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Finance of America Reports Third Quarter 2024 Results

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Finance of America (NYSE: FOA) reported strong Q3 2024 results with net income from continuing operations of $204 million or $8.48 basic earnings per share. The company achieved adjusted net income of $15 million ($0.67 per share) and adjusted EBITDA of $32 million. Total funded volume increased 15% quarter-over-quarter to $513 million. Book equity rose to $456 million ($20 per diluted share). The company completed a reverse stock split in July 2024 to maintain NYSE compliance and successfully closed an exchange offer with nearly 98% participation from senior unsecured note holders.

Finance of America (NYSE: FOA) ha riportato risultati solidi per il terzo trimestre del 2024, con un reddito netto dalle operazioni continuative di 204 milioni di dollari, pari a 8,48 dollari per azione base. L'azienda ha raggiunto un reddito netto rettificato di 15 milioni di dollari (0,67 dollari per azione) e un EBITDA rettificato di 32 milioni di dollari. Il volume totale finanziato è aumentato del 15% rispetto al trimestre precedente, raggiungendo i 513 milioni di dollari. Il capitale di libro è salito a 456 milioni di dollari (20 dollari per azione diluita). L'azienda ha completato una divisione azionaria inversa a luglio 2024 per mantenere la conformità con il NYSE e ha chiuso con successo un'offerta di scambio con una partecipazione di quasi il 98% da parte dei detentori di obbligazioni senior non garantite.

Finance of America (NYSE: FOA) reportó resultados sólidos para el tercer trimestre de 2024, con un ingreso neto de las operaciones continuas de 204 millones de dólares, o 8,48 dólares por acción básica. La compañía alcanzó un ingreso neto ajustado de 15 millones de dólares (0,67 dólares por acción) y un EBITDA ajustado de 32 millones de dólares. El volumen total financiado aumentó un 15% en comparación con el trimestre anterior, alcanzando los 513 millones de dólares. El patrimonio contable aumentó a 456 millones de dólares (20 dólares por acción diluida). La compañía completó una división de acciones inversa en julio de 2024 para mantener la conformidad con el NYSE y cerró con éxito una oferta de intercambio con casi el 98% de participación de los tenedores de bonos senior no garantizados.

Finance of America (NYSE: FOA)는 2024년 3분기 강력한 실적을 보고했으며, 계속 운영 중인 순이익은 2억 4천만 달러로, 기본 주당 이익은 8.48달러입니다. 이 회사는 조정된 순이익 1천5백만 달러(주당 0.67달러)와 조정된 EBITDA 3천2백만 달러를 기록했습니다. 총 자금 지원 금액은 전분기 대비 15% 증가하여 5억 1천3백만 달러에 달했습니다. 장부 자본은 4억 5천6백만 달러(희석 주당 20달러)로 증가했습니다. 이 회사는 2024년 7월 NYSE 규정을 유지하기 위해 주식 분할을 완료했고, 98%에 가까운 참여율로 선순위 무담보 채권자들과의 교환 제안을 성공적으로 마쳤습니다.

Finance of America (NYSE: FOA) a annoncé d'excellents résultats pour le troisième trimestre 2024, avec un revenu net des opérations continues de 204 millions de dollars, soit 8,48 dollars par action de base. La société a atteint un revenu net ajusté de 15 millions de dollars (0,67 dollars par action) et un EBITDA ajusté de 32 millions de dollars. Le volume total financé a augmenté de 15 % par rapport au trimestre précédent, atteignant 513 millions de dollars. Les capitaux propres comptables ont augmenté à 456 millions de dollars (20 dollars par action diluée). L'entreprise a complété un regroupement d'actions en juillet 2024 pour conserver sa conformité avec le NYSE et a réussi à clore une offre d'échange avec près de 98 % de participation de la part des détenteurs de billets non garantis senior.

Finance of America (NYSE: FOA) hat starke Ergebnisse für das dritte Quartal 2024 gemeldet, mit einem Nettoergebnis aus fortgeführten Betrieben von 204 Millionen Dollar oder 8,48 Dollar Basisgewinn pro Aktie. Das Unternehmen erzielte ein bereinigtes Nettoergebnis von 15 Millionen Dollar (0,67 Dollar pro Aktie) und ein bereinigtes EBITDA von 32 Millionen Dollar. Das insgesamt finanzierte Volumen stieg im Quartalsvergleich um 15% auf 513 Millionen Dollar. Das Buch-Eigenkapital stieg auf 456 Millionen Dollar (20 Dollar je verwässerter Aktie). Das Unternehmen führte im Juli 2024 einen Reverse-Split durch, um die Compliance mit dem NYSE aufrechtzuerhalten und schloss erfolgreich ein Austauschangebot mit nahezu 98% Teilnahme der Inhaber von unbesicherten Senior-Anleihen ab.

Positive
  • Net income from continuing operations of $204 million ($8.48 per share)
  • Adjusted net income of $15 million, marking fifth consecutive quarter of improved performance
  • Book equity increased 82% to $456 million
  • Funded volume grew 15% quarter-over-quarter to $513 million
  • Total revenue increased 267% to $290 million
Negative
  • Cash and cash equivalents decreased 6% to $44 million
  • Total liabilities increased 3% to $28.5 billion

Insights

FOA delivered strong Q3 2024 results with significant improvements across key metrics. Net income from continuing operations reached $204 million ($8.48 per share), while adjusted net income was $15 million ($0.67 per share). Adjusted EBITDA of $32 million marks the fifth consecutive quarter of improved operating performance.

The company's balance sheet strengthened considerably with total equity increasing 82% quarter-over-quarter to $456 million. Key operational highlights include 15% growth in funded volume to $513 million and improved margins in the Retirement Solutions segment. The successful completion of their exchange offer with 98% participation from senior note holders significantly improves their debt profile.

The Portfolio Management segment showed robust performance with pre-tax income of $217 million, driven by positive fair value adjustments and increased yield on residual interests.

The results demonstrate a successful turnaround with multiple positive catalysts. The reverse stock split brought NYSE compliance, while the debt exchange strengthens financial flexibility. The 82% increase in book equity to nearly $20 per share provides significant value support at current trading levels.

