$RWT
REDWOOD TRUST INC

2013 Q1 Form 10-Q Financial Statement

#000119312513201587 Filed on May 06, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q4 2012 Q1
Revenue $53.53M $53.40M $58.74M
YoY Change -8.88% -5.48% 8.11%
Cost Of Revenue $18.30M $32.90M $4.200M
YoY Change 335.71% 961.29% 68.0%
Gross Profit $35.30M $20.50M $54.50M
YoY Change -35.23% -61.54% 5.21%
Gross Profit Margin 65.95% 38.39% 92.78%
Selling, General & Admin $17.80M $14.40M $13.80M
YoY Change 28.99% 20.0% 24.32%
% of Gross Profit 50.42% 70.24% 25.32%
Research & Development $1.741M $1.181M
YoY Change 47.42% -39.09%
% of Gross Profit 4.93% 2.17%
Depreciation & Amortization $100.0K $200.0K $900.0K
YoY Change -88.89% -77.78% 200.0%
% of Gross Profit 0.28% 0.98% 1.65%
Operating Expenses -$20.19M -$5.300M $14.63M
YoY Change -237.95% -110.23% 27.1%
Operating Profit $55.49M $25.80M $39.87M
YoY Change 39.18% 1620.0% -1.04%
Interest Expense $18.30M $32.97M $30.66M
YoY Change -40.3% 13.24% 39.52%
% of Operating Profit 32.98% 127.79% 76.9%
Other Income/Expense, Net $0.00
YoY Change
Pretax Income $71.52M $42.30M $30.47M
YoY Change 134.71% -1726.92% 88.51%
Income Tax $10.91M $200.0K $8.000K
% Of Pretax Income 15.25% 0.47% 0.03%
Net Earnings $60.16M $42.08M $30.46M
YoY Change 97.49% -1744.96% 67.7%
Net Earnings / Revenue 112.4% 78.8% 51.86%
Basic Earnings Per Share $0.72 $0.50 $0.38
Diluted Earnings Per Share $0.69 $0.50 $0.37
COMMON SHARES
Basic Shares Outstanding 81.56M shares 81.52M shares 78.40M shares
Diluted Shares Outstanding 87.34M shares 79.89M shares

Balance Sheet

Concept 2013 Q1 2012 Q4 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.309B $1.190B $1.412B
YoY Change -7.24% -4.74% 541.69%
Cash & Equivalents $78.96M $81.08M $149.6M
Short-Term Investments $1.231B $1.109B $1.262B
Other Short-Term Assets $2.000M $2.000M $1.000M
YoY Change 100.0% 0.0% 0.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $85.00M $88.00M $163.0M
YoY Change -47.85% -68.0% -28.51%
LONG-TERM ASSETS
Property, Plant & Equipment $602.0K $494.0K $1.104M
YoY Change -45.47% -75.88% -63.2%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.249B $1.114B $1.454B
YoY Change -14.1% -3.3% 24.7%
Other Assets $18.00M $10.00M $23.00M
YoY Change -21.74% -56.52% -50.0%
Total Long-Term Assets $4.712B $4.356B $5.209B
YoY Change -9.54% -20.34% 3.04%
TOTAL ASSETS
Total Short-Term Assets $85.00M $88.00M $163.0M
Total Long-Term Assets $4.712B $4.356B $5.209B
Total Assets $4.797B $4.444B $5.372B
YoY Change -10.7% -22.62% 1.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $35.00M $31.00M $22.00M
YoY Change 59.09% 93.75% 46.67%
Deferred Revenue
YoY Change
Short-Term Debt $721.3M $551.9M $441.0M
YoY Change 63.58% 28.94%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $756.0M $583.0M $463.0M
YoY Change 63.28% 31.31% 1222.86%
LONG-TERM LIABILITIES
Long-Term Debt $2.808B $2.669B $3.843B
YoY Change -26.93% -37.63% -6.2%
Other Long-Term Liabilities $45.00M $51.00M $104.0M
YoY Change -56.73% -60.16% 48.57%
Total Long-Term Liabilities $2.853B $2.720B $3.947B
YoY Change -27.72% -38.28% -5.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $756.0M $583.0M $463.0M
Total Long-Term Liabilities $2.853B $2.720B $3.947B
Total Liabilities $3.609B $3.304B $4.410B
YoY Change -18.15% -31.89% 4.96%
SHAREHOLDERS EQUITY
Retained Earnings $693.7M $633.1M $531.7M
YoY Change 30.45% 26.29%
Common Stock $1.751B $1.745B $1.703B
YoY Change 2.83% 2.74%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.188B $1.140B $962.3M
YoY Change
Total Liabilities & Shareholders Equity $4.797B $4.444B $5.372B
YoY Change -10.7% -22.62% 1.69%

