Guild Holdings Company Reports Fourth Quarter and Full Year 2022 Results
Guild Holdings Company (NYSE: GHLD) reported its fourth quarter and full-year financial results for 2022, revealing total in-house originations of $19.1 billion, down 48% from the previous year. The fourth quarter net revenue was $134.3 million, a 49% decline quarter-over-quarter, leading to a net loss of $15 million. Despite these challenges, the company maintained a strong focus on purchase mortgages, with 93% of closed loans being purchase business. The servicing portfolio grew 11% to $78.9 billion, while the adjusted net income decreased by 73% to $70 million. Guild's capital strategy includes recent acquisitions to enhance its market presence.
- Servicing portfolio grew 11% to $78.9 billion compared to the previous year.
- Acquired two mortgage companies to enhance market presence.
- Total in-house originations fell 48% year-over-year to $19.1 billion.
- Fourth quarter net revenue dropped 49% quarter-over-quarter to $134.3 million.
- Net loss of $15 million in the fourth quarter compared to net income of $77.4 million in the prior quarter.
- Adjusted net income decreased 73% year-over-year to $70 million.
-
Originations of
$19 Billion $3 Billion -
Net Revenue of
$1 Billion $134 Million -
Net Income of
$328 Million $15 Million -
Adjusted Net Income of
$70 Million $0.1 Million -
Return on Equity of
30.3% and Adjusted ROE of6.4% in 2022 - Gain on Sale Margin on Originations of 331 bps in the Fourth Quarter
-
Purchase Recapture Rate of
25% in the Fourth Quarter - Acquired Midwest Mortgage Lender, Expanded Presence Across 27 States
- Expanded Presence in Southwest Subsequent to Quarter-End With Acquisition
“Guild’s differentiated business model delivered another year of profitability in 2022 as we leveraged our product mix, technology, servicing capabilities, and network of local loan officers. We demonstrated our proven ability to effectively navigate through a more challenging industry market and interest rate environment. This resilience was a direct result of our strategy, as more than
“From a capital allocation perspective, we continue to invest in our business to add value, both organically and through accretive acquisitions. In the fourth quarter and subsequent to year-end, we acquired two high quality mortgage companies as we execute on our strategy to grow both in existing markets and by entering new ones with selective acquisitions. Our business is scalable and repeatable, and with a well-capitalized balance sheet we are positioned to continue to invest in our growth. While the current rising rate environment is creating a more challenging backdrop in the near term, we remain focused on building long-term shareholder value.”
Fourth Quarter 2022 Highlights |
|
Total in-house originations of |
|
Originated |
|
|
Net revenue of |
|
|
Net loss of |
|
|
Servicing portfolio unpaid principal balance of |
|
|
Adjusted net loss and adjusted EBITDA totaled |
|
|
Return on equity of (4.8)% and adjusted return on equity of |
Full Year 2022 Highlights |
|
Total in-house originations of |
|
Originated |
|
|
Net revenue of |
|
|
Net income of |
|
|
Servicing portfolio unpaid principal balance grew |
|
|
Adjusted net income and adjusted EBITDA totaled |
|
|
Return on equity of |
Fourth Quarter and Full Year Summary
Please refer to “Key Performance Indicators” and “GAAP to Non-GAAP Reconciliations” elsewhere in this release for a description of the key performance indicators and definitions of the non-GAAP measures and reconciliations to the nearest comparable financial measures calculated and presented in accordance with accounting principles generally accepted in
($ amounts in millions, except per share amounts) |
4Q’22 |
3Q’22 |
%∆ |
FY22 |
FY21 |
%∆ |
Total in-house originations |
|
|
(32) % |
|
|
(48) % |
Gain on sale margin on originations (bps) |
331 |
354 |
(6) % |
368 |
402 |
(8) % |
Gain on sale margin on pull-through adjusted locked volume |
351 |
349 |
1 % |
347 |
417 |
(17) % |
UPB of servicing portfolio (period end) |
|
|
1 % |
|
|
11 % |
Net revenue |
|
|
(49) % |
|
|
(26) % |
Total expenses |
|
|
(10) % |
|
|
(37) % |
Net (loss) income |
( |
|
(119) % |
|
|
16 % |
Return on equity |
(4.8) % |
|
(119) % |
|
|
(12) % |
Adjusted net (loss) income |
( |
|
(101) % |
|
|
(73) % |
Adjusted EBITDA |
|
|
(94) % |
|
|
(72) % |
Adjusted return on equity |
— % |
7.9 % |
(101) % |
6.4 % |
31.2 % |
(79) % |
(Loss) earnings per share |
( |
|
(119) % |
|
|
15 % |
Diluted (loss) earnings per share |
( |
|
(120) % |
|
|
15 % |
Adjusted earnings per share |
$— |
|
(101) % |
|
|
(73) % |
Origination Segment Results
Origination segment net loss was
($ amounts in millions) |
