|
|
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a−12 under the Exchange Act (17 CFR 240.14a−12)
|
Pre−commencement communications pursuant to Rule 14d−2(b) under the Exchange Act (17 CFR 240.14d−2(b))
|
Pre−commencement communications pursuant to Rule 13e−4(c) under the Exchange Act (17 CFR 240.13e− 4(c))
|
Title of each class
|
Trading Symbol
|
Name of each exchange on which registered
|
||
|
|
|
Item 2.02 |
Results of Operations and Financial Condition.
|
Item 9.01 |
Financial Statements and Exhibits.
|
(d) |
Exhibits.
|
Exhibit No.
|
Description
|
Earnings release dated November 10, 2022.
|
|
Investor presentation materials dated November 10, 2022.
|
|
104
|
The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.
|
HOME POINT CAPITAL INC.
|
||
Date: November 10, 2022
|
||
By:
|
/s/ Mark E. Elbaum
|
|
Name:
|
Mark E. Elbaum
|
|
Title:
|
Chief Financial Officer
|
($mm, except per share values)
|
For the quarter ended
|
|||||||||||
9/30/2022
|
6/30/2022
|
9/30/2021
|
||||||||||
Total Funded Origination Volume
|
$
|
4,142.0
|
$
|
9,291.9
|
$
|
20,795.6
|
||||||
Total Fallout Adjusted Lock Volume
|
$
|
3,734.7
|
$
|
8,878.2
|
$
|
21,894.4
|
||||||
Gain on sale margin (bps)1
|
4
|
42
|
84
|
|||||||||
Servicing portfolio - Units
|
331,264
|
320,215
|
428,622
|
|||||||||
Servicing portfolio - UPB
|
$
|
94,087.8
|
$
|
90,516.4
|
$
|
125,832.3
|
||||||
Total revenue, net
|
$
|
8.3
|
$
|
70.0
|
$
|
274.7
|
||||||
Origination segment direct expenses
|
46.1
|
67.1
|
116.6
|
|||||||||
Servicing segment direct expenses
|
14.8
|
14.5
|
17.5
|
|||||||||
Corporate expenses
|
54.8
|
37.8
|
41.1
|
|||||||||
Total expenses
|
115.7
|
119.4
|
175.2
|
|||||||||
Net (loss) income
|
$
|
(94.3
|
)
|
$
|
(44.4
|
)
|
$
|
71.5
|
||||
Net (loss) income per share
|
$
|
(0.68
|
)
|
$
|
(0.32
|
)
|
$
|
0.51
|
• |
Quarterly funded origination volume was $4.1 billion, compared to $20.8 billion in the third quarter of 2021, and $9.3 billion in the second quarter of 2022.
|
• |
Total revenue, net of $8.3 million, compared to $274.7 million in the third quarter of 2021 and $70.0 million in the second quarter of 2022.
|
• |
Total revenue in the Origination segment of $1.7 million, compared to $183.8 million in the third quarter of 2021 and $37.2 million in the second quarter of 2022.
|
• |
Gain on sale margin attributable to channels, before giving effect to the impact of capital markets and other activity, was 51
basis points in the third quarter of 2022, compared to 73 basis points in the third quarter of 2021
and 60 basis points in the second quarter of 2022.
|
• |
Total expenses of $115.7 million included $13.4
million restructuring and $10.8 million goodwill impairment charges. Excluding those charges, total expense improved 47.8% versus the third quarter of 2021 and 23.4% from the second quarter of 2022 due to the Company’s cost management initiatives.
|
• |
Net loss of $94.3 million (or $(0.68) per basic and diluted share), compared to net income of $71.5
million (or $0.51 per basic and diluted share) in the third quarter of 2021, and net loss of $44.4 million (or $(0.32) per basic and diluted share) in the second quarter of 2022.
|
• |
Broker Partners of 9,116 as of September 30, 2022
increased by 1,664 from the third quarter of 2021, and increased by 372 from the second quarter of
2022.
|
• |
In the third quarter of 2022, we had 2,569 active broker partners.
|
• |
Servicing customers of 331,264, down 22.7% from the third quarter of 2021, and up 3.5% compared to the second quarter of 2022.
|
• |
Servicing portfolio UPB totaled $94.1 billion as of September 30, 2022, down 25.2% from the third quarter of 2021, and an increase of 3.9% from the second quarter of 2022.
