– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
Reported fourth quarter net income of $155 million and $2.01 per diluted share, equivalent to ROCE of 19%
Book value per share increased to $45.64 and tangible book value per share increased to $43.82
Servicing UPB grew to $710 billion, up 6% quarter-over-quarter and 17% year-over-year
Repurchased 1.3 million common shares in the fourth quarter for $56 million at an average price of $41.22
Board authorized additional $200 million stock repurchase in the fourth quarter, bringing total authorization to $252 million
DALLAS--(BUSINESS WIRE)--Mr. Cooper Group Inc. (NASDAQ: COOP) (the “Company”), which principally operates under the Mr. Cooper® and Xome® brands, reported a fourth quarter net income of $155 million or $2.01 per diluted share. The Company reported pretax income of $231 million and pretax operating income of $156 million, which excluded mark-to-market and other items. The mark-to-market adjustment was $46 million in the quarter and other items included $34 million gain from the sale of Xome Field Services, $3 million in charges related to severance and $2 million of intangible amortization.
Chairman and CEO Jay Bray commented, “Solid results in the fourth quarter closed out a fantastic year for Mr. Cooper, where we delivered very strong returns and portfolio growth. We enter 2022 with an extremely talented and dedicated team and a balanced business model that positions us to benefit from higher interest rates.”
Chris Marshall, Vice Chairman, President, and CFO added, “The fourth quarter capped a year of terrific improvement in the balance sheet, with record levels of capital and liquidity, exceptional growth in tangible book value per share, and significant advancements in many of our technology initiatives. Our team is perfectly positioned to capitalize on the strong momentum we have across our business.”
The Servicing segment is focused on providing a best-in-class home loan experience for our 3.6 million customers while simultaneously strengthening asset performance for investors. In the fourth quarter, Servicing recorded pretax income of $87 million, including other mark-to-market of $46 million. The forward servicing portfolio ended the quarter at $710 billion in UPB. Servicing generated pretax operating income, excluding other mark-to-market, of $41 million. At quarter end, the carrying value of the MSR was $4,223 million equivalent to 124 bps of MSR UPB
|
Quarter Ended |
||||||||||||
($ in millions) |
Q3'21 |
|
Q4'21 |
||||||||||
|
$ |
|
BPS |
|
$ |
|
BPS |
||||||
Operational revenue |
$ |
402 |
|
|
24.6 |
|
|
$ |
390 |
|
|
22.9 |
|
Amortization, net of accretion |
|
(202 |
) |
|
(12.4 |
) |
|
|
(186 |
) |
|
(10.9 |
) |
Mark-to-market |
|
151 |
|
|
9.3 |
|
|
|
45 |
|
|
2.6 |
|
Total revenues |
|
351 |
|
|
21.5 |
|
|
|
249 |
|
|
14.6 |
|
Total expenses |
|
(128 |
) |
|
(7.8 |
) |
|
|
(143 |
) |
|
(8.4 |
) |
Total other expenses, net |
|
(26 |
) |
|
(1.6 |
) |
|
|
(19 |
) |
|
(1.1 |
) |
Income before taxes |
|
197 |
|
|
12.1 |
|
|
|
87 |
|
|
5.1 |
|
Other mark-to-market |
|
(153 |
) |
|
(9.4 |
) |
|
|
(46 |
) |
|
(2.7 |
) |
Accounting items |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
Pretax operating income excluding other mark-to-market and accounting items |
$ |
44 |
|
|
2.7 |
|
|
$ |
41 |
|
|
2.4 |
|
|
Quarter Ended |
||||||
|
Q3'21 |
|
Q4'21 |
||||
Ending UPB ($B) |
$ |
668 |
|
|
$ |
710 |
|
Average UPB ($B) |
$ |
653 |
|
|
$ |
682 |
|
60+ day delinquency rate at period end |
|
4.0 |
% |
|
|
3.1 |
% |
Annualized CPR |
|
24.6 |
% |
|
|
21.2 |
% |
Modifications and workouts |
|
28,581 |
|
|
|
39,554 |
|
The Originations segment focuses on creating servicing assets at attractive margins by acquiring loans through the correspondent channel and refinancing existing loans through the direct-to-consumer channel. Originations earned pretax income of $181 million and pretax operating income of $182 million.
The Company funded 65,971 loans in the fourth quarter, totaling approximately $17.2 billion UPB, which was comprised of $9.0 billion in direct-to-consumer and $8.2 billion in correspondent. Funded volume decreased 14% quarter-over-quarter, while pull through adjusted volume decreased 27% quarter-over-quarter to $14.7 billion.
|
Quarter Ended |
||||
($ in millions) |
Q3'21 |
|
Q4'21 |
||
Income before taxes |
$ |
271 |
|
$ |
181 |
Accounting items / other |
|
2 |
|
|
1 |
Pretax operating income excluding accounting items and other |
$ |
273 |
|
$ |
182 |
|
Quarter Ended |
||||||
($ in millions) |
Q3'21 |
|
Q4'21 |
||||
Total pull through adjusted volume |
$ |
20,073 |
|
|
$ |
14,736 |
|
Funded volume |
$ |
19,938 |
|
|
$ |
17,165 |
|
Refinance recapture percentage |
|
40 |
% |
|
|
43 |
% |
Recapture percentage |
|
30 |
% |
|
|
32 |
% |
Purchase volume as a percentage of funded volume |
|
31 |
% |
|
|
30 |
% |
Conference Call Webcast and Investor Presentation
The Company will host a conference call on February 11, 2022 at 10:00 A.M. Eastern Time. Preregistration for the call is now available in the Investor section of www.mrcoopergroup.com. Participants will receive a toll-free dial-in number and a unique registrant ID to be used for immediate call access. A simultaneous audio webcast of the conference call will be available under the investors section on www.mrcoopergroup.com. A telephonic replay will also be available approximately two hours after the conclusion of the conference call by dialing 855-859-2056 (toll-free), or 404-537-3406 (international). Please use the passcode 7271516 to access the replay.
Non-GAAP Financial Measures
The Company utilizes non-GAAP financial measures as the measures provide additional information to assist investors in understanding and assessing the Company’s and our business segments’ ongoing performance and financial results, as well as assessing our prospects for future performance. The adjusted operating financial measures facilitate a meaningful analysis and allow more accurate comparisons of our ongoing business operations because they exclude items that may not be indicative of or are unrelated to the Company’s and our business segments’ core operating performance and are better measures for assessing trends in our underlying businesses. These notable items are consistent with how management views our businesses. Management uses these non-GAAP financial measures in making financial, operational and planning decisions and evaluating the Company’s and our business segment’s ongoing performance. Pretax operating income (loss) in the servicing segment eliminates the effects of mark-to-market adjustments which primarily reflects unrealized gains or losses based on the changes in fair value measurements of MSRs and their related financing liabilities for which a fair value accounting election was made. These adjustments, which can be highly volatile and material due to changes in credit markets, are not necessarily reflective of the gains and losses that will ultimately be realized by the Company. Pretax operating income (loss) in each segment also eliminates, as applicable, transition and integration costs, gains (losses) on sales of fixed assets, certain settlement costs that are not considered normal operational matters, intangible amortization, and other adjustments based on the facts and circumstances that would provide investors a supplemental means for evaluating the Company’s core operating performance. Return on tangible common equity (ROTCE) is computed by dividing net income by average tangible common equity (also known as tangible book value). Tangible common equity equals total stockholders’ equity less goodwill and intangible assets. Management believes that ROTCE is a useful financial measure because it measures the performance of a business consistently and enables investors and others to assess the Company’s use of equity. Tangible book value is defined as stockholders’ equity less goodwill and intangible assets. Our management believes tangible book value is useful to investors because it provides a more accurate measure of the realizable value of shareholder returns, excluding the impact of goodwill and intangible assets.