Revenue diversification between origination gains and portfolio management provides stability, with both segments showing strong profitability. The company's focus on the retirement solutions market positions it well given demographic tailwinds and growing demand for home equity-based financing solutions. The consistent improvement in operating metrics over five quarters indicates sustainable momentum rather than a one-time recovery.

$8.48 in basic earnings per share or $204 million of net income from continuing operations for the quarter –

$0.67 in adjusted earnings per share or $15 million of adjusted net income for the quarter –

– Adjusted EBITDA for the quarter of $32 million

PLANO, Texas--(BUSINESS WIRE)-- Finance of America Companies Inc. (“Finance of America” or the “Company”) (NYSE: FOA), a leading provider of home equity-based financing solutions for a modern retirement, reported financial results for the quarter ended September 30, 2024.

Third Quarter 2024 Highlights(1)

  • Net income from continuing operations of $204 million or $8.48 basic earnings per share for the quarter.
  • Adjusted net income(2) of $15 million or $0.67 adjusted earnings per share for the quarter.
  • The third quarter 2024 marks the fifth consecutive quarter of improved operating performance on an adjusted net basis.
  • Adjusted EBITDA(2) of $32 million for the quarter.
  • Book equity increased to $456 million as of September 30, 2024, or nearly $20 per fully diluted share.
  • The Company completed its reverse stock split on July 25, 2024, bringing it back into compliance with NYSE continued listing standards.
  • The Company successfully closed its exchange offer on October 31, 2024 with participation from holders of nearly 98% of senior unsecured notes.

(1) The financial information presented in the highlights is for the Company’s continuing operations

(2) See the sections titled “Reconciliation to GAAP” and “Non-GAAP Financial Measures” for reconciliations to the most directly comparable GAAP measures and other important disclosures.

Graham A. Fleming, Chief Executive Officer commented, “We’re very pleased with this quarter’s results, which exceeded our volume guidance and delivered strong GAAP earnings performance along with a return to profitability in adjusted net income. We continue to focus on our strategic initiatives, and now with a stronger balance sheet, are well-positioned for continued growth.”

Third Quarter Financial Summary of Continuing Operations

($ amounts in millions, except per share data)

 

 

 

Variance (%)

 

 

 

Variance (%)

 

 

 

 

 

Variance (%)

 

 

Q3'24

 

Q2'24

 

Q3'24 vs Q2'24

 

Q3'23

 

Q3'24 vs Q3'23

 

YTD 2024

 

YTD 2023

 

2024 vs 2023

Funded volume

 

$

513

 

$

447

 

 

15

%

 

$

512

 

 

%

 

$

1,384

 

$

1,315

 

 

5

%

Total revenues

 

 

290

 

 

79

 

 

267

%

 

 

(70

)

 

514

%

 

 

444

 

 

(41

)

 

1183

%

Total expenses and other, net

 

 

82

 

 

83

 

 

(1

)%

 

 

102

 

 

(20

)%

 

 

255

 

 

296

 

 

(14

)%

Pre-tax income (loss) from continuing operations

 

 

208

 

 

(4

)

 

5300

%

 

 

(173

)

 

220

%

 

 

189

 

 

(338

)

 

156

%

Net income (loss) from continuing operations

 

 

204

 

 

(5

)

 

4180

%

 

 

(172

)

 

219

%

 

 

183

 

 

(338

)

 

154

%

Adjusted net income (loss)(1)

 

 

15

 

 

 

 

N/A

 

 

 

(24

)

 

163

%

 

 

9

 

 

(64

)

 

114

%

Adjusted EBITDA(1)

 

 

32

 

 

10

 

 

220

%

 

 

(23

)

 

239

%

 

 

42

 

 

(59

)

 

171

%

Basic earnings (loss) per share

 

$

8.48

 

$

(0.20

)

 

4340

%

 

$

(7.36

)

 

215

%

 

$

7.80

 

$

(15.72

)

 

150

%

Diluted earnings (loss) per share(2)

 

$

7.50

 

$

(0.29

)

 

2686

%

 

$

(7.36

)

 

202

%

 

$

6.65

 

$

(15.72

)

 

142

%

Adjusted earnings (loss) per share(1)

 

$

0.67

 

$

 

 

N/A

 

 

$

(1.03

)

 

165

%

 

$

0.38

 

$

(2.95

)

 

113

%

(1)

See the sections titled “Reconciliation to GAAP” and “Non-GAAP Financial Measures” for reconciliations to the most directly comparable GAAP measures and other important disclosures.

(2)

Calculated on an if-converted basis except when anti-dilutive.

Balance Sheet Highlights

($ amounts in millions)

 

September 30,

 

June 30,

 

Variance (%)

 

 

2024

 

2024

 

Q3'24 vs Q2'24

Cash and cash equivalents

 

$

44

 

$

47

 

(6

)%

Securitized loans held for investment (HMBS & nonrecourse)

 

 

27,619

 

 

26,614

 

4

%

Total assets

 

 

28,950

 

 

27,974

 

3

%

Total liabilities

 

 

28,494

 

 

27,723

 

3

%

Total equity

 

 

456

 

 

251

 

82

%

  • Total equity increased from $251 million to $456 million, reflecting enhanced operational performance and positive fair value adjustments on the Company’s retained interests in securitizations resulting from improving market inputs and model assumptions.
  • Additionally, tangible net worth increased from $16 million as of June 30, 2024 to $231 million as of September 30, 2024.

Segment Results

Retirement Solutions

The Retirement Solutions segment primarily generates revenue and earnings in the form of net origination gains and origination fees earned on the origination of reverse mortgage loans.

