– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
Reported total net income of $658 million including MSR mark of $552 million, equivalent to ROCE of 71.7%
Book value per share increased to $53.81 and Tangible book value per share increased to $52.01
Servicing UPB grew to $796 billion, up 27% y/y
Repurchased 0.7 million common shares for $35 million
Closed Sagent transaction resulting in pretax gain of $223 million
DALLAS--(BUSINESS WIRE)--Mr. Cooper Group Inc. (NASDAQ: COOP) (the “Company”), which principally operates under the Mr. Cooper® and Xome® brands, reported a first quarter net income of $658 million or $8.59 per diluted share. Net income included other mark-to-market of $552 million, which excludes fair value of excess spread accretion of $1 million. Excluding other mark-to-market and other items, the Company reported pretax operating income of $96 million. Other items included $223 million gain from the Sagent transaction, $3 million in charges related to severance, and $2 million of intangible amortization.
Chairman and CEO Jay Bray commented, “During the quarter we were able to react quickly and take advantage of attractively priced acquisition opportunities, and we were awarded sizeable subservicing mandates, which together produced spectacular growth in our servicing portfolio, which reached $796 billion. We now have 3.9 million customers, and nothing is more important to us than delighting every single customer with a personalized, friction-free experience that helps them achieve their goals.”
Chris Marshall, Vice Chairman and President added, “While the sharp rise in interest rates will place pressure on the originations industry, we are in a much better position than most, as we stand to benefit from significant improvements in servicing profitability during 2022.”
The Servicing segment is focused on providing a best-in-class home loan experience for our 3.9 million customers while simultaneously strengthening asset performance for investors. In the first quarter, Servicing recorded pretax income of $558 million, including other mark-to-market of $552 million. The forward servicing portfolio ended the quarter at $796 billion in UPB. Servicing generated pretax operating income, excluding other mark-to-market, of $7 million. At quarter end, the carrying value of the MSR was $6,006 million equivalent to 146 bps of MSR UPB.
|
Quarter Ended |
||||||||||||
($ in millions) |
Q4'21 |
|
Q1'22 |
||||||||||
|
$ |
|
BPS |
|
$ |
|
BPS |
||||||
Operational revenue |
$ |
390 |
|
|
22.9 |
|
|
$ |
365 |
|
|
19.5 |
|
Amortization, net of accretion |
|
(186 |
) |
|
(10.9 |
) |
|
|
(202 |
) |
|
(10.8 |
) |
Mark-to-market |
|
45 |
|
|
2.6 |
|
|
|
553 |
|
|
29.5 |
|
Total revenues |
|
249 |
|
|
14.6 |
|
|
|
716 |
|
|
38.2 |
|
Total expenses |
|
(143 |
) |
|
(8.4 |
) |
|
|
(123 |
) |
|
(6.5 |
) |
Total other expenses, net |
|
(19 |
) |
|
(1.1 |
) |
|
|
(35 |
) |
|
(1.9 |
) |
Income before taxes |
|
87 |
|
|
5.1 |
|
|
|
558 |
|
|
29.8 |
|
Other mark-to-market |
|
(46 |
) |
|
(2.7 |
) |
|
|
(552 |
) |
|
(29.5 |
) |
Accounting items |
|
— |
|
|
— |
|
|
|
1 |
|
|
0.1 |
|
Pretax operating income excluding other mark-to-market and accounting items |
$ |
41 |
|
|
2.4 |
|
|
$ |
7 |
|
|
0.4 |
|
|
Quarter Ended |
||||||
|
Q4'21 |
|
Q1'22 |
||||
Ending UPB ($B) |
$ |
710 |
|
|
$ |
796 |
|
Average UPB ($B) |
$ |
682 |
|
|
$ |
749 |
|
60+ day delinquency rate at period end |
|
3.1 |
% |
|
|
2.5 |
% |
Annualized CPR |
|
21.2 |
% |
|
|
14.8 |
% |
Modifications and workouts |
|
39,554 |
|
|
|
32,498 |
|
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 $155 million and pretax operating income of $157 million, which excluded $2 million in charges related to severance.