Forward Looking Statements
Any statements in this release that are not historical or current facts are forward looking statements. Forward looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including the severity and duration of the COVID-19 pandemic; the pandemic’s impact on the U.S. and global economies; federal, state, and local governmental responses to the pandemic; borrower forbearance rates and availability of financing. Results for any specified quarter are not necessarily indicative of the results that may be expected for the full year or any future period. Certain of these risks and uncertainties are described in the “Risk Factors” section of Mr. Cooper Group’s most recent annual reports and other required documents as filed with the SEC which are available at the SEC’s website at http://www.sec.gov. Mr. Cooper undertakes no obligation to publicly update or revise any forward-looking statement or any other financial information contained herein, and the statements made in this press release are current as of the date of this release only.
Financial Tables
MR. COOPER GROUP INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (millions of dollars, except for earnings per share data) |
|||||||
|
Three Months Ended
|
|
Three Months Ended
|
||||
Revenues: |
|
|
|
||||
Service related, net |
$ |
288 |
|
|
$ |
207 |
|
Net gain on mortgage loans held for sale |
|
572 |
|
|
|
418 |
|
Total revenues |
|
860 |
|
|
|
625 |
|
Total expenses: |
|
402 |
|
|
|
381 |
|
Other income (expense), net: |
|
|
|
||||
Interest income |
|
66 |
|
|
|
68 |
|
Interest expense |
|
(118 |
) |
|
|
(115 |
) |
Other income, net |
|
8 |
|
|
|
34 |
|
Total other expense, net |
|
(44 |
) |
|
|
(13 |
) |
Income before income tax expense |
|
414 |
|
|
|
231 |
|
Income tax expense |
|
104 |
|
|
|
61 |
|
Net income from continuing operations |
|
310 |
|
|
|
170 |
|
Net loss from discontinued operations |
|
(11 |
) |
|
|
(15 |
) |
Net income |
|
299 |
|
|
|
155 |
|
Net income attributable to non-controlling interest |
|
— |
|
|
|
— |
|
Net income attributable to Mr. Cooper Group |
|
299 |
|
|
|
155 |
|
Undistributed earnings attributable to participating stockholders |
|
1 |
|
|
|
— |
|
Premium on retirement of preferred stock |
|
28 |
|
|
|
— |
|
Net income attributable to common stockholders |
$ |
270 |
|
|
$ |
155 |
|
|
|
|
|
||||
Earnings from continuing operations per common share attributable to Mr. Cooper: |
|
|
|
||||
Basic |
$ |
3.56 |
|
|
$ |
2.28 |
|
Diluted |
$ |
3.42 |
|
|
$ |
2.20 |
|
Earnings from discontinued operations per common share attributable to Mr. Cooper: |
|
|
|
||||
Basic |
$ |
(0.14 |
) |
|
$ |
(0.20 |
) |
Diluted |
$ |
(0.13 |
) |
|
$ |
(0.19 |
) |
Earnings per common share attributable to Mr. Cooper: |
|
|
|
||||
Basic |
$ |
3.42 |
|
|
$ |
2.08 |
|
Diluted |
$ |
3.29 |
|
|
$ |
2.01 |
|
Weighted average shares of common stock outstanding (in millions): |
|
|
|
||||
Basic |
|
78.9 |
|
|
|
74.6 |
|
Diluted |
|
82.1 |
|
|
|
77.4 |
|
MR. COOPER GROUP INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (millions of dollars) |
|||||
|
September 30, 2021 |
|
December 31, 2021 |
||
Assets |
|
|
|
||
Cash and cash equivalents |
$ |
731 |
|
$ |
895 |
Restricted cash |
|
118 |
|
|
146 |
Mortgage servicing rights at fair value |
|
3,666 |
|
|
4,223 |
Advances and other receivables, net |
|
909 |
|
|
1,228 |
Mortgage loans held for sale at fair value |
|
7,939 |
|
|
4,381 |
Property and equipment, net |
|
103 |
|
|
98 |
Deferred tax assets, net |
|
1,011 |
|
|
991 |
Other assets |
|
3,462 |
|
|
2,242 |
Assets of discontinued operations |
|
3,722 |
|
|
— |
Total assets |
$ |
21,661 |
|
$ |
14,204 |
|
|
|
|
||
Liabilities and Stockholders' Equity |
|
|
|
||
Unsecured senior notes, net |
$ |
2,076 |
|
$ |
2,670 |
Advance and warehouse facilities, net |
|
8,206 |
|
|
4,997 |
Payables and other liabilities |
|
3,537 |
|
|
2,392 |
MSR related liabilities - nonrecourse at fair value |
|
842 |
|
|
778 |
Liabilities of discontinued operations |
|
3,740 |
|
|
— |
Total liabilities |
|
18,401 |
|
|
10,837 |
Total stockholders' equity |
|
3,260 |
|
|
3,367 |
Total liabilities and stockholders' equity |
$ |
21,661 |
|
$ |
14,204 |
UNAUDITED SEGMENT STATEMENT OF OPERATIONS & EARNINGS RECONCILIATION (millions of dollars, except for earnings per share data) |
|||||||||||||||
|
Three Months Ended September 30, 2021 |
||||||||||||||
|
Servicing |
|
Originations |
|
Corporate/
|
|
Consolidated |
||||||||
|
|
|
|
|
|
|
|
||||||||
Service related, net |
$ |
209 |
|
|
$ |
44 |
|
|
$ |
35 |
|
|
$ |
288 |
|
Net gain on mortgage loans held for sale |
|
142 |
|
|
|
430 |
|
|
|
— |
|
|
|
572 |
|
Total revenues |
|
351 |
|
|
|
474 |
|
|
|
35 |
|
|
|
860 |
|
Total expenses |
|
128 |
|
|
|
208 |
|
|
|
66 |
|
|
|
402 |
|
Other (expense) income, net: |