4Q’22 |
3Q’22 |
%∆ |
FY22 |
FY21 |
%∆ |
Total in-house originations |
|
|
(32) % |
|
|
(48) % |
In-house originations # (000’s) |
9 |
13 |
(31) % |
59 |
124 |
(52) % |
Net revenue |
|
|
(36) % |
|
|
(52) % |
Total expenses |
|
|
(19) % |
|
|
(40) % |
Net (loss) income allocated to origination |
( |
|
NM |
|
|
(84) % |
Servicing Segment Results
Net income attributed to the servicing segment was
Net revenue totaled
($ amounts in millions) |
4Q’22 |
3Q’22 |
%∆ |
FY22 |
FY21 |
%∆ |
UPB of servicing portfolio (period end) |
|
|
|
|
|
11 % |
# Loans serviced (000’s) (period end) |
324 |
320 |
|
324 |
301 |
8 % |
Loan servicing and other fees |
|
|
|
|
|
15 % |
Valuation adjustment of MSRs |
( |
|
( |
|
( |
314 % |
Net revenue |
|
|
(67) % |
|
|
365 % |
Total expenses |
|
|
|
|
|
6 % |
Net income allocated to servicing |
|
|
(78) % |
|
|
636 % |
Share Repurchase Program
During the three months ended
Balance Sheet and Liquidity Highlights
The Company’s operating cash position was
(in millions) |
|
|
Cash and cash equivalents |
|
|
Mortgage servicing rights, net |
|
|
Warehouse lines of credit |
|
|
Notes payable |
|
|
Total stockholders’ equity |
|
|
Webcast and Conference Call
The Company will host a webcast and conference call on
The conference call will be available on the Company's website at https://ir.guildmortgage.com/. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register. The conference call can also be accessed by the following dial-in information:
- 1-877-300-8521 (Domestic)
- 1-412-317-6026 (International)
A replay of the call will be available on the Company's website at https://ir.guildmortgage.com/ approximately two hours after the live call through
About
Founded in 1960 when the modern
Forward-Looking Statements
This press release contains forward-looking statements, including statements about the Company’s scalable and repeatable business model, ability to capitalize on M&A opportunities, ability to increase shareholder value, and ability to continue to repurchase shares of the Company’s Class A common stock pursuant to its share repurchase program. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would” and “outlook,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.
Important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements include, but are not limited to, the following: any disruptions in the secondary home loan market and their effects on our ability to sell the loans that we originate; any changes in macroeconomic and
The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this press release. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Many of the important factors that will determine these results are beyond our ability to control or predict. Accordingly, you should not place undue reliance on any such forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as otherwise required by law, we undertake no obligation to update any forward-looking statement made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make.
Non-GAAP Financial Measures
To supplement our financial statements presented in accordance with GAAP and to provide investors with additional information regarding our GAAP financial results, we disclose certain financial measures for our consolidated and operating segment results on both a GAAP and a non-GAAP (adjusted) basis. The non-GAAP financial measures disclosed should be viewed in addition to, and not as an alternative to, results prepared in accordance with GAAP. These non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly titled measures presented by other companies.
Adjusted Net Income. We define Adjusted Net Income as earnings attributable to Guild before the change in the fair value measurements related to our MSRs, contingent liabilities related to completed acquisitions due to changes in valuation assumptions, amortization of acquired intangible assets and stock-based compensation. We exclude these items because we believe they are non-cash expenses that are not reflective of our core operations or indicative of our ongoing operations. Adjusted Net Income is also adjusted by applying an estimated effective tax rate to these adjustments. In addition we exclude the change in the fair value of MSRs due to changes in model inputs and assumptions from Adjusted Net Income and Adjusted EBITDA below because we believe this non-cash, non-realized adjustment to net revenues is not indicative of our operating performance or results of operations but rather reflects changes in model inputs and assumptions (e.g., prepayment speed, discount rate and cost to service assumptions) that impact the carrying value of the Company’s MSRs from period to period.
