2014 Q4 Form 10-Q Financial Statement

#000110465914076755 Filed on November 05, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2014 Q2
Revenue $178.8M $181.4M $170.8M
YoY Change -4.87% 20.6% 27.01%
Cost Of Revenue $85.70M $64.70M $62.80M
YoY Change 37.34% 17.85% 61.86%
Gross Profit $93.10M $116.7M $108.0M
YoY Change -21.3% 22.2% 12.97%
Gross Profit Margin 52.07% 64.34% 63.25%
Selling, General & Admin $32.80M $49.40M $45.20M
YoY Change -39.48% 4.0% 2.03%
% of Gross Profit 35.23% 42.33% 41.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.400M $2.600M $4.800M
YoY Change -50.72% -43.48% 77.78%
% of Gross Profit 3.65% 2.23% 4.44%
Operating Expenses $39.50M $54.90M $54.10M
YoY Change -32.71% 4.37% 13.89%
Operating Profit $53.60M $60.99M $53.06M
YoY Change -10.07% 48.28% 56.86%
Interest Expense $47.40M $39.74M $37.70M
YoY Change 8.22% 16.82% 66.44%
% of Operating Profit 88.43% 65.15% 71.04%
Other Income/Expense, Net $2.600M $110.2M $71.60M
YoY Change 271.43% 68.21% 58.81%
Pretax Income $102.2M $171.2M $124.7M
YoY Change 0.1% 60.53% 57.97%
Income Tax $10.40M $3.836M $4.277M
% Of Pretax Income 10.18% 2.24% 3.43%
Net Earnings $91.50M $165.0M $117.9M
YoY Change -4.84% 88.92% 94.97%
Net Earnings / Revenue 51.17% 91.0% 69.03%
Basic Earnings Per Share $0.73 $0.53
Diluted Earnings Per Share $389.4K $0.73 $0.52
COMMON SHARES
Basic Shares Outstanding 222.4M shares 222.6M shares 221.4M shares
Diluted Shares Outstanding 223.5M shares 222.9M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $255.0M $1.222B $1.421B
YoY Change -79.64% 10.69% 27.25%
Cash & Equivalents $255.0M $327.3M $518.6M
Short-Term Investments $894.3M $902.4M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $295.0M $362.0M $556.0M
YoY Change -17.13% -35.13% 41.48%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill $140.4M $140.4M
YoY Change 31.13% 39.25%
Intangibles $145.8M $156.8M
YoY Change -22.34% -17.73%
Long-Term Investments $1.322B $90.73M $97.83M
YoY Change 1085.85% -94.09% -26.68%
Other Assets $49.00M $46.00M $45.00M
YoY Change -28.99% -44.58% -35.71%
Total Long-Term Assets $115.8B $116.5B $120.8B
YoY Change 4.88% 12.57% 17.53%
TOTAL ASSETS
Total Short-Term Assets $295.0M $362.0M $556.0M
Total Long-Term Assets $115.8B $116.5B $120.8B
Total Assets $116.1B $116.9B $121.4B
YoY Change 4.81% 12.32% 17.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $145.0M $154.0M $141.0M
YoY Change -35.56% -18.52% -19.43%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $294.0M $287.0M $273.0M
YoY Change -11.71% -6.21% 0.0%
LONG-TERM LIABILITIES
Long-Term Debt $4.685B $3.858B $3.708B
YoY Change 36.31% 61.15% 57.32%
Other Long-Term Liabilities $107.2B $108.9B $113.6B
YoY Change 4.45% 12.18% 17.12%
Total Long-Term Liabilities $111.9B $112.7B $117.3B
YoY Change 5.48% 13.36% 18.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $294.0M $287.0M $273.0M
Total Long-Term Liabilities $111.9B $112.7B $117.3B
Total Liabilities $112.2B $113.0B $117.5B
YoY Change 5.44% 13.3% 18.02%
SHAREHOLDERS EQUITY
Retained Earnings $7.302M -$49.69M
YoY Change -108.56% -41.49%
Common Stock $3.796B $3.787B
YoY Change -11.67% 5.72%
Preferred Stock
YoY Change
Treasury Stock (at cost) $23.64M $10.64M
YoY Change 122.09% 0.0%
Treasury Stock Shares 1.214M shares 625.9K shares
Shareholders Equity $3.861B $3.849B $3.801B
YoY Change
Total Liabilities & Shareholders Equity $116.1B $116.9B $121.4B
YoY Change 4.81% 12.32% 17.62%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2014 Q2
OPERATING ACTIVITIES
Net Income $91.50M $165.0M $117.9M
YoY Change -4.84% 88.92% 94.97%
Depreciation, Depletion And Amortization $3.400M $2.600M $4.800M
YoY Change -50.72% -43.48% 77.78%
Cash From Operating Activities -$15.80M $6.100M $126.1M
YoY Change -110.37% -128.64% 14.22%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$799.6M -$247.8M -$264.9M
YoY Change -29.56% -49.17% -71.32%
Cash From Investing Activities -$799.6M -$247.8M -$264.9M
YoY Change -29.56% -49.17% -71.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $491.0M
YoY Change -40.29%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 746.0M 54.40M 430.2M
YoY Change -2.29% -91.97% -57.28%
NET CHANGE
Cash From Operating Activities -15.80M 6.100M 126.1M
Cash From Investing Activities -799.6M -247.8M -264.9M
Cash From Financing Activities 746.0M 54.40M 430.2M
Net Change In Cash -69.40M -187.3M 291.4M
YoY Change -68.35% -210.83% 50.44%
FREE CASH FLOW
Cash From Operating Activities -$15.80M $6.100M $126.1M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2013Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
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us-gaap Income Loss From Continuing Operations Per Basic Share
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CY2013Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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CY2014Q3 us-gaap Net Income Loss Attributable To Parent Diluted
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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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us-gaap Net Income Loss Attributable To Parent Diluted
