UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Historical
|
Transaction
Accounting
Adjustments
|
Pro Forma
| |||||||||||
Assets:
| |||||||||||||
Cash and cash equivalents
|
$
|
135,843
|
$
|
38,886
|
(a)
|
$
|
174,729
| ||||||
Restricted cash
|
27,065
|
-
|
27,065
| ||||||||||
Cash and cash equivalents and Restricted cash
|
162,908
|
38,886
|
201,794
| ||||||||||
Mortgage loans held for sale (at fair value)
|
2,018,640
|
-
|
2,018,640
| ||||||||||
Mortgage servicing rights (at fair value)
|
1,419,105
|
-
|
1,419,105
| ||||||||||
Property and equipment, net
|
18,039
|
-
|
18,039
| ||||||||||
Accounts receivable, net
|
176,995
|
-
|
176,995
| ||||||||||
Derivative assets
|
59,280
|
-
|
59,280
| ||||||||||
Goodwill
|
10,789
|
-
|
10,789
| ||||||||||
Government National Mortgage Association loans eligible for repurchase
|
117,092
|
-
|
117,092
| ||||||||||
Assets held for sale
|
50,748
|
(50,748
|
)
|
(b)
|
-
| ||||||||
Other assets
|
40,824
|
-
|
40,824
| ||||||||||
Total assets
|
$
|
4,074,420
|
$
|
(11,862
|
)
|
$
|
4,062,558
| ||||||
Liabilities and Shareholders' Equity:
| |||||||||||||
Liabilities:
| |||||||||||||
Warehouse lines of credit
|
$
|
1,910,395
|
$
|
-
|
$
|
1,910,395
| |||||||
Term debt and other borrowings, net
|
845,531
|
-
|
845,531
| ||||||||||
Accounts payable and accrued expenses
|
106,005
|
-
|
106,005
| ||||||||||
Government National Mortgage Association loans eligible for repurchase
|
117,092
|
-
|
117,092
| ||||||||||
Deferred tax liabilities
|
214,871
|
(2,839
|
)
|
(c)
|
212,032
| ||||||||
Derivative liabilities
|
60,309
|
-
|
60,309
| ||||||||||
Other liabilities
|
87,815
|
-
|
87,815
| ||||||||||
Total liabilities
|
3,342,018
|
(2,839
|
)
|
3,339,179
| |||||||||
Commitments and Contingencies
| |||||||||||||
Shareholders' Equity:
| |||||||||||||
Preferred stock (250,000,000 authorized shares, none issued and outstanding, $0.0000000072 par value per share)
|
-
|
-
|
-
| ||||||||||
Common stock (1,000,000,000 authorized shares, 138,380,272 shares issued and outstanding as of June 30, 2022, $0.0000000072 par value per share)
|
-
|
-
|
-
| ||||||||||
Additional paid-in capital
|
511,675
|
-
|
511,675
| ||||||||||
Retained earnings
|
220,727
|
(9,023
|
)
|
(d)
|
211,704
| ||||||||
Total shareholders' equity
|
732,402
|
(9,023
|
)
|
723,379
| |||||||||
Total liabilities and shareholders' equity
|
$
|
4,074,420
|
$
|
(11,862
|
)
|
$
|
4,062,558
|
Historical
|
Transaction Accounting
Adjustments
|
Pro Forma
| |||||||||||
Revenue:
| |||||||||||||
Gain on loans, net
|
$
|
58,638
|
$
|
-
|
$
|
58,638
| |||||||
Loan fee income
|
35,159
|
-
|
35,159
| ||||||||||
Interest income
|
54,610
|
-
|
54,610
| ||||||||||
Interest expense
|
(62,015
|
)
|
-
|
(62,015
|
)
| ||||||||
Interest expense, net
|
(7,405
|
)
|
-
|
(7,405
|
)
| ||||||||
Loan servicing fees
|
143,936
|
-
|
143,936
| ||||||||||
Change in fair value of mortgage servicing rights
|
(12,704
|
)
|