|
|
|
|
|
|
|
||||||||
Interest income |
|
39 |
|
|
|
27 |
|
|
|
— |
|
|
|
66 |
|
Interest expense |
|
(65 |
) |
|
|
(22 |
) |
|
|
(31 |
) |
|
|
(118 |
) |
Other income, net |
|
— |
|
|
|
— |
|
|
|
8 |
|
|
|
8 |
|
Total other (expense) income, net |
|
(26 |
) |
|
|
5 |
|
|
|
(23 |
) |
|
|
(44 |
) |
Pretax income (loss) |
$ |
197 |
|
|
$ |
271 |
|
|
$ |
(54 |
) |
|
$ |
414 |
|
Income tax expense |
|
|
|
|
|
|
|
104 |
|
||||||
Net income from continuing operations |
|
|
|
|
|
|
|
310 |
|
||||||
Net loss from discontinued operations |
|
|
|
|
|
|
|
(11 |
) |
||||||
Net income |
|
|
|
|
|
|
|
299 |
|
||||||
Net income attributable to noncontrolling interests |
|
|
|
|
|
|
|
— |
|
||||||
Net income attributable to common stockholders of Mr. Cooper Group |
|
|
|
|
|
|
|
299 |
|
||||||
Undistributed earnings attributable to participating stockholders |
|
|
|
|
|
|
|
1 |
|
||||||
Premium on retirement of preferred stock |
|
|
|
|
|
|
|
28 |
|
||||||
Net income attributable to common stockholders |
|
|
|
|
|
|
$ |
270 |
|
||||||
Net income per share |
|
|
|
|
|
|
|
||||||||
Basic |
|
|
|
|
|
|
$ |
3.42 |
|
||||||
Diluted |
|
|
|
|
|
|
$ |
3.29 |
|
||||||
|
|
|
|
|
|
|
|
||||||||
Non-GAAP Reconciliation: |
|
|
|
|
|
|
|
||||||||
Pretax income (loss) |
$ |
197 |
|
|
$ |
271 |
|
|
$ |
(54 |
) |
|
$ |
414 |
|
Other mark-to-market |
|
(153 |
) |
|
|
— |
|
|
|
— |
|
|
|
(153 |
) |
Accounting items / other |
|
— |
|
|
|
2 |
|
|
|
(3 |
) |
|
|
(1 |
) |
Intangible amortization |
|
— |
|
|
|
— |
|
|
|
3 |
|
|
|
3 |
|
Pretax operating income (loss) |
$ |
44 |
|
|
$ |
273 |
|
|
$ |
(54 |
) |
|
$ |
263 |
|
Income tax expense |
|
|
|
|
|
|
|
(64 |
) |
||||||
Operating income(1) |
|
|
|
|
|
|
$ |
199 |
|
||||||
ROTCE(2) |
|
|
|
|
|
|
|
25.2 |
% |
||||||
Average tangible book value (TBV)(3) |
|
|
|
|
|
|
$ |
3,165 |
|
||||||
(1) |
Assumes tax-rate of 24.2%. |
|
(2) |
Computed by dividing annualized earnings by average TBV. |
|
(3) |
Average of beginning TBV of $3,208 and ending TBV of $3,122. |
UNAUDITED SEGMENT STATEMENT OF OPERATIONS & EARNINGS RECONCILIATION (millions of dollars, except for earnings per share data) |
|||||||||||||||
|
Three Months Ended December 31, 2021 |
||||||||||||||
|
Servicing |
|
Originations |
|
Corporate/
|
|
Consolidated |
||||||||
|
|
|
|
|
|
|
|
||||||||
Service related, net |
$ |
147 |
|
|
$ |
44 |
|
|
$ |
16 |
|
|
$ |
207 |
|
Net gain on mortgage loans held for sale |
|
102 |
|
|
|
316 |
|
|
|
— |
|
|
|
418 |
|
Total revenues |
|
249 |
|
|
|
360 |
|
|
|
16 |
|
|
|
625 |
|
Total expenses |
|
143 |
|
|
|
187 |
|
|
|
51 |
|
|
|
381 |
|
Other (expense) income, net: |
|
|
|
|
|
|
|
||||||||
Interest income |
|
42 |
|
|
|
26 |
|
|
|
— |
|
|
|
68 |
|
Interest expense |
|
(61 |
) |
|
|
(18 |
) |
|
|
(36 |
) |
|
|
(115 |
) |
Other income, net |
|
— |
|
|
|
— |
|
|
|
34 |
|
|
|
34 |
|
Total other (expense) income, net |
|
(19 |
) |
|
|
8 |
|
|
|
(2 |
) |
|
|
(13 |
) |
Pretax income (loss) |
$ |
87 |
|
|
$ |
181 |
|
|
$ |
(37 |
) |
|
$ |
231 |
|
Income tax expense |
|
|
|
|
|
|
|
61 |
|
||||||
Net income from continuing operations |
|
|
|
|
|
|
|
170 |
|
||||||
Net loss from discontinued operations |
|
|
|
|
|
|
|
(15 |
) |
||||||
Net income |
|
|
|
|
|
|
|
155 |
|
||||||
Net income attributable to noncontrolling interests |
|
|
|
|
|
|
|
— |
|
||||||
Net income attributable to common stockholders of Mr. Cooper Group |
|
|
|
|
|
|
|
155 |
|
||||||
Undistributed earnings attributable to participating stockholders |
|
|
|
|
|
|
|
— |
|
||||||
Net income attributable to common stockholders |
|
|
|
|
|
|
$ |
155 |
|
||||||
Net income per share |
|
|
|
|
|
|
|
||||||||
Basic |
|
|
|
|
|
|
$ |
2.08 |
|
||||||
Diluted |
|
|
|
|
|
|
$ |
2.01 |
|
||||||
|
|
|
|
|
|
|
|
||||||||
Non-GAAP Reconciliation: |
|
|
|
|
|
|
|
||||||||
Pretax income (loss) |
$ |
87 |
|
|
$ |
181 |
|
|
$ |
(37 |
) |
|
$ |
231 |
|
Other mark-to-market |
|
(46 |
) |
|
|
— |
|
|
|
— |
|
|
|
(46 |
) |
Accounting items / other |
|
— |
|
|
|
1 |
|
|
|
(32 |
) |
|
|
(31 |
) |
Intangible amortization |
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
2 |
|
Pretax operating income (loss) |
$ |
41 |
|
|
$ |
182 |
|
|
$ |
(67 |
) |
|
$ |
156 |
|
Income tax expense(1) |
|
|
|
|
|
|
|
(38 |
) |
||||||
Operating income |
|
|
|
|
|
|
$ |
118 |
|
||||||
ROTCE(2) |
|
|
|
|
|
|
|
14.9 |
% |
||||||
Average tangible book value (TBV)(3) |
|
|
|
|
|
|
$ |
3,178 |
|
||||||
(1) |
Assumes tax-rate of 24.2%. |
|
(2) |
Computed by dividing annualized earnings by average TBV. |
|
(3) |
Average of beginning TBV of $3,122 and ending TBV of $3,233. |
UNAUDITED SEGMENT STATEMENT OF OPERATIONS & EARNINGS RECONCILIATION (millions of dollars, except for earnings per share data) |
|||||||||||||||
|
Year Ended December 31, 2021 |
||||||||||||||
|
Servicing |
|
Originations |
