Guild Holdings Co (GHLD) 2023 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Guild Holdings Company Second Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this call is being recorded. I would now like to turn the conference over to Investor Relations. Please go ahead.

女士們先生們下午好，歡迎參加 Guild Holdings 公司 2023 年第二季度收益電話會議。 （操作員說明）謹此提醒，此通話正在錄音。我現在想將會議轉交給投資者關係部。請繼續。

Thank you, and good afternoon, everyone. Before we begin, I'd like to remind everyone that comments on this conference call may contain certain forward-looking statements regarding the company's expected operating and financial performance for future periods and industry trends. These statements are based on the company's current expectations. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of risks and other factors that are described in greater detail under the section titled Risk Factors in our Form 10-K and 10-Q and in other reports filed with the U.S. Securities and Exchange Commission.

謝謝大家，大家下午好。在開始之前，我想提醒大家，本次電話會議的評論可能包含某些有關公司未來時期預期運營和財務業績以及行業趨勢的前瞻性陳述。這些陳述基於公司當前的預期。由於我們的表格10-K 和10-Q 中標題為“風險因素”的部分更詳細地描述了許多風險和其他因素，未來時期的實際結果可能與這些前瞻性陳述中明示或暗示的結果存在重大差異以及向美國證券交易委員會提交的其他報告。

Additionally, today's remarks will refer to certain non-GAAP financial measures. Reconciliations of non-GAAP financial measures to the corresponding GAAP measures can be found in our earnings release furnished today with the SEC and are also available on Guild's Investor Relations website.

此外，今天的評論將涉及某些非公認會計準則財務指標。非公認會計原則財務指標與相應公認會計原則指標的調節可以在我們今天向美國證券交易委員會提供的收益報告中找到，也可以在 Guild 的投資者關係網站上找到。

And now I'd like to turn the call over to Chief Executive Officer, Terry Schmidt. Terry?

現在我想將電話轉給首席執行官特里·施密特。特里？

Thank you. Good afternoon, everyone, and thank you for joining us. I am very pleased to be conducting my first earnings call as CEO and to be joined by our President and COO, David Neylan, as well as our Chief Financial Officer, Amber Kramer.

謝謝。大家下午好，感謝您加入我們。我很高興能夠以首席執行官的身份召開第一次財報電話會議，並邀請我們的總裁兼首席運營官 David Neylan 以及我們的首席財務官 Amber Kramer 參加。

Our second quarter results were in line with our expectations as we accelerated production with total in-house loan origination of $4.5 billion, up from $2.7 billion in the first quarter. These results reflected our continued strategy to grow market share as we further scale our platform. We are achieving this through the successful execution of our organic and external growth strategy. Broader industry challenges persist due to higher interest rates and limited home inventory, which is putting pressure on production volume and industry margins. However, the Guild brand within the mortgage industry is stronger than it's ever been, and we believe we are well positioned, given several factors that have historically helped us to achieve our long-term targets.

我們第二季度的業績符合我們的預期，因為我們加快了生產，內部貸款總額達到 45 億美元，高於第一季度的 27 億美元。這些結果反映了我們在進一步擴大平台規模的同時不斷擴大市場份額的戰略。我們通過成功執行我們的有機和外部增長戰略來實現這一目標。由於利率上升和房屋庫存有限，更廣泛的行業挑戰持續存在，這給產量和行業利潤率帶來了壓力。然而，抵押貸款行業內的 Guild 品牌比以往任何時候都更強大，而且考慮到歷史上幫助我們實現長期目標的幾個因素，我們相信我們處於有利地位。

From an organic growth perspective, we benefit from our focus on the purchase market. In the second quarter, we originated 94% of our closed loan origination volume from purchase business compared to the Mortgage Bankers Association estimate of 80% for the industry. Guild also continues to provide innovative new products to meet the needs of even more buyers. No matter what is happening in the housing market, we want to get people into homes and help keep them there.

從有機增長的角度來看，我們受益於對採購市場的關注。第二季度，我們 94% 的已關閉貸款發放量來自購買業務，而抵押貸款銀行家協會對該行業的估計為 80%。 Guild還不斷提供創新的新產品，以滿足更多買家的需求。無論房地產市場發生什麼，我們都希望讓人們入住並幫助他們留住。

Additionally, key to our organic growth is continuing to expand our network of loan officers and their referral partners. All of these attributes combined have contributed to our continued share gains as evidenced in the quarter-over-quarter origination volume increase of 66% compared to the industry estimated at 39% according to the July MBA forecast.