The Company funded 46,933 loans in the first quarter, totaling approximately $11.6 billion UPB, which was comprised of $7.8 billion in direct-to-consumer and $3.8 billion in correspondent. Funded volume decreased 33% quarter-over-quarter, while pull through adjusted volume decreased 30% quarter-over-quarter to $10.3 billion.
|
Quarter Ended |
||||||
($ in millions)
|
Q4'21 |
|
Q1'22 |
||||
Income before taxes |
$ |
181 |
|
$ |
155 |
||
Accounting items / other |
|
1 |
|
|
2 |
||
Pretax operating income excluding accounting items and other |
$ |
182 |
|
$ |
157 |
||
|
Quarter Ended |
||||||
($ in millions) |
Q4'21 |
|
Q1'22 |
||||
Total pull through adjusted volume |
$ |
14,736 |
|
|
$ |
10,332 |
|
Funded volume |
$ |
17,165 |
|
|
$ |
11,573 |
|
Refinance recapture percentage |
|
43 |
% |
|
|
50 |
% |
Recapture percentage |
|
32 |
% |
|
|
37 |
% |
Purchase volume as a percentage of funded volume |
|
30 |
% |
|
|
23 |
% |
Conference Call Webcast and Investor Presentation
The Company will host a conference call on April 28, 2022 at 4:30 P.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 1470118 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 |
$ |
207 |
|
|
$ |
755 |
|
Net gain on mortgage loans held for sale |
|
418 |
|
|
|
297 |
|
Total revenues |
|
625 |
|
|
|
1,052 |
|
Total expenses: |
|
381 |
|
|
|
338 |
|
Other income (expense), net: |
|
|
|
||||
Interest income |
|
68 |
|
|
|
36 |
|
Interest expense |
|
(115 |
) |
|
|
(106 |
) |
Other income, net |
|
34 |
|
|
|
222 |
|
Total other (expense) income, net |
|
(13 |
) |
|
|
152 |
|
Income before income tax expense |
|
231 |
|
|
|
866 |
|
Income tax expense |
|
61 |
|
|
|
208 |
|
Net income from continuing operations |
|
170 |
|
|
|
658 |
|
Net loss from discontinued operations |
|
(15 |
) |
|
|
— |
|
Net income |
|
155 |
|
|
|
658 |
|
Net income attributable to non-controlling interest |
|
— |
|
|
|
— |
|
Net income attributable to Mr. Cooper Group |
|
155 |
|
|
|
658 |
|
Undistributed earnings attributable to participating stockholders |
|
— |
|
|
|
— |
|
Net income attributable to common stockholders |
$ |
155 |
|
|
$ |
658 |
|
|
|
|
|
||||
Earnings from continuing operations per common share attributable to Mr. Cooper: |
|
|
|
||||
Basic |
$ |
2.28 |
|
|
$ |
8.91 |
|
Diluted |
$ |
2.20 |
|
|
$ |
8.59 |
|
Earnings from discontinued operations per common share attributable to Mr. Cooper: |
|
|
|
||||
Basic |
$ |
(0.20 |
) |
|
$ |
— |
|
Diluted |
$ |
(0.19 |
) |
|
$ |
— |
|
Earnings per common share attributable to Mr. Cooper: |
|
|
|
||||
Basic |
$ |
2.08 |
|
|
$ |
8.91 |
|
Diluted |
$ |
2.01 |
|
|
$ |
8.59 |
|
Weighted average shares of common stock outstanding (in millions): |
|
|
|
||||
Basic |
|
74.6 |
|
|
|
73.9 |
|
Diluted |
|
77.4 |
|
|
|
76.6 |
|
MR. COOPER GROUP INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (millions of dollars) |
|||||||
|
December 31, 2021 |
|
March 31, 2022 |
||||
Assets |
|
|
|
||||
Cash and cash equivalents |
$ |
895 |
|
$ |
579 |
||
Restricted cash |
|
146 |
|
|
130 |
||
Mortgage servicing rights at fair value |
|
4,223 |
|
|
6,006 |
||
Advances and other receivables, net |
|
1,228 |
|
|
1,044 |
||
