Mr. Cooper Group, Inc. (NASDAQ:COOP) Q2 2022 Earnings Conference Call July 27, 2022 10:00 AM ET
Company Participants
Kenneth Posner - SVP, Strategic Planning and Investor Relations
Jay Bray - Chairman and CEO
Chris Marshall - Vice Chairman and President
Jaime Gow - EVP and CFO
Conference Call Participants
Kevin Barker - Piper Sandler
Bose George - KBW
Jay McCanless - Wedbush
Giuliano Bologna - Compass Point
Kyle Joseph - Jefferies
Lee Cooperman - Omega Family Office
Operator
Good day and thank you for standing by. Welcome to Mr. Cooper Group Q2 2022 Earnings Conference Call. At this time, all participants are on a listen-only mode. After the speakers’ presentation, there’ll 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, Kenneth Posner. You may begin.
Kenneth Posner
Good morning and welcome to Mr. Cooper Group’s second 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.
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 quarter’s highlights, and then I’ll spend a minute on how we’re positioned to deal with the current cycle and possibly a recessionary environment, which obviously is the concern in everyone’s mind right now. And after me, Chris and Jamie will take you through operations and the balance sheet as we always do, and then we’ll take your questions.
So let’s start on Slide 3. And in summary, I said the quarter was consistent with our expectations and the guidance we shared in May. And then our results demonstrated the consistency and predictability of our business model. We generated $151 million in net income, thanks largely to a positive mark on our MSR portfolio. Strong net income drove tangible book value per share to $54.51, which is up 46% year-over-year. And that’s certainly performance we’re quite pleased with.