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CY2014Q3 us-gaap Weighted Average Number Of Shares Issued Basic
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CY2014Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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CY2014Q3 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
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CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Issued Basic
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us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2014Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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us-gaap Earnings Per Share Basic
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CY2014Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
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CY2014Q3 us-gaap Earnings Per Share Diluted
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us-gaap Income Loss From Continuing Operations Per Diluted Share
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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us-gaap Earnings Per Share Diluted
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CY2013Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2012Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2014Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2014Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2013Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2013Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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CY2013Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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4750804000 USD
CY2014Q3 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
5917000 USD
CY2013Q3 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
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CY2014Q3 stwd Mortgage Loans On Real Estate Related To Allowance For Loan Losses
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us-gaap Prior Period Reclassification Adjustment Description
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CY2013Q4 stwd Mortgage Loans On Real Estate Principal Amount Of Mortgages
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CY2014Q3 stwd Mortgage Loans On Real Estate Principal Amount Of Mortgages
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4750804000 USD
CY2014Q3 us-gaap Mortgage Loans On Real Estate Carrying Amount Of Mortgages
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us-gaap Provision For Loan And Lease Losses
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us-gaap Mortgage Loans On Real Estate Cost Of Mortgages Sold
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us-gaap Mortgage Loans On Real Estate Cost Of Mortgages Sold
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us-gaap Mortgage Loans On Real Estate Amortization Of Premium
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stwd Gain Loss On Mortgage Loans Held For Sale
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us-gaap Allowance For Loan And Lease Losses Period Increase Decrease
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3503000 USD
CY2013Q4 stwd Mortgage Loans On Real Estate Gross Carrying Amount Of Mortgages
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CY2014Q3 stwd Mortgage Loans On Real Estate Gross Carrying Amount Of Mortgages
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us-gaap Nature Of Operations
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Immediately prior to the acquisition, an affiliate of the Company acquired the remaining equity comprising LNR&#8217;s commercial property division for a purchase price of $194&#160;million. The portion of the LNR business acquired by us includes the following: (i)&#160;servicing businesses in both the U.S. and Europe that manage and work out problem assets, (ii)&#160;an investment business that is focused on selectively acquiring and managing real estate finance investments, including unrated, investment grade and non-investment grade rated CMBS, including subordinated interests of securitization and resecuritization transactions, and high yielding real estate loans; and (iii)&#160;a mortgage loan business which originates conduit loans for the primary purpose of selling these loans into securitization transactions.</font></p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">On January&#160;31, 2014, we completed the spin-off of our former single family residential (&#8220;SFR&#8221;) segment to our stockholders. The newly-formed real estate investment trust, Starwood Waypoint Residential Trust (&#8220;SWAY&#8221;), is listed on the New York Stock Exchange (&#8220;NYSE&#8221;) and trades under the ticker symbol &#8220;SWAY.