The document discusses several non-GAAP financial measures used by the company, including Adjusted Net Income, Total Adjusted Revenue, Spread Revenue, and EBITDA. It provides definitions for each measure and notes they exclude amounts related to consolidated securitization trusts. The company uses these measures to evaluate performance excluding impacts of the trusts. It also provides an overview of the company's businesses in structured settlement purchasing, home lending, and plans for personal lending and prepaid cards. The goal is to diversify as a consumer financial services company through growth, cost savings, and new product lines.
The document discusses a micro cap conference presentation by The J.G. Wentworth Company. It provides an overview of the company, which purchases structured settlement payments and offers other financial products directly to consumers. It highlights the company's focus on improving profitability in structured settlements and growing its home lending business. The company achieved record results in home lending in the most recent quarter while reducing costs in structured settlements.
- Third quarter earnings call held on November 14, 2017 to discuss recent financial results
- Home lending segment saw record quarterly volume growth in mortgage servicing rights and loan originations, while structured settlements segment saw stable trends and lower expenses
- Company entered into a restructuring support agreement to significantly reduce debt through a bankruptcy process, extinguishing $449.5M term loan and reducing annual debt servicing costs from $32M to under $5M
The j.g. wentworth company business updateinvestorjgwpt
The document provides an overview of The J.G. Wentworth Company, including its business segments, leadership, financial performance, and strategic initiatives. It discusses the company's focus on structured settlements, home lending, and prepaid cards. Key highlights include record loan volumes and adjusted EBITDA in home lending, efforts to improve structured settlements operations, and new product launches in prepaid cards. Biographies of the CEO and leadership team are also provided.
Q1 2015 earnings slides monday final reviewinvestorjgwpt
1) The document discusses the company's first quarter 2015 earnings call which reviewed financial results and key initiatives.
2) Total revenues were $62.4 million, adjusted net income was $8.2 million or $0.29 per share, and total receivables purchased were $260.8 million.
3) The company is focused on growing its core business while diversifying into new lines like prepaid and personal lending, and recently acquired a mortgage originator.
- Second quarter earnings call held on August 14, 2017 to discuss financial results
- Home lending segment saw growth in mortgage servicing rights portfolio and origination volumes, while structured settlements benefited from cost savings initiatives and improved marketing and operations
- Home lending adjusted EBITDA was $3.6 million compared to $8 million in prior year, while structured settlements adjusted EBITDA grew to $4 million from $3 million
- Company is focused on growing its mortgage servicing rights portfolio and loan origination volumes in home lending segment through various strategic initiatives
Final jgw q4_fy 2015 earnings presentationinvestorjgwpt
This document summarizes a fourth quarter and full year 2015 earnings call held by the company on March 8, 2016. It discusses key highlights from Q4 2015 including total receivable balances purchased, closed mortgage loans, adjusted EBITDA, and adjusted net loss. It also outlines cost savings initiatives for full year 2016 totaling $25-30 million from marketing efficiencies, personnel reductions, G&A spending reductions, and financing cost reductions. The document discusses early signs of improvement in the structured settlement payments business and priorities for 2016 including stabilizing that business, growing the home lending business, maintaining adequate liquidity, and improving the company's cash, capital, and funding positions.
The document provides a summary of CBS Outdoor's second quarter 2014 financial results. Key highlights include total revenues increasing 1.6% to $334.4 million, with billboard revenue up 2.7% and Adjusted OIBDA rising 2.2% to $110.3 million. In the United States, revenue increased 1.8% to $291.1 million and Adjusted OIBDA grew 1.9% to $106.4 million. Internationally, revenue was up 0.2% to $43.3 million but Adjusted OIBDA declined 15.2% to $9.5 million due to increased expenses. CBS Outdoor remains focused on acquisitions, yield improvement and re
In the second quarter earnings call, the company discussed executing on key priorities to improve profitability in structured settlements and grow market share in home lending. Home lending achieved record loan volumes while structured settlements improved profits through expense management. The company also discussed plans to launch prepaid initiatives combining lottery scratch tickets and gift cards. Overall adjusted revenues and earnings grew sequentially in the quarter.
The document discusses a micro cap conference presentation by The J.G. Wentworth Company. It provides an overview of the company, which purchases structured settlement payments and offers other financial products directly to consumers. It highlights the company's focus on improving profitability in structured settlements and growing its home lending business. The company achieved record results in home lending in the most recent quarter while reducing costs in structured settlements.
- Third quarter earnings call held on November 14, 2017 to discuss recent financial results
- Home lending segment saw record quarterly volume growth in mortgage servicing rights and loan originations, while structured settlements segment saw stable trends and lower expenses
- Company entered into a restructuring support agreement to significantly reduce debt through a bankruptcy process, extinguishing $449.5M term loan and reducing annual debt servicing costs from $32M to under $5M
The j.g. wentworth company business updateinvestorjgwpt
The document provides an overview of The J.G. Wentworth Company, including its business segments, leadership, financial performance, and strategic initiatives. It discusses the company's focus on structured settlements, home lending, and prepaid cards. Key highlights include record loan volumes and adjusted EBITDA in home lending, efforts to improve structured settlements operations, and new product launches in prepaid cards. Biographies of the CEO and leadership team are also provided.
Q1 2015 earnings slides monday final reviewinvestorjgwpt
1) The document discusses the company's first quarter 2015 earnings call which reviewed financial results and key initiatives.
2) Total revenues were $62.4 million, adjusted net income was $8.2 million or $0.29 per share, and total receivables purchased were $260.8 million.
3) The company is focused on growing its core business while diversifying into new lines like prepaid and personal lending, and recently acquired a mortgage originator.
- Second quarter earnings call held on August 14, 2017 to discuss financial results
- Home lending segment saw growth in mortgage servicing rights portfolio and origination volumes, while structured settlements benefited from cost savings initiatives and improved marketing and operations
- Home lending adjusted EBITDA was $3.6 million compared to $8 million in prior year, while structured settlements adjusted EBITDA grew to $4 million from $3 million
- Company is focused on growing its mortgage servicing rights portfolio and loan origination volumes in home lending segment through various strategic initiatives
Final jgw q4_fy 2015 earnings presentationinvestorjgwpt
This document summarizes a fourth quarter and full year 2015 earnings call held by the company on March 8, 2016. It discusses key highlights from Q4 2015 including total receivable balances purchased, closed mortgage loans, adjusted EBITDA, and adjusted net loss. It also outlines cost savings initiatives for full year 2016 totaling $25-30 million from marketing efficiencies, personnel reductions, G&A spending reductions, and financing cost reductions. The document discusses early signs of improvement in the structured settlement payments business and priorities for 2016 including stabilizing that business, growing the home lending business, maintaining adequate liquidity, and improving the company's cash, capital, and funding positions.