|
Corporate/
|
|
Consolidated |
||||||||
|
|
|
|
|
|
|
|
||||||||
Service related, net |
$ |
705 |
|
|
$ |
176 |
|
|
$ |
186 |
|
|
$ |
1,067 |
|
Net gain on mortgage loans held for sale |
|
568 |
|
|
|
1,683 |
|
|
|
— |
|
|
|
2,251 |
|
Total revenues |
|
1,273 |
|
|
|
1,859 |
|
|
|
186 |
|
|
|
3,318 |
|
Total expenses |
|
502 |
|
|
|
852 |
|
|
|
308 |
|
|
|
1,662 |
|
Other (expense) income, net: |
|
|
|
|
|
|
|
||||||||
Interest income |
|
129 |
|
|
|
102 |
|
|
|
— |
|
|
|
231 |
|
Interest expense |
|
(262 |
) |
|
|
(88 |
) |
|
|
(128 |
) |
|
|
(478 |
) |
Other income, net |
|
— |
|
|
|
— |
|
|
|
528 |
|
|
|
528 |
|
Total other (expense) income, net |
|
(133 |
) |
|
|
14 |
|
|
|
400 |
|
|
|
281 |
|
Pretax income |
$ |
638 |
|
|
$ |
1,021 |
|
|
$ |
278 |
|
|
$ |
1,937 |
|
Income tax expense |
|
|
|
|
|
|
|
471 |
|
||||||
Net income from continuing operations |
|
|
|
|
|
|
|
1,466 |
|
||||||
Net loss from discontinued operations |
|
|
|
|
|
|
|
(12 |
) |
||||||
Net income |
|
|
|
|
|
|
|
1,454 |
|
||||||
Net income attributable to noncontrolling interests |
|
|
|
|
|
|
|
— |
|
||||||
Net income attributable to common stockholders of Mr. Cooper Group |
|
|
|
|
|
|
|
1,454 |
|
||||||
Undistributed earnings attributable to participating stockholders |
|
|
|
|
|
|
|
8 |
|
||||||
Premium on retirement of preferred stock |
|
|
|
|
|
|
|
28 |
|
||||||
Net income attributable to common stockholders |
|
|
|
|
|
|
$ |
1,418 |
|
||||||
Net income per share |
|
|
|
|
|
|
|
||||||||
Basic |
|
|
|
|
|
|
$ |
17.24 |
|
||||||
Diluted |
|
|
|
|
|
|
$ |
16.53 |
|
||||||
|
|
|
|
|
|
|
|
||||||||
Non-GAAP Reconciliation: |
|
|
|
|
|
|
|
||||||||
Pretax income |
$ |
638 |
|
|
$ |
1,021 |
|
|
$ |
278 |
|
|
$ |
1,937 |
|
Other mark-to-market |
|
(437 |
) |
|
|
— |
|
|
|
— |
|
|
|
(437 |
) |
Accounting items / other |
|
1 |
|
|
|
9 |
|
|
|
(516 |
) |
|
|
(506 |
) |
Intangible amortization |
|
— |
|
|
|
— |
|
|
|
12 |
|
|
|
12 |
|
Pretax operating income (loss) |
$ |
202 |
|
|
$ |
1,030 |
|
|
$ |
(226 |
) |
|
$ |
1,006 |
|
Income tax expense(1) |
|
|
|
|
|
|
|
(243 |
) |
||||||
Operating income |
|
|
|
|
|
|
$ |
763 |
|
||||||
ROTCE(2) |
|
|
|
|
|
|
|
25.7 |
% |
||||||
Average tangible book value (TBV)(3) |
|
|
|
|
|
|
$ |
2,970 |
|
||||||
(1) |
Assumes tax-rate of 24.2%. |
|
(2) |
Computed by dividing annualized earnings by average TBV. |
|
(3) |
Average of quarterly TBV averages of $2,555 for 1Q’21, $2,983 for 2Q’21, $3,165 for 3Q’21, and $3,178 for 4Q’21. |
| Non-GAAP Reconciliation: | Quarter Ended |
||||||
($ in millions except value per share data) |
Q3'21 |
|
Q4'21 |
||||
Stockholders' equity (BV) |
$ |
3,260 |
|
|
$ |
3,367 |
|
Goodwill |
|
(120 |
) |
|
|
(120 |
) |
Intangible assets |
|
(18 |
) |
|
|
(14 |
) |
Tangible book value (TBV) |
$ |
3,122 |
|
|
$ |
3,233 |
|
Ending shares of common stock outstanding (in millions) |
|
75.1 |
|
|
|
73.8 |
|
|
|
|
|
||||
BV/share |
$ |
43.40 |
|
|
$ |
45.64 |
|
TBV/share |
$ |
41.56 |
|
|
$ |
43.82 |
|
|
|
|
|
||||
Net income |
$ |
299 |
|
|
$ |
155 |
|
ROCE(1) |
|
36.2 |
% |
|
|
18.7 |
% |
|
|
|
|
||||
Beginning stockholders’ equity |
$ |
3,350 |
|
|
$ |
3,260 |
|
Ending stockholders’ equity |
$ |
3,260 |
|
|
$ |
3,367 |
|
Average stockholders’ equity (BV) |
$ |
3,305 |
|
|
$ |
3,314 |
|
(1) |
Computed by dividing annualized earnings by average BV. |
Отчетная чистая прибыль за четвертый квартал в размере 155 миллионов долларов США и 2,01 доллара США на разводненную акцию, что эквивалентно ROCE 19%.
Балансовая стоимость одной акции увеличилась до 45,64 доллара США, а реальная балансовая стоимость одной акции увеличилась до 43,82 доллара США.
Обслуживание UPB выросло до $710 млрд, увеличившись на 6% по сравнению с предыдущим кварталом и на 17% по сравнению с аналогичным периодом прошлого года.
Выкупил 1,3 млн обыкновенных акций в четвертом квартале за 56 млн долларов по средней цене 41,22 доллара.
Совет санкционировал дополнительный выкуп акций на 200 миллионов долларов в четвертом квартале, в результате чего общая сумма разрешенных акций достигла 252 миллионов долларов.
ДАЛЛАС — (BUSINESS WIRE) — Mr. Cooper Group Inc. (NASDAQ: COOP) («Компания»), которая в основном работает под брендами Mr. Cooper® и Xome®, сообщила о чистой прибыли за четвертый квартал в размере 155 миллионов долларов или 2,01 доллара на разводненную прибыль. Поделиться. Компания сообщила о прибыли до налогообложения в размере 231 млн долларов и операционной прибыли до налогообложения в размере 156 млн долларов без учета рыночной стоимости и других статей. Корректировка рыночной стоимости за квартал составила 46 миллионов долларов, а другие статьи включали прибыль в размере 34 миллионов долларов от продажи Xome Field Services, 3 миллиона долларов в связи с выходным пособием и 2 миллиона долларов нематериальной амортизации.