此外，我們有機增長的關鍵是繼續擴大我們的信貸員及其推薦合作夥伴網絡。所有這些屬性加在一起，為我們的份額持續增長作出了貢獻，這一點從季度環比增長 66% 就可以看出，而根據 7 月份 MBA 預測，行業估計增長為 39%。

In terms of non-organic growth, Guild continues to grow both in existing markets and by entering new ones with selective acquisitions and team expansions. We have focused on integrating our 3 most recent transactions, which are beginning to ramp up on the Guild platform and should begin to contribute toward higher originations in the upcoming quarters.

在非有機增長方面，Guild 在現有市場以及通過選擇性收購和團隊擴張進入新市場方面持續增長。我們專注於整合最近的 3 筆交易，這些交易正開始在 Guild 平台上增加，並應在未來幾個季度開始為更高的起源做出貢獻。

The other distinctive element of Guild's model is our in-house servicing platform, which serves 2 key purposes. First, it provides for a balanced business model, which delivers recurring cash flow through cycles. And second, it positions us to extend the client lifecycle. Guild is continuing to grow our servicing channel, and we retain mortgage servicing rights for 84% of the total loans sold in the second quarter of 2023. This provides both reliable fee income as well as continued interaction with our customers, supporting our strong recapture rate.

Guild 模式的另一個獨特元素是我們的內部服務平台，它有兩個關鍵目的。首先，它提供了一個平衡的商業模式，可以在整個週期內提供經常性現金流。其次，它使我們能夠延長客戶生命週期。 Guild 正在繼續擴大我們的服務渠道，我們保留了2023 年第二季度銷售貸款總額84% 的抵押貸款服務權。這既提供了可靠的費用收入，也提供了與客戶的持續互動，支持了我們強勁的回收率。

We have also prioritized maintaining a strong balance sheet and liquidity position, which supports our ongoing pursuit of additional growth opportunities. Guild has engaged in several opportunistic acquisitions in the recent years, which has grown our reputation as a valued business partner. And we believe the continued muted origination environment will create additional opportunities for us to add smaller businesses to the Guild platform. Furthermore, beyond supporting our growth initiatives, our strong balance sheet enabled the recent decision by the Board of Directors to return capital to shareholders in the form of a special dividend. The Board believes this is another tool to create and return value to shareholders in addition to share repurchases and selective acquisitions.

我們還優先考慮保持強勁的資產負債表和流動性狀況，這支持我們不斷追求額外的增長機會。近年來，Guild 進行了多次機會主義收購，這提高了我們作為重要業務合作夥伴的聲譽。我們相信，持續低迷的創始環境將為我們創造更多機會，將小型企業添加到 Guild 平台。此外，除了支持我們的增長計劃之外，我們強大的資產負債表還使董事會最近決定以特別股息的形式向股東返還資本。董事會認為，這是除股票回購和選擇性收購之外為股東創造和回報價值的另一種工具。

Although the market continues to face many of the same pressures we have been discussing for several quarters related to rising rates and tight home inventories, I remain encouraged by our continued progress and our ability to gain market share. We are confident in our positioning given the factors that I discussed, and believe that as the market continues to stabilize, we will once again realize accelerated growth on top of the market share gains we have been producing in 2023.

儘管市場繼續面臨著我們幾個季度以來一直在討論的與利率上升和房屋庫存緊張相關的許多相同壓力，但我仍然對我們的持續進步和獲得市場份額的能力感到鼓舞。考慮到我所討論的因素，我們對自己的定位充滿信心，並相信隨著市場繼續穩定，我們將在 2023 年市場份額增長的基礎上再次實現加速增長。

I'll now turn the call over to our President and COO, David Neylan. David?

現在我將把電話轉給我們的總裁兼首席運營官 David Neylan。大衛？

As Terry mentioned, we have continued to effectively navigate the current environment, while we also continue to elevate the Guild brand. We remain focused on providing products for our loan officers to meet the needs of even more buyers, including those aimed at removing barriers to home ownership. For example, we rolled out the 1% down payment advantage program in June. This product requires the borrower to bring in only 1% down payment as an alternative to the traditional 3% required for conventional programs. Such programs make home ownership more attainable in today's housing market and allows Guild's loan officers to create deep relationships with customers by helping to find a solution for them during an otherwise challenging environment.