The document provides a summary of CBS Outdoor's second quarter 2014 financial results. Key highlights include total revenues increasing 1.6% to $334.4 million, with billboard revenue up 2.7% and Adjusted OIBDA rising 2.2% to $110.3 million. In the United States, revenue increased 1.8% to $291.1 million and Adjusted OIBDA grew 1.9% to $106.4 million. Internationally, revenue was up 0.2% to $43.3 million but Adjusted OIBDA declined 15.2% to $9.5 million due to increased expenses. CBS Outdoor remains focused on acquisitions, yield improvement and re
In the second quarter earnings call, the company discussed executing on key priorities to improve profitability in structured settlements and grow market share in home lending. Home lending achieved record loan volumes while structured settlements improved profits through expense management. The company also discussed plans to launch prepaid initiatives combining lottery scratch tickets and gift cards. Overall adjusted revenues and earnings grew sequentially in the quarter.
Final jgw q1_2016-earnings-presentationinvestorjgwpt
In the first quarter of 2016:
- Adjusted EBITDA was $8.0 million, up from $3.0 million in the previous quarter.
- Consolidated adjusted revenues were $57.1 million, up from $52.2 million in the previous quarter.
- The home lending business saw locked loan volume of $1.1 billion and closed loan volume of $568 million for the quarter.
- Structured settlement payments business priorities include optimizing marketing, driving operational efficiencies, and reducing expenses through specialization.
- Cash levels fluctuate based on funding sources like securitizations and asset sales, and are expected to remain in historical ranges.
Final investor roadshow deck 6_24_2015_pm editioninvestorjgwpt
The document discusses The J.G. Wentworth Company becoming a diversified consumer financial services company by expanding its product offerings. It currently purchases structured settlement and annuity payments and plans to enter personal lending, prepaid cards, and mortgage lending. It leverages capabilities in marketing, underwriting, and funding to efficiently expand into new areas while limiting credit risk. The company aims to use data and digital tools to enhance customer insights and better manage the business as it diversifies its revenue sources.
This document provides information about Greenwich Asset Management Group, LLC (Gamgllc). Gamgllc provides investment advisory and management services to institutional and accredited clients. It manages portfolios focusing on separately managed US listed equity accounts. Gamgllc's standard fee is 1.95% per year paid quarterly. Clients are also responsible for additional fees and expenses related to their account. Gamgllc may compensate independent contractors related to institutional sales and certain employee compensation includes a percentage of first year advisory fees from referred clients.
OUTFRONT Media provides an overview of its business in an investor presentation. It operates a portfolio of over 500,000 displays across the United States, including billboards, transit displays, and digital billboards. It generates revenue by leasing advertising space on these displays under contracts ranging from 4 weeks to a year. The company's assets are concentrated in major US markets, and it has a simple business model of generating revenue from advertising tenants. OUTFRONT Media also discusses its transition to a REIT structure to qualify for favorable tax treatment.
OUTFRONT Media provides an overview of its business in an investor presentation. It operates a portfolio of over 500,000 displays across the United States, including billboards, transit displays, and digital billboards. It generates revenue by leasing advertising space on these displays under contracts ranging from 4 weeks to a year. The company's assets are concentrated in major US markets, and it has a simple business model of generating revenue from advertising tenants. OUTFRONT Media also discusses its transition to a REIT structure to benefit from certain tax advantages.
OUTFRONT Media provides an overview of its business in an investor presentation. It operates a portfolio of over 500,000 displays across the United States, including billboards, transit displays, and digital billboards. It generates revenue by leasing advertising space on these displays under contracts ranging from 4 weeks to a year. The company owns most of the permits and physical structures for its billboard locations, as well as transit franchise agreements in major cities. It is focused on growing its digital inventory and expanding in key US markets. The presentation also outlines OUTFRONT's REIT structure and provides financial information.
- The document proposes instituting a mandatory insurance surcharge on property and casualty insurance policies in states like New York and New Jersey to generate funds for infrastructure resiliency initiatives.
- Using a proven credit structure, the funds could be accessed through capital markets to efficiently and quickly maximize proceeds for projects to mitigate potential damage from future natural disasters.
- Over half of property and casualty insurance premiums in the target states come from automobile and homeowners' policies, providing a substantial untapped source of funding that could reduce future economic costs from climate events.
The document is an investor presentation summarizing Banc of California's fourth quarter 2018 earnings. Key highlights include strong organic loan growth of $448 million driven by $1 billion in loan originations. Noninterest expenses were $49.6 million and benefited from $3.4 million in non-recurring items. Net charge-offs were $2.2 million. The company continued reducing its securities portfolio by $67 million while increasing loans. Core deposit balances stabilized through a focus on lower cost deposits.
This document provides an overview of SemGroup's non-GAAP financial measures, forward-looking statements, and strategy for creating shareholder value. It discusses SemGroup's stable cash flows derived from long-term contracts and investment-grade counterparties. The presentation also outlines SemGroup's crude oil and natural gas assets located in key North American basins and its strategy to pursue organic growth and strategic acquisitions.
American Express Company (Includes information related to Forward Looking Sta...finance8
The document provides an overview of American Express Company's financial statements and statistical information for 2006 and 2005. It summarizes American Express' businesses, which include credit and charge cards, travel services, network services, lending, and merchant services. Tables include income statements, balance sheets, and statistical data on total revenues, expenses, assets, loans, card purchase volumes and other metrics for American Express Company and its key business segments.
This document provides an overview of SemGroup's non-GAAP financial measures, forward-looking statements, and strategic growth plan. It discusses SemGroup's Adjusted EBITDA measure and why certain items are excluded. It also notes key limitations of non-GAAP measures and that management compensates for these limitations. An overview is then provided of SemGroup's crude and natural gas assets, operations, and strategic growth areas. Key performance metrics and asset details are highlighted for SemGroup's crude and natural gas businesses.
This document summarizes Global Cash Access's proposed acquisition of Multimedia Games for approximately $1.2 billion. The combination brings together a global leader in cash access services and the fastest growing US slot machine manufacturer. It is expected to diversify revenue, expand margins, accelerate growth, and realize significant cost synergies. The transaction is expected to close in 4 to 7 months, pending shareholder and regulatory approvals.
The document provides an overview of SemGroup's third quarter 2018 results. Key points include:
- Adjusted EBITDA was $96.4 million for the quarter.
- A quarterly dividend of $0.4725 per share was declared, with dividend coverage of 1.4x.
- Capital expenditures guidance for 2018 was updated to $360 million, up 3% from prior guidance.
- Execution continued on strategic projects in the Gulf Coast, Mid-Continent and Canada expected to drive growth in 2019 and beyond.
The document provides an overview of SemGroup's third quarter 2018 results. Key points include:
- Adjusted EBITDA was $96.4 million for the quarter.
- The company declared a quarterly dividend of $0.4725 per share, with dividend coverage of 1.4x.
- Capital expenditures guidance for 2018 was updated to $360 million, up 3% from prior guidance.
- Several growth projects across the Gulf Coast, Mid-Continent and Canada regions are expected to drive financial growth through 2020 and beyond.
- The document is an investor presentation for Banc of California that discusses forward-looking statements, the company's strategic direction, first quarter 2019 highlights, and progress towards transforming its balance sheet.
- Key points include transitioning to a relationship-focused community bank, reducing non-core assets and expenses, improving its core deposit base, and refocusing lending on higher-yielding relationship loans.
- In Q1 2019 the company sold lower-yielding loans, reduced securities including CLOs and CMBS, cut expenses, and grew core deposits, part of its strategy to optimize operations and capital.
