Guild Holdings Company (NYSE:GHLD) Q4 2023 Earnings Conference Call March 12, 2024 5:00 PM ET

Company Participants

Terry Schmidt – Chief Executive Officer

David Neylan – President

Amber Kramer – Chief Financial Officer

Conference Call Participants

Don Fandetti – Wells Fargo

Rick Shane – JPMorgan

Eric Hagen – BTIG

Derek Sommers – Jefferies

Operator

Good afternoon, ladies and gentlemen, and welcome to the Guild Holdings Company Fourth Quarter 2023 Earnings Conference Call. At this time all participants are in a listen-only mode. [Operator Instructions] As a reminder, this call will be recorded.

I would now like to turn the conference over to Investor Relations. Please go ahead.

Unidentified Company Representative

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 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 and Guild’s most recently filed Form 10-Q and in other reports subsequently filed with the U.S. 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 furnished today with the SEC and are also available on Guild’s Investor Relations website.

I’d now like to turn the call over to Chief Executive Officer, Terry Schmidt. Terry?

Terry Schmidt

Good afternoon, everyone, and thank you for joining us to discuss our fourth quarter and full year results and a strategic update. I am joined by our President, David Neylan; as well as our Chief Financial Officer, Amber Kramer.

Throughout 2023, in the fourth quarter, we have remained consistent with our strategy to grow market share by being a lender of choice in the communities we serve across the country. I am proud of our achievements throughout the year as we grew our market share, delivered full year positive adjusted net income and executed on attractive acquisitions. We accomplished this amidst the macro headwinds that we and others in the industry have been discussing, including elevated interest rates and tight housing inventory.

For the full year 2023, we generated $15 billion of in-house originations, 93% of which were from purchase business, and we generated a net loss of $39 million and adjusted net income of $48 million. By being disciplined and focusing on maintaining a robust capital position, we have successfully completed complementary and compelling acquisitions and team additions, which position us for accelerated growth when the cycle turns.