Finance of America Companies Inc (FOA) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Elene, and I will be your conference operator today. At this time, I would like to welcome everyone to the Finance of America first quarter 2025 earnings call.

感謝您的支持。我叫 Elene，今天我將擔任您的會議主持人。現在，我歡迎大家參加美國金融 2025 年第一季財報電話會議。

All lines have been placed on you to prevent any background noise. After the speaker remarks, there will be a question-and-answer session. (Operator Instructions)

所有線路都已放置在您身上，以防止任何背景噪音。演講者發言後，將進行問答環節。（操作員指示）

Thank you. I would now like to turn the call over to Michael Fant, Senior Vice President of finance. Please go ahead.

謝謝。現在我想將電話轉給財務高級副總裁 Michael Fant。請繼續。

Thank you, and good afternoon, everyone and welcome to Finance of America's first quarter 2025 earnings. With me today are Graham Fleming, Chief Executive Officer; Kristen Seifert, President; and Matt Engel, Chief Financial Officer.

謝謝大家，下午好，歡迎收看美國金融 2025 年第一季財報。今天和我一起的還有執行長 Graham Fleming；克里斯汀‧塞弗特 (Kristen Seifert)，總裁；以及財務長馬特‧恩格爾 (Matt Engel)。

As a reminder, this call is being recorded, and you can find the earnings release and additional materials on our investor relations website at ir.financeofamericacompanies.com.

提醒一下，本次電話會議正在錄音，您可以在我們的投資者關係網站 ir.financeofamericacompanies.com 上找到收益報告和其他資料。

In addition, we will refer to certain non-GAAP financial measures on this call. You can find reconciliations of non-gap to GAAP financial measures to the extent available without unreasonable efforts discussed on today's call in our earnings press release on the Investor Relations page of our website.

此外，我們將在本次電話會議上參考某些非公認會計準則財務指標。您可以在我們網站投資者關係頁面上的收益新聞稿中找到今天的電話會議上討論的非差距與 GAAP 財務指標的對帳情況，而無需付出不合理的努力。

Also, I would like to remind everyone that comments on this conference call may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the company's expected operating and financial performance for future periods.

此外，我想提醒大家，本次電話會議上的評論可能是《1995 年私人證券訴訟改革法案》所定義的關於公司未來預期營運和財務表現的前瞻性陳述。

These statements are based on the company's current expectations and are subject to the safe harbor statement for forward-looking statements that you will find in today's earnings release.

這些聲明是基於公司目前的預期，並受今天的收益報告中前瞻性聲明的安全港聲明的約束。

Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of risks or other factors, including those that are described in the risk factors section of Finance of America's Annual Report on Form 10-K for the year ending December 31, 2024 filed with the SEC on March 14, 2025.

由於多種風險或其他因素，包括美國金融於 2025 年 3 月 14 日向美國證券交易委員會提交的截至 2024 年 12 月 31 日的 10-K 表格年度報告中風險因素部分中所述的風險或其他因素，未來期間的實際結果可能與這些前瞻性陳述所表達或暗示的結果存在重大差異。

As such, risk factors may be amended and updated in our subsequent filings with the SEC. We are not undertaking any commitment to update these statements if conditions change. Please note, today, we will be discussing interim period financials for our continuing operations, which are unaudited.

因此，我們可能會在隨後向美國證券交易委員會提交的文件中修改和更新風險因素。如果情況發生變化，我們不承諾更新這些聲明。請注意，今天我們將討論未經審計的持續經營中期財務狀況。

Now, I would like to turn the call over to the Finance of America's Chief Executive Officer, Graham Fleming. Graham?

現在，我想將電話轉給美國財政部執行長格雷厄姆·弗萊明。格雷厄姆？

Thank you, Michael. Good afternoon, everyone, and thank you for joining us today. The first quarter marked another important step forward in our strategy to raise awareness about the importance of home equity for homeowners 65 and up, and position reverse mortgages as a preferred tool to unlock housing wealth.