For private software deals, determining working capital can be tricky. Here, we will explain (from the seller’s perspective), the basics of the working capital adjustment; discuss some pitfalls; and takeaways.
- The document is Banc of California's fourth quarter 2017 earnings presentation for investors.
- It summarizes key financial metrics and performance for the fourth quarter of 2017, including strong loan growth, balance sheet re-mixing toward core assets, disciplined expense management, and maintained strong credit and capital ratios.
- Specific highlights included originated loan growth of 9% quarter-over-quarter, a reduction in securities and cash to fund loan growth, continued reduction of high-rate deposits, and operating expenses trending toward a lower run-rate despite some continued non-recurring costs.
JGW Business Overview Credit Suisse Financial Services Foruminvestorjgwpt
This document provides an overview of the J.G. Wentworth Company. It discusses the company's structured settlement and annuity purchasing business, its marketing and branding strategies, growth initiatives including expanding into new financial services, and its financing platform. The company has established itself as the leading purchaser of structured settlement payment streams and has developed strong brands through extensive marketing. It aims to grow organically and through new offerings, leveraging its capabilities in areas like data analytics, direct marketing, and securitization.
This document provides an overview of Aon plc for investors. It begins with introductory information including leadership and a safe harbor statement. It then discusses Aon's industry-leading position in risk solutions and HR solutions. It highlights the company's global network and presence. The document reviews what Aon has achieved in recent years including focusing its portfolio, investing in capabilities, and delivering strong financial results. Finally, it outlines Aon's plans and targets for the next several years, which include continuing growth, margin expansion, strong free cash flow generation, and long-term value creation for shareholders.
J.G. Wentworth Company Business Overview - Second Quarter 2015investorjgwpt
This document summarizes J.G. Wentworth's second quarter 2015 earnings call. It discusses the company's focus on increasing profitability through adjusting purchase yields, deal sizes, and lengths. It highlights accomplishments of the company's diversification strategy, including acquiring WestStar Mortgage and launching a new website and prepaid cards. Key financial metrics such as loan origination volume, net income, and total receivables balance are presented. The company's actions to manage expenses and drive profitability through its diversified business lines while maintaining a strong balance sheet are also summarized.
This document provides an overview of SemGroup's non-GAAP financial measures, forward-looking statements, and strategy for creating shareholder value. It discusses SemGroup's stable cash flows derived from long-term contracts and investment-grade counterparties. The presentation also outlines SemGroup's crude oil and natural gas assets located in key North American basins and its strategy to pursue organic growth and strategic acquisitions.
Final jgw q1_2016-earnings-presentationinvestorjgwpt
In the first quarter of 2016:
- Adjusted EBITDA was $8.0 million, up from $3.0 million in the previous quarter.
- Consolidated adjusted revenues were $57.1 million, up from $52.2 million in the previous quarter.
- The home lending business saw locked loan volume of $1.1 billion and closed loan volume of $568 million for the quarter.
- Structured settlement payments business priorities include optimizing marketing, driving operational efficiencies, and reducing expenses through specialization.
- Cash levels fluctuate based on funding sources like securitizations and asset sales, and are expected to remain in historical ranges.
Final investor roadshow deck 6_24_2015_pm editioninvestorjgwpt
The document discusses The J.G. Wentworth Company becoming a diversified consumer financial services company by expanding its product offerings. It currently purchases structured settlement and annuity payments and plans to enter personal lending, prepaid cards, and mortgage lending. It leverages capabilities in marketing, underwriting, and funding to efficiently expand into new areas while limiting credit risk. The company aims to use data and digital tools to enhance customer insights and better manage the business as it diversifies its revenue sources.
This document provides information about Greenwich Asset Management Group, LLC (Gamgllc). Gamgllc provides investment advisory and management services to institutional and accredited clients. It manages portfolios focusing on separately managed US listed equity accounts. Gamgllc's standard fee is 1.95% per year paid quarterly. Clients are also responsible for additional fees and expenses related to their account. Gamgllc may compensate independent contractors related to institutional sales and certain employee compensation includes a percentage of first year advisory fees from referred clients.
OUTFRONT Media provides an overview of its business in an investor presentation. It operates a portfolio of over 500,000 displays across the United States, including billboards, transit displays, and digital billboards. It generates revenue by leasing advertising space on these displays under contracts ranging from 4 weeks to a year. The company's assets are concentrated in major US markets, and it has a simple business model of generating revenue from advertising tenants. OUTFRONT Media also discusses its transition to a REIT structure to qualify for favorable tax treatment.
OUTFRONT Media provides an overview of its business in an investor presentation. It operates a portfolio of over 500,000 displays across the United States, including billboards, transit displays, and digital billboards. It generates revenue by leasing advertising space on these displays under contracts ranging from 4 weeks to a year. The company's assets are concentrated in major US markets, and it has a simple business model of generating revenue from advertising tenants. OUTFRONT Media also discusses its transition to a REIT structure to benefit from certain tax advantages.
OUTFRONT Media provides an overview of its business in an investor presentation. It operates a portfolio of over 500,000 displays across the United States, including billboards, transit displays, and digital billboards. It generates revenue by leasing advertising space on these displays under contracts ranging from 4 weeks to a year. The company owns most of the permits and physical structures for its billboard locations, as well as transit franchise agreements in major cities. It is focused on growing its digital inventory and expanding in key US markets. The presentation also outlines OUTFRONT's REIT structure and provides financial information.
- The document proposes instituting a mandatory insurance surcharge on property and casualty insurance policies in states like New York and New Jersey to generate funds for infrastructure resiliency initiatives.
- Using a proven credit structure, the funds could be accessed through capital markets to efficiently and quickly maximize proceeds for projects to mitigate potential damage from future natural disasters.
- Over half of property and casualty insurance premiums in the target states come from automobile and homeowners' policies, providing a substantial untapped source of funding that could reduce future economic costs from climate events.
The document is an investor presentation summarizing Banc of California's fourth quarter 2018 earnings. Key highlights include strong organic loan growth of $448 million driven by $1 billion in loan originations. Noninterest expenses were $49.6 million and benefited from $3.4 million in non-recurring items. Net charge-offs were $2.2 million. The company continued reducing its securities portfolio by $67 million while increasing loans. Core deposit balances stabilized through a focus on lower cost deposits.
This document provides an overview of SemGroup's non-GAAP financial measures, forward-looking statements, and strategy for creating shareholder value. It discusses SemGroup's stable cash flows derived from long-term contracts and investment-grade counterparties. The presentation also outlines SemGroup's crude oil and natural gas assets located in key North American basins and its strategy to pursue organic growth and strategic acquisitions.
American Express Company (Includes information related to Forward Looking Sta...finance8
The document provides an overview of American Express Company's financial statements and statistical information for 2006 and 2005. It summarizes American Express' businesses, which include credit and charge cards, travel services, network services, lending, and merchant services. Tables include income statements, balance sheets, and statistical data on total revenues, expenses, assets, loans, card purchase volumes and other metrics for American Express Company and its key business segments.
This document provides an overview of SemGroup's non-GAAP financial measures, forward-looking statements, and strategic growth plan. It discusses SemGroup's Adjusted EBITDA measure and why certain items are excluded. It also notes key limitations of non-GAAP measures and that management compensates for these limitations. An overview is then provided of SemGroup's crude and natural gas assets, operations, and strategic growth areas. Key performance metrics and asset details are highlighted for SemGroup's crude and natural gas businesses.
