Guild Holdings Company Reports Fourth Quarter and Full Year 2024 Results
Guild Holdings Company (NYSE: GHLD) reported strong financial results for Q4 and full year 2024. The company achieved $24.0 billion in total originations for 2024, with $6.7 billion in Q4. Net revenue reached $1.0 billion for the year, including $373.0 million in Q4.
Notable achievements include net income of $97.1 million for 2024, with $97.9 million in Q4. The company maintained a strong gain on sale margin of 317 bps in Q4, with 82% of originations being purchase originations. The Board declared a special dividend of $0.50 per share, payable March 31, 2025.
The servicing segment showed significant improvement, with Q4 net income of $152.4 million, compared to a loss in previous quarters. The company maintained strong refinance recapture rates at 53% and purchase recapture at 26%. Guild's cash position stood at $118.2 million as of December 31, 2024, with a leverage ratio of 1.7x.
Guild Holdings Company (NYSE: GHLD) ha riportato risultati finanziari solidi per il quarto trimestre e l'intero anno 2024. L'azienda ha raggiunto 24,0 miliardi di dollari in origini totali per il 2024, con 6,7 miliardi di dollari nel quarto trimestre. I ricavi netti hanno raggiunto 1,0 miliardo di dollari per l'anno, inclusi 373,0 milioni di dollari nel quarto trimestre.
Tra i risultati notevoli si segnala un reddito netto di 97,1 milioni di dollari per il 2024, con 97,9 milioni di dollari nel quarto trimestre. L'azienda ha mantenuto un margine di guadagno sulla vendita forte di 317 punti base nel quarto trimestre, con l'82% delle origini rappresentate da origini di acquisto. Il Consiglio ha dichiarato un dividendo speciale di 0,50 dollari per azione, pagabile il 31 marzo 2025.
Il segmento dei servizi ha mostrato un miglioramento significativo, con un reddito netto nel quarto trimestre di 152,4 milioni di dollari, rispetto a una perdita nei trimestri precedenti. L'azienda ha mantenuto forti tassi di recupero per la rifinanziamento al 53% e per gli acquisti al 26%. La posizione di liquidità di Guild si attestava a 118,2 milioni di dollari al 31 dicembre 2024, con un rapporto di leva di 1,7x.
Guild Holdings Company (NYSE: GHLD) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. La compañía logró 24.0 mil millones de dólares en originaciones totales para 2024, con 6.7 mil millones de dólares en el cuarto trimestre. Los ingresos netos alcanzaron 1.0 mil millones de dólares para el año, incluidos 373.0 millones de dólares en el cuarto trimestre.
Entre los logros notables se incluye un ingreso neto de 97.1 millones de dólares para 2024, con 97.9 millones de dólares en el cuarto trimestre. La compañía mantuvo un fuerte margen de ganancia en la venta de 317 puntos básicos en el cuarto trimestre, con el 82% de las originaciones siendo originaciones de compra. La Junta declaró un dividendo especial de 0.50 dólares por acción, pagadero el 31 de marzo de 2025.
El segmento de servicios mostró una mejora significativa, con un ingreso neto en el cuarto trimestre de 152.4 millones de dólares, en comparación con una pérdida en trimestres anteriores. La compañía mantuvo fuertes tasas de recuperación de refinanciamiento del 53% y de compra del 26%. La posición de efectivo de Guild era de 118.2 millones de dólares al 31 de diciembre de 2024, con un ratio de apalancamiento de 1.7x.
길드 홀딩스 컴퍼니 (NYSE: GHLD)는 2024년 4분기 및 전체 연도에 대한 강력한 재무 결과를 보고했습니다. 이 회사는 2024년에 240억 달러의 총 원천을 달성했으며, 4분기에 67억 달러를 기록했습니다. 순수익은 연간 10억 달러에 도달했으며, 4분기에는 3억 7,300만 달러가 포함되었습니다.
주목할 만한 성과로는 2024년 순이익이 9,710만 달러, 4분기에는 9,790만 달러에 달했습니다. 회사는 4분기 판매 이익률이 317bp로 강력하게 유지되었으며, 원천의 82%가 구매 원천이었습니다. 이사회는 주당 0.50달러의 특별 배당금을 선언했으며, 2025년 3월 31일에 지급될 예정입니다.
서비스 부문은 4분기 순이익이 1억 5,240만 달러로 상당한 개선을 보였으며, 이전 분기에는 손실이 발생했습니다. 회사는 53%의 재융자 회수율과 26%의 구매 회수율을 유지했습니다. 길드의 현금 보유액은 2024년 12월 31일 기준으로 1억 1,820만 달러였으며, 레버리지 비율은 1.7배였습니다.