Mortgage loans held for sale at fair value |
|
4,381 |
|
|
3,593 |
||
Property and equipment, net |
|
98 |
|
|
75 |
||
Deferred tax assets, net |
|
991 |
|
|
794 |
||
Other assets |
|
2,242 |
|
|
2,269 |
||
Total assets |
$ |
14,204 |
|
$ |
14,490 |
||
|
|
|
|
||||
Liabilities and Stockholders' Equity |
|
|
|
||||
Unsecured senior notes, net |
$ |
2,670 |
|
$ |
2,670 |
||
Advance and warehouse facilities, net |
|
4,997 |
|
|
4,795 |
||
Payables and other liabilities |
|
2,392 |
|
|
2,203 |
||
MSR related liabilities - nonrecourse at fair value |
|
778 |
|
|
845 |
||
Total liabilities |
|
10,837 |
|
|
10,513 |
||
Total stockholders' equity |
|
3,367 |
|
|
3,977 |
||
Total liabilities and stockholders' equity |
$ |
14,204 |
|
$ |
14,490 |
||
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 |
|
|
|
|
|
|
|
(38 |
) |
||||||
Operating income(1) |
|
|
|
|
|
|
$ |
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) |
|||||||||||||||
|
Three Months Ended March 31, 2022 |
||||||||||||||
|
Servicing |
|
Originations |
|
Corporate/
|
|
Consolidated |
||||||||
|
|
|
|
|
|
|
|
||||||||
Service related, net |
$ |
701 |
|
|
$ |
42 |
|
|
$ |
12 |
|
|
$ |
755 |
|
Net gain on mortgage loans held for sale |
|
15 |
|
|
|
282 |
|
|
|
— |
|
|
|
297 |
|
Total revenues |
|
716 |
|
|
|
324 |
|
|
|
12 |
|
|
|
1,052 |
|
Total expenses |
|
123 |
|
|
|
174 |
|
|
|
41 |
|
|
|
338 |
|
Other (expense) income, net: |
|
|
|
|
|
|
|
||||||||
Interest income |
|
19 |
|
|
|
17 |
|
|
|
— |
|
|
|
36 |
|
Interest expense |
|
(54 |
) |
|
|
(12 |
) |
|
|
(40 |
) |
|
|
(106 |
) |
Other income, net |
|
— |
|
|
|
— |
|
|
|
222 |
|
|
|
222 |
|
Total other (expense) income, net |
|
(35 |
) |
|
|
5 |
|
|
|
182 |
|
|
|
152 |
|
Pretax income |
$ |
558 |
|
|
$ |
155 |
|
|
$ |
153 |
|
|
$ |
866 |
|
Income tax expense |
|
|
|
|
|
|
|
208 |
|
||||||
Net income from continuing operations |
|
|
|
|
|
|
|
658 |
|
||||||
Net loss from discontinued operations |
|
|
|
|
|
|
|
— |
|
||||||
Net income |
|
|
|
|
|
|
|
658 |
|
||||||
Net income attributable to noncontrolling interests |
|
|
|
|
|
|
|
— |
|
||||||
Net income attributable to common stockholders of Mr. Cooper Group |
|
|
|
|
|
|
|
658 |
|
||||||
Undistributed earnings attributable to participating stockholders |
|
|
|
|
|
|
|
— |
|
||||||
Net income attributable to common stockholders |
|
|
|
|
|
|
$ |
658 |
|
||||||
Net income per share |
|
|
|
|
|
|
|
||||||||
Basic |
|
|
|
|
|
|
$ |
8.91 |
|
||||||
Diluted |
|
|
|
|
|
|
$ |
8.59 |
|
||||||
|
|
|
|
|
|
|
|
||||||||
Non-GAAP Reconciliation: |
|
|
|
|
|
|
|
||||||||
Pretax income (loss) |
$ |
558 |
|
|
$ |
155 |
|
|
$ |
153 |
|
|
$ |
866 |
|
Other mark-to-market |
|
(552 |
) |
|
|
— |
|
|
|
— |
|
|
|
(552 |
) |
Accounting items / other |
|
1 |
|
|
|
2 |
|
|
|
(223 |
) |
|
|
(220 |
) |
Intangible amortization |
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
2 |
|
Pretax operating income (loss) |
$ |
7 |
|
|
$ |
157 |
|
|
$ |
(68 |
) |
|
$ |
96 |
|
Income tax expense(1) |
|
|
|
|
|
|
|
(23 |
) |
||||||
Operating income |
|
|
|
|
|
|
$ |
73 |
|
||||||
ROTCE(2) |
|
|
|
|
|
|
|
8.2 |
% |
||||||
Average tangible book value (TBV)(3) |
|
|
|
|
|
|
$ |
3,539 |
|
||||||
(1) |
