PMTU FY 2017 Earnings Report — PennyMac Mortgage Investment Trust Revenue & Financial Results | Market Cap Arena

PennyMac Mortgage Investment TrustPMTU

FY 2017 Earnings

Reported March 1, 2018

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2017	Prior Q	FY 2016	QoQ Change	YoY Change
Revenue	$449M	—	$311M	—	44.3%
Op. Income	$272M	—	$117M	—	131.3%
Gross Margin	68.8%	—	49.3%	—	19.5pp
Net Margin	26.2%	—	24.4%	—	1.9pp
EPS (Diluted)	$1.48	—	$1.08	—	37.0%
Free Cash Flow	$223M	—	-$624M	—	135.7%

Revenue Flow

Item	Amount
REVENUE	$449M
Cost of Revenue	$140M
GROSS PROFIT	$309M
R&D Expenses	$1M
Selling & Marketing	$6M
General & Administrative	$29M
SG&A Expenses	$36M
Other Expenses	$0
Operating Expenses	$37M
Cost & Expenses	$177M
OPERATING INCOME	$272M
Interest Income	$195M
Interest Expense	$151M
Other Income/Expenses	-$147M
INCOME BEFORE TAX	$125M
Income Tax Expense	$7M
Net Income from Continuing Ops	$118M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$118M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$110M
D&A	$0
EBIT	$130M
EBITDA	$130M
EPS	$2
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$449M
Cost of Revenue	$140M
GROSS PROFIT	$309M
R&D Expenses	$1M
Selling & Marketing	$6M
General & Administrative	$29M
SG&A Expenses	$36M
Other Expenses	$0
Operating Expenses	$37M
Cost & Expenses	$177M
OPERATING INCOME	$272M
Interest Income	$195M
Interest Expense	$151M
Other Income/Expenses	-$147M
INCOME BEFORE TAX	$125M
Income Tax Expense	$7M
Net Income from Continuing Ops	$118M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$118M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$110M
D&A	$0
EBIT	$130M
EBITDA	$130M
EPS	$2
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$118M
Depreciation & Amortization	$82M
Stock-Based Compensation	$5M
Deferred Income Tax	$0
Other Non-Cash Items	$112M
Change in Working Capital	-$12M
OPERATING CASH FLOW	$223M
Capital Expenditure	-$79.0K
Acquisitions (Net)	$79.0K
Purchases of Investments	-$253M
Sales/Maturities of Investments	$286M
Other Investing Activities	$648M
NET CASH FROM INVESTING	$682M
Net Debt Issuance	-$916M
Common Stock Repurchased	-$91M
Common Dividends Paid	-$126M
Other Financing Activities	$286M
NET CASH FROM FINANCING	-$862M
FREE CASH FLOW	$223M
Net Change in Cash	$43M

Balance Sheet

Item	Amount
Cash & Equivalents	$78M
Short-Term Investments	$18M
Net Receivables	$4M
Inventory	-$114M
Other Current Assets	$14M
TOTAL CURRENT ASSETS	$96M
PP&E (Net)	-$3.8B
Goodwill	$0
Intangible Assets	$845M
Long-Term Investments	$1.0B
Tax Assets	$5.6B
Other Non-Current Assets	-$863M
TOTAL NON-CURRENT ASSETS	$1.9B
TOTAL ASSETS	$5.6B
Account Payables	$72M
Short-Term Debt	$190M
Deferred Revenue	$0
Other Current Liabilities	-$289M
TOTAL CURRENT LIABILITIES	$27M
Long-Term Debt	$0
Deferred Revenue NC	$4.1B
Deferred Tax Liabilities	-$4.1B
Other Non-Current Liabilities	$4.0B
TOTAL NON-CURRENT LIABILITIES	$4.0B
TOTAL LIABILITIES	$4.1B
Common Stock	$613.0K
Additional Paid-In Capital	$1.3B
Retained Earnings	-$47M
Treasury Stock	$0
Accum. Other Comp. Income	$0
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.5B
Minority Interest	$0
TOTAL EQUITY	$1.5B
TOTAL LIABILITIES & EQUITY	$5.6B
Total Debt	$3.9B
Net Debt	$3.9B