Guild Holdings Company (NYSE: GHLD) a annoncé de solides résultats financiers pour le quatrième trimestre et l'année entière 2024. L'entreprise a réalisé 24,0 milliards de dollars en origines totales pour 2024, avec 6,7 milliards de dollars au quatrième trimestre. Le chiffre d'affaires net a atteint 1,0 milliard de dollars pour l'année, dont 373,0 millions de dollars au quatrième trimestre.
Parmi les réalisations notables, le bénéfice net s'élève à 97,1 millions de dollars pour 2024, avec 97,9 millions de dollars au quatrième trimestre. L'entreprise a maintenu une forte marge de gain sur vente de 317 points de base au quatrième trimestre, avec 82 % des origines étant des origines d'achat. Le Conseil a déclaré un dividende spécial de 0,50 dollar par action, payable le 31 mars 2025.
Le segment des services a montré une amélioration significative, avec un bénéfice net de 152,4 millions de dollars au quatrième trimestre, par rapport à une perte dans les trimestres précédents. L'entreprise a maintenu de forts taux de récupération pour le refinancement à 53 % et pour les achats à 26 %. La position de liquidités de Guild s'élevait à 118,2 millions de dollars au 31 décembre 2024, avec un ratio d'endettement de 1,7x.
Guild Holdings Company (NYSE: GHLD) hat starke Finanzergebnisse für das vierte Quartal und das gesamte Jahr 2024 berichtet. Das Unternehmen erzielte 24,0 Milliarden Dollar an Gesamtoriginierungen für 2024, mit 6,7 Milliarden Dollar im vierten Quartal. Der Nettoumsatz erreichte 1,0 Milliarden Dollar für das Jahr, einschließlich 373,0 Millionen Dollar im vierten Quartal.
Zu den bemerkenswerten Erfolgen gehört ein Nettogewinn von 97,1 Millionen Dollar für 2024, mit 97,9 Millionen Dollar im vierten Quartal. Das Unternehmen hielt eine starke Gewinnmarge von 317 Basispunkten im vierten Quartal, wobei 82% der Originierungen Kauforiginierungen waren. Der Vorstand erklärte eine sonstige Dividende von 0,50 Dollar pro Aktie, zahlbar am 31. März 2025.
Der Serviceteil zeigte eine signifikante Verbesserung, mit einem Nettogewinn von 152,4 Millionen Dollar im vierten Quartal, im Vergleich zu einem Verlust in den vorherigen Quartalen. Das Unternehmen hielt starke Rückgewinnungsraten für Refinanzierungen bei 53% und für Käufe bei 26%. Die Liquiditätsposition von Guild betrug am 31. Dezember 2024 118,2 Millionen Dollar, mit einem Verschuldungsgrad von 1,7x.
- 57% year-over-year increase in total originations
- Net income of $97.9M in Q4 2024
- Strong servicing segment performance with $152.4M Q4 net income
- High refinance recapture rate of 53%
- Special dividend of $0.50 per share declared
- Solid gain on sale margin of 317 bps
- Quarter-over-quarter decline in origination segment income
- 16 bps quarter-over-quarter decrease in gain on sale margins
- Sequential decline in pull-through adjusted locked volume from $6.9B to $5.7B
Insights
Guild Holdings delivered exceptional results for Q4 and full-year 2024, demonstrating the effectiveness of their counter-cyclical business strategy in a challenging mortgage market environment. The company reported
The 57% year-over-year increase in originations to
Guild's servicing segment demonstrated remarkable strength, generating
The
Guild's results reveal a company successfully executing on a differentiated mortgage banking model. Their balanced origination-servicing approach is generating substantial value despite the high-rate environment that has challenged many mortgage lenders. The strong Q4 performance demonstrates the resilience of their strategy, with full-year net income of
The servicing portfolio has become a significant competitive advantage. MSR valuation gains of
Guild's origination strength deserves attention - particularly their ability to grow volume by
The capital allocation strategy balances growth investments with shareholder returns. The
-
Originations of
$24.0 Billion $6.7 Billion -
Net Revenue of
$1.0 Billion $373.0 Million -
Net Income Attributable to Guild of
$97.1 Million $97.9 Million -
Adjusted Net Income of
$90.2 Million $19.7 Million -
Return on Average Equity of
8.0% and Adjusted Return on Average Equity of7.4% in 2024 - Gain on Sale Margin on Originations of 317 bps in the Fourth Quarter
-
82% of Originations were Purchase Originations in the Fourth Quarter -
Special Dividend of
$0.50
“We delivered exceptional growth and strong results in 2024 that demonstrated the disciplined execution of our strategy to grow market share as we continue to realize the benefits of our balanced business model,” stated Terry Schmidt, Guild Chief Executive Officer. “Our team created positive momentum throughout the year as we increased our total originations by
Fourth Quarter 2024 Highlights |
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Total originations of |
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Originated |
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Net revenue of |
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Net income attributable to Guild of |
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Servicing portfolio unpaid principal balance of |
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Adjusted net income and adjusted EBITDA totaled |
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Return on average equity of |
Full Year 2024 Highlights |
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Total originations of |
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Originated |
