Ocwen Financial Corporation, (NYSE:OCN)
(“Ocwen” or the “Company”), a leading financial
services holding company, today reported a net loss of $(87.2)
million, or $(0.71) per share, for the three months ended June 30,
2016.
Second Quarter 2016 Results
Pre-tax loss for the second quarter of 2016 was
$(96.4) million, a $5.7 million improvement from the first quarter
of 2016. Pre-tax results were impacted by a number of significant
items including but not limited to: $(40.1) million of legal
defense costs and settlement expense related to the previously
disclosed settlement in principle of the two Fisher cases, $(28.1)
million of monitor costs, a $(15.0) million reserve for a potential
future regulatory settlement, $(11.4) million of unfavorable
interest rate driven fair value changes related to GNMA and GSE
mortgage servicing rights (MSRs) (excluding runoff), and $(4.3)
million in interest expense under our agreements with New
Residential Investment Corp. (NRZ) related to last year’s S&P
servicer ranking downgrade. This was the final quarter in which we
will incur this NRZ-related expense. Adjusting for these items,
pre-tax income was $2.5 million. In addition, for the first time
since the first quarter of 2015, the Company saw an increase in
revenue versus the prior quarter.
The Servicing segment recorded a $(14.7) million
pre-tax loss inclusive of $(11.4) million of GNMA and GSE MSR fair
value changes (excluding runoff), $(10.1) million of Fisher-related
litigation expense and the $(4.3) million of NRZ-related expense
noted above. This represents a $53.6 million or 78% improvement
versus the first quarter of 2016.
The Lending segment, which had a 35% increase in
origination volume over the first quarter of the year, recorded a
$7.5 million pre-tax gain for the second quarter of 2016, a $5.5
million improvement versus the prior quarter.
The new Automotive Capital Services business
continued to make progress, increasing loans outstanding by $8.6
million or 110% in the second quarter. The business is now
operating in 21 markets and has approved credit facilities with 40
auto dealerships totaling $38 million.
“We are pleased to see the progress being made
in our core businesses and new initiatives. We also continue to put
additional legacy issues, such as the Fisher cases, behind us.
While we still have more to do on various fronts, we are moving
towards returning to profitability in our core operations while
growing our asset-generation activities,” commented Ron Faris,
President and CEO. Mr. Faris went on to say “We continue to
invest in risk management, compliance, service excellence and
technology. We maintain our leadership in helping families
struggling with their mortgage payments as evidenced by our number
one status in the Home Affordable Modification Program (HAMP) and
our numerous, well-regarded community outreach efforts. Our
growth in mortgage lending and Automotive Capital Services are
gratifying early indicators of potential success in new initiatives
that can allow us, over time, to drive earnings growth.”
Additional Business
Highlights
- The constant pre-payment rate (CPR) increased from 12.7% in the
first quarter of 2016 to 14.2% in the second quarter of 2016.
In the second quarter of 2016, prime CPR was 17.9%, and non-prime
CPR was 11.7%.
- Delinquencies decreased from 13.0% at March 31, 2016 to 11.9%
at June 30, 2016, primarily driven by higher collections and
loss mitigation efforts.
- Completed 19,729 modifications in the quarter, 55% of which
were HAMP modifications. 39% of modifications included some form of
principal reduction.
- In the second quarter of 2016, Ocwen originated forward and
reverse mortgage loans with unpaid principal balance (UPB) of $1.1
billion and $207.0 million, respectively.
- Our reverse mortgage portfolio ended the quarter with an
estimated $106.9 million in undiscounted future gains from future
draws on existing loans. Neither the anticipated future gains nor
the future funding liability are included in the Company’s
financial statements.
- Reduced CFPB consumer complaints by 26%, the largest reduction
of any major mortgage company, for the three month period from
February to April of 2015 to the same three month period of
2016.
