CSE » Topics » Cash and Cash Equivalents

These excerpts taken from the CSE 10-K filed Mar 2, 2009.
Cash and Cash Equivalents
 
As of December 31, 2008 and 2007, we had $1.3 billion and $0.2 billion, respectively, in cash and cash equivalents. We invest cash on hand in short-term liquid investments.
 
We had $419.4 million and $513.8 million of restricted cash as of December 31, 2008 and 2007, respectively. The restricted cash consists primarily of principal and interest collections on loans collateralizing our term debt and on loans pledged to our credit facilities other than our syndicated bank credit facility and securities pledged as collateral to secure our repurchase agreements and related derivatives. Restricted cash also includes client holdbacks and escrows. Principal repayments, interest rate swap payments, interest payable and servicing fees are deducted from the monthly principal and interest collections funded by loans collateralizing our credit facilities and term debt, and the remaining restricted cash is returned to us and becomes unrestricted at that time.
 
Cash and Cash Equivalents
 
As of December 31, 2008 and 2007, we had $1.3 billion and $0.2 billion, respectively, in cash and cash equivalents. We invest cash on hand in short-term liquid investments.
 
We had $419.4 million and $513.8 million of restricted cash as of December 31, 2008 and 2007, respectively. The restricted cash consists primarily of principal and interest collections on loans collateralizing our term debt and on loans pledged to our credit facilities other than our syndicated bank credit facility and securities pledged as collateral to secure our repurchase agreements and related derivatives. Restricted cash also includes client holdbacks and escrows. Principal repayments, interest rate swap payments, interest payable and servicing fees are deducted from the monthly principal and interest collections funded by loans collateralizing our credit facilities and term debt, and the remaining restricted cash is returned to us and becomes unrestricted at that time.
 
Cash and Cash Equivalents
 
We consider all highly liquid investments with original maturities of three months or less to be cash equivalents. For the purpose of reporting cash flows, cash and cash equivalents include collections from our borrowers, amounts due from banks, U.S. Treasury securities, short-term investments and commercial paper with an initial maturity of three months or less.


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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
 
Cash and Cash Equivalents
 
We consider all highly liquid investments with original maturities of three months or less to be cash equivalents. For the purpose of reporting cash flows, cash and cash equivalents include collections from our borrowers, amounts due from banks, U.S. Treasury securities, short-term investments and commercial paper with an initial maturity of three months or less.


108


 

 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
 
This excerpt taken from the CSE 10-Q filed Nov 10, 2008.
Cash and Cash Equivalents
 
As of September 30, 2008 and December 31, 2007, we had $1.3 billion and $178.7 million, respectively, in cash and cash equivalents. We invest cash on hand in short-term liquid investments. Approximately $1 billion of the increase in cash and cash equivalents was the result of our acquisition of the deposits of FIL in July 2008.
 
We had $1.8 billion and $513.8 million of restricted cash as of September 30, 2008 and December 31, 2007, respectively. The restricted cash primarily represents both principal and interest collections on loans collateralizing our term debt and on loans pledged to our credit facilities and investments in U.S. Treasury securities and discount notes held for REIT compliance purposes and subject to repurchase financing arrangements. We also have restricted cash representing other items such as client holdbacks, escrows and securities pledged as collateral to secure our repurchase agreements and related derivatives. Principal repayments, interest rate swap payments, interest payable and servicing fees are deducted from the monthly principal and interest collections funded by loans collateralizing our credit facilities and term debt, and the remaining restricted cash is returned to us and becomes unrestricted at that time.
 
This excerpt taken from the CSE 10-Q filed Aug 11, 2008.
Cash and Cash Equivalents
 
As of June 30, 2008 and December 31, 2007, we had $169.7 million and $178.7 million, respectively, in cash and cash equivalents. We invest cash on hand in short-term liquid investments.
 
We had $429.0 million and $513.8 million of restricted cash as of June 30, 2008 and December 31, 2007, respectively. The restricted cash primarily represents both principal and interest collections on loans collateralizing our term debt and on loans pledged to our credit facilities. We also have restricted cash representing other items such as client holdbacks, escrows and securities pledged as collateral to secure our repurchase agreements and related derivatives. Principal repayments, interest rate swap payments, interest payable and servicing fees are deducted from the monthly principal and interest collections funded by loans collateralizing our credit facilities and term debt, and the remaining restricted cash is returned to us and becomes unrestricted at that time.


61


 

This excerpt taken from the CSE 10-Q filed May 12, 2008.
Cash and Cash Equivalents
 
As of March 31, 2008 and December 31, 2007, we had $270.8 million and $178.7 million, respectively, in cash and cash equivalents. We invest cash on hand in short-term liquid investments.
 
We had $527.3 million and $513.8 million of restricted cash as of March 31, 2008 and December 31, 2007, respectively. The restricted cash primarily represents both principal and interest collections on loans collateralizing our term debt and on loans pledged to our credit facilities. We also have restricted cash representing other items such as client holdbacks, escrows and securities pledged as collateral to secure our repurchase agreements and related


47


 

derivatives. Principal repayments, interest rate swap payments, interest payable and servicing fees are deducted from the monthly principal and interest collections funded by loans collateralizing our credit facilities and term debt, and the remaining restricted cash is returned to us and becomes unrestricted at that time.
 
These excerpts taken from the CSE 10-K filed Feb 29, 2008.
Cash and Cash Equivalents
 
We consider all highly liquid investments with original maturities of three months or less to be cash equivalents. For the purpose of reporting cash flows, cash and cash equivalents include collections from our borrowers, amounts due from banks, U.S. Treasury bills, overnight investments and commercial paper with an initial maturity of three months or less.
 
