Two Harbors Investment Corp
NYSE:TWO
Income Statement
Earnings Waterfall
Two Harbors Investment Corp
Revenue
|
770m
USD
|
Cost of Revenue
|
-738.7m
USD
|
Gross Profit
|
31.2m
USD
|
Operating Expenses
|
-88.8m
USD
|
Operating Income
|
-57.6m
USD
|
Other Expenses
|
-95.6m
USD
|
Net Income
|
-153.2m
USD
|
Income Statement
Two Harbors Investment 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 |
848
N/A
|
709
-16%
|
249
-65%
|
623
+151%
|
337
-46%
|
498
+48%
|
710
+43%
|
489
-31%
|
761
+56%
|
602
-21%
|
375
-38%
|
542
+45%
|
683
+26%
|
819
+20%
|
887
+8%
|
905
+2%
|
779
-14%
|
1 044
+34%
|
1 197
+15%
|
1 327
+11%
|
767
-42%
|
466
-39%
|
339
-27%
|
537
+58%
|
1 231
+129%
|
(564)
N/A
|
(652)
-16%
|
(1 058)
-62%
|
(1 128)
-7%
|
817
N/A
|
681
-17%
|
666
-2%
|
440
-34%
|
516
+17%
|
621
+20%
|
920
+48%
|
762
-17%
|
376
-51%
|
765
+103%
|
909
+19%
|
770
-15%
|
|
Gross Profit | ||||||||||||||||||||||||||||||||||||||||||
Cost of Revenue |
(150)
|
(163)
|
(169)
|
(181)
|
(187)
|
(198)
|
(211)
|
(218)
|
(228)
|
(237)
|
(255)
|
(278)
|
(291)
|
(312)
|
(344)
|
(380)
|
(426)
|
(433)
|
(458)
|
(504)
|
(611)
|
(684)
|
(775)
|
(837)
|
(849)
|
(855)
|
(730)
|
(566)
|
(407)
|
(253)
|
(199)
|
(181)
|
(175)
|
(175)
|
(192)
|
(253)
|
(353)
|
(476)
|
(601)
|
(700)
|
(739)
|
|
Gross Profit |
698
N/A
|
546
-22%
|
80
-85%
|
442
+452%
|
150
-66%
|
299
+99%
|
498
+67%
|
271
-46%
|
533
+97%
|
365
-32%
|
120
-67%
|
264
+120%
|
392
+48%
|
507
+29%
|
542
+7%
|
525
-3%
|
353
-33%
|
611
+73%
|
739
+21%
|
824
+11%
|
156
-81%
|
(218)
N/A
|
(436)
-100%
|
(300)
+31%
|
382
N/A
|
(1 420)
N/A
|
(1 382)
+3%
|
(1 623)
-17%
|
(1 535)
+5%
|
564
N/A
|
482
-14%
|
486
+1%
|
265
-45%
|
342
+29%
|
429
+26%
|
666
+55%
|
410
-38%
|
(100)
N/A
|
163
N/A
|
210
+28%
|
31
-85%
|
|
Operating Income | ||||||||||||||||||||||||||||||||||||||||||
Operating Expenses |
(37)
|
(76)
|
(51)
|
(54)
|
(56)
|
(58)
|
(59)
|
(63)
|
(57)
|
(56)
|
(57)
|
(56)
|
(57)
|
(55)
|
(55)
|
(54)
|
(54)
|
(47)
|
(45)
|
(49)
|
(63)
|
(64)
|
(63)
|
(59)
|
(57)
|
(57)
|
(56)
|
(62)
|
(66)
|
(67)
|
(72)
|
(69)
|
(64)
|
(67)
|
(69)
|
(73)
|
(83)
|
(83)
|
(76)
|
(70)
|
(89)
|
|
Selling, General & Administrative |
0
|
(24)
|
(39)
|
(42)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(38)
|
(46)
|
(57)
|
(66)
|
(35)
|
(39)
|
(39)
|
(40)
|
(41)
|
(43)
|
(41)
|
(39)
|
(53)
|
|
Other Operating Expenses |
(37)
|
(52)
|
(12)
|
(13)
|
(56)
|
(58)
|
(59)
|
(63)
|
(57)
|
(56)
|
(57)
|
(56)
|
(57)
|
(55)
|
(55)
|
(54)
|
(54)
|
(47)
|
(45)
|
(49)
|
(63)
|
(64)
|
(63)
|
(59)
|
(57)
|
(57)
|
(56)
|
(62)
|
(29)
|
(21)
|
(14)
|
(3)
|
(29)
|
(28)
|
(30)
|
(33)
|
(42)
|
(41)
|
(36)
|
(31)
|
(36)
|
|
Operating Income |
661
N/A
|
470
-29%
|
29
-94%
|
388
+1 237%
|
94
-76%
|
241
+157%
|
439
+82%
|
208
-53%
|
476
+129%
|
309
-35%
|
63
-80%
|
208
+232%
|
335
+61%
|
452
+35%
|
487
+8%
|
472
-3%
|
299
-37%
|
564
+89%
|
694
+23%
|
775
+12%