- Announced collaboration with NID Housing Counseling Agency to
foster homeownership and prevent foreclosures in California
- On July 19, 2016, used proceeds from the sale of $3.3 billion
in UPB of non- and re-performing MSRs to pay down an additional
$26.3 million of the Senior Secured Term Loan. Following this
payment there is approximately $342.7 million outstanding on the
loan.
Year-Over-Year Comparison
Ocwen generated second quarter revenue of $373.1
million, down (19.5)% compared to the second quarter of 2015.
Year-over-year results were primarily affected by the impact of
sales of MSRs in 2015 and portfolio run-off. Expenses were up $32.8
million or 9.3% compared to the second quarter of 2015. Adjusting
for (1) $40 million of Fisher litigation related fees and
settlement expenses and a $15 million reserve for a potential
future regulatory settlement recorded in the second quarter of
2016, (2) $22 million higher monitor expenses and $33 million
unfavorable GNMA and GSE MSR fair value changes (driven by lower
interest rates) compared to the second quarter of 2015 and (3) $15
million of strategic advisor related expenses in the second quarter
of 2015, expenses were (18)% lower than the second quarter of 2015
primarily driven by the reduction in the size of the servicing
portfolio as well as management focus on the Company’s ongoing cost
improvement initiatives. Cash Flows provided by Operating
Activities were $31.3 million for the three months ended June 30,
2016, compared to $209.9 million for the same period last year,
which had included $140.0 million of cash generated from the
transfer of previously sold advances and $55.6 million of favorable
working capital changes from loans held for sale.
The Company reported a net loss of $(198.4)
million, or $(1.60) per share, for the six months ended June 30,
2016, as compared to net income of $44.3 million, or $0.35 per
share, for the six months ended June 30, 2015. Ocwen generated
revenue of $703.8 million for the six months ended June 30, 2016,
down (27.7)% from $973.7 million for the six months ended June 30,
2015. Expenses were $713.7 million, down $(16.9) million or
(2.3)% for the six months ended June 30, 2016, compared to expenses
of $730.6 million for the six months ended June 30,
2015. Cash flows provided by Operating
Activities were $172.2 million for the six months ended June 30,
2016, compared to $535.0 million for the same period last year.
Webcast and Conference Call
Ocwen will host a webcast and conference call on
Wednesday, July 27, 2016, at 5 p.m., Eastern Time, to discuss its
financial results for the second quarter of 2016. The conference
call will be webcast live over the internet from the Company’s
website at www.Ocwen.com, click on the “Shareholder Relations”
section. A replay of the conference call will be available via the
website approximately two hours after the conclusion of the call
and will remain available for approximately 30 days.
About Ocwen Financial
Corporation
Ocwen Financial Corporation is a financial
services holding company which, through its subsidiaries,
originates and services loans. We are headquartered in West Palm
Beach, Florida, with offices throughout the United States and in
the U.S. Virgin Islands and operations in India and the
Philippines. We have been serving our customers since 1988. We may
post information that is important to investors on our
website (www.Ocwen.com).
Forward Looking Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements may be
identified by a reference to a future period or by the use of
forward-looking terminology. Forward-looking statements by
their nature address matters that are, to different degrees,
uncertain. Our business has been undergoing substantial change
which has magnified such uncertainties. Readers should bear these
factors in mind when considering such statements and should not
place undue reliance on such statements. Forward-looking statements
involve a number of assumptions, risks and uncertainties that could
cause actual results to differ materially. In the past, actual
results have differed from those suggested by forward looking
statements and this may happen again.
