– Full Year Pre-Tax Income and Adjusted EBITDA
Exceed Previously Increased Guidance –
– Funded Volume Grew 7% From Prior Quarter and
70% in 2020 –
– Investor Call Scheduled For Tuesday, March 2,
2021 At 5:00 pm Eastern Time –
Finance of America Companies, (“Finance of America”)
which intends to merge in a business combination with Replay
Acquisition Corp. (NYSE: RPLA) (“Replay Acquisition”) that will
result in Finance of America becoming a publicly-listed company,
reported fourth quarter and full year results for the period ended
December 31, 2020. Finance of America is a diversified, vertically
integrated consumer lending platform operating in three lending
segments: Mortgage Originations, Reverse Originations, Commercial
Originations, and two non-lending segments: Lender Services and
Portfolio Management.
Fourth Quarter 2020 Highlights
- Total funded volume grew 7% to $9.77 billion, compared to $9.17
billion in the prior quarter
- Total net rate lock volume came in at $7.86 billion, compared
to $9.29 billion in the prior quarter
- Total revenues were $539 million, compared to $605 million in
the prior quarter
- Pre-tax net income totaled $153 million, compared to $242
million in the prior quarter
- Adjusted EBITDA* totaled $174 million, compared to $235 million
in the prior quarter
Full Year 2020 Highlights
- Total funded volume increased 70% to $32.63 billion, compared
to $19.16 billion in 2019
- Total net rate lock volume grew 83% to $30.16 billion, compared
to $16.52 billion in 2019
- Total revenues rose 101% to $1.80 billion, compared to $894
million in 2019
- Pre-tax net income grew 541% to $500 million, compared to $78
million in 2019
- Adjusted EBITDA* increased 381% to $597 million, compared to
$124 million in 2019
- Adjusted EBITDA of $597 million exceeded high-end of previously
increased guidance of $565 million
*See reconciliation of Adjusted EBITDA to Net income before
taxes.
“Finance of America delivered on all fronts as strong fourth
quarter results drove record full-year performance beating the
high-end of our upwardly revised guidance,” stated Patricia Cook,
CEO of Finance of America. “Our central tenet is to engage in
businesses that complement one another, with a broadly diversified
platform to generate sustainable growth across economic cycles and
capitalize on tailwinds as they present themselves. Persistent low
interest rates facilitated record mortgage originations volumes and
margins, while other segments continued to gain traction and
perform well. Our Portfolio Management business invested in its
first MSRs fund last quarter, and we continue to launch new
products and extend Reverse and Commercial Originations footprints.
Finally, as we near the milestone of becoming a public company, our
team remains energized to continue to deliver market leading
results while driving shareholder value.”
Fourth Quarter Financial Summary
($ amounts in millions)
Q4'20
Q3'20
Variance (%)
Q4'20 vs Q3'20
Q4'19
Variance (%)
Q4'20 vs Q4'19
FY 2020
FY 2019
Variance (%)
2020 vs 2019
Funded volume
9,769
9,170
7%
6,029
62%
32,626
19,159
70%
Net rate lock volume(1)
7,855
9,286
-15%
3,972
98%
30,157
16,524
83%
Total revenue
539
605
-11%
250
116%
1,797
894
101%
Total expenses
386
362
7%
235
64%
1,297
816
59%
Pre-tax net income
153
242
-37%
15
920%
500
78
541%
Net income
153
242
-37%
15
920%
498
77
547%
Adjusted EBITDA(3)
174
235
-26%
23
657%
597
124
381%
Mortgage originations margin(2)
4.31%
4.39%
-2%
3.08%
40%
3.88%
2.80%
39%
(1)
Net rate lock volume relates only to the Mortgage Originations
segment
(2)
Calculated for each period as Gain on sale of mortgage loans,
net and other income related to the origination of mortgage loans
held for sale, net divided by Net rate lock volume.
(3)
See reconciliation of Adjusted EBITDA to Net income before
taxes
Discussion of Fourth Quarter 2020 Results:
- Pre-tax net income totaled $153 million for the quarter and
$500 million for the year 2020, compared to $15 million and $78
million in the prior year periods, respectively.
- Generated record origination volume of $9,769 million (funded
volume) and $7,855 million (net lock volume), as well as continuing
strong gain-on-sale margins.