|
• |
Servicing portfolio delinquencies of 60 days or more of 1.0% remained relatively consistent with 0.9% in the third quarter of 2021 and 0.9% in the second quarter of 2022. The MSR multiple for the third quarter of 2022 of 5.8x increased from 4.2x in the third quarter of 2021 and was comparable with 5.8x in the second quarter of 2022, primarily driven by slower prepayment speeds due to higher mortgage interest rates.
|
• |
Company’s available liquidity of $569.1 million as of September 30, 2022.
|
($mm)
|
For the quarter ended
|
|||||||||||
9/30/2022
|
6/30/2022
|
9/30/2021
|
||||||||||
Gain on loans, net
|
$
|
(10.3
|
)
|
$
|
13.2
|
$
|
145.3
|
|||||
Loan fee income
|
7.6
|
15.3
|
34.5
|
|||||||||
Interest income, net and other income
|
4.4
|
8.7
|
4.0
|
|||||||||
Total Origination segment revenue
|
1.7
|
37.2
|
183.8
|
|||||||||
Directly attributable expense
|
46.1
|
67.1
|
116.6
|
|||||||||
Contribution margin
|
$
|
(44.4
|
)
|
$
|
(29.9
|
)
|
$
|
67.2
|
|
For the quarter ended
|
|||||||||||
Key Performance Indicators1
|
9/30/2022
|
6/30/2022
|
9/30/2021
|
|||||||||
Total Funded Origination Volume
|
$
|
4,142.0
|
$
|
9,291.9
|
$
|
20,795.6
|
||||||
Total Fallout Adjusted Lock Volume
|
$
|
3,734.7
|
$
|
8,878.2
|
$
|
21,894.4
|
||||||
Gain on Sale Margin (bps)2
|
4
|
42
|
84
|
|||||||||
Origination Volume by Purpose:
|
||||||||||||
Purchase
|
81.1
|
%
|
71.3
|
%
|
34.6
|
%
|
||||||
Refinance
|
18.9
|
%
|
28.7
|
%
|
65.4
|
%
|
||||||
Third Party Partners:
|
||||||||||||
Number of Broker Partners
|
9,116
|
8,744
|
7,452
|
|||||||||
Number of Correspondent Partners3
|
N/A
|
670
|
652
|
($mm)
|
For the quarter ended
|
|||||||||||
9/30/2022
|
6/30/2022
|
9/30/2021
|
||||||||||
Loan servicing fees
|
$
|
60.1
|
$
|
62.9
|
$
|
91.8
|
||||||
Interest income, net and other income
|
4.1
|
1.5
|
0.9
|
|||||||||
Total Servicing segment revenue
|
64.2
|
64.4
|
92.7
|
|||||||||
Directly attributable expense
|
14.8
|
14.5
|
17.5
|
|||||||||
Primary Margin
|
49.4
|
49.9
|
75.2
|
|||||||||
Change in MSR fair value: amortization
|
(28.7
|
)
|
(33.4
|
)
|
(73.9
|
)
|
||||||
Adjusted contribution margin
|
20.7
|
16.5
|
1.3
|
|||||||||
Change in MSR fair value: mark-to-market, net of hedge
|
(17.5
|
)
|
3.5
|
84.9
|
||||||||
Contribution margin
|
$
|
3.2
|
$
|
20.0
|
$
|
86.2
|
Key Performance Indicators
|
For the quarter ended1
|
|||||||||||
9/30/2022
|
6/30/2022
|
9/30/2021
|
||||||||||
MSR servicing portfolio - UPB
|
$
|
94,088
|
$
|
90,516
|
$
|
125,832
|
||||||
Average MSR servicing portfolio - UPB
|
$
|
92,302
|
$
|
96,251
|
$
|
125,046
|
||||||
MSR servicing portfolio - Units
|
331,264
|
320,215
|
428,622
|
|||||||||
