Guild Holdings Company (NYSE:GHLD) Q2 2022 Earnings Conference Call August 4, 2022 6:00 PM ET

Company Participants

Michael Kim - Investor Relations

Mary Ann McGarry - Chief Executive Officer

Terry Schmidt - President

Amber Kramer - Chief Financial Officer

Conference Call Participants

Don Fandetti - Wells Fargo

Rick Shane - JPMorgan

Trevor Cranston - JMP Securities

Operator

Good afternoon, ladies and gentlemen, and welcome to the Guild Holdings Company Second Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session with instructions to follow at that time. As a reminder, this call is being recorded.

And I would now like to turn the conference over to Michael Kim of Investor Relations. Please go ahead, Michael.

Michael Kim

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 greater detail under the section titled, Risk Factors in Guild's Form 10-K and 10-Q and in other reports filed with the US Securities and Exchange Commission.

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 filed today with the SEC and are also available on Guild's Investor Relations website.

Participating in the call today are Chief Executive Officer, Mary Ann McGarry; President, Terry Schmidt; and Chief Financial Officer, Amber Kramer.

Now I'd like to turn the call over to Mary Ann McGarry. Mary Ann?

Mary Ann McGarry

Thank you, Michael. Good afternoon, everyone and thank you for joining us. As always, I'm joined by our President, Terry Schmidt; and our Chief Financial Officer, Amber Kramer. Our Chief Operating Officer, David Neylan will join us for Q&A after our prepared remarks.

Despite higher interest rates, excess capacity and limited inventories, I am pleased we were once again able to deliver solid financial results for the second quarter of 2022. Adjusted net income and adjusted earnings per share came in at $14 million and $0.23 per share respectively for the second quarter of this year, compared to $32 million and $0.53 per share for the prior quarter. Much of the sequential declines in revenue and income can be tied to lower origination volumes and margins consistent with broader industry trends.