UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 13, 2014 (November 13, 2014)
THE J.G. WENTWORTH COMPANY
(Exact name of registrant as specified in its charter)
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Delaware |
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001-36170 |
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46-3037859 |
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(State or other jurisdiction of |
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(Commission File Number) |
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(IRS Employer Identification No.) |
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201 King of Prussia Road, Suite 501, Radnor, |
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19087-5148 |
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(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code (484) 434-2300
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On November 13, 2014, The J.G. Wentworth Company announced its results of operations for the quarter ended September 30, 2014. A copy of the related press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein.
The information set forth in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed “filed” for any other purpose, including for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that Section.
This information shall not be deemed to be incorporated by reference into any filing of the registrant under the Securities Act of 1933 or the Exchange Act regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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Exhibit No. |
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Description |
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99.1 |
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Press Release, dated November 13, 2014, issued by The J.G. Wentworth Company |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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THE J.G. WENTWORTH COMPANY | ||
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By: |
/s/ John R. Schwab | |
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Name: |
John R. Schwab |
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Title: |
Executive Vice President & Chief Financial Officer |
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Dated: November 13, 2014 | ||
Exhibit 99.1
The J.G. Wentworth Company™ Reports Third Quarter Results; Company Makes Progress Towards Transformation
RADNOR, Pa.—(BUSINESS WIRE)—11.13.14 — The J.G. Wentworth Company™ (“J.G. Wentworth” or the “Company”) (NYSE:JGW), a leading purchaser of structured settlement payments, annuity payments, lottery payments and other receivables through its J.G. Wentworth and Peachtree brands, today reports financial results for the third quarter of 2014. “We are in the early stages of transforming J.G. Wentworth and are excited about the groundwork we have laid to achieve the three key strategic pillars — Grow the Core, Become an Information-Based Company, and Diversify,” said Stewart A. Stockdale, Chief Executive Officer, The J.G. Wentworth Company™.
The following are highlights from the third quarter results:
Third Quarter Highlights
· Total Receivables Balance, or TRB, purchases were $263.3 million, as compared to $299.3 million in the third quarter of 2013.
· Adjusted Net Income*, or ANI, increased to $7.2 million, as compared to $1.4 million in the third quarter of 2013, driven primarily by lower cost of funds and lower interest expense.
· Adjusted unrealized gains on VIE and other finance receivables, long term debt and derivatives, net of the gain (loss) on swap terminations*, [or Spread Revenue*], was $51.3 million, as compared to $49.0 million in the third quarter of 2013.
· Revenues were $107.0 million, an increase of 3.8% from revenues of $103.1 million in the third quarter of 2013, due primarily to the impact of decreasing cost of funds on unrealized gains on VIE and other finance receivables, long-term debt and derivatives.
· Net income increased to $12.7 million, as compared to a loss of $0.9 million in the third quarter of 2013, due primarily to decreasing cost of funds and lower interest expense.
John R. Schwab, J.G. Wentworth’s Chief Financial Officer, said, “After a strong second quarter, the third quarter purchases started off slower than anticipated, but returned to expected levels by the end of the period. We continue to focus on driving profitability in our Core business and leveraging our industry-leading financing platform. We were pleased with the execution of our 2014-2 securitization and look forward to the launch of the 2014-3 securitization.”
* This earnings press release contains non-GAAP measures, which as calculated by the Company are not necessarily comparable to similarly-titled measures reported by other companies. Results for the three and nine month periods ended September 30, 2014 and 2013, as well as our reconciliation of non-GAAP measures, and historic financial information from 2013 to the present, are included in the accompanying financial information.
About The J.G. Wentworth Company™
J.G. Wentworth focuses on key sectors, including structured settlement payment purchasing, annuity payment purchasing, lottery payment purchasing and pre-settlement funding. Through our two market-leading and highly recognizable brands, J.G. Wentworth and Peachtree Financial Solutions, we purchase future structured settlement payment streams from our customers. For more information about J.G. Wentworth, visit www.jgw.com or use the contact information provided below.
Conference Call and Webcast
Management will host a webcast to discuss the third quarter 2014 financial results today, November 13, 2014, at 10:00 AM Eastern time. The webcast will include remarks from J.G. Wentworth’s Chief Executive Officer, Stewart Stockdale, and Chief Financial Officer, John Schwab.
This call will be accompanied by a presentation and will be available via a webcast of the conference call live on the Investor Relations section of the Company’s website:
The J.G. Wentworth Company™ Third Quarter 2014 Financial Results Webcast
Interested parties unable to access the conference call and view the presentation via the webcast through this link The J.G. Wentworth Company™ Third Quarter 2014 Financial Results Webcast may dial (877) 201-0168 and reference conference ID 21425036. A playback of the call is available until November 20, 2014 at (855) 859-2056 with conference ID 21425036. The presentation will be posted to the Company’s website after the call.