Weighted average coupon rate
|
3.30
|
%
|
3.18
|
%
|
2.98
|
%
|
||||||
60+ days delinquent, incl. forbearance
|
1.0
|
%
|
0.9
|
%
|
0.9
|
%
|
||||||
MSR multiple
|
5.8
|
5.8
|
4.2
|
($mm)
|
As of
|
|||||||||||
9/30/2022
|
6/30/2022
|
12/31/2021
|
||||||||||
Cash and cash equivalents
|
$
|
130.3
|
$
|
135.8
|
$
|
171.0
|
||||||
Mortgage servicing rights (at fair value)
|
$
|
1,492.5
|
$
|
1,419.1
|
$
|
1,525.1
|
||||||
Warehouse lines of credit
|
$
|
870.6
|
$
|
1,910.4
|
$
|
4,718.7
|
||||||
Term debt and other borrowings, net
|
$
|
941.3
|
$
|
845.5
|
$
|
1,226.5
|
||||||
Total shareholders' equity
|
$
|
639.1
|
$
|
732.3
|
$
|
776.6
|
($mm, except per share values)
|
For the quarter ended
|
|||||||||||
9/30/2022
|
6/30/2022
|
9/30/2021
|
||||||||||
(Loss) gain on loans, net
|
$
|
(10.3
|
)
|
$
|
13.2
|
$
|
145.5
|
|||||
Loan fee income
|
7.6
|
15.3
|
34.5
|
|||||||||
Interest income
|
21.5
|
27.5
|
36.7
|
|||||||||
Interest expense
|
(26.3
|
)
|
(28.9
|
)
|
(45.5
|
)
|
||||||
Interest expense, net
|
(4.8
|
)
|
(1.4
|
)
|
(8.8
|
)
|
||||||
Loan servicing fees
|
60.1
|
62.9
|
91.8
|
|||||||||
Change in fair value of mortgage servicing rights
|
(46.2
|
)
|
(29.9
|
)
|
11.0
|
|||||||
Other income
|
1.9
|
9.9
|
0.7
|
|||||||||
Total revenue, net
|
8.3
|
70.0
|
274.7
|
|||||||||
Compensation and benefits
|
62.8
|
75.6
|
114.6
|
|||||||||
Loan expense
|
4.0
|
7.0
|
16.6
|
|||||||||
Loan servicing expense
|
11.2
|
7.1
|
6.7
|
|||||||||
Production technology
|
3.7
|
4.3
|
7.6
|
|||||||||
General and administrative
|
12.5
|
17.0
|
21.7
|
|||||||||
Depreciation and amortization
|
2.6
|
2.6
|
2.4
|
|||||||||
Impairment of goodwill
|
10.8
|
—
|
—
|
|||||||||
Other expenses
|
8.1
|
5.8
|
5.6
|
|||||||||
Total expenses
|
115.7
|
119.4
|
175.2
|
|||||||||
(Loss) income before income tax
|
(107.4
|
)
|
(49.4
|
)
|
99.5
|
|||||||
Pre-tax margin
|
(1294.0
|
%
|
(70.6
|
)%
|
36.2
|
%
|
||||||
Income tax benefit (expense)
|
$
|
25.0
|
$
|
14.1
|
$
|
(27.3
|
)
|
|||||
(Loss) income from equity method investment
|
$
|
(11.9
|
)
|
$
|
(9.1
|
)
|
$
|
(0.7
|
)
|
|||
Net (loss) income
|
$
|
(94.3
|
)
|
$
|
(44.4
|
)
|
$
|
71.5
|
||||
Net margin
|
(1136.1
|
)%
|
(63.4
|
)%
|
26.0
|
%
|
||||||
(Loss) earnings per share:
|
||||||||||||
Basic
|
$
|
(0.68
|
)
|
$
|
(0.32
|
)
|
$
|
0.51
|
||||
Diluted
|
$
|
(0.68
|
)
|
$
|
(0.32
|
)
|
$
|
0.51
|
||||
Basic weighted average common stock outstanding (mm)
|
138.4
|
138.5
|
139.1
|
|||||||||
Diluted weighted average common stock outstanding (mm)
|
138.4
|
138.5
|
140.0
|
|||||||||
Adjusted income statement metrics 1:
|
||||||||||||
Adjusted revenue
|
$
|
13.9
|
$
|
57.4
|
$
|
189.1
|
||||||
Adjusted net (loss) income