Assumes tax-rate of 24.2%. |
(2) |
Computed by dividing annualized earnings by average TBV. |
(3) |
Average of beginning TBV of $3,233 and ending TBV of $3,844. |
Non-GAAP Reconciliation: |
Quarter Ended |
||||||
($ in millions except value per share data) |
Q4'21 |
|
Q1'22 |
||||
Stockholders' equity (BV) |
$ |
3,367 |
|
|
$ |
3,977 |
|
Goodwill |
|
(120 |
) |
|
|
(120 |
) |
Intangible assets |
|
(14 |
) |
|
|
(13 |
) |
Tangible book value (TBV) |
$ |
3,233 |
|
|
$ |
3,844 |
|
Ending shares of common stock outstanding (in millions) |
|
73.8 |
|
|
|
73.9 |
|
|
|
|
|
||||
BV/share |
$ |
45.64 |
|
|
$ |
53.81 |
|
TBV/share |
$ |
43.82 |
|
|
$ |
52.01 |
|
|
|
|
|
||||
Net income |
$ |
155 |
|
|
$ |
658 |
|
ROCE(1) |
|
18.7 |
% |
|
|
71.7 |
% |
|
|
|
|
||||
Beginning stockholders’ equity |
$ |
3,260 |
|
|
$ |
3,367 |
|
Ending stockholders’ equity |
$ |
3,367 |
|
|
$ |
3,977 |
|
Average stockholders’ equity (BV) |
$ |
3,314 |
|
|
$ |
3,672 |
|
(1) |
Computed by dividing annualized earnings by average BV. |
Заявленная общая чистая прибыль составила 658 миллионов долларов, включая отметку MSR в 552 миллиона долларов, что эквивалентно ROCE в 71,7%
Балансовая стоимость на акцию увеличилась до 53,81 доллара, а материальная балансовая стоимость на акцию увеличилась до 52,01 доллара
Обслуживание UPB выросло до $796 млрд, увеличившись на 27% в годовом исчислении
Выкупил 0,7 млн обыкновенных акций за 35 млн долларов
Закрытая сделка Sagent привела к прибыли до налогообложения в размере 223 миллионов долларов
ДАЛЛАС--(ДЕЛОВАЯ ТЕЛЕГРАММА)--Mr. Cooper Group Inc. (NASDAQ: COOP) (“Компания”), которая в основном работает под брендами Mr. Cooper® и Xome®, сообщила о чистой прибыли за первый квартал в размере 658 миллионов долларов, или 8,59 доллара на разводненную акцию. Чистая прибыль включала прочую рыночную наценку в размере 552 миллионов долларов, что исключает справедливую стоимость увеличения избыточного спреда в размере 1 миллиона долларов. Без учета прочих товаров для продажи и других статей Компания сообщила об операционной прибыли до налогообложения в размере 96 миллионов долларов. Другие статьи включали прибыль в размере 223 миллионов долларов от сделки Sagent, расходы в размере 3 миллионов долларов, связанные с выходным пособием, и амортизацию нематериальных активов в размере 2 миллионов долларов.
Председатель и главный исполнительный директор Джей Брей прокомментировал: “В течение квартала мы смогли быстро отреагировать и воспользоваться возможностями приобретения по привлекательным ценам, и мы получили значительные мандаты на предоставление услуг, что в совокупности привело к впечатляющему росту нашего портфеля услуг, который достиг 796 миллиардов долларов. Сейчас у нас 3,9 миллиона клиентов, и для нас нет ничего важнее, чем порадовать каждого клиента индивидуальным, без каких-либо проблем опытом, который поможет им достичь своих целей ”.
Крис Маршалл, вице-председатель и президент, добавил: “В то время как резкое повышение процентных ставок окажет давление на отрасль кредитования, мы находимся в гораздо лучшем положении, чем большинство, поскольку мы выиграем от значительного улучшения прибыльности обслуживания в течение 2022 года”.
