Three Months Ended June 30, 2024
-----------------------------------------------------------------
Corporate/
Servicing Originations Other Consolidated
------------- ---------------- -------------- ----------------
Service related,
net $ 446 $ 19 $ 20 $ 485
Net gain on
mortgage loans
held for sale 10 88 -- 98
--- ---- --- ----- ---- --- ----- --- ------ ---
Total revenues 456 107 20 583
--- ---- --- ----- ---- --- ----- --- ------ ---
Total expenses 171 69 60 300
Other income
(expense), net:
Interest
income 174 15 -- 189
Interest
expense (105) (15) (67) (187)
Other
expense,
net -- -- (8) (8)
--- ---- --- ----- ---- --- ----- --- ------
Total other
income
(expense), net 69 -- (75) (6)
--- ---- --- ----- ---- --- ----- --- ------
Pretax income
(loss) $ 354 $ 38 $ (115) $ 277
=== ==== === ===== ==== === =====
Income tax
expense 73
--- ------ ---
Net income $ 204
=== ====== ===
Earnings per
share
Basic $ 3.16
=== ====== ===
Diluted $ 3.10
=== ====== ===
Non-GAAP
Reconciliation:
----------------
Pretax income
(loss) $ 354 $ 38 $ (115) $ 277
Other
mark-to-market (68) -- -- (68)
Accounting items
/ other -- -- 8 8
Intangible
amortization 2 -- -- 2
--- ---- --- ----- ---- --- ----- --- ------ ---
Pretax operating
income (loss) $ 288 $ 38 $ (107) $ 219
=== ==== === ===== ==== === =====
Income tax
expense (53)
--- ------
Operating
income(1) $ 166
=== ====== ===
Operating
ROTCE(2) 15.3%
=== ======
Average tangible
book value
(TBV)(3) $ 4,333
(1) Assumes tax-rate of 24.2%.
(2) Computed by dividing annualized earnings by average TBV.
(3) Average of beginning TBV of $4,238 and ending TBV of $4,428.
Non-GAAP Reconciliation: Quarter Ended
------------------------------------------------ ----------------------
($ in millions except value per share data) Q3'24 Q2'24
---------- ----------
Stockholders' equity $(BV)$ $4,638 $4,594
Goodwill (141) (141)
Intangible assets (23) (25)
----- -----
Tangible book value (TBV) $4,474 $4,428
===== =====
Ending shares of common stock outstanding (in
millions) 64.0 64.5
BV/share $72.49 $71.24
TBV/share $69.93 $68.67
Net income $ 80 $ 204
----- -----
ROCE(1) 6.9% 18.1%
Beginning stockholders' equity $4,594 $4,405
Ending stockholders' equity $4,638 $4,594
----- -----
Average stockholders' equity (BV) $4,616 $4,500
(1) Return on Common Equity (ROCE) is computed by dividing annualized
earnings by average BV.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241023604090/en/
CONTACT: Investor Contact:
Kenneth Posner, SVP Strategic Planning and Investor Relations
(469) 426-3633
Shareholders@mrcooper.com
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(END) Dow Jones Newswires
October 23, 2024 07:00 ET (11:00 GMT)
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