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Net revenue of |
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Net income attributable to Guild of |
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Servicing portfolio unpaid principal balance of |
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Adjusted net income and adjusted EBITDA totaled |
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Return on average 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'24 |
3Q'24 |
4Q'23 |
YTD'24 |
YTD'23 |
Total originations |
|
|
|
|
|
Gain on sale margin on originations (bps) |
317 |
333 |
330 |
332 |
340 |
Gain on sale margin on pull-through adjusted locked volume (bps) |
360 |
321 |
347 |
321 |
329 |
UPB of servicing portfolio (period end) |
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|
|
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Net revenue |
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|
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Total expenses |
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|
|
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Net income (loss) attributable to Guild |
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( |
( |
|
( |
Return on average equity |
|
( |
( |
|
( |
Adjusted net income |
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
Adjusted return on average equity |
6.5 % |
10.6 % |
4.1 % |
7.4 % |
3.9 % |
Earnings (loss) per share—Basic |
|
( |
( |
|
( |
Earnings (loss) per share—Diluted |
|
( |
( |
|
( |
Adjusted earnings per share—Basic |
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Adjusted earnings per share—Diluted |
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Origination Segment Results
Origination segment net income was
($ amounts in millions) |
4Q'24 |
3Q'24 |
4Q'23 |
YTD'24 |
YTD'23 |
Total originations |
|
|
|
|
|
Total origination units (000’s) |
19.6 |
20.1 |
11.5 |
70.9 |
47.2 |
Net revenue |
|
|
|
|
|
Total expenses |
|
|
|
|
|
Net income (loss) allocated to origination |
|
|
( |
( |
( |
Servicing Segment Results
Servicing segment net income was
In fourth quarter 2024, valuation adjustments with respect to the Company’s MSRs totaled a gain of
($ amounts in millions) |
4Q'24 |
3Q'24 |
4Q'23 |
YTD'24 |
YTD'23 |
UPB of servicing portfolio (period end) |
|
|
|
|
|
# Loans serviced (000’s) (period end) |
370 |
365 |
345 |
370 |
345 |
Loan servicing and other fees |
|
|
|
|
|
Valuation adjustment of MSRs |
|
( |
( |
( |
( |
Net revenue |
|
( |
( |
|
|
Total expenses |
|
|
|
|
|
Net income (loss) allocated to servicing |
|
( |
( |
|
|
Share Repurchase Program and Dividends
During the three months ended December 31, 2024, the Company repurchased and subsequently retired 27,641 shares of Guild's Class A common stock at an average purchase price of
On March 5, 2025, the Company’s Board of Directors declared a special cash dividend of
Balance Sheet and Liquidity Highlights
The Company’s cash and cash equivalents were
(in millions, except per share amounts) |
December 31,
|
December 31,
|
||
Cash and cash equivalents |
$ |
118.2 |
$ |
120.3 |
Mortgage servicing rights, at fair value |
$ |
1,343.8 |
$ |
1,161.4 |
Warehouse lines of credit, net |
$ |
1,414.6 |
$ |
833.8 |
Notes payable |
$ |
300.0 |
$ |
148.8 |
Total stockholders’ equity |
$ |
1,254.0 |
$ |
1,183.5 |
|
|
|
||
Tangible net book value per share(1) |
$ |
16.59 |
$ |
15.90 |
| ______________ | ||||
(1) |
See “GAAP to Non-GAAP Reconciliations” for a description of this non-GAAP measure and reconciliation to the nearest comparable financial measures calculated and presented in accordance with GAAP. |
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Webcast and Conference Call
The Company will host a webcast and conference call on Thursday, March 6, 2025 at 5 p.m. Eastern Time to discuss the Company’s results for the fourth quarter and full year ended December 31, 2024.
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 to register. The conference call can also be accessed by the following dial-in information:
- 1-877-407-0789 (Domestic)
- 1-201-689-8562 (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 March 20, 2025. The replay is also available by dialing 1-844-512-2921 (
About Guild Holdings Company
Guild Mortgage Company, a wholly owned subsidiary of Guild Holdings Company (NYSE: GHLD), was founded in 1960 and is a nationally recognized independent mortgage lender providing residential mortgage products and local in-house origination and servicing. Guild employs a relationship-based loan sourcing strategy to execute on its mission of delivering the promise of homeownership in neighborhoods and communities across 49 states and the
Forward-Looking Statements
This press release and a related presentation by management of Guild Holdings Company (the “Company”) contains forward-looking statements, including statements about the Company’s growth strategies, the Company’s future revenue, operating performance or capital position, ongoing pursuit of M&A opportunities, expectations for benefits from recent acquisitions, such as increased market share and origination volume, expectations regarding home sales and mortgage activity, the impact of future interest rate environments and any other statements that are not historical facts. These forward-looking statements reflect our current expectations and judgments about 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.