Сегмент обслуживания сосредоточен на предоставлении лучшего в своем классе ипотечного кредитования для наших 3,9 миллионов клиентов при одновременном повышении эффективности активов для инвесторов. В первом квартале компания зафиксировала доход до налогообложения в размере 558 миллионов долларов, включая прочую рыночную прибыль в размере 552 миллионов долларов. Портфель форвардных услуг UPB завершил квартал на уровне 796 миллиардов долларов. Обслуживание принесло операционный доход до налогообложения, без учета прочих рыночных наценок, в размере 7 миллионов долларов. На конец квартала балансовая стоимость MSR составляла 6 006 миллионов долларов, что эквивалентно 146 базисным пунктам MSR UPB.
|
Quarter Ended |
||||||||||||
($ in millions) |
Q4'21 |
|
Q1'22 |
||||||||||
|
$ |
|
BPS |
|
$ |
|
BPS |
||||||
Operational revenue |
$ |
390 |
|
|
22.9 |
|
|
$ |
365 |
|
|
19.5 |
|
Amortization, net of accretion |
|
(186 |
) |
|
(10.9 |
) |
|
|
(202 |
) |
|
(10.8 |
) |
Mark-to-market |
|
45 |
|
|
2.6 |
|
|
|
553 |
|
|
29.5 |
|
Total revenues |
|
249 |
|
|
14.6 |
|
|
|
716 |
|
|
38.2 |
|
Total expenses |
|
(143 |
) |
|
(8.4 |
) |
|
|
(123 |
) |
|
(6.5 |
) |
Total other expenses, net |
|
(19 |
) |
|
(1.1 |
) |
|
|
(35 |
) |
|
(1.9 |
) |
Income before taxes |
|
87 |
|
|
5.1 |
|
|
|
558 |
|
|
29.8 |
|
Other mark-to-market |
|
(46 |
) |
|
(2.7 |
) |
|
|
(552 |
) |
|
(29.5 |
) |
Accounting items |
|
— |
|
|
— |
|
|
|
1 |
|
|
0.1 |
|
Pretax operating income excluding other mark-to-market and accounting items |
$ |
41 |
|
|
2.4 |
|
|
$ |
7 |
|
|
0.4 |
|
|
Quarter Ended |
||||||
|
Q4'21 |
|
Q1'22 |
||||
Ending UPB ($B) |
$ |
710 |
|
|
$ |
796 |
|
Average UPB ($B) |
$ |
682 |
|
|
$ |
749 |
|
60+ day delinquency rate at period end |
|
3.1 |
% |
|
|
2.5 |
% |
Annualized CPR |
|
21.2 |
% |
|
|
14.8 |
% |
Modifications and workouts |
|
39,554 |
|
|
|
32,498 |
|
Сегмент выдачи кредитов фокусируется на создании обслуживающих активов с привлекательной маржой путем приобретения кредитов через корреспондентский канал и рефинансирования существующих кредитов через канал прямого обращения к потребителю. Поступления принесли доход до налогообложения в размере 155 миллионов долларов и операционный доход до налогообложения в размере 157 миллионов долларов, что исключает расходы в размере 2 миллионов долларов, связанные с выходным пособием.
В первом квартале Компания профинансировала 46 933 займа на общую сумму около 11,6 миллиарда долларов UPB, которые включали 7,8 миллиарда долларов прямых кредитов потребителям и 3,8 миллиарда долларов корреспондентских кредитов. Объем финансирования сократился на 33% по сравнению с предыдущим кварталом, в то время как скорректированный объем финансирования сократился на 30% по сравнению с предыдущим кварталом и составил 10,3 миллиарда долларов.
|
Quarter Ended |
||||||
($ in millions)
|
Q4'21 |
|
Q1'22 |
||||
Income before taxes |
$ |
181 |
|
$ |
155 |
||
Accounting items / other |
|
1 |
|
|
2 |
||
Pretax operating income excluding accounting items and other |
$ |
182 |
|
$ |
157 |
||
|
Quarter Ended |
||||||
($ in millions) |
Q4'21 |
|
Q1'22 |
||||
Total pull through adjusted volume |
$ |
14,736 |
|
|
$ |
10,332 |
|
Funded volume |
$ |
17,165 |
|
|
$ |
11,573 |
|
Refinance recapture percentage |
|
43 |
% |
|
|
50 |
% |
Recapture percentage |
|
32 |
% |
|
|
37 |
% |
Purchase volume as a percentage of funded volume |
|
30 |
% |
|
|
23 |
% |
Веб-трансляция телефонной конференции и Презентация Инвестора
Компания проведет телефонную конференцию 28 апреля 2022 года в 4:30 вечера по восточному времени. Предварительная регистрация на звонок теперь доступна в разделе для инвесторов на www.mrcoopergroup.com . Участники получат бесплатный телефонный номер и уникальный идентификатор владельца регистрации, который будет использоваться для немедленного доступа к вызову. Одновременная аудиотрансляция телефонной конференции будет доступна в разделе для инвесторов на www.mrcoopergroup.com . Повтор телефонного разговора также будет доступен примерно через два часа после завершения конференц-связи по номеру 855-859-2056 (бесплатный звонок) или 404-537-3406 (международный). Пожалуйста, используйте пароль 1470118, чтобы получить доступ к воспроизведению.