正如特里提到的，我們繼續有效地應對當前的環境，同時我們也繼續提升 Guild 品牌。我們仍然專注於為信貸員提供產品，以滿足更多買家的需求，包括旨在消除購房障礙的產品。例如，我們在6月份推出了1%的首付優惠計劃。該產品要求借款人僅支付 1% 的首付，以替代傳統計劃所需的 3% 的首付。此類計劃使當今的房地產市場更容易擁有住房，並允許 Guild 的信貸員在充滿挑戰的環境中幫助客戶找到解決方案，從而與客戶建立深厚的關係。

We were also recently recognized as a top guaranteed rural housing lender, being the second largest originator of USDA loans nationally. These loans provide special financing opportunities to homebuyers who live in or would like to purchase a primary residence in rural areas as defined by USDA. \

我們最近還被評為頂級農村住房貸款機構，是美國農業部全國第二大貸款發放機構。這些貸款為居住在美國農業部定義的農村地區或想要購買農村地區主要住宅的購房者提供特殊的融資機會。 \

Additionally, our reverse mortgage business, which we meaningfully expanded through our recent acquisition of Cherry Creek Mortgage, is now fully operational. Importantly, it is now being rolled out across the entire Guild platform and enables our retail team the opportunity to have a more comprehensive offering for their customers. This includes being able to provide products focused on underserved and first-time homeowners through to reverse mortgages, aligning well with our Customer for Life strategy.

此外，我們通過最近收購 Cherry Creek Mortgage 有意義地擴展了反向抵押貸款業務，現已全面投入運營。重要的是，它現在正在整個 Guild 平台上推廣，使我們的零售團隊有機會為客戶提供更全面的產品。這包括能夠通過逆轉抵押貸款向服務不足和首次購房者提供產品，與我們的終身客戶戰略保持一致。

With regard to our servicing business, we believe our balanced business model provides stability through market cycles. Having an in-house platform with customer service agents that are Guild employees is what makes the difference and sets us apart. We are continuing to successfully leverage Guild's platform and network of loan officers to continue to grow market share and position the business to accelerate growth as the market normalizes. We have a pipeline of potential growth prospects, which continues to expand as we continue to prove Guild to be a desirable partner. The current environment is creating additional opportunities marked by a flight to quality, and with Guild's rising reputation, we are a beneficiary. We will remain disciplined in our approach, but are encouraged by the prospects for securing future growth opportunities, which should allow us to continue to expand our share and scale our business to drive earnings growth.

關於我們的服務業務，我們相信我們的平衡業務模式可以在整個市場週期中提供穩定性。擁有一個由 Guild 員工組成的客戶服務代理的內部平台是我們的與眾不同之處，也是我們與眾不同的原因。我們將繼續成功地利用 Guild 的平台和信貸員網絡來繼續擴大市場份額，並使業務隨著市場正常化而加速增長。我們擁有一系列潛在的增長前景，隨著我們不斷證明 Guild 是理想的合作夥伴，這一前景將繼續擴大。當前的環境正在創造更多以追求質量為標誌的機會，隨著 Guild 聲譽的不斷提高，我們是受益者。我們將繼續遵守我們的方法，但對確保未來增長機會的前景感到鼓舞，這將使我們能夠繼續擴大我們的份額並擴大我們的業務以推動盈利增長。

I will now turn the call over to our Chief Financial Officer, Amber, to discuss the financials in more detail. Amber?

我現在將把電話轉給我們的首席財務官 Amber，以更詳細地討論財務狀況。琥珀色？

Thank you, David. As is our standard practice, my comments will focus on sequential quarter comparisons. For the second quarter of 2023, we generated $4.5 billion of total in-house loan originations compared to $2.7 billion in the first quarter, and we are pleased with the uptick.

謝謝你，大衛。按照我們的標準做法，我的評論將集中於連續季度的比較。 2023 年第二季度，我們的內部貸款總額為 45 億美元，而第一季度為 27 億美元，我們對這一增長感到滿意。

Net revenue totaled $237 million compared to $104 million in the prior quarter, and we generated net income of $37 million compared to a net loss of $37 million in the first quarter. On a per share basis, our net income was $0.61 per diluted share. Adjusted net income was $9 million, or $0.15 per share, and adjusted EBITDA was $17 million.