Cashflow Statement

Concept 2013 Q1 2012 Q4 2012 Q1
OPERATING ACTIVITIES
Net Income $60.16M $42.08M $30.46M
YoY Change 97.49% -1744.96% 67.7%
Depreciation, Depletion And Amortization $100.0K $200.0K $900.0K
YoY Change -88.89% -77.78% 200.0%
Cash From Operating Activities -$453.0M -$144.7M -$233.7M
YoY Change 93.85% -6391.3% -1457.81%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $174.6M $202.1M $305.0M
YoY Change -42.75% -287.65% 362.12%
Cash From Investing Activities $174.6M $202.1M $305.0M
YoY Change -42.77% -287.65% 362.49%
FINANCING ACTIVITIES
Cash Dividend Paid $23.56M $20.23M
YoY Change 16.47% 0.55%
Common Stock Issuance & Retirement, Net -$134.0K -$24.00K
YoY Change 458.33% -114.12%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 276.3M -15.80M -189.0M
YoY Change -246.2% -106.61% -309.55%
NET CHANGE
Cash From Operating Activities -453.0M -144.7M -233.7M
Cash From Investing Activities 174.6M 202.1M 305.0M
Cash From Financing Activities 276.3M -15.80M -189.0M
Net Change In Cash -2.124M 41.60M -117.6M
YoY Change -98.19% -68.89% -167.85%
FREE CASH FLOW
Cash From Operating Activities -$453.0M -$144.7M -$233.7M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$453.0M -$144.7M
YoY Change