謝謝你，麥可。大家下午好，感謝大家今天的參與。第一季標誌著我們的策略又向前邁出了重要一步，即提高人們對 65 歲及以上房主房屋淨值重要性的認識，並將反向抵押貸款定位為釋放住房財富的首選工具。

We continue to lead with innovation, scale, and customer trust. As a result, we delivered $561 million in funded volume during the first quarter, exceeding our guidance range of $525 million to $550 million. That marks our fourth consecutive quarter of volume growth and a 32% improvement over the first quarter of 2024.

我們將繼續以創新、規模和客戶信任保持領先地位。因此，我們在第一季實現了 5.61 億美元的融資額，超過了 5.25 億美元至 5.5 億美元的預期範圍。這標誌著我們的銷量連續第四個季度增長，比 2024 年第一季增長了 32%。

During the quarter, we benefited from a modestly lower rate environment with the 10-year treasury falling roughly 35 basis points, which was partially offset by widening spreads. On the whole, this resulted in a broadly positive fair value environment, creating a tailwind for our performance.

本季度，我們受惠於略低的利率環境，10 年期公債下跌約 35 個基點，但利差擴大部分抵銷了這一影響。整體而言，這導致了普遍積極的公允價值環境，為我們的績效創造了順風。

From a financial performance perspective, we generated $80 million in GAAP net income, or $3.17 basic earnings per share. On an adjusted basis, the company earned $13 million in adjusted net income, or $0.52 per share, an improvement of $20 million from the first quarter of 2024. We remain on track to meet our full year guidance of $2.4 billion to $2.7 billion in funded volume and $2.60 to $3 in adjusted earnings per share.

從財務績效角度來看，我們創造了 8,000 萬美元的 GAAP 淨收入，或每股 3.17 美元的基本收益。經調整後，該公司調整後淨收入為 1,300 萬美元，即每股 0.52 美元，比 2024 年第一季增加 2,000 萬美元。我們仍有望實現全年預期，即融資金額達 24 億美元至 27 億美元，調整後每股收益達到 2.60 美元至 3 美元。

Beyond the numbers, Q1 marked a strategic turning point in how we engage with borrowers and reshape industry perception. With the recent launch of our new A Better Way with FOA campaign, we are redefining how reverse mortgages are understood, moving the product from the margins into the mainstream as a flexible, forward-looking financial planning tool for homeowners 55 and up.

除了數字之外，第一季標誌著我們與借款人互動和重塑產業認知的策略轉折點。隨著我們最近推出的全新「透過 FOA 實現更好的方式」活動，我們正在重新定義人們對反向抵押貸款的理解，將該產品從邊緣產品推向主流，成為 55 歲及以上房主的一種靈活、前瞻性的財務規劃工具。

Finance of America is setting the standard for how our industry communicates the role of reverse mortgages, and Kristen will speak more about the new campaign. We believe that strategic repositioning strengthens our brand and supports long-term growth.

美國金融協會正在為我們的行業如何傳達反向抵押貸款的作用制定標準，克里斯汀將詳細介紹這項新活動。我們相信，策略重新定位可以增強我們的品牌並支持長期成長。

Finally, we continue to see the advantages of our products suite flexibility by offering a broader range of solutions and the ability to introduce new products to address emerging needs, we are able to better serve our customers. This approach allows our customers to access the most suitable products to support their individual needs and circumstances.

最後，我們繼續看到我們的產品套件靈活性的優勢，透過提供更廣泛的解決方案和推出新產品來滿足新興需求的能力，我們能夠更好地服務我們的客戶。這種方法使我們的客戶能夠獲得最適合其個人需求和情況的產品。

And with that, I'll turn it over to Kristen.

說完這些，我就把麥克風交給克莉絲汀。

Thanks, Graham, and good afternoon, everyone. The first quarter marked a pivotal moment in actualizing our operational and brand strategy. As part of our commitment to elevating customer engagement, we recently launched our new messaging campaign, A Better Way with FOA. This campaign marks a shift away from traditional celebrity endorsements towards storytelling that reflects real-life goals and aspirations of today's homeowners.