淨收入總計 2.37 億美元，而上一季度為 1.04 億美元；淨利潤為 3,700 萬美元，而第一季度淨虧損為 3,700 萬美元。按每股計算，我們稀釋後每股淨利潤為 0.61 美元。調整後淨利潤為 900 萬美元，即每股 0.15 美元，調整後 EBITDA 為 1700 萬美元。

Focusing on our origination segment, our gain on sale margin came in at 310 basis points compared to 343 basis points in the first quarter. Pull-through adjusted lock volume totaled $4.4 billion in the second quarter compared to $3.3 billion in the prior quarter. Our gain on sale margin on pull-through adjusted lock volume was 314 basis points compared to 284 basis points in the prior quarter. The gain on sale margins are in line with the market competition and reflects the current environment.

重點關注我們的原創細分市場，我們的銷售利潤率增長了 310 個基點，而第一季度為 343 個基點。第二季度拉動調整後的鎖定量總計 44 億美元，而上一季度為 33 億美元。我們通過拉動調整鎖定交易量獲得的銷售利潤增長了 314 個基點，而上一季度為 284 個基點。銷售利潤的增長與市場競爭相符並反映了當前的環境。

While Guild and the broader industry have both seen continued pressure on gain on sale, we remain confident in Guild's relative positioning given our balanced business model, which focuses on retail originations and servicing of the loans we originate. We believe this focus results in more durable and sustainable performance across market cycles. We are seeing some stabilization as excess capacity has contracted, but anticipate continued pressure in the near term, and further improvement will depend on market rate and spread trends as well as broader inventory levels.

雖然 Guild 和更廣泛的行業都面臨銷售收益的持續壓力，但鑑於我們平衡的業務模式（專注於零售起源和我們發起的貸款服務），我們對 Guild 的相對定位仍然充滿信心。我們相信，這種關注可以在整個市場週期中帶來更持久和可持續的業績。隨著過剩產能的收縮，我們看到了一些穩定，但預計短期內將繼續面臨壓力，進一步的改善將取決於市場價格和價差趨勢以及更廣泛的庫存水平。

For our Servicing segment, we reported net income of $89 million, up from the $300,000 net loss in the first quarter, with a 3% quarter-over-quarter increase in the unpaid balance of our servicing portfolio to $82 billion.

對於我們的服務部門，我們報告的淨利潤為 8900 萬美元，高於第一季度 30 萬美元的淨虧損，服務組合的未付餘額環比增長 3%，達到 820 億美元。

Our balance sheet remains strong and provides us with the flexibility to continue to invest in our growth in a disciplined manner, and our assets consist primarily of high-quality loans and MSRs.

我們的資產負債表依然強勁，為我們提供了繼續以嚴格的方式投資於增長的靈活性，我們的資產主要包括優質貸款和 MSR。

Turning to liquidity. As of June 30, cash and cash equivalents totaled $106 million, while unutilized loan funding capacity was $900 million. And the unutilized mortgage servicing rights line of credit remained at $205 million based on total committed amounts and borrowing base limitations. Our leverage ratio, defined as total secured debt, including funding, divided by tangible stockholders' equity, was 1.1x. Book value per share at the end of the quarter was $20.52, while tangible net book value per share was $17.01.

轉向流動性。截至 6 月 30 日，現金和現金等價物總額為 1.06 億美元，而未動用的貸款融資能力為 9 億美元。根據承諾總額和借款基礎限制，未使用的抵押貸款服務權信貸額度仍為 2.05 億美元。我們的槓桿率（定義為包括融資在內的擔保債務總額除以有形股東權益）為 1.1 倍。本季度末每股賬面價值為 20.52 美元，每股有形淨賬面價值為 17.01 美元。

We continue to focus on the best way to efficiently deploy capital while managing through uncertain times with financial prudency. Our strong balance sheet and liquidity enables us to invest in the business and strategically deploy capital in a disciplined manner to drive growth and shareholder value over time.

