Mr. Cooper Group Reports Second Quarter 2024 Results and Announces Acquisition of Mortgage Operations From Flagstar
Mr. Cooper Group Inc. (NASDAQ: COOP) reported strong Q2 2024 results and announced a significant acquisition. Key highlights include:
- Net income of $204 million, with ROCE of 18.1% and operating ROTCE of 15.3%
- Book value per share increased to $71.24
- Servicing portfolio grew 37% y/y to $1,206 billion
- Repurchased 0.3 million shares for $24 million
- Announced acquisition of Flagstar's mortgage operations for $1.4 billion in cash
The acquisition includes MSRs and subservicing contracts totaling approximately $356 billion in UPB, expected to close in Q4 2024. The company's servicing segment recorded pretax income of $354 million, while the originations segment earned pretax income of $38 million.
Mr. Cooper Group Inc. (NASDAQ: COOP) ha riportato risultati solidi per il secondo trimestre del 2024 e ha annunciato un'acquisizione significativa. I punti salienti includono:
- Reddito netto di 204 milioni di dollari, con un ROCE del 18,1% e un ROTCE operativo del 15,3%
- Valore contabile per azione aumentato a 71,24 dollari
- Portafoglio di servicing cresciuto del 37% su base annua, raggiungendo 1.206 miliardi di dollari
- Riacquisto di 0,3 milioni di azioni per 24 milioni di dollari
- Annuncio dell'acquisizione delle operazioni di mutuo di Flagstar per 1,4 miliardi di dollari in contanti
L'acquisizione include MSR e contratti di subservicing per un totale di circa 356 miliardi di dollari in UPB, con chiusura prevista nel quarto trimestre del 2024. Il segmento di servicing dell'azienda ha registrato un reddito ante imposte di 354 milioni di dollari, mentre il segmento delle originazioni ha guadagnato un reddito ante imposte di 38 milioni di dollari.
Mr. Cooper Group Inc. (NASDAQ: COOP) reportó resultados sólidos para el segundo trimestre de 2024 y anunció una adquisición significativa. Los puntos destacados incluyen:
- Ingreso neto de 204 millones de dólares, con un ROCE del 18.1% y un ROTCE operativo del 15.3%
- Valor contable por acción aumentado a 71.24 dólares
- Crecimiento del portafolio de servicios del 37% interanual, alcanzando 1,206 miles de millones de dólares
- Recompra de 0.3 millones de acciones por 24 millones de dólares
- Anuncio de adquisición de las operaciones hipotecarias de Flagstar por 1.4 mil millones de dólares en efectivo
La adquisición incluye MSR y contratos de subservicio que totalizan aproximadamente 356 mil millones de dólares en UPB, con cierre previsto para el cuarto trimestre de 2024. El segmento de servicios de la empresa registró un ingreso antes de impuestos de 354 millones de dólares, mientras que el segmento de originaciones ganó un ingreso antes de impuestos de 38 millones de dólares.
미스터 쿠퍼 그룹 주식회사 (NASDAQ: COOP)는 2024년 2분기 실적을 발표하고 중요한 인수 소식을 전했습니다. 주요 내용은 다음과 같습니다:
- 2억 4백만 달러의 순이익, ROCE 18.1% 및 운영 ROTCE 15.3%
- 주당 장부가치 71.24달러로 증가
- 서비스 포트폴리오가 전년 대비 37% 성장하여 1,206억 달러에 도달
- 24백만 달러에 30만 주 재매입
- 플래그스타의 모기지 사업을 현금 14억 달러에 인수한다고 발표함
이번 인수에는 약 3560억 달러의 UPB에 해당하는 MSR 및 서브서비스 계약이 포함되며, 2024년 4분기에 마감될 예정입니다. 회사의 서비스 부문은 세전 3억 5400만 달러의 수익을 기록했으며, 기원 부문은 세전 3천800만 달러의 수익을 올렸습니다.