謝謝，格雷厄姆，大家下午好。第一季是我們實施營運和品牌策略的關鍵時刻。作為我們致力於提升客戶參與度的承諾的一部分，我們最近推出了新的資訊宣傳活動「使用 FOA 的更好方式」。這項活動標誌著從傳統的名人代言轉向反映當今房主現實生活中的目標和願望的故事講述。

Our goal was to create ads that highlight relatable use cases that dismantle stereotypes and show reverse mortgages as a smart tool for responsible financial planning, whether it's funding or renovation, covering unexpected expenses, or simply enabling peace of mind.

我們的目標是製作廣告，重點介紹可消除刻板印象的相關用例，並將反向抵押貸款展示為負責任的財務規劃的智慧工具，無論是融資還是翻新，支付意外開支，還是僅僅讓您安心。

We're embedding this message across every customer and marketing touch point, and we expect the full transition will be complete by the end of June. To give you a closer look at the campaign and action, we posted a few examples of our creative materials on our investor relations website.

我們正在將此訊息嵌入到每個客戶和行銷接觸點，我們預計全面過渡將在六月底完成。為了讓您更仔細地了解活動和行動，我們在投資者關係網站上發布了一些創意材料的範例。

We believe this new platform will enable us to attract and convert a new broader audience, one that is experienced and comfortable with leveraging home equity to responsibly achieve their financial goals, and that has a higher intent to transact.

我們相信，這個新平台將使我們能夠吸引和轉化更廣泛的新受眾，這些受眾經驗豐富，樂於利用房屋淨值負責任地實現其財務目標，並且具有更高的交易意願。

A modest 5% improvement in our lead to opportunity metric would support the growth in retail production that we've modeled for the year with additional upside as we continue to focus on optimizing the customer journey.

隨著我們繼續專注於優化客戶旅程，我們的機會指標適度提高 5%，這將支持我們為今年建模的零售產量成長，並且還有額外的上升空間。

While the campaign has only been in the market at a small scale for less than one month, we're already seeing this play out in our early direct mail results, which has shown a 16% improvement in our upper funnel inquiry to lead conversion.

雖然該活動在市場上小規模開展還不到一個月，但我們已在早期直郵結果中看到了成效，表明我們的上層管道查詢到銷售線索的轉換率提高了 16%。

As we gain insights into the new types of customers engaging with our brand, we will utilize this data to inform our growth strategy and drive product innovation. Given the various economic uncertainties impacting our customers, including stock market volatility, risk of recession, and further inflation, we're confident that our current solutions can assist many Americans in achieving the stability they seek. Furthermore, we're well positioned to introduce new solutions to address additional needs.

隨著我們對與我們品牌互動的新類型客戶有了更深入的了解，我們將利用這些數據來指導我們的成長策略並推動產品創新。鑑於影響我們客戶的各種經濟不確定性，包括股市波動、經濟衰退風險和進一步通貨膨脹，我們相信我們目前的解決方案可以幫助許多美國人實現他們所尋求的穩定。此外，我們有能力推出新的解決方案來滿足額外的需求。

In addition to launching the new brand platform, we've continued to focus on the fundamentals across the business and have seen notable improvements across key operational metrics in Q1. Quarter over quarter, we've doubled the percentage of retail loans funded within the first 30 days from submission. We increased the initial 30 day sales conversion rates by 40%, and we reduced our cost per opportunity by 12% over the same period. Our continued focus on operational excellence is strengthening the business and laying the groundwork for future growth investments.

除了推出新的品牌平台外，我們還繼續專注於整個業務的基本面，並在第一季看到關鍵營運指標的顯著改善。與上一季相比，我們在提交貸款申請後的前 30 天內獲得貸款的零售貸款比例翻了一番。我們將最初 30 天的銷售轉換率提高了 40%，同時將每個機會的成本降低了 12%。我們持續專注於卓越運營，以加強業務並為未來的成長投資奠定基礎。

Before I hand it over to Matt, I'd like to congratulate John Scarpati on his recent promotion to Chief Production Officer of our operating subsidiary, Finance of America Reverse. John has been the head of our industry leading wholesale division for over a decade.

