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SEC Filings

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

Reverse Mortgage Segment
Provided below is a summary of results of operations and Adjusted EBITDA for our Reverse Mortgage segment (dollars in thousands):
 
 
Successor
 
 
Predecessor
 
 
 
 
For the Period From February 10, 2018 Through December 31, 2018
 
 
For the Period From January 1, 2018 Through February 9, 2018
 
For the Year Ended December 31, 2017
 
Variance
 
 
 
 
 
 
$
 
%
Net fair value gains on reverse loans and related HMBS obligations
 
$
46,833

 
 
$
10,576

 
$
42,419

 
$
14,990

 
35
 %
Net servicing revenue and fees
 
22,361

 
 
2,029

 
27,566

 
(3,176
)
 
(12
)%
Other revenues
 
5,581

 
 
602

 
2,750

 
3,433

 
125
 %
Total revenues
 
74,775



13,207

 
72,735

 
15,247

 
21
 %
Interest expense
 
52,824

 
 
11,956

 
31,435

 
33,345

 
106
 %
Salaries and benefits (1)
 
33,408

 
 
4,752

 
47,202

 
(9,042
)
 
(19
)%
General and administrative expenses (1)
 
27,495

 
 
4,186

 
46,837

 
(15,156
)
 
(32
)%
Depreciation and amortization (1)
 
1,632

 
 
228

 
3,010

 
(1,150
)
 
(38
)%
Other expenses, net
 
3,929

 
 
641

 
5,146

 
(576
)
 
(11
)%
Total expenses
 
119,288



21,763

 
133,630

 
7,421

 
6
 %
Fresh start accounting adjustments
 

 
 
7,423

 

 
7,423

 
n/m

Net losses on extinguishment of debt
 

 
 

 
(1,345
)
 
1,345

 
(100
)%
Loss before income taxes
 
(44,513
)


(1,133
)
 
(62,240
)
 
16,594

 
(27
)%
 
 
 
 
 
 
 
 
 
 
 


EBITDA adjustments
 
 
 
 
 
 
 
 
 
 


Fair value to cash adjustment for reverse loans
 
39,803

 
 
(1,704
)
 
38,351

 
(252
)
 
(1
)%
Fresh start accounting adjustments
 

 
 
(7,423
)
 

 
(7,423
)
 
n/m

Interest expense
 

 
 
7,146

 
7,826

 
(680
)
 
(9
)%
Amortization of servicing rights and other fair value adjustments
 
1,555

 
 
680

 
1,494

 
741

 
50
 %
Depreciation and amortization (1)
 
1,632

 
 
228

 
3,010

 
(1,150
)
 
(38
)%
Exit costs (1)
 
422

 
 
29

 
1,368

 
(917
)
 
(67
)%
Share-based compensation expense (1)
 
37

 
 
4

 
200

 
(159
)
 
(80
)%
Other (1)
 
748

 
 
117

 
1,368

 
(503
)
 
(37
)%
Total adjustments
 
44,197

 
 
(923
)
 
53,617

 
(10,343
)
 
(19
)%
Adjusted EBITDA
 
$
(316
)
 
 
$
(2,056
)
 
$
(8,623
)
 
$
6,251

 
(72
)%
__________
(1)
Effective January 1, 2018, we no longer allocate corporate overhead, including depreciation and amortization, to our operating segments. These amounts are now included in the Corporate and Other non-reportable segment. Prior year balances have been restated to conform to current year presentation.

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