Mr. Cooper Group Inc. (NASDAQ: COOP) a annoncé de solides résultats pour le deuxième trimestre 2024 et a révélé une acquisition significative. Les faits marquants incluent :
- Revenu net de 204 millions de dollars, avec un ROCE de 18,1 % et un ROTCE opérationnel de 15,3 %
- Valeur comptable par action portée à 71,24 dollars
- Le portefeuille de services a augmenté de 37 % d'une année sur l'autre, atteignant 1 206 milliards de dollars
- Rachat de 0,3 million d'actions pour 24 millions de dollars
- Annonce de l'acquisition des opérations hypothécaires de Flagstar pour 1,4 milliard de dollars en espèces
L'acquisition comprend des MSR et des contrats de sous-traitance d'un montant total d'environ 356 milliards de dollars en UPB, prévue pour clôturer au quatrième trimestre 2024. Le segment de services de l'entreprise a enregistré un revenu imposable de 354 millions de dollars, tandis que le segment des originations a gagné un revenu imposable de 38 millions de dollars.
Mr. Cooper Group Inc. (NASDAQ: COOP) meldete starke Ergebnisse für das zweite Quartal 2024 und kündigte eine bedeutende Akquisition an. Die wichtigsten Punkte sind:
- Nettogewinn von 204 Millionen US-Dollar, mit einem ROCE von 18,1% und einem operativen ROTCE von 15,3%
- Buchwert pro Aktie erhöhte sich auf 71,24 US-Dollar
- Das Servicing-Portfolio wuchs im Jahresvergleich um 37% auf 1.206 Milliarden US-Dollar
- Rückkauf von 0,3 Millionen Aktien für 24 Millionen US-Dollar
- Ankündigung der Übernahme der Hypothekengeschäfte von Flagstar für 1,4 Milliarden US-Dollar in bar
Die Akquisition umfasst MSRs und Subservicing-Verträge mit einem Gesamtwert von etwa 356 Milliarden US-Dollar in UPB, die voraussichtlich im vierten Quartal 2024 abgeschlossen werden. Der Servicing-Sektor des Unternehmens erzielte ein Ergebnis vor Steuern von 354 Millionen US-Dollar, während der Originations-Sektor ein Ergebnis vor Steuern von 38 Millionen US-Dollar erwirtschaftete.
- Net income of $204 million with strong ROCE of 18.1% and operating ROTCE of 15.3%
- Servicing portfolio grew 37% year-over-year to $1,206 billion
- Acquisition of Flagstar's mortgage operations for $1.4 billion, adding $356 billion in UPB
- Board approved additional $200 million for stock repurchase
- Servicing segment recorded pretax income of $354 million
- Originations segment earned pretax income of $38 million
- Funded volume increased 32% quarter-over-quarter to $3.8 billion UPB
- Potential financial strain due to $1.4 billion cash acquisition of Flagstar's mortgage operations
- Integration challenges may arise from onboarding 1.3 million new customers
- Increased operational complexity with significant portfolio growth
Mr. Cooper Group's Q2 2024 results and acquisition announcement present a significant positive development for the company. The reported net income of
The acquisition of Flagstar's mortgage operations for
The company's strong liquidity position, evidenced by the
However, investors should monitor the integration process of Flagstar's operations, as successful execution will be important for realizing the full benefits of this acquisition. Additionally, the slight decrease in the recapture percentage from
The acquisition of Flagstar's mortgage operations by Mr. Cooper Group is a significant development in the mortgage servicing landscape. This move will substantially increase Mr. Cooper's servicing portfolio, solidifying its position as a major player in the industry. The addition of
The reported
The increase in purchase volume as a percentage of funded volume from
The high refinance recapture percentage of
However, the success of this acquisition will largely depend on Mr. Cooper's ability to smoothly integrate Flagstar's operations and maintain service quality during the transition. The mortgage servicing industry is highly sensitive to customer satisfaction and any disruptions could lead to customer attrition.
-
Reported net income of
including other mark-to-market of$204 million , equivalent to ROCE of$68 million 18.1% and operating ROTCE of15.3% -
Book value per share and tangible book value per share increased to
and$71.24 $68.67 -
Servicing portfolio grew
37% y/y to$1,206 billion -
Repurchased 0.3 million shares of common stock for
. Board of directors approved additional$24 million for stock repurchase, bringing total authorization to approximately$200 million $270 million -
Announced acquisition of Flagstar’s mortgage operations, including MSRs and subservicing contracts totaling approximately
in unpaid principal balance (UPB), for$356 billion in cash$1.4 billion
The acquisition of Flagstar’s mortgage operations consists of acquiring MSRs, advances, subservicing contracts, and a third-party origination platform. This purchase will be funded through available cash and drawdowns of existing MSR lines. Upon closing, Mr. Cooper expects to welcome 1.3 million customers and add approximately
Chairman and CEO Jay Bray commented, “We have the operational capacity to onboard Flagstar’s customers with a smooth and positive experience, which will be our top priority. We also look forward to welcoming Flagstar team members to the Mr. Cooper family. We have long respected Flagstar as a mortgage servicer, and we feel very closely aligned with their cultural values.”
