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SEC Filings

10-K
DITECH HOLDING CORP filed this Form 10-K on 04/16/2019
Entire Document
 

Reconciliation of GAAP Consolidated Income (Loss) Before Income Taxes to Adjusted EBITDA (in thousands):
 
 
Successor
 
 
For the Period From February 10, 2018 Through December 31, 2018
 
 
Servicing
 
Originations
 
Reverse
Mortgage
 
Other
 
Total
Consolidated
Income (loss) before income taxes
 
$
70,535

 
$
(34,369
)
 
$
(44,513
)
 
$
(199,398
)
 
$
(207,745
)
 
 
 
 
 
 
 
 
 
 
 
EBITDA adjustments
 
 
 
 
 
 
 
 
 
 
Reorganization items
 

 

 

 
2,726

 
2,726

Interest expense
 
1,092

 

 

 
111,696

 
112,788

Fair value to cash adjustment for reverse loans
 

 

 
39,803

 

 
39,803

Depreciation and amortization
 
14,062

 
15,691

 
1,632

 
973

 
32,358

Gain on deconsolidation of residual interests in the Residual Trusts
 
(29,214
)
 

 

 

 
(29,214
)
Amortization of servicing rights and other fair value adjustments
 
91,422

 

 
1,555

 

 
92,977

Goodwill and intangible assets impairment
 
7,400

 
16,260

 

 

 
23,660

Exit costs
 
5,232

 
5,721

 
422

 
1,707

 
13,082

Transaction costs
 
592

 

 

 
10,137

 
10,729

Share-based compensation expense
 
45

 
128

 
37

 
2,281

 
2,491

Other
 
(18,420
)
 
(2,904
)
 
748

 
4,524

 
(16,052
)
Total adjustments
 
72,211

 
34,896

 
44,197

 
134,044

 
285,348

Adjusted EBITDA
 
$
142,746

 
$
527

 
$
(316
)
 
$
(65,354
)
 
$
77,603

 
 
 
 
 
 
 
 
 
 
 
 
 
Predecessor
 
 
For the Period From January 1, 2018 Through February 9, 2018
 
 
Servicing
 
Originations
 
Reverse
Mortgage
 
Other
 
Total
Consolidated
Income (loss) before income taxes
 
$
69,614

 
$
7,977

 
$
(1,133
)
 
$
444,531

 
$
520,989

 
 
 
 
 
 
 
 
 
 
 
EBITDA adjustments
 
 
 
 
 
 
 
 
 
 
Reorganization items and fresh start accounting adjustments
 
14,588

 
(9,612
)
 
(7,423
)
 
(462,116
)
 
(464,563
)
Interest expense
 
4,441

 
6,579

 
7,146

 
7,519

 
25,685

Fair value to cash adjustment for reverse loans
 

 

 
(1,704
)
 

 
(1,704
)
Depreciation and amortization
 
3,252

 
265

 
228

 
65

 
3,810

Amortization of servicing rights and other fair value adjustments
 
(68,902
)
 

 
680

 

 
(68,222
)
Exit costs
 
811

 
46

 
29

 
45

 
931

Transaction costs
 
(208
)
 

 

 
(55
)
 
(263
)
Share-based compensation expense
 
13

 
14

 
4

 
507

 
538

Other
 
(512
)
 
(71
)
 
117

 
(583
)
 
(1,049
)
Total adjustments
 
(46,517
)
 
(2,779
)
 
(923
)
 
(454,618
)
 
(504,837
)
Adjusted EBITDA
 
$
23,097

 
$
5,198

 
$
(2,056
)
 
$
(10,087
)
 
$
16,152


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