 

 

 

 

Variance (%)

 

 

 

Variance (%)

 

 

 

 

 

Variance (%)

($ amounts in millions)

 

Q3'24

 

Q2'24

 

Q3'24 vs Q2'24

 

Q3'23

 

Q3'24 vs Q3'23

 

YTD 2024

 

YTD 2023

 

2024 vs 2023

Funded volume

 

$

513

 

$

447

 

 

15

%

 

$

512

 

 

%

 

$

1,384

 

$

1,315

 

 

5

%

Total revenue

 

 

64

 

 

47

 

 

36

%

 

 

40

 

 

60

%

 

 

157

 

 

107

 

 

47

%

Pre-tax income (loss)

 

 

16

 

 

(2

)

 

900

%

 

 

(20

)

 

180

%

 

 

10

 

 

(47

)

 

121

%

Adjusted net income (loss)(1)

 

 

19

 

 

7

 

 

171

%

 

 

(6

)

 

417

%

 

 

30

 

 

(10

)

 

400

%

(1)

See the sections titled “Reconciliation to GAAP” and “Non-GAAP Financial Measures” for reconciliations to the most directly comparable GAAP measures and other important disclosures.

  • For the quarter, the segment recognized pre-tax income of $16 million and adjusted net income of $19 million as a result of increased volumes and improved margins.
  • Compared to the third quarter 2023, total revenue increased by 60% primarily due to an increase in revenue margin and funded volume, which led to a 180% improvement in pre-tax income and a 417% improvement in adjusted net income.
  • Total expenses decreased significantly from the third quarter 2023 from $60 million to $49 million as the business completed the integration of the retail platform and streamlined business operations.

Portfolio Management

The Portfolio Management segment primarily generates revenue and earnings in the form of net interest income and fair value changes on our portfolio assets, monetized through securitization, sale, or other financing of those assets.

 

 

 

 

Variance (%)

 

 

 

Variance (%)

 

 

 

 

 

Variance (%)

($ amounts in millions)

 

Q3'24

 

Q2'24

 

Q3'24 vs Q2'24

 

Q3'23

 

Q3'24 vs Q3'23

 

YTD 2024

 

YTD 2023

 

2024 vs 2023

Assets under management

 

$

28,659

 

$

27,655

 

4

%

 

$

26,023

 

 

10

%

 

$

28,659

 

$

26,023

 

 

10

%

Assets excluding HMBS and nonrecourse obligations

 

 

1,830

 

 

1,624

 

13

%

 

 

1,232

 

 

49

%

 

 

1,830

 

 

1,232

 

 

49

%

Total revenue

 

 

235

 

 

41

 

473

%

 

 

(103

)

 

328

%

 

 

313

 

 

(125

)

 

350

%

Pre-tax income (loss)

 

 

217

 

 

22

 

886

%

 

 

(124

)

 

275

%

 

 

253

 

 

(193

)

 

231

%

Adjusted net income(1)

 

 

12

 

 

12

 

%

 

 

1

 

 

1100

%

 

 

30

 

 

7

 

 

329

%

(1)

See the sections titled “Reconciliation to GAAP” and “Non-GAAP Financial Measures” for reconciliations to the most directly comparable GAAP measures and other important disclosures.

  • For the quarter, the segment recognized pre-tax income of $217 million, an improvement against the prior quarter and third quarter 2023 primarily due to positive fair value adjustments of retained interests in securitizations, resulting from market inputs and model assumptions.
  • Adjusted net income during the third quarter totaled $12 million, flat to the prior quarter and an increase of $11 million year over year, primarily driven by an increase in accreted yield on the Company’s residual interests.

Finance of America Companies Inc.

Selected Financial Information

Condensed Consolidated Statements of Financial Condition

(in thousands, except share data)

(unaudited)

 

September 30, 2024

 

June 30, 2024

ASSETS

 

 

 

Cash and cash equivalents

$

44,258

 

 

$

46,509

 

Restricted cash

 

176,105

 

 

 

200,104

 

Loans held for investment, subject to HMBS related obligations, at fair value

 

18,521,337

 

 

 

18,196,092

 

Loans held for investment, subject to nonrecourse debt, at fair value

 

9,097,369

 

 

 

8,418,195

 

Loans held for investment, at fair value

 

703,356

 

 

 

677,726

 

Intangible assets, net

 

225,639

 

 

 

234,936

 

Other assets, net

 

178,493

 

 

 

196,134

 

Assets of discontinued operations

 

3,827

 

 

 

4,658

 

TOTAL ASSETS

$

28,950,384

 

 

$

27,974,354

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

HMBS related obligations, at fair value

$

18,292,043

 

 

$

17,980,232

 

Nonrecourse debt, at fair value

 

8,537,119

 

 

 

8,050,708

 

Other financing lines of credit

 

1,054,568

 

 

 

1,073,844

 

Notes payable, net (includes amounts due to related parties of $84,630 and $84,630, respectively)

 

435,744

 

 

 

442,971

 

Payables and other liabilities

 

160,869

 

 

 

157,273

 

Liabilities of discontinued operations

 

13,585

 

 

 

18,029

 

TOTAL LIABILITIES

 

28,493,928

 

 

 

27,723,057

 

 

 

 

 

EQUITY

 

 

 

Class A Common Stock, $0.0001 par value; 6,000,000,000 shares authorized; 10,351,652 and 10,344,043 shares issued, respectively, and 9,925,802 and 9,918,193 shares outstanding, respectively

 

1

 

 

 

1

 

Class B Common Stock, $0.0001 par value; 1,000,000 shares authorized; 15 shares issued and outstanding, respectively

 

 

 

 

 

Additional paid-in capital

 

953,023

 

 

 

951,535

 

Accumulated deficit

 

(639,807

)

 

 

(724,010

)

Accumulated other comprehensive loss

 

(273

)

 

 

(296

)

Noncontrolling interest

 

143,512

 

 

 

24,067

 

TOTAL EQUITY

 

456,456

 

 

 

251,297

 

TOTAL LIABILITIES AND EQUITY

$

28,950,384

 

 

$

27,974,354

 

 

Finance of America Companies Inc.