Forward-Looking Statements
Certain statements in this press release 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, 2013, these risks and uncertainties include, among other things: our ability to continue to purchase structured settlement payments and other assets; our ability to complete future securitizations or other financings on beneficial terms; availability of or increases in the cost of our financing sources relative to our purchase discount rate; 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 dependence on the effectiveness of our direct response marketing; 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; the lack of an established market for the subordinated interest in the receivables that we retain after a securitization is executed; our exposure to underwriting risk; 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; the insolvency or downgrade of a material number of structured settlement issuers; changes in current tax law relating to the tax treatment of structured settlements; changes to state or federal, licensing and regulatory regimes; the impact of the March 2014 Consumer Financial Protection Bureau inquiry and any findings or regulations it issues as related to us, our industries, or products or in general; adverse judicial developments; potential litigation and regulatory proceedings; unfavorable press reports about our business model; our access to personally identifiable confidential information of current and prospective customers and the improper use or failure to protect that information; the public disclosure of the identities of structured settlement holders; our business model being susceptible to litigation; our dependence on a small number of key personnel; our ability to successfully enter new lines of business and broaden the scope of our business; changes in our expectations regarding the likelihood, timing or terms of any potential acquisitions described herein; our computer systems being subject to security and privacy breaches; and infringement of our trademarks or service marks.
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.
Schedule A
The J.G. Wentworth Company
(Prior to November 14, 2013, J.G. Wentworth, LLC and Subsidiaries)
Condensed Consolidated Balance Sheets
(In thousands, except for shares and per share data)
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September 30, |
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December 31, |
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2014 |
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2013 |
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(Unaudited) |
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ASSETS |
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Cash and cash equivalents |
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$ |
76,068 |
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$ |
39,061 |
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Restricted cash and investments |
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118,020 |
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109,338 |
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VIE finance receivables, at fair market value |
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4,274,954 |
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3,818,704 |
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Other finance receivables, at fair market value |
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81,504 |
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51,945 |
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VIE finance receivables, net of allowances for losses of $7,426 and $6,443, respectively |
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114,453 |
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117,826 |
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Other finance receivables, net of allowances for losses of $2,031 and $1,899, respectively |
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18,435 |
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15,166 |
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Notes receivable, at fair market value |
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— |
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5,610 |
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Other receivables, net of allowances for losses of $252 and $243, respectively |
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12,281 |
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13,529 |
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Fixed assets, net of accumulated depreciation of $5,516 and $4,544, respectively |
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3,414 |
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3,112 |
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Intangible assets, net of accumulated amortization of $19,728 and $17,781, respectively |
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45,980 |
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47,878 |
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Goodwill |
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84,993 |
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84,993 |
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Marketable securities |
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106,490 |
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121,954 |
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Deferred tax assets, net |
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— |
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1,830 |
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Other assets |
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34,980 |
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41,151 |
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Total Assets |
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$ |
4,971,572 |
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$ |
4,472,097 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Accounts payable |
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$ |
7,987 |
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$ |
3,903 |
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Accrued expenses |
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24,639 |
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21,181 |
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Accrued interest |
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17,113 |
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14,485 |
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VIE derivative liabilities, at fair market value |
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70,016 |
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70,296 |
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VIE borrowings under revolving credit facilities and other similar borrowings |
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25,358 |
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41,274 |
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VIE long-term debt |
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183,310 |
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150,802 |
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VIE long-term debt issued by securitization and permanent financing trusts, at fair market value |
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3,836,856 |
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3,431,283 |
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Term loan payable |
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436,433 |
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434,184 |
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Other liabilities |
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6,965 |
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7,646 |
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Deferred tax liabilities, net |
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15,688 |
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1,707 |
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Installment obligations payable |
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106,490 |
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121,954 |
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Total Liabilities |
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$ |
4,730,855 |
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$ |
4,298,715 |
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Class A common stock, par value $0.00001 per share; 500,000,000 shares authorized; Issued and outstanding at September 30, 2014 - 14,347,143 and 14,255,194; December 31, 2013 - 11,220,358 and 11,216,429 |
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— |
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— |
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Class B common stock, par value $0.00001 per share; 500,000,000 shares authorized; Issued and outstanding at September 30, 2014 - 10,680,530; December 31, 2013 - 14,001,583 and 13,984,065 |
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— |
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— |
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Class C common stock, par value $0.00001 per share; 500,000,000 shares authorized; Issued and outstanding at September 30, 2014 and December 31, 2013 - 0 |
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— |
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— |
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Additional paid-in-capital |
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94,059 |
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70,236 |
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Retained earnings (accumulated deficit) |
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13,805 |
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(5,577 |
) | ||
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Accumulated other comprehensive income |
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— |
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612 |
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$ |
107,864 |
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$ |
65,271 |
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Less: Treasury stock at cost; purchased at September 30, 2014 - 91,949; December 31, 2013 - 3,929 |
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(139 |
) |
— |
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Total stockholders’ equity, The J.G. Wentworth Company |
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107,725 |
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65,271 |
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Non-controlling interests |
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132,992 |
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108,111 |
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Total Stockholders’ Equity |
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$ |
240,717 |