|
$
|
(80.9
|
)
|
$
|
(46.9
|
)
|
$
|
9.9
|
||||
Adjusted net margin
|
(581.8
|
)%
|
(81.7
|
)%
|
5.2
|
%
|
($mm)
|
As of
|
|||||||||||
9/30/2022
|
6/30/2022
|
12/31/2021
|
||||||||||
(Unaudited)
|
||||||||||||
Assets:
|
||||||||||||
Cash and cash equivalents
|
$
|
130.3
|
$
|
135.8
|
$
|
171.0
|
||||||
Restricted cash
|
18.1
|
27.1
|
36.8
|
|||||||||
Cash and cash equivalents and Restricted cash
|
148.4
|
162.9
|
207.8
|
|||||||||
Mortgage loans held for sale (at fair value)
|
917.8
|
2,018.6
|
5,107.1
|
|||||||||
Mortgage servicing rights (at fair value)
|
1,492.5
|
1,419.1
|
1,525.1
|
|||||||||
Property and equipment, net
|
13.4
|
18.0
|
21.9
|
|||||||||
Accounts receivable, net
|
167.7
|
177.0
|
129.1
|
|||||||||
Derivative assets
|
72.2
|
59.3
|
84.4
|
|||||||||
Goodwill
|
—
|
10.8
|
10.8
|
|||||||||
Government National Mortgage Association loans eligible for repurchase
|
194.5
|
117.1
|
65.2
|
|||||||||
Assets held for sale
|
38.9
|
50.7
|
63.7
|
|||||||||
Other assets
|
36.8
|
40.9
|
43.2
|
|||||||||
Total assets
|
$
|
3,082.2
|
$
|
4,074.4
|
$
|
7,258.3
|
||||||
Liabilities and Shareholders’ Equity:
|
||||||||||||
Warehouse lines of credit
|
870.6
|
1,910.4
|
4,718.7
|
|||||||||
Term debt and other borrowings, net
|
941.3
|
845.5
|
1,226.5
|
|||||||||
Accounts payable and accrued expenses
|
82.9
|
106.0
|
138.2
|
|||||||||
Government National Mortgage Association loans eligible for repurchase
|
194.5
|
117.1
|
65.2
|
|||||||||
Deferred tax liabilities
|
193.9
|
214.9
|
229.8
|
|||||||||
Derivative liabilities
|
92.8
|
60.3
|
26.7
|
|||||||||
Other liabilities
|
67.1
|
87.9
|
76.6
|
|||||||||
Total liabilities
|
2,443.1
|
3,342.1
|
6,481.7
|
|||||||||
Shareholders’ Equity:
|
||||||||||||
Common stock
|
—
|
—
|
—
|
|||||||||
Additional paid in capital
|
512.5
|
511.6
|
523.8
|
|||||||||
Retained earnings
|
126.6
|
220.7
|
252.8
|
|||||||||
Treasury stock
|
—
|
—
|
—
|
|||||||||
Total shareholders' equity
|
639.1
|
732.3
|
776.6
|
|||||||||
Total liabilities and shareholders' equity
|
$
|
3,082.2
|
$
|
4,074.4
|
$
|
7,258.3
|
($mm)
|
For the quarter ended
|
|||||||||||
9/30/2022
|
6/30/2022
|
9/30/2021
|
||||||||||
Funded Origination Volume by Channel
|
||||||||||||
Wholesale
|
$
|
4,019.9
|
$
|
7,382.4
|
$
|
16,355.4
|
||||||
Correspondent
|
64.1
|
1,731.8
|
3,434.2
|
|||||||||
Direct
|
58.0
|
177.7
|
1,006.0
|
|||||||||
Total Funded Origination Volume
|
$
|
4,142.0
|
$
|
9,291.9
|
$
|
20,795.6
|
||||||
Fallout Adjusted Lock Volume by Channel
|
||||||||||||
Wholesale
|
$
|
3,688.8
|
$
|
7,483.3
|
$
|
16,709.8
|
||||||
Correspondent
|
N/A
|
1,269.1
|
4,150.0
|
|||||||||
Direct
|
45.9
|
125.9
|