- Successfully resumed Commercial Originations in June 2020 with
strong market response and growth driving profitability in the
fourth quarter.
- Completed two asset securitizations in Portfolio Management
segment for $555 million during the fourth quarter and ten asset
securitizations for $3,270 million during 2020, including
non-agency reverse mortgage, rehab/construction commercial loans
and HECM buyout loans.
Balance Sheet Highlights
($ amounts in millions)
December 31,
2020
December 31,
2019
Variance (%)
2020 vs 2019
Cash and cash equivalents
233
118
97%
Total assets
19,565
16,584
18%
Total liabilities
18,771
15,913
18%
CRNCI
166
188
-12%
Members' equity
628
483
30%
- Cash and cash equivalents excluding restricted cash grew 97% to
$233 million.
- Total assets and liabilities grew $2,981 million and $2,858
million, respectively, during 2020 primarily as a result of the
growth in our mortgage loans held for sale and related
interest-rate lock pipeline of $1,048 million and securitized
mortgage loans held for investment of $2,334 million. Increases in
these assets were partially offset by a reduction in unsecuritized
loans held for investment of $683 million.
- Retained or purchased mortgage servicing rights (MSRs) grew by
$178 million during 2020.
- Completed issuance of $350 million in senior unsecured notes
due in 2025.
- Equity, including CRNCI (Contingently Redeemable Noncontrolling
Interest), increased $123 million in 2020 primarily as a result of
$498 million of net income partially offset by member
distributions.
Segment Results
Mortgage Originations
The Mortgage Originations segment generates revenue through fee
income from loan originations and gain on sale of mortgage loans
into the secondary market.
($ amounts in millions)
Q4'20
Q3'20
Variance (%)
Q4'20 vs Q3'20
Q4'19
Variance (%)
Q4'20 vs Q4'19
FY 2020
FY 2019
Variance (%)
2020 vs 2019
Funded volume
8,808
8,454
4%
4,440
98%
29,064
15,437
88%
Net rate lock volume
7,855
9,286
-15%
3,972
98%
30,157
16,524
83%
Total revenue
367
444
-17%
143
157%
1,292
527
145%
Mortgage originations margin
4.31%
4.39%
-2%
3.08%
40%
3.88%
2.80%
39%
Pre-tax net income
129
204
-37%
2
6,350%
460
20
2,200%
- Produced record originations of $8,808 million (funded volume)
and $7,855 million (net rate lock volume) and pre-tax net income of
$129 million during the fourth quarter. Pre-tax earnings were up
meaningfully compared to the prior year quarter, while the
sequential decline was largely a function of lower net rate lock
volume.
- Full year 2020 funded volume grew 88% and net rate lock volume
increased 83% compared to the prior year.
- Pre-tax net income of $460 million for the year was up
considerably compared to $20 million in 2019.
- Growth in segment profitability has been a function of the
overall robust mortgage market as well as increased gain on sale
margins and Company productivity.
Reverse Originations
The Reverse Originations segment generates revenue and earnings
in the form of net origination gains and origination fees earned on
the origination of reverse mortgage loans.
($ amounts in millions)
Q4'20
Q3'20
Variance (%)
Q4'20 vs Q3'20
Q4'19
Variance (%)
Q4'20 vs Q4'19
FY 2020
FY 2019
Variance (%)
2020 vs 2019
Funded volume
655
626
5%
686
-5%
2,707
2,487
9%
Total revenue
55
49
12%
37
49%
194
145
34%
Pre-tax net income
33
24
38%
13
154%
107
65
65%
- Reverse Originations generated pre-tax net income of $33
million during the fourth quarter compared to $24 million in the
prior quarter and $13 million in the prior-year period.
- With funded volume increasing 9% in 2020, pre-tax net income
was up 65% compared to full year 2019 levels due to improved
margins in the segment.
Commercial Originations
The Commercial Originations segment provides business purpose
lending solutions for residential real estate investors. The
Commercial Originations segment generates revenue and earnings in
the form of net origination gains and origination fees earned on
the origination of mortgage loans.