This document summarizes Global Cash Access's proposed acquisition of Multimedia Games for approximately $1.2 billion. The combination brings together a global leader in cash access services and the fastest growing US slot machine manufacturer. It is expected to diversify revenue, expand margins, accelerate growth, and realize significant cost synergies. The transaction is expected to close in 4 to 7 months, pending shareholder and regulatory approvals.
The document provides an overview of SemGroup's third quarter 2018 results. Key points include:
- Adjusted EBITDA was $96.4 million for the quarter.
- A quarterly dividend of $0.4725 per share was declared, with dividend coverage of 1.4x.
- Capital expenditures guidance for 2018 was updated to $360 million, up 3% from prior guidance.
- Execution continued on strategic projects in the Gulf Coast, Mid-Continent and Canada expected to drive growth in 2019 and beyond.
The document provides an overview of SemGroup's third quarter 2018 results. Key points include:
- Adjusted EBITDA was $96.4 million for the quarter.
- The company declared a quarterly dividend of $0.4725 per share, with dividend coverage of 1.4x.
- Capital expenditures guidance for 2018 was updated to $360 million, up 3% from prior guidance.
- Several growth projects across the Gulf Coast, Mid-Continent and Canada regions are expected to drive financial growth through 2020 and beyond.
- The document is an investor presentation for Banc of California that discusses forward-looking statements, the company's strategic direction, first quarter 2019 highlights, and progress towards transforming its balance sheet.
- Key points include transitioning to a relationship-focused community bank, reducing non-core assets and expenses, improving its core deposit base, and refocusing lending on higher-yielding relationship loans.
- In Q1 2019 the company sold lower-yielding loans, reduced securities including CLOs and CMBS, cut expenses, and grew core deposits, part of its strategy to optimize operations and capital.
For private software deals, determining working capital can be tricky. Here, we will explain (from the seller’s perspective), the basics of the working capital adjustment; discuss some pitfalls; and takeaways.
- The document is Banc of California's fourth quarter 2017 earnings presentation for investors.
- It summarizes key financial metrics and performance for the fourth quarter of 2017, including strong loan growth, balance sheet re-mixing toward core assets, disciplined expense management, and maintained strong credit and capital ratios.
- Specific highlights included originated loan growth of 9% quarter-over-quarter, a reduction in securities and cash to fund loan growth, continued reduction of high-rate deposits, and operating expenses trending toward a lower run-rate despite some continued non-recurring costs.
JGW Business Overview Credit Suisse Financial Services Foruminvestorjgwpt
This document provides an overview of the J.G. Wentworth Company. It discusses the company's structured settlement and annuity purchasing business, its marketing and branding strategies, growth initiatives including expanding into new financial services, and its financing platform. The company has established itself as the leading purchaser of structured settlement payment streams and has developed strong brands through extensive marketing. It aims to grow organically and through new offerings, leveraging its capabilities in areas like data analytics, direct marketing, and securitization.
This document provides an overview of Aon plc for investors. It begins with introductory information including leadership and a safe harbor statement. It then discusses Aon's industry-leading position in risk solutions and HR solutions. It highlights the company's global network and presence. The document reviews what Aon has achieved in recent years including focusing its portfolio, investing in capabilities, and delivering strong financial results. Finally, it outlines Aon's plans and targets for the next several years, which include continuing growth, margin expansion, strong free cash flow generation, and long-term value creation for shareholders.
J.G. Wentworth Company Business Overview - Second Quarter 2015investorjgwpt
This document summarizes J.G. Wentworth's second quarter 2015 earnings call. It discusses the company's focus on increasing profitability through adjusting purchase yields, deal sizes, and lengths. It highlights accomplishments of the company's diversification strategy, including acquiring WestStar Mortgage and launching a new website and prepaid cards. Key financial metrics such as loan origination volume, net income, and total receivables balance are presented. The company's actions to manage expenses and drive profitability through its diversified business lines while maintaining a strong balance sheet are also summarized.
This document provides an overview of SemGroup's non-GAAP financial measures, forward-looking statements, and strategy for creating shareholder value. It discusses SemGroup's stable cash flows derived from long-term contracts and investment-grade counterparties. The presentation also outlines SemGroup's crude oil and natural gas assets located in key North American basins and its strategy to pursue organic growth and strategic acquisitions.
This document provides an overview of SemGroup's non-GAAP financial measures and forward-looking statements. It discusses how SemGroup uses Adjusted EBITDA and Total Segment Profit to evaluate performance in addition to GAAP measures. It also notes that SemGroup's forward-looking statements are based on current expectations and are subject to risks and uncertainties. The document warns that actual results could differ materially from expectations.
This document provides an overview of SemGroup's non-GAAP financial measures and forward-looking statements. It summarizes SemGroup's 2017 results as a year of transition with the addition of stable refinery-facing assets and geographic diversification. It outlines 2018 as a year of executing the operating budget and strategic plan by streamlining operations and focusing on three high quality areas: Canada, Mid-Continent and Gulf Coast. The document also provides definitions of SemGroup's non-GAAP measures of Adjusted EBITDA and Total Segment Profit, which exclude certain items to improve comparability between reporting periods, and cautions that non-GAAP measures should not be considered in isolation.
This document provides a non-GAAP financial measure called Adjusted EBITDA used by SemGroup. It explains that Adjusted EBITDA excludes selected non-cash and other items to increase comparability between reporting periods and is used by management and discussed with investors. However, it has limitations as an analytical tool since it excludes some items affecting the most directly comparable GAAP measure. The document also provides forward-looking statements about SemGroup's prospects, financial performance, growth plans, and managing risks in a lower commodity price environment. It highlights SemGroup's strengths including stable cash flows from contracts and investment-grade counterparties.
SemGroup reported fourth quarter and full-year 2017 results. Key highlights include $111 million in Adjusted EBITDA for Q4 and $328 million for the full year. SemGroup also executed several strategic transactions including a $350 million preferred equity raise, selling its interest in Glass Mountain Pipeline for $300 million, and estimated proceeds of $140 million from selling SemMaterials Mexico and SemLogistics assets. SemGroup provided 2018 Adjusted EBITDA guidance of $385-$415 million and capital expenditures guidance of $40 million for maintenance spending.
Progyny JP Morgan Presentation January 2023.pdfssuser5105e0
This document provides an overview of Progyny, a benefits company focused on fertility and family building. It discusses Progyny's mission-driven approach, data-driven network management, and track record of superior clinical outcomes. The document also reviews Progyny's growth, highlighting near 100% client retention and expanding coverage to over 5 million lives. It positions Progyny as the only fully-managed family building solution and discusses how its approach delivers tangible value through savings and healthier outcomes compared to alternative programs.
- WTW reported its 2021 fourth quarter and full year financial results on February 8, 2022.
- For Q4 2021, revenue increased 1% to $2.7 billion. Income from operations grew 19% to $690 million and operating margin expanded 380 basis points to 25.5%.
- For full year 2021, revenue increased 4% to $9 billion. Income from operations jumped 156% to $2.2 billion and operating margin grew 1450 basis points to 24.5%.