Important factors that could cause actual
results to differ materially from those suggested by the
forward-looking statements include, but are not limited to, the
following: our servicer and credit ratings as well as other actions
from various rating agencies, including the impact of downgrades of
our servicer and credit ratings; adverse effects on our business as
a result of regulatory investigations or settlements; reactions to
the announcement of such investigations or settlements by key
counterparties; increased regulatory scrutiny and media
attention; uncertainty related to claims, litigation and
investigations brought by government agencies and private parties
regarding our servicing, foreclosure, modification and other
practices, including uncertainty related to past, present or future
investigations and settlements with state regulators, the CFPB,
State Attorneys General, the SEC, Department of Justice or HUD and
actions brought under the False Claims Act by private parties on
behalf of the United States of America regarding incentive and
other payments made by governmental entities; any adverse
developments in existing legal proceedings or the initiation of new
legal proceedings; our ability to effectively manage our regulatory
and contractual compliance obligations; our ability to contain and
reduce our operating costs, including our ability to successfully
execute on our cost improvement initiative; the adequacy of our
financial resources, including our sources of liquidity and ability
to sell, fund and recover advances, repay borrowings and comply
with debt covenants, including the financial and other covenants
contained in them; volatility in our stock price; the
characteristics of our servicing portfolio, including prepayment
speeds along with delinquency and advance rates; our ability to
successfully modify delinquent loans, manage foreclosures and sell
foreclosed properties; uncertainty related to legislation,
regulations, regulatory agency actions, government programs and
policies, industry initiatives and evolving best servicing
practices; as well as other risks detailed in Ocwen’s reports and
filings with the Securities and Exchange Commission (SEC),
including its annual report on Form 10-K for the year ended
December 31, 2015 and its current and quarterly reports since such
date. Anyone wishing to understand Ocwen’s business should review
its SEC filings. Ocwen’s forward-looking statements speak only as
of the date they are made and, we disclaim any obligation to update
or revise forward-looking statements whether as a result of new
information, future events or otherwise.
Non-GAAP Financial Measures
This press release contains certain non-GAAP
financial measures, such as our references to adjusted pre-tax
income. We believe these non-GAAP financial measures provide a
useful supplement to discussions and analysis of our financial
condition. We believe these non-GAAP financial measures provide an
alternative way to view certain aspects of our business that is
instructive. Non-GAAP financial measures should be viewed in
addition to, and not as an alternative for, Ocwen's reported
results under accounting principles generally accepted in the
United States. Other companies may use non-GAAP financial measures
with the same or similar titles that are calculated differently to
our non-GAAP financial measures. As a result, comparability may be
limited. Further information may be found on Ocwen's website.
|
Residential Servicing
Statistics (Unaudited) |
(Dollars in thousands) |
|
At or for the Three Months Ended |
|
June 30, 2016 |
March 31, 2016 |
December 31, 2015 |
September 30, 2015 |
June 30, 2015 |
Total unpaid principal
balance of loans and REO serviced |
$ |
229,276,001 |
|
$ |
237,081,036 |
|
$ |
250,966,112 |
|
$ |
288,069,149 |
|
$ |
321,670,579 |
|
|
|
|
|
|
|
Non-performing loans and
REO serviced as a % of total UPB (1) |
11.9 |
% |
13.0 |
% |
13.7 |
% |
13.1 |
% |
13.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepayment speed (average
CPR)(2) (3) |
14.2 |
% |
12.7 |
% |
13.3 |
% |
14.7 |
% |
15.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
(1) Performing loans include those loans that
are less than 90 days past due and those loans for which borrowers
are making scheduled payments under loan modification, forbearance
or bankruptcy plans. We consider all other loans to be
non-performing.
(2) Average CPR for the prior three months. CPR measures
prepayments as a percentage of the current outstanding loan balance
expressed as a compound annual rate.