Adjusted Earnings Per Share. We define Adjusted Earnings Per Share as our adjusted net income divided by the basic weighted average shares outstanding of our Class A and Class B common stock.
Adjusted EBITDA. We define Adjusted EBITDA as earnings before interest (without adjustment for net warehouse interest related to loan fundings and payoff interest related to loan prepayments), taxes, depreciation and amortization and net income attributable to the non-controlling interest exclusive of any change in the fair value measurements of the MSRs due to valuation assumptions, contingent liabilities from business acquisitions and stock-based compensation. We exclude these items because we believe they are non-cash expenses that are not reflective of our core operations or indicative of our ongoing operations.
Adjusted Return on Equity. We define Adjusted Return on Equity as annualized Adjusted Net Income as a percentage of average beginning and ending stockholders’ equity during the period.
We use these non-GAAP financial measures to evaluate our operating performance, to establish budgets and to develop operational goals for managing our business. These non-GAAP financial measures are designed to evaluate operating results exclusive of fair value adjustments that are not indicative of management’s operating performance. Accordingly, we believe that these financial measures provide useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects.
Our non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures rather than net income (loss) or net income (loss) attributable to Guild, which are the most directly comparable financial measures calculated and presented in accordance with GAAP for Adjusted Net Income and Adjusted EBITDA, and Return on Equity, which is the most directly comparable financial measure calculated and presented in accordance with GAAP for Adjusted Return on Equity. These limitations include that these non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles and many of the adjustments to the GAAP financial measures reflect the exclusion of items that are recurring and may be reflected in the Company’s financial results for the foreseeable future. In addition, other companies may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison.
For more information on these non-GAAP financial measures, please see the “GAAP to Non-GAAP Reconciliations” included at the end of this release.
Consolidated Balance Sheets |
|||||
(unaudited) |
|||||
(in thousands, except share and per share amounts) |
|
|
|
||
Assets |
|
|
|
||
Cash and cash equivalents |
$ |
137,891 |
|
$ |
243,108 |
Restricted cash |
|
8,863 |
|
|
5,012 |
Mortgage loans held for sale |
|
845,775 |
|
|
2,204,216 |
|
|
650,179 |
|
|
728,978 |
Accounts and interest receivable |
|
58,304 |
|
|
68,359 |
Derivative assets |
|
3,120 |
|
|
27,961 |
Mortgage servicing rights, net |
|
1,139,539 |
|
|
675,340 |
Intangible assets, net |
|
33,075 |
|
|
41,025 |
|
|
176,769 |
|
|
175,144 |
Other assets |
|
186,076 |
|
|
214,061 |
Total assets |
$ |
3,239,591 |
|
$ |
4,383,204 |
Liabilities and stockholders’ equity |
|
|
|
||
Warehouse lines of credit |
$ |
713,151 |
|
$ |
1,927,478 |
Notes payable |
|
126,250 |
|
|
250,227 |
|
|
650,179 |
|
|
729,260 |
Accounts payable and accrued expenses |
|
34,095 |
|
|
56,836 |
Accrued compensation and benefits |
|
29,597 |
|
|
75,079 |
Investor reserves |
|
16,094 |
|
|
18,437 |
Contingent liabilities due to acquisitions |
|
526 |
|
|
59,500 |
Derivative liabilities |
|
5,173 |
|
|
