Ocwen Financial Corporation (NYSE:OCN) Q1 2023 Results Conference Call May 4, 2023 8:30 AM ET

Company Participants

Dico Akseraylian - SVP of Communications

Glen Messina - CEO, President and Chair of the Board

Sean O’Neil - Executive VP and CFO

Conference Call Participants

Derek Sommers - Jefferies

Eric Hagen - BTIG

Operator

Thank you for standing by. This is the conference operator. Welcome to the Ocwen Financial Corporation’s First Quarter Earnings and Business Update Conference Call. [Operator Instructions] The conference is being recorded. [Operator Instructions]

I would now like to turn the conference over to Dico Akseraylian, Senior Vice President, Corporate Communications. Please go ahead.

Dico Akseraylian

Good morning, and thank you for joining us for Ocwen’s First Quarter 2023 Earnings Call. Please note that our earnings release and slide presentation are available on our website. Speaking on the call will be Ocwen’s Chair and Chief Executive Officer, Glen Messina; and Chief Financial Officer, Sean O’Neil.

As a reminder, the presentation and our comments today may contain forward-looking statements made pursuant to the safe harbor provisions of the federal securities laws. These forward-looking statements may be identified by reference to a future period or by use of forward-looking terminology and address matters that are at different degrees uncertain. You should bear this uncertainty in mind and should not place undue reliance on such statements.

Forward-looking statements involve assumptions, risks and uncertainties, including the risks and uncertainties described in our SEC filings, including our Form 10-K for the year ended December 31, 2022. In the past, actual results have differed materially from those suggested by forward-looking statements, and this may happen again. Our forward-looking statements speak only as of the date they are made, and we disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

In addition, the presentation and our comments contain reference to non-GAAP financial measures, such as adjusted pretax income and adjusted expenses, among others. We believe these non-GAAP financial measures provide a useful supplement to discussions and analysis of our financial condition because they are measures that management uses to assess the financial performance of our operations and allocate resources. Non-GAAP financial measures should be viewed in addition to and not as an alternative for the company’s reported results under accounting principles generally accepted in the United States.

A reconciliation of the non-GAAP measures used in this presentation to their most directly comparable GAAP measures as well as additional information regarding why management believes these measures may be useful to investors may be found in the press release and the appendix of the investor presentation.