在將麥克風交給馬特之前，我想祝賀約翰·斯卡帕蒂最近晉升為我們營運子公司 Finance of America Reverse 的首席生產官。十多年來，約翰一直擔任我們領先業界的批發部門的主管。

In this new role, John will oversee our sales and production strategy, heading both the wholesale and retail channels. We believe this leadership will be key to helping us to unlock the massive growth potential we know is available within our category.

在這個新職位上，約翰將負責監督我們的銷售和生產策略，領導批發和零售通路。我們相信，這種領導力對於幫助我們釋放我們所知的本行業內的巨大成長潛力至關重要。

With momentum on the brand and operations front, I'll turn it over to Matt to discuss our financial performance. Matt?

隨著品牌和營運方面的發展勢頭，我將讓馬特來討論我們的財務表現。馬特？

Thank you, Kristen, and good afternoon, everyone. The first quarter of 2025 was strong across several key metrics. We delivered $561 million in funded volume, up 5% in the fourth quarter of '24 and 32% from the first quarter of 2024. As Graham mentioned, this was the fourth consecutive quarter of volume growth for the company.

謝謝你，克里斯汀，大家下午好。2025 年第一季的幾個關鍵指標均表現強勁。我們的融資金額達到 5.61 億美元，比 2024 年第四季成長 5%，比 2024 年第一季成長 32%。正如格雷厄姆所提到的，這是該公司連續第四個季度實現銷售成長。

We also saw a meaningful improvement in our GAAP results. For the first quarter, the company recorded GAAP net income of $80 million or $3.17 per basic share compared to a GAAP net loss of $16 million or $0.58 per basic share in the first quarter of 2024.

我們的 GAAP 結果也得到了顯著改善。第一季度，該公司記錄的 GAAP 淨收入為 8,000 萬美元或每股基本收益 3.17 美元，而 2024 年第一季的 GAAP 淨虧損為 1,600 萬美元或每股基本收益 0.58 美元。

These results were aided by positive fair value adjustments during the quarter. While spreads widened slightly, overall, valuations remain positive, given declining base rates and stable home price appreciation assumptions.

這些結果得益於本季積極的公允價值調整。儘管利差略有擴大，但考慮到基準利率下降和房價升值假設穩定，整體而言，估值仍保持正值。

Adjusted net income for the first quarter came in at $13 million or $0.52 per share. This result was in line with our stated expectations performing similar to the third quarter of 2024. Compared to the first quarter of 2024, when we reported an adjusted net loss of $7 million, the company saw a $20 million improvement year over year. This turnaround reflects three key elements of strong operational performance: higher volumes; a fully integrated business; and disciplined expense management.

第一季調整後的淨收入為 1300 萬美元，即每股 0.52 美元。這一結果符合我們的預期，與 2024 年第三季的表現相似。與 2024 年第一季我們報告的調整後淨虧損 700 萬美元相比，公司年增了 2,000 萬美元。這種轉變反映了強勁營運績效的三個關鍵要素：更高的產量；完全整合的業務；以及嚴格的費用管理。

Quarter over quarter, adjusted net income improved by $8 million increasing from $5 million in the fourth quarter of 24. This performance reflects our ability to grow volume efficiently while maintaining margin discipline, even in a dynamic rate environment.

與上一季相比，調整後的淨收入增加了 800 萬美元，比 2024 年第四季的 500 萬美元有所增長。這項業績反映了我們即使在動態利率環境下也能有效增加交易量並維持利潤率紀律的能力。

Adjusted EBITDA totaled $29 million. This represents an $11 million dollar improvement from $18 million in the fourth quarter of '24 and a $29 million increase from breakeven in the first quarter of 2024. Building on that, product level margins improved quarter over quarter as expected.