($ amounts in millions)
Q4'20
Q3'20
Variance (%)
Q4'20 vs Q3'20
Q4'19
Variance (%)
Q4'20 vs Q4'19
FY 2020
FY 2019
Variance (%)
2020 vs 2019
Funded volume
307
90
241%
400
-23%
855
1,235
-31%
Total revenue
13
5
160%
21
-38%
37
67
-45%
Pre-tax net income (loss)
1
(2)
100%
5
-80%
(4)
15
-127%
- Commercial Originations temporarily suspended loan originations
in March 2020 as a result of market uncertainty during the initial
stages of the COVID-19 pandemic. Loan originations resumed in June
and grew steadily through the remainder of the year.
- Funded volume increased 241% sequentially in the fourth
quarter, while pre-tax net income of $1 million marked the return
of the Commercial Originations segment to profitability.
Portfolio Management
The Portfolio Management segment generates revenue and earnings
in the form of gain on sale of loans, fair value gains, interest
income, servicing income, fees for underwriting, advisory and
valuation services and other ancillary fees.
($ amounts in millions)
Q4'20
Q3'20
Variance (%)
Q4'20 vs Q3'20
Q4'19
Variance (%)
Q4'20 vs Q4'19
FY 2020
FY 2019
Variance (%)
2020 vs 2019
Assets under management
16,896
16,639
2%
15,056
12%
16,896
15,056
12%
Total revenue
38
42
-10%
25
52%
69
73
-5%
Pre-tax net income (loss)
8
19
-58%
5
60%
(22)
9
-344%
- Assets under management grew $257 million compared to the prior
quarter as a result of growth in retained reverse mortgage loans
and MSR.
- Completed the formation of the Company’s first managed MSR
fund.
- Year-to-date revenue and pre-tax net income decreased from the
prior year due to fair value adjustments on loans and securities
held for investment.
Lender Services
The Lender Services business generates revenue and earnings in
the form of fees. Lender Services supports over 1,000 third party
clients across the lending industry.
($ amounts in millions)
Q4'20
Q3'20
Variance (%)
Q4'20 vs Q3'20
Q4'19
Variance (%)
Q4'20 vs Q4'19
FY 2020
FY 2019
Variance (%)
2020 vs 2019
Total revenue
66
53
25%
31
113%
205
110
86%
Pre-tax net income
4
8
-50%
1
300%
20
5
300%
- The Lender Services segment earned $4 million during the fourth
quarter primarily as a result of strong title agency and
underwriting revenue along with increased activity in our MSR
brokerage and advisory business.
- Full year pre-tax net income increased 300% over 2019 making
2020 our strongest year in history for Lender Services. Our
strategic additions of new business lines combined with the
onboarding of new third party customers across our businesses
facilitated record top-line growth.
Reconciliation to GAAP:
($ amounts in millions)
Q4'20
Q3'20
Q4'19
FY 2020
FY 2019
Net income before taxes
153
242
15
500
78
Adjustments for:
Change in fair value of loans and
securities HFI
(4)
(17)
2
50
20
Interest expense on non-funding debt
5
-
1
8
3
Depreciation, amortization, and other
impairments
4
2
3
11
9
Other fair value adjustments on
earnouts
3
-
(3)
3
(2)
Shared based compensation
-
-
-
-
3
Change in fair value of minority
investments
6
-
-
6
(2)
Certain non-recurring costs
7
8
5
19
15
Adjusted EBITDA
174
235
23
597
124
Finance of America Equity
Capital LLC and Subsidiaries
Consolidated Statements of
Financial Position
(Amounts in $000s)
12/31/2020
12/31/2019
(unaudited)
ASSETS
Cash and cash equivalents
$
233,101
$
118,083
Restricted cash
306,262
264,581
Reverse mortgage loans held for
investment, subject to HMBS obligations, at fair value
9,929,163
9,480,504
Mortgage loans held for investment,
subject to nonrecourse debt, at fair value
5,396,167
3,511,212
Mortgage loans held for investment, at
fair value
730,821
1,414,073
Mortgage loans held for sale, at fair
value
2,222,811
1,251,574
Debt securities, at fair value
10,773
114,701