我們繼續關注有效部署資本的最佳方式，同時以審慎的財務態度管理不確定的時期。我們強大的資產負債表和流動性使我們能夠以嚴格的方式投資於業務並戰略性地部署資本，以隨著時間的推移推動增長和股東價值。

During the second quarter, we repurchased approximately 52,000 shares at an average stock price of $10.58 per share. As Terry mentioned, our Board of Directors declared a special dividend. The dividend of $0.50 per share will be paid to shareholders of record on August 23, 2023, and payable on September 7, 2023.

第二季度，我們以每股 10.58 美元的平均股價回購了約 52,000 股股票。正如特里提到的，我們的董事會宣布了特別股息。每股0.50美元的股息將於2023年8月23日支付給在冊股東，並於2023年9月7日支付。

In July, we have generated $1.5 billion of loan originations and approximately $1.5 billion of pull-through adjusted lock volume. Industry mortgage rates have picked up again, maintaining the current more challenging market conditions. We continue to focus on gaining share through serving potential homebuyers with products and services that meet their needs as well as selective acquisitions. We have a well-positioned balance sheet, which will support the growth of our platform. And as supply continues to moderate, we anticipate being a beneficiary of purchase activity.

7 月份，我們發放了 15 億美元的貸款，並產生了約 15 億美元的拉動調整鎖定量。行業抵押貸款利率再次上升，維持了當前更具挑戰性的市場狀況。我們繼續致力於通過為潛在購房者提供滿足他們需求的產品和服務以及選擇性收購來獲得市場份額。我們擁有良好的資產負債表，這將支持我們平台的增長。隨著供應繼續放緩，我們預計將成為購買活動的受益者。

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

至此，我們將開始提問。操作員。

(Operator Instructions) Our first question comes from Derek Sommers of Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 Derek Sommers。

Just kind of given the activity and acquisitions you guys have made since going public, was wondering if you could provide an update on where your geographic mix has been trending in the past quarter.

考慮到你們自上市以來所進行的活動和收購，我想知道你們是否可以提供有關上個季度你們的地理組合趨勢的最新信息。

Well, we increased our market share in Wisconsin, and we're in the top 5 market share in Wisconsin and -- but Cherry Creek is really our biggest volume increase, and we're in the top 3 or 4 in Colorado for Cherry Creek now. And the last one in New Mexico, we're #2 in New Mexico. But those -- the Wisconsin and Mexico haven't been -- overall, the market share nationally, it hasn't changed in a national percentage, but in those specific locations, we're gaining some good strong market share.

嗯，我們增加了威斯康星州的市場份額，並且在威斯康星州的市場份額中名列前五，而且Cherry Creek 確實是我們銷量增幅最大的地區，我們在科羅拉多州的Cherry Creek 市場份額名列前3 或前4 位現在。新墨西哥州的最後一家，我們在新墨西哥州排名第二。但那些 - 威斯康星州和墨西哥 - 總體而言，全國市場份額，全國百分比沒有變化，但在這些特定地區，我們正在獲得一些良好的強大市場份額。

Got it. And then just on regards to the special dividend. You guys have been running kind of on a non-funding debt to equity ratio of about 0.1x. With the dividend, is there any meaningful change in the leverage target moving forward?

知道了。然後是關於特別股息。你們的非融資債務與股本比率約為 0.1 倍。隨著股息的發放，槓桿目標是否會發生任何有意義的變化？

We're constantly assessing our current and forecasted cash position. And we are currently, as you mentioned, leveraged very low, and do have the ability to borrow on our MSR for additional cash needs for dividend growth, et cetera. We see this dividend as a distribution of accumulated earnings over the last couple years. And so we'll look at our total cash position, see where we are, and it might change slightly given the dividend that we're doing in September.

我們不斷評估當前和預測的現金狀況。正如您所提到的，我們目前的槓桿率非常低，並且確實有能力通過我們的 MSR 借款來滿足股息增長等方面的額外現金需求。我們將這種股息視為過去幾年累積收益的分配。因此，我們將查看我們的總現金頭寸，看看我們的情況，考慮到我們在 9 月份進行的股息，它可能會略有變化。

Okay. Got it. That's all for me. It's a great quarter.

好的。知道了。這就是我的全部。這是一個很棒的季度。

Thank you.

謝謝。

The next question comes from Melissa Wedel of J.P. Morgan.