調整後的 EBITDA 總計 2,900 萬美元。這意味著比 24 年第四季的 1,800 萬美元增加了 1,100 萬美元，比 2024 年第一季的損益平衡點增加了 2,900 萬美元。在此基礎上，產品層面的利潤率如預期般逐季提高。

However, total retirement solutions revenue margin was flat essentially driven by a shift in channel mix. Our wholesale channel exceeded volume expectations, helping us beat our overall guidance. However, since wholesale carries lower margins, channel mix offset the product level improvement, and our overall revenue margin was flat.

然而，整體退休解決方案收入利潤率持平，主要是由於通路組合的轉變。我們的批發通路銷售超乎預期，幫助我們超越了整體預期。然而，由於批發利潤率較低，通路組合抵消了產品水準的提高，我們的整體營收利潤率持平。

Turning to our cost structure, we saw further improvements both sequentially and year over year as a result of our disciplined approach to vendor spend. Compared to the first quarter of '24, general and administrative expenses declined by $4.3 million, representing a 25% year over year reduction.

談到我們的成本結構，由於我們採取了嚴格的供應商支出方法，我們看到了連續和逐年進一步的改善。與 24 年第一季相比，一般和行政費用減少了 430 萬美元，比去年同期減少了 25%。

A key contributor to this is a 35% decrease in communication and data processing expenses, which reflects our ongoing efforts to right-size our vendor relationships and optimize our tech technology and infrastructure. These savings highlight the efficiency gains we continue to unlock through proactive cost management.

其中一個關鍵因素是通訊和數據處理費用減少了 35%，這反映了我們不斷努力調整供應商關係並優化我們的技術手段和基礎設施。這些節省凸顯了我們透過主動成本管理不斷實現的效率提升。

Speaking of efficiency across the platform, operational productivity continues to trend favorably. We originated higher volumes with a more streamlined team, leading to an increase in loans per employee of 33% across our origination platform compared to the first quarter of 2024. We expect to continue to see this trend upwards due to the scalability of our model and the benefit of our ongoing digital transformation.

談到整個平台的效率，營運生產力持續呈現良好趨勢。我們透過更精簡的團隊發放了更高的貸款量，與 2024 年第一季相比，我們整個發放平台的每位員工的貸款增加了 33%。由於我們模型的可擴展性和我們正在進行的數位轉型的好處，我們預計這種趨勢將繼續上升。

A liquidity remains adequate, and we remain healthy, maintain healthy financing capacity to support our continued growth projections. We are reaffirming our full year guidance for both volume and earnings.

流動性仍然充足，我們仍然健康，並保持健康的融資能力以支持我們持續的成長預測。我們重申全年銷量和收益的預期。

$2.4 billion to $2.7 billion in origination volume and $2.60 to $3 in adjusted EPS. In addition to the second quarter, we expect to see funded volume in the range of $575 million to $600 million.

發起量為 24 億美元至 27 億美元，調整後每股收益為 2.60 美元至 3 美元。除第二季外，我們預計融資額將在 5.75 億美元至 6 億美元之間。

With that, let me hand it back to Graham for closing remarks.

最後，請容許我把發言交還給格雷厄姆，請他做最後的總結發言。

Thank you, Matt. We are happy with our progress in Q1 and confident in our ability to continue to execute going forward. Our message is resonating, our platform is delivering, and our strategy is taking hold. Older homeowners are increasingly aware of the values sitting around them, their home equity.

謝謝你，馬特。我們對第一季的進展感到滿意，並對我們未來繼續執行的能力充滿信心。我們的訊息正在引起共鳴，我們的平台正在發揮作用，我們的策略正在發揮作用。老年房主越來越意識到他們周圍的價值，即他們的房屋淨值。

When investment portfolios are under pressure, the relative stability of housing creates a compelling case for tapping into home equity. As the largest originator of reverse mortgages in the country, we believe we are well positioned to meet the moment. There is a better way with FOA.