Mortgage servicing rights, at fair
value
180,684
2,600
Derivative assets, at fair value
92,065
15,553
Fixed assets and leasehold improvements,
net
24,512
26,686
Goodwill
121,233
121,137
Intangible assets, net
16,931
18,743
Due from related parties
2,559
2,814
Other assets, net
298,073
241,840
Total Assets
$
19,565,155
$
16,584,101
LIABILITIES
HMBS related obligations, at fair
value
$
9,788,668
9,320,209
Nonrecourse debt, at fair value
5,257,754
3,490,196
Other secured lines of credit
2,973,743
2,749,413
Payables and accrued liabilities
414,146
326,176
Notes payable
336,573
27,313
Total Liabilities
18,770,884
15,913,307
CRNCI
166,231
187,981
Members’ equity
628,040
482,813
Total Liabilities, CRNCI and Members’
Equity
$
19,565,155
$
16,584,101
Finance of America Equity
Capital LLC and Subsidiaries
Consolidated Statements of
Operations
(Amounts in $000s)
Three Months
Three Months
Twelve Months
Twelve Months
12/31/2020
09/30/2020
12/31/2020
12/31/2019
(unaudited)
(unaudited)
(unaudited)
(unaudited)
REVENUES
Gain on sale of mortgage loans, net and
other income related to the origination of mortgage loans held for
sale, net
$
342,094
$
407,926
$
1,178,995
$
464,308
Net fair value gains on mortgage loans and
related obligations
90,060
95,955
311,698
329,526
Fee income
123,264
116,905
386,752
201,628
Net interest expense:
Interest income
12,969
9,937
42,584
37,323
Interest expense
(29,836
)
(25,935
)
(123,001
)
(138,731
)
Net interest expense
(16,867
)
(15,998
)
(80,417
)
(101,408
)
Total Revenues
538,551
604,788
1,797,028
894,054
EXPENSES
Salaries, benefits and related
expenses
253,231
240,381
868,265
529,250
Occupancy, equipment rentals and other
office related expenses
6,826
8,184
29,621
32,811
General and administrative expenses
125,301
113,804
398,885
254,414
Total Expenses
385,358
362,369
1,296,771
816,475
Net income before taxes
153,193
242,419
500,257
77,579
Provision for income taxes
770
808
2,344
949
Net income
152,423
241,611
497,913
76,630
CRNCI
1,210
(4,953
)
(21,749
)
21,707
Noncontrolling interest
198
276
1,274
511
Net income attributable to FOA Equity
Capital LLC
$
151,015
$
246,288
$
518,388
$
54,412
Finance of America Equity
Capital LLC and Subsidiaries
Consolidated Statements of
Changes in Members’ Equity
(Amounts in $000s)
Members’ Equity
NC Interests
AOCI
Total
Balance at December 31, 2019
$
482,719
$
145
$
(51
)
$
482,813
Net Income
518,388
1,274
-
519,662
Members contributions
7,500
104
-
7,604
Members distributions
(380,431
)
(1,668
)
-
(382,099
)
Foreign currency translation
-
-
60
60
Balance at December 31, 2020
$
628,176
$
(145
)
$
9
$
628,040
Webcast and Conference call
Management will host a webcast and conference call on Tuesday,
March 2, 2021 at 5:00 pm ET to discuss the Company’s results for
the fourth quarter ended December 31, 2020.
The conference call will be made available in the Investors
section of the Company's website at
https://www.financeofamerica.com/ and on Replay Acquisition’s
website at https://www.replayacquisition.com/. To listen to a live
broadcast, go to the site at least 15 minutes prior to the
scheduled start time in order to register.
The conference call can also be accessed by the following
dial-in information:
- 1-877-407-0784 (Domestic)
- 1-201-689-8560 (International)
Replay
A replay of the call will also be available on the Company's
website approximately two hours after the live call through March
16, 2021. To access the replay, dial 1-844-512-2921 (United States)
or 1-412-317-6671 (international). The replay pin number is
13716713. The replay can also be accessed on the investors section
of the Company's website at
https://www.financeofamerica.com/investors/ or Replay Acquisition’s
website at https://www.replayacquisition.com/.