Servicing
The Servicing segment provides a best-in-class home loan experience for our 5.3 million customers while simultaneously strengthening asset performance for investors. In the first quarter, Servicing recorded pretax income of
|
Quarter Ended |
||||||||||||||
($ in millions)
|
Q2'24 |
|
Q1'24 |
||||||||||||
|
$ |
|
BPS |
|
$ |
|
BPS |
||||||||
Operational revenue |
$ |
604 |
|
|
|
20.7 |
|
|
$ |
577 |
|
|
|
21.6 |
|
Amortization, net of accretion |
|
(217 |
) |
|
|
(7.4 |
) |
|
|
(170 |
) |
|
|
(6.4 |
) |
Mark-to-market |
|
69 |
|
|
|
2.3 |
|
|
|
43 |
|
|
|
1.6 |
|
Total revenues |
|
456 |
|
|
|
15.5 |
|
|
|
450 |
|
|
|
16.8 |
|
Total expenses |
|
(171 |
) |
|
|
(5.9 |
) |
|
|
(185 |
) |
|
|
(6.9 |
) |
Total other income, net |
|
69 |
|
|
|
2.4 |
|
|
|
48 |
|
|
|
1.8 |
|
Income before taxes |
|
354 |
|
|
|
12.1 |
|
|
|
313 |
|
|
|
11.7 |
|
Other mark-to-market |
|
(68 |
) |
|
|
(2.4 |
) |
|
|
(42 |
) |
|
|
(1.6 |
) |
Accounting items |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Intangible amortization |
|
2 |
|
|
|
0.1 |
|
|
|
2 |
|
|
|
0.1 |
|
Pretax operating income excluding other mark-to-market and accounting items |
$ |
288 |
|
|
|
9.8 |
|
|
$ |
273 |
|
|
|
10.2 |
|
|
|
|
|
|
|
|
|
||||||||
|
Quarter Ended |
||||||||||||||
|
Q2'24 |
|
Q1'24 |
||||||||||||
MSRs UPB ($B) |
$ |
676 |
|
|
$ |
631 |
|
||||||||
Subservicing and Other UPB ($B) |
|
530 |
|
|
|
505 |
|
||||||||
Ending UPB ($B) |
$ |
1,206 |
|
|
$ |
1,136 |
|
||||||||
Average UPB ($B) |
$ |
1,171 |
|
|
$ |
1,068 |
|
||||||||
60+ day delinquency rate at period end |
|
1.4 |
% |
|
|
1.6 |
% |
||||||||
Annualized CPR |
|
5.6 |
% |
|
|
4.7 |
% |
||||||||
Modifications and workouts |
|
22,645 |
|
|
|
24,460 |
|
Originations
The Originations segment creates 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 and pretax operating income of
The Company funded 15,080 loans in the second quarter, totaling approximately
|
Quarter Ended |
||||
($ in millions)
|
Q2'24 |
|
Q1'24 |
||
Income before taxes |
$ |
38 |
|
$ |
32 |
Accounting items |
|
— |
|
|
— |
Pretax operating income excluding accounting items and other |
$ |
38 |
|
$ |
32 |
|
Quarter Ended |
||||||
($ in millions)
|
Q2'24 |
|
Q1'24 |
||||
Total pull through adjusted volume |
$ |
4,473 |
|
|
$ |
3,013 |
|
Funded volume |
$ |
3,794 |
|
|
$ |
2,878 |
|
Refinance recapture percentage |
|
73 |
% |
|
|
70 |
% |
Recapture percentage |
|
22 |
% |
|
|
24 |
% |
Purchase volume as a percentage of funded volume |
|
62 |
% |
|
|
55 |
% |
Conference Call Webcast and Investor Presentation
The Company will host a conference call on July 25, 2024 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.