Финансовые показатели, Не относящиеся к ОПБУ
Компания использует финансовые показатели, не относящиеся к GAAP, поскольку эти показатели предоставляют дополнительную информацию, чтобы помочь инвесторам понять и оценить текущую деятельность и финансовые результаты Компании и наших бизнес-сегментов, а также оценить наши перспективы на будущее. Скорректированные операционные финансовые показатели облегчают содержательный анализ и позволяют проводить более точные сравнения наших текущих бизнес-операций, поскольку они исключают статьи, которые могут не отражать или не иметь отношения к основным операционным показателям Компании и наших бизнес-сегментов, и являются лучшими показателями для оценки тенденций в наших базовых бизнесах. Эти важные пункты согласуются с тем, 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. Операционный доход (убыток) до налогообложения в сегменте обслуживания устраняет влияние корректировок с учетом рыночной цены, которые в основном отражают нереализованные прибыли или убытки, основанные на изменениях в оценке справедливой стоимости MSR и связанных с ними финансовых обязательств, для которых был выбран учет по справедливой стоимости. Эти корректировки, которые могут быть очень волатильными и существенными из-за изменений на кредитных рынках, не обязательно отражают прибыли и убытки, которые в конечном итоге будут реализованы Компанией. Операционный доход (убыток) до налогообложения в каждом сегменте также исключает, если применимо, затраты на переход и интеграцию, прибыль (убытки) от продажи основных средств, определенные расчетные расходы, которые не считаются обычными операционными вопросами, амортизацию нематериальных активов и другие корректировки, основанные на фактах и обстоятельствах, которые предоставили бы инвесторам дополнительные средства для оценки основных операционных показателей Компании. Рентабельность материального обыкновенного капитала (ROTCE) рассчитывается путем деления чистой прибыли на средний материальный обыкновенный капитал (также известный как материальная балансовая стоимость). Материальный обыкновенный капитал равен общему капиталу акционеров за вычетом гудвила и нематериальных активов. Руководство считает, что ROTCE является полезным финансовым показателем, поскольку он последовательно измеряет эффективность бизнеса и позволяет инвесторам и другим лицам оценивать использование Компанией собственного капитала. Материальная балансовая стоимость определяется как собственный капитал акционеров за вычетом гудвила и нематериальных активов. Наше руководство считает, что материальная балансовая стоимость полезна для инвесторов, поскольку она обеспечивает более точную оценку реальной стоимости прибыли акционеров, исключая влияние гудвила и нематериальных активов.
Прогнозные Заявления
Любые заявления в этом выпуске, которые не являются историческими или текущими фактами, являются прогнозными заявлениями. Прогнозные заявления включают известные и неизвестные риски, неопределенности и другие факторы, которые могут привести к тому, что наши фактические результаты, показатели или достижения будут существенно отличаться от любых будущих результатов, показателей или достижений, выраженных или подразумеваемых в прогнозных заявлениях, включая серьезность и продолжительность пандемии COVID-19; пандемиявлияние на экономику США и мировую экономику; меры реагирования федеральных, государственных и местных органов власти на пандемию; показатели терпимости заемщиков и доступность финансирования. Результаты за любой указанный квартал не обязательно указывают на результаты, которые можно ожидать за весь год или любой будущий период. Некоторые из этих рисков и неопределенностей описаны в разделе “Факторы риска” 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 любого прогнозного заявления или любой другой финансовой информации, содержащейся в настоящем документе, и заявления, сделанные в этом пресс-релизе, актуальны только на дату этого выпуска.