This document summarizes SemGroup's second quarter 2018 earnings conference call. It discusses non-GAAP financial measures used by SemGroup like Adjusted EBITDA, Cash Available for Dividends, and Total Segment Profit. It provides definitions of these terms and notes that they are not substitutes for GAAP measures but are used by management to evaluate performance. The document also contains forward-looking statements about SemGroup's prospects, plans, and financial performance that are based on current expectations and assumptions which involve risks and uncertainties.
Sem group earnings presentation 4q & full year-2018_finalSemGroupCorporation
Fourth Quarter and Full-Year 2018 Results Earnings Conference Call
In 3 sentences:
SemGroup reported adjusted EBITDA of $394 million for full-year 2018, an increase from $328 million in 2017. For 2019, SemGroup expects adjusted EBITDA between $420-465 million. SemGroup also provided 2019 capital expenditure guidance of $307 million, with $150 million allocated for growth projects in the U.S. and $230 million for the SemCAMS Midstream joint venture in Canada.
Sem group earnings presentation 4q & full year 2018 finalSemGroupCorporation
Fourth Quarter and Full-Year 2018 Results Earnings Conference Call February 27, 2019
The document discusses SemGroup's non-GAAP financial measures including Adjusted EBITDA, Cash Available for Dividends, and Total Segment Profit which are used to evaluate performance but are not substitutes for GAAP measures. It provides definitions and adjustments for each measure. The document also contains forward-looking statements regarding SemGroup's prospects, financial performance, annual dividend growth, and other matters which are subject to known and unknown risks that could cause actual results to differ.
The document provides an overview of SemGroup's non-GAAP financial measures and forward-looking statements. It discusses Adjusted EBITDA, Cash Available for Dividends, and Total Segment Profit, which are not GAAP measures. It also notes that SemGroup does not provide guidance for net income due to non-cash items that cannot be accurately forecasted. The document contains statements regarding SemGroup's prospects, plans, expectations and outlook that are considered forward-looking under securities laws, and are subject to risks and uncertainties.
This document provides an overview of SemGroup's non-GAAP financial measures and forward-looking statements. It defines Adjusted EBITDA and Total Segment Profit as non-GAAP measures used by management to evaluate performance that exclude certain items for comparability between periods. It also notes the limitations of non-GAAP measures and cautions readers. The document discloses risks to forward-looking statements and provides an overview of SemGroup's midstream assets in key regions.
Trilogy International Partners Inc. held an investor presentation in September 2019 to provide an overview of the company and its two main operating segments, 2degrees in New Zealand and NuevaTel in Bolivia. The summary discusses:
- 2degrees has seen strong double-digit revenue and subscriber growth in New Zealand in 2019. It operates in a stable three-player mobile market with opportunities for continued growth in postpaid subscribers and data adoption.
- NuevaTel closed a $100 million tower sale-leaseback agreement in Bolivia and launched fixed LTE services. The business is showing signs of stabilizing after pricing pressures and number portability issues impacted results in 2018.
- The presentation evaluates Trilogy
The document discusses SemGroup's non-GAAP financial measures of Adjusted EBITDA, Cash Available for Dividends (CAFD) and Total Segment Profit. It explains that Adjusted EBITDA removes certain selected items from net income to improve comparability between periods and includes a list of the types of items generally excluded. CAFD is based on Adjusted EBITDA less certain cash payments to analyze performance after obligations. Total Segment Profit represents revenue less costs and expenses, adjusted for certain items, and is how management assesses segment performance. The measures are used by management and may be presented to investors but have limitations as analytical tools.
Sem cams investor presentation master september 2018 finalSemGroupCorporation
The document discusses SemGroup's non-GAAP financial measures and provides forward-looking statements. It includes the following key points:
- SemGroup uses measures like Adjusted EBITDA, Cash Available for Dividends, and Total Segment Profit to evaluate performance, which are not substitutes for GAAP measures.
- Adjusted EBITDA excludes selected non-cash and other items to improve comparability between periods.
- Cash Available for Dividends is based on Adjusted EBITDA less certain cash expenses and capital expenditures.
- Total Segment Profit assesses performance at the segment level and excludes certain items.
- The document cautions that non-GAAP measures have limitations
The document discusses SemGroup's use of non-GAAP financial measures like Adjusted EBITDA and Total Segment Profit to evaluate financial performance. It defines these measures and explains how they are calculated and why management finds them useful, while also noting their limitations. It also contains forward-looking statements about SemGroup's prospects, financial performance, growth plans and risks.
This document provides an overview of SemGroup's non-GAAP financial measures and forward-looking statements. It defines Adjusted EBITDA, Cash Available for Dividends, and Total Segment Profit as non-GAAP measures used by management to evaluate performance that exclude certain items affecting comparability between periods. It cautions that non-GAAP measures should not be considered in isolation or as substitutes for GAAP measures. The document also notes that forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations.
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- SemGroup's strategic focus is on growing EBITDA through increased secure cash flows from core geographic regions like Canada, the Mid-Continent region, and the Gulf Coast.
- SemGroup is making progress on raising the $600 million needed for the second payment for the HFOTCO acquisition, with plans to fully pay by the end of the first quarter of 2018 to capture an early payment discount, including through the sale of its interest in the Glass Mountain Pipeline for $
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- SemGroup's strategic focus is on growing EBITDA through increased secure cash flows from core geographic regions like Canada, the Mid-Continent region, and the Gulf Coast.
- SemGroup is making progress on raising the $600 million needed for the second payment for the HFOTCO acquisition, with plans to fully pay by the end of the first quarter of 2018 to capture an early payment discount, including through the sale of its interest in the Glass Mountain Pipeline for $
Similar to JGW Business Overview – Jeffries Crossover Consumer Finance Summit (20)
The document provides an overview of the company's first quarter 2017 earnings call. It summarizes the company's performance across its two operating segments. For the Home Lending segment, loan origination volumes increased year-over-year while earnings declined. For the Structured Settlements segment, expenses decreased but receivable balances and earnings also declined. The company continues to expand its Payment Solutions segment. Overall revenues increased while cash on hand decreased compared to the first quarter of 2016. The document contained forward-looking statements and discussed various risks that could impact financial results.
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JGW Business Overview – Jeffries Crossover Consumer Finance Summit
1. D I V E R S I F I E D C O N S U M E R F I N A N C I A L S E R V I C E S C O M P A N Y
B U S I N E S S U P D A T E
2. NON-GAAP MEASURES
2
We use Adjusted Net Income (a non-GAAP financial measure) and as a measure of our results from operations, which we define as our
net income (loss) under U.S. GAAP before non-cash compensation expenses, certain other expenses, provision for or benefit from
income taxes and for our Structured Settlement and Annuity Purchasing segment amounts related to the consolidation of the
securitization and permanent financing trusts we use to finance the segment’s business. We use Adjusted Net Income (Loss) to
measure our overall performance because we believe it represents the best measure of our operating performance, as the operations of
the associated variable interest entities do not impact the Structured Settlement and Annuity Purchasing segment’s performance. In
addition, the add-backs described above are consistent with adjustments permitted under our Term Loan agreement.