(3) Average CPR for the three months ended June
30, 2016 includes 17.9% for prime loans and 11.7% for non-prime
loans.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Results
(Unaudited) |
|
|
|
|
|
|
|
(Dollars in
thousands) |
|
|
|
|
|
|
|
|
For the Three Months Ended June
30, |
|
For the Six Months Ended June 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Servicing |
|
|
|
|
|
|
|
Revenue |
$ |
325,120 |
|
|
$ |
423,207 |
|
|
$ |
632,547 |
|
$ |
894,332 |
|
Expenses |
260,275 |
|
|
284,413 |
|
|
537,171 |
|
|
622,325 |
|
Other
expense, net |
(79,553 |
) |
|
(94,215 |
) |
|
(178,340 |
) |
|
(180,707 |
) |
Income
(loss) before income taxes |
(14,708 |
) |
|
44,579 |
|
|
(82,964 |
) |
|
91,300 |
|
|
|
|
|
|
|
|
|
Lending |
|
|
|
|
|
|
|
Revenue |
35,376 |
|
|
39,312 |
|
|
58,660 |
|
|
77,059 |
|
Expenses |
28,657 |
|
|
26,586 |
|
|
50,457 |
|
|
50,372 |
|
Other
income, net |
815 |
|
|
1,719 |
|
|
1,329 |
|
|
3,742 |
|
Income
before income taxes |
7,534 |
|
|
14,445 |
|
|
9,532 |
|
|
30,429 |
|
|
|
|
|
|
|
|
|
Corporate Items and Other |
|
|
|
|
|
|
|
Revenue |
12,558 |
|
|
755 |
|
|
12,604 |
|
|
2,362 |
|
Expenses |
96,086 |
|
|
41,276 |
|
|
126,047 |
|
|
57,971 |
|
Other
expense, net |
(5,696 |
) |
|
(6,003 |
) |
|
(11,648 |
) |
|
(10,791 |
) |
Loss before
income taxes |
(89,224 |
) |
|
(46,524 |
) |
|
(125,091 |
) |
|
(66,400 |
) |
|
|
|
|
|
|
|
|
Corporate Eliminations |
|
|
|
|
|
|
|
Revenue |
— |
|
|
(23 |
) |
|
— |
|
|
(58 |
) |
Expenses |
— |
|
|
(23 |
) |
|
— |
|
|
(58 |
) |
Other income
(expense), net |
— |
|
|
— |
|
|
— |
|
|
— |
|
Income
(loss) before income taxes |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
Consolidated income (loss) before income taxes |
$ |
(96,398 |
) |
|
$ |
12,500 |
|
|
$ |
(198,523 |
) |
|
$ |
55,329 |
|
OCWEN
FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF
OPERATIONS (Dollars in thousands, except per share
data) (UNAUDITED) |
|
|
For the Three Months Ended June
30, |
|
For the Six Months Ended June 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Revenue |
|
|
|
|
|
|
|
Servicing
and subservicing fees |
$ |
307,262 |
|
|
$ |
396,983 |
|
|
$ |
604,758 |
|
$ |
843,524 |
|
Gain on
loans held for sale, net |
27,857 |
|
|
45,132 |
|
|
43,429 |
|
|
89,636 |
|
Other
revenues |
37,935 |
|
|
21,136 |
|
|
55,624 |
|
|
40,535 |
|
Total
revenue |
373,054 |
|
|
463,251 |
|
|
703,811 |
|
|
973,695 |
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
Compensation
and benefits |
98,422 |
|
|
105,843 |
|
|
194,671 |
|
|
210,987 |
|
Amortization
of mortgage servicing rights |
8,347 |
|
|
31,586 |
|
|
21,153 |
|
|
70,080 |
|
Servicing
and origination |
89,987 |
|
|
52,558 |
|
|
185,679 |
|
|
154,360 |
|
Technology
and communications |
32,709 |
|
|
41,260 |
|
|
59,578 |
|
|
80,611 |
|
Professional
services |
121,399 |
|
|
72,369 |
|
|
192,306 |
|
|
129,300 |
|
Occupancy
and equipment |
20,708 |
|
|
28,773 |
|
|
45,453 |
|