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 |
$ |
207 |
|
|
$ |
755 |
|
Net gain on mortgage loans held for sale |
|
418 |
|
|
|
297 |
|
Total revenues |
|
625 |
|
|
|
1,052 |
|
Total expenses: |
|
381 |
|
|
|
338 |
|
Other income (expense), net: |
|
|
|
||||
Interest income |
|
68 |
|
|
|
36 |
|
Interest expense |
|
(115 |
) |
|
|
(106 |
) |
Other income, net |
|
34 |
|
|
|
222 |
|
Total other (expense) income, net |
|
(13 |
) |
|
|
152 |
|
Income before income tax expense |
|
231 |
|
|
|
866 |
|
Income tax expense |
|
61 |
|
|
|
208 |
|
Net income from continuing operations |
|
170 |
|
|
|
658 |
|
Net loss from discontinued operations |
|
(15 |
) |
|
|
— |
|
Net income |
|
155 |
|
|
|
658 |
|
Net income attributable to non-controlling interest |
|
— |
|
|
|
— |
|
Net income attributable to Mr. Cooper Group |
|
155 |
|
|
|
658 |
|
Undistributed earnings attributable to participating stockholders |
|
— |
|
|
|
— |
|
Net income attributable to common stockholders |
$ |
155 |
|
|
$ |
658 |
|
|
|
|
|
||||
Earnings from continuing operations per common share attributable to Mr. Cooper: |
|
|
|
||||
Basic |
$ |
2.28 |
|
|
$ |
8.91 |
|
Diluted |
$ |
2.20 |
|
|
$ |
8.59 |
|
Earnings from discontinued operations per common share attributable to Mr. Cooper: |
|
|
|
||||
Basic |
$ |
(0.20 |
) |
|
$ |
— |
|
Diluted |
$ |
(0.19 |
) |
|
$ |
— |
|
Earnings per common share attributable to Mr. Cooper: |
|
|
|
||||
Basic |
$ |
2.08 |
|
|
$ |
8.91 |
|
Diluted |
$ |
2.01 |
|
|
$ |
8.59 |
|
Weighted average shares of common stock outstanding (in millions): |
|
|
|
||||
Basic |
|
74.6 |
|
|
|
73.9 |
|
Diluted |
|
77.4 |
|
|
|
76.6 |
|
Mr. Cooper GROUP INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (millions of dollars) |
|||||||
|
December 31, 2021 |
|
March 31, 2022 |
||||
Assets |
|
|
|
||||
Cash and cash equivalents |
$ |
895 |
|
$ |
579 |
||
Restricted cash |
|
146 |
|
|
130 |
||
Mortgage servicing rights at fair value |
|
4,223 |
|
|
6,006 |
||
Advances and other receivables, net |
|
1,228 |
|
|
1,044 |
||
Mortgage loans held for sale at fair value |
|
4,381 |
|
|
3,593 |
||
Property and equipment, net |
|
98 |
|
|
75 |
||
Deferred tax assets, net |
|
991 |
|
|
794 |
||
Other assets |
|
2,242 |
|
|
2,269 |
||
Total assets |
$ |
14,204 |
|
$ |
14,490 |
||
|
|
|
|
||||
Liabilities and Stockholders' Equity |
|
|
|
||||
Unsecured senior notes, net |
$ |
2,670 |
|
$ |
2,670 |
||
Advance and warehouse facilities, net |
|
4,997 |
|
|
4,795 |
||
Payables and other liabilities |
|
2,392 |
|
|
2,203 |
||
MSR related liabilities - nonrecourse at fair value |
|
778 |
|
|
845 |
||
Total liabilities |
|
10,837 |
|
|
10,513 |
||
Total stockholders' equity |
|
3,367 |
|
|
3,977 |
||
Total liabilities and stockholders' equity |
$ |
14,204 |
|
$ |
14,490 |
||
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 |
|
|
|
|
|
|
|
(38 |
) |
||||||
Operating income(1) |
|
|
|
|
|
|
$ |
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) |
|||||||||||||||
|
Three Months Ended March 31, 2022 |
||||||||||||||
|
Servicing |
|
Originations |
|
Corporate/
|
|
Consolidated |
||||||||
|
|
|
|