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, change in equity method investments, fair value change in equity investments 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. 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 |
$ |
485 |
|
|
$ |
478 |
|
Net gain on mortgage loans held for sale |
|
98 |
|
|
|
86 |
|
Total revenues |
|
583 |
|
|
|
564 |
|
Total expenses: |
|
300 |
|
|
|
317 |
|
Other (expense) income, net: |
|
|
|
||||
Interest income |
|
189 |
|
|
|
158 |
|
Interest expense |
|
(187 |
) |
|
|
(170 |
) |
Other expense, net |
|
(8 |
) |
|
|
(3 |
) |
Total other expense, net |
|
(6 |
) |
|
|
(15 |
) |
Income before income tax expense |
|
277 |
|
|
|
232 |
|
Income tax expense |
|
73 |
|
|
|
51 |
|
Net income |
$ |
204 |
|
|
$ |
181 |
|
|
|
|
|
||||
Earnings per share: |
|
|
|
||||
Basic |
$ |
3.16 |
|
|
$ |
2.80 |
|
Diluted |
$ |
3.10 |
|
|
$ |
2.73 |
|
Weighted average shares of common stock outstanding (in millions): |
|
|
|
||||
Basic |
|
64.6 |
|
|
|
64.6 |
|
Diluted |
|
65.8 |
|
|
|
66.3 |
|
MR. COOPER GROUP INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (millions of dollars) |
|||||
|
|
|
|
||
|
June 30, 2024 |
|
March 31, 2024 |
||
Assets |
|
|
|
||
Cash and cash equivalents |
$ |
642 |
|
$ |
578 |
Restricted cash |
|
162 |
|
|
157 |
Mortgage servicing rights at fair value |
|
10,352 |
|
|
9,796 |
Advances and other receivables, net |
|
934 |
|
|
914 |
Mortgage loans held for sale at fair value |
|
1,539 |
|
|
1,070 |
Property and equipment, net |
|
57 |
|
|
55 |
Deferred tax assets, net |
|
351 |
|
|
426 |
Other assets |
|
1,746 |
|
|
1,779 |
Total assets |
$ |
15,783 |
|
$ |
14,775 |
|
|
|
|
||
Liabilities and Stockholders' Equity |
|
|
|
||
Unsecured senior notes, net |
$ |
4,141 |
|
$ |
4,137 |
Advance, warehouse and MSR facilities, net |
|
4,925 |
|
|
4,087 |
Payables and other liabilities |
|
1,684 |
|
|
1,691 |
MSR related liabilities - nonrecourse at fair value |
|
439 |
|
|
455 |
Total liabilities |
|
11,189 |
|
|
10,370 |
Total stockholders' equity |
|
4,594 |
|
|
4,405 |
Total liabilities and stockholders' equity |
$ |
15,783 |
|
$ |
14,775 |
UNAUDITED SEGMENT STATEMENT OF OPERATIONS & EARNINGS RECONCILIATION (millions of dollars, except for earnings per share data) |
|||||||||||||||
|
Three Months Ended June 30, 2024 |
||||||||||||||
|
Servicing |
|
Originations |
|
Corporate/ 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(1) |
|
|
|
|
|
|
|
(53 |
) |
||||||
Operating income |
|
|
|
|
|
|
$ |
166 |
|
||||||
Operating ROTCE(2) |
|
|
|
|
|
|
|
15.3 |
% |
||||||
Average tangible book value (TBV)(3) |
|
|
|
|
|
|
$ |
4,333 |
|
||||||
(1) Assumes tax-rate of |
|||||||||||||||
(2) Computed by dividing annualized earnings by average TBV. | |||||||||||||||
(3) Average of beginning TBV of |
UNAUDITED SEGMENT STATEMENT OF OPERATIONS & EARNINGS RECONCILIATION (millions of dollars, except for earnings per share data) |
|||||||||||||||
|
Three Months Ended March 31, 2024 |
||||||||||||||
|
Servicing |
|
Originations |
|
Corporate/ Other |
|
Consolidated |
||||||||
|
|
|
|
|
|
|
|
||||||||
Service related, net |