2,079 |
Operating lease liabilities |
|
85,977 |
|
|
97,836 |
Note due to related party |
|
530 |
|
|
2,614 |
Deferred compensation plan |
|
95,769 |
|
|
101,600 |
Deferred tax liabilities |
|
232,963 |
|
|
142,245 |
Total liabilities |
|
1,990,304 |
|
|
3,463,191 |
Commitments and contingencies |
|
|
|
||
Stockholders’ equity |
|
|
|
||
Preferred stock, |
|
— |
|
|
— |
Class A common stock, |
|
206 |
|
|
207 |
Class B common stock, |
|
403 |
|
|
403 |
Additional paid-in capital |
|
42,727 |
|
|
42,175 |
Retained earnings |
|
1,205,885 |
|
|
877,194 |
Non-controlling interest |
|
66 |
|
|
34 |
Total stockholders' equity |
|
1,249,287 |
|
|
920,013 |
Total liabilities and stockholders’ equity |
$ |
3,239,591 |
|
$ |
4,383,204 |
Consolidated Statements of Income |
|||||||||||||||
(unaudited) |
|||||||||||||||
|
Three Months Ended |
|
Year Ended
|
||||||||||||
(in thousands, except per share amounts) |
|
|
|
|
|
2022 |
|
|
|
2021 |
|
||||
Revenue |
|
|
|
|
|
|
|
||||||||
Loan origination fees and gain on sale of loans, net |
$ |
98,445 |
|
|
$ |
154,618 |
|
|
$ |
703,674 |
|
|
$ |
1,480,516 |
|
Loan servicing and other fees |
|
57,984 |
|
|
|
57,647 |
|
|
|
223,403 |
|
|
|
194,759 |
|
Valuation adjustment of mortgage servicing rights |
|
(29,888 |
) |
|
|
41,764 |
|
|
|
217,551 |
|
|
|
(101,572 |
) |
Interest income |
|
20,483 |
|
|
|
17,575 |
|
|
|
68,144 |
|
|
|
64,110 |
|
Interest expense |
|
(12,829 |
) |
|
|
(11,324 |
) |
|
|
(49,240 |
) |
|
|
(61,590 |
) |
Other income, net |
|
107 |
|
|
|
940 |
|
|
|
1,289 |
|
|
|
87 |
|
Net revenue |
|
134,302 |
|
|
|
261,220 |
|
|
|
1,164,821 |
|
|
|
1,576,310 |
|
Expenses |
|
|
|
|
|
|
|
||||||||
Salaries, incentive compensation and benefits |
|
116,292 |
|
|
|
137,372 |
|
|
|
619,185 |
|
|
|
1,019,790 |
|
General and administrative |
|
17,932 |
|
|
|
19,412 |
|
|
|
38,085 |
|
|
|
91,291 |
|
Occupancy, equipment and communication |
|
17,120 |
|
|
|
17,302 |
|
|
|
71,707 |
|
|
|
67,328 |
|
Depreciation and amortization |
|
3,909 |
|
|
|
3,895 |
|
|
|
15,525 |
|
|
|
11,488 |
|
Provision for (reversal of) foreclosure losses |
|
2,274 |
|
|
|
(3,449 |
) |
|
|
300 |
|
|
|
(518 |
) |
Total expenses |
|
157,527 |
|
|
|
174,532 |
|
|
|
744,802 |
|
|
|
1,189,379 |
|
(Loss) income before income tax (benefit) expense |
|
(23,225 |
) |
|
|
86,688 |
|
|
|
420,019 |
|
|
|
386,931 |
|
Income tax (benefit) expense |
|
(8,226 |
) |
|
|
9,321 |
|
|
|
91,389 |
|
|
|
103,149 |
|
Net (loss) income |
|
(14,999 |
) |
|
|
77,367 |
|
|
|
328,630 |
|
|
|
283,782 |
|
Net income (loss) attributable to non-controlling interest |
|
7 |
|
|
|
(7 |
) |
|
|
32 |
|
|
|
9 |
|
Net (loss) income attributable to Guild |
$ |
(15,006 |
) |
|
$ |
77,374 |
|
|
$ |
328,598 |
|
|
$ |
283,773 |
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income per share attributable to Class A and Class B Common Stock: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(0.25 |
) |
|
$ |
1.27 |
|
|
$ |
5.39 |
|
|
$ |
4.69 |
|
Diluted |
$ |
(0.25 |
) |
|
$ |
1.26 |
|
|
$ |
5.35 |
|
|
$ |
4.67 |
|
Weighted average shares outstanding of Class A and Class B Common Stock: |
|
|
|
|
|
|
|
||||||||
Basic |
|
60,914 |
|
|
$ |
60,893 |
|
|
|
60,981 |
|
|
$ |
60,511 |
|
Diluted |
|
60,914 |
|
|
$ |
61,563 |
|
|
|
61,379 |
|
|
$ |
60,825 |
|
Key Performance Indicators
Management reviews several key performance indicators to evaluate our business results, measure our performance and identify trends to inform our business decisions. Summary data for these key performance indicators is listed below.
