4M 698.8M 402.7M
YoY Change -30.27% 73.53% -2401.14%
NET CHANGE
Cash From Operating Activities -248.7M -688.6M -362.2M
Cash From Investing Activities -367.4M -9.400M 24.10M
Cash From Financing Activities 620.4M 698.8M 402.7M
Net Change In Cash 4.300M 800.0K 64.60M
YoY Change -103.14% -98.76% 1335.56%
FREE CASH FLOW
Cash From Operating Activities -$248.7M -$688.6M -$362.2M
Capital Expenditures -$25.50M
Free Cash Flow -$223.2M
YoY Change -79.41%

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CY2017Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
76599972 shares
CY2018Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
82930281 shares
CY2017Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
76599972 shares
CY2018Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
82930281 shares
CY2017Q4 us-gaap Common Stock Value
CommonStockValue
766000 USD
CY2018Q3 us-gaap Communications And Information Technology
CommunicationsAndInformationTechnology
1794000 USD
CY2018Q3 us-gaap Debt Securities Trading Restricted
DebtSecuritiesTradingRestricted
668000000 USD
CY2017Q4 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
11764000 USD
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.30
us-gaap Communications And Information Technology
CommunicationsAndInformationTechnology
5434000 USD
CY2018Q3 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
11764000 USD
CY2017Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
48820000 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
909000 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
922000 USD
CY2018Q3 us-gaap Common Stock Value
CommonStockValue
829000 USD
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
119936000 USD
CY2017Q3 us-gaap Communications And Information Technology
CommunicationsAndInformationTechnology
1856000 USD
us-gaap Communications And Information Technology
CommunicationsAndInformationTechnology
5183000 USD
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2018Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
37628000 USD
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
107592000 USD
CY2017Q3 us-gaap Contractually Specified Servicing Fees Amount
ContractuallySpecifiedServicingFeesAmount
3872000 USD
us-gaap Contractually Specified Servicing Fees Amount
ContractuallySpecifiedServicingFeesAmount
17290000 USD
CY2018Q3 us-gaap Contractually Specified Servicing Fees Amount
ContractuallySpecifiedServicingFeesAmount
4004000 USD
us-gaap Contractually Specified Servicing Fees Amount
ContractuallySpecifiedServicingFeesAmount
11601000 USD
CY2017Q3 us-gaap Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets
3396000 USD
us-gaap Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets
14775000 USD
CY2018Q3 us-gaap Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets
3680000 USD
us-gaap Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets
10347000 USD
CY2017Q4 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
250000000 USD
CY2017Q4 us-gaap Cumulative Dividends
CumulativeDividends
1837913000 USD
CY2018Q3 us-gaap Cumulative Dividends
CumulativeDividends
1908640000 USD
CY2017Q4 us-gaap Derivative Assets
DerivativeAssets
15718000 USD
CY2018Q3 us-gaap Derivative Assets
DerivativeAssets
87219000 USD
CY2017Q4 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
-47363000 USD
CY2018Q3 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
44495000 USD
CY2017Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
63081000 USD
CY2018Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
42724000 USD
CY2017Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoaned
1747787000 USD
CY2018Q3 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoaned
1399300000 USD
CY2017Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Amount Offset Against Collateral
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAmountOffsetAgainstCollateral
2299000 USD
CY2018Q3 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Amount Offset Against Collateral
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAmountOffsetAgainstCollateral
63000 USD
CY2017Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Asset
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAsset
0 USD
CY2018Q3 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Asset
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAsset
0 USD
CY2017Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Cash
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimCash
50747000 USD
CY2018Q3 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Cash
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimCash
28914000 USD
CY2017Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Securities
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimSecurities
1694741000 USD
CY2018Q3 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Securities
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimSecurities
1370323000 USD