Председатель и главный исполнительный директор Джей Брей прокомментировал: «Хорошие результаты в четвертом квартале завершили фантастический год для Mr. Cooper, когда мы добились очень высоких доходов и роста портфеля. Мы вступаем в 2022 год с чрезвычайно талантливой и преданной своему делу командой и сбалансированной бизнес-моделью, которая позволяет нам получать выгоду от более высоких процентных ставок».
Крис Маршалл, вице-председатель, президент и финансовый директор, добавил: «Четвертый квартал ознаменовался годом потрясающих улучшений баланса, рекордными уровнями капитала и ликвидности, исключительным ростом реальной балансовой стоимости на акцию и значительными улучшениями во многих наши технологические инициативы. Наша команда находится в идеальном положении, чтобы извлечь выгоду из мощного импульса, который мы имеем во всем нашем бизнесе».
Сегмент обслуживания ориентирован на предоставление лучших в своем классе услуг по ипотечному кредитованию для наших 3,6 миллионов клиентов при одновременном повышении эффективности активов для инвесторов. В четвертом квартале сервисное обслуживание зафиксировало прибыль до налогообложения в размере 87 миллионов долларов, включая прочую рыночную стоимость в размере 46 миллионов долларов. Портфель форвардных услуг на конец квартала составил 710 миллиардов долларов в UPB. Операционная прибыль от обслуживания до вычета налогов, за исключением прочих рыночных переоценок, составила 41 млн долл. США. На конец квартала балансовая стоимость MSR составляла 4 223 миллиона долларов США, что эквивалентно 124 базисным пунктам MSR UPB.
|
Quarter Ended |
||||||||||||
($ in millions) |
Q3'21 |
|
Q4'21 |
||||||||||
|
$ |
|
BPS |
|
$ |
|
BPS |
||||||
Operational revenue |
$ |
402 |
|
|
24.6 |
|
|
$ |
390 |
|
|
22.9 |
|
Amortization, net of accretion |
|
(202 |
) |
|
(12.4 |
) |
|
|
(186 |
) |
|
(10.9 |
) |
Mark-to-market |
|
151 |
|
|
9.3 |
|
|
|
45 |
|
|
2.6 |
|
Total revenues |
|
351 |
|
|
21.5 |
|
|
|
249 |
|
|
14.6 |
|
Total expenses |
|
(128 |
) |
|
(7.8 |
) |
|
|
(143 |
) |
|
(8.4 |
) |
Total other expenses, net |
|
(26 |
) |
|
(1.6 |
) |
|
|
(19 |
) |
|
(1.1 |
) |
Income before taxes |
|
197 |
|
|
12.1 |
|
|
|
87 |
|
|
5.1 |
|
Other mark-to-market |
|
(153 |
) |
|
(9.4 |
) |
|
|
(46 |
) |
|
(2.7 |
) |
Accounting items |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
Pretax operating income excluding other mark-to-market and accounting items |
$ |
44 |
|
|
2.7 |
|
|
$ |
41 |
|
|
2.4 |
|
|
Quarter Ended |
||||||
|
Q3'21 |
|
Q4'21 |
||||
Ending UPB ($B) |
$ |
668 |
|
|
$ |
710 |
|
Average UPB ($B) |
$ |
653 |
|
|
$ |
682 |
|
60+ day delinquency rate at period end |
|
4.0 |
% |
|
|
3.1 |
% |
Annualized CPR |
|
24.6 |
% |
|
|
21.2 |
% |
Modifications and workouts |
|
28,581 |
|
|
|
39,554 |
|
Сегмент «Выдача кредитов» фокусируется на создании активов по обслуживанию с привлекательной маржой путем приобретения кредитов через корреспондентский канал и рефинансирования существующих кредитов через канал прямого обращения к потребителю. Предприятия получили прибыль до налогообложения в размере 181 млн долларов США и операционную прибыль до налогообложения в размере 182 млн долларов США.
В четвертом квартале Компания профинансировала 65 971 кредит на общую сумму около 17,2 млрд долларов США, включая 9,0 млрд долларов США, выданных напрямую потребителю, и 8,2 млрд долларов США, выданных корреспондентам. Профинансированный объем снизился на 14% по сравнению с предыдущим кварталом, в то время как скорректированный объем средств снизился на 27% по сравнению с предыдущим кварталом до 14,7 млрд долларов.
|
Quarter Ended |
||||
($ in millions) |
Q3'21 |
|
Q4'21 |
||
Income before taxes |
$ |
271 |
|
$ |
181 |
Accounting items / other |
|
2 |
|
|
1 |
Pretax operating income excluding accounting items and other |
$ |
273 |
|
$ |
182 |
|
Quarter Ended |
||||||
($ in millions) |
Q3'21 |
|
Q4'21 |
||||
Total pull through adjusted volume |
$ |
20,073 |
|
|
$ |
14,736 |
|
Funded volume |
$ |
19,938 |
|
|
$ |
17,165 |
|
Refinance recapture percentage |
|
40 |
% |
|
|
43 |
% |
Recapture percentage |
|
30 |
% |
|
|
32 |
% |
Purchase volume as a percentage of funded volume |
|
31 |
% |
|
|
30 |
% |
Веб-трансляция телефонной конференции и презентация для инвесторов
Компания проведет телефонную конференцию 11 февраля 2022 г. в 10:00 по восточному поясному времени. Предварительная регистрация на телеконференцию теперь доступна в разделе для инвесторов на сайте www.mrcoopergroup.com. Участники получат бесплатный телефонный номер и уникальный идентификатор регистранта, которые будут использоваться для немедленного доступа к звонку. Одновременная аудио-веб-трансляция телефонной конференции будет доступна в разделе для инвесторов на сайте www.mrcoopergroup.com. Телефонный повтор также будет доступен примерно через два часа после завершения телефонной конференции по телефону 855-859-2056 (бесплатно) или 404-537-3406 (международный). Пожалуйста, используйте пароль 7271516 для доступа к повтору.