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$ |
173,382 |
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Total Liabilities and Stockholders’ Equity |
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$ |
4,971,572 |
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$ |
4,472,097 |
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Schedule B
The J.G. Wentworth Company
(Prior to November 14, 2013, J.G. Wentworth, LLC and Subsidiaries)
Condensed Consolidated Statements of Operations - Unaudited
(In thousands, except for shares and per share data)
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2014 |
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2013 |
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2014 |
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2013 |
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REVENUES |
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Interest income |
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$ |
44,644 |
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$ |
45,710 |
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$ |
139,104 |
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$ |
126,293 |
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Unrealized gains on VIE and other finance receivables, long-term debt, and derivatives |
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63,731 |
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50,226 |
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221,359 |
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214,068 |
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Gain (loss) on swap terminations, net |
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(54 |
) |
525 |
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(628 |
) |
351 |
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Servicing, broker, and other fees |
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1,049 |
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1,156 |
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3,221 |
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3,691 |
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Realized and unrealized gains (losses) on marketable securities, net |
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(2,615 |
) |
5,525 |
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1,741 |
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10,523 |
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Realized gain (loss) on notes receivable, at fair value |
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— |
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— |
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2,098 |
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(1,862 |
) | ||||
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Gain on debt extinguishment |
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270 |
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— |
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270 |
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— |
| ||||
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Other |
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(1 |
) |
(4 |
) |
(63 |
) |
(57 |
) | ||||
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Total Revenues |
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$ |
107,024 |
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$ |
103,138 |
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$ |
367,102 |
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$ |
353,007 |
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EXPENSES |
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Advertising |
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$ |
18,416 |
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$ |
17,862 |
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$ |
52,341 |
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$ |
51,665 |
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Interest expense |
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48,813 |
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54,005 |
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150,743 |
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139,974 |
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Compensation and benefits |
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11,096 |
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9,100 |
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30,865 |
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32,494 |
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General and administrative |
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4,858 |
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4,519 |
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13,941 |
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14,881 |
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Professional and consulting |
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4,520 |
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4,807 |
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13,482 |
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13,906 |
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Debt issuance |
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2,936 |
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2,583 |
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5,956 |
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5,655 |
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Securitization debt maintenance |
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1,551 |
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1,543 |
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4,672 |
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4,526 |
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Provision for losses on finance receivables |
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1,055 |
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1,690 |
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3,273 |
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4,374 |
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Depreciation and amortization |
|
961 |
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1,467 |
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3,163 |
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4,231 |
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Installment obligations expense (income), net |
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(2,047 |
) |
6,301 |
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3,567 |
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12,820 |
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Total Expenses |
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$ |
92,159 |
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$ |
103,877 |
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$ |
282,003 |
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$ |
284,526 |
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Income (loss) before income taxes |
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$ |
14,865 |
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$ |
(739 |
) |
$ |
85,099 |
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$ |
68,481 |
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Provision for income taxes |
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2,176 |
|
146 |
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16,169 |
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1,301 |
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Net Income (Loss) |
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12,689 |
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$ |
(885 |
) |
68,930 |
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$ |
67,180 |
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Less: Net income attributable to non-controlling interests |
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8,597 |
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49,548 |
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Net Income Attributable to The J.G. Wentworth Company |
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$ |
4,092 |
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$ |
19,382 |
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Weighted average shares of Class A common stock outstanding: |
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Basic |
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13,095,194 |
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12,438,143 |
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Diluted |
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13,098,995 |
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12,440,327 |
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Net income per share attributable to stockholders of Class A common stock of The J.G. Wentworth Company |
|
|
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|
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| ||||
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Basic |
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$ |
0.31 |
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|
|
$ |
1.56 |
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Diluted |
|
$ |
0.31 |
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|
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$ |
1.56 |
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ANI Bridge - Unaudited
The J.G. Wentworth Company and Subsidiaries
Reconciliation of Net Income to Adjusted Net Income and other Non-GAAP Measures Used in this Release and the Related Presentation
We use Adjusted Net Income (a non-GAAP financial measure) as a measure of our results from operations, which we define as our net income under U.S. GAAP before non-cash compensation expenses, certain other expenses, provision for or benefit from income taxes and the amounts related to the consolidation of the securitization and permanent financing trusts we use to finance our business. We use Adjusted Net Income to measure our overall performance because we believe it represents the best measure of our operating performance, as the operations of the variable interest entities do not impact business 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 gain (loss) on swap termination, or 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 the variable interest entities do not impact business performance.
You should not consider Adjusted Net Income, Adjusted Total Revenue or Spread Revenue 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, Adjusted Total Revenue and Spread Revenue may not be comparable to other similarly titled measures of other companies.
A reconciliation of Net Income to Adjusted Net Income, which includes line items for Adjusted Total Revenue and Spread Revenue, for the three and nine months ended September 30, 2014 and 2013 is provided below. Certain prior year numbers have been reclassified to conform with current year presentation.