CY2017Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Gross
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross
1747787000 USD
CY2018Q3 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Gross
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross
1399300000 USD
us-gaap Dividends Common Stock
DividendsCommonStock
66209000 USD
us-gaap Dividends Common Stock
DividendsCommonStock
70727000 USD
CY2017Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.46
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.39
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.49
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.51
CY2017Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.41
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.26
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.42
us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.028
us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.032
CY2017Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
988000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3231000 USD
CY2018Q3 us-gaap Increase Decrease In Trading Securities
IncreaseDecreaseInTradingSecurities
6000000 USD
CY2018Q3 us-gaap Financial Instruments Owned And Pledged As Collateral At Fair Value
FinancialInstrumentsOwnedAndPledgedAsCollateralAtFairValue
4000000 USD
us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
8809000 USD
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34
us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
21352000 USD
us-gaap Increase Decrease In Trading Securities
IncreaseDecreaseInTradingSecurities
2000000 USD
CY2017Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
25553323 shares
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.133
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.093
us-gaap Effective Income Tax Rate Reconciliation Deductions
EffectiveIncomeTaxRateReconciliationDeductions
0.068
us-gaap Effective Income Tax Rate Reconciliation Deductions
EffectiveIncomeTaxRateReconciliationDeductions
0.018
us-gaap Effective Income Tax Rate Reconciliation Deductions Dividends
EffectiveIncomeTaxRateReconciliationDeductionsDividends
0.183
us-gaap Effective Income Tax Rate Reconciliation Deductions Dividends
EffectiveIncomeTaxRateReconciliationDeductionsDividends
0.153
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.072
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.086
CY2017Q4 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
24025000 USD
CY2018Q3 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
18485000 USD
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
7627000 USD
CY2017Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
21470000 USD
CY2018Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
19420000 USD
CY2017Q4 us-gaap Federal Home Loan Bank Stock
FederalHomeLoanBankStock
43393000 USD
CY2018Q3 us-gaap Federal Home Loan Bank Stock
FederalHomeLoanBankStock
43393000 USD
CY2018Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1173000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3397000 USD
CY2017Q4 us-gaap Guaranty Assets
GuarantyAssets
2869000 USD
CY2018Q3 us-gaap Guaranty Assets
GuarantyAssets
2885000 USD
CY2017Q4 us-gaap Guaranty Liabilities
GuarantyLiabilities
19487000 USD
CY2018Q3 us-gaap Guaranty Liabilities
GuarantyLiabilities
17423000 USD
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
41442000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
126214000 USD
CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
45840000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
132856000 USD
CY2017Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5262000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
16741000 USD
CY2018Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4919000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12343000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
1476000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
6372000 USD
us-gaap Increase Decrease In Operating Assets
IncreaseDecreaseInOperatingAssets
19868000 USD
us-gaap Increase Decrease In Operating Assets
IncreaseDecreaseInOperatingAssets
32722000 USD
us-gaap Increase Decrease In Operating Liabilities
IncreaseDecreaseInOperatingLiabilities
-1677000 USD
us-gaap Increase Decrease In Operating Liabilities
IncreaseDecreaseInOperatingLiabilities
34137000 USD
CY2017Q3 us-gaap Increase Decrease In Trading Securities
IncreaseDecreaseInTradingSecurities
1000000 USD
us-gaap Increase Decrease In Trading Securities
IncreaseDecreaseInTradingSecurities
31000000 USD
us-gaap Interest Paid Net
InterestPaidNet
67339000 USD
us-gaap Interest Expense Beneficial Interests Issued By Consolidated Variable Interest Entities
InterestExpenseBeneficialInterestsIssuedByConsolidatedVariableInterestEntities
11191000 USD
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
22379401 shares
us-gaap Interest Income Securities Mortgage Backed