Important factors that could cause our actual results to differ materially from those expressed in or implied by 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
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 or any related presentation by Company management.
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. Net income (loss) is the most directly comparable financial measure calculated and presented in accordance with GAAP for adjusted net income, a non-GAAP measure. We define adjusted net income as earnings or loss attributable to Guild excluding (i) the change in the fair value measurements related to our MSRs due to changes in model inputs and assumptions, (ii) change in the fair value of contingent liabilities related to completed acquisitions, net of change in the fair value of notes receivable related to acquisitions, (iii) amortization of acquired intangible assets and (iv) 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. We exclude the change in the fair value of MSRs, a non-cash, non-realized adjustment to net revenues, from adjusted net income and adjusted EBITDA below because it is not indicative of our operating performance or results of operations. The change in fair value of MSRs is due to changes in model inputs and assumptions such as prepayment speed, discount rate, cost to service assumptions and other factors that impact the carrying value of our MSRs from period to period.
Adjusted earnings per share—Basic and Diluted. Earnings per share is the most directly comparable financial measure calculated and presented in accordance with GAAP for adjusted earnings per share, a non-GAAP measure. We define adjusted earnings per share as our adjusted net income divided by the basic and diluted weighted average shares outstanding of our Class A and Class B common stock. Diluted weighted average shares outstanding is adjusted to include potential shares of Class A common stock related to unvested RSUs that were excluded from the calculation of GAAP diluted loss per share because they were anti-dilutive due to the net loss, when applicable.
Adjusted EBITDA. Net income (loss) is the most directly comparable financial measure calculated and presented in accordance with GAAP for adjusted EBITDA, a non-GAAP measure. We define adjusted EBITDA as earnings before (i) interest expense on non-funding debt (without adjustment for net warehouse interest related to loan fundings and payoff interest related to loan prepayments), (ii) taxes, (iii) depreciation and amortization and (iv) net income attributable to the non-controlling interests and excluding (v) any change in the fair value measurements of our MSRs due to valuation assumptions, (vi) change in the fair value of contingent liabilities related to completed acquisitions, net of change in the fair value of notes receivable related to acquisitions and (vii) stock-based compensation. We exclude these items because we believe they are not reflective of our core operations or indicative of our ongoing operations.
Adjusted return on average equity. Return on average equity is the most directly comparable financial measure calculated and presented in accordance with GAAP for adjusted return on average equity, a non-GAAP measure. We define adjusted return on average equity as annualized adjusted net income as a percentage of average beginning and ending stockholders’ equity during the period.
Tangible net book value per share. Book value per share is the most directly comparable financial measure calculated and presented in accordance with GAAP for tangible net book value per share, a non-GAAP measure. We define tangible net book value per share as total stockholders’ equity attributable to Guild, less goodwill and intangible assets, net divided by the total shares of our Class A and Class B common stock outstanding.
We use these non-GAAP financial measures (other than tangible net book value per share) 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 and other adjustments that are not indicative of our business’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. In addition, management uses the non-GAAP financial measure of tangible net book value per share to evaluate the adequacy of our stockholders’ equity and assess our capital position to make capital allocation decisions. We believe tangible net book value provides useful information to investors in assessing the strength of our financial position.
