Ladder Capital Corp
NYSE:LADR
Income Statement
Earnings Waterfall
Ladder Capital Corp
Revenue
|
523.7m
USD
|
Cost of Revenue
|
-245.1m
USD
|
Gross Profit
|
278.6m
USD
|
Operating Expenses
|
-184.6m
USD
|
Operating Income
|
94m
USD
|
Other Expenses
|
7.1m
USD
|
Net Income
|
101.1m
USD
|
Income Statement
Ladder Capital Corp
Dec-2013 | Mar-2014 | Jun-2014 | Sep-2014 | Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue | ||||||||||||||||||||||||||||||||||||||||||
Revenue |
360
N/A
|
307
-15%
|
306
0%
|
352
+15%
|
375
+6%
|
389
+4%
|
435
+12%
|
396
-9%
|
442
+12%
|
398
-10%
|
320
-20%
|
379
+18%
|
394
+4%
|
436
+11%
|
481
+10%
|
457
-5%
|
450
-2%
|
525
+17%
|
543
+3%
|
628
+16%
|
599
-5%
|
558
-7%
|
556
0%
|
486
-13%
|
507
+4%
|
485
-4%
|
430
-11%
|
416
-3%
|
358
-14%
|
331
-8%
|
342
+4%
|
334
-3%
|
358
+7%
|
407
+14%
|
447
+10%
|
469
+5%
|
544
+16%
|
549
+1%
|
558
+2%
|
579
+4%
|
524
-10%
|
|
Gross Profit | ||||||||||||||||||||||||||||||||||||||||||
Cost of Revenue |
(49)
|
(52)
|
(57)
|
(65)
|
(78)
|
(90)
|
(100)
|
(110)
|
(113)
|
(116)
|
(117)
|
(118)
|
(121)
|
(123)
|
(130)
|
(137)
|
(146)
|
(160)
|
(172)
|
(186)
|
(194)
|
(201)
|
(205)
|
(205)
|
(204)
|
(205)
|
(221)
|
(226)
|
(228)
|
(222)
|
(199)
|
(192)
|
(183)
|
(184)
|
(181)
|
(181)
|
(196)
|
(209)
|
(228)
|
(242)
|
(245)
|
|
Gross Profit |
311
N/A
|
254
-18%
|
249
-2%
|
287
+15%
|
297
+3%
|
299
+1%
|
334
+12%
|
286
-14%
|
329
+15%
|
282
-14%
|
203
-28%
|
261
+29%
|
273
+5%
|
313
+15%
|
351
+12%
|
321
-9%
|
304
-5%
|
365
+20%
|
371
+1%
|
441
+19%
|
404
-8%
|
357
-12%
|
351
-2%
|
281
-20%
|
303
+8%
|
280
-7%
|
209
-25%
|
190
-9%
|
130
-32%
|
109
-17%
|
143
+32%
|
142
-1%
|
175
+24%
|
223
+27%
|
266
+19%
|
289
+9%
|
348
+21%
|
340
-2%
|
330
-3%
|
338
+2%
|
279
-17%
|
|
Operating Income | ||||||||||||||||||||||||||||||||||||||||||
Operating Expenses |
(122)
|
(131)
|
(149)
|
(160)
|
(172)
|
(177)
|
(175)
|
(174)
|
(167)
|
(159)
|
(153)
|
(151)
|
(158)
|
(161)
|
(164)
|
(163)
|
(170)
|
(178)
|
(177)
|
(188)
|
(173)
|
(173)
|
(172)
|
(159)
|
(161)
|
(183)
|
(175)
|
(168)
|
(172)
|
(130)
|
(130)
|
(130)
|
(117)
|
(147)
|
