Guild Holdings Co (GHLD) 2024 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Guild Holdings Company first-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this call will be 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 Company 2024 年第一季財報電話會議。（操作員說明） 謹此提醒，本次通話將會被錄音。我現在想將會議轉交給投資者關係部門。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 or other factors that are described in detail under the section titled Risk Factors in Guild's most recently filed annual report on Form 10-K and in other reports subsequently filed with the US 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營運和財務業績以及行業趨勢的前瞻性陳述。這些陳述是基於公司目前的預期。由於 Guild 最近提交的表格 10- 年度報告中標題為「風險因素」部分詳細描述的許多風險或其他因素，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。隨後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。

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

我現在想將電話轉給執行長特里·施密德。特里？

Thank you, Nikki. Good afternoon, everyone, and thank you for joining us to discuss our first-quarter results and strategic update. I am joined by our President, David Neylan; as well as our Chief Financial Officer, Amber Kramer. I am pleased to share that we are continuing to effectively execute on our strategy and gaining market share as we leverage our platform to take advantage of market dynamics. At the same time, we are demonstrating the benefit of our balanced business model, which is focused on retail mortgage originations and complemented by our servicing platform.

謝謝你，妮基。大家下午好，感謝您加入我們討論我們的第一季業績和策略更新。我們的總統戴維·內蘭 (David Neylan) 也加入了我的行列；以及我們的財務長 Amber Kramer。我很高興地告訴大家，我們將繼續有效地執行我們的策略，並利用我們的平台利用市場動態來獲得市場份額。同時，我們正在展示我們平衡業務模式的優勢，該模式專注於零售抵押貸款發放，並以我們的服務平台為補充。

By staying focused on this strategy, we have again achieved attractive market share gains. In the first quarter, total originations were $3.9 billion, up by $300 million sequentially from the fourth quarter and up 40% year over year. This compares to an increase of 13% for the first quarter of 2024 as compared to the same period of the prior year as reported by the MBA, a clear indicator of our share gains. We also delivered positive adjusted net income and return on equity.

透過繼續專注於這項策略，我們再次取得了有吸引力的市場份額成長。第一季的總發起額為 39 億美元，較第四季季增 3 億美元，年增 40%。相比之下，MBA 報告的 2024 年第一季較上年同期增長了 13%，這清楚地表明了我們的份額增長。我們也實現了正的調整後淨利和股本回報率。

Our mission remains unwavering to deliver on the promise of homeownership through our leading product offerings and localized relationship-driven approach. This compelling strategy continues to resonate with customers and drive results even in a challenging environment. A key highlight of the quarter was the successful completion of the strategic acquisition of Academy Mortgage, which represents a 25% increase to our origination volume based on 2023 data. We onboarded approximately 1,000 new employees in just two weeks and are very excited to welcome this group of like-minded individuals to the Guild family. As we have anticipated, their corporate culture and values are closely aligned with our own.

我們的使命仍然堅定不移，透過我們領先的產品和本地化的關係驅動方法來兌現住房所有權的承諾。即使在充滿挑戰的環境中，這項引人注目的策略仍能繼續引起客戶的共鳴並取得成果。本季度的一個關鍵亮點是成功完成了對 Academy Mortgage 的策略性收購，根據 2023 年的數據，這意味著我們的發起量增加了 25%。我們在短短兩週內就招募了大約 1,000 名新員工，我們非常高興地歡迎這群志同道合的人加入 Guild 大家庭。正如我們所預料的，他們的企業文化和價值觀與我們的企業文化和價值觀非常一致。

Consistent with our mission, we have expanded our offerings to help more families attain homeownership. This includes enhancing our down payment assistant grant program and launching our special purpose credit program or SPCP, which are specifically designed to make loan qualification more accessible for underserved populations. We believe these initiatives will open doors for even more deserving homebuyers.

根據我們的使命，我們擴大了產品範圍，幫助更多家庭獲得住房。這包括加強我們的首付助理補助計劃，並啟動我們的特殊用途信貸計劃或 SPCP，該計劃是專門為使服務不足的人群更容易獲得貸款資格而設計的。我們相信這些措施將為更多值得購屋者打開大門。

Our balanced originations and servicing model continues to be a cornerstone of our success, providing earnings stability across market cycles. This allows us to effectively navigate challenges and capitalize on opportunities. We are executing judiciously across all our capital priorities, investing in our organic growth, selectively pursuing accretive acquisitions, and enhancing technology and servicing capabilities while also returning capital to stockholders.

