AURORA ACQUISIT(US:AURC)2024-08-13 22:46Financial Performance - Total net revenues for the three months ended June 30, 2024, were $32.262 million, a slight increase from $31.095 million in the same period of 2023[190]. - Gain on loans, net for the three months ended June 30, 2024, was $24.229 million, representing 75% of total revenues, down from 85% in the same period of 2023[190]. - Net loss for the three months ended June 30, 2024, was $41,365,000, compared to a net loss of $44,010,000 in the same period of 2023[229]. - Earnings per share attributable to common stockholders (Basic) was $(0.05) for the three months ended June 30, 2024, compared to $(0.15) in the same period of 2023[229]. - Adjusted Net Loss for the three months ended June 30, 2024, was $(33,120) thousand compared to $(40,933) thousand for the same period in 2023[275]. - Adjusted EBITDA for the three months ended June 30, 2024, was $(23,259) thousand compared to $(26,047) thousand for the same period in 2023[275]. Loan Volume and Activity - Funded Loan Volume for the three months ended June 30, 2024, was $962 million, an increase of approximately 5% from $912 million in the same period of 2023[198]. - Refinance Loan Volume increased by approximately 26% year-over-year to $77 million in the three months ended June 30, 2024, from $61 million in the same period of 2023[199]. - Purchase Loan Volume decreased by approximately 6% year-over-year to $794 million in the three months ended June 30, 2024, from $842 million in the same period of 2023[200]. - HELOC Loan Volume increased significantly to $90 million in the three months ended June 30, 2024, from $9 million in the same period of 2023[202]. - D2C Loan Volume for the three months ended June 30, 2024, was $670 million, an increase of approximately 28% from $522 million in the same period of 2023[203]. - B2B Loan Volume decreased by approximately 25% to $292 million in the three months ended June 30, 2024, from $390 million in the same period of 2023[204]. - Total Loans funded in the three months ended June 30, 2024, were 2,995, an increase of approximately 19% from 2,516 in the same period of 2023[205]. Revenue Sources - Gain on Sale Margin decreased by approximately 38 basis points to 2.52% for the three months ended June 30, 2024, compared to 2.90% for the same period in 2023[209]. - Gain on sale of loans, net decreased by $2.3 million or 11% to $18.4 million for the three months ended June 30, 2024 compared to $20.7 million for the same period in 2023[232]. - International lending revenue increased by $0.5 million or 79% to $1.2 million for the three months ended June 30, 2024 compared to $0.7 million for the same period in 2023, driven by increased operations in the U.K. brokerage businesses[238]. - Other revenue increased by $0.6 million or 391% to $0.5 million for the three months ended June 30, 2024 compared to a loss of $0.2 million for the same period in 2023[244]. Expenses - Compensation and benefits expenses increased to $35,254,000 for the three months ended June 30, 2024, from $33,996,000 in the same period of 2023[229]. - Marketing and advertising expenses increased significantly to $8,531,000 for the three months ended June 30, 2024, from $3,101,000 in the same period of 2023[229]. - General and administrative expenses were $15.2 million for the three months ended June 30, 2024, an increase of $2.4 million or 19% compared to $12.7 million in the same period in 2023[257]. - Technology expenses were $6.6 million for the three months ended June 30, 2024, a decrease of $4.6 million or 41% compared to $11.2 million in the same period in 2023[259]. - Loan origination expenses were $0.8 million for the three months ended June 30, 2024, a decrease of $2.6 million or 77% compared to $3.4 million in the same period in 2023[263]. Cash Flow and Financial Position - Net cash used by operating activities increased to $263.4 million for the six months ended June 30, 2024, an increase of 85% compared to $142 million for the same period in 2023[289]. - Net cash used in investing activities was $63 million for the six months ended June 30, 2024, a 47% increase from $43 million in the same period in 2023[290]. - Net cash provided by financing activities was $144.8 million for the six months ended June 30, 2024, a significant increase of 668% compared to a cash outflow of $25 million in the same period in 2023[291]. - The company had cash and cash equivalents of $378.8 million as of June 30, 2024, compared to $528.6 million principal amount outstanding under the Convertible Note[284]. Compliance and Corporate Actions - The company received an extension until October 7, 2024, to comply with the $1.00 per share requirement for continued inclusion on The Nasdaq Capital Market[283]. - A reverse stock split at a ratio of 1-for-50 was approved, effective August 16, 2024[287]. - The company does not have any off-balance sheet arrangements that are likely to materially affect its financial condition[292].