Selected Financial Information

Condensed Consolidated Statements of Operations

(in thousands, except share data)

(unaudited)

 

Q3'24

 

Q2'24

 

Q3'23

 

YTD 2024

 

YTD 2023

PORTFOLIO INTEREST INCOME

 

 

 

 

 

 

 

 

 

Interest income

$

489,900

 

 

$

478,091

 

 

$

443,999

 

 

$

1,431,970

 

 

$

1,169,624

 

Interest expense

 

(426,839

)

 

 

(412,618

)

 

 

(372,459

)

 

 

(1,233,261

)

 

 

(970,428

)

NET PORTFOLIO INTEREST INCOME

 

63,061

 

 

 

65,473

 

 

 

71,540

 

 

 

198,709

 

 

 

199,196

 

 

 

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSE)

 

 

 

 

 

 

 

 

 

Net origination gains

 

57,216

 

 

 

40,260

 

 

 

31,376

 

 

 

137,133

 

 

 

88,777

 

Gain on securitization of HECM tails, net

 

10,560

 

 

 

11,031

 

 

 

7,100

 

 

 

32,317

 

 

 

17,095

 

Fair value changes from model amortization

 

(43,753

)

 

 

(47,813

)

 

 

(56,882

)

 

 

(149,174

)

 

 

(162,386

)

Fair value changes from market inputs or model assumptions

 

204,154

 

 

 

11,260

 

 

 

(122,449

)

 

 

228,976

 

 

 

(172,168

)

Net fair value changes on loans and related obligations

 

228,177

 

 

 

14,738

 

 

 

(140,855

)

 

 

249,252

 

 

 

(228,682

)

Fee income

 

8,054

 

 

 

7,880

 

 

 

13,201

 

 

 

22,170

 

 

 

33,377

 

Gain (loss) on sale and other income from loans held for sale, net

 

 

 

 

216

 

 

 

(6,984

)

 

 

302

 

 

 

(23,464

)

Non-funding interest expense, net

 

(9,219

)

 

 

(9,268

)

 

 

(7,342

)

 

 

(26,639

)

 

 

(21,909

)

NET OTHER INCOME (EXPENSE)

 

227,012

 

 

 

13,566

 

 

 

(141,980

)

 

 

245,085

 

 

 

(240,678

)

 

 

 

 

 

 

 

 

 

 

TOTAL REVENUES

 

290,073

 

 

 

79,039

 

 

 

(70,440

)

 

 

443,794

 

 

 

(41,482

)

 

 

 

 

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

 

 

 

 

Salaries, benefits, and related expenses

 

31,083

 

 

 

35,053

 

 

 

48,557

 

 

 

105,159

 

 

 

140,469

 

Loan production and portfolio related expenses

 

6,946

 

 

 

5,662

 

 

 

6,370

 

 

 

21,221

 

 

 

21,296

 

Loan servicing expenses

 

7,772

 

 

 

7,632

 

 

 

8,000

 

 

 

23,622

 

 

 

23,274

 

Marketing and advertising expenses

 

10,325

 

 

 

10,706

 

 

 

11,491

 

 

 

29,543

 

 

 

22,166

 

Depreciation and amortization

 

9,777

 

 

 

9,753

 

 

 

9,954

 

 

 

29,208

 

 

 

32,431

 

General and administrative expenses

 

14,405

 

 

 

16,241

 

 

 

21,054

 

 

 

47,917

 

 

 

59,572

 

TOTAL EXPENSES

 

80,308

 

 

 

85,047

 

 

 

105,426

 

 

 

256,670

 

 

 

299,208

 

IMPAIRMENT OF OTHER ASSETS

 

 

 

 

 

 

 

(558

)

 

 

(600

)

 

 

(558

)

OTHER, NET

 

(1,592

)

 

 

2,240

 

 

 

3,853

 

 

 

2,101

 

 

 

2,852

 

NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

 

208,173

 

 

 

(3,768

)

 

 

(172,571

)

 

 

188,625

 

 

 

(338,396

)

Provision (benefit) for income taxes from continuing operations

 

4,425

 

 

 

1,153

 

 

 

(103

)

 

 

5,578

 

 

 

(786

)

NET INCOME (LOSS) FROM CONTINUING OPERATIONS

 

203,748

 

 

 

(4,921

)

 

 

(172,468

)

 

 

183,047

 

 

 

(337,610

)

NET LOSS FROM DISCONTINUED OPERATIONS

 

 

 

 

(203

)

 

 

(2,464

)

 

 

(4,727

)

 

 

(45,211

)

NET INCOME (LOSS)

 

203,748

 

 

 

(5,124

)

 

 

(174,932

)

 

 

178,320

 

 

 

(382,821

)

Noncontrolling interest

 

119,545

 

 

 

(3,035

)

 

 

(109,569

)

 

 

103,744

 

 

 

(241,372

)

NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST

$

84,203

 

 

$

(2,089

)

 

$

(65,363

)

 

$

74,576

 

 

$

(141,449

)

 

 

 

 

 

 

 

 

 

 

EARNINGS (LOSS) PER SHARE

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

9,924,671

 

 

 

9,898,182

 

 

 

8,772,623

 

 

 

9,824,171

 

 

 

7,980,449

 

Basic earnings (loss) per share from continuing operations

$

8.48

 

 

$

(0.20

)

 

$

(7.36

)

 

$

7.80

 

 

$

(15.72

)

Basic earnings (loss) per share

$

8.48

 

 

$

(0.21

)

 

$

(7.45

)

 

$

7.59

 

 

$

(17.72

)

Diluted weighted average shares outstanding

 

23,159,304

 

 

 

23,084,189

 

 

 

8,772,623

 

 

 

23,062,616

 

 

 

7,980,449

 

Diluted earnings (loss) per share from continuing operations

$

7.50

 

 

$

(0.29

)

 

$

(7.36

)

 

$

6.65

 

 

$

(15.72

)

Diluted earnings (loss) per share

$

7.50

 

 

$

(0.30

)

 

$

(7.45

)

 

$

6.47

 

 

$

(17.72

)

 

(unaudited)

Reconciliation to GAAP

($ amounts in millions)(1)

Q3'24

 

Q2'24

 

Q3'23

 

YTD 2024

 

YTD 2023

Reconciliation of net income (loss) from continuing operations to adjusted net income (loss) and adjusted EBITDA

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

$

204

 

 

$

(5

)

 

$

(172

)

 

$

183

 

 

$

(338

)