我們平衡的起源和服務模式仍然是我們成功的基石，在整個市場週期中提供穩定的收益。這使我們能夠有效應對挑戰並抓住機會。我們正在明智地執行所有資本優先事項，投資於我們的有機成長，選擇性地進行增值收購，增強技術和服務能力，同時向股東返還資本。

I'm pleased to announce the Board has declared a $0.50 per share dividend This is in addition to our ongoing share repurchase program that has been extended to May of 2025. Our prudent balance sheet management with low leverage is allowing us to continue to create value for our shareholders. We believe that our focus on purchase market originations, coupled with our strategy of retaining servicing rights, allows us to generate more reliable cash flow. Moreover, our commitment to maintaining strong customer relationships underpins our customers for life philosophy, positioning us as the leader of choice for our customers' future transactions.

我很高興地宣布，董事會已宣布派發每股 0.50 美元的股息，這是我們正在進行的股票回購計劃的補充，該計劃已延長至 2025 年 5 月。我們審慎的資產負債表管理和低槓桿使我們能夠繼續為股東創造價值。我們相信，我們對採購市場起源的關注，加上我們保留服務權的策略，使我們能夠產生更可靠的現金流。此外，我們對維持牢固的客戶關係的承諾鞏固了我們的客戶終身理念，使我們成為客戶未來交易的首選領導者。

While still a challenging environment for origination, the current backdrop also presents an opportunity for us to further strengthen our position as the cycle turns. We have maintained a disciplined approach to capital management, enabling us to selectively pursue growth opportunities. We firmly believe that Guild is well positioned to navigate the current landscape and emerge even stronger. We are confident in our strategy, our execution, and our ability to deliver long-term value for our shareholders.

雖然對於創始環境來說仍然充滿挑戰，但當前的背景也為我們提供了一個機會，可以隨著週期的轉變進一步鞏固我們的地位。我們一直保持嚴格的資本管理方法，使我們能夠有選擇地尋求成長機會。我們堅信，Guild 已經做好了應對當前局勢並變得更加強大的準備。我們對我們的策略、執行力以及為股東創造長期價值的能力充滿信心。

I'll now turn the call over to David.

我現在將把電話轉給大衛。

Thank you, Terry. I'm pleased to report on our proven ability to successfully execute our strategy and gain market share, even as the industry navigates continued headwinds from higher rates and limited housing supply. The over 600 licensed loan officers we onboarded from recent acquisitions are ramping up quickly. We are excited to have them onboard, given their close alignment to our culture, values, and approach of having local sales and fulfillment that supports our customer for life strategy. We expect them to start contributing more meaningfully to our origination volumes in the coming quarters.

謝謝你，特里。我很高興地向大家報告，儘管該行業面臨利率上升和住房供應有限帶來的持續阻力，但我們成功執行策略並獲得市場份額的能力已得到證實。我們透過最近的收購招募了超過 600 名持照信貸員，人數正在迅速增加。我們很高興他們加入，因為他們與我們的文化、價值觀以及支持我們的客戶終身策略的本地銷售和履行方式緊密結合。我們預計他們將在未來幾季開始為我們的原創量做出更有意義的貢獻。

As Terry mentioned, introducing new products to serve evolving customer needs is a priority. In today's environment, loan qualification and down-payments can be challenging, especially in underserved communities. We've recently added and expanded two key programs. First, our special purpose credit program in partnership with Freddie Mac and Fannie Mae offer lower interest rates, smaller down payments or assistance with closing cost, saving qualified homebuyers thousands in increasing attainability. Second, our down-payment assistance grant programs expanded into new regions. These are designed for buyers who can afford monthly payments, but lack sufficient funds for a downpayment, often a roadblock for first time homebuyers.

正如特里所提到的，推出新產品來滿足不斷變化的客戶需求是當務之急。在當今的環境下，貸款資格和首付可能具有挑戰性，特別是在服務不足的社區。我們最近新增並擴展了兩個關鍵計劃。首先，我們與房地美(Freddie Mac) 和房利美(Fannie Mae) 合作的特殊目的信貸計劃提供更低的利率、更少的首付或成交成本援助，為合格的購房者節省了數千美元，提高了可實現性。二是首付補助計畫拓展到新地區。這些是為有能力每月付款但缺乏足夠資金支付首付的買家而設計的，這通常是首次購房者的障礙。

Additionally, to provide more value and convenience to our customers, we've recently acquired Waterton Insurance, agency focused on nationwide home insurance solutions. This enables a convenient insurance shopping experience for our mortgage customers, providing a more seamless and efficient home buying process. We remain focused on both originations and on our servicing portfolio with an unpaid servicing balance that has grown to $86 billion and generates consistent cash flow. In the first quarter, we retain servicing rights on 72% of our originated loans, and we continue to grow our servicing portfolio. This allows us to maintain an attractive income stream while preserving customer relationships for future purchase originations and refinancing opportunities.