About Finance of America
Finance of America is a diversified, vertically integrated
consumer lending platform. Product offerings include mortgages,
reverse mortgages, and loans to residential real estate investors
distributed across retail, third party network, and digital
channels. In addition, Finance of America offers complementary
lending services to enhance the customer experience, as well as
capital markets and portfolio management capabilities to optimize
distribution to investors. The company is headquartered in Irving,
TX, and is supported by leading global asset manager, The
Blackstone Group. www.financeofamerica.com
About Replay Acquisition
Founded by Edmond Safra, Gregorio Werthein and Gerardo Werthein,
Replay Acquisition is a NYSE-listed blank check company
incorporated as a Cayman Islands exempted company and formed for
the purpose of effecting a merger, amalgamation, share exchange,
asset acquisition, share purchase, reorganization or similar
business combination with one or more businesses in industries that
Replay Acquisition believes have favorable prospects and a high
likelihood of generating strong risk-adjusted returns for its
shareholders. These industries include consumer, telecommunications
and technology, energy, infrastructure, financial services and real
estate, among others. www.replayacquisition.com
Important Information About the Proposed Business Combination
and Where to Find It
In connection with the proposed business combination, a
registration statement on Form S-4 (the “Form S-4”) has been filed
by Finance of America Companies Inc., a newly-formed holding
company (“New Pubco”), with the U.S. Securities and Exchange
Commission (“SEC”) that includes a proxy statement of Replay
Acquisition that also constitutes a prospectus of New Pubco. Replay
Acquisition, Finance of America and New Pubco urge investors,
stockholders and other interested persons to read the Form S-4,
including the definitive proxy statement/prospectus and documents
incorporated by reference therein, as well as other documents filed
with the SEC in connection with the proposed business combination,
as these materials will contain important information about Finance
of America, Replay Acquisition, and the proposed business
combination. Such persons can also read Replay Acquisition’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2019,
for a description of the security holdings of Replay Acquisition’s
officers and directors and their respective interests as security
holders in the consummation of the proposed business combination.
Beginning on February 12, 2021, the definitive proxy
statement/prospectus is being mailed to Replay Acquisition’s
shareholders as of January 28, 2021, seeking any required
shareholder approval. Shareholders will also be able to obtain
copies of such documents, without charge at the SEC’s website at
www.sec.gov, or by directing a request to: Replay Acquisition
Corp., 767 Fifth Avenue, 46th Floor, New York, New York 10153, or
info@replayacquisition.com.
Participants in the Solicitation
Replay Acquisition, Finance of America, New Pubco and their
respective directors, executive officers and other members of their
management and employees, under SEC rules, may be deemed to be
participants in the solicitation of proxies of Replay Acquisition’s
shareholders in connection with the proposed business combination.
Investors and security holders may obtain more detailed information
regarding the names, affiliations and interests of Replay
Acquisition’s directors and executive officers in Replay
Acquisition’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2019, which was filed with the SEC on March 25,2020.
Information regarding the persons who may, under SEC rules, be
deemed participants in the solicitation of proxies of Replay
Acquisition’s shareholders in connection with the proposed business
combination is set forth in the proxy statement/prospectus for the
proposed business combination. Information concerning the interests
of Replay Acquisition’s and Finance of America’s participants in
the solicitation, which may, in some cases, be different than those
of Replay Acquisition’s and Finance of America’s equity holders
generally, is set forth in the proxy statement/prospectus relating
to the proposed business combination.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Replay
Acquisition’s and Finance of America’s actual results may differ
from their expectations, estimates, and projections and,
consequently, you should not rely on these forward-looking
statements as predictions of future events. Words such as “expect,”
“estimate,” “project,” “budget,” “forecast,” “anticipate,”
“intend,” “plan,” “may,” “will,” “could,” “should,” “believes,”
“predicts,” “potential,” “continue,” and similar expressions (or
the negative versions of such words or expressions) are intended to
identify such forward-looking statements. These forward-looking
statements include, without limitation, Replay Acquisition’s and
Finance of America’s expectations with respect to future
performance and anticipated financial impacts of the proposed
business combination, the satisfaction or waiver of the closing
conditions to the proposed business combination, and the timing of
the completion of the proposed business combination.
These forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially, and potentially adversely, from those expressed or
implied in the forward-looking statements. Most of these factors
are outside Replay Acquisition’s and Finance of America’s control
and are difficult to predict. Factors that may cause such
differences include, but are not limited to: (1) the occurrence of
any event, change, or other circumstances that could give rise to
the termination of the definitive transaction agreement (the
“Agreement”); (2) the outcome of any legal proceedings that may be
instituted against Replay Acquisition, New Pubco and/or Finance of
America following the announcement of the Agreement and the
transactions contemplated therein; (3) the inability to complete
the proposed business combination, including due to failure to
obtain approval of the shareholders of Replay Acquisition and
Finance of America, certain regulatory approvals, or satisfy other
conditions to closing in the Agreement; (4) the occurrence of any
event, change, or other circumstance that could give rise to the
termination of the Agreement or could otherwise cause the
transaction to fail to close; (5) the impact of COVID-19 on Finance
of America’s business and/or the ability of the parties to complete
the proposed business combination; (6) the inability to obtain or
maintain the listing of New Pubco’s shares of common stock on the
NYSE following the proposed business combination; (7) the risk that
the proposed business combination disrupts current plans and
operations as a result of the announcement and consummation of the
proposed business combination; (8) the ability to recognize the
anticipated benefits of the proposed business combination, which
may be affected by, among other things, competition, the ability of
Finance of America to grow and manage growth profitably, and retain
its key employees; (9) costs related to the proposed business
combination; (10) changes in applicable laws or regulations; (11)
the possibility that Finance of America or New Pubco or Replay
Acquisition may be adversely affected by other economic, business,
and/or competitive factors; and (12) other risks and uncertainties
indicated from time to time in the final prospectus of Replay
Acquisition for its initial public offering and the proxy
statement/prospectus relating to the proposed business combination,
including those under “Risk Factors” therein, and in Replay
Acquisition’s other filings with the SEC. Each of Replay
Acquisition, Finance of America and New Pubco cautions that the
foregoing list of factors is not exclusive. All subsequent written
and oral forward-looking statements concerning Replay Acquisition,
Finance of America or New Pubco, the transactions described herein
or other matters and attributable to Replay Acquisition, Finance of
America, New Pubco or any person acting on their behalf are
expressly qualified in their entirety by the cautionary statements
above. Each of Replay Acquisition, Finance of America and New Pubco
cautions readers not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
Each of Replay Acquisition, Finance of America and New Pubco does
not undertake or accept any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
to reflect any change in its expectations or any change in events,
conditions, or circumstances on which any such statement is
based.
No Offer or Solicitation
This press release shall not constitute a solicitation of a
proxy, consent, or authorization with respect to any securities or
in respect of the proposed business combination. This press release
shall also not constitute an offer to sell or the solicitation of
an offer to buy any securities, nor shall there be any sale of
securities in any states or jurisdictions in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offering of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended, or an exemption therefrom.
Non-GAAP Financial Measures
We define Adjusted EBITDA as earnings before change in fair
value of loans and securities held for investment due to market or
model assumption changes, interest on non-funding debt,
depreciation, amortization and other impairments, other fair value
adjustments on earnouts, share-based compensation, change in fair
value of minority investments and certain non-recurring costs. We
manage our Company by each of our operating and non-operating
segments: Loan Originations (made up of Forward, Reverse, and
Commercial Originations segments), Portfolio Management, Lender
Services and Corporate and Other. We evaluate the performance of
our segments through the use of Adjusted EBITDA as a non-GAAP
measure. Management considers Adjusted EBITDA important in
evaluating our business segments and the Company as a whole.
Adjusted EBITDA is a supplemental metric utilized by our management
team to assess the underlying key drivers and operational
performance of the continuing operations of the business and our
operating segments. In addition, analysts, investors, and creditors
may use these measures when analyzing our operating performance.
Adjusted EBITDA is not a presentation made in accordance with GAAP
and our use of this measure and term may vary from other companies
in our industry.
Adjusted EBITDA provides visibility to the underlying operating
performance by excluding the impact of certain items, including
income taxes, interest expense on non-funding debt, depreciation of
fixed assets, amortization of intangible assets and other
impairments, share-based compensation, changes in fair value of
loans and securities held for investment due to market or model
assumption changes, change in fair value of minority investments,
and other non-recurring costs that management does not believe are
representative of our core earnings. Adjusted EBITDA may also
include other adjustments, as applicable based upon facts and
circumstances, consistent with our intent of providing a
supplemental means of evaluating our operating performance.
Adjusted EBITDA should not be considered as an alternate to (i)
net income (loss) or any other performance measures determined in
accordance with GAAP or (ii) operating cash flows determine in
accordance with GAAP. Adjusted EBITDA has important limitations as
an analytical tool and should not be considered in isolation or as
a substitute for analysis of our results as reported under GAAP.
The Company’s definition of Adjusted EBITDA may not be comparable
to similarly titled measures of other companies.
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Finance of America Investor Relations: ir@financeofamerica.com For
Replay Acquisition Corp.: info@replayacquisition.com
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