Guild pany(US:GHLD)2025-05-07 20:07Financial Performance - Net revenue for Q1 2025 was $198.5 million, down from $373.0 million in Q4 2024 and $231.8 million in Q1 2024[4] - Net loss attributable to Guild was $23.9 million in Q1 2025, compared to net income of $97.9 million in Q4 2024 and $28.5 million in Q1 2024[4] - Adjusted net income for Q1 2025 was $21.6 million, up from $19.7 million in Q4 2024 and $8.0 million in Q1 2024[4] - Adjusted net income for the three months ended March 31, 2025, was a loss of $23.9 million, compared to a net income of $97.9 million for the previous quarter[32] - The net revenue for the three months ended March 31, 2025, was $198.5 million, a significant decrease from $373.0 million in the previous quarter[32] - The company reported a basic loss per share of $0.39 for the three months ended March 31, 2025, compared to earnings of $1.59 per share in the previous quarter[32] - Adjusted EBITDA for the three months ended March 31, 2025, was $36.4 million, an increase from $30.9 million in the previous quarter and $16.0 million in the same quarter last year[41] Originations and Loan Performance - Total originations for Q1 2025 were $5.2 billion, a 35% increase year-over-year from $3.9 billion in Q1 2024[3] - 88% of closed loan origination volume in Q1 2025 came from purchase business, exceeding the industry estimate of 71%[3] - Total originations for the three months ended March 31, 2025, were $5.2 billion, a decrease of 22.8% from $6.7 billion in the previous quarter[37] - The total loans sold amounted to $5.2 billion for the three months ended March 31, 2025, down from $6.7 billion in the previous quarter[37] - The gain on sale margin on originations was 376 basis points in Q1 2025, an increase from 317 basis points in Q4 2024[6] - The gain on sale margin increased to 376 basis points for the three months ended March 31, 2025, compared to 317 basis points in the previous quarter[37] - The company maintained a purchase origination percentage of 88% for the three months ended March 31, 2025, compared to 82% in the previous quarter[37] Balance Sheet and Equity - Cash and cash equivalents were $111.7 million as of March 31, 2025, with an unutilized loan funding capacity of $1.5 billion[13] - The total assets decreased to $4.55 billion as of March 31, 2025, from $4.77 billion as of December 31, 2024[30] - The total liabilities decreased to $3.35 billion as of March 31, 2025, from $3.51 billion as of December 31, 2024[30] - The total stockholders' equity as of March 31, 2025, was $1,200.2 million, a decrease from $1,254.0 million at the end of 2024[43] - The tangible common equity was $976.1 million, down from $1,027.5 million in the previous quarter[43] - The book value per share decreased to $19.39 from $20.24 in the previous quarter, while the tangible net book value per share was $15.77, down from $16.59[43] - The average stockholders' equity for Q1 2025 was $1,227.1 million, compared to $1,206.0 million in Q4 2024[42] Return Metrics - The return on average equity for Q1 2025 was -7.8%, down from 32.5% in Q4 2024, while the adjusted return on average equity improved to 7.0% from 6.5%[42] Share Repurchase and Fair Value Changes - The company repurchased 35,216 shares at an average price of $12.94 per share during Q1 2025[12] - The company reported a change in fair value of MSRs due to model inputs and assumptions of $55.0 million for Q1 2025, a significant change from -$107.4 million in the previous quarter[41]