We also use the non-GAAP measures of Total Adjusted Revenue and adjusted unrealized gains on VIE and other finance receivables,
long term debt and derivatives, net of the loss on swap termination, net (“Spread Revenue”), as measures of our revenues, which we
define as those measures under U.S. GAAP before the amounts related to the consolidation of the securitization and permanent
financing trusts we use to finance our business. We use these measures to measure our revenues because we believe they represent
better measures of our revenues, as the operations of these variable interest entities do not impact business performance.
Additionally, we have begun to use Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) to also measure our
overall performance, which we as define our net income (loss) under U.S. GAAP before non-cash compensation expenses, Term Loan
interest expense, debt issuance expense, depreciation and amortization, certain other expenses, provision for or benefit from income
taxes and for our Structured Settlement and Annuity Purchasing segment amounts related to the consolidation of the securitization and
permanent financing trusts we use to finance the segment’s business.
You should not consider Adjusted Net Income, Total Adjusted Revenue, Spread Revenue, or EBITDA in isolation or as a substitute for
analysis of our results as reported under U.S. GAAP. Because not all companies use identical calculations, our presentation of Adjusted
Net Income, Total Adjusted Revenue, Spread Revenue and EBITDA may not be comparable to other similarly titled measures of other
companies.
A reconciliation of QTD Net Income (Loss) to Adjusted Net Income and EBITDA, which includes line items for Total Adjusted Revenue
and Spread Revenue for the historical periods included in the year December 31, 2014 and the nine months ended September 30, 2015
are included as Exhibits to this presentation.
3. SAFE HARBOR
Certain statements in this document constitute “forward-looking statements.” All statements, other than statements of historical fact, are forward-looking statements. You can
identify such statements because they contain words such as “plans,” “expects,” or “does expect,” “budget,” “forecasts,” “anticipates,” or “does not anticipate,” “believes,”
“intends,” and similar expressions or statements that certain actions, events or results “may,” “could,” “would,” “might,” or “will,” be taken, occur or be achieved. Any statements
that refer to expectations or other characterizations of future events, circumstances or results are forward-looking statements.
A number of factors could cause actual results, performance or achievements to differ materially from the results expressed or implied in the forward-looking statements. These
factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Forward-looking statements necessarily involve
significant known and unknown risks, assumptions and uncertainties that may cause our actual results, performance and opportunities in future periods to differ materially from
those expressed or implied by such forward-looking statements. Consideration should also be given to the areas of risk set forth under the heading “Risk Factors” in our filings
with the Securities and Exchange Commission, and as set forth more fully under “Part 1, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended
December 31, 2014 and our form 10-Q for the period ending September 30, 2015, these risks and uncertainties include, among other things: the effects of local and national
economic, credit and capital market conditions on the economy in general and on the mortgage industry in particular, and the effects of interest rates; future opportunities of the
combined company; our anticipated needs for working capital; our ability to implement our business strategy; our ability to continue to purchase structured settlement payments
and other assets; the compression of the yield spread between the price we pay for and the price at which we sell assets due to changes in interest rates and/or other factors;
changes in tax or accounting policies or changes in interpretation of those policies as applicable to our business; changes in current tax law relating to the tax treatment of
structured settlements; our ability to complete future securitizations or other financings on beneficial terms; our dependence on the opinions of certain rating agencies; our
dependence on outside parties to conduct our transactions including the court system, insurance companies, outside counsel, delivery services and notaries; our ability to
remain in compliance with the terms of our substantial indebtedness; changes in existing state laws governing the transfer of structured settlement payments or the
interpretation thereof; availability of or increases in the cost of our financing sources relative to our purchase discount rate; changes to state or federal, licensing and regulatory
regimes; unfavorable press reports about our business model; our dependence on the effectiveness of our direct response marketing; adverse judicial developments; our ability
to successfully enter new lines of business and broaden the scope of our business; potential litigation and regulatory proceedings; changes in our expectations regarding the
likelihood, timing or terms of any potential acquisitions described herein; the lack of an established market for the subordinated interest in the receivables that we retain after a
securitization is executed; the impact of the Consumer Financial Protection Bureau inquiry and any findings or regulations it issues as related to us, our industries, or products in
general; our dependence on a small number of key personnel; our exposure to underwriting risk; our access to personally identifiable confidential information of current and
prospective customers and the improper use or failure to protect that information; our computer systems being subject to security and privacy breaches; the public disclosure of
the identities of structured settlement holders; our business model being susceptible to litigation; the insolvency of a material number of structured settlement issuers; and
infringement of our trademarks or service marks; our ability to integrate the Home Lending business, and the costs associated with such integration; adverse changes in the
residential mortgage market; our ability to maintain sufficient capital to meet the financing requirements of our business; our ability to grow our loan originations volume;
changes in prevailing interest rates and our ability to mitigate interest rate risk through hedging strategies; increases in delinquencies and defaults for the loans we service,
especially in geographic areas where our loans are concentrated; changes in prepayments rates; changes in, and our ability to comply with, federal, state and local laws and
regulations governing us; change in the guidelines of government-sponsored entities or any discontinuation of, or significant reduction in, the operation of government-
sponsored entities; our ability to maintain our state licenses or obtain new licenses in new markets; our ability to originate and/or acquire additional mortgage servicing rights;
the accuracy of the estimates and assumptions of our financial models; our ability to recapture loans from borrowers who refinance; potential misrepresentations by borrowers,
counterparties and other third-parties; costs and potential liabilities resulting from state or federal examinations, legal proceedings, enforcement actions and foreclosure
proceedings; changes in government mortgage modification programs; our ability to obtain adequate insurance; indemnification obligations to mortgage loan purchasers; our
ability to timely recover servicing advances; illiquidity in our portfolio; challenges to the MERS system; technology failures; our ability to satisfy our financial covenants with our
lenders; and our ability to successfully compete in the mortgage industry and real estate services business.
Except for our ongoing obligations to disclose material information under the federal securities laws, we undertake no obligation to publicly revise any forward-looking
statements, to report events or to report the occurrence of unanticipated events unless we are required to do so by law.
3
5. A diversified consumer financial services company leveraging a
distinct set of capabilities to extend our reach to consumers in
search of “CASH NOW”
THE J.G. WENTWORTH COMPANY®
PRODUCT OFFERINGS
1. Payment Purchasing
Structured Settlement
Annuity & Lottery
2. Home Lending
3. Personal Lending – early stages
4. Prepaid – early stages
CAPABILITIES
5
1. Strong Brand
2. Direct to Consumer
3. Funding Platforms
4. Digital & Information Management
6. Overall Company
Become more customer-centric through data, information and processes
Drive operational scale and efficiency
Continue to incubate new product lines (Personal Lending and Prepaid Cards)
Maintain access to cash through capital markets execution
Focus on profitability
Structure Settlement Payment Purchasing
Re-align performance and focus on profitability
Reset the marketing and operational spend to appropriate levels
Implement further specialization of roles and processes
Home Lending
Position Home Lending for profitable growth
Launch direct to consumer channel
BUSINESS STRATEGY
6
Continue to evolve as a diversified consumer financial services company…
7. S T R U C T U R E D S E T T L E M E N T P A Y M E N T P U R C H A S I N G
8. STRUCTURED SETTLEMENT PAYMENT PURCHASING
Industry leader
Well recognized brand
Strong infrastructure
Direct-to-Consumer Originator
Strong Regulatory Compliance Discipline
Nationwide Capabilities
Completed 43 Securitizations > $5 Billion
A large database of customers and prospects
8
“Money!”
