2024 Q1 Form 10-K Financial Statement

#000093313624000017 Filed on February 28, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $564.0M $404.0M $1.794B
YoY Change 70.91% 33.33% -27.19%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $305.0M $322.0M $1.133B
YoY Change 21.03% 13.38% -9.43%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.000M $10.00M $38.00M
YoY Change -11.11% 25.0% 2.7%
% of Gross Profit
Operating Expenses $305.0M $332.0M $1.172B
YoY Change 16.86% 16.9% -8.01%
Operating Profit
YoY Change
Interest Expense -$12.00M $0.00 -$9.000M
YoY Change -110.91% -100.0% -102.12%
% of Operating Profit
Other Income/Expense, Net -$3.000M -$3.000M $41.00M
YoY Change -91.18% -70.0% 70.83%
Pretax Income $232.0M $69.00M $654.0M
YoY Change 562.86% -790.0% -46.13%
Income Tax $51.00M $23.00M $154.0M
% Of Pretax Income 21.98% 33.33% 23.55%
Net Earnings $181.0M $46.00M $500.0M
YoY Change 389.19% 4500.0% -45.83%
Net Earnings / Revenue 32.09% 11.39% 27.87%
Basic Earnings Per Share $2.80 $7.46
Diluted Earnings Per Share $2.73 $0.69 $7.39
COMMON SHARES
Basic Shares Outstanding 64.60M shares 65.86M shares 67.07M shares
Diluted Shares Outstanding 66.27M shares 68.55M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $578.0M $571.0M $571.0M
YoY Change 8.24% 8.35% 8.35%
Cash & Equivalents $578.0M $571.0M $571.0M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $578.0M $571.0M $571.0M
YoY Change 8.24% 8.35% 8.35%
LONG-TERM ASSETS
Property, Plant & Equipment $55.00M $53.00M $53.00M
YoY Change -14.06% -18.46% -67.08%
Goodwill $141.0M $141.0M
YoY Change 17.5% 17.5%
Intangibles $26.00M $28.00M
YoY Change 333.33% 250.0%
Long-Term Investments $9.796B $9.090B $9.090B
YoY Change 49.19% 36.61% 36.61%
Other Assets $583.0M $641.0M $641.0M
YoY Change -30.6% -26.99% -26.99%
Total Long-Term Assets $14.20B $13.63B $13.63B
YoY Change 17.11% 11.23% 11.23%
TOTAL ASSETS
Total Short-Term Assets $578.0M $571.0M $571.0M
Total Long-Term Assets $14.20B $13.63B $13.63B
Total Assets $14.78B $14.20B $14.20B
YoY Change 16.73% 11.11% 11.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $91.00M
YoY Change -18.02%
Deferred Revenue
YoY Change
Short-Term Debt $856.0M $966.0M $966.0M
YoY Change -54.69% -48.2% -48.2%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.691B $1.995B $1.995B
YoY Change -33.69% -24.23% -24.23%
LONG-TERM LIABILITIES
Long-Term Debt $8.224B $7.453B $7.453B
YoY Change 46.62% 34.09% 34.09%
Other Long-Term Liabilities $455.0M $466.0M $466.0M
YoY Change -11.13% -11.74% -11.74%
Total Long-Term Liabilities $8.679B $7.919B $7.919B
YoY Change 41.79% 30.12% 30.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.691B $1.995B $1.995B
Total Long-Term Liabilities $8.679B $7.919B $7.919B
Total Liabilities $10.37B $9.914B $9.914B
YoY Change 19.59% 13.71% 13.71%
SHAREHOLDERS EQUITY
Retained Earnings $4.483B $4.302B
YoY Change 16.78% 13.15%
Common Stock $1.052B $1.088B
YoY Change -1.41% -1.54%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.130B $1.108B
YoY Change 22.83% 30.35%
Treasury Stock Shares
Shareholders Equity $4.405B $4.282B $4.282B
YoY Change
Total Liabilities & Shareholders Equity $14.78B $14.20B $14.20B
YoY Change 16.73% 11.11% 11.11%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $181.0M $46.00M $500.0M
YoY Change 389.19% 4500.0% -45.83%
Depreciation, Depletion And Amortization $8.000M $10.00M $38.00M
YoY Change -11.11% 25.0% 2.7%
Cash From Operating Activities $28.00M $124.0M $896.0M
YoY Change -82.5% -80.1% -76.21%
INVESTING ACTIVITIES
Capital Expenditures $8.000M $2.000M $52.00M
YoY Change 60.0% -33.33% 205.88%
Acquisitions $522.0M
YoY Change
Other Investing Activities -$707.0M -$746.0M $15.00M
YoY Change -23666.67% 124.7%
Cash From Investing Activities -$715.0M -$748.0M -$1.836B
YoY Change 568.22% 123.28% 38.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 682.0M 660.0M $978.0M
YoY Change -875.0% -350.0% -135.13%
NET CHANGE
Cash From Operating Activities 28.00M 124.0M $896.0M
Cash From Investing Activities -715.0M -748.0M -$1.836B
Cash From Financing Activities 682.0M 660.0M $978.0M
Net Change In Cash -5.000M 36.00M $38.00M
YoY Change -85.71% 50.0% -111.21%
FREE CASH FLOW
Cash From Operating Activities $28.00M $124.0M $896.0M
Capital Expenditures $8.000M $2.000M $52.00M
Free Cash Flow $20.00M $122.0M $844.0M
YoY Change -87.1% -80.32% -77.49%