|
54,487 |
|
Other |
13,446 |
|
|
19,863 |
|
|
14,835 |
|
|
30,785 |
|
Total
expenses |
385,018 |
|
|
352,252 |
|
|
713,675 |
|
|
730,610 |
|
|
|
|
|
|
|
|
|
Other income
(expense) |
|
|
|
|
|
|
|
Interest
income |
5,140 |
|
|
5,038 |
|
|
9,330 |
|
|
10,613 |
|
Interest
expense |
(91,033 |
) |
|
(124,897 |
) |
|
(197,122 |
) |
|
(244,293 |
) |
Gain on sale
of mortgage servicing rights, net |
853 |
|
|
30,306 |
|
|
2,028 |
|
|
56,712 |
|
Other,
net |
606 |
|
|
(8,946 |
) |
|
(2,895 |
) |
|
(10,788 |
) |
Total other
expense, net |
(84,434 |
) |
|
(98,499 |
) |
|
(188,659 |
) |
|
(187,756 |
) |
|
|
|
|
|
|
|
|
Income (loss) before
income taxes |
(96,398 |
) |
|
12,500 |
|
|
(198,523 |
) |
|
55,329 |
|
Income tax expense
(benefit) |
(9,180 |
) |
|
2,594 |
|
|
(104 |
) |
|
11,034 |
|
Net
income (loss) |
(87,218 |
) |
|
9,906 |
|
|
(198,419 |
) |
|
44,295 |
|
Net income attributable
to non-controlling interests |
(160 |
) |
|
(168 |
) |
|
(290 |
) |
|
(202 |
) |
Net
income (loss) attributable to Ocwen stockholders |
$ |
(87,378 |
) |
|
$ |
9,738 |
|
|
$ |
(198,709 |
) |
|
$ |
44,093 |
|
|
|
|
|
|
|
|
|
Earnings (loss)
per share attributable to Ocwen common stockholders |
|
|
|
|
|
|
|
Basic |
$ |
(0.71 |
) |
|
$ |
0.08 |
|
|
$ |
(1.60 |
) |
|
$ |
0.35 |
|
Diluted |
(0.71 |
) |
|
0.08 |
|
|
(1.60 |
) |
|
0.35 |
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding |
|
|
|
|
|
|
|
Basic |
123,893,752 |
|
|
125,311,133 |
|
|
123,993,545 |
|
|
125,291,788 |
|
Diluted |
123,893,752 |
|
|
127,152,479 |
|
|
123,993,545 |
|
|
127,076,178 |
|
OCWEN
FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE
SHEETS (Dollars in thousands, except share
data)(UNAUDITED) |
|
|
June 30, 2016 |
|
December 31, 2015 |
Assets |
|
|
|
Cash |
$ |
218,915 |
|
|
$ |
257,272 |
|
Mortgage
servicing rights ($700,668 and $761,190 carried at fair value) |
1,047,142 |
|
|
1,138,569 |
|
Advances,
net |
329,228 |
|
|
444,298 |
|
Match funded
advances |
1,614,447 |
|
|
1,706,768 |
|
Loans held
for sale ($339,687 and $309,054 carried at fair value) |
401,790 |
|
|
414,046 |
|
Loans held
for investment - Reverse mortgages, at fair value |
3,057,564 |
|
|
2,488,253 |
|
Receivables,
net |
307,372 |
|
|
286,981 |
|
Premises and
equipment, net |
63,057 |
|
|
57,626 |
|
Other assets
($23,839 and $14,352 carried at fair value) |
448,737 |
|
|
586,495 |
|
Total
assets |
$ |
7,488,252 |
|
|
$ |
7,380,308 |
|
|
|
|
|
Liabilities and
Equity |
|
|
|
Liabilities |
|
|
|
Match funded
liabilities |
$ |
1,431,381 |
|
|
$ |
1,584,049 |
|
Financing
liabilities ($3,431,054 and $2,933,066 carried at fair value) |
3,568,017 |
|
|
3,089,255 |
|
Other
secured borrowings, net |
737,512 |
|
|
762,411 |
|
Senior
unsecured notes, net |
346,179 |
|
|
345,511 |
|
Other
liabilities |
752,011 |
|
|
744,444 |
|
Total
liabilities |
6,835,100 |
|
|
6,525,670 |
|
|
|
|
|
Equity |
|
|
|
Ocwen
Financial Corporation (Ocwen) stockholders’ equity |
|