|
Three Months Ended |
|
Year Ended
|
||||||||||||
($ and units in thousands) |
|
|
|
|
|
2022 |
|
|
|
2021 |
|
||||
Origination Data |
|
|
|
|
|
|
|
||||||||
$ Total in-house origination(1) |
$ |
2,975,912 |
|
|
$ |
4,363,803 |
|
|
$ |
19,123,199 |
|
|
$ |
36,808,682 |
|
# Total in-house origination |
|
9 |
|
|
|
13 |
|
|
|
59 |
|
|
|
124 |
|
$ Retail in-house origination |
$ |
2,855,174 |
|
|
$ |
4,140,897 |
|
|
$ |
18,314,160 |
|
|
$ |
35,732,380 |
|
# Retail in-house origination |
|
9 |
|
|
|
12 |
|
|
|
56 |
|
|
|
119 |
|
$ Retail brokered origination(2) |
$ |
35,435 |
|
|
$ |
42,909 |
|
|
$ |
196,714 |
|
|
$ |
110,101 |
|
Total originations |
$ |
3,011,347 |
|
|
$ |
4,406,712 |
|
|
$ |
19,319,913 |
|
|
$ |
36,918,783 |
|
Gain on sale margin (bps)(3) |
|
331 |
|
|
|
354 |
|
|
|
368 |
|
|
|
402 |
|
Pull-through adjusted locked volume(4) |
$ |
2,804,503 |
|
|
$ |
4,428,443 |
|
|
$ |
20,272,208 |
|
|
$ |
35,537,505 |
|
Gain on sale margin on pull-through adjusted locked volume (bps)(5) |
|
351 |
|
|
|
349 |
|
|
|
347 |
|
|
|
417 |
|
Purchase recapture rate(6) |
|
25 |
% |
|
|
28 |
% |
|
|
34 |
% |
|
|
32 |
% |
Refinance recapture rate(7) |
|
20 |
% |
|
|
25 |
% |
|
|
43 |
% |
|
|
63 |
% |
Purchase origination % |
|
93 |
% |
|
|
91 |
% |
|
|
81 |
% |
|
|
55 |
% |
Servicing Data |
|
|
|
|
|
|
|
||||||||
UPB (period end) |
$ |
78,892,987 |
|
|
$ |
77,735,730 |
|
|
$ |
78,892,987 |
|
|
$ |
70,938,588 |
|
| _________________ | ||
(1) |
Includes retail and correspondent loans and excludes brokered loans. |
|
(2) |
Brokered loans are defined as loans we originate in the retail channel that are processed by us but underwritten and closed by another lender. These loans are typically for products we choose not to offer in-house. |
|
(3) |
Represents loan origination fees and gain on sale of loans, net divided by total in-house origination to derive basis points. |
|
(4) |
Pull-through adjusted locked volume is equal to total locked volume multiplied by pull-through rates of |
|
(5) |
Represents loan origination fees and gain on sale of loans, net divided by pull-through adjusted locked volume. |
|
(6) |
Purchase recapture rate is calculated as the ratio of (i) UPB of our clients that originated a new mortgage with us for the purchase of a home in a given period, to (ii) total UPB of our clients that paid off their existing mortgage as a result of selling their home in a given period. |
|
(7) |
Refinance recapture rate is calculated as the ratio of (i) UPB of our clients that originated a new mortgage loan for the purpose of refinancing an existing mortgage with us in a given period, to (ii) total UPB of our clients that paid off their existing mortgage as a result of a refinance in the same period. |
|
GAAP to Non-GAAP Reconciliations |
|||||||||||||||
|
|
|
|
||||||||||||
Reconciliation of Net (Loss) Income to Adjusted Net (Loss) Income |
|||||||||||||||
(unaudited) |
|||||||||||||||
|
Three Months Ended |
|
Year Ended
|
||||||||||||
(in millions, except per share amounts) |
|
|
|
|
|
2022 |
|
|
|
2021 |
|
||||
Net (loss) income |
$ |
(15.0 |
) |
|
$ |
77.4 |
|
|
$ |
328.6 |
|
|
$ |
283.8 |
|
Net income (loss) attributable to non-controlling interest(1) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net (loss) income attributable to Guild |