此外，為了向我們的客戶提供更多價值和便利，我們最近收購了 Waterton Insurance，一家專注於全國家庭保險解決方案的機構。這為我們的抵押貸款客戶提供了便捷的保險購買體驗，提供了更無縫和高效的購房流程。我們仍然專注於起源和我們的服務組合，未付服務餘額已增長至 860 億美元，並產生穩定的現金流。第一季度，我們保留了 72% 的原始貸款的服務權，並繼續擴大我們的服務組合。這使我們能夠保持有吸引力的收入流，同時保留客戶關係以供未來購買和再融資機會。

While near-term headwinds will likely persist throughout 2024, we are encouraged by our market share momentum and disciplined approach, which position us to deliver improved performance as conditions recover. Our confidence remains high in our strategy, business model, and a powerful platform we've built.

雖然短期阻力可能會持續到 2024 年，但我們的市佔率勢頭和嚴格的方法令我們感到鼓舞，這使我們能夠在情況恢復時提供更好的業績。我們對我們的策略、商業模式和我們建立的強大平台仍然充滿信心。

I'll now turn the call over to our Chief Financial Officer, Amber Kramer, to discuss the details of financials. Amber?

我現在將把電話轉給我們的財務長 Amber Kramer，討論財務細節。琥珀色？

Thank you, David. As is our standard practice, my comments will focus on sequential quarter comparison. For the first quarter of 2024, we generated $3.9 billion of total loan originations compared to $3.6 billion in the first quarter. Net revenue totaled $232 million compared to $57 million in the prior quarter, which generated net income attributable to Guild of $28 million compared to a net loss of $93 million in the fourth quarter.

謝謝你，大衛。按照我們的標準做法，我的評論將集中在連續季度比較。2024 年第一季度，我們的貸款總額為 39 億美元，而第一季為 36 億美元。淨收入總計 2.32 億美元，而上一季為 5,700 萬美元，歸屬於 Guild 的淨利潤為 2,800 萬美元，而第四季度淨虧損為 9,300 萬美元。

Adjusted net income was $8 million or $0.13 per diluted share and adjusted EBITDA was $16 million. These results are primarily driven by higher origination volume and higher servicing income, partially offset by the short-term earnings impact we had anticipated from the Academy acquisition as loan originators integrate into our pipeline and production volumes start to ramp on the Guild platform.

調整後淨利為 800 萬美元，即稀釋後每股收益 0.13 美元，調整後 EBITDA 為 1,600 萬美元。這些結果主要是由更高的發放量和更高的服務收入推動的，部分抵消了我們預期收購學院帶來的短期收益影響，因為貸款發放者融入了我們的管道，並且Guild 平台上的產量開始增加。

Focusing on our originations segment, our gain-on-sale margin came in at 364 basis points compared to 330 basis points in the prior quarter on funded originations. Gain on sale margins on pull through adjusted locked volume were 290 basis points compared to 347 basis points in the prior quarter and total pull-through adjusted locked volume was $4.6 billion compared to $3.3 billion in the prior quarter. The increase of gain on sales primarily driven by timing of locked and funded volumes and not indicative of our operational gain on sale margin.

重點關注我們的創始業務領域，我們的銷售利潤率為 364 個基點，而上一季融資創始業務的銷售利潤率為 330 個基點。拉動調整鎖定交易量的銷售利潤率為 290 個基點，而上一季為 347 個基點，拉動調整鎖定交易量總額為 46 億美元，而上一季為 33 億美元。銷售收益的增加主要是由鎖定和融資量的時間所推動的，並未顯示我們在銷售利潤方面的營運收益。

For our servicing segment, our portfolio grew to $86 billion. We reported net income of $84 million compared to a net loss of $72 million in the fourth quarter. Our servicing portfolio continues to be a valuable source for ongoing cash flow, future opportunities for loan recapture, and it reinforces our customer for life strategy. Our balance sheet remains strong and provides us with the flexibility to continue to invest in our growth.