Schedule C
The J.G. Wentworth Company
(Prior to November 14, 2013, J.G. Wentworth, LLC and Subsidiaries)
Reconciliation of Net Income (Loss) to Adjusted Net Income - Unaudited
(In thousands)
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Three Months Ended |
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Nine Months Ended |
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|
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September 30, |
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September 30, |
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|
|
|
2014 |
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2013 |
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2014 |
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2013 |
| ||||
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|
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|
|
|
| ||||
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Net Income (Loss) |
|
$ |
12,689 |
|
$ |
(885) |
|
$ |
68,930 |
|
$ |
67,180 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Adjustments to reflect deconsolidation of securitizations: |
|
|
|
|
|
|
|
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| ||||
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Elimination of unrealized gain/loss on finance receivables, long-term debt and derivatives from post securitization due to changes in interest rates |
|
(12,392 |
) |
(1,752 |
) |
(59,649 |
) |
(48,413 |
) | ||||
|
Elimination of interest income from securitized finance receivables permanent financing trusts |
|
(40,188 |
) |
(40,846 |
) |
(125,532 |
) |
(110,596 |
) | ||||
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Interest income on retained interests in finance receivables |
|
5,168 |
|
4,716 |
|
15,138 |
|
13,841 |
| ||||
|
Servicing income on securitized finance receivables |
|
1,323 |
|
1,388 |
|
3,823 |
|
4,245 |
| ||||
|
Elimination of interest expense on long-term debt related to securitization and permanent financing trusts |
|
34,162 |
|
35,508 |
|
107,660 |
|
93,463 |
| ||||
|
Professional fees relating to securitizations |
|
1,551 |
|
1,611 |
|
4,672 |
|
4,635 |
| ||||
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Other adjustments: |
|
|
|
|
|
|
|
|
| ||||
|
Share based compensation |
|
431 |
|
441 |
|
1,731 |
|
1,511 |
| ||||
|
Income tax provision |
|
2,176 |
|
146 |
|
16,169 |
|
1,301 |
| ||||
|
Severance, M & A, and consulting expenses |
|
2,296 |
|
1,072 |
|
2,971 |
|
6,421 |
| ||||
|
Other non-recurring items |
|
— |
|
— |
|
(1,401 |
) |
1,862 |
| ||||
|
Adjusted Net Income |
|
$ |
7,216 |
|
$ |
1,399 |
|
$ |
34,512 |
|
$ |
35,450 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Other Data: |
|
|
|
|
|
|
|
|
| ||||
|
Securitized Product Total Receivables Balance (TRB) Purchases (1) |
|
$ |
228,915 |
|
$ |
254,376 |
|
$ |
704,966 |
|
$ |
731,976 |
|
|
Life Contingent Purchases |
|
28,471 |
|
40,165 |
|
86,483 |
|
117,265 |
| ||||
|
Presettlement Fundings |
|
5,910 |
|
4,785 |
|
20,134 |
|
15,302 |
| ||||
|
Total TRB Purchases |
|
$ |
263,296 |
|
$ |
299,326 |
|
$ |
811,583 |
|
$ |
864,543 |
|
|
Adjusted Net Income |
|
$ |
7,216 |
|
$ |
1,399 |
|
$ |
34,512 |
|
$ |
35,450 |
|
|
Adjusted Net Income TRB Margin (2) |
|
2.74 |
% |
0.47 |
% |
4.25 |
% |
4.10 |
% | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Company retained interests in finance receivables at fair market value |
|
$ |
304,022 |
|
$ |
239,770 |
|
|
|
|
| ||
(1) Securitized product TRB purchases includes purchases during the period of assets that are expected to be securitized (guaranteed structured settlements, annuities, and lottery payment streams).
(2) Adjusted Net Income TRB Margin is Adjusted Net Income divided by Total TRB Purchases during the period.
Schedule D
The J.G. Wentworth Company
(Prior to November 14, 2013, J.G. Wentworth, LLC and Subsidiaries)
Reconciliation of Net Income to Adjusted Net Income - Unaudited
(In thousands)
|
|
|
|
|
Adjustments |
|
Interest |
|
|
|
|
|
Severance |
|
Reclassification |
|
|
|
|
| |||||||||
|
|
|
Q3 2014 |
|
to reflect |
|
Income on |
|
Share |
|
|
|
M&A |
|
Associated with |
|
Other |
|
Q3 2014 |
| |||||||||
|
|
|
GAAP |
|
deconsolidation |
|
Retained |
|
Based |
|
Income |
|
and |
|
Installment |
|
Nonrecurring |
|
Adjusted |
| |||||||||
|
|
|
Results |
|
of securitizations |
|
Interests |
|
Compensation |
|
Tax |
|
Consulting |
|
Obligation Payable |
|
Items |
|
Net Income |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Interest income |
|
$ |
44,644 |
|
$ |
(40,188 |
) |
$ |
5,168 |