|
(15.0 |
) |
|
|
77.4 |
|
|
|
328.6 |
|
|
|
283.8 |
|
Add adjustments: |
|
|
|
|
|
|
|
||||||||
Change in fair value of MSRs due to model inputs and assumption |
|
16.9 |
|
|
|
(61.4 |
) |
|
|
(300.9 |
) |
|
|
(49.4 |
) |
Change in fair value of contingent liabilities due to acquisitions |
|
— |
|
|
|
0.3 |
|
|
|
(45.1 |
) |
|
|
5.0 |
|
Amortization of acquired intangible assets |
|
2.0 |
|
|
|
2.0 |
|
|
|
8.0 |
|
|
|
4.0 |
|
Stock-based compensation |
|
2.4 |
|
|
|
1.9 |
|
|
|
7.3 |
|
|
|
6.0 |
|
Tax impact of adjustments(2) |
|
(6.4 |
) |
|
|
3.9 |
|
|
|
72.1 |
|
|
|
9.2 |
|
Adjusted Net (Loss) Income |
$ |
(0.1 |
) |
|
$ |
24.1 |
|
|
$ |
70.0 |
|
|
$ |
258.5 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding of Class A and Class B Common Stock |
|
61 |
|
|
|
61 |
|
|
|
61 |
|
|
|
61 |
|
(Loss) earnings per share |
$ |
(0.25 |
) |
|
$ |
1.27 |
|
|
$ |
5.39 |
|
|
$ |
4.69 |
|
Adjusted earnings per share |
$ |
— |
|
|
$ |
0.40 |
|
|
$ |
1.15 |
|
|
$ |
4.27 |
|
_________________ |
||
| Amounts may not foot due to rounding | ||
(1) |
Net income (loss) attributable to non-controlling interest was |
|
(2) |
Estimated effective tax rate used was |
|
Reconciliation of Net (Loss) Income to Adjusted EBITDA (unaudited) |
|||||||||||||||
|
Three Months Ended |
|
Year Ended
|
||||||||||||
(in millions) |
|
|
|
|
|
2022 |
|
|
|
2021 |
|
||||
Net (loss) income |
$ |
(15.0 |
) |
|
$ |
77.4 |
|
|
$ |
328.6 |
|
|
$ |
283.8 |
|
Add adjustments: |
|
|
|
|
|
|
|
||||||||
Interest expense on non-funding debt |
|
2.0 |
|
|
|
1.5 |
|
|
|
6.7 |
|
|
|
6.2 |
|
Income tax (benefit) expense |
|
(8.2 |
) |
|
|
9.3 |
|
|
|
91.4 |
|
|
|
103.1 |
|
Depreciation and amortization |
|
3.9 |
|
|
|
3.9 |
|
|
|
15.5 |
|
|
|
11.5 |
|
Change in fair value of MSRs due to model inputs and assumptions |
|
16.9 |
|
|
|
(61.4 |
) |
|
|
(300.9 |
) |
|
|
(49.4 |
) |
Change in fair value of contingent liabilities due to acquisitions |
|
— |
|
|
|
0.3 |
|
|
|
(45.1 |
) |
|
|
5.0 |
|
Stock-based compensation |
|
2.4 |
|
|
|
1.9 |
|
|
|
7.3 |
|
|
|
6.0 |
|
Adjusted EBITDA |
$ |
1.9 |
|
|
$ |
32.9 |
|
|
$ |
103.5 |
|
|
$ |
366.2 |
|
Reconciliation of Return on Equity to Adjusted Return on Equity (unaudited) |
|||||||||||||||
|
Three Months Ended |
|
Year Ended
|
||||||||||||
($ in millions) |
|
|
|
|
|
2022 |
|
|
|
2021 |
|
||||
Income Statement Data: |
|
|
|
|
|
|
|
||||||||
Net loss (income) attributable to Guild |
$ |
(15.0 |
) |
|
$ |
77.4 |
|
|
$ |
328.6 |
|
|
$ |
283.8 |
|
Adjusted net (loss) income |
$ |
(0.1 |
) |
|
$ |
24.1 |
|
|
$ |
70.0 |
|
|
$ |
258.5 |
|
|
|
|
|
|
|
|
|
||||||||
Average stockholders’ equity |
$ |
1,257.4 |
|
|
$ |
1,226.7 |
|
|
$ |
1,084.7 |
|
|
$ |
828.0 |
|
Return on Equity |
|
(4.8 |
%) |
|
|
25.2 |
% |
|
|
30.3 |
% |
|
|
34.3 |
% |
Adjusted Return on Equity |
|
— |
% |
|
|
7.9 |
% |
|
|
6.4 |
% |
|
|
31.2 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230309005805/en/
Investors:
investors@guildmortgage.net
858-956-5130
Media:
Nuffer, Smith, Tucker
mkr@nstpr.com
619-296-0605 Ext. 247
Source:
FAQ
What were Guild Holdings' total originations in 2022?
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