“A respectable financial
company that has been
in business for a long
time.”
“It's your money,
use it when you
need it!”
Quotes Source: J.G. Wentworth Q4’14 Brand Health Tracker (conducted by Horizon Media with Toluna’s consumer panel)
9. 9
STRUCTURED SETTLEMENT DYNAMICS
Present Challenges
Highly competitive market
Niche financial services product with modest growth of the general market
Rising cost of funds / rate volatility impacts securitization & asset valuations
Challenging conditions continue into Q4 2015
Traditional Approach
Mix of marketing spend heavy on television (broad reach; one to many)
Securitization platform three times a year
Selective specialization in the payment purchasing process
Targeted improvements to marketing, customer acquisition, operating and funding processes
10. A TARGETED APPROACH FOR THE FUTURE…
10
Enhance customer retention and loyalty strategies to improve conversion rates
Transition to one to one digital marketing execution
MediaCom USA
Further strengthen digital, information & data to enhance marketing capabilities
Improve lead acquisition costs
Improve efficiency and productivity to drive $12 - $15 million in savings for 2016
Reduction of marketing expense approximately 20% from historical levels
Corporate initiatives, staffing realignment and cost synergies
Re-organizing production activities with a focus on specialization
Capitalize on process improvement opportunities
Leverage capital markets strength / reduce interest rate sensitivity
Enhance access to capital markets
Continue to build depth of investors
More frequent securitizations in 2016
Implement Structured Settlement receivables risk management process
11. TRANSFORMING OUR OPERATING CAPABILITIES
Standardization
of process and
structure
Automation
Utilize data
and analytics
Performance
management
and capability
building
New Organization Design “Specialization”
Process Management “Customer Focus”
Metrics & Measurements “Drive Performance”
Engaged leading 3rd party management consulting firm
Developed a set of prioritized initiatives to increase efficiencies
11
12. SUMMARY
12
Implement new marketing strategies and maximize spend effectiveness
Improve conversion rates from new and existing customers
Customer focused process improvement
Pursue loyalty and retention strategies as a differentiator along the customer journey
Increase operational efficiency and effectiveness
Enhanced specialization activities of staff and deal pipeline
Utilize deeper insights and metrics to manage the payment purchasing process
The goal is to drive increased performance while improving results
14. EXPANSION INTO MORTGAGE INDUSTRY
14
Acquired WestStar in Q3 of 2015, including 2 months results in Q3
Accretive in 2015
Originates Conventional, VA and FHA loans, with average balance of ~$250,000
Operates in 39 states and District of Columbia (top three states: VA, CA, TX)
Recognized for customer service and customer satisfaction
PRODUCT
MIX
LARGE
MARKET
NEW
DIRECT
CHANNEL
LIMITED
BALANCE SHEET
RISK
HOME
LENDING
GAIN
SHARE
Costco Mortgage Services’ 2013
Operational Excellence Award
2014 Costco Lender of the Year Award
95% consumer satisfaction rating, based
on recent Lending Tree survey
15. DIVERSE DISTRIBUTION AND PRODUCT MIX
0%
10%
20%
30%
40%
50%
60%
70%
80%
2014 2015 YTD
42%
30%
58%
70%
Purchase vs. Refinance
Purchases Refinances
Operating model can pivot
from Refinance to Purchase
based on market dynamics
and consumer demand
15
$1.7B
$1.5B
$1.7B
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
$1.8
$2.0
2013 2014 2015 YTD
Distributed Retail
Affiliates
Originations by Channel
Note: WestStar Mortgage, Inc. acquisition completed on 7/31/2015
YTD through 9/30/2015
0%
10%
20%
30%
40%
50%
60%
2014 2015 YTD
54%
46%
43%
52%
3% 2%
Product Type
Government Conventional Others
16. 16
NEW HOME LENDING DIVISION
HOME LENDING METRICS* Q1 Q2 Q3
YTD
(3 Quarter)
Closed Originations 2014 $237M $367M $396M $1B
Closed Originations 2015
$554M $630M $522M (3 months)***
$353M (2 months)***
$1.7B
YOY Growth Rate 133% 72% 32% 71%
Adjusted Net Income 2014 $1.7M $4.7M $3.3M $9.6M
Adjusted Net Income 2015
$4.5M $6.5M $4.5M (3months)**
$2.0M ( 2months)***
$15.6M
$13.1M
YOY Growth Rate 165% 41% 36% 61%
*Unaudited results for time periods prior to acquisition closing date of 7/31/2015
**Pro forma and does not include acquisition related costs and other one time expenses
***For the two months (August and September) Home Lending reported
Grow Adjusted Net Income and cash flows in existing channels
Affiliates
Distributed Retail
Build out the direct to consumer channel
Positioning Home Lending for growth
Production staff, software integrations, facility expansion
Mortgage industry is seasonal & rate sensitive
17. 17
HOME LENDING GROWTH PLAN STRATEGY
• Maximize affiliate channels (Costco, Lending Club, etc.)
• Standardize distributed retail model
Traditional Customer Acquisition
New Channel for Acquisition
• Target existing book of business
• Proactive and enhanced customer relationship management
Customer Retention
• Evolve data / analytical models
• On-going process improvement to reduce costs
• Utilize technology to streamline the fulfillment process
Operational Efficiencies
Position Home Lending for long term profitable growth…
• Build out direct to consumer channel
• Enhance marketing by adding new channels (e.g. web search)
18. P E R S O N A L L E N D I N G & P R E P A I D C A R D S
19. 19
PROGRESS ON ADDITIONAL PRODUCT EXPANSION
ADJACENT
CONSUMER
SEGMENT
NO
CONSUMER
CREDIT
RISK
RELATIONSHIP
MODEL
OPPORTUNITY
TO GAIN
SHARE
NO
BALANCE SHEET
RISK
PERSONAL
LENDING
Existing relationships
Avant
Lending Club
LendUp
No balance sheet risk: lead generation
Evaluating additional relationships to
further test broader customer needs
Application to Structured Settlements
Pursuing incentive category
Innovation opportunities and new use cases
Personal Lending Prepaid Cards
20. Re-align the Structured Settlement Business
Grow J.G. Wentworth Home Lending
Continue to incubate Personal Lending and Prepaid Cards
Drive operational improvements resulting in increased productivity and
efficiency while lowering cost structure
Relentless focus on metrics and measurement to drive performance results
Focus on cash generation
SUMMARY
20
Address short term challenges with balanced focus on long term growth
22. PRO FORMA COMPANY ANI AND EBITDA RESULTS(1)
(1) See slide 2 related to Non-GAAP Measures; Unaudited combined results for periods presented; Pro forma and does not include acquisition related costs and other one time expenses.
Note: Certain subtotals/totals may not foot or cross-foot due to rounding.