1,034.6
|
|||||||||
Total Fallout Adjusted Lock Volume
|
$
|
3,734.7
|
$
|
8,878.3
|
$
|
21,894.4
|
($mm)
|
For the quarter ended
|
|||||||||||||||||||||||
9/30/2022
|
6/30/2022
|
9/30/2021
|
||||||||||||||||||||||
$ Amount
|
Basis
Points
|
$ Amount
|
Basis
Points
|
$ Amount
|
Basis
Points
|
|||||||||||||||||||
Gain on Sale Margin by Channel
|
||||||||||||||||||||||||
Wholesale
|
$
|
17.9
|
48
|
$
|
47.7
|
64
|
$
|
122.0
|
73
|
|||||||||||||||
Correspondent
|
N/A
|
N/A
|
$
|
2.0
|
16
|
8.4
|
20
|
|||||||||||||||||
Direct
|
1.2
|
260
|
$
|
3.2
|
256
|
30.3
|
292
|
|||||||||||||||||
Margin Attributable to Channels
|
19.1
|
51
|
$
|
52.9
|
60
|
160.7
|
73
|
|||||||||||||||||
Other (Loss) Gain on Sale1
|
(17.4
|
)
|
(47
|
)
|
$
|
(15.7
|
)
|
(18
|
)
|
23.2
|
11
|
|||||||||||||
Gain on Sale Margin2
|
$
|
1.7
|
4
|
$
|
37.2
|
42
|
$
|
183.9
|
84
|
($mm)
|
For the quarter ended September 30, 2022
|
|||||||||||||||||||||||||||
Origination
|
Servicing
|
Segments
Total |
All Other
|
Total
|
Reconciliation
Item1
|
Segments
Total
|
||||||||||||||||||||||
Revenue:
|
||||||||||||||||||||||||||||
Loss on loans, net
|
$
|
(10.3
|
)
|
$
|
—
|
$
|
(10.3
|
)
|
$
|
—
|
$
|
(10.3
|
)
|
$
|
—
|
$
|
(10.3
|
)
|
||||||||||
Loan fee income
|
7.6
|
—
|
7.6
|
—
|
7.6
|
—
|
7.6
|
|||||||||||||||||||||
Loan servicing fees
|
—
|
60.1
|
60.1
|
—
|
60.1
|
—
|
60.1
|
|||||||||||||||||||||
Change in fair value of mortgage servicing rights
|
—
|
(46.2
|
)
|
(46.2
|
)
|
—
|
(46.2
|
)
|
—
|
(46.2
|
)
|
|||||||||||||||||
Interest income (expense), net
|
4.4
|
4.1
|
8.5
|
(13.3
|
)
|
(4.8
|
)
|
—
|
(4.8
|
)
|
||||||||||||||||||
Other (expense) income
|
—
|
—
|
—
|
(10.0
|
)
|
(10.0
|
)
|
11.9
|
1.9
|
|||||||||||||||||||
Total Revenue
|
$
|
1.7
|
$
|
18.0
|
$
|
19.7
|
$
|
(23.3
|
)
|
$
|
(3.6
|
)
|
$
|
11.9
|
$
|
8.3
|
||||||||||||
Contribution margin
|
$
|
(44.4
|
)
|
$
|
3.2
|
$
|
(41.2
|
)
|
$
|
(77.9
|
)
|
$
|
(119.1
|
)
|
($mm)
|
For the quarter ended June 30, 2022
|
|||||||||||||||||||||||||||
Origination
|
Servicing
|
Segments
Total
|
All Other
|
Total
|
Reconciliation
Item1
|
Segments
Total
|
||||||||||||||||||||||
Revenue:
|
||||||||||||||||||||||||||||
Gain on loans, net
|
$
|
13.2
|
$
|
—
|
$
|
13.2
|
$
|
—
|
$
|
13.2
|
$
|
—
|
$
|
13.2
|
||||||||||||||
Loan fee income
|
15.3
|
—
|
15.3
|
—
|
15.3
|
—
|
15.3
|
|||||||||||||||||||||
Loan servicing fees
|
—
|
62.9
|
62.9
|
—
|
62.9
|
—
|
62.9
|
|||||||||||||||||||||
Change in fair value of mortgage servicing rights
|
—
|
(29.9
|
)
|
(29.9
|
)
|
—
|
(29.9
|
)
|
—
|
(29.9
|
)
|
|||||||||||||||||
Interest income (expense), net
|
8.6
|
1.5
|
10.1
|
(11.5
|
)
|
(1.4
|
)
|
—
|
(1.4
|
)
|
||||||||||||||||||