Facts In Submission

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CY2013Q1 dei Trading Symbol
TradingSymbol
RWT
CY2013Q1 dei Entity Registrant Name
EntityRegistrantName
REDWOOD TRUST INC
CY2013Q1 dei Amendment Flag
AmendmentFlag
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EntityFilerCategory
Large Accelerated Filer
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Q1
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DocumentFiscalYearFocus
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DocumentType
10-Q
CY2013Q1 dei Document Period End Date
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2013-03-31
CY2013Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000930236
CY2013Q1 dei Current Fiscal Year End Date
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CY2013Q1 us-gaap Interest Expense Beneficial Interests Issued By Consolidated Variable Interest Entities
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CY2013Q1 us-gaap Impairment Of Investments
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CY2013Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2013Q1 us-gaap Comprehensive Income Net Of Tax
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CY2013Q1 us-gaap Communications And Information Technology
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CY2013Q1 us-gaap Transfer Of Other Real Estate
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CY2013Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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CY2013Q1 us-gaap Share Based Compensation
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CY2013Q1 us-gaap Income Taxes Paid
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CY2013Q1 us-gaap Common Stock Dividends Per Share Declared
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<div> <p style="MARGIN-TOP: 36px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Note 1. Redwood Trust</b></font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">Redwood Trust, Inc., together with its subsidiaries (&#x201C;Redwood,&#x201D; &#x201C;we,&#x201D; or &#x201C;us&#x201D;), is an internally-managed operating company focused on engaging in residential and commercial mortgage banking activities and investing in mortgage- and other real estate-related assets. We seek to generate fee and gain on sale income through our mortgage banking activities and to invest in real estate-related assets that have the potential to generate attractive cash flow returns over time.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">Our investment portfolio includes investments in residential securities issued in our Sequoia securitization transactions, as well as residential securities issued by third parties. Some of the securities we invest in are residential re-REMIC support securities or similar securities, which are securities that are generally created through the resecuritization of senior residential mortgage backed securities (&#x201C;RMBS&#x201D;). Re-REMIC support securities are subordinate to, and provide credit support for, the senior re-REMIC securities issued in a resecuritization. We may also invest in other assets, securities, and instruments that are related to residential real estate. For example, in addition to investing in mortgage servicing rights (&#x201C;MSRs&#x201D;) associated with residential loans transferred to Sequoia securitization entities, we may also invest in MSRs acquired directly from third parties. Our investment portfolio includes investments in commercial loans that are originated through our commercial mortgage banking activities and may also include investments in commercial mortgage backed securities (&#x201C;CMBS&#x201D;) or other forms of commercial real estate financing originated by others. We assume a range of risks in our investments and the level of risk is influenced by, among other factors, the manner in which we finance our purchases of, and derive income from, our investments.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">Redwood was incorporated in the State of Maryland on April&#xA0;11, 1994, and commenced operations on August&#xA0;19, 1994. Our executive offices are located at One Belvedere Place, Suite 300, Mill Valley, California 94941.</font></p> </div>
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<div> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Use of Estimates</i></b></font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">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, amount 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 period. 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></p> </div>
CY2013Q1 us-gaap Debt Instrument Interest Rate Terms
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CY2013Q1 rwt Number Of Variable Interest Entities Acquired And Consolidated
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CY2013Q1 rwt Number Of Facilities
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CY2013Q1 rwt Principal Amount Of Loans Securitized During Period
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CY2012Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Securities Sold
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsReductionsSecuritiesSold
CY2012Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
790000
CY2012Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
456242 shares
CY2012Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
53590000
CY2012Q1 us-gaap Payments To Acquire Loans And Leases Held For Investment
PaymentsToAcquireLoansAndLeasesHeldForInvestment
26888000
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
30463000
CY2012Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
9805000
CY2012Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8000
CY2012Q1 us-gaap Proceeds From Principal Repayments On Loans And Leases Held For Investment
ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment
155301000
CY2012Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
20232000
CY2012Q1 us-gaap Interest Income Securities Mortgage Backed
InterestIncomeSecuritiesMortgageBacked
29994000
CY2012Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
13620000
CY2012Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
164740000
CY2012Q1 us-gaap Interest Expense
InterestExpense
30655000
CY2012Q1 us-gaap Interest Income Deposits With Financial Institutions
InterestIncomeDepositsWithFinancialInstitutions
21000
CY2012Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions Additional Credit Losses
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsAdditionsAdditionalCreditLosses
CY2012Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
40701000
CY2012Q1 rwt Stock Issued During Period Value Dividend Reinvestment And Employee Stock Purchase Plan
StockIssuedDuringPeriodValueDividendReinvestmentAndEmployeeStockPurchasePlan
2203000
CY2012Q1 rwt Fixed Compensation Expense
FixedCompensationExpense
5035000
CY2012Q1 rwt Variable Compensation Expense
VariableCompensationExpense
2594000
CY2012Q1 rwt Market Valuation Adjustments Net
MarketValuationAdjustmentsNet
-3701000
CY2012Q1 rwt Other Than Temporary Impairment Credit Losses Recognized In Earnings Matured Called Written Down
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsMaturedCalledWrittenDown
4534000
CY2012Q1 rwt Amortization Of Leasehold Improvement
AmortizationOfLeaseholdImprovement
1000000
CY2012Q1 rwt Other Market Valuation Adjustments Net
OtherMarketValuationAdjustmentsNet
-628000
CY2012Q1 rwt Mortgage Banking Activities Market Valuation Adjustments Net
MortgageBankingActivitiesMarketValuationAdjustmentsNet
-3073000
CY2012Q1 rwt Other Market Valuation Adjustments
OtherMarketValuationAdjustments
-296000
CY2012Q1 rwt Mortgage Banking Activities Net
MortgageBankingActivitiesNet
4302000
CY2012Q1 rwt Mortgage Banking Activities Derivative Instruments Net
MortgageBankingActivitiesDerivativeInstrumentsNet
-3056000
CY2012Q1 rwt Proceeds Or Payments For Issuance Or Repurchase Of Common Stock Net
ProceedsOrPaymentsForIssuanceOrRepurchaseOfCommonStockNet
-24000
CY2012Q1 rwt Proceeds From Principal Repayments On Securities
ProceedsFromPrincipalRepaymentsOnSecurities
40203000
CY2012Q1 rwt Net Interest Income Loss After Provision And Other Market Valuation Adjustments
NetInterestIncomeLossAfterProvisionAndOtherMarketValuationAdjustments
27183000
CY2012Q4 rwt Debt Instrument Average Maturity Term
DebtInstrumentAverageMaturityTerm
P84D

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