Add back: (Provision) benefit for income taxes

 

(4

)

 

 

(1

)

 

 

1

 

 

 

(6

)

 

 

1

 

Net income (loss) from continuing operations before taxes

 

208

 

 

 

(4

)

 

 

(173

)

 

 

189

 

 

 

(338

)

Adjustments for:

 

 

 

 

 

 

 

 

 

Changes in fair value(2)

 

(198

)

 

 

(8

)

 

 

120

 

 

 

(216

)

 

 

197

 

Amortization or impairment of intangibles and impairment of other assets(3)

 

9

 

 

 

9

 

 

 

9

 

 

 

28

 

 

 

28

 

Equity-based compensation(4)

 

2

 

 

 

1

 

 

 

5

 

 

 

7

 

 

 

14

 

Certain non-recurring costs(5)

 

 

 

 

2

 

 

 

6

 

 

 

4

 

 

 

12

 

Adjusted net income (loss) before taxes

 

21

 

 

 

 

 

 

(32

)

 

 

12

 

 

 

(86

)

Benefit (provision) for income taxes(6)

 

(6

)

 

 

 

 

 

8

 

 

 

(4

)

 

 

23

 

Adjusted net income (loss)

 

15

 

 

 

 

 

 

(24

)

 

 

9

 

 

 

(64

)

Provision (benefit) for income taxes(6)

 

6

 

 

 

 

 

 

(8

)

 

 

4

 

 

 

(23

)

Depreciation

 

 

 

 

 

 

 

1

 

 

 

1

 

 

 

5

 

Interest expense on non-funding debt

 

10

 

 

 

10

 

 

 

8

 

 

 

28

 

 

 

23

 

Adjusted EBITDA

$

32

 

 

$

10

 

 

$

(23

)

 

$

42

 

 

$

(59

)

 

 

 

 

 

 

 

 

 

 

($ amounts in millions except shares and $ per share)

Q3'24

 

Q2'24

 

Q3'23

 

YTD 2024

 

YTD 2023

GAAP PER SHARE MEASURES

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations attributable to controlling interest

$

84

 

 

$

(2

)

 

$

(65

)

 

$

77

 

 

$

(125

)

Weighted average outstanding share count

 

9,924,671

 

 

 

9,898,182

 

 

 

8,772,623

 

 

 

9,824,171

 

 

 

7,980,449

 

Basic earnings (loss) per share from continuing operations

$

8.48

 

 

$

(0.20

)

 

$

(7.36

)

 

$

7.80

 

 

$

(15.72

)

If-converted method net income (loss) from continuing operations

$

174

 

 

$

(7

)

 

$

(65

)

 

$

153

 

 

$

(125

)

Weighted average diluted share count

 

23,159,304

 

 

 

23,084,189

 

 

 

8,772,623

 

 

 

23,062,616

 

 

 

7,980,449

 

Diluted earnings (loss) per share from continuing operations(7)

$

7.50

 

 

$

(0.29

)

 

$

(7.36

)

 

$

6.65

 

 

$

(15.72

)

 

 

 

 

 

 

 

 

 

 

NON-GAAP PER SHARE MEASURES

 

 

 

 

 

 

 

 

 

Adjusted net income (loss)

$

15

 

 

$

 

 

$

(24

)

 

$

9

 

 

$

(64

)

Weighted average share count

 

23,159,304

 

 

 

23,084,189

 

 

 

22,916,628

 

 

 

23,062,616

 

 

 

21,559,717

 

Adjusted earnings (loss) per share

$

0.67

 

 

$

 

 

$

(1.03

)

 

$

0.38

 

 

$

(2.95

)

(1)

Totals may not foot due to rounding.

(2)

Changes in fair value include changes in fair value of loans and securities held for investment and related obligations due to market inputs or model assumptions, deferred purchase price obligations, contingent earnout, warrant liability, and minority investments.

(3)

Includes amortization or impairment of intangibles and impairment of certain other long-lived assets.

(4)

Beginning with the third quarter of 2024, the Company revised our definitions of adjusted net income (loss), adjusted EBITDA, and adjusted earnings (loss) per share to now adjust for all non-cash equity-based compensation in this line item, excluding forfeitures and accelerations associated with restructuring activities, which are included in certain non-recurring costs. Prior to the third quarter of 2024, only equity-based compensation for Replacement Restricted Stock Units (“RSUs”) and Earnout Right RSUs were included in our adjustments. As a result of this change, prior period amounts have been recast to reflect the updated presentation. Adjusted net loss decreased $1 million for the three months ended June 30, 2024 and $1 million and $2 million for the three and nine months ended September 30, 2023, respectively, from what was previously reported. The change also resulted in a decrease to adjusted loss per share of $0.05 for the three months ended June 30, 2024 and $0.05 and $0.13 for the three and nine months ended September 30, 2023, respectively, from what was previously reported.

(5)

Reflects certain non-recurring costs and adjustments that management believes should be excluded as these do not relate to a recurring part of the core business operations. These items include amounts recognized for settlement of legal and regulatory matters, acquisition or divestiture-related expenses, and other one-time charges.

(6)

Pro-forma income tax provision (benefit) adjustments to apply an effective combined corporate tax rate to adjusted net income (loss) before taxes.

(7)

Calculated on an if-converted basis except when anti-dilutive.