|
|
|
|
|
|
|
$ |
(568 |
) |
$ |
— |
|
$ |
9,056 |
| |||
|
Unrealized gains on VIE and other finance receivables, long-term debt and derivatives |
|
63,731 |
|
(12,392 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
51,339 |
| |||||||||
|
Loss on swap terminations, net |
|
(54 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(54 |
) | |||||||||
|
Servicing, broker, and other fees |
|
1,049 |
|
1,323 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,372 |
| |||||||||
|
Realized and unrealized losses on marketable securities, net |
|
(2,615 |
) |
|
|
|
|
|
|
|
|
|
|
2,615 |
|
|
|
— |
| |||||||||
|
Realized gain on notes receivable, at fair value |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
— |
| |||||||||
|
Gain on debt extinguishment |
|
270 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
270 |
| |||||||||
|
Other |
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1 |
) | |||||||||
|
Total Revenues |
|
$ |
107,024 |
|
$ |
(51,257 |
) |
$ |
5,168 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
2,047 |
|
$ |
— |
|
$ |
62,982 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Advertising |
|
$ |
18,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
18,416 |
| |||||||
|
Interest expense |
|
48,813 |
|
(34,162 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
14,651 |
| |||||||||
|
Compensation and benefits |
|
11,096 |
|
|
|
|
|
(431 |
) |
|
|
(1,787 |
) |
|
|
|
|
8,878 |
| |||||||||
|
General and administrative |
|
4,858 |
|
|
|
|
|
|
|
|
|
(320 |
) |
|
|
|
|
4,538 |
| |||||||||
|
Professional and consulting |
|
4,520 |
|
|
|
|
|
|
|
|
|
(189 |
) |
|
|
— |
|
4,331 |
| |||||||||
|
Debt issuance |
|
2,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,936 |
| |||||||||
|
Securitization debt maintenance |
|
1,551 |
|
(1,551 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
— |
| |||||||||
|
Provision for losses on finance receivables |
|
1,055 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,055 |
| |||||||||
|
Depreciation and amortization |
|
961 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
961 |
| |||||||||
|
Installment obligations income, net |
|
(2,047 |
) |
|
|
|
|
|
|
|
|
|
|
2,047 |
|
|
|
— |
| |||||||||
|
Total Expenses |
|
$ |
92,159 |
|
$ |
(35,713 |
) |
$ |
— |
|
$ |
(431 |
) |
$ |
— |
|
$ |
(2,296 |
) |
$ |
2,047 |
|
$ |
— |
|
$ |
55,766 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Income before income taxes |
|
$ |
14,865 |
|
$ |
(15,544 |
) |
$ |
5,168 |
|
$ |
431 |
|
$ |
— |
|
$ |
2,296 |
|
$ |
— |
|
$ |
— |
|
$ |
7,216 |
|
|
Provision for income taxes |
|
2,176 |
|
|
|
|
|
|
|
(2,176 |
) |
|
|
|
|
|
|
— |
| |||||||||
|
Net Income |
|
$ |
12,689 |
|
$ |
(15,544 |
) |
$ |
5,168 |
|
$ |
431 |
|
$ |
2,176 |
|
$ |
2,296 |
|
$ |
— |
|
$ |
— |
|
$ |
7,216 |
|
Schedule E
The J.G. Wentworth Company
(Prior to November 14, 2013, J.G. Wentworth, LLC and Subsidiaries)
Reconciliation of Net Income (Loss) to Adjusted Net Income - Unaudited
(In thousands)
|
|
|
|
|
Adjustments |
|
Interest |
|
|
|
|
|
Severance |
|
Reclassification |
|
|
|
|
| |||||||||
|
|
|
Q3 2013 |
|
to reflect |
|
Income on |
|
Share |
|
|
|
M&A |
|
Associated with |
|
Other |
|
Q3 2013 |
| |||||||||
|
|
|
GAAP |
|
deconsolidation |
|
Retained |
|
Based |
|
Income |
|
and |
|
Installment |
|
Nonrecurring |
|
Adjusted |
| |||||||||
|
|
|
Results |
|
of securitizations |
|
Interests |
|
Compensation |
|
Tax |
|
Consulting |
|
Obligation Payable |
|
Items |
|
Net Income |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Interest income |
|
$ |
45,710 |
|
$ |
(40,846 |
) |
$ |
4,716 |
|
|
|
|
|
|
|
$ |
(776 |
) |
|
|
$ |
8,804 |
| ||||
|
Unrealized gains on VIE and other finance receivables, long-term debt and derivatives |
|
50,226 |
|
(1,752 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
48,474 |
| |||||||||
|
Gain on swap terminations, net |
|
525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
525 |
| |||||||||
|
Servicing, broker, and other fees |
|
1,156 |
|
1,388 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,544 |
| |||||||||
|
Realized and unrealized gains on marketable securities, net |
|
5,525 |
|
|
|
|
|
|
|
|
|
|
|
(5,525 |
) |
|
|
— |
| |||||||||
|
Realized loss on notes receivable, at fair value |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
| |||||||||
|
Other |
|
(4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4 |
) | |||||||||
|
Total Revenues |
|
$ |
103,138 |
|
$ |
(41,210 |
) |
$ |
4,716 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(6,301 |
) |
$ |
— |
|
$ |