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) |
|
Dec 31,
|
|
Dec 31,
|
||
Assets |
|
|
|
|
||
Cash and cash equivalents |
|
$ |
118,203 |
|
$ |
120,260 |
Restricted cash |
|
|
6,853 |
|
|
7,121 |
Mortgage loans held for sale, at fair value |
|
|
1,523,447 |
|
|
901,227 |
Reverse mortgage loans held for investment, at fair value |
|
|
451,704 |
|
|
315,912 |
Ginnie Mae loans subject to repurchase right |
|
|
807,283 |
|
|
699,622 |
Mortgage servicing rights, at fair value |
|
|
1,343,829 |
|
|
1,161,357 |
Advances, net |
|
|
85,523 |
|
|
64,748 |
Property and equipment, net |
|
|
19,032 |
|
|
13,913 |
Right-of-use assets |
|
|
67,139 |
|
|
65,273 |
Goodwill and intangible assets, net |
|
|
225,994 |
|
|
211,306 |
Other assets |
|
|
119,296 |
|
|
115,981 |
Total assets |
|
$ |
4,768,303 |
|
$ |
3,676,720 |
Liabilities and stockholders’ equity |
|
|
|
|
||
Warehouse lines of credit, net |
|
$ |
1,414,563 |
|
$ |
833,781 |
Home Equity Conversion Mortgage-Backed Securities (“HMBS”) related borrowings |
|
|
425,979 |
|
|
302,183 |
Ginnie Mae loans subject to repurchase right |
|
|
817,271 |
|
|
700,120 |
Notes payable |
|
|
300,000 |
|
|
148,766 |
Accounts payable and accrued expenses |
|
|
92,401 |
|
|
63,432 |
Operating lease liabilities |
|
|
76,980 |
|
|
75,832 |
Deferred tax liabilities |
|
|
251,440 |
|
|
225,021 |
Other liabilities |
|
|
135,659 |
|
|
144,092 |
Total liabilities |
|
|
3,514,293 |
|
|
2,493,227 |
Commitments and contingencies |
|
|
|
|
||
Stockholders’ equity |
|
|
|
|
||
Preferred stock, |
|
|
— |
|
|
— |
Class A common stock, |
|
|
216 |
|
|
208 |
Class B convertible common stock, |
|
|
403 |
|
|
403 |
Additional paid-in capital |
|
|
51,996 |
|
|
47,158 |
Retained earnings |
|
|
1,200,908 |
|
|
1,135,387 |
Non-controlling interests |
|
|
487 |
|
|
337 |
Total stockholders' equity |
|
|
1,254,010 |
|
|
1,183,493 |
Total liabilities and stockholders’ equity |
|
$ |
4,768,303 |
|
$ |
3,676,720 |
Consolidated Statements of Operations |
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(unaudited) |
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|
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
(in thousands, except per share amounts) |
|
Dec 31,
|
|
Sep 30,
|
|
Dec 31,
|
|
Dec 31,
|
|
Dec 31,
|
||||||||||
Revenue |
|
|
|
|
|
|
|
|
|
|
||||||||||
Loan origination fees and gain on sale of loans, net |
|
$ |
203,272 |
|
|
$ |
220,611 |
|
|
$ |
113,601 |
|
|
$ |
763,791 |
|
|
$ |
501,303 |
|
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net |
|
|
3,312 |
|
|
|
2,367 |
|
|
|
3,172 |
|
|
|
11,043 |
|
|
|
8,233 |
|
Loan servicing and other fees |
|
|
70,876 |
|
|
|
70,951 |
|
|
|
63,905 |
|
|
|
275,324 |
|
|
|
246,144 |
|
Valuation adjustment of mortgage servicing rights |
|
|
84,319 |
|
|
|
(145,776 |
) |
|
|
(134,656 |
) |
|
|
(38,545 |
) |
|
|
(139,560 |
) |
Interest income |
|
|
41,694 |
|
|
|
43,808 |
|
|
|
28,227 |
|
|
|
146,449 |
|
|
|
104,404 |
|
Interest expense |
|
|
(31,316 |
) |
|
|
(33,339 |
) |
|
|
(17,379 |
) |
|
|
(109,843 |
) |
|
|
(66,364 |
) |
Other income, net |
|
|
830 |
|
|
|
635 |
|
|
|
364 |
|
|
|
1,492 |
|
|
|
1,027 |
|
Net revenue |
|
|
372,987 |
|
|
|
159,257 |
|
|
|
57,234 |
|
|
|
1,049,711 |
|
|
|
655,187 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
||||||||||
Salaries, incentive compensation and benefits |
|
|
196,246 |
|
|
|
199,005 |
|
|
|
131,201 |
|
|
|
724,256 |
|
|
|
529,861 |
|
General and administrative |
|
|
22,777 |
|
|
|
26,718 |
|
|
|
23,073 |
|
|
|
107,104 |
|
|
|
83,213 |
|
Occupancy, equipment and communication |
|
|
20,375 |
|
|
|
22,001 |
|
|
|
18,108 |
|
|
|
82,539 |
|
|
|
72,476 |