對於我們的服務部門，我們的投資組合成長至 860 億美元。我們報告的淨利潤為 8,400 萬美元，而第四季的淨虧損為 7,200 萬美元。我們的服務組合仍然是持續現金流、未來貸款回收機會的寶貴來源，並強化了我們的終身客戶策略。我們的資產負債表依然強勁，為我們提供了繼續投資於成長的靈活性。

Turning to liquidity, as of March 31, cash and cash equivalents totaled $95 million, while unutilized loan funding capacity was $540 million and the unutilized mortgage servicing rights lines of credit was $300 million, based on total committed amount and borrowing based limitation. Our leverage ratio, defined as total secured debt, including funding divided by tangible stockholders' equity was 1.6 times. Book value per share at the end of the quarter was $19.86, while tangible net book value per share was $16.05.

就流動性而言，截至3 月31 日，現金和現金等價物總計9,500 萬美元，根據承諾總額和基於借款的限制，未使用的貸款融資能力為5.4 億美元，未使用的抵押貸款服務權信貸額度為3 億美元。我們的槓桿率（定義為總擔保債務（包括資金）除以有形股東權益）為 1.6 倍。本季末每股帳面價值為 19.86 美元，每股有形淨帳面價值為 16.05 美元。

We believe we are well positioned to both manage through the current more challenging operating environment while allowing us to invest to create additional value. In addition, during the first quarter, we repurchased approximately 17,747 shares at an average stock price of $14.16 per share. On March 7, 2024, our Board of Directors extended the share repurchase program to May 5, 2025. As of March 31, 2024, there was $10.9 million remaining under the original $20 million share repurchase authorization.

我們相信，我們有能力應對當前更具挑戰性的營運環境，同時允許我們進行投資以創造額外價值。此外，在第一季度，我們以每股 14.16 美元的平均股價回購了約 17,747 股股票。2024年3月7日，我們的董事會將股票回購計畫延長至2025年5月5日。截至 2024 年 3 月 31 日，最初的 2,000 萬美元股票回購授權尚剩餘 1,090 萬美元。

As Terry mentioned, our Board of Directors approved a dividend of $0.50 per share of Class A common stock and Class B common stock payable on June 6, to shareholders of record as on May 20. Our disciplined capital management and low leverage has allowed us to invest in growth while also returning capital to our stockholders.

正如 Terry 所提到的，我們的董事會批准了 6 月 6 日向 5 月 20 日登記在冊的股東派發每股 0.50 美元的 A 類普通股和 B 類普通股股息。我們嚴格的資本管理和低槓桿率使我們能夠投資於成長，同時也將資本回饋給股東。

In April, we generated $2 billion of loan originations and $2.2 billion of pull-through adjusted locked volume. Looking to the remainder of the year, we anticipate continued pressure on origination volume and gain-on-sale margin. However, we remain confident in our balanced business model, which we believe result in more durable and sustainable performance across market cycles.

4 月份，我們發放了 20 億美元的貸款，以及 22 億美元的拉動調整鎖定量。展望今年剩餘時間，我們預期首發數量和銷售利潤率將持續面臨壓力。然而，我們對平衡的業務模式仍然充滿信心，我們相信這會在整個市場週期中帶來更持久和可持續的業績。

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

至此，我們將開始提問。操作員？

(Operator Instructions) Don Fandetti, Wells Fargo.

（操作員說明）Don Fandetti，富國銀行。

And yes, Amber, can you talk a little bit about the G&A cost for Q2? They came in higher than we were expecting in Q1, I think because of the deal related expenses.

是的，Amber，您能談談第二季的一般行政費用嗎？他們在第一季的收入高於我們的預期，我認為是因為與交易相關的費用。

Yeah, the overall the change from Q4 to Q1, there's a couple of things driving that. It's the addition of the employees bringing -- coming on for the Academy acquisition, so salaries related with that and other compensation. There is also in overall cost. When you go into Q1, you have payroll taxes that increase. We had our annual sales event in Q1.

是的，從第四季度到第一季的整體變化，有幾個因素推動了這一變化。這是由於收購學院而帶來的員工的增加，因此薪資與此和其他補償相關。還有整體成本。當您進入第一季時，您的工資稅會增加。我們在第一季舉辦了年度銷售活動。

And then just some other acquisition-related costs with that. So there are some one-time items in there and also just some timing differences on going into Q1.