60,343 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Advertising |
|
$ |
17,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
17,862 |
| |||||||
|
Interest expense |
|
54,005 |
|
(35,508 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
18,497 |
| |||||||||
|
Compensation and benefits |
|
9,100 |
|
|
|
|
|
(441 |
) |
|
|
|
|
|
|
|
|
8,659 |
| |||||||||
|
General and administrative |
|
4,519 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,519 |
| |||||||||
|
Professional and consulting |
|
4,807 |
|
(31 |
) |
|
|
|
|
|
|
(1,072 |
) |
|
|
|
|
3,704 |
| |||||||||
|
Debt issuance |
|
2,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,583 |
| |||||||||
|
Securitization debt maintenance |
|
1,543 |
|
(1,543 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
— |
| |||||||||
|
Provision for losses on finance receivables |
|
1,690 |
|
(37 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
1,653 |
| |||||||||
|
Depreciation and amortization |
|
1,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,467 |
| |||||||||
|
Installment obligations expense, net |
|
6,301 |
|
|
|
|
|
|
|
|
|
|
|
(6,301 |
) |
|
|
— |
| |||||||||
|
Total Expenses |
|
$ |
103,877 |
|
$ |
(37,119 |
) |
$ |
— |
|
$ |
(441 |
) |
$ |
— |
|
$ |
(1,072 |
) |
$ |
(6,301 |
) |
$ |
— |
|
$ |
58,944 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Income (loss) before income taxes |
|
$ |
(739 |
) |
$ |
(4,091 |
) |
$ |
4,716 |
|
$ |
441 |
|
$ |
— |
|
$ |
1,072 |
|
$ |
— |
|
$ |
— |
|
$ |
1,399 |
|
|
Provision for income taxes |
|
146 |
|
|
|
|
|
|
|
(146 |
) |
|
|
|
|
|
|
— |
| |||||||||
|
Net Income (Loss) |
|
$ |
(885 |
) |
$ |
(4,091 |
) |
$ |
4,716 |
|
$ |
441 |
|
$ |
146 |
|
$ |
1,072 |
|
$ |
— |
|
$ |
— |
|
$ |
1,399 |
|
Schedule F
The J.G. Wentworth Company
(Prior to November 14, 2013, J.G. Wentworth, LLC and Subsidiaries)
Reconciliation of Net Income to Adjusted Net Income - Unaudited
(In thousands)
|
|
|
|
|
Adjustments |
|
Interest |
|
|
|
|
|
Severance |
|
Reclassification |
|
|
|
|
| |||||||||
|
|
|
YTD 2014 |
|
to reflect |
|
Income on |
|
Share |
|
|
|
M&A |
|
Associated with |
|
Other |
|
YTD 2014 |
| |||||||||
|
|
|
GAAP |
|
deconsolidation |
|
Retained |
|
Based |
|
Income |
|
and |
|
Installment |
|
Nonrecurring |
|
Adjusted |
| |||||||||
|
|
|
Results |
|
of securitizations |
|
Interests |
|
Compensation |
|
Tax |
|
Consulting |
|
Obligation Payable |
|
Items |
|
Net Income |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Interest income |
|
$ |
139,104 |
|
$ |
(125,532 |
) |
$ |
15,138 |
|
|
|
|
|
|
|
$ |
(1,826 |
) |
$ |
6 |
|
$ |
26,890 |
| |||
|
Unrealized gains on VIE and other finance receivables, long-term debt and derivatives |
|
221,359 |
|
(59,649 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
161,710 |
| |||||||||
|
Loss on swap terminations, net |
|
(628 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(628 |
) | |||||||||
|
Servicing, broker, and other fees |
|
3,221 |
|
3,823 |
|
|
|
|
|
|
|
|
|
|
|
|
|
7,044 |
| |||||||||
|
Realized and unrealized gains on marketable securities, net |
|
1,741 |
|
|
|
|
|
|
|
|
|
|
|
(1,741 |
) |
|
|
— |
| |||||||||
|
Realized gain on notes receivable, at fair value |
|
2,098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,098 |
) |
— |
| |||||||||
|
Gain on debt extinguishment |
|
270 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
270 |
| |||||||||
|
Other |
|
(63 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(63 |
) | |||||||||
|
Total Revenues |
|
$ |
367,102 |
|
$ |
(181,358 |
) |
$ |
15,138 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(3,567 |
) |
$ |
(2,092 |
) |
$ |
195,223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Advertising |
|
$ |
52,341 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
52,341 |
| |||||||
|
Interest expense |
|
150,743 |
|
(107,660 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
43,083 |
| |||||||||
|
Compensation and benefits |
|
30,865 |
|
|
|
|
|
(1,731 |
) |
|
|
(1,900 |
) |
|
|
|
|
27,234 |
| |||||||||
|
General and administrative |
|
13,941 |
|
|
|
|
|
|
|
|
|
(234 |
) |
|
|
|
|
13,707 |
| |||||||||
|
Professional and consulting |
|
13,482 |
|
|
|
|
|
|
|
|
|
(837 |
) |
|
|
(691 |
) |
11,954 |
| |||||||||
|
Debt issuance |
|
5,956 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,956 |
| |||||||||
|
Securitization debt maintenance |
|
4,672 |
|
(4,672 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
— |
| |||||||||
|
Provision for losses on finance receivables |
|
3,273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,273 |
| |||||||||
|
Depreciation and amortization |