(unaudited)

Adjusted Net Income by Segment (Continuing Operations)

 

 

For the three months ended September 30, 2024

 

 

($ amounts in millions except shares and $ per share)(1)

Retirement

Solutions

Portfolio

Management

Corporate

& Other

FOA

Pre-tax income (loss)

$

16

$

217

 

$

(24

)

$

208

 

Adjustments for:

 

 

 

 

Changes in fair value(2)

 

 

(200

)

 

2

 

 

(198

)

Amortization or impairment of intangibles and impairment of other assets(3)

 

9

 

 

 

 

 

9

 

Equity-based compensation(4)

 

 

 

 

1

 

 

2

 

Adjusted net income (loss) before taxes

$

25

$

17

 

$

(21

)

$

21

 

Provision (benefit) for income taxes(6)

 

7

 

4

 

 

(5

)

 

6

 

Adjusted net income (loss)

$

19

$

12

 

$

(16

)

$

15

 

Weighted average share count

 

23,159,304

 

23,159,304

 

 

23,159,304

 

 

23,159,304

 

Adjusted earnings (loss) per share

$

0.81

$

0.53

 

$

(0.67

)

$

0.67

 

 

 

For the three months ended June 30, 2024

 

 

($ amounts in millions except shares and $ per share)(1)

Retirement

Solutions

Portfolio

Management

Corporate

& Other

FOA

Pre-tax income (loss)

$

(2

)

$

22

 

$

(24

)

$

(4

)

Adjustments for:

 

 

 

 

Changes in fair value(2)

 

 

 

(6

)

 

(2

)

 

(8

)

Amortization or impairment of intangibles and impairment of other assets(3)

 

9

 

 

 

 

 

 

9

 

Equity-based compensation(4)

 

 

 

 

 

1

 

 

1

 

Certain non-recurring costs(5)

 

1

 

 

 

 

1

 

 

2

 

Adjusted net income (loss) before taxes

$

9

 

$

16

 

$

(24

)

$

 

Provision (benefit) for income taxes(6)

 

2

 

 

4

 

 

(6

)

 

 

Adjusted net income (loss)

$

7

 

$

12

 

$

(18

)

$

 

Weighted average share count

 

23,084,189

 

 

23,084,189

 

 

23,084,189

 

 

23,084,189

 

Adjusted earnings (loss) per share

$

0.27

 

$

0.52

 

$

(0.77

)

$

 

 

 

For the three months ended September 30, 2023

 

 

($ amounts in millions except shares and $ per share)(1)

Retirement

Solutions

Portfolio

Management

Corporate

& Other

FOA

Pre-tax loss

$

(20

)

$

(124

)

$

(28

)

$

(173

)

Adjustments for:

 

 

 

 

Changes in fair value(2)

 

 

 

124

 

 

(4

)

 

120

 

Amortization or impairment of intangibles and impairment of other assets(3)

 

9

 

 

 

 

 

 

9

 

Equity-based compensation(4)

 

1

 

 

1

 

 

3

 

 

5

 

Certain non-recurring costs(5)

 

1

 

 

 

 

4

 

 

6

 

Adjusted net income (loss) before taxes

$

(8

)

$

1

 

$

(24

)

$

(32

)

Benefit for income taxes(6)

 

(2

)

 

 

 

(6

)

 

(8

)

Adjusted net income (loss)

$

(6

)

$

1

 

$

(18

)

$

(24

)

Weighted average share count

 

22,916,628

 

 

22,916,628

 

 

22,916,628

 

 

22,916,628

 

Adjusted earnings (loss) per share

$

(0.26

)

$

0.04

 

$

(0.80

)

$

(1.03

)

 

 

For the nine months ended September 30, 2024

 

 

($ amounts in millions except shares and $ per share)(1)

Retirement

Solutions

Portfolio

Management

Corporate

& Other

FOA

Pre-tax income (loss)

$

10

$

253

 

$

(74

)

$

189

 

Adjustments for:

 

 

 

 

Changes in fair value(2)

 

 

(214

)

 

(2

)

 

(216

)

Amortization or impairment of intangibles and impairment of other assets(3)

 

28

 

 

 

1

 

 

28

 

Equity-based compensation(4)

 

1

 

1

 

 

6

 

 

7

 

Certain non-recurring costs(5)

 

1

 

 

 

2

 

 

4

 

Adjusted net income (loss) before taxes

$

41

$

40

 

$

(68

)

$

12

 

Provision (benefit) for income taxes(6)

 

11

 

11

 

 

(18

)

 

4

 

Adjusted net income (loss)

$

30

$

30

 

$

(51

)

$

9

 

Weighted average share count

 

23,062,616

 

23,062,616

 

 

23,062,616

 

 

23,062,616

 

Adjusted earnings (loss) per share

$

1.30

$

1.28

 

$

(2.20

)

$

0.38

 

 

 

For the nine months ended September 30, 2023

 

 

($ amounts in millions except shares and $ per share)(1)

Retirement

Solutions

Portfolio

Management

Corporate

& Other

FOA

Pre-tax loss

$

(47

)

$

(193

)

$

(98

)

$

(338

)

Adjustments for:

 

 

 

 

Changes in fair value(2)

 

 

 

200

 

 

(3

)

 

197

 

Amortization or impairment of intangibles and impairment of other assets(3)

 

28

 

 

 

 

 

 

28

 

Equity-based compensation(4)

 

3

 

 

1

 

 

10

 

 

14

 

Certain non-recurring costs(5)

 

3

 

 

1

 

 

8

 

 

12

 

Adjusted net income (loss) before taxes

$

(13

)

$

9

 

$

(83

)

$

(86

)

Provision (benefit) for income taxes(6)

 

(3

)

 

2

 

 

(22

)

 

(23

)

Adjusted net income (loss)

$

(10

)

$

7

 

$

(61

)

$

(64

)

Weighted average share count

 

21,559,717

 

 

21,559,717

 

 

21,559,717

 

 

21,559,717

 

Adjusted earnings (loss) per share

$

(0.43

)

$

0.30

 

$

(2.82

)

$

(2.95

)

(1)

Totals may not foot due to rounding.

(2)

Changes in fair value include changes in fair value of loans and securities held for investment and related obligations due to market inputs or model assumptions, deferred purchase price obligations, contingent earnout, warrant liability, and minority investments.

(3)

Includes amortization or impairment of intangibles and impairment of certain other long-lived assets.

(4)

Beginning with the third quarter of 2024, the Company revised our definitions of adjusted net income (loss), adjusted EBITDA, and adjusted earnings (loss) per share to now adjust for all non-cash equity-based compensation in this line item, excluding forfeitures and accelerations associated with restructuring activities, which are included in certain non-recurring costs. Prior to the third quarter of 2024, only equity-based compensation for Replacement RSUs and Earnout Right RSUs were included in our adjustments. As a result of this change, prior period amounts have been recast to reflect the updated presentation.