下一個問題來自摩根大通的梅麗莎·韋德爾。

I'm on for Rick. Just wanted to follow up on your comments about significant share being driven by purchase volumes. Right now, that certainly makes sense. So it seems like we're looking at ever higher mortgage rates since the back half of the year. Can you help us sort of square the circle on how you're thinking about the purchase market over the next 6 to 18 months? And how you're positioned for that, but also what you're looking for in terms of the shift in that market mix into next year as potentially rates come off? Or do you have a different view on that?

我是為了瑞克。只是想跟進您關於購買量驅動的重要份額的評論。現在看來，這當然是有道理的。因此，自今年下半年以來，我們似乎看到抵押貸款利率越來越高。您能否幫助我們弄清楚您對未來 6 到 18 個月購買市場的看法？您對此有何定位，以及隨著潛在利率下降，您對明年市場結構的轉變有何期待？或者您對此有不同的看法嗎？

I mean, we're really seeing that the purchase market, because of the inventory issues, it's still going to be very tight for the near future. And I would say through next year, the industry, we're short over 4 million units to be at a healthy real estate environment as far as real estate transactions. So it's going to take several years to get that balance back. And so we're just going to keep focusing on how can we capture more of that purchase business by adding additional nichey-type products that are really designed to get that first-time home buyer into a home. And so we're just going to keep working on our strategy, and we've continued to stay above the purchase industry. And for the MBA, we're well above that and have continued to be and plan to keep executing in that direction.

我的意思是，我們確實看到，由於庫存問題，採購市場在不久的將來仍然會非常緊張。我想說，到明年，整個行業，就房地產交易而言，我們還缺少超過 400 萬套住房，無法保持健康的房地產環境。因此，需要幾年的時間才能恢復平衡。因此，我們將繼續關注如何通過添加額外的利基型產品來捕獲更多的購買業務，這些產品實際上是為了讓首次購房者進入房屋而設計的。因此，我們將繼續制定我們的戰略，並繼續保持在採購行業之上。對於 MBA 來說，我們遠遠高於這個目標，並且將繼續併計劃繼續朝這個方向執行。

Yes. And I think it's important to mention as well that we're very focused with our M&A activity and our growth on similar companies that are really excelling in purchase business as well. So we're able to grow meaningful market share just both internally through recruitment, but also through some of the M&A activity because they're very focused, like we have been, on the purchase business. And we'll continue to do that.

是的。我認為值得一提的是，我們非常關注我們的併購活動以及我們在採購業務方面也非常出色的類似公司的增長。因此，我們能夠通過內部招聘以及一些併購活動來擴大有意義的市場份額，因為他們像我們一樣非常專注於採購業務。我們將繼續這樣做。

You just answered my follow-up question.

您剛剛回答了我的後續問題。

The next question comes from Giuliano Bologna of Compass Point.

下一個問題來自 Compass Point 的 Giuliano Bologna。

Congrats on another good quarter operationally. One thing I would be curious about getting your perspective on if you've obviously done a number of acquisitions back to back here. And you obviously mentioned the integration of those transactions. I would be curious where you stand on acquisitions. Are you looking for much smaller tuck-ins or midsized acquisitions that have a little more integration and execution around them at this point? Or would you want to want to hold off temporarily while you digest the last transactions?

祝賀季度運營又取得良好進展。如果您顯然已經連續進行了多次收購，我很好奇了解您的觀點。您顯然提到了這些交易的整合。我很好奇你對收購的立場。您是否正在尋找規模小得多的收購或中型收購，這些收購在這一點上有更多的整合和執行？或者您想在消化最後一筆交易時暫時推遲？

We're still actively pursuing acquisitions. And the Cherry Creek, we took on 500 -- onboarded 500 employees in the first day they came on board. And they're in pretty good -- within 45 days, they're almost going full speed. So it's -- every one of these, we've gotten better at integrating them. So we're comfortable continuing to work towards adding more of these types of acquisitions. And really, the size is -- it matters more about what value add is it going to be to the company rather than the size. So are they a really big purchase shop? What kind of products do they do? What footprint are they in? And more importantly, culture . Does the culture fit?