|
3,163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,163 |
| |||||||||
|
Installment obligations expense, net |
|
3,567 |
|
|
|
|
|
|
|
|
|
|
|
(3,567 |
) |
|
|
— |
| |||||||||
|
Total Expenses |
|
$ |
282,003 |
|
$ |
(112,332 |
) |
$ |
— |
|
$ |
(1,731 |
) |
$ |
— |
|
$ |
(2,971 |
) |
$ |
(3,567 |
) |
$ |
(691 |
) |
$ |
160,711 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Income before income taxes |
|
$ |
85,099 |
|
$ |
(69,026 |
) |
$ |
15,138 |
|
$ |
1,731 |
|
$ |
— |
|
$ |
2,971 |
|
$ |
— |
|
$ |
(1,401 |
) |
$ |
34,512 |
|
|
Provision for income taxes |
|
16,169 |
|
|
|
|
|
|
|
(16,169 |
) |
|
|
|
|
|
|
— |
| |||||||||
|
Net Income |
|
$ |
68,930 |
|
$ |
(69,026 |
) |
$ |
15,138 |
|
$ |
1,731 |
|
$ |
16,169 |
|
$ |
2,971 |
|
$ |
— |
|
$ |
(1,401 |
) |
$ |
34,512 |
|
Schedule G
The J.G. Wentworth Company
(Prior to November 14, 2013, J.G. Wentworth, LLC and Subsidiaries)
Reconciliation of Net Income to Adjusted Net Income - Unaudited
(In thousands)
|
|
|
|
|
Adjustments |
|
Interest |
|
|
|
|
|
Severance |
|
Reclassification |
|
|
|
|
| |||||||||
|
|
|
YTD 2013 |
|
to reflect |
|
Income on |
|
Share |
|
|
|
M&A |
|
Associated with |
|
Other |
|
YTD 2013 |
| |||||||||
|
|
|
GAAP |
|
deconsolidation |
|
Retained |
|
Based |
|
Income |
|
and |
|
Installment |
|
Nonrecurring |
|
Adjusted |
| |||||||||
|
|
|
Results |
|
of securitizations |
|
Interests |
|
Compensation |
|
Tax |
|
Consulting |
|
Obligation Payable |
|
Items |
|
Net Income |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Interest income |
|
$ |
126,293 |
|
$ |
(110,596 |
) |
$ |
13,841 |
|
|
|
|
|
|
|
$ |
(2,298 |
) |
|
|
$ |
27,240 |
| ||||
|
Unrealized gains on VIE and other finance receivables, long-term debt and derivatives |
|
214,068 |
|
(48,413 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
165,655 |
| |||||||||
|
Gain on swap terminations, net |
|
351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
351 |
| |||||||||
|
Servicing, broker, and other fees |
|
3,691 |
|
4,245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
7,936 |
| |||||||||
|
Realized and unrealized gains on marketable securities, net |
|
10,523 |
|
|
|
|
|
|
|
|
|
|
|
(10,522 |
) |
|
|
1 |
| |||||||||
|
Realized loss on notes receivable, at fair value |
|
(1,862 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
1,862 |
|
— |
| |||||||||
|
Other |
|
(57 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(57 |
) | |||||||||
|
Total Revenues |
|
$ |
353,007 |
|
$ |
(154,764 |
) |
$ |
13,841 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(12,820 |
) |
$ |
1,862 |
|
$ |
201,126 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Advertising |
|
$ |
51,665 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
51,665 |
| |||||||
|
Interest expense |
|
139,974 |
|
(93,463 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
46,511 |
| |||||||||
|
Compensation and benefits |
|
32,494 |
|
|
|
|
|
(1,511 |
) |
|
|
(2,692 |
) |
|
|
|
|
28,291 |
| |||||||||
|
General and administrative |
|
14,881 |
|
|
|
|
|
|
|
|
|
(610 |
) |
|
|
|
|
14,271 |
| |||||||||
|
Professional and consulting |
|
13,906 |
|
(71 |
) |
|
|
|
|
|
|
(3,119 |
) |
|
|
|
|
10,716 |
| |||||||||
|
Debt issuance |
|
5,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,655 |
| |||||||||
|
Securitization debt maintenance |
|
4,526 |
|
(4,527 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(1 |
) | |||||||||
|
Provision for losses on finance receivables |
|
4,374 |
|
(37 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
4,337 |
| |||||||||
|
Depreciation and amortization |
|
4,231 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,231 |
| |||||||||
|
Installment obligations expense, net |
|
12,820 |
|
|
|
|
|
|
|
|
|
|
|
(12,820 |
) |
|
|
— |
| |||||||||
|
Total Expenses |
|
$ |
284,526 |
|
$ |
(98,098 |
) |
$ |
— |
|
$ |
(1,511 |
) |
$ |
— |
|
$ |
(6,421 |
) |
$ |
(12,820 |
) |
$ |
— |
|
$ |
165,676 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Income before income taxes |
|
$ |
68,481 |
|
$ |
(56,666 |
) |
$ |
13,841 |
|
$ |
1,511 |
|
$ |
— |
|
$ |
6,421 |
|
$ |
— |
|
$ |
1,862 |
|
$ |
35,450 |
|
|
Provision for income taxes |
|
1,301 |
|
|
|
|
|
|
|
(1,301 |
) |
|
|
|
|
|
|
— |
| |||||||||
|
Net Income |
|
$ |
67,180 |
|
$ |
(56,666 |
) |
$ |
13,841 |
|
$ |
1,511 |
|
$ |
1,301 |
|
$ |
6,421 |
|
$ |
— |
|
$ |
1,862 |
|
$ |
35,450 |
|
Schedule H
The J.G. Wentworth Company
Unaudited
(In thousands, except shares and per share data)
|
|
|
Private |
|
Public |
| |||||||||||||||||
|
|
|
Q1 2013 |
|
Q2 2013 |
|
Q3 2013 |
|
Q4 2013 |
|
Q1 2014 |