(155)
|
(165)
|
(179)
|
(173)
|
(181)
|
(187)
|
(185)
|
|
Selling, General & Administrative |
(85)
|
(89)
|
(102)
|
(112)
|
(118)
|
(114)
|
(107)
|
(105)
|
(102)
|
(97)
|
(93)
|
(92)
|
(98)
|
(103)
|
(104)
|
(102)
|
(109)
|
(111)
|
(110)
|
(110)
|
(95)
|
(99)
|
(99)
|
(97)
|
(97)
|
(93)
|
(86)
|
(82)
|
(94)
|
(85)
|
(87)
|
(86)
|
(70)
|
(94)
|
(104)
|
(111)
|
(123)
|
(114)
|
(114)
|
(115)
|
(112)
|
|
Depreciation & Amortization |
(22)
|
(26)
|
(30)
|
(31)
|
(28)
|
(31)
|
(34)
|
(37)
|
(39)
|
(39)
|
(39)
|
(39)
|
(39)
|
(38)
|
(39)
|
(40)
|
(40)
|
(43)
|
(43)
|
(43)
|
(42)
|
(41)
|
(41)
|
(39)
|
(39)
|
(38)
|
(38)
|
(39)
|
(39)
|
(39)
|
(38)
|
(38)
|
(38)
|
(38)
|
(36)
|
(34)
|
(33)
|
(31)
|
(31)
|
(30)
|
(30)
|
|
Other Operating Expenses |
(16)
|
(16)
|
(17)
|
(17)
|
(26)
|
(32)
|
(35)
|
(34)
|
(26)
|
(23)
|
(21)
|
(21)
|
(21)
|
(20)
|
(21)
|
(21)
|
(21)
|
(24)
|
(25)
|
(36)
|
(36)
|
(33)
|
(33)
|
(23)
|
(25)
|
(52)
|
(51)
|
(47)
|
(39)
|
(6)
|
(5)
|
(5)
|
(9)
|
(15)
|
(15)
|
(20)
|
(23)
|
(28)
|
(36)
|
(42)
|
(42)
|
|
Operating Income |
189
N/A
|
123
-35%
|
101
-18%
|
127
+27%
|
125
-2%
|
123
-2%
|
160
+30%
|
111
-30%
|
162
+46%
|
123
-24%
|
50
-59%
|
110
+119%
|
115
+4%
|
152
+32%
|
187
+24%
|
158
-16%
|
134
-15%
|
187
+40%
|
193
+3%
|
253
+31%
|
232
-8%
|
184
-21%
|
179
-3%
|
122
-32%
|
142
+16%
|
97
-31%
|
34
-65%
|
22
-35%
|
(42)
N/A
|
(21)
+49%
|
14
N/A
|
12
-11%
|
58
+374%
|
76
+31%
|
111
+46%
|
124
+11%
|
170
+37%
|
166
-2%
|
149
-11%
|
151
+1%
|
94
-38%
|
|
Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||||
Interest Income Expense |
3
|
3
|
4
|
3
|
2
|
2
|
1
|
1
|
0
|
1
|
0
|
0
|
0
|
(1)
|
(0)
|
(0)
|
0
|
0
|
0
|
1
|
1
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Non-Reccuring Items |
0
|
0
|
0
|
0
|
(3)
|
(3)
|
(4)
|
(4)
|
(2)
|
4
|
4
|
4
|
5
|
(1)
|
(0)
|
0
|
(0)
|
(0)
|
(0)
|
(4)
|
(4)
|
(7)
|
(7)
|
(2)
|
(2)
|
2
|
21
|
22
|
22
|
20
|
1
|
0
|
0
|
0
|
1
|
1
|
1
|
10
|
10
|
11
|
11
|
|
Pre-Tax Income |
193
N/A
|
126
-34%
|
104
-18%
|
130
+25%
|
124
-4%
|
122
-2%
|
157
+29%
|
108
-31%
|
161
+49%
|
127
-21%
|
55
-57%
|
115
+109%
|
120
+5%
|
151
+26%
|
187