(5)

Reflects certain non-recurring costs and adjustments that management believes should be excluded as these do not relate to a recurring part of the core business operations. These items include amounts recognized for settlement of legal and regulatory matters, acquisition or divestiture-related expenses, and other one-time charges.

(6)

Pro-forma income tax provision (benefit) adjustments to apply an effective combined corporate tax rate to adjusted net income (loss) before taxes.

Webcast and Conference Call

Management will host a webcast and conference call on Wednesday, November 6th at 5:00 pm Eastern Time to discuss the Company’s results for the third quarter ended September 30, 2024. A copy of this press release will be posted prior to the call under the “Investors” section on Finance of America’s website at https://ir.financeofamericacompanies.com/.

To listen to the audio webcast of the conference call, please visit the “Investors” section of the Company's website at https://ir.financeofamericacompanies.com/. The conference call can also be accessed by dialing the following:

  1. 1-800-715-9871 (Domestic)
  2. 1-646-307-1963 (International)
  3. Conference ID: 5706924

Replay

A replay of the call will also be available on the Company's website approximately two hours after the conclusion of the conference call until November 20, 2024. To access the replay, visit the “Investors” section of the Company’s website at https://ir.financeofamericacompanies.com/. The replay can also be accessed by dialing 1-800-770-2030 (United States) or 1-609-800-9909 (International). The replay pin number is 5706924.

About Finance of America

Finance of America (NYSE: FOA) is a leading provider of home equity-based financing solutions for a modern retirement. In addition, Finance of America offers capital markets and portfolio management capabilities primarily to optimize the distribution of its originated loans to investors. Finance of America is headquartered in Plano, Texas. For more information, please visit www.financeofamericacompanies.com.

Forward-Looking Statements

This release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only the Company’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “budgets,” “forecasts,” “anticipates,” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties that could cause actual outcomes or results to differ materially from those indicated in these statements, including those risks described below. Given the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the results or conditions described in such statements or the Company’s objectives and plans will be achieved. The Company cautions readers not to place undue reliance upon any forward-looking statements, which are current only as of the date of this release. Results for any specified quarter are not necessarily indicative of the results that may be expected for the full year or any future period. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. All subsequent written and oral forward-looking statements concerning the Company or other matters and attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. A number of important factors exist that could cause future results to differ materially from historical performance and these forward-looking statements. Factors that might cause such a difference include, but are not limited to: our ability to manage the unique challenges presented by operating as a modern retirement solutions platform rather than a vertically-integrated, diversified lending and complementary services platform due to the transformation of our business; our ability to successfully operate the recently integrated lending platform that we acquired from American Advisors Group in March 2023 and generally, our ability to operate our business profitably; our ability to respond to significant changes in prevailing interest rates and to resume profitable business operations; our geographic market concentration if the economic conditions in our current markets should decline or if our current markets are impacted by natural disasters; our use of estimates in measuring or determining the fair value of the majority of our financial assets and liabilities, which may require us to write down the value of these assets or write up the value of these liabilities if the estimates prove to be incorrect; our ability to prevent cyber intrusions and mitigate cyber risks; the possibility that the Company may be adversely affected by other economic, business and/or competitive factors in our business markets and worldwide financial markets, including a sustained period of higher interest rates; our ability to manage changes in our licensing status, business relationships or servicing guidelines with the Government National Mortgage Association, the United States Department of Housing and Urban Development or other governmental entities; our ability to obtain sufficient capital and liquidity to meet the financing and operational requirements of our business and our ability to comply with our debt agreements, including warehouse lending facilities, and pay down our substantial debt; our ability to refinance our debt on reasonable terms as it becomes due; our ability to manage disruptions in the secondary home loan market, including the mortgage-backed securities market; our ability to finance and recover costs of our reverse mortgage servicing operations; our ability to maintain compliance with the extensive regulations we are subject to, including consumer protection laws applicable to reverse mortgage lenders, which may be highly complex; our ability to compete with national banks, which are not subject to state licensing and operational requirements; our ability to manage various legal proceedings, federal or state governmental examinations and enforcement investigations we are subject to from time to time, the results of which are difficult to predict or estimate; our continued ability to remain in compliance with the terms of the consent orders issued by the Consumer Financial Protection Bureau, which we assumed in connection with our acquisition of operational assets from American Advisors Group; our holding company status and dependency on distributions from Finance of America Equity Capital LLC; our ability to comply with the continued listing standards of the New York Stock Exchange (“NYSE”) and avoid the delisting of our common stock from trading on its exchange; our common stock trading history has been characterized by low trading volume, which may result in an inability to sell your shares at a desired price, if at all; and our “controlled company” status under NYSE rules, which exempts us from certain corporate governance requirements and affords stockholders fewer protections.

All of these factors are difficult to predict, contain uncertainties that may materially affect actual results and may be beyond our control. New factors emerge from time to time, and it is not possible for our management to predict all such factors or to assess the effect of each such new factor on our business. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and any of these statements included herein may prove to be inaccurate. Given the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements, or our objectives and plans will be achieved. Please refer to “Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 15, 2024, for further information on these and other risk factors affecting us, as such factors may be amended and updated from time to time in the Company’s subsequent periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov.

Non-GAAP Financial Measures

The Company’s management evaluates performance of the Company through the use of certain measures that are not prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), including adjusted net income (loss), adjusted earnings before interest, taxes, depreciation, and amortization (“EBITDA”), and adjusted earnings (loss) per share.

The presentation of non-GAAP measures is used to enhance investors’ understanding of certain aspects of our financial performance. This discussion is not meant to be considered in isolation, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with U.S. GAAP. Management believes these key financial measures provide an additional view of our performance over the long-term and provide useful information that we use in order to maintain and grow our business.

These non-GAAP financial measures should not be considered as an alternative to net income (loss), operating cash flows, or any other performance measures determined in accordance with U.S. GAAP. Adjusted net income (loss), adjusted EBITDA, and adjusted earnings (loss) per share have important limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. Some of the limitations of these metrics are: (i) cash expenditures for future contractual commitments; (ii) cash requirements for working capital needs; (iii) cash requirements for certain tax payments; and (iv) all non-cash income/expense items.

