Financial Performance - The company reported a net loss attributable to common stockholders of $51.5 million for the three months ended March 31, 2024, compared to a net loss of $87.6 million for the same period in 2023[264]. - The diluted earnings per share for the company was $(0.07) for the three months ended March 31, 2024, compared to $(0.29) for the same period in 2023[264]. - Total net revenues for the three months ended March 31, 2024, were $22.251 million, an increase from $18.626 million in the same period of 2023[290]. - Gain on loans, net, was $15.652 million, representing 70% of total net revenues, compared to $12.761 million (69%) in the prior year[291]. - Adjusted Net Loss for the three months ended March 31, 2024, was $(42,834) thousand, an improvement from $(72,743) thousand for the same period in 2023, reflecting a decrease of approximately 41%[405]. - Adjusted EBITDA for the three months ended March 31, 2024, was $(30,953) thousand, compared to $(57,152) thousand for the same period in 2023, indicating a reduction of about 46%[405]. - The net loss for the three months ended March 31, 2024, was $(51,492) thousand, compared to $(87,622) thousand for the same period in 2023, representing a 41% improvement[405]. Assets and Liabilities - Total assets as of March 31, 2024, were $166.2 million, a decrease from $171.9 million as of December 31, 2023[266]. - The company had total liabilities of $638,000 as of March 31, 2024, compared to $3.3 million as of December 31, 2023[266]. - The company had outstanding promissory notes totaling $17.9 million as of March 31, 2024, compared to $18.3 million as of December 31, 2023[281]. - As of March 31, 2024, the company had outstanding commitments to fund mortgage loans totaling approximately $262.7 million, up from $227.4 million as of December 31, 2023[410]. - The company has warehouse lines of credit totaling $425,000 thousand, with an amount outstanding of $126,161 thousand as of March 31, 2024, slightly down from $126,218 thousand as of December 31, 2023[407]. Revenue Streams - Refinance Loan Volume increased by approximately 16% to $81 million from $70 million year-over-year[296]. - HELOC Loan Volume surged to $51 million in Q1 2024, up from $2 million in Q1 2023[297]. - B2B Loan Volume decreased by approximately 16% to $301 million from $359 million year-over-year[298]. - Average Loan Amount decreased by approximately 7% to $332,111 from $357,792 in the same period last year[301]. - Funded Loan Volume decreased by approximately 22% to $661 million from $847 million year-over-year[326]. - Purchase Loan Volume decreased by approximately 32% to $529 million from $775 million in the same period last year[327]. - D2C Loan Volume decreased by approximately 26% to $360 million for the three months ended March 31, 2024, compared to $488 million for the same period in 2023[328]. - Total Loans funded decreased by approximately 16% to 1,991 for the three months ended March 31, 2024, down from 2,366 in the same period in 2023[330]. - Gain on Sale Margin increased by approximately 57% to 2.37% for the three months ended March 31, 2024, compared to 1.51% for the same period in 2023[332]. Expenses - Stock-based compensation expense increased to $8.760 million in Q1 2024 from $4.408 million in Q1 2023[311]. - Marketing and advertising expenses decreased by $3.2 million, or 41%, to $4.6 million for the three months ended March 31, 2024, compared to $7.8 million in the same period in 2023[358]. - General and administrative expenses decreased by $2.7 million, or 16%, to $14.0 million for the three months ended March 31, 2024, compared to $16.8 million for the same period in 2023[374]. - Technology expenses decreased by $9.0 million, or 62%, to $5.5 million for the three months ended March 31, 2024, compared to $14.4 million for the same period in 2023[397]. - Other expenses decreased by $11.2 million, or 102%, to $0.2 million for the three months ended March 31, 2024, compared to $11.1 million for the same period in 2023[375]. Tax and Compliance - The company recorded a total income tax expense of $0.1 million for the three months ended March 31, 2024, down from $1.4 million for the same period in 2023[274]. - The company is subject to financial requirements established by government-sponsored enterprises (GSEs) and has remained in compliance as of March 31, 2024[284]. - The company received an extension from Nasdaq until October 7, 2024, to comply with the $1.00 per share requirement for continued inclusion on The Nasdaq Capital Market[407]. Other Financial Metrics - The change in fair value of warrants for the three months ended March 31, 2024, was a gain of none, while for the same period in 2023, it was a gain of $0.6 million[278]. - The change in the fair value of warrants and equity-related liabilities was $(823) thousand for the three months ended March 31, 2024, with no comparable figure for the same period in 2023[405]. - The company had a restructuring, impairment, and other expenses of $721 thousand for the three months ended March 31, 2024, down from $9,137 thousand for the same period in 2023[405]. - Interest income from investments increased by $3.2 million, or 130%, to $5.67 million for the three months ended March 31, 2024, compared to $2.47 million for the same period in 2023[394]. - Mortgage interest income decreased by $0.96 million, or 24%, to $2.96 million for the three months ended March 31, 2024, compared to $3.93 million for the same period in 2023[371]. - International lending revenue increased by $0.1 million, or 12%, to $1.1 million for the three months ended March 31, 2024, compared to $1.0 million for the same period in 2023[351]. - Real estate services revenue decreased by $2.5 million, or 88%, to $0.3 million for the three months ended March 31, 2024, compared to $2.9 million for the same period in 2023[369]. - Integrated partnership fees decreased by $0.1 million, or 4%, to $2.3 million for the three months ended March 31, 2024, compared to $2.4 million for the same period in 2023[367]. - Other revenue increased by $0.3 million, or 58%, to $0.7 million for the three months ended March 31, 2024, compared to $0.5 million for the same period in 2023[370].
Better Home & Finance pany(BETR) - 2024 Q1 - Quarterly Report