Other income
|
0.1
|
—
|
0.1
|
0.7
|
0.8
|
9.1
|
9.9
|
|||||||||||||||||||||
Total Revenue
|
$
|
37.2
|
$
|
34.5
|
$
|
71.7
|
$
|
(10.8
|
)
|
$
|
60.9
|
$
|
9.1
|
$
|
70.0
|
|||||||||||||
Contribution margin
|
$
|
(29.9
|
)
|
$
|
20.0
|
$
|
(9.9
|
)
|
$
|
(48.7
|
)
|
$
|
(58.6
|
)
|
($mm)
|
For the quarter ended September 30, 2021
|
|||||||||||||||||||||||||||
Origination
|
Servicing
|
Segments
Total
|
All Other
|
Total
|
Reconciliation
Item1
|
Segments
Total
|
||||||||||||||||||||||
Revenue:
|
||||||||||||||||||||||||||||
Gain on loans, net
|
$
|
145.3
|
$
|
0.2
|
$
|
145.5
|
$
|
—
|
$
|
145.5
|
$
|
—
|
$
|
145.5
|
||||||||||||||
Loan fee income
|
$
|
34.5
|
$
|
—
|
$
|
34.5
|
$
|
—
|
$
|
34.5
|
$
|
—
|
$
|
34.5
|
||||||||||||||
Loan servicing fees
|
$
|
—
|
$
|
91.8
|
$
|
91.8
|
$
|
—
|
$
|
91.8
|
$
|
—
|
$
|
91.8
|
||||||||||||||
Change in fair value of mortgage servicing rights
|
$
|
—
|
$
|
11.0
|
$
|
11.0
|
$
|
—
|
$
|
11.0
|
$
|
—
|
$
|
11.0
|
||||||||||||||
Interest income (expense), net
|
$
|
4.0
|
$
|
0.6
|
$
|
4.6
|
$
|
(13.5
|
)
|
$
|
(8.9
|
)
|
$
|
—
|
$
|
(8.9
|
)
|
|||||||||||
Other income (expense)
|
$
|
—
|
$
|
0.1
|
$
|
0.1
|
$
|
(0.1
|
)
|
$
|
—
|
$
|
0.8
|
$
|
0.8
|
|||||||||||||
Total Revenue
|
$
|
183.8
|
$
|
103.7
|
$
|
287.5
|
$
|
(13.6
|
)
|
$
|
273.9
|
$
|
0.8
|
$
|
274.7
|
|||||||||||||
Contribution margin
|
$
|
67.2
|
$
|
86.2
|
$
|
153.4
|
$
|
(54.8
|
)
|
$
|
98.6
|
($mm)
|
For the quarter ended
|
|||||||||||
9/30/2022
|
6/30/2022
|
9/30/2021
|
||||||||||
Total revenue, net
|
$
|
8.3
|
$
|
70.0
|
$
|
274.7
|
||||||
Loss from equity method investment
|
(11.9
|
)
|
(9.1
|
)
|
(0.7
|
)
|
||||||
Change in fair value of MSR, net of hedge
|
17.5
|
(3.5
|
)
|
(84.9
|
)
|
|||||||
Adjusted revenue
|
$
|
13.9
|
$
|
57.4
|
$
|
189.1
|
($mm)
|
For the quarter ended
|
|||||||||||
9/30/2022
|
6/30/2022
|
9/30/2021
|
||||||||||
Total net (loss) income
|
$
|
(94.3
|
)
|
$
|
(44.4
|
)
|
$
|
71.5
|
||||
Change in fair value of MSR, net of hedge
|
17.5
|
(3.5
|
)
|
(84.9
|
)
|
|||||||
Income tax effect of change in fair value of MSR, net of hedge
|
(4.1
|
)
|
1.0
|
23.3
|
||||||||
Adjusted net (loss) income
|
$
|
(80.9
|
)
|
$
|
(46.9
|
)
|
$
|
9.9
|
($mm)
|
For the quarter ended
|
|||||||||||
9/30/2022
|
6/30/2022
|
9/30/2021
|
||||||||||
Total revenue, net
|
$
|
8.3
|
$
|
70.0
|
$
|
274.7
|
||||||
Total net (loss) income
|
(94.3
|
)
|
(44.4
|
)
|
71.5
|
|||||||
Net margin
|
(1136.1
|
)%
|
(63.4
|
)%
|
26.0
|
%
|
||||||
Adjusted revenue
|
$
|
13.9
|
$
|
57.4
|
$
|
189.1
|
||||||
Adjusted net (loss) income
|
(80.9
|
)
|
(46.9
|
)
|
9.9
|
|||||||
Adjusted net margin
|
(581.8
|
)%
|
(81.7
|
)%
|
5.2
|
%
|