Финансовые показатели не по GAAP
Компания использует финансовые показатели, не относящиеся к GAAP, поскольку они предоставляют дополнительную информацию, помогающую инвесторам понять и оценить текущую деятельность и финансовые результаты Компании и наших бизнес-сегментов, а также оценить наши перспективы будущих результатов. Скорректированные операционные финансовые показатели облегчают содержательный анализ и позволяют более точно сравнивать наши текущие бизнес-операции, поскольку они исключают элементы, которые могут не указывать или не иметь отношения к основным операционным показателям Компании и наших бизнес-сегментов, и являются лучшими мерами для оценки тенденций. в наших основных бизнесах. Эти примечательные элементы соответствуют тому, как руководство рассматривает наш бизнес. Руководство использует эти финансовые показатели, не относящиеся к GAAP, при принятии финансовых, операционных и плановых решений, а также при оценке текущей деятельности Компании и нашего бизнес-сегмента. Операционная прибыль (убыток) до налогообложения в сегменте обслуживания исключает влияние корректировок по текущим рыночным ценам, которые в первую очередь отражают нереализованные прибыли или убытки, основанные на изменениях оценки справедливой стоимости MSR и связанных с ними финансовых обязательств, для которых был выбран учет по справедливой стоимости. сделал. Эти корректировки, которые могут быть весьма неустойчивыми и существенными из-за изменений на кредитных рынках, не обязательно отражают прибыли и убытки, которые в конечном итоге понесет Компания. Операционная прибыль (убыток) до налогообложения в каждом сегменте также исключает, если это применимо, затраты на переход и интеграцию, прибыль (убыток) от продажи основных средств, определенные затраты на расчеты, которые не считаются обычными операционными вопросами, нематериальную амортизацию и другие корректировки, основанные на факты и обстоятельства, которые могли бы предоставить инвесторам дополнительные средства для оценки основных результатов деятельности Компании. Рентабельность основного основного капитала (ROTCE) рассчитывается путем деления чистой прибыли на средний размер основного капитала (также известного как балансовая стоимость). Материальный обыкновенный капитал равен общему акционерному капиталу за вычетом деловой репутации и нематериальных активов. Руководство считает, что ROTCE является полезным финансовым показателем, поскольку он последовательно измеряет эффективность бизнеса и позволяет инвесторам и другим лицам оценить использование капитала Компанией. Материальная балансовая стоимость определяется как акционерный капитал за вычетом деловой репутации и нематериальных активов. Наше руководство считает, что материальная балансовая стоимость полезна для инвесторов, поскольку она обеспечивает более точную оценку стоимости реализации доходов акционеров, исключая влияние деловой репутации и нематериальных активов.
Прогнозные заявления
Любые заявления в этом выпуске, которые не являются историческими или текущими фактами, являются заявлениями прогнозного характера. Прогнозные заявления связаны с известными и неизвестными рисками, неопределенностями и другими факторами, которые могут привести к тому, что наши фактические результаты, результаты или достижения будут существенно отличаться от любых будущих результатов, результатов или достижений, выраженных или подразумеваемых прогнозными заявлениями, включая серьезность и продолжительность пандемии COVID-19; влияние пандемии на экономику США и мировую экономику; реакция федеральных, государственных и местных органов власти на пандемию; процентные ставки заемщика и доступность финансирования. Результаты за любой указанный квартал не обязательно отражают результаты, которые можно ожидать за весь год или любой будущий период. Некоторые из этих рисков и неопределенностей описаны в разделе «Факторы риска» самых последних годовых отчетов Mr. Cooper Group и других необходимых документов, поданных в SEC, которые доступны на веб-сайте SEC по адресу http://www.sec.gov. Mr. Cooper не берет на себя никаких обязательств по публичному обновлению или пересмотру каких-либо прогнозных заявлений или любой другой финансовой информации, содержащейся в настоящем документе, и заявления, сделанные в этом пресс-релизе, актуальны только на дату этого выпуска.
Финансовые таблицы
Mr. Cooper GROUP INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (millions of dollars, except for earnings per share data) |
|||||||
|
Three Months Ended
|
|
Three Months Ended
|
||||
Revenues: |
|
|
|
||||
Service related, net |
$ |
288 |
|
|
$ |
207 |
|
Net gain on mortgage loans held for sale |
|
572 |
|
|
|
418 |
|
Total revenues |
|
860 |
|
|
|
625 |
|
Total expenses: |
|
402 |
|
|
|
381 |
|
Other income (expense), net: |
|
|
|
||||
Interest income |
|
66 |
|
|
|
68 |
|
Interest expense |
|
(118 |
) |
|
|
(115 |
) |
Other income, net |
|
8 |
|
|
|
34 |
|
Total other expense, net |
|
(44 |
) |
|
|
(13 |
) |
Income before income tax expense |
|
414 |
|
|
|
231 |
|
Income tax expense |
|
104 |
|
|
|
61 |
|
Net income from continuing operations |
|
310 |
|
|
|
170 |
|
Net loss from discontinued operations |
|
(11 |
) |
|
|
(15 |
) |
Net income |
|
299 |
|
|
|
155 |
|
Net income attributable to non-controlling interest |
|
— |
|
|
|
— |
|
Net income attributable to Mr. Cooper Group |
|
299 |
|
|
|
155 |
|
