WHF FY 2020 Earnings Report — WhiteHorse Finance, Inc. Revenue & Financial Results | Market Cap Arena

WhiteHorse Finance, Inc.WHF

FY 2020 Earnings

Reported March 8, 2021

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2020	Prior Q	FY 2019	QoQ Change	YoY Change
Revenue	$49M	—	$48M	—	3.0%
Op. Income	$32M	—	$32M	—	2.4%
Gross Margin	73.3%	—	71.8%	—	1.5pp
Net Margin	64.5%	—	64.6%	—	-0.2pp
EPS (Diluted)	$1.54	—	$1.50	—	2.7%
Free Cash Flow	$24M	—	-$95M	—	125.6%

Revenue Flow

Item	Amount
REVENUE	$49M
Cost of Revenue	$13M
GROSS PROFIT	$36M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$4M
SG&A Expenses	$4M
Other Expenses	$0
Operating Expenses	$4M
Cost & Expenses	$17M
OPERATING INCOME	$32M
Interest Income	$57M
Interest Expense	$13M
Other Income/Expenses	$0
INCOME BEFORE TAX	$32M
Income Tax Expense	$742.0K
NET INCOME	$32M
D&A	$0
EBIT	$32M
EBITDA	$32M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$49M
Cost of Revenue	$13M
GROSS PROFIT	$36M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$4M
SG&A Expenses	$4M
Other Expenses	$0
Operating Expenses	$4M
Cost & Expenses	$17M
OPERATING INCOME	$32M
Interest Income	$57M
Interest Expense	$13M
Other Income/Expenses	$0
INCOME BEFORE TAX	$32M
Income Tax Expense	$742.0K
NET INCOME	$32M
D&A	$0
EBIT	$32M
EBITDA	$32M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$32M
Depreciation & Amortization	$0
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	-$11M
Change in Working Capital	$4M
OPERATING CASH FLOW	$24M
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$303M
Sales/Maturities of Investments	$214M
Other Investing Activities	$0
NET CASH FROM INVESTING	-$89M
Net Debt Issuance	$85M
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	$0
NET CASH FROM FINANCING	$53M
FREE CASH FLOW	$24M
Net Change in Cash	-$12M

Balance Sheet

Item	Amount
Cash & Equivalents	$8M
Short-Term Investments	$0
Net Receivables	$11M
Inventory	$0
Other Current Assets	$8M
TOTAL CURRENT ASSETS	$28M
PP&E (Net)	$0
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$691M
Tax Assets	$0
Other Non-Current Assets	$0
TOTAL NON-CURRENT ASSETS	$691M
TOTAL ASSETS	$719M
Account Payables	$2M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$7M
TOTAL CURRENT LIABILITIES	$21M
Long-Term Debt	$385M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$372.0K
TOTAL NON-CURRENT LIABILITIES	$385M
TOTAL LIABILITIES	$406M
Common Stock	$21.0K
Additional Paid-In Capital	$300M
Retained Earnings	$13M
Treasury Stock	$0
Accum. Other Comp. Income	$0
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$313M
Minority Interest	$0
TOTAL EQUITY	$313M
TOTAL LIABILITIES & EQUITY	$719M
Total Debt	$385M
Net Debt	$377M