Because of these limitations, adjusted net income (loss), adjusted EBITDA, and adjusted earnings (loss) per share should not be considered as measures of discretionary cash available to us to invest in the growth of our business or distribute to shareholders. We compensate for these limitations by relying primarily on our U.S. GAAP results and using our non-GAAP financial measures only as a supplement. Users of our condensed consolidated financial statements are cautioned not to place undue reliance on our non-GAAP financial measures.

Change in Non-GAAP Measures

Prior to the third quarter of 2024, the Company’s adjusted net income (loss), adjusted EBITDA, and adjusted earnings (loss) per share were adjusted for equity-based compensation for only the Replacement Restricted RSUs and Earnout Right RSUs. Beginning with the third quarter of 2024, the Company revised our definitions of adjusted net income (loss), adjusted EBITDA, and adjusted earnings (loss) per share to now adjust for all non-cash equity-based compensation in the aforementioned non-GAAP measures. As a result of the change, prior period amounts have been recast to reflect the updated presentation.

Subsequent to granting the Replacement RSUs and Earnout Right RSUs, the Company has granted other equity-based awards. As these awards are non-cash expenses that are not directly correlated with operating results, the Company believes that analysts, investors, and other users of the financial statements may find this change beneficial when analyzing our operating performance and comparability to peers.

Adjusted Net Income (Loss)

We define adjusted net income (loss) as consolidated net income (loss) from continuing operations adjusted for:

  1. Income taxes
  2. Changes in fair value of loans and securities held for investment and related obligations due to market inputs or model assumptions, deferred purchase price obligations (including earnouts and Tax Receivable Agreements (“TRA”) obligation), contingent earnout, warrant liability, and minority investments.
  3. Amortization or impairment of intangibles and impairment of certain other long-lived assets.
  4. Equity-based compensation, excluding forfeitures and accelerations associated with restructuring activities, which are included in certain non-recurring costs.
  5. Certain non-recurring costs and adjustments that management believes should be excluded as these do not relate to a recurring part of the core business operations. These items include amounts recognized for settlement of legal and regulatory matters, acquisition or divestiture-related expenses, and other one-time charges.
  6. Pro-forma income tax benefit (provision) adjustments to apply an effective combined corporate tax rate to adjusted net income (loss) before taxes.

Management considers adjusted net income (loss) important in evaluating our Company as a whole. This supplemental metric is utilized by our management team to assess the underlying key drivers and operational performance of the continuing operations of the business. In addition, analysts, investors, and creditors may use this measure when analyzing our operating performance and comparability to peers. Adjusted net income (loss) is not a presentation made in accordance with U.S. GAAP, and our definition and use of this measure may vary from other companies in our industry.

Adjusted net income (loss) provides visibility to the underlying operating performance by excluding the impact of certain items that management does not believe are representative of our core earnings. Adjusted net income (loss) may also include other adjustments, as applicable, based upon facts and circumstances, consistent with our intent of providing a supplemental means of evaluating our operating performance.

Adjusted EBITDA

We define adjusted EBITDA as net income (loss) from continuing operations adjusted for:

  1. Income taxes
  2. Change in fair value of loans and securities held for investment and related obligations due to market inputs or model assumptions, deferred purchase price obligations (including earnouts and TRA obligation), contingent earnout, warrant liability, and minority investments.
  3. Amortization or impairment of intangibles and impairment of certain other long-lived assets.
  4. Equity-based compensation, excluding forfeitures and accelerations associated with restructuring activities, which are included in certain non-recurring costs.
  5. Certain non-recurring costs and adjustments that management believes should be excluded as these do not relate to a recurring part of the core business operations. These items include amounts recognized for settlement of legal and regulatory matters, acquisition or divestiture-related expenses, and other one-time charges.
  6. Depreciation
  7. Interest expense on non-funding debt

We evaluate the performance of our company and segments through the use of adjusted EBITDA as a non-GAAP measure. Management considers adjusted EBITDA important in evaluating the Company as a whole. Adjusted EBITDA is a supplemental metric utilized by our management team to assess the underlying key drivers and operational performance of the continuing operations of the business. In addition, analysts, investors, and creditors may use this measure when analyzing our operating performance. Adjusted EBITDA is not a presentation made in accordance with U.S. GAAP, and our use of this measure and term may vary from other companies in our industry.

Adjusted EBITDA provides visibility to the underlying operating performance by excluding the impact of certain items that management does not believe are representative of our core earnings. Adjusted EBITDA may also include other adjustments, as applicable, based upon facts and circumstances, consistent with our intent of providing a supplemental means of evaluating our operating performance.

Adjusted Earnings (Loss) Per Share

We define adjusted earnings (loss) per share as adjusted net income (loss) (defined above) divided by the weighted average outstanding shares, which includes outstanding Class A Common Stock plus the Class A Units of Finance of America Equity Capital owned by the noncontrolling interest on an if-converted basis and any shares under the treasury stock method.

Analysts, investors, and creditors may use this measure when analyzing our operating performance and comparability to peers. Adjusted earnings (loss) per share is not a presentation made in accordance with U.S. GAAP, and our definition and use of this measure may vary from other companies in our industry.

For Finance of America Media: pr@financeofamerica.com

For Finance of America Investor Relations: ir@financeofamerica.com

Source: Finance of America Companies Inc.

FAQ

What was Finance of America's (FOA) earnings per share in Q3 2024?

Finance of America reported basic earnings per share of $8.48 and adjusted earnings per share of $0.67 in Q3 2024.

How much was FOA's funded volume in Q3 2024?

FOA's funded volume was $513 million in Q3 2024, representing a 15% increase from Q2 2024.

What was FOA's book equity as of September 30, 2024?

FOA's book equity was $456 million as of September 30, 2024, or nearly $20 per fully diluted share.

When did FOA complete its reverse stock split?

FOA completed its reverse stock split on July 25, 2024, bringing it back into compliance with NYSE continued listing standards.

Finance of America Companies Inc.

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