Undistributed earnings attributable to participating stockholders |
|
1 |
|
|
|
— |
|
Premium on retirement of preferred stock |
|
28 |
|
|
|
— |
|
Net income attributable to common stockholders |
$ |
270 |
|
|
$ |
155 |
|
|
|
|
|
||||
Earnings from continuing operations per common share attributable to Mr. Cooper: |
|
|
|
||||
Basic |
$ |
3.56 |
|
|
$ |
2.28 |
|
Diluted |
$ |
3.42 |
|
|
$ |
2.20 |
|
Earnings from discontinued operations per common share attributable to Mr. Cooper: |
|
|
|
||||
Basic |
$ |
(0.14 |
) |
|
$ |
(0.20 |
) |
Diluted |
$ |
(0.13 |
) |
|
$ |
(0.19 |
) |
Earnings per common share attributable to Mr. Cooper: |
|
|
|
||||
Basic |
$ |
3.42 |
|
|
$ |
2.08 |
|
Diluted |
$ |
3.29 |
|
|
$ |
2.01 |
|
Weighted average shares of common stock outstanding (in millions): |
|
|
|
||||
Basic |
|
78.9 |
|
|
|
74.6 |
|
Diluted |
|
82.1 |
|
|
|
77.4 |
|
Mr. Cooper GROUP INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (millions of dollars) |
|||||
|
September 30, 2021 |
|
December 31, 2021 |
||
Assets |
|
|
|
||
Cash and cash equivalents |
$ |
731 |
|
$ |
895 |
Restricted cash |
|
118 |
|
|
146 |
Mortgage servicing rights at fair value |
|
3,666 |
|
|
4,223 |
Advances and other receivables, net |
|
909 |
|
|
1,228 |
Mortgage loans held for sale at fair value |
|
7,939 |
|
|
4,381 |
Property and equipment, net |
|
103 |
|
|
98 |
Deferred tax assets, net |
|
1,011 |
|
|
991 |
Other assets |
|
3,462 |
|
|
2,242 |
Assets of discontinued operations |
|
3,722 |
|
|
— |
Total assets |
$ |
21,661 |
|
$ |
14,204 |
|
|
|
|
||
Liabilities and Stockholders' Equity |
|
|
|
||
Unsecured senior notes, net |
$ |
2,076 |
|
$ |
2,670 |
Advance and warehouse facilities, net |
|
8,206 |
|
|
4,997 |
Payables and other liabilities |
|
3,537 |
|
|
2,392 |
MSR related liabilities - nonrecourse at fair value |
|
842 |
|
|
778 |
Liabilities of discontinued operations |
|
3,740 |
|
|
— |
Total liabilities |
|
18,401 |
|
|
10,837 |
Total stockholders' equity |
|
3,260 |
|
|
3,367 |
Total liabilities and stockholders' equity |
$ |
21,661 |
|
$ |
14,204 |
UNAUDITED SEGMENT STATEMENT OF OPERATIONS & EARNINGS RECONCILIATION (millions of dollars, except for earnings per share data) |
|||||||||||||||
|
Three Months Ended September 30, 2021 |
||||||||||||||
|
Servicing |
|
Originations |
|
Corporate/
|
|
Consolidated |
||||||||
|
|
|
|
|
|
|
|
||||||||
Service related, net |
$ |
209 |
|
|
$ |
44 |
|
|
$ |
35 |
|
|
$ |
288 |
|
Net gain on mortgage loans held for sale |
|
142 |
|
|
|
430 |
|
|
|
— |
|
|
|
572 |
|
Total revenues |
|
351 |
|
|
|
474 |
|
|
|
35 |
|
|
|
860 |
|
Total expenses |
|
128 |
|
|
|
208 |
|
|
|
66 |
|
|
|
402 |
|
Other (expense) income, net: |
|
|
|
|
|
|
|
||||||||
Interest income |
|
39 |
|
|
|
27 |
|
|
|
— |
|
|
|
66 |
|
Interest expense |
|
(65 |
) |
|
|
(22 |
) |
|
|
(31 |
) |
|
|
(118 |
) |
Other income, net |
|
— |
|
|
|
— |
|
|
|
8 |
|
|
|
8 |
|
Total other (expense) income, net |
|
(26 |
) |
|
|
5 |
|
|
|
(23 |
) |
|
|
(44 |
) |
Pretax income (loss) |
$ |
197 |
|
|
$ |
271 |
|
|
$ |
(54 |
) |
|
$ |
414 |
|
Income tax expense |
|
|
|
|
|
|
|
104 |
|
||||||
Net income from continuing operations |
|
|
|
|
|
|
|
310 |
|
||||||
Net loss from discontinued operations |
|
|
|
|
|
|
|
(11 |
) |
||||||
Net income |
|
|
|
|
|
|
|
299 |
|
||||||
Net income attributable to noncontrolling interests |
|
|
|
|
|
|
|
— |
|
||||||
Net income attributable to common stockholders of Mr. Cooper Group |
|
|
|
|
|
|
|
299 |
|
||||||
Undistributed earnings attributable to participating stockholders |
|
|
|
|
|
|
|
1 |
|
||||||
Premium on retirement of preferred stock |
|
|
|
|
|
|
|
28 |
|
||||||
Net income attributable to common stockholders |
|
|
|
|
|
|
$ |
270 |
|
||||||
Net income per share |
|
|
|
|
|
|
|
||||||||
Basic |
|
|
|
|
|
|
$ |
3.42 |
|
||||||
Diluted |
|
|
|
|
|
|
$ |
3.29 |
|
||||||
|
|
|
|
|
|
|
|
||||||||
Non-GAAP Reconciliation: |
|
|
|
|
|
|
|
||||||||
Pretax income (loss) |
$ |
197 |
|
|
$ |
271 |
|
|
$ |
(54 |
) |
|
$ |
414 |
|
Other mark-to-market |
|
(153 |
) |
|
|
— |
|
|
|
— |
|
|
|
(153 |
) |
Accounting items / other |
|
— |
|
|
|
2 |
|
|
|
(3 |
) |
|
|
(1 |
) |
Intangible amortization |
|
— |
|
|
|
— |
|
|
|
3 |
|
|
|
3 |
|
Pretax operating income (loss) |
$ |
44 |
|
|
$ |
273 |
|
|
$ |
(54 |
) |
|
$ |
263 |
|
Income tax expense |
|
|
|
|
|
|
|
(64 |
) |
||||||
Operating income(1) |
|
|
|
|
|
|
$ |
199 |
|
||||||
ROTCE(2) |
|
|
|
|
|
|
|
25.2 |
% |
||||||
Average tangible book value (TBV)(3) |
|
|
|
|
|
|
$ |
3,165 |
|
||||||
(1) |
Assumes tax-rate of 24.2%. |
|
(2) |
Computed by dividing annualized earnings by average TBV. |
|
(3) |
Average of beginning TBV of $3,208 and ending TBV of $3,122. |
UNAUDITED SEGMENT STATEMENT OF OPERATIONS & EARNINGS RECONCILIATION (millions of dollars, except for earnings per share data) |
|||||||||||||||
|
Three Months Ended December 31, 2021 |
||||||||||||||
|
Servicing |
|
Originations |
|
Corporate/
|
|
Consolidated |
||||||||
|
|
|
|
|
|
|
|
||||||||
Service related, net |
$ |
147 |
|
|
$ |
44 |
|
|
$ |
16 |
|
|
$ |
207 |
|
Net gain on mortgage loans held for sale |
|
102 |
|
|
|
316 |
|
|
|
— |
|
|
|
418 |
|
Total revenues |
|
249 |
|
|
|
360 |
|
|
|
16 |
|
|
|
625 |
|
Total expenses |
|
143 |
|
|
|
187 |
|
|
|
51 |
|
|
|
381 |
|
Other (expense) income, net: |
|
|
|
|
|
|
|
||||||||
Interest income |
|
42 |
|
|
|
26 |
|
|
|
— |
|
|
|
68 |
|
Interest expense |
|
(61 |
) |
|