&#8221; Our stockholders received one common share of SWAY for every five shares of our common stock held at the close of business on January&#160;24, 2014. As part of the spin-off, we contributed $100&#160;million to the unlevered balance sheet of SWAY to fund its growth and operations. As of January&#160;31, 2014, SWAY held net assets of $1.1&#160;billion. The net assets of SWAY consisted of approximately 7,200 units of single-family homes and residential non-performing mortgage loans as of January&#160;31, 2014. In connection with the spin-off, 40.1&#160;million shares of SWAY were issued. Refer to Note&#160;3 herein for additional information regarding SFR segment financial information, which has been presented within discontinued operations in the condensed consolidated statements of operations included herein.</font></p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">We are organized and conduct our operations to qualify as a real estate investment trust (&#8220;REIT&#8221;) under the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;). As such, we will generally not be subject to U.S. federal corporate income tax on that portion of our net income that is distributed to stockholders if we distribute at least 90% of our taxable income to our stockholders by prescribed dates and comply with various other requirements.</font></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">We are organized as a holding company and conduct our business primarily through our various wholly-owned subsidiaries. We are externally managed and advised by SPT Management,&#160;LLC (our &#8220;Manager&#8221;) pursuant to the terms of a management agreement. Our Manager is controlled by Barry Sternlicht, our Chairman and Chief Executive Officer. Our Manager is an affiliate of Starwood Capital Group, a privately-held private equity firm founded and controlled by Mr.&#160;Sternlicht.</font></p> </div>
CY2013Q4 us-gaap Marketable Securities
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us-gaap Current Foreign Tax Expense Benefit
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1581000 USD
us-gaap Current State And Local Tax Expense Benefit
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3753000 USD
us-gaap Current Income Tax Expense Benefit
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26730000 USD
CY2014Q3 us-gaap Deferred Federal Income Tax Expense Benefit
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-7390000 USD
CY2014Q3 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2014Q3 us-gaap Deferred State And Local Income Tax Expense Benefit
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-1225000 USD
CY2014Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-9154000 USD
CY2014Q3 stwd Income Tax Expense Benefit Including Tax Effect Of Discontinued Operation
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3836000 USD
us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-10438000 USD
us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-2737000 USD
CY2014Q3 us-gaap Marketable Securities
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894302000 USD
CY2014Q3 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
10044000 USD
CY2014Q3 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
905000 USD
CY2014Q3 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
2041000 USD
CY2014Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
12990000 USD
CY2013Q3 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
11465000 USD
CY2013Q3 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
1011000 USD
CY2013Q3 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
1892000 USD
CY2013Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
14368000 USD
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
20668000 USD
us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
4136000 USD
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
3840000 USD
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
28644000 USD
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
21396000 USD
us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
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us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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stwd Income Tax Expense Benefit Including Tax Effect Of Discontinued Operation
IncomeTaxExpenseBenefitIncludingTaxEffectOfDiscontinuedOperation
13733000 USD
CY2013Q3 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
59000 USD
CY2013Q3 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
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CY2013Q3 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2013Q3 us-gaap Deferred Income Tax Expense Benefit
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us-gaap Deferred Federal Income Tax Expense Benefit
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1.000 pure
CY2014Q3 stwd Loans Receivable Held For Sale Net Not Part Of Disposal Group Or Discontinued Operation
LoansReceivableHeldForSaleNetNotPartOfDisposalGroupOrDiscontinuedOperation
248165000 USD
CY2013Q4 stwd Loans Receivable Held For Sale Net Not Part Of Disposal Group Or Discontinued Operation
LoansReceivableHeldForSaleNetNotPartOfDisposalGroupOrDiscontinuedOperation
206672000 USD

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