$RWT
REDWOOD TRUST INC

2013 Q4 Form 10-Q Financial Statement

#000119312513432785 Filed on November 07, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q3
Revenue $57.49M $57.42M $59.72M
YoY Change 7.67% -3.86% 11.85%
Cost Of Revenue $19.30M $21.70M $28.30M
YoY Change -41.34% -23.32% 1032.0%
Gross Profit $38.20M $35.70M $31.40M
YoY Change 86.34% 13.69% -38.31%
Gross Profit Margin 66.44% 62.17% 52.58%
Selling, General & Admin $15.60M $19.50M $16.20M
YoY Change 8.33% 20.37% 44.64%
% of Gross Profit 40.84% 54.62% 51.59%
Research & Development $2.780M $1.225M
YoY Change 126.94% -42.33%
% of Gross Profit 7.79% 3.9%
Depreciation & Amortization $100.0K $100.0K $100.0K
YoY Change -50.0% 0.0% -66.67%
% of Gross Profit 0.26% 0.28% 0.32%
Operating Expenses -$19.67M -$22.32M $17.10M
YoY Change 271.13% -230.51% 48.62%
Operating Profit $57.87M $58.02M $14.30M
YoY Change 124.3% 305.79% -63.7%
Interest Expense $19.53M $21.73M $28.29M
YoY Change -40.77% -23.19% 16.32%
% of Operating Profit 33.74% 37.44% 197.82%
Other Income/Expense, Net -$12.00M
YoY Change
Pretax Income $27.00M $16.99M $40.22M
YoY Change -36.17% -57.74% 3015.18%
Income Tax $1.800M -$4.935M $516.0K
% Of Pretax Income 6.67% -29.04% 1.28%
Net Earnings $25.14M $21.93M $39.70M
YoY Change -40.27% -44.76% 2960.99%
Net Earnings / Revenue 43.72% 38.19% 66.48%
Basic Earnings Per Share $0.30 $0.26 $0.48
Diluted Earnings Per Share $0.29 $0.25 $0.48
COMMON SHARES
Basic Shares Outstanding 82.39M shares 82.20M shares 79.69M shares
Diluted Shares Outstanding 84.42M shares 80.76M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.856B $1.529B $1.352B
YoY Change 55.99% 13.14% 916.34%
Cash & Equivalents $173.2M $204.6M $39.38M
Short-Term Investments $1.683B $1.325B $1.312B
Other Short-Term Assets $2.000M $2.000M $2.000M
YoY Change 0.0% 0.0% 0.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $206.0M $255.0M $46.00M
YoY Change 134.09% 454.35% -67.61%
LONG-TERM ASSETS
Property, Plant & Equipment $1.232M $1.065M $515.0K
YoY Change 149.39% 106.8% -82.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.748B $1.385B $1.613B
YoY Change 56.91% -14.14% 41.0%
Other Assets $14.00M $15.00M $49.00M
YoY Change 40.0% -69.39% 88.46%
Total Long-Term Assets $4.403B $4.405B $5.251B
YoY Change 1.07% -16.12% -2.98%
TOTAL ASSETS
Total Short-Term Assets $206.0M $255.0M $46.00M
Total Long-Term Assets $4.403B $4.405B $5.251B
Total Assets $4.609B $4.660B $5.297B
YoY Change 3.7% -12.03% -4.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $55.00M $48.00M $48.00M
YoY Change 77.42% 0.0% 200.0%
Deferred Revenue
YoY Change
Short-Term Debt $862.8M $838.3M $522.2M
YoY Change 56.32% 60.53%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $918.0M $886.0M $570.0M
YoY Change 57.46% 55.44% 1483.33%
LONG-TERM LIABILITIES
Long-Term Debt $2.419B $2.533B $3.569B
YoY Change -9.37% -29.03% -19.49%
Other Long-Term Liabilities $18.00M $33.00M $109.0M
YoY Change -64.71% -69.72% -14.17%
Total Long-Term Liabilities $2.437B $2.566B $3.678B
YoY Change -10.4% -30.23% -19.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $918.0M $886.0M $570.0M
Total Long-Term Liabilities $2.437B $2.566B $3.678B
Total Liabilities $3.363B $3.452B $4.247B
YoY Change 1.78% -18.71% -7.58%
SHAREHOLDERS EQUITY
Retained Earnings $806.3M $781.2M $591.0M
YoY Change 27.37% 32.18%
Common Stock $1.762B $1.759B $1.741B
YoY Change 0.94% 1.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.246B $1.207B $1.050B
YoY Change
Total Liabilities & Shareholders Equity $4.609B $4.660B $5.297B
YoY Change 3.7% -12.03% -4.63%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $25.14M $21.93M $39.70M
YoY Change -40.27% -44.76% 2960.99%
Depreciation, Depletion And Amortization $100.0K $100.0K $100.0K
YoY Change -50.0% 0.0% -66.67%
Cash From Operating Activities $263.6M $547.0M -$199.0M
YoY Change -282.17% -374.87% 1037.14%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$3.100M $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$184.4M $205.1M $265.4M
YoY Change -191.24% -22.72% -184.28%
Cash From Investing Activities -$184.4M $202.0M $265.4M
YoY Change -191.24% -23.89% -184.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -110.7M -752.0M -96.50M
YoY Change 600.63% 679.27% -125.01%
NET CHANGE
Cash From Operating Activities 263.6M 547.0M -199.0M
Cash From Investing Activities -184.4M 202.0M 265.4M
Cash From Financing Activities -110.7M -752.0M -96.50M
Net Change In Cash -31.50M -3.000M -30.10M
YoY Change -175.72% -90.03% -156.37%
FREE CASH FLOW
Cash From Operating Activities $263.6M $547.0M -$199.0M
Capital Expenditures $0.00 -$3.100M $0.00
Free Cash Flow $263.6M $550.1M -$199.0M
YoY Change -282.17% -376.43%

Facts In Submission

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dei Trading Symbol
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dei Entity Registrant Name
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REDWOOD TRUST INC
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<div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>Note 1. Redwood Trust</b></p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" align="justify">Redwood Trust, Inc., together with its subsidiaries (&#x201C;Redwood,&#x201D; &#x201C;we,&#x201D; or &#x201C;us&#x201D;), is an internally-managed specialty finance 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. For tax purposes, Redwood Trust, Inc. is structured as a real estate investment trust (&#x201C;REIT&#x201D;).</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" align="justify">Our investment portfolio includes investments in residential mortgage-backed securities issued in Sequoia securitization transactions, as well as residential securities issued by third parties. We also invest in other assets, securities, and instruments that are related to residential real estate, such as mortgage servicing rights (&#x201C;MSRs&#x201D;). Our investment portfolio also includes investments in commercial loans that are originated through our commercial mortgage banking activities and may 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.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" align="justify">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.</p> </div>
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<div> <p style="MARGIN-TOP: 18pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt" align="justify"><b><i>Use of Estimates</i></b></p> <p style="MARGIN-TOP: 12pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt" align="justify">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 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.</p> </div>
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