PSEC FY 2013 Earnings Report — Prospect Capital Corporation Revenue & Financial Results | Market Cap Arena

Prospect Capital CorporationPSEC

FY 2013 Earnings

Reported August 21, 2013

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2013	Prior Q	FY 2012	QoQ Change	YoY Change
Revenue	$321M	—	$243M	—	32.4%
Op. Income	$221M	—	$191M	—	15.7%
Gross Margin	76.2%	—	84.1%	—	-7.9pp
Net Margin	68.8%	—	78.7%	—	-9.9pp
EPS (Diluted)	$1.07	—	$1.67	—	-35.9%
Free Cash Flow	-$1.8B	—	-$229M	—	-678.6%

Revenue Flow

Item	Amount
REVENUE	$321M
Cost of Revenue	$76M
GROSS PROFIT	$245M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$18M
SG&A Expenses	$18M
Other Expenses	$7M
Operating Expenses	$24M
Cost & Expenses	$100M
OPERATING INCOME	$221M
Interest Income	$435M
Interest Expense	$76M
Other Income/Expenses	$0
INCOME BEFORE TAX	$221M
Income Tax Expense	$0
Net Income from Continuing Ops	$221M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$221M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$221M
D&A	$0
EBIT	$221M
EBITDA	$221M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$321M
Cost of Revenue	$76M
GROSS PROFIT	$245M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$18M
SG&A Expenses	$18M
Other Expenses	$7M
Operating Expenses	$24M
Cost & Expenses	$100M
OPERATING INCOME	$221M
Interest Income	$435M
Interest Expense	$76M
Other Income/Expenses	$0
INCOME BEFORE TAX	$221M
Income Tax Expense	$0
Net Income from Continuing Ops	$221M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$221M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$221M
D&A	$0
EBIT	$221M
EBITDA	$221M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$221M
Depreciation & Amortization	$0
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	-$2.0B
Change in Working Capital	$4M
OPERATING CASH FLOW	-$1.8B
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$0
NET CASH FROM INVESTING	$0
Net Debt Issuance	$1.0B
Common Stock Repurchased	$0
Common Dividends Paid	-$242M
Other Financing Activities	-$30M
NET CASH FROM FINANCING	$1.9B
FREE CASH FLOW	-$1.8B
Net Change in Cash	$82M

Balance Sheet

Item	Amount
Cash & Equivalents	$203M
Short-Term Investments	$0
Net Receivables	$27M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$231M
PP&E (Net)	$0
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$4.2B
TOTAL NON-CURRENT ASSETS	$4.2B
TOTAL ASSETS	$4.4B
Account Payables	$52M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$52M
Long-Term Debt	$1.7B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$57M
TOTAL NON-CURRENT LIABILITIES	$1.7B
TOTAL LIABILITIES	$1.8B
Common Stock	$248.0K
Additional Paid-In Capital	$2.8B
Retained Earnings	$82M
Treasury Stock	$0
Accum. Other Comp. Income	$0
Other Equity	-$198M
TOTAL STOCKHOLDERS' EQUITY	$2.7B
Minority Interest	$0
TOTAL EQUITY	$2.7B
TOTAL LIABILITIES & EQUITY	$4.4B
Total Debt	$1.7B
Net Debt	$1.5B