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SEC Filings

10-K
DITECH HOLDING CORP filed this Form 10-K on 04/16/2019
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30. Quarterly Results of Operations (Unaudited)
The following tables summarize the Company’s unaudited consolidated results of operations on a quarterly basis for the years ended December 31, 2018 and 2017. The sum of the quarterly earnings (loss) per share amounts do not equal the amount reported for the full year since per share amounts are computed independently for each quarter and for the full year based on respective weighted-average shares outstanding and other dilutive potential shares.
Quarterly results of operations are summarized as follows (in thousands, except per share data):
 
 
Successor
 
 
Predecessor
 
 
For the 2018 Quarters Ended
 
For the Period From February 10, 2018 Through March 31, 2018 (1)(2)
 
 
For the Period From January 1, 2018 Through February 9, 2018 (1)
 
 
December 31 (2)
 
September 30 (1)
 
June 30 (2)
 
 
 
Total revenues
 
$
164,539

 
$
204,658

 
$
198,528

 
$
91,215

 
 
$
187,273

Total expenses
 
229,635

 
252,073

 
251,736

 
145,659

 
 
133,723

Total other gains (losses)
 
(11,516
)
 
10,463

 
12,987

 
484

 
 
467,439

Income (loss) before income taxes (3)
 
(76,612
)
 
(36,952
)
 
(40,221
)
 
(53,960
)

 
520,989

Income tax expense (benefit)
 
(2,774
)
 
(315
)
 
249

 
189

 
 
(18
)
Net income (loss)
 
$
(73,838
)
 
$
(36,637
)
 
$
(40,470
)
 
$
(54,149
)

 
$
521,007

Basic earnings (loss) per common and common equivalent share
 
$
(13.99
)
 
$
(7.28
)
 
$
(8.60
)
 
$
(12.73
)
 
 
$
13.94

Diluted earnings (loss) per common and common equivalent share
 
$
(13.99
)
 
$
(7.28
)
 
$
(8.60
)
 
$
(12.73
)
 
 
$
13.92

__________
(1)
Reorganization items and fresh start accounting adjustments of $(2.6) million, $(0.1) million and $464.6 million are included in total other gains (losses) during the quarter ended September 30, 2018, the period from February 10, 2018 through March 31, 2018 and the period from January 1, 2018 through February 9, 2018, respectively. Refer to Note 2 for further information.
(2)
Goodwill and intangible assets impairment losses of $12.7 million, $1.0 million and$10.0 million are included in total expenses during the quarter ended December 31. 2018, the quarter ended June 30, 2018 and the period from February 10, 2018 through March 31, 2018, respectively. Refer to Note 14 for further information.
(3)
A significant portion of the Company's asset and liabilities are carried at fair value and, as a result, the Company’s net income or loss can be materially impacted quarter over quarter by gains and losses resulting from changes in valuation inputs and other assumptions used in the fair value of the assets and liabilities.

 
 
 
Predecessor
 
 
For the 2017 Quarters Ended
 
 
December 31 (1)
 
September 30
 
June 30
 
March 31
Total revenues
 
$
200,544

 
$
176,644

 
$
208,787

 
$
245,285

Total expenses
 
385,271

 
303,146

 
292,595

 
313,709

Total other gains (losses)
 
(33,622
)
 
2,824

 
(8,807
)
 
72,810

Income (loss) before income taxes (2)
 
(218,349
)
 
(123,678
)
 
(92,615
)
 
4,386

Income tax expense (benefit)
 
(5,384
)
 
455

 
1,694

 
(122
)
Net income (loss)
 
$
(212,965
)
 
$
(124,133
)
 
$
(94,309
)
 
$
4,508

Basic and diluted earnings (loss) per common and common equivalent share
 
$
(5.70
)
 
$
(3.38
)
 
$
(2.58
)
 
$
0.12

__________
(1)
Reorganization items of $(37.6) million are included in total other gains (losses) during the quarter ended December 31, 2017.
(2)
A significant portion of the Company's asset and liabilities are carried at fair value and as a result, the Company’s net income or loss can be materially impacted quarter over quarter by gains and losses resulting from changes in valuation inputs and other assumptions used in the fair value of the assets and liabilities.

F-87