-
|
(12,704
|
)
| ||||||||
Other income
|
10,555
|
-
|
10,555
| ||||||||||
Total revenue, net
|
228,179
|
-
|
228,179
| ||||||||||
Expenses:
| |||||||||||||
Compensation and benefits
|
165,033
|
-
|
165,033
| ||||||||||
Loan expense
|
15,984
|
-
|
15,984
| ||||||||||
Loan servicing expense
|
12,867
|
-
|
12,867
| ||||||||||
Production technology
|
9,208
|
-
|
9,208
| ||||||||||
General and administrative
|
36,640
|
-
|
36,640
| ||||||||||
Depreciation and amortization
|
5,314
|
-
|
5,314
| ||||||||||
Other expenses
|
11,068
|
-
|
11,068
| ||||||||||
Total expenses
|
256,114
|
-
|
256,114
| ||||||||||
Loss before income tax
|
(27,935
|
)
|
-
|
(27,935
|
)
| ||||||||
Income tax benefit
|
9,798
|
(3,450
|
)
|
(e)
|
6,348
| ||||||||
Loss from equity method investment
|
(14,416
|
)
|
14,416
|
(f)
|
-
| ||||||||
Net loss
|
$
|
(32,553
|
)
|
$
|
10,966
|
$
|
(21,587
|
)
| |||||
Loss per share:
| |||||||||||||
Basic
|
$
|
(0.23
|
)
|
$
|
(0.16
|
)
| |||||||
Diluted
|
$
|
(0.23
|
)
|
$
|
(0.16
|
)
|
Historical
|
Reclassifications
|
Transaction Accounting
Adjustments
|
Pro Forma
| ||||||||||||||
Revenue:
| |||||||||||||||||
Gain on loans, net
|
$
|
585,762
|
$
|
-
|
$
|
-
|
$
|
585,762
| |||||||||
Loan fee income
|
150,921
|
-
|
-
|
150,921
| |||||||||||||
Interest income
|
136,477
|
-
|
-
|
136,477
| |||||||||||||
Interest expense
|
(169,390
|
)
|
-
|
-
|
(169,390
|
)
| |||||||||||
Interest expense, net
|
(32,913
|
)
|
-
|
-
|
(32,913
|
)
| |||||||||||
Loan servicing fees
|
331,382
|
-
|
331,382
| ||||||||||||||
Change in fair value of mortgage servicing rights
|
(113,856
|
)
|
37,025
|
-
|
(76,831
|
)
| |||||||||||
Other income
|
40,220
|
(37,025
|
)
|
-
|
3,195
| ||||||||||||
Total revenue, net
|
961,516
|
-
|
-
|
961,516
| |||||||||||||
Expenses:
| |||||||||||||||||
Compensation and benefits
|
494,227
|
-
|
-
|
494,227
| |||||||||||||
Loan expense
|
63,912
|
-
|
-
|
63,912
| |||||||||||||
Loan servicing expense
|
27,373
|
-
|
-
|
27,373
| |||||||||||||
Production technology
|
31,866
|
-
|
-
|
31,866
| |||||||||||||
General and administrative
|
95,476
|
-
|
-
|
95,476
| |||||||||||||
Depreciation and amortization
|
10,127
|
-
|
-
|
10,127
| |||||||||||||
Other expenses
|
29,638
|
-
|
-
|
29,638
| |||||||||||||
Total expenses
|
752,619
|
-
|
-
|
752,619
| |||||||||||||
Income before income tax
|
208,897
|
-
|
-
|
208,897
| |||||||||||||
Income tax expense
|
(57,998
|
)
|
-
|
3,679
|
(e)
|
(54,319
|
)
| ||||||||||
Income from equity method investment
|
15,373
|
-
|
(15,373
|
)
|
(f)
|
-
| |||||||||||
Net income
|
$
|
166,272
|
$
|
-
|
$
|
(11,694
|
)
|
$
|
154,578
| ||||||||
Earnings per share:
| |||||||||||||||||
Basic
|
$
|
1.19
|
$
|
1.11
| |||||||||||||
Diluted
|
$
|
1.19
|
$
|
1.10
|
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Disclaimer
Home Point Capital Inc. published this content on 07 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 October 2022 20:21:05 UTC.