|
Q2 2014 |
|
Q3 2014 |
| |||||||
|
TRB: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Securitized Product Total Receivables Balance (TRB) Purchases (1) |
|
$ |
230,705 |
|
$ |
246,895 |
|
$ |
254,376 |
|
$ |
214,437 |
|
$ |
223,507 |
|
$ |
252,544 |
|
$ |
228,915 |
|
|
Life Contingent Purchases |
|
34,222 |
|
42,878 |
|
40,165 |
|
39,054 |
|
29,827 |
|
28,185 |
|
28,471 |
| |||||||
|
Presettlement Fundings |
|
5,444 |
|
5,073 |
|
4,785 |
|
6,997 |
|
7,247 |
|
6,977 |
|
5,910 |
| |||||||
|
Total |
|
$ |
270,371 |
|
$ |
294,846 |
|
$ |
299,326 |
|
$ |
260,488 |
|
$ |
260,581 |
|
$ |
287,706 |
|
$ |
263,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
ANI Basis: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Total Revenue |
|
$ |
76,850 |
|
$ |
63,933 |
|
$ |
60,343 |
|
$ |
71,603 |
|
$ |
63,131 |
|
$ |
69,110 |
|
$ |
62,982 |
|
|
Total Expenses |
|
$ |
53,323 |
|
$ |
53,409 |
|
$ |
58,944 |
|
$ |
60,439 |
|
$ |
53,010 |
|
$ |
51,935 |
|
$ |
55,766 |
|
|
ANI |
|
$ |
23,527 |
|
$ |
10,524 |
|
$ |
1,399 |
|
$ |
11,164 |
|
$ |
10,121 |
|
$ |
17,175 |
|
$ |
7,216 |
|
|
ANI Margin (2) |
|
30.6 |
% |
16.5 |
% |
2.3 |
% |
15.6 |
% |
16.0 |
% |
24.9 |
% |
11.5 |
% | |||||||
|
ANI TRB Margin (3) |
|
8.7 |
% |
3.6 |
% |
0.5 |
% |
4.3 |
% |
3.9 |
% |
6.0 |
% |
2.7 |
% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Spread Revenue (4) |
|
$ |
64,727 |
|
$ |
52,281 |
|
$ |
48,999 |
|
$ |
44,637 |
|
$ |
51,846 |
|
$ |
57,951 |
|
$ |
51,285 |
|
|
TRB Spread Margin (5) |
|
24.4 |
% |
18.0 |
% |
16.6 |
% |
17.6 |
% |
20.5 |
% |
20.6 |
% |
19.9 |
% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
GAAP Basis: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Revenue |
|
$ |
183,208 |
|
$ |
66,661 |
|
$ |
103,138 |
|
$ |
106,556 |
|
$ |
136,590 |
|
$ |
123,488 |
|
$ |
107,024 |
|
|
Expenses (6) |
|
$ |
93,503 |
|
$ |
88,301 |
|
$ |
104,023 |
|
$ |
111,918 |
|
$ |
102,057 |
|
$ |
101,780 |
|
$ |
94,335 |
|
|
Net Income (Loss) |
|
$ |
89,705 |
|
$ |
(21,640 |
) |
$ |
(885 |
) |
$ |
(5,362 |
) |
$ |
34,533 |
|
$ |
21,708 |
|
$ |
12,689 |
|
|
Net Income (Loss) Attributable to The J.G. Wentworth Company |
|
|
|
|
|
|
|
$ |
(5,577 |
) |
$ |
9,022 |
|
$ |
6,268 |
|
$ |
4,092 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Weighted Average Diluted Shares |
|
|
|
|
|
|
|
10,395,574 |
|
11,642,283 |
|
12,562,042 |
|
13,098,995 |
| |||||||
|
All-in Shares (7) |
|
|
|
|
|
|
|
14,967,315 |
|
29,556,961 |
|
29,507,944 |
|
29,331,537 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Diluted EPS |
|
|
|
|
|
|
|
$ |
(0.54 |
) |
$ |
0.77 |
|
$ |
0.50 |
|
$ |
0.31 |
| |||
|
ANI EPS (8) |
|
|
|
|
|
|
|
$ |
0.75 |
|
$ |
0.34 |
|
$ |
0.58 |
|
$ |
0.25 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Residual Asset Balance |
|
$ |
249,345 |
|
$ |
234,918 |
|
$ |
239,770 |
|
$ |
239,591 |
|
$ |
280,208 |
|
$ |
294,637 |
|
$ |
304,022 |
|
|
Residual Loan Balance |
|
$ |
70,000 |
|
$ |
70,000 |
|
$ |
69,560 |
|
$ |
68,785 |
|
$ |
67,989 |
|
$ |
107,540 |
|
$ |
107,329 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
10-Year Swap Rate |
|
2.01 |
% |
2.70 |
% |
2.77 |
% |
3.09 |
% |
2.84 |
% |
2.63 |
% |
2.64 |
% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Term Loan Interest Expense |
|
$ |
7,673 |
|
$ |
12,287 |
|
$ |
14,595 |
|
$ |
13,457 |
|
$ |
9,917 |
|
$ |
10,020 |
|
$ |
10,082 |
|
|
ANI Interest Expense |
|
$ |
12,267 |
|
$ |
15,748 |
|
$ |
18,497 |
|
$ |
18,298 |
|
$ |
13,945 |
|
$ |
14,487 |
|
$ |
14,651 |
|
(1) Securitized product TRB purchases includes purchases during the period of assets that will be securitized (guaranteed structured settlements, annuities, and lottery payment streams)
(2) ANI Margin is defined as ANI / ANI Total Revenue
(3) ANI TRB Margin is defined as ANI / Total TRB
(4) Spread Revenue is defined as adjusted unrealized gains on VIE and other finance receivables, long term debt and derivatives, net of the gain (loss) on swap terminations
(5) TRB Spread Margin is defined as Spread Revenue / (the sum of Securitized Product TRB Purchases + Life Contingent Purchases)
(6) Includes provision for income taxes
(7) Represents the weighted average number of outstanding shares of Class A common stock if all Common Interests in The J.G. Wentworth Company, LLC were exchanged.
(8) ANI EPS is defined as ANI / All-in Shares
Source: The J.G. Wentworth Company™
Investor Relations:
Jennifer Gambol
866-386-3853
investor@jgwentworth.com
Media Inquiries:
866-386-3853
media@jgwentworth.com
or
Makovsky for The J.G. Wentworth Company™
Michael Goodwin, 212-508-9639
mgoodwin@makovsky.com