$RWT
REDWOOD TRUST INC

2014 Q1 Form 10-Q Financial Statement

#000119312514184794 Filed on May 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $55.48M $53.53M
YoY Change 3.64% -8.88%
Cost Of Revenue $19.10M $18.30M
YoY Change 4.37% 335.71%
Gross Profit $36.40M $35.30M
YoY Change 3.12% -35.23%
Gross Profit Margin 65.62% 65.95%
Selling, General & Admin $17.90M $17.80M
YoY Change 0.56% 28.99%
% of Gross Profit 49.18% 50.42%
Research & Development $3.466M $1.741M
YoY Change 99.08% 47.42%
% of Gross Profit 9.52% 4.93%
Depreciation & Amortization $100.0K $100.0K
YoY Change 0.0% -88.89%
% of Gross Profit 0.27% 0.28%
Operating Expenses $19.97M -$20.19M
YoY Change -198.94% -237.95%
Operating Profit $16.43M $55.49M
YoY Change -70.39% 39.18%
Interest Expense $19.06M $18.30M
YoY Change 4.14% -40.3%
% of Operating Profit 116.02% 32.98%
Other Income/Expense, Net
YoY Change
Pretax Income $10.49M $71.52M
YoY Change -85.33% 134.71%
Income Tax -$1.843M $10.91M
% Of Pretax Income -17.57% 15.25%
Net Earnings $12.33M $60.16M
YoY Change -79.5% 97.49%
Net Earnings / Revenue 22.23% 112.4%
Basic Earnings Per Share $0.14 $0.72
Diluted Earnings Per Share $0.14 $0.69
COMMON SHARES
Basic Shares Outstanding 82.41M shares 81.56M shares
Diluted Shares Outstanding 84.94M shares 87.34M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.893B $1.309B
YoY Change 44.56% -7.24%
Cash & Equivalents $150.0M $78.96M
Short-Term Investments $1.743B $1.231B
Other Short-Term Assets $2.000M $2.000M
YoY Change 0.0% 100.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $199.0M $85.00M
YoY Change 134.12% -47.85%
LONG-TERM ASSETS
Property, Plant & Equipment $1.870M $602.0K
YoY Change 210.63% -45.47%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.808B $1.249B
YoY Change 44.76% -14.1%
Other Assets $13.00M $18.00M
YoY Change -27.78% -21.74%
Total Long-Term Assets $4.808B $4.712B
YoY Change 2.04% -9.54%
TOTAL ASSETS
Total Short-Term Assets $199.0M $85.00M
Total Long-Term Assets $4.808B $4.712B
Total Assets $5.007B $4.797B
YoY Change 4.38% -10.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $20.00M $35.00M
YoY Change -42.86% 59.09%
Deferred Revenue
YoY Change
Short-Term Debt $1.289B $721.3M
YoY Change 78.67% 63.58%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.309B $756.0M
YoY Change 73.15% 63.28%
LONG-TERM LIABILITIES
Long-Term Debt $2.368B $2.808B
YoY Change -15.67% -26.93%
Other Long-Term Liabilities $72.00M $45.00M
YoY Change 60.0% -56.73%
Total Long-Term Liabilities $2.440B $2.853B
YoY Change -14.48% -27.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.309B $756.0M
Total Long-Term Liabilities $2.440B $2.853B
Total Liabilities $3.756B $3.609B
YoY Change 4.07% -18.15%
SHAREHOLDERS EQUITY
Retained Earnings $818.6M $693.7M
YoY Change 18.02% 30.45%
Common Stock $1.766B $1.751B
YoY Change 0.85% 2.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.251B $1.188B
YoY Change
Total Liabilities & Shareholders Equity $5.007B $4.797B
YoY Change 4.38% -10.7%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $12.33M $60.16M
YoY Change -79.5% 97.49%
Depreciation, Depletion And Amortization $100.0K $100.0K
YoY Change 0.0% -88.89%
Cash From Operating Activities -$401.7M -$453.0M
YoY Change -11.33% 93.85%
INVESTING ACTIVITIES
Capital Expenditures -$900.0K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $30.40M $174.6M
YoY Change -82.59% -42.75%
Cash From Investing Activities $29.44M $174.6M
YoY Change -83.14% -42.77%
FINANCING ACTIVITIES
Cash Dividend Paid $23.75M $23.56M
YoY Change 0.79% 16.47%
Common Stock Issuance & Retirement, Net -$122.0K -$134.0K
YoY Change -8.96% 458.33%
Debt Paid & Issued, Net $17.00K
YoY Change
Cash From Financing Activities $349.0M 276.3M
YoY Change 26.32% -246.2%
NET CHANGE
Cash From Operating Activities -$401.7M -453.0M
Cash From Investing Activities $29.44M 174.6M
Cash From Financing Activities $349.0M 276.3M
Net Change In Cash -$23.24M -2.124M
YoY Change 993.93% -98.19%
FREE CASH FLOW
Cash From Operating Activities -$401.7M -$453.0M
Capital Expenditures -$900.0K $0.00
Free Cash Flow -$400.8M -$453.0M
YoY Change -11.53%

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<div> <p style="margin-top:24pt; 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, is a specialty finance company focused on investing in mortgage- and other real estate-related assets and engaging in residential and commercial mortgage banking activities. We seek to invest in real estate-related assets that have the potential to generate attractive cash flow returns over time and to generate income through our residential and commercial mortgage banking activities. We operate our business in three segments: residential mortgage banking, residential investments, and commercial mortgage banking and investments.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" align="justify">Our primary sources of income are net interest income from our investment portfolios and noninterest 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 or origination of loans and their subsequent sale or securitization. References herein to &#x201C;Redwood,&#x201D; the &#x201C;company,&#x201D; &#x201C;we,&#x201D; &#x201C;us,&#x201D; and &#x201C;our&#x201D; include Redwood Trust, Inc. and its consolidated subsidiaries, unless the context otherwise requires.</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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Substantially all ABS issued pay variable rates of interest, which are indexed to one-, three-, or six-month LIBOR.
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CY2014Q1 us-gaap Other General Expense
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CY2014Q1 rwt Debt Instrument Average Maturity Term
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CY2014Q1 rwt Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost Forfeitures
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CY2014Q1 rwt Employee Stock Purchase Plan Minimum Percentage Of Common Stock Fair Value Defined To Purchase Shares By Eligible Participants
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CY2014Q1 rwt Mortgage Servicing Expense
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CY2014Q1 rwt Stock Issued During Period Value Dividend Reinvestment And Stock Purchase Plan
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1545000
CY2014Q1 rwt Servicing Asset At Fair Value Additions From Loan Sales
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CY2014Q1 rwt Mortgage Servicing Rights Income Including Market Valuation Changes Of Ms Rs
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606000
CY2014Q1 rwt Total Net Change In Market Value Related To Mortgage Servicing Rights
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CY2014Q1 rwt Loan Purchase Sale Commitment Valuations
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8000
CY2014Q1 rwt Loan Transferred As Secured Borrowings Principal Balance
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33875000
CY2014Q1 rwt Loan Transferred As Secured Borrowings Cash Proceeds
LoanTransferredAsSecuredBorrowingsCashProceeds
34774000

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