然後還有一些其他與收購相關的成本。因此，其中有一些一次性項目，並且在進入第一季時也存在一些時間差異。

So how should we think about, you know, it was $29 million this quarter, I believe. Will Q2 be higher or lower? Can you just provide some thoughts on that? Just because I don't know if you have more deal-related expenses flowing through where they're all fully loaded?

那我們應該如何考慮，我相信本季的銷售額為 2,900 萬美元。Q2 會更高還是更低？您能就此提供一些想法嗎？只是因為我不知道您是否有更多與交易相關的費用流經它們全部滿載的地方？

Yes. I mean some of G&A is variable, right? So as volume increases, you're going to have that increase. So we have verification costs and other loan-related costs that go into that. So I would expect an increase going into next quarter.

是的。我的意思是一些管理費用是可變的，對嗎？因此，隨著交易量的增加，您的交易量也會增加。因此，我們有驗證成本和其他與貸款相關的成本。因此，我預計下一季會出現成長。

Got it. And I think you mentioned the gain on sale, so we should maybe take up gain on sales more like the 330 range rather than the higher 364 this quarter. Is that the way to think about it?

知道了。我認為您提到了銷售收益，所以我們也許應該更多地考慮本季 330 系列的銷售收益，而不是更高的 364。是這樣思考的嗎？

Yeah, that's exactly right. This is -- I mean, this is typical for Q1 timing where we have this difference in the increase in the pull through adjusted lock volume versus the originations. And you can see that difference in the gain on sale. And if you look back about a year and a half, we're running about a 340 average. And so we haven't really seen meaningful changes in our operational gain on sale. So that really is just driven by timing.

是的，完全正確。這是——我的意思是，這是第一季的典型情況，我們在調整後的鎖定量與起始量的拉動增加方面存在差異。您可以看到銷售收益的差異。如果你回顧一年半的時間，我們的平均值約為 340。因此，我們並沒有真正看到我們的銷售營運收益發生有意義的變化。所以這其實只是由時機驅動的。

And then my last question is just on the Academy volume. I guess we won't see a lot of that quarter or maybe a little bit later in the quarter.

我的最後一個問題是關於學院卷的。我想我們不會在該季度或本季晚些時候看到很多內容。

Q1 was minimal as they -- we closed the deal at the end of February. So we only had one month for that so that we would see a pickup of that in Q2, yes.

第一季的規模很小——我們在二月底完成了交易。所以我們只有一個月的時間，所以我們會在第二季度看到這一情況的回升，是的。

Yes. Okay. So the guidance includes -- not the guidance, but the numbers you quoted include some impact from Academy?

是的。好的。所以指導包括——不是指導，但你引用的數字包括學院的一些影響？

Yeah, the April closings and pull-through adjusted lock volume would have Academy included in there. And there's also -- there is a pickup as well just from market volatility and rates dropping. I think some people kind of jumped in unlocking in April. And so we would expect some increase for the Academy and just some spring homebuying as well.

是的，四月的關閉和拉動調整後的鎖定量將把學院納入其中。此外，市場波動和利率下降也會帶來回升。我認為有些人在四月就開始解鎖了。因此，我們預計學院會增加，春季購屋也會增加。

Great. Thank you.

偉大的。謝謝。

Yeah, one other point that I want to make is that even though our cost structure went up a lot, it was related to Academy, of course. But if you compare -- on their origination channel, if you compare the net loss -- change in the net loss quarter over quarter, we made some headway there. In percentage, it was [90.7%] better than it was in Q4. And if you look at Q1 '24, you compare that to Q1 '23, we're 26% better. So in the net loss that we have for the channel. So the scale is working and we should continue to see improvement there.

是的，我想指出的另一點是，儘管我們的成本結構上升了很多，但這當然與學院有關。但如果你比較——在他們的原始管道上，如果你比較淨虧損——淨虧損季度與季度之間的變化，我們在這方面取得了一些進展。從百分比來看，比第四季好 [90.7%]。如果你看 24 年第一季度，與 23 年第一季相比，我們好 26%。因此，我們對通路的淨損失是這樣的。所以規模正在發揮作用，我們應該會繼續看到那裡的改進。

Kyle Joseph, Jefferies.