+24%
|
158
-16%
|
134
-15%
|
187
+40%
|
193
+3%
|
249
+29%
|
228
-8%
|
178
-22%
|
173
-3%
|
120
-30%
|
140
+16%
|
99
-29%
|
55
-44%
|
45
-19%
|
(19)
N/A
|
(1)
+95%
|
15
N/A
|
12
-18%
|
58
+374%
|
76
+31%
|
112
+47%
|
124
+11%
|
170
+37%
|
176
+4%
|
159
-10%
|
162
+2%
|
105
-35%
|
|
Net Income | ||||||||||||||||||||||||||||||||||||||||||
Tax Provision |
(4)
|
(7)
|
(15)
|
(24)
|
(27)
|
(24)
|
(21)
|
(7)
|
(15)
|
(11)
|
(3)
|
(16)
|
(6)
|
(6)
|
(15)
|
(5)
|
(8)
|
(13)
|
(7)
|
(9)
|
(7)
|
0
|
(2)
|
(1)
|
(3)
|
(1)
|
2
|
3
|
10
|
6
|
6
|
6
|
(1)
|
(0)
|
(3)
|
(6)
|
(5)
|
(8)
|
(5)
|
(6)
|
(4)
|
|
Income from Continuing Operations |
189
|
119
|
90
|
106
|
98
|
97
|
136
|
101
|
146
|
117
|
52
|
99
|
114
|
145
|
172
|
152
|
126
|
174
|
187
|
240
|
222
|
178
|
171
|
118
|
137
|
98
|
57
|
48
|
(10)
|
5
|
21
|
18
|
57
|
76
|
108
|
118
|
165
|
168
|
153
|
156
|
101
|
|
Income to Minority Interest |
1
|
(17)
|
(35)
|
(57)
|
(66)
|
(56)
|
(73)
|
(50)
|
(72)
|
(58)
|
(24)
|
(47)
|
(47)
|
(59)
|
(67)
|
(51)
|
(31)
|
(41)
|
(38)
|
(48)
|
(42)
|
(27)
|
(26)
|
(12)
|
(14)
|
(14)
|
(9)
|
(10)
|
(5)
|
(4)
|
(5)
|
(1)
|
(0)
|
(0)
|
(8)
|
(8)
|
(23)
|
(23)
|
(15)
|
(14)
|
1
|
|
Net Income (Common) |
190
N/A
|
115
-40%
|
67
-42%
|
61
-8%
|
44
-28%
|
41
-8%
|
63
+53%
|
51
-18%
|
74
+44%
|
59
-20%
|
28
-53%
|
52
+88%
|
67
+28%
|
86
+29%
|
105
+22%
|
101
-4%
|
95
-6%
|
133
+39%
|
149
+12%
|
192
+29%
|
180
-6%
|
151
-16%
|
145
-4%
|
106
-27%
|
123
+16%
|
85
-31%
|
48
-43%
|
38
-22%
|
(14)
N/A
|
2
N/A
|
16
+967%
|
18
+11%
|
57
+219%
|
75
+33%
|
100
+33%
|
110
+10%
|
142
+30%
|
146
+2%
|
139
-5%
|
142
+2%
|
101
-29%
|
|
EPS (Diluted) |
1.8
N/A
|
1.16
-36%
|
0.67
-42%
|
0.61
-9%
|
0.45
-26%
|
0.42
-7%
|
1.22
+190%
|
0.95
-22%
|
1.42
+49%
|
0.99
-30%
|
0.44
-56%
|
0.82
+86%
|
0.61
-26%
|
0.78
+28%
|
0.95
+22%
|
1.18
+24%
|
0.86
-27%
|
1.39
+62%
|
1.53
+10%
|
1.73
+13%
|
1.84
+6%
|
1.45
-21%
|
1.37
-6%
|
1.01
-26%
|
1.15
+14%
|
0.79
-31%
|
0.45
-43%
|
0.33
-27%
|
-0.13
N/A
|
0
N/A
|
0.12
N/A
|
0.13
+8%
|
0.45
+246%
|
0.6
+33%
|
0.8
+33%
|
0.88
+10%
|
1.13
+28%
|
1.16
+3%
|
1.11
-4%
|
1.13
+2%
|
0.81
-28%
|