$160.4 M

IMH Mkt cap, 21-Sep-2018

$70 M

Impac Mortgage Holdings Revenue Q2, 2018
Impac Mortgage Holdings EBIT (Q2, 2018)-90.3 M
Impac Mortgage Holdings Cash, 30-Jun-201833 M
Impac Mortgage Holdings EV173.2 M

Impac Mortgage Holdings Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

86.5 m45.2 m167 m297.8 m138.7 m

Revenue growth, %

(48%)269%78%

Operating expense total

156.4 m

EBIT

(10.5 m)5.5 m71.3 m(17.7 m)

EBIT margin, %

(12%)12%43%(13%)

Interest expense

310.5 m294.5 m274.9 m260.8 m226 m

Interest income

310.4 m295.7 m276.8 m263.6 m230.3 m

Pre tax profit

47.8 m(11.4 m)

Income tax expense

(21.9 m)1.1 m20.1 m

Net Income

(8 m)(6.3 m)80.8 m46.7 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

Revenue

16.8 m10 m10.7 m12.5 m34.3 m49.1 m47.7 m47.3 m69.2 m104 m45.3 m39.6 m40.1 m70 m

Operating expense total

21.1 m14.6 m13.9 m13.5 m17.1 m32.4 m24.7 m45.2 m60.9 m81.4 m44.6 m33.7 m35.7 m160.4 m

EBIT

785 k5.9 m4.4 m(90.3 m)

EBIT margin, %

2%15%11%(129%)

Interest expense

74.4 m72.3 m69.1 m78.9 m71.6 m66.3 m70.2 m69.4 m66.5 m63.6 m61.1 m59.5 m49.1 m97.6 m

Interest income

74.2 m72 m69 m79.6 m72.6 m67.3 m70.3 m69.3 m67.3 m64.9 m61.6 m60.6 m50.2 m99.2 m

Pre tax profit

(2.5 m)(158 k)1.4 m12.7 m16.4 m5.1 m4.5 m(89.2 m)

Income tax expense

(23.7 m)71 k781 k435 k423 k(130 k)426 k1 m610 k4.3 m

Net Income

(4.9 m)(3 m)82 k(1.2 m)34 m16.8 m19.3 m981 k12.3 m16.5 m4.6 m6.4 m3.9 m

Impac Mortgage Holdings Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

10 m10.1 m32.4 m40.1 m33.2 m

Accounts Receivable

Inventories

Goodwill

104.9 m104.9 m104.6 m

Total Assets

5.7 b5.6 b5.2 b4.9 b4.7 b

Accounts Payable

397.2 m

Short-term debt

Long-term debt

15.9 m22.1 m31.9 m47.2 m45 m

Total Debt

47.2 m45 m

Total Liabilities

4.6 b4.4 b

Preferred Stock

Additional Paid-in Capital

1.1 b1.1 b1.1 b1.2 b1.2 b

Retained Earnings

(235.9 m)(242.2 m)(161.4 m)(114.7 m)(146.3 m)

Total Equity

25.9 m25 m114.5 m231 m265.1 m

Debt to Equity Ratio

0.2 x

Debt to Assets Ratio

0 x

Financial Leverage

221 x223.5 x45.5 x21.1 x17.7 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

Cash

15.7 m19 m21.1 m13.2 m5.6 m34.2 m10.5 m18.5 m19.7 m58.9 m19.5 m29.7 m29.5 m33 m

Goodwill

104.9 m104.9 m104.9 m104.9 m104.9 m104.9 m104.9 m104.9 m104.6 m29.9 m

Total Assets

5.7 b5.7 b5.7 b5.7 b6 b5.7 b5.6 b5.3 b5.3 b5.5 b4.8 b4.8 b4.6 b4.3 b

Short-term debt

20 k

Long-term debt

15 m17.2 m17.6 m18 m29.6 m31.4 m31.7 m32.1 m31 m39.8 m50 m44.5 m45.3 m45.8 m

Total Debt

15 m17.2 m17.6 m18 m29.6 m31.4 m31.7 m32.1 m31 m39.8 m50 m44.5 m45.3 m45.8 m

Total Liabilities

5.6 b5.6 b5.7 b5.6 b5.9 b5.6 b5.5 b5.2 b5.2 b5.2 b4.5 b4.5 b4.4 b4.1 b

Preferred Stock

7 k7 k

Additional Paid-in Capital

1.1 b1.1 b1.1 b1.1 b1.1 b1.1 b1.1 b1.1 b1.1 b1.2 b1.2 b1.2 b1.2 b1.2 b

Retained Earnings

(232.2 m)(238.9 m)(238.8 m)(240 m)(208.2 m)(191.4 m)(172.1 m)(160.4 m)(148.2 m)(131.7 m)(110.1 m)(103.7 m)(177.2 m)(274.6 m)

Total Equity

28.3 m24.3 m25.8 m26.6 m59.2 m82.7 m102.9 m138 m153.5 m213.7 m236.2 m305.9 m260.2 m162.7 m

Financial Leverage

200.3 x232.3 x221.9 x212.5 x100.5 x69.2 x54.4 x38.4 x34.7 x25.6 x20.1 x15.8 x17.8 x26.2 x

Impac Mortgage Holdings Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

(8 m)(6.3 m)80.8 m46.7 m

Accounts Receivable

Inventories

Accounts Payable

Cash From Operating Activities

174.5 m30 m30.7 m65.5 m(137.9 m)

Purchases of PP&E

(18 k)

Cash From Investing Activities

787.2 m701.3 m676.3 m641.9 m677.5 m

Short-term Borrowings

(3.5 m)(3.5 m)

Cash From Financing Activities

(964.5 m)(731.2 m)(684.6 m)(699.7 m)(546.5 m)

Interest Paid

65.5 m63.3 m77.5 m93.8 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

Net Income

(4.3 m)(3 m)82 k(4.1 m)34 m50.8 m70.1 m981 k13.2 m29.7 m4.6 m11.1 m3.9 m

Cash From Operating Activities

143.1 m70 m87.8 m4.5 m(253.5 m)(88.3 m)(137.2 m)(270.7 m)(299.8 m)(415.1 m)(42.2 m)(182 m)(88 m)81.5 m

Cash From Investing Activities

622.7 m168.5 m348.2 m514.3 m114.6 m265.4 m456.7 m130.8 m296.4 m456.2 m215.3 m381.4 m136.3 m262.6 m

Short-term Borrowings

(3.4 m)

Cash From Financing Activities

(762.9 m)(229.4 m)(424 m)(515.5 m)134.5 m(153 m)(319 m)126 m(9.3 m)(14.6 m)(193.7 m)(209.9 m)(52.2 m)(345.6 m)

Impac Mortgage Holdings Ratios

USDY, 2018

EV/EBIT

-1.9 x

EV/CFO

2.1 x

Financial Leverage

26.2 x
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