|
93
-88%
|
(282)
N/A
|
(499)
-77%
|
(359)
+28%
|
325
N/A
|
(1 476)
N/A
|
(1 438)
+3%
|
(1 685)
-17%
|
(1 602)
+5%
|
497
N/A
|
410
-17%
|
416
+1%
|
201
-52%
|
275
+36%
|
360
+31%
|
593
+65%
|
327
-45%
|
(183)
N/A
|
87
N/A
|
140
+61%
|
(58)
N/A
|
|
Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||||
Non-Reccuring Items |
(2)
|
(21)
|
(0)
|
(0)
|
(0)
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(3)
|
(5)
|
(4)
|
(4)
|
(2)
|
(1)
|
(1)
|
(1)
|
(96)
|
(95)
|
(96)
|
(100)
|
(11)
|
(14)
|
(61)
|
(202)
|
(63)
|
(64)
|
(17)
|
122
|
(11)
|
(10)
|
(12)
|
(5)
|
(6)
|
(3)
|
(7)
|
(14)
|
(23)
|
(26)
|
|
Pre-Tax Income |
659
N/A
|
449
-32%
|
29
-94%
|
387
+1 245%
|
93
-76%
|
241
+157%
|
439
+82%
|
208
-53%
|
476
+129%
|
308
-35%
|
62
-80%
|
205
+232%
|
330
+61%
|
448
+36%
|
483
+8%
|
470
-3%
|
298
-37%
|
563
+89%
|
693
+23%
|
679
-2%
|
(3)
N/A
|
(377)
-14 984%
|
(599)
-59%
|
(370)
+38%
|
310
N/A
|
(1 537)
N/A
|
(1 640)
-7%
|
(1 748)
-7%
|
(1 666)
+5%
|
480
N/A
|
533
+11%
|
406
-24%
|
191
-53%
|
263
+37%
|
355
+35%
|
587
+65%
|
325
-45%
|
(190)
N/A
|
73
N/A
|
117
+60%
|
(83)
N/A
|
|
Net Income | ||||||||||||||||||||||||||||||||||||||||||
Tax Provision |
(84)
|
(46)
|
27
|
56
|
74
|
51
|
34
|
37
|
17
|
1
|
8
|
17
|
(12)
|
18
|
(6)
|
(18)
|
21
|
(7)
|
8
|
(35)
|
(42)
|
(28)
|
(37)
|
5
|
14
|
17
|
37
|
42
|
36
|
(0)
|
3
|
(6)
|
(4)
|
(30)
|
(77)
|
(98)
|
(104)
|
(52)
|
(45)
|
(61)
|
(23)
|
|
Income from Continuing Operations |
575
|
404
|
56
|
443
|
167
|
291
|
473
|
245
|
492
|
308
|
70
|
223
|
318
|
465
|
477
|
452
|
319
|
556
|
701
|
644
|
(44)
|
(405)
|
(635)
|
(365)
|
324
|
(1 520)
|
(1 603)
|
(1 707)
|
(1 630)
|
480
|
535
|
400
|
187
|
232
|
278
|
489
|
220
|
(242)
|
28
|
57
|
(106)
|
|
Income to Minority Interest |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(3)
|
(4)
|
0
|
(4)
|
(1)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Net Income (Common) |
579
N/A
|
406
-30%
|
57
-86%
|
444
+674%
|
167
-62%
|
291
+74%
|
473
+62%
|
245
-48%
|
492
+101%
|
309
-37%
|
70
-77%
|
223
+218%
|
353
+59%
|
514
+46%
|
536
+4%
|
511
-5%
|
323
-37%
|
573
+77%
|
694
+21%
|
618
-11%
|
(110)
N/A
|
(476)
-334%
|
(711)
-49%
|
(441)
+38%
|
248
N/A
|
(1 596)
N/A
|
(1 679)
-5%
|
(1 782)
-6%
|
(1 706)
+4%
|
405
N/A
|
466
+15%
|
336
-28%
|
128
-62%
|
176
+38%
|
222
+26%
|
432
+95%
|
186
-57%
|
(274)
N/A
|
(0)
+100%
|
31
N/A
|
(153)
N/A
|
|
EPS (Diluted) |
12.69
N/A
|
8.88
-30%
|
1.25
-86%
|
9.7
+676%
|
3.65
-62%
|
6.36
+74%
|
10.32
+62%
|
5.33
-48%
|
10.78
+102%
|
7.05
-35%
|
1.61
-77%
|
5.11
+217%
|
8.12
+59%
|
11.79
+45%
|
12.28
+4%
|
10.82
-12%
|
6.88
-36%
|
11.87
+73%
|
14.36
+21%
|
11.01
-23%
|
-2.13
N/A
|
-7.53
-254%
|
-10.42
-38%
|
-6.06
+42%
|
3.71
N/A
|
-23.32
N/A
|
-24.54
-5%
|
-24.41
+1%
|
-24.94
-2%
|
5.2
N/A
|
5.19
0%
|
3.86
-26%
|
1.72
-55%
|
1.93
+12%
|
2.16
+12%
|
4.49
+108%
|
1.93
-57%
|
-2.87
N/A
|
0
N/A
|
0.29
N/A
|
-1.6
N/A
|