當投資組合面臨壓力時，住房的相對穩定性為利用房屋淨值提供了令人信服的理由。作為國內最大的反向抵押貸款發起人，我們相信我們已經做好了充分的準備來應對這一情況。FOA 有更好的方法。

And with that, we'll open the call for questions.

現在，我們將開始提問。

(Operator Instructions)

（操作員指示）

Doug Harter, UBS.

瑞銀的道格·哈特。

Thanks. This is actually Will Nasta on for Doug today. And I know you gave guidance for 2Q volumes, but I was just hoping you could talk for a minute about how the rate volatility, particularly in April, impacted volumes and kind of what you've been seeing in the market so far this quarter?

謝謝。今天實際上是由 Will Nasta 代替 Doug 主持。我知道您給出了第二季度交易量的指導，但我只是希望您能談一談利率波動（特別是 4 月份的波動）對交易量的影響，以及本季度迄今為止您在市場上看到的情況？

I'll take the second part of that question. April was actually our best submission in funded volume month in the last two years, very strong volume in April. I don't know, Matt, if you want to take the rate environment and volatility one.

我將回答該問題的第二部分。四月份實際上是我們過去兩年中資助量最好的月份，四月份的資助量非常強勁。馬特，我不知道你是否想討論利率環境和波動性。

I mean, I think certainly rates continue to bounce around a little bit, so we're kind of taking a day-by-day, but we haven't seen any significant movement yet either way in terms of the rate impacting our volume at this point.

我的意思是，我認為利率肯定會繼續小幅波動，所以我們每天都在關注利率變化，但就利率對我們交易量的影響而言，我們目前還沒有看到任何重大變動。

Okay, alright, that makes sense. Thanks. And then just one more, could you just talk about what your outlook for expenses are? Obviously, they've come down to this amount over the last year plus. I'm just curious how you're thinking about your expense base going forwards?

好的，好吧，這很有道理。謝謝。然後再問一個問題，您能談談您對支出的展望嗎？顯然，在過去一年多的時間裡，這一數字已經下降到這個水平。我只是好奇您如何考慮未來的支出基礎？

So, to kind of reiterate what we said in prior quarters that, our fixed cost base is relatively fixed, right? As production increases, we expect there'll be some variable expenses increased along with that, but the fixed base is relatively fixed.

因此，重申我們在前幾個季度所說的內容，我們的固定成本基礎是相對固定的，對嗎？隨著產量的增加，我們預期一些變動費用也會隨之增加，但固定基數是相對固定的。

That said, on the fixed side, we continue to see -- we were much bigger business a couple of years ago. We continue to see opportunities what we call sharpen the pencil as contracts renew and we can renew for a lower fee count, lower number of licenses. We see some downward pressure on some of those expenses. But relatively speaking, our fixed corporate infrastructure is going to be fixed and we only have the variable expenses on increased production. We do feel like our platform can handle significantly more production without putting a lot of pressure on that fixed cost base.

話雖如此，在固定方面，我們繼續看到——幾年前我們的業務規模要大得多。隨著合約的續簽，我們繼續看到所謂的「磨礪鉛筆」的機會，我們可以以更低的費用、更少的許可證數量進行續約。我們看到部分支出面臨一些下行壓力。但相對而言，我們固定的企業基礎設施將會固定下來，我們只有在增加生產方面的變動費用。我們確實覺得我們的平台可以處理更多的生產，而不會對固定成本基礎造成太大壓力。

That concludes our question-and-answer session. I will now turn the conference back over to Graham Fleming for closing remarks.

我們的問答環節到此結束。現在我將會議交還給格雷厄姆·弗萊明，請他致閉幕詞。

I want to thank everybody for joining our call, and we look forward to updating you on our progress in Q2 in August. So thank you very much, everybody.

我要感謝大家參加我們的電話會議，我們期待在 8 月向大家通報第二季的進度。非常感謝大家。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。