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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Credit Loss Reserves</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ASC 326, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Financial Instruments – Credit Losses</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> requires expected credit losses for financial instruments held at the reporting date to be measured based on historical experience, current conditions and reasonable and supportable forecasts, which is referred to as the current expected credit loss, or CECL, methodology. The new standard reflects management’s best estimate of all expected credit losses for the Company’s financial assets that are recognized at amortized cost. The CECL methodology considers expected lifetime loss rates calculated from historical data using a weighted average life to determine the current expected credit loss required.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company determined that “advances and other receivables, net” and certain financial instruments included in “other assets” are within the scope of ASC 326. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For “advances and other receivables, net,” the Company determined that the majority of estimated losses are due to servicing operational errors, and credit-related losses are not significant because of the contractual relationships with the government and government sponsored agencies. The Company determined that the credit-related risk associated with certain applicable financial instruments can increase with the passage of time. The CECL reserve methodology considers these financial instruments collectible to a point in time of </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">39</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> months. Any projected remaining balance at the end of the collection period is considered a loss and factors into the overall CECL loss rate required. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For “other assets,” primarily trade receivables and service fees earned but not received, the Company determined that these are short-term in nature (less than one year), and the estimated credit-related losses over the life of these receivables are similar to those resulting from the Company’s existing loss reserve process. The Company monitors the financial status of customers to determine if any specific loss considerations are required.</span></div>
CY2023 coop Financial Instruments Collection Period
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P39M
CY2023 us-gaap Revenue Recognition Interest
RevenueRecognitionInterest
<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Interest Income</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Interest income primarily includes interest earned on custodial cash deposits associated with the servicing portfolio. Interest income is also recognized on mortgage loans held for sale for the period from loan funding to sale, which is typically within 30 days. Loans are placed on non-accrual status when any portion of the principal or interest is greater than 90 days past due. Loans return to accrual status when the principal and interest become current and it is probable that the amounts are fully collectible. For individual loans that have been modified, a period of six timely payments is required before the loan is returned to an accrual basis.</span></div>
CY2023 us-gaap Marketing And Advertising Expense
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CY2023Q4 us-gaap Preferred Stock Shares Outstanding
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CY2022Q4 coop Excess Spread Financing Fair Value Disclosure
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CY2022Q4 coop Mortgage Servicing Rights Liability Resultingfrom Saleof Servicer Advances Rightsnot Accountedforasa Sale
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CY2023Q4 coop Mortgage Serving Rights Liabilitycarriedatfairvalue
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CY2022Q4 coop Mortgage Serving Rights Liabilitycarriedatfairvalue
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CY2023 coop Sale Of Excess Yield Principal Outstanding
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CY2022Q4 coop Mortgage Servicing Rights Liability Resultingfrom Saleof Servicer Advances Rightsnot Accountedforasa Sale
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CY2023 coop Total Mark To Market Adjustment Servicing
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CY2023 coop Servicing Fee Income Amortization
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CY2023 coop Corporate Xome Related Service Fees
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CY2023 coop Servicing Fee Income Counter Party Revenue Share
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CY2023Q4 coop Servicing Advances Discount
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CY2023Q4 coop Servicing Advances
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CY2023Q4 coop Government Sponsored Entityand Investor Receivable
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CY2023Q4 coop Advancesand Other Receivables Reserves
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CY2022Q4 coop Advancesand Other Receivables Reserves
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CY2023Q4 coop Advancesand Other Receivables Net
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CY2022 coop Addition To Receivables Discount
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CY2023 coop Accretion Of Service Advances Discount
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CY2023Q4 coop Servicing Advances Discount
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CY2022Q4 us-gaap Financing Receivable Allowance For Credit Losses
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CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses
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CY2023Q4 us-gaap Financing Receivable Allowance For Credit Losses
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CY2022Q4 us-gaap Financing Receivable Allowance For Credit Losses
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CY2023 coop Financial Instruments Collection Period
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CY2023Q4 us-gaap Loans Receivable Held For Sale Amount
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CY2022Q4 us-gaap Loans Receivable Held For Sale Amount
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CY2023 us-gaap Proceeds From Sale Of Mortgage Loans Held For Sale
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CY2023Q4 coop Mortgage Loans Heldfor Sale Nonaccrual Basis Unpaid Principal Balance
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CY2023Q4 coop Fair Value Mortgage Loans Heldfor Salenonaccrualstatus
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CY2022Q4 coop Mortgage Loans Heldfor Sale Nonaccrual Basis Unpaid Principal Balance
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CY2022Q4 coop Fair Value Mortgage Loans Heldfor Salenonaccrualstatus
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CY2023Q4 us-gaap Mortgage Loans In Process Of Foreclosure Amount
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CY2022Q4 us-gaap Mortgage Loans In Process Of Foreclosure Amount
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CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2023 us-gaap Depreciation
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CY2022 us-gaap Tangible Asset Impairment Charges
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CY2023 us-gaap Tangible Asset Impairment Charges
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CY2023Q4 us-gaap Operating Lease Right Of Use Asset
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CY2022Q4 us-gaap Operating Lease Right Of Use Asset
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CY2023Q4 us-gaap Operating Lease Liability
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CY2022Q4 us-gaap Operating Lease Liability
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CY2023 us-gaap Operating Lease Cost
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CY2022 us-gaap Operating Lease Cost
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CY2023 us-gaap Sublease Income
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CY2023 us-gaap Lease Cost
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CY2023 us-gaap Operating Lease Payments
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CY2022 us-gaap Operating Lease Payments
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Files In Submission

Name View Source Status
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a2023-q4exibit1076.htm Edgar Link pending
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coop-20231231.htm Edgar Link pending
coop-20231231.xsd Edgar Link pending
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