|
Depreciation and amortization |
|
|
3,661 |
|
|
|
3,753 |
|
|
|
3,517 |
|
|
|
15,138 |
|
|
|
14,580 |
|
Provision for foreclosure losses |
|
|
1,108 |
|
|
|
613 |
|
|
|
634 |
|
|
|
1,617 |
|
|
|
1,188 |
|
Total expenses |
|
|
244,167 |
|
|
|
252,090 |
|
|
|
176,533 |
|
|
|
930,654 |
|
|
|
701,318 |
|
Income (loss) before income taxes |
|
|
128,820 |
|
|
|
(92,833 |
) |
|
|
(119,299 |
) |
|
|
119,057 |
|
|
|
(46,131 |
) |
Income tax expense (benefit) |
|
|
30,928 |
|
|
|
(25,882 |
) |
|
|
(26,178 |
) |
|
|
22,125 |
|
|
|
(6,994 |
) |
Net income (loss) |
|
|
97,892 |
|
|
|
(66,951 |
) |
|
|
(93,121 |
) |
|
|
96,932 |
|
|
|
(39,137 |
) |
Net loss attributable to non-controlling interests |
|
|
(50 |
) |
|
|
(59 |
) |
|
|
(117 |
) |
|
|
(199 |
) |
|
|
(128 |
) |
Net income (loss) attributable to Guild |
|
$ |
97,942 |
|
|
$ |
(66,892 |
) |
|
$ |
(93,004 |
) |
|
$ |
97,131 |
|
|
$ |
(39,009 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings (loss) per share attributable to Class A and Class B common stock: |
|
|
|
|
|
|
||||||||||||||
Basic |
|
$ |
1.59 |
|
|
$ |
(1.09 |
) |
|
$ |
(1.52 |
) |
|
$ |
1.58 |
|
|
$ |
(0.64 |
) |
Diluted |
|
$ |
1.57 |
|
|
$ |
(1.09 |
) |
|
$ |
(1.52 |
) |
|
$ |
1.56 |
|
|
$ |
(0.64 |
) |
Weighted average shares outstanding of Class A and Class B common stock: |
|
|
|
|
|
|
||||||||||||||
Basic |
|
|
61,768 |
|
|
|
61,390 |
|
|
|
61,049 |
|
|
|
61,402 |
|
|
|
60,967 |
|
Diluted |
|
|
62,476 |
|
|
|
61,390 |
|
|
|
61,049 |
|
|
|
62,105 |
|
|
|
60,967 |
|
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) |
|
Dec 31,
|
|
Sep 30,
|
|
Dec 31,
|
|
Dec 31,
|
|
Dec 31,
|
|||||
Origination Data |
|
|
|
|
|
|
|
|
|
|
|||||
Total originations(1) |
|
$ |
6,746,440 |
|
$ |
6,905,527 |
|
$ |
3,624,269 |
|
$ |
24,030,404 |
|
$ |
15,263,828 |
Total originations (units)(2) |
|
|
19.6 |
|
|
20.1 |
|
|
11.5 |
|
|
70.9 |
|
|
47.2 |
Total loans sold(3) |
|
$ |
6,733,655 |
|
$ |
6,667,061 |
|
$ |
3,549,713 |
|
$ |
22,746,362 |
|
$ |
14,918,366 |
Gain on sale margin (bps)(4) |
|
|
317 |
|
|
333 |
|
|
330 |
|
|
332 |
|
|
340 |
Pull-through adjusted locked volume(5) |
|
$ |
5,652,456 |
|
$ |
6,868,012 |
|
$ |
3,275,367 |
|
$ |
23,795,100 |
|
$ |
15,223,182 |
Gain on sale margin on pull-through adjusted locked volume (bps)(6) |
|
|
360 |
|
|
321 |
|
|
347 |
|
|
321 |
|
|
329 |
Purchase recapture rate(7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refinance recapture rate(7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase origination % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Servicing Data |
|
|
|
|
|
|
|
|
|
|
|||||
UPB (period end)(8) |
|
$ |
92,998,862 |
|
$ |
91,485,163 |
|
$ |
85,033,899 |
|
$ |
92,998,862 |
|
$ |
85,033,899 |
Loans serviced (period end)(9) |
|
|
370 |
|
|
365 |
|
|
345 |
|
|
370 |
|
|
345 |
_________________
(1) |
Total originations includes retail forward and reverse, brokered, wholesale and correspondent loans. |
|||
(2) |
Total origination units excludes second lien mortgages originated at the same time as the first mortgage or shortly thereafter. |
|||
(3) |
Represents the UPB of forward loans sold and reverse loans securitized. |
|||
(4) |
Represents loan origination fees and gain on sale of loans, net plus gain on reverse mortgage loans held for investment and HMBS-related borrowings, net divided by total originations, excluding brokered and wholesale loans, to derive basis points. |
|||
(5) |
Pull-through adjusted locked volume is equal to total locked volume, which excludes reverse loans, multiplied by pull-through rates of |
|||
(6) |
Represents loan origination fees and gain on sale of loans, net divided by pull-through adjusted locked volume. |