Home Lending for comparison purpose only. Not included in JGW results until Aug 1st 2015
22
$ Millions Q1 '14 Q2 '14 Q3 '14 Q4 '14 FY 14 Q1 '15 Q2 '15 Q3 '15
YTD
(Sep) 15
YTD
(Sep) 14
Structure Settlements TRB $261 $288 $263 $266 $1,078 $261 $263 $240 $764 $812
Home Lending Funded Originations $237 $367 $396 $553 $1,553 $554 $630 $522 $1,706 $1,000
Structure Settlements $63 $69 $63 $64 $259 $62 $49 $54 $166 $195
Home Lending* $11 $16 $15 $19 $62 $19 $23 $18 $61 $42
Total Revenues $74 $85 $78 $83 $321 $82 $72 $73 $227 $238
Structure Settlements** $53 $52 $56 $55 $215 $54 $52 $51 $157 $161
Home Lending*** $9 $12 $12 $14 $46 $15 $16 $14 $45 $33
Total Expenses $62 $64 $68 $68 $262 $69 $68 $65 $202 $193
Structure Settlements $10 $17 $7 $9 $44 $8 -$2 $3 $9 $35
Home Lending $2 $5 $3 $6 $15 $5 $7 $5 $16 $10
Total ANI $12 $22 $10 $15 $59 $13 $4 $8 $25 $44
Structure Settlements $24 $28 $21 $23 $97 $22 $9 $19 $49 $74
Home Lending $2 $5 $3 $6 $16 $5 $7 $5 $16 $10
EBITDA**** $26 $33 $25 $29 $113 $27 $15 $23 $65 $84
*Revenues presented are management’s view, are for comparison purposes only, and are different than the revenues included in our public financial statements.
**Includes Term Loan and other corporate expenses
***One time expenses excluded from Q3 Home Lending Results
****EBITDA as defined in our term loan agreement. Reconciliations of GAAP Net Income to ANI and EBITDA are included at the end of this presentation.
23. 23
POTENTIAL IMPACT OF INTEREST RATES
Based on 2015-3 Securitization FV rates increased
to 4.96% from 4.53% as of 9/30
Balance sheet is revalued using a calculated
Fair Value Rate at the end of each quarter
Fair Value Rate includes Residual cash flows discounted at residual fair value vs. coupon rate
All assets securitized in 2015-3 originated on or before 9/30 were marked at 4.53%
Calculated Impact of cost of funding change in Q4 2015
Sensitivity changes based on WAL, rates, & notional
Impact of funding costs on Q4 revenue is ($2.9M)
which excludes mark-to-mark of remaining TRB in the quarter
Hypothetical impact from the cost of funds on assets originated after 9/30
Example shows $100 Million TRB
WAL of 13.7 years
Rate movement from 4.96% to 4.53%
Actual Actual
2015-3 Q3'15
Deal Discount Rate 4.46% N/A
FV Rate 4.96% 4.53%*
*Estimated using Securitization rate market inputs
Example (Millions)
Total Receivable Balance (TRB) $100.0
WAL 13.7
NPV @ 9/30/2015 rate at 4.53% $58.6
NPV @ 2015-3 rate 4.96% $56.1
Impact on rate change for $100MM ($2.5)
Interest Rate impact
Assets to be securitized as of 9/30 (Millions) $82.8
Sensitivity to a Basis Point (bp) change $68,000
BPS Change in COF from 9/30/2015 to 2015-3 43bp
Impact of cost of funds from
Q4 to Q3 securitized assets (Millions) ($2.92)
24. Maintain adequate liquidity (balances as of 11/30/2015)
Total cash balance* - $72.8 Million: includes Home Lending Cash of $7.6M
Manage adequate and cost efficient warehouse lines
Term Loan and debt service
Annual term loan cash interest expense of ~$30M
Expense management
Continue aggressive cost reduction
Invest in the business
CAPITAL STRUCTURE PRIORITIES
24
* Unaudited preliminary cash balance
25. CONSOLIDATED CASH BALANCES
25
Structured Settlement Business Cash is received upon each securitization; warehouse
facilities are paid off at that time
October 2nd, 2015 the company closed the 2015-2 Prefunding
November 23rd, 2015 closed the 2015-3 Securitization (No Prefunding)
Company will continue securitization program with next issuance expected in Q1 2016
Company uses cash for working capital requirements which include debt service and
expenses between securitizations
Residual financing generally provides us with the capacity to generate approximately
$15M of cash annually
* Unaudited preliminary cash balance; does not include assets to be financed
Cash
Balance
2015-2
Prefunding
Proceeds
Cash
Balance
2015-3
No Prefunding
Proceeds
Cash
Balance*
9/30/2015 10/2/2015 10/31/2015 11/23/2015 11/30/2015
Home Lending $6,497 $7,873 $7,615
Structured Settlement $29,200 $45,177 $65,206
Total Cash Balance $35,697 $20,879 $53,050 $32,423 $72,821
26. STRUCTURED SETTLEMENT EXPENSE MANAGEMENT
26
Continue progress on expense discipline
Marketing & Advertising continue to be optimized
Interest Expense increased primarily due to incremental Residual financing
Residual Term Debt of $133M: Sept YTD $6.0M (7.25%)
Term Loan of $450M: Sept YTD $30.2M (7.00%)
Other Interest Expense: Sept YTD $7.8M***
Includes investments made as we execute diversification strategy
New website, Prepaid Card program launched, Lending platform, etc.
***Includes warehouse lines, and other
ANI Expense
Full Year
2014*
YTD (Sep)
2014*
YTD (Sep)
2015**
Better /
(Worse)
Marketing and Advertising $68,489 $52,341 $47,799 $4,542
Interest Expense $57,891 $43,083 $44,052 ($969)
Salaries and Related Cost $36,762 $27,234 $27,247 ($13)
General and Administrative $18,315 $13,707 $13,682 $25
Professional and Consulting Fees $16,221 $11,954 $11,760 $194
Debt Issuance $8,683 $5,956 $5,092 $864
Bad Debt Expense $4,806 $3,273 $4,168 ($895)
Depreciation and Amortization $4,168 $3,163 $2,917 $246
Other Expenses $69 $0 $0 $0
Total Stuctured Settlement Expenses $215,404 $160,711 $156,717 $3,994
*Per the respective periods' press release reconciliation of Net Income to Adjusted schedule
** Recalculated as follows: Consolidated YTD ANI Expense per Schedule F included in the 9/30/15 Press Release less Home Lending Segment's YTD expense per the 9/30/15 MD&A.
27. MODIFYING THE RISK MANAGEMENT APPROACH
27
More Frequent Securitization
Reducing time in between deals to try to reduce investors spreads
Outside forces such as Greece crisis, speculations of Feds increasing rate will
always have an impact
Hedging swap rates
Goal is to reduce volatility from swap rate changes
Increase Purchase yield
Maximizing pricing in a competitive marketplace
Diversifying investor base
28. 28
RISK MANAGEMENT PROGRAM
Hedging strategy is designed to partially offset swap rate exposure
Swap Rates
Investor Spread
Hedged Swap
Exposure
Unhedged Portion
Example of Securitization
Programs Investor Spread and Swap Rates
Securitization four times a year instead of three;
which means less impact from investor spreads
Market Interest Rate Risk
Hedge Swap from funding to securitization
Complements Home Lending hedging program