PSEC FY 2014 Earnings Report — Prospect Capital Corporation Revenue & Financial Results | Market Cap Arena

Prospect Capital CorporationPSEC

FY 2014 Earnings

Reported August 25, 2014

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2014	Prior Q	FY 2013	QoQ Change	YoY Change
Revenue	$476M	—	$321M	—	48.1%
Op. Income	$319M	—	$221M	—	44.4%
Gross Margin	76.4%	—	76.2%	—	0.2pp
Net Margin	67.1%	—	68.8%	—	-1.7pp
EPS (Diluted)	$1.06	—	$1.07	—	-0.9%
Free Cash Flow	-$1.7B	—	-$1.8B	—	3.4%

Revenue Flow

Item	Amount
REVENUE	$476M
Cost of Revenue	$112M
GROSS PROFIT	$364M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$31M
SG&A Expenses	$31M
Other Expenses	$14M
Operating Expenses	$45M
Cost & Expenses	$157M
OPERATING INCOME	$319M
Interest Income	$614M
Interest Expense	$112M
Other Income/Expenses	$0
INCOME BEFORE TAX	$319M
Income Tax Expense	$0
Net Income from Continuing Ops	$319M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$319M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$319M
D&A	$0
EBIT	$319M
EBITDA	$319M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$476M
Cost of Revenue	$112M
GROSS PROFIT	$364M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$31M
SG&A Expenses	$31M
Other Expenses	$14M
Operating Expenses	$45M
Cost & Expenses	$157M
OPERATING INCOME	$319M
Interest Income	$614M
Interest Expense	$112M
Other Income/Expenses	$0
INCOME BEFORE TAX	$319M
Income Tax Expense	$0
Net Income from Continuing Ops	$319M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$319M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$319M
D&A	$0
EBIT	$319M
EBITDA	$319M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$319M
Depreciation & Amortization	$0
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	-$2.0B
Change in Working Capital	-$33M
OPERATING CASH FLOW	-$1.7B
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	$1.1B
Common Stock Repurchased	$0
Common Dividends Paid	-$377M
Other Financing Activities	-$30M
NET CASH FROM FINANCING	$1.7B
FREE CASH FLOW	-$1.7B
Net Change in Cash	-$69M

Balance Sheet

Item	Amount
Cash & Equivalents	$134M
Short-Term Investments	$0
Net Receivables	$25M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$162M
PP&E (Net)	$0
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$6.3B
TOTAL NON-CURRENT ASSETS	$6.3B
TOTAL ASSETS	$6.5B
Account Payables	$75M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$75M
Long-Term Debt	$2.8B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$11M
TOTAL NON-CURRENT LIABILITIES	$2.8B
TOTAL LIABILITIES	$2.9B
Common Stock	$343.0K
Additional Paid-In Capital	$3.8B
Retained Earnings	$42M
Treasury Stock	$0
Accum. Other Comp. Income	$0
Other Equity	-$239M
TOTAL STOCKHOLDERS' EQUITY	$3.6B
Minority Interest	$0
TOTAL EQUITY	$3.6B
TOTAL LIABILITIES & EQUITY	$6.5B
Total Debt	$2.8B
Net Debt	$2.6B