$ |
440 |
|
|
$ |
16 |
|
|
$ |
22 |
|
|
$ |
478 |
|
Net gain on mortgage loans held for sale |
|
10 |
|
|
|
76 |
|
|
|
— |
|
|
|
86 |
|
Total revenues |
|
450 |
|
|
|
92 |
|
|
|
22 |
|
|
|
564 |
|
Total expenses |
|
185 |
|
|
|
62 |
|
|
|
70 |
|
|
|
317 |
|
Other income (expense), net: |
|
|
|
|
|
|
|
||||||||
Interest income |
|
146 |
|
|
|
12 |
|
|
|
— |
|
|
|
158 |
|
Interest expense |
|
(98 |
) |
|
|
(10 |
) |
|
|
(62 |
) |
|
|
(170 |
) |
Other expense, net |
|
— |
|
|
|
— |
|
|
|
(3 |
) |
|
|
(3 |
) |
Total other income (expense), net |
|
48 |
|
|
|
2 |
|
|
|
(65 |
) |
|
|
(15 |
) |
Pretax income (loss) |
$ |
313 |
|
|
$ |
32 |
|
|
$ |
(113 |
) |
|
$ |
232 |
|
Income tax expense |
|
|
|
|
|
|
|
51 |
|
||||||
Net income |
|
|
|
|
|
|
$ |
181 |
|
||||||
Earnings per share |
|
|
|
|
|
|
|
||||||||
Basic |
|
|
|
|
|
|
$ |
2.80 |
|
||||||
Diluted |
|
|
|
|
|
|
$ |
2.73 |
|
||||||
|
|
|
|
|
|
|
|
||||||||
Non-GAAP Reconciliation: |
|
|
|
|
|
|
|
||||||||
Pretax income (loss) |
$ |
313 |
|
|
$ |
32 |
|
|
$ |
(113 |
) |
|
$ |
232 |
|
Other mark-to-market |
|
(42 |
) |
|
|
— |
|
|
|
— |
|
|
|
(42 |
) |
Accounting items / other |
|
— |
|
|
|
— |
|
|
|
7 |
|
|
|
7 |
|
Intangible amortization |
|
2 |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
Pretax operating income (loss) |
$ |
273 |
|
|
$ |
32 |
|
|
$ |
(106 |
) |
|
$ |
199 |
|
Income tax expense |
|
|
|
|
|
|
|
(48 |
) |
||||||
Operating income(1) |
|
|
|
|
|
|
$ |
151 |
|
||||||
Operating ROTCE(2) |
|
|
|
|
|
|
|
14.5 |
% |
||||||
Average tangible book value (TBV)(3) |
|
|
|
|
|
|
$ |
4,176 |
|
||||||
(1) Assumes tax-rate of |
|||||||||||||||
(2) Computed by dividing annualized earnings by average TBV. | |||||||||||||||
(3) Average of beginning TBV of |
Non-GAAP Reconciliation: |
Quarter Ended |
||||||
($ in millions except value per share data) |
Q2'24 |
|
Q1'24 |
||||
Stockholders' equity (BV) |
$ |
4,594 |
|
|
$ |
4,405 |
|
Goodwill |
|
(141 |
) |
|
|
(141 |
) |
Intangible assets |
|
(25 |
) |
|
|
(26 |
) |
Tangible book value (TBV) |
$ |
4,428 |
|
|
$ |
4,238 |
|
Ending shares of common stock outstanding (in millions) |
|
64.5 |
|
|
|
64.7 |
|
|
|
|
|
||||
BV/share |
$ |
71.24 |
|
|
$ |
68.06 |
|
TBV/share |
$ |
68.67 |
|
|
$ |
65.48 |
|
|
|
|
|
||||
Net income |
$ |
204 |
|
|
$ |
181 |
|
ROCE(1) |
|
18.1 |
% |
|
|
16.7 |
% |
|
|
|
|
||||
Beginning stockholders’ equity |
$ |
4,405 |
|
|
$ |
4,282 |
|
Ending stockholders’ equity |
$ |
4,594 |
|
|
$ |
4,405 |
|
Average stockholders’ equity (BV) |
$ |
4,500 |
|
|
$ |
4,344 |
|
(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/20240725237654/en/
Investor Contact:
Kenneth Posner, SVP Strategic Planning and Investor Relations
(469) 426-3633
Shareholders@mrcooper.com
Media Contact:
Christen Reyenga, VP Corporate Communications
MediaRelations@mrcooper.com
Source: Mr. Cooper Group Inc.
FAQ
What was Mr. Cooper Group's net income in Q2 2024?
How much did Mr. Cooper Group's servicing portfolio grow year-over-year?
What major acquisition did Mr. Cooper Group announce in Q2 2024?
When is the Flagstar mortgage operations acquisition expected to close?