Mr. Cooper Group Inc. (NASDAQ:COOP) Q4 2022 Earnings Conference Call February 10, 2023 10:00 AM ET

Company Participants

Ken Posner - Senior Vice President of Strategic Planning and Investor Relations

Jay Bray - Chairman and Chief Executive Officer

Chris Marshall - Vice Chairman and President

Jaime Gow - Executive Vice President and Chief Financial Officer

Conference Call Participants

Kevin Barker - Piper Sandler

Eric Hagen - BTIG

Giuliano Bologna - Compass Point

Douglas Harter - Credit Suisse

Mike Smith - KBW

Kevin Barker - Piper Sandler

Operator

Good day and thank you for standing by. Welcome to the Mr. Cooper Group Fourth Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Ken Posner.

Ken Posner

Good morning, and welcome to Mr. Cooper Group’s fourth quarter earnings call. My name is Ken Posner, and I'm SVP of Strategic Planning and Investor Relations. With me today are Jay Bray, Chairman and CEO; Chris Marshall, Vice Chairman and President; and Jaime Gow, Executive Vice President and CFO.

As a quick reminder, this call is being recorded. Also, you can find the slides on our Investor Relations webpage at investors.mrcoopergroup.com. During the call, we may refer to non-GAAP measures which are reconciled to GAAP results in the appendix to the slide deck. Also, we may make forward-looking statements, which you should understand could be affected by risk factors that we've identified in our 10-K and other SEC filings. We are not undertaking any commitment to update these statements if conditions change.

With that, I'll now turn the call over to Jay.

Jay Bray

Thanks, Ken, and good morning, everyone. And welcome to our call. I'll start with the quarterly highlights, as we always do. But first, I want to comment on Mr. Cooper's performance during 2022, which was obviously a very challenging year for the industry due to one of the biggest rate increases on record. Nonetheless, Mr. Cooper was able to deliver exceptional results, which I would summarize by focusing you on exactly two key metrics. We grew our customer portfolio by 23% and tangible book value per share by 29%. Relative to our peers, this is outstanding performance which validates our balanced strategy as well as the technology investments we've made in our platform and the skills, the commitment, and the hard work of our team members.