凱爾·約瑟夫，杰弗里斯。

Hey, guys, good afternoon. Thanks for taking my questions. Sorry, scrolling through a couple of things. I just wanted to ask about -- saw an uptick in refi volume. Is that a function of second lien or was that just kind of January when we had a little respite from higher rates or is it a combination of both to be fair?

嘿，夥計們，下午好。感謝您回答我的問題。抱歉，滾動瀏覽了一些內容。我只是想問一下——看到再融資量上升。這是第二留置權的功能，還是只是一月份我們從更高的利率中得到了一點喘息，或者公平地說，這是兩者的結合？

I noticed that too and first quarter, I think, some of that we have -- we are doing more second lien product. We rolled one out last -- towards the end of last year, and it's going very well. And I think the other part is just the tax season. People need to refinance for various reasons, but it did tick up a tiny bit, yeah.

我也注意到了這一點，我認為，第一季我們有一些——我們正在做更多的第二留置權產品。我們在去年年底推出了最後一個版本，進展非常順利。我認為另一部分就是報稅季。人們出於各種原因需要再融資，但確實有一點點上升，是的。

(multiple speakers) Most of that was earlier in the year when we had some of those rate drops, people capitalized on that. And it's 2% up from prior quarter, so not too significant.

（多名發言者）其中大部分是在今年早些時候，當時我們出現了一些利率下降，人們利用了這一點。與上一季相比成長了 2%，所以幅度並不算太大。

Got it. And then just to rehash on capital allocation. Obviously, you guys have been very acquisitive over the last 18 months, and then, obviously, the specials out there, but just kind of rehash how you're thinking about capital allocation from here? Are there still attractive acquisition opportunities at this point?

知道了。然後重新討論一下資本配置。顯然，你們在過去 18 個月裡一直非常收購，然後，顯然，那裡有特價商品，但只是重述一下你們是如何考慮這裡的資本配置的？目前是否仍存在有吸引力的收購機會？

Yeah. We're still pretty busy. And we believe that our capital base can continue to support our growth initiatives and any investment we have in technology. And so we felt that it was a good time to distribute the dividends.

是的。我們還是很忙。我們相信我們的資本基礎可以繼續支持我們的成長計劃和我們對技術的任何投資。所以我們覺得現在是分配股利的好時機。

Amber, did you want to add any more to that at all?

Amber，你還想補充一點嗎？

I mean, I think the big thing is when we look at our leverage profile and we still -- we don't have any unsecured debt. It's really only on the MSRs. And we're really focused on our percent of our fair value that we're leveraging, which is at 15% as of Q1. So we are very low. And as Terry said, we want to make sure we have the optionality to invest back in the business in our growth and return value to shareholders. And because of how we've managed our capital and liquidity over the last few years, we have the ability to do all of that right now.

我的意思是，我認為最重要的是，當我們審視我們的槓桿狀況時，我們仍然沒有任何無擔保債務。它實際上只在 MSR 上。我們真正關注的是我們所利用的公允價值百分比，截至第一季為 15%。所以我們的水平非常低。正如特里所說，我們希望確保我們可以選擇對業務進行投資，以促進我們的成長並向股東回報價值。由於我們過去幾年管理資本和流動性的方式，我們現在有能力做到這一切。

Rick Shane, JPMorgan.

里克·肖恩，摩根大通。

Hey, guys, thanks for taking my question. Kyle really answered it or really asked it and Amber really answered it,. But I'd love to talk a little bit about the dividend. Help us understand how you size that dividend. Is it driven by earnings? The last two special dividends have both been $0.50 and it does not seem per se correlated to earnings. Book value is down in that time. You talk about leverage being down. I'm just trying to think about when you're determining that number, what are the variables and how do you size it?

嘿，夥計們，謝謝你提出我的問題。凱爾確實回答了或確實問了，而安布爾也確實回答了。但我想談談股息。幫助我們了解您如何確定股息的大小。是受獲利驅動嗎？最近兩次特別股息均為 0.50 美元，本身似乎與收益無關。當時賬面價值下降了。你談到槓桿率下降。我只是想想想當你確定這個數字時，變數是什麼以及你如何確定它的大小？

First of all, the capital position that we've been in has been extremely conservative. And we -- over the last several years, we've kept a lot of capital in the business. And so we felt that it was reasonable to issue the dividend. And Amber, did you want to say something else?