InterestIncomeSecuritiesMortgageBacked
79054000 USD
us-gaap Interest Expense
InterestExpense
72708000 USD
CY2018Q3 us-gaap Interest Expense
InterestExpense
64351000 USD
CY2017Q3 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
6564000 USD
us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
18639000 USD
us-gaap Interest Expense
InterestExpense
154078000 USD
CY2017Q3 us-gaap Interest Expense Beneficial Interests Issued By Consolidated Variable Interest Entities
InterestExpenseBeneficialInterestsIssuedByConsolidatedVariableInterestEntities
3956000 USD
CY2018Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
33442641 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
30328906 shares
CY2017Q3 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
62737000 USD
us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
176589000 USD
CY2018Q3 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
99397000 USD
us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
258992000 USD
CY2017Q3 us-gaap Interest And Fee Income Loans Consumer Real Estate
InterestAndFeeIncomeLoansConsumerRealEstate
38541000 USD
us-gaap Interest And Fee Income Loans Consumer Real Estate
InterestAndFeeIncomeLoansConsumerRealEstate
109538000 USD
CY2018Q3 us-gaap Interest And Fee Income Loans Consumer Real Estate
InterestAndFeeIncomeLoansConsumerRealEstate
63265000 USD
us-gaap Interest And Fee Income Loans Consumer Real Estate
InterestAndFeeIncomeLoansConsumerRealEstate
169010000 USD
CY2017Q3 us-gaap Interest And Fee Income Loans Held For Sale Mortgages
InterestAndFeeIncomeLoansHeldForSaleMortgages
0 USD
us-gaap Interest And Fee Income Loans Held For Sale Mortgages
InterestAndFeeIncomeLoansHeldForSaleMortgages
0 USD
CY2018Q3 us-gaap Interest And Fee Income Loans Held For Sale Mortgages
InterestAndFeeIncomeLoansHeldForSaleMortgages
5578000 USD
us-gaap Interest And Fee Income Loans Held For Sale Mortgages
InterestAndFeeIncomeLoansHeldForSaleMortgages
5578000 USD
CY2017Q3 us-gaap Interest And Fee Income Nonmortgage Loans And Leases Held For Sale
InterestAndFeeIncomeNonmortgageLoansAndLeasesHeldForSale
0 USD
us-gaap Interest And Fee Income Nonmortgage Loans And Leases Held For Sale
InterestAndFeeIncomeNonmortgageLoansAndLeasesHeldForSale
0 USD
CY2018Q3 us-gaap Interest And Fee Income Nonmortgage Loans And Leases Held For Sale
InterestAndFeeIncomeNonmortgageLoansAndLeasesHeldForSale
1445000 USD
us-gaap Interest And Fee Income Nonmortgage Loans And Leases Held For Sale
InterestAndFeeIncomeNonmortgageLoansAndLeasesHeldForSale
1445000 USD
CY2017Q3 us-gaap Interest Expense
InterestExpense
27443000 USD
CY2018Q3 us-gaap Interest Expense Beneficial Interests Issued By Consolidated Variable Interest Entities
InterestExpenseBeneficialInterestsIssuedByConsolidatedVariableInterestEntities
27421000 USD
us-gaap Interest Expense Beneficial Interests Issued By Consolidated Variable Interest Entities
InterestExpenseBeneficialInterestsIssuedByConsolidatedVariableInterestEntities
55171000 USD
CY2017Q3 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
13305000 USD
us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
37532000 USD
CY2018Q3 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
22784000 USD
us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
58151000 USD
CY2017Q3 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
10182000 USD
us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
23985000 USD
CY2018Q3 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
14146000 USD
us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
40756000 USD
CY2017Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
35294000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
103881000 USD
CY2018Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
35046000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
104914000 USD
CY2017Q3 us-gaap Interest Income Other
InterestIncomeOther
771000 USD
us-gaap Interest Income Other
InterestIncomeOther
1983000 USD
CY2018Q3 us-gaap Interest Income Other
InterestIncomeOther
2046000 USD
us-gaap Interest Income Other
InterestIncomeOther
3905000 USD
CY2017Q3 us-gaap Interest Income Securities Mortgage Backed
InterestIncomeSecuritiesMortgageBacked
23425000 USD
us-gaap Interest Income Securities Mortgage Backed
InterestIncomeSecuritiesMortgageBacked
65068000 USD
CY2018Q3 us-gaap Interest Income Securities Mortgage Backed
InterestIncomeSecuritiesMortgageBacked
27063000 USD
CY2018Q3 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
8666000 USD
us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
23642000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
140288000 USD
CY2018Q3 us-gaap Liabilities
Liabilities
7778308000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
7039822000 USD
CY2018Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
9139635000 USD
CY2017Q4 us-gaap Line Of Credit
LineOfCredit
0 USD
CY2018Q3 us-gaap Line Of Credit