|||
(7) |
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. 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 refinancing their home in the same period. These calculations exclude clients to whom we did not actively market due to contractual prohibitions or other business reasons. |
|||
(8) |
Excludes subserviced forward and reverse mortgage loans, which had UPB of |
|||
(9) |
Includes loans held for sale and pending service release loans, which had period end number of loans serviced of approximately 5 thousand, 7 thousand and 3 thousand as of December 31, 2024, September 30, 2024, and December 31, 2023 respectively. |
GAAP to Non-GAAP Reconciliations |
||||||||||||||||||||
|
|
|
|
|
||||||||||||||||
Reconciliation of Net Income (Loss) to Adjusted Net Income and Earnings (Loss) Per Share to Adjusted Earnings Per Share |
||||||||||||||||||||
(unaudited) |
||||||||||||||||||||
|
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
(in millions, except per share amounts) |
|
Dec 31,
|
|
Sep 30,
|
|
Dec 31,
|
|
Dec 31,
|
|
Dec 31,
|
||||||||||
Net income (loss) attributable to Guild |
|
$ |
97.9 |
|
|
$ |
(66.9 |
) |
|
$ |
(93.0 |
) |
|
$ |
97.1 |
|
|
$ |
(39.0 |
) |
Add adjustments: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Change in fair value of MSRs due to model inputs and assumption |
|
|
(107.4 |
) |
|
|
124.0 |
|
|
|
122.3 |
|
|
|
(37.0 |
) |
|
|
84.0 |
|
Change in fair value of contingent liabilities and notes receivable due to acquisitions, net |
|
|
(1.7 |
) |
|
|
3.2 |
|
|
|
1.2 |
|
|
|
8.9 |
|
|
|
2.1 |
|
Amortization of acquired intangible assets |
|
|
2.2 |
|
|
|
2.2 |
|
|
|
2.0 |
|
|
|
9.1 |
|
|
|
8.0 |
|
Stock-based compensation |
|
|
2.0 |
|
|
|
2.9 |
|
|
|
2.2 |
|
|
|
9.7 |
|
|
|
8.7 |
|
Tax impact of adjustments(1) |
|
|
26.6 |
|
|
|
(33.7 |
) |
|
|
(22.1 |
) |
|
|
2.4 |
|
|
|
(15.6 |
) |
Adjusted net income |
|
$ |
19.7 |
|
|
$ |
31.7 |
|
|
$ |
12.5 |
|
|
$ |
90.2 |
|
|
$ |
48.0 |
|
Weighted average shares outstanding of Class A and Class B common stock: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
|
61.8 |
|
|
|
61.4 |
|
|
|
61.0 |
|
|
|
61.4 |
|
|
|
61.0 |
|
Diluted |
|
|
62.5 |
|
|
|
61.4 |
|
|
|
61.0 |
|
|
|
62.1 |
|
|
|
61.0 |
|
Adjusted diluted(2) |
|
|
62.5 |
|
|
|
62.5 |
|
|
|
61.8 |
|
|
|
62.1 |
|
|
|
61.7 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings (loss) per share—Basic |
|
$ |
1.59 |
|
|
$ |
(1.09 |
) |
|
$ |
(1.52 |
) |
|
$ |
1.58 |
|
|
$ |
(0.64 |
) |
Earnings (loss) per share—Diluted |
|
$ |
1.57 |
|
|
$ |
(1.09 |
) |
|
$ |
(1.52 |
) |
|
$ |
1.56 |
|
|
$ |
(0.64 |
) |
Adjusted earnings per share—Basic |
|
$ |
0.32 |
|
|
$ |
0.52 |
|
|
$ |
0.21 |
|
|
$ |
1.47 |
|
|
$ |
0.79 |
|
Adjusted earnings per share—Diluted |
|
$ |
0.32 |
|
|
$ |
0.51 |
|
|
$ |
0.20 |
|
|
$ |
1.45 |
|
|
$ |
0.78 |
|
| _____________________ | ||||
Amounts may not foot due to rounding |
||||
(1) |
Calculated using the estimated effective tax rate of |
|||
(2) |
Adjusted diluted weighted average shares outstanding of Class A and Class B common stock for the three months ended September 30, 2024 and December 31, 2023 and for the year ended December 31, 2023 includes 1.2 million, 0.7 million and 0.7 million, respectively, potential shares of Class A common stock related to unvested RSUs that were excluded from the calculation of GAAP diluted loss per share because they were anti-dilutive. There were no adjustments for the three months ended December 31, 2024 or for the year ended December 31, 2024. |
|||
Reconciliation of Net Income (Loss) to Adjusted EBITDA |
||||||||||||||||||||
(unaudited) |