首先，我們的資本狀況一直非常保守。在過去的幾年裡，我們在業務中保留了大量資本。所以我們覺得派發股息是合理的。Amber，你還想說什麼嗎？

I just think, Rick, it's a combination of a lot of factors, right? We're looking at the business now what we think the future holds. We do stress on our MSR, and we're just ensuring that we have ample liquidity in any given situation. And then based on those factors, what do we feel comfortable with and making sure that we stay in a strong position from a capital liquidity.

我只是想，瑞克，這是很多因素的結合，對嗎？我們現在正在關注我們認為未來的業務。我們確實強調我們的MSR，我們只是確保在任何特定情況下我們都有充足的流動性。然後根據這些因素，我們對什麼感到滿意並確保我們在資本流動性方面保持強勢地位。

Got it. And look, you referenced a couple of different things during the call. One of the things is you did say that the environment is going to remain challenging and you guys are managing through that profitably and gaining share. When you think about a challenging environment and declaring a special dividend is the consideration, hey, we believe that we're in a position where we are going to be profitable so we don't need to worry about sort of putting in the extra $0.50 -- saving extra $0.50 of capital for now.

知道了。看，你在通話中提到了一些不同的事情。其中一件事是，您確實說過，環境將仍然充滿挑戰，而您正在透過這種方式實現盈利並獲得份額。當您考慮充滿挑戰的環境並考慮宣布特別股息時，嘿，我們相信我們處於能夠盈利的位置，所以我們不需要擔心額外投入 0.50 美元-- 暫時節省額外 0.50 美元的資本。

And at the same time, if you were looking forward to a market where you thought originations were going to be really strong, you might actually -- even though you know that profitability would improve, you might actually retain a little bit more capital because you might need it into a more vibrant market. Is that the sort of balance you're working here, which is thinking about profitability, but also thinking, hey, it's going to be a slow market, we don't need as much capital?

同時，如果你期待一個你認為起源將會非常強大的市場，你實際上可能——即使你知道盈利能力會提高，你實際上可能會保留更多的資本，因為你可能需要它進入一個更有活力的市場。這就是你在這裡工作的那種平衡嗎？

We're constantly looking at what our opportunities are out there. And we feel like the opportunities for continued growth is still very strong through this year. And then we evaluate what capital we have, what do we think we're going to need, and make sure that we've got plenty of access to capital, and we're in a good position. And I mean, I do think again that that the rest of the year is still going to be opportunistic year. And what's really great about Guild is it doesn't matter what market we're in, whether we're in this market, we can take advantage and gain share, whether we're in a refi market and our loans in the portfolio are paying off. We can recapture. We recapture better than anybody. So whichever direction the market turns, we're in a good position.

我們一直在尋找我們的機會。我們認為今年持續成長的機會仍然很大。然後我們評估我們擁有什麼資本，我們認為我們需要什麼，並確保我們有足夠的機會獲得資本，並且我們處於有利地位。我的意思是，我確實再次認為今年剩餘時間仍然是機會主義的一年。Guild 的真正偉大之處在於，無論我們處於哪個市場，無論我們是否處於這個市場，我們都可以利用優勢並獲得份額，無論我們是否處於再融資市場，並且我們的投資組合中的貸款是顯著。我們可以奪回。我們比任何人都更好地重新奪回。因此，無論市場轉向哪個方向，我們都處於有利地位。

Got it. And then last question, look, I understand that a special dividend sends a signal to the market. At the same time, you guys did increase the buyback, but finance theory would suggest if you're trading at a discount to book, trading at a discount to tangible book, the more efficient way to return capital would be through repurchase.

知道了。最後一個問題，我知道特別股息向市場發出了一個訊號。同時，您確實增加了回購，但金融理論表明，如果您以帳面折扣進行交易，以有形帳面折扣進行交易，則更有效的資本返還方式將是透過回購。

What's the rationale? Again, like if your stock is trading at a premium to book, dividends makes more sense, but what's the rationale of returning the preponderance of the capital through dividend versus repurchase when you're trading at a discount?

理由是什麼？同樣，如果你的股票交易價格高於帳面價值，股息就更有意義，但當你以折扣價交易時，透過股息與回購來返還大部分資本的理由是什麼？

We're doing both, right? And we're continuing to do our share repurchase program and returning dividend and we look at what makes sense on the price and we're trading in tangible net book value and looking at that. So we feel like, like we said, we can do the share repurchase program, do the dividend, and continue to invest in both organic growth acquisitions and technology back into our business.