|
|
|
|
||||||||
Service related, net |
$ |
701 |
|
|
$ |
42 |
|
|
$ |
12 |
|
|
$ |
755 |
|
Net gain on mortgage loans held for sale |
|
15 |
|
|
|
282 |
|
|
|
— |
|
|
|
297 |
|
Total revenues |
|
716 |
|
|
|
324 |
|
|
|
12 |
|
|
|
1,052 |
|
Total expenses |
|
123 |
|
|
|
174 |
|
|
|
41 |
|
|
|
338 |
|
Other (expense) income, net: |
|
|
|
|
|
|
|
||||||||
Interest income |
|
19 |
|
|
|
17 |
|
|
|
— |
|
|
|
36 |
|
Interest expense |
|
(54 |
) |
|
|
(12 |
) |
|
|
(40 |
) |
|
|
(106 |
) |
Other income, net |
|
— |
|
|
|
— |
|
|
|
222 |
|
|
|
222 |
|
Total other (expense) income, net |
|
(35 |
) |
|
|
5 |
|
|
|
182 |
|
|
|
152 |
|
Pretax income |
$ |
558 |
|
|
$ |
155 |
|
|
$ |
153 |
|
|
$ |
866 |
|
Income tax expense |
|
|
|
|
|
|
|
208 |
|
||||||
Net income from continuing operations |
|
|
|
|
|
|
|
658 |
|
||||||
Net loss from discontinued operations |
|
|
|
|
|
|
|
— |
|
||||||
Net income |
|
|
|
|
|
|
|
658 |
|
||||||
Net income attributable to noncontrolling interests |
|
|
|
|
|
|
|
— |
|
||||||
Net income attributable to common stockholders of Mr. Cooper Group |
|
|
|
|
|
|
|
658 |
|
||||||
Undistributed earnings attributable to participating stockholders |
|
|
|
|
|
|
|
— |
|
||||||
Net income attributable to common stockholders |
|
|
|
|
|
|
$ |
658 |
|
||||||
Net income per share |
|
|
|
|
|
|
|
||||||||
Basic |
|
|
|
|
|
|
$ |
8.91 |
|
||||||
Diluted |
|
|
|
|
|
|
$ |
8.59 |
|
||||||
|
|
|
|
|
|
|
|
||||||||
Non-GAAP Reconciliation: |
|
|
|
|
|
|
|
||||||||
Pretax income (loss) |
$ |
558 |
|
|
$ |
155 |
|
|
$ |
153 |
|
|
$ |
866 |
|
Other mark-to-market |
|
(552 |
) |
|
|
— |
|
|
|
— |
|
|
|
(552 |
) |
Accounting items / other |
|
1 |
|
|
|
2 |
|
|
|
(223 |
) |
|
|
(220 |
) |
Intangible amortization |
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
2 |
|
Pretax operating income (loss) |
$ |
7 |
|
|
$ |
157 |
|
|
$ |
(68 |
) |
|
$ |
96 |
|
Income tax expense(1) |
|
|
|
|
|
|
|
(23 |
) |
||||||
Operating income |
|
|
|
|
|
|
$ |
73 |
|
||||||
ROTCE(2) |
|
|
|
|
|
|
|
8.2 |
% |
||||||
Average tangible book value (TBV)(3) |
|
|
|
|
|
|
$ |
3,539 |
|
||||||
(1) |
Assumes tax-rate of 24.2%. |
(2) |
Computed by dividing annualized earnings by average TBV. |
(3) |
Average of beginning TBV of $3,233 and ending TBV of $3,844. |
Non-GAAP Reconciliation: |
Quarter Ended |
||||||
($ in millions except value per share data) |
Q4'21 |
|
Q1'22 |
||||
Stockholders' equity (BV) |
$ |
3,367 |
|
|
$ |
3,977 |
|
Goodwill |
|
(120 |
) |
|
|
(120 |
) |
Intangible assets |
|
(14 |
) |
|
|
(13 |
) |
Tangible book value (TBV) |
$ |
3,233 |
|
|
$ |
3,844 |
|
Ending shares of common stock outstanding (in millions) |
|
73.8 |
|
|
|
73.9 |
|
|
|
|
|
||||
BV/share |
$ |
45.64 |
|
|
$ |
53.81 |
|
TBV/share |
$ |
43.82 |
|
|
$ |
52.01 |
|
|
|
|
|
||||
Net income |
$ |
155 |
|
|
$ |
658 |
|
ROCE(1) |
|
18.7 |
% |
|
|
71.7 |
% |
|
|
|
|
||||
Beginning stockholders’ equity |
$ |
3,260 |
|
|
$ |
3,367 |
|
Ending stockholders’ equity |
$ |
3,367 |
|
|
$ |
3,977 |
|
Average stockholders’ equity (BV) |
$ |
3,314 |
|
|
$ |
3,672 |
|
(1) |
Computed by dividing annualized earnings by average BV. |