LineOfCredit
0 USD
CY2018Q3 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
10000000 USD
CY2017Q4 us-gaap Litigation Reserve
LitigationReserve
2000000 USD
CY2018Q3 us-gaap Litigation Reserve
LitigationReserve
2000000 USD
CY2018Q3 us-gaap Litigation Reserve
LitigationReserve
2000000 USD
CY2017Q4 us-gaap Long Term Debt
LongTermDebt
2575023000 USD
us-gaap Interest Paid Net
InterestPaidNet
139003000 USD
CY2017Q4 us-gaap Interest Payable Current
InterestPayableCurrent
2000000 USD
CY2018Q3 us-gaap Interest Payable Current
InterestPayableCurrent
3000000 USD
CY2017Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
18435000 USD
CY2018Q3 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
31076000 USD
CY2017Q4 us-gaap Interest Receivable
InterestReceivable
27013000 USD
CY2018Q3 us-gaap Interest Receivable
InterestReceivable
35644000 USD
CY2017Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
14037000 USD
us-gaap Labor And Related Expense
LaborAndRelatedExpense
38903000 USD
CY2018Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
13878000 USD
us-gaap Labor And Related Expense
LaborAndRelatedExpense
41356000 USD
CY2017Q4 us-gaap Liabilities
Liabilities
5827535000 USD
CY2018Q3 us-gaap Long Term Debt
LongTermDebt
2770970000 USD
CY2017Q4 us-gaap Margin Deposit Assets
MarginDepositAssets
85044000 USD
CY2018Q3 us-gaap Margin Deposit Assets
MarginDepositAssets
48655000 USD
CY2017Q4 us-gaap Marketable Securities
MarketableSecurities
1476510000 USD
CY2018Q3 us-gaap Marketable Securities
MarketableSecurities
1470084000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
468424000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1062412000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
223054000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
354567000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-629076000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1363017000 USD
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
36180000 USD
us-gaap Net Income Loss
NetIncomeLoss
109473000 USD
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
40921000 USD
us-gaap Net Income Loss
NetIncomeLoss
120513000 USD
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
35232000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
106673000 USD
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
39690000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
116747000 USD
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
41758000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
125186000 USD
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
48303000 USD
CY2018Q3 us-gaap Noninterest Income
NoninterestIncome
32284000 USD
CY2018Q3 us-gaap Other Assets
OtherAssets
365875000 USD
CY2017Q3 us-gaap Noninterest Income
NoninterestIncome
26070000 USD
us-gaap Noninterest Income
NoninterestIncome
79122000 USD
CY2017Q4 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
13899000 USD
CY2018Q3 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
12270000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
13158000 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
17899000 USD
us-gaap Noninterest Income
NoninterestIncome
91471000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 Segment
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
19922000 USD
us-gaap Operating Expenses
OperatingExpenses
56789000 USD
CY2018Q3 us-gaap Operating Expenses
OperatingExpenses
21490000 USD
us-gaap Operating Expenses
OperatingExpenses
63529000 USD
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
16150000 USD
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
1474000 USD
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1966000 USD
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
2002000 USD
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
491000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
2000000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
2000000 USD
CY2017Q4 us-gaap Other Assets
OtherAssets
258564000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-2408000 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-9749000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Before Reclassification Adjustments Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesBeforeReclassificationAdjustmentsTax
0 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Before Reclassification Adjustments Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesBeforeReclassificationAdjustmentsTax
100000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Before Reclassification Adjustments Tax
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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 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 is generated 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>
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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