我們兩者都做，對嗎？我們正在繼續進行股票回購計劃並返還股息，我們將研究價格的合理性，我們正在以有形的帳面淨值進行交易並研究這一點。因此，正如我們所說，我們覺得我們可以實施股票回購計劃，發放股息，並繼續投資於有機成長收購和技術回饋我們的業務。

Eric Hagen, BTIG.

艾瑞克‧哈根，BTIG。

Hye, thanks. Hope you guys are well. Hey, I wanted to get your perspectives on the stability for gain on sale margins, especially for the purchased loans. And how much of an impact do you think the various concessions that you guys are offering have had on the margin, maybe even the trajectory for margins for the remainder of the quarter?

嘿，謝謝。希望你們一切都好。嘿，我想了解您對銷售利潤收益穩定性的看法，特別是對於購買的貸款。您認為你們提供的各種讓步對利潤率產生了多大影響，甚至可能對本季剩餘時間的利潤率軌跡產生了多大影響？

Eric, we really haven't seen much change in overall margin. I mean, both on the pricing margin side and execution, it's about flat. Like I said, if you take out all the timing differences over the last 1.5 year, we're about 340 average. I think couple of quarters ago, I said 330. And we haven't seen much change. And so I think until something else changes in the market, we're thinking ideally that it will be stable. We haven't seen anything else that has ticked it up or down right now, except within the volatility within certain days.

艾瑞克，我們確實沒有看到整體利潤率有太大變化。我的意思是，無論是在定價利潤方面還是在執行方面，都基本上持平。就像我說的，如果除去過去 1.5 年的所有時間差異，我們的平均值約為 340。我想幾個季度前，我說過 330。我們還沒有看到太大的變化。因此，我認為，在市場發生其他變化之前，我們理想的情況是市場將保持穩定。除了某些天內的波動之外，我們目前還沒有看到任何其他因素導致其上漲或下跌。

Okay.

好的。

I would say, yeah, that's right. I mean, if the rates start declining, typically, we historically have found that that's when really there's more movement on the gain on sale because then people have -- you're getting more business and you're not fighting for every loan that you get. And until we're in meaningful refinance situation, we're not seeing much change here on the gain on sale.

我會說，是的，沒錯。我的意思是，如果利率開始下降，通常情況下，我們從歷史上發現，那時銷售收益確實會出現更多變動，因為那時人們會獲得更多業務，並且不會為每筆貸款而奮鬥。在我們處於有意義的再融資情況之前，我們不會看到銷售收益發生太大變化。

Got you. That's helpful. And I think you mentioned holding onto around 75% of your production and then selling MSRs for the remaining 25%. Can you kind of comment on conditions for selling MSRs? What are some variables that could get you to sell more MSRs than you've currently targeted for the remainder of the year? Thank you, guys.

明白你了。這很有幫助。我認為您提到保留大約 75% 的產量，然後出售剩餘 25% 的 MSR。您能否對銷售 MSR 的條件發表評論？哪些變數可能會讓您在今年剩餘時間內銷售的 MSR 數量超出您目前的目標？感謝你們。

Yeah, typically, we're always looking at on daily basis the service release versus the service retain option. And when we've got correspondence that are out there that are paying up more than we think that loans worth, we're going to look at service releasing that loan. If in majority of --historically, it's typically our retention is about 80%, 85%. We're just in a little market -- a little different market just because everybody, they are wanting to get more production in the door. So we can change that strategy. But with our capital position we're at right now, we don't really need to. So that's our plan and continuing to be our plan going forward.

是的，通常，我們每天都會關注服務發布與服務保留選項。當我們收到的信件所支付的費用超出了我們認為的貸款價值時，我們將考慮釋放該貸款的服務。如果從歷史上看，我們的保留率通常約為 80%、85%。我們只是處於一個小市場——一個有點不同的市場，因為每個人都希望獲得更多的產量。所以我們可以改變這個策略。但以我們現在的資本狀況來看，我們真的不需要這麼做。這就是我們的計劃，並將繼續成為我們未來的計劃。

We have reached the end of our question-and-answer session. I would like to now turn the floor back over to Terry Schmidt for closing comments.

我們的問答環節已經結束。我現在想把發言權轉回特里·施密特以徵求結束意見。

Thanks, everybody, for your continued interest in Guild, and we will keep executing on our strategy and we hope to hear from you next quarter. Thank you.

感謝大家對 Guild 的持續關注，我們將繼續執行我們的策略，希望下個季度能收到您的來信。謝謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。