Cash
and Cash Equivalents



 



We consider all highly liquid investments with original
maturities of three months or less to be cash equivalents. For
the purpose of reporting cash flows, cash and cash equivalents
include collections from our borrowers, amounts due from banks,
U.S. Treasury bills, overnight investments and commercial
paper with an initial maturity of three months or less.


 




This excerpt taken from the CSE 10-Q filed Nov 9, 2007.
Cash and Cash Equivalents
 
As of September 30, 2007 and December 31, 2006, we had $245.9 million and $396.2 million, respectively, in cash and cash equivalents. We invest cash on hand in short-term liquid investments.
 
We had $296.8 million and $240.9 million of restricted cash as of September 30, 2007 and December 31, 2006, respectively. The restricted cash primarily represents both principal and interest collections on loans collateralizing our term debt and on loans pledged to our credit facilities. We also have restricted cash representing other items such as client holdbacks, escrows and securities pledged as collateral to secure repurchase agreements and various financial derivative contracts. Principal repayments, interest rate swap payments, interest payable and servicing fees are deducted from the monthly principal and interest collections funded by loans collateralizing our credit facilities and term debt, and the remaining restricted cash is returned to us and becomes unrestricted at that time.
 
This excerpt taken from the CSE 10-Q filed Aug 8, 2007.
Cash and Cash Equivalents
 
As of June 30, 2007 and December 31, 2006, we had $271.5 million and $396.2 million, respectively, in cash and cash equivalents. We invest cash on hand in short-term liquid investments.
 
We had $221.7 million and $240.9 million of restricted cash as of June 30, 2007 and December 31, 2006, respectively. The restricted cash primarily represents both principal and interest collections on loans collateralizing our term debt and on loans pledged to our credit facilities. We also have restricted cash representing other items such as client holdbacks, escrows and securities pledged as collateral to secure our repurchase agreements and related derivatives. Principal repayments, interest rate swap payments, interest payable and servicing fees are deducted from the monthly principal and interest collections funded by loans collateralizing our credit facilities and term debt, and the remaining restricted cash is returned to us and becomes unrestricted at that time.


51


 

This excerpt taken from the CSE 10-Q filed May 10, 2007.
Cash and Cash Equivalents
 
As of March 31, 2007 and December 31, 2006, we had $308.8 million and $396.2 million, respectively, in cash and cash equivalents. We invest cash on hand in short-term liquid investments.
 
We had $135.6 million and $240.9 million of restricted cash as of March 31, 2007 and December 31, 2006, respectively. The restricted cash primarily represents both principal and interest collections on loans collateralizing our term debt and on loans pledged to our credit facilities. We also have restricted cash representing other items such as client holdbacks, escrows and securities pledged as collateral to secure our repurchase agreements and related derivatives. Principal repayments, interest rate swap payments, interest payable and servicing fees are deducted from the monthly principal and interest collections funded by loans collateralizing our credit facilities and term debt, and the remaining restricted cash is returned to us and becomes unrestricted at that time.
 
This excerpt taken from the CSE 10-K filed Mar 1, 2007.
Cash and Cash Equivalents
 
We consider all highly liquid investments with original maturities of three months or less to be cash equivalents. For the purpose of reporting cash flows, cash and cash equivalents include collections from our borrowers, amounts due from banks, U.S. Treasury bills, overnight investments and commercial paper with an initial maturity of three months or less.
 
This excerpt taken from the CSE 10-Q filed Nov 8, 2006.
Cash and Cash Equivalents
 
As of September 30, 2006 and December 31, 2005, we had $651.1 million and $323.9 million, respectively, in cash and cash equivalents. The increase in cash as of September 30, 2006 was primarily due to cash received just prior to quarter-end including net proceeds from the $1.5 billion term debt securitization and loan collections and prepayments. We invest cash on hand in short-term liquid investments, where permitted, that qualify as cash equivalents. We generally fund new loan originations and growth in revolving loan balances using advances under our credit facilities.
 
For the nine months ended September 30, 2006, we used cash from operations of $55.9 million. For the nine months ended September 30, 2005, we generated cash flow from operations of $72.5 million. During the nine months ended September 30, 2006, we purchased RMBS which are required to be included in cash used in operations in the accompanying consolidated statements of cash flows as these securities are classified as trading securities in accordance with SFAS No. 115, Accounting for Certain Investments in Debt and Equity Securities.  We financed these purchases of RMBS primarily through repurchase agreements which are included in cash from financing activities in the accompanying consolidated statements of cash flows and as described below. In addition, we purchased loans held for sale during the nine months ended September 30, 2006 that also are required to be included in cash used in operations.
 
Proceeds from our equity offerings, borrowings on our repurchase agreements and credit facilities, the issuance of asset-backed notes in our term debt transactions and the issuance of convertible debt and subordinated debt provide cash from financing activities. For the nine months ended September 30, 2006 and 2005, we generated cash flow from financing activities of $4.3 billion and $0.9 billion, respectively.
 
Investing activities primarily relate to purchases of residential mortgage investments and loan origination. For the nine months ended September 30, 2006 and 2005, we used cash in investing activities of $3.9 billion and $1.1 billion, respectively.
 
We had $362.9 million and $284.8 million of restricted cash as of September 30, 2006 and December 31, 2005, respectively. The restricted cash represents principal and interest collections on loans collateralizing our term debt, interest collections on loans pledged to our credit facilities and other items such as client holdbacks and escrows. Principal repayments, interest rate swap payments, interest payable and servicing fees are deducted from the monthly principal and interest collections funded by loans collateralizing our credit facilities and term debt, and the remaining restricted cash is returned to us and becomes unrestricted at that time.
 
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