||||||||||||||||||||
|
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
(in millions) |
|
Dec 31,
|
|
Sep 30,
|
|
Dec 31,
|
|
Dec 31,
|
|
Dec 31,
|
||||||||||
Net income (loss) |
|
$ |
97.9 |
|
|
$ |
(67.0 |
) |
|
$ |
(93.1 |
) |
|
$ |
96.9 |
|
|
$ |
(39.1 |
) |
Add adjustments: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense on non-funding debt |
|
|
5.4 |
|
|
|
5.5 |
|
|
|
3.2 |
|
|
|
18.9 |
|
|
|
11.6 |
|
Income tax expense (benefit) |
|
|
30.9 |
|
|
|
(25.9 |
) |
|
|
(26.2 |
) |
|
|
22.1 |
|
|
|
(7.0 |
) |
Depreciation and amortization |
|
|
3.7 |
|
|
|
3.8 |
|
|
|
3.5 |
|
|
|
15.1 |
|
|
|
14.6 |
|
Change in fair value of MSRs due to model inputs and assumptions |
|
|
(107.4 |
) |
|
|
124.0 |
|
|
|
122.3 |
|
|
|
(37.0 |
) |
|
|
84.0 |
|
Change in fair value of contingent liabilities and notes receivable due to acquisitions, net |
|
|
(1.7 |
) |
|
|
3.2 |
|
|
|
1.2 |
|
|
|
8.9 |
|
|
|
2.1 |
|
Stock-based compensation |
|
|
2.0 |
|
|
|
2.9 |
|
|
|
2.2 |
|
|
|
9.7 |
|
|
|
8.7 |
|
Adjusted EBITDA |
|
$ |
30.9 |
|
|
$ |
46.4 |
|
|
$ |
13.2 |
|
|
$ |
134.8 |
|
|
$ |
74.8 |
|
_____________________ |
Amounts may not foot due to rounding |
Reconciliation of Return on Average Equity to Adjusted Return on Average Equity |
||||||||||||||||||||
(unaudited) |
||||||||||||||||||||
|
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
($ in millions) |
|
Dec 31,
|
|
Sep 30,
|
|
Dec 31,
|
|
Dec 31,
|
|
Dec 31,
|
||||||||||
Income Statement Data: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) attributable to Guild |
|
$ |
97.9 |
|
|
$ |
(66.9 |
) |
|
$ |
(93.0 |
) |
|
$ |
97.1 |
|
|
$ |
(39.0 |
) |
Adjusted net income |
|
$ |
19.7 |
|
|
$ |
31.7 |
|
|
$ |
12.5 |
|
|
$ |
90.2 |
|
|
$ |
48.0 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average stockholders’ equity |
|
$ |
1,206.0 |
|
|
$ |
1,190.2 |
|
|
$ |
1,230.2 |
|
|
$ |
1,218.8 |
|
|
$ |
1,216.4 |
|
Return on average equity |
|
|
32.5 |
% |
|
|
(22.5 |
%) |
|
|
(30.2 |
%) |
|
|
8.0 |
% |
|
|
(3.2 |
%) |
Adjusted return on average equity |
|
|
6.5 |
% |
|
|
10.6 |
% |
|
|
4.1 |
% |
|
|
7.4 |
% |
|
|
3.9 |
% |
Reconciliation of Book Value Per Share to Tangible Net Book Value Per Share |
||||||||
(unaudited) |
||||||||
(in millions, except per share amounts) |
|
Dec 31,
|
|
Dec 31,
|
||||
Total stockholders' equity |
|
$ |
1,254.0 |
|
|
$ |
1,183.5 |
|
Less: non-controlling interests |
|
|
0.5 |
|
|
|
0.3 |
|
Total stockholders' equity attributable to Guild |
|
$ |
1,253.5 |
|
|
$ |
1,183.2 |
|
Adjustments: |
|
|
|
|
||||
Goodwill |
|
|
(198.7 |
) |
|
|
(186.2 |
) |
Intangible assets, net |
|
|
(27.3 |
) |
|
|
(25.1 |
) |
Tangible common equity |
|
$ |
1,027.5 |
|
|
$ |
971.9 |
|
|
|
|
|
|
||||
Ending shares of Class A and Class B common stock outstanding |
|
|
61.9 |
|
|
|
61.1 |
|
|
|
|
|
|
||||
Book value per share |
|
$ |
20.24 |
|
|
$ |
19.36 |
|
Tangible net book value per share(1) |
|
$ |
16.59 |
|
|
$ |
15.90 |
|
| _________________ | ||||
| Amounts may not foot due to rounding | ||||
(1) |
Tangible net book value per share uses the same denominator as book value per share. |
|||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250306900673/en/
Investors:
investors@guildmortgage.net
858-956-5130
Media:
Melissa Rue
Nuffer, Smith, Tucker
mkr@nstpr.com
619-296-0605 Ext. 247
Source: Guild Holdings Company
FAQ
What were Guild Holdings (GHLD) origination volumes for Q4 2024?
How much is GHLD's special dividend payment in March 2025?
What was Guild Holdings' (GHLD) gain on sale margin in Q4 2024?
How did GHLD's servicing segment perform in Q4 2024?
What was Guild Holdings' (GHLD) total net revenue for full year 2024?