我們仍在積極尋求收購。而 Cherry Creek，我們在 500 名員工入職的第一天就招募了 500 名員工。他們的狀況非常好——在 45 天內，他們幾乎全速前進。所以，我們在整合其中的每一項方面都做得更好。因此，我們很樂意繼續努力增加更多此類收購。事實上，規模更重要的是它會給公司帶來什麼價值，而不是規模。那麼他們是一家真正的大型採購店嗎？他們做什麼樣的產品？他們在什麼足跡？更重要的是文化。文化適合嗎？

That sounds good. And then thinking about -- you obviously are paying a special dividend this quarter. From a capital allocation perspective, I would be curious when you think about capital return versus transactions. I realize the transactions are not the most capital intensive, but I'd be curious to get a sense of your kind of -- your framework for capital allocation in the near term, given that there's a lot of M&A opportunities.

聽起來很好。然後想想——您顯然本季度要支付特別股息。從資本配置的角度來看，當你考慮資本回報與交易時，我會很好奇。我意識到這些交易並不是資本最密集的交易，但我很想了解一下你們的短期資本配置框架，因為存在很多併購機會。

When we're looking at our cash position, we're always looking at our operational cash needs, returning shareholder value and having enough capital to invest in growth while investing in our business as well. And then as I mentioned, we do see this dividend as a distribution of accumulated earnings over the last couple years, and as you know, we haven't done a dividend since 2021. So because of our strong balance sheet and our low leverage, we have the ability to do both. And we believe that both create long-term shareholder value.

當我們考慮我們的現金狀況時，我們總是關注我們的運營現金需求，回報股東價值，並有足夠的資本投資於增長，同時投資我們的業務。正如我所提到的，我們確實將這種股息視為過去幾年累積收益的分配，而且如您所知，自2021 年以來我們沒有進行過股息。因此，由於我們強大的資產負債表和較低的槓桿率，我們有能力做到這兩點。我們相信，兩者都能創造長期股東價值。

That's great. I will jump back in the queue.

那太棒了。我會跳回到隊列中。

(Operator Instructions) The next question comes from Brian Violino of Wedbush Securities.

（操作員說明）下一個問題來自 Wedbush 證券公司的 Brian Violino。

Just on the -- you had pretty strong origination growth sequentially. Just wondering if you have the breakout of how much of that was organic versus incremental originations that came from the acquisitions.

就在——你的起始增長連續相當強勁。只是想知道您是否已經了解其中有多少是有機的和來自收購的增量起源。

Amber, do you have that number? I know --

安布爾，你有這個號碼嗎？我知道 -

No, we don't publish that anywhere, but we did the Cherry Creek acquisition in the beginning of April, and so there was some ramp-up associated with that. But other than that, it's both -- there's seasonality partly. It's acquisitions partly. And just our recruiting as well has also -- we've been recruiting heavily since the beginning of the year, so that's adding volume.

不，我們不會在任何地方發布這一信息，但我們在四月初收購了 Cherry Creek，因此出現了一些與之相關的增長。但除此之外，兩者都有——部分是季節性的。部分是收購。我們的招聘也自今年年初以來一直在大量招聘，因此數量正在增加。

Okay. And then just on -- I know you brought on the California team, the 40-member team earlier this year. Is there a pipeline of not necessarily bringing on new mortgage companies but also new teams as well?

好的。然後，我知道今年早些時候您帶來了加州團隊，一支 40 人的團隊。是否有一個渠道不一定會引入新的抵押貸款公司，但也有新的團隊？

Yes. We do have a pipeline of both.

是的。我們確實有兩者的管道。

(Operator Instructions) It appears we have no further questions in the queue. I will now turn the call over to Terry Schmidt for closing remarks.

（操作員說明）隊列中似乎沒有其他問題了。現在我將把電話轉給特里·施密特進行總結髮言。

Thanks, everybody, for joining us today. We're very pleased with our second quarter results, and we'll just keep executing on our growth strategy. And we're looking forward to updating you on our next quarter call. Thank you.

謝謝大家今天加入我們。我們對第二季度的業績非常滿意，我們將繼續執行我們的增長戰略。我們期待在下個季度的電話會議上向您通報最新情況。謝謝。

Thank you, ma'am. Ladies and gentlemen, that concludes today's event. Thank you for joining us, and you may now disconnect your lines.

謝謝你，女士。女士們、先生們，今天的活動到此結束。感謝您加入我們，您現在可以斷開線路了。