|
(18 |
) |
|
|
(36 |
) |
|
|
(115 |
) |
Other income, net |
|
— |
|
|
|
— |
|
|
|
34 |
|
|
|
34 |
|
Total other (expense) income, net |
|
(19 |
) |
|
|
8 |
|
|
|
(2 |
) |
|
|
(13 |
) |
Pretax income (loss) |
$ |
87 |
|
|
$ |
181 |
|
|
$ |
(37 |
) |
|
$ |
231 |
|
Income tax expense |
|
|
|
|
|
|
|
61 |
|
||||||
Net income from continuing operations |
|
|
|
|
|
|
|
170 |
|
||||||
Net loss from discontinued operations |
|
|
|
|
|
|
|
(15 |
) |
||||||
Net income |
|
|
|
|
|
|
|
155 |
|
||||||
Net income attributable to noncontrolling interests |
|
|
|
|
|
|
|
— |
|
||||||
Net income attributable to common stockholders of Mr. Cooper Group |
|
|
|
|
|
|
|
155 |
|
||||||
Undistributed earnings attributable to participating stockholders |
|
|
|
|
|
|
|
— |
|
||||||
Net income attributable to common stockholders |
|
|
|
|
|
|
$ |
155 |
|
||||||
Net income per share |
|
|
|
|
|
|
|
||||||||
Basic |
|
|
|
|
|
|
$ |
2.08 |
|
||||||
Diluted |
|
|
|
|
|
|
$ |
2.01 |
|
||||||
|
|
|
|
|
|
|
|
||||||||
Non-GAAP Reconciliation: |
|
|
|
|
|
|
|
||||||||
Pretax income (loss) |
$ |
87 |
|
|
$ |
181 |
|
|
$ |
(37 |
) |
|
$ |
231 |
|
Other mark-to-market |
|
(46 |
) |
|
|
— |
|
|
|
— |
|
|
|
(46 |
) |
Accounting items / other |
|
— |
|
|
|
1 |
|
|
|
(32 |
) |
|
|
(31 |
) |
Intangible amortization |
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
2 |
|
Pretax operating income (loss) |
$ |
41 |
|
|
$ |
182 |
|
|
$ |
(67 |
) |
|
$ |
156 |
|
Income tax expense(1) |
|
|
|
|
|
|
|
(38 |
) |
||||||
Operating income |
|
|
|
|
|
|
$ |
118 |
|
||||||
ROTCE(2) |
|
|
|
|
|
|
|
14.9 |
% |
||||||
Average tangible book value (TBV)(3) |
|
|
|
|
|
|
$ |
3,178 |
|
||||||
(1) |
Assumes tax-rate of 24.2%. |
|
(2) |
Computed by dividing annualized earnings by average TBV. |
|
(3) |
Average of beginning TBV of $3,122 and ending TBV of $3,233. |
UNAUDITED SEGMENT STATEMENT OF OPERATIONS & EARNINGS RECONCILIATION (millions of dollars, except for earnings per share data) |
|||||||||||||||
|
Year Ended December 31, 2021 |
||||||||||||||
|
Servicing |
|
Originations |
|
Corporate/
|
|
Consolidated |
||||||||
|
|
|
|
|
|
|
|
||||||||
Service related, net |
$ |
705 |
|
|
$ |
176 |
|
|
$ |
186 |
|
|
$ |
1,067 |
|
Net gain on mortgage loans held for sale |
|
568 |
|
|
|
1,683 |
|
|
|
— |
|
|
|
2,251 |
|
Total revenues |
|
1,273 |
|
|
|
1,859 |
|
|
|
186 |
|
|
|
3,318 |
|
Total expenses |
|
502 |
|
|
|
852 |
|
|
|
308 |
|
|
|
1,662 |
|
Other (expense) income, net: |
|
|
|
|
|
|
|
||||||||
Interest income |
|
129 |
|
|
|
102 |
|
|
|
— |
|
|
|
231 |
|
Interest expense |
|
(262 |
) |
|
|
(88 |
) |
|
|
(128 |
) |
|
|
(478 |
) |
Other income, net |
|
— |
|
|
|
— |
|
|
|
528 |
|
|
|
528 |
|
Total other (expense) income, net |
|
(133 |
) |
|
|
14 |
|
|
|
400 |
|
|
|
281 |
|
Pretax income |
$ |
638 |
|
|
$ |
1,021 |
|
|
$ |
278 |
|
|
$ |
1,937 |
|
Income tax expense |
|
|
|
|
|
|
|
471 |
|
||||||
Net income from continuing operations |
|
|
|
|
|
|
|
1,466 |
|
||||||
Net loss from discontinued operations |
|
|
|
|
|
|
|
(12 |
) |
||||||
Net income |
|
|
|
|
|
|
|
1,454 |
|
||||||
Net income attributable to noncontrolling interests |
|
|
|
|
|
|
|
— |
|
||||||
Net income attributable to common stockholders of Mr. Cooper Group |
|
|
|
|
|
|
|
1,454 |
|
||||||
Undistributed earnings attributable to participating stockholders |
|
|
|
|
|
|
|
8 |
|
||||||
Premium on retirement of preferred stock |
|
|
|
|
|
|
|
28 |
|
||||||
Net income attributable to common stockholders |
|
|
|
|
|
|
$ |
1,418 |
|
||||||
Net income per share |
|
|
|
|
|
|
|
||||||||
Basic |
|
|
|
|
|
|
$ |
17.24 |
|
||||||
Diluted |
|
|
|
|
|
|
$ |
16.53 |
|
||||||
|
|
|
|
|
|
|
|
||||||||
Non-GAAP Reconciliation: |
|
|
|
|
|
|
|
||||||||
Pretax income |
$ |
638 |
|
|
$ |
1,021 |
|
|
$ |
278 |
|
|
$ |
1,937 |
|
Other mark-to-market |
|
(437 |
) |
|
|
— |
|
|
|
— |
|
|
|
(437 |
) |
Accounting items / other |
|
1 |
|
|
|
9 |
|
|
|
(516 |
) |
|
|
(506 |
) |
Intangible amortization |
|
— |
|
|
|
— |
|
|
|
12 |
|
|
|
12 |
|
Pretax operating income (loss) |
$ |
202 |
|
|
$ |
1,030 |
|
|
$ |
(226 |
) |
|
$ |
1,006 |
|
Income tax expense(1) |
|
|
|
|
|
|
|
(243 |
) |
||||||
Operating income |
|
|
|
|
|
|
$ |
763 |
|
||||||
ROTCE(2) |
|
|
|
|
|
|
|
25.7 |
% |
||||||
Average tangible book value (TBV)(3) |
|
|
|
|
|
|
$ |
2,970 |
|
||||||
(1) |
Assumes tax-rate of 24.2%. |
|
(2) |
Computed by dividing annualized earnings by average TBV. |
|
(3) |
Average of quarterly TBV averages of $2,555 for 1Q’21, $2,983 for 2Q’21, $3,165 for 3Q’21, and $3,178 for 4Q’21. |
| Non-GAAP Reconciliation: | Quarter Ended |
||||||
($ in millions except value per share data) |
Q3'21 |
|
Q4'21 |
||||
Stockholders' equity (BV) |
$ |
3,260 |
|
|
$ |
3,367 |
|
Goodwill |
|
(120 |
) |
|
|
(120 |
) |
Intangible assets |
|
(18 |
) |
|
|
(14 |
) |
Tangible book value (TBV) |
$ |
3,122 |
|
|
$ |
3,233 |
|
Ending shares of common stock outstanding (in millions) |
|
75.1 |
|
|
|
73.8 |
|
|
|
|
|
||||
BV/share |
$ |
43.40 |
|
|
$ |
45.64 |
|
TBV/share |
$ |
41.56 |
|
|
$ |
43.82 |
|
|
|
|
|
||||
Net income |
$ |
299 |
|
|
$ |
155 |
|
ROCE(1) |
|
36.2 |
% |
|
|
18.7 |
% |
|
|
|
|
||||
Beginning stockholders’ equity |
$ |
3,350 |
|
|
$ |
3,260 |
|
Ending stockholders’ equity |
$ |
3,260 |
|
|
$ |
3,367 |
|
Average stockholders’ equity (BV) |
$ |
3,305 |
|
|
$ |
3,314 |
|
(1) |
Computed by dividing annualized earnings by average BV. |