|
|
Common
stock, $.01 par value; 200,000,000 shares authorized; 123,986,954
and 124,774,516 shares issued and outstanding at June 30, 2016 and
December 31, 2015, respectively |
1,240 |
|
|
1,248 |
|
Additional
paid-in capital |
524,053 |
|
|
526,148 |
|
Retained
earnings |
127,220 |
|
|
325,929 |
|
Accumulated
other comprehensive loss, net of income taxes |
(1,589 |
) |
|
(1,763 |
) |
Total Ocwen
stockholders’ equity |
650,924 |
|
|
851,562 |
|
Non-controlling interest in subsidiaries |
2,228 |
|
|
3,076 |
|
Total
equity |
653,152 |
|
|
854,638 |
|
Total
liabilities and equity |
$ |
7,488,252 |
|
|
$ |
7,380,308 |
|
|
|
|
|
|
|
|
|
OCWEN
FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF
CASH FLOWS (Dollars in
thousands)(UNAUDITED) |
|
For the Six Months Ended June 30, |
|
2016 |
|
2015 |
Cash flows from
operating activities |
|
|
|
Net income
(loss) |
$ |
(198,419 |
) |
|
$ |
44,295 |
|
Adjustments
to reconcile net loss to net cash provided by operating
activities: |
|
|
|
Amortization
of mortgage servicing rights |
21,153 |
|
|
70,080 |
|
Loss on
valuation of mortgage servicing rights, at fair value |
59,104 |
|
|
48,480 |
|
Impairment
of mortgage servicing rights |
39,030 |
|
|
1,608 |
|
Gain on sale
of mortgage servicing rights, net |
(2,028 |
) |
|
(56,712 |
) |
Realized and
unrealized losses on derivative financial instruments |
2,080 |
|
|
7,268 |
|
Provision
for bad debts |
32,785 |
|
|
24,686 |
|
Depreciation |
11,850 |
|
|
8,420 |
|
Amortization
of debt issuance costs |
6,498 |
|
|
7,311 |
|
Gain on sale
of fixed assets |
— |
|
|
(1,095 |
) |
Increase in
deferred tax assets |
— |
|
|
(18,909 |
) |
Equity-based
compensation expense |
3,079 |
|
|
3,581 |
|
Gain on
loans held for sale, net |
(43,429 |
) |
|
(89,636 |
) |
Origination
and purchase of loans held for sale |
(2,883,124 |
) |
|
(2,314,488 |
) |
Proceeds
from sale and collections of loans held for sale |
2,789,433 |
|
|
2,517,096 |
|
Changes in
assets and liabilities: |
|
|
|
Decrease in
advances and match funded advances |
215,525 |
|
|
383,028 |
|
Decrease
(increase) in receivables and other assets, net |
75,208 |
|
|
(29,957 |
) |
Increase
(decrease) in other liabilities |
40,951 |
|
|
(84,690 |
) |
Other,
net |
2,469 |
|
|
14,599 |
|
Net cash provided by
operating activities |
172,165 |
|
|
534,965 |
|
|
|
|
|
Cash flows from
investing activities |
|
|
|
Origination
of loans held for investment - reverse mortgages |
(675,665 |
) |
|
(530,402 |
) |
Principal
payments received on loans held for investment - reverse
mortgages |
238,838 |
|
|
63,942 |
|
Purchase of
mortgage servicing rights, net |
(12,432 |
) |
|
(6,252 |
) |
Proceeds
from sale of mortgage servicing rights |
15,122 |
|
|
388,938 |
|
Proceeds
from sale of advances and match funded advances |
66,651 |
|
|
128,821 |
|
Additions to
premises and equipment |
(17,312 |
) |
|
(8,038 |
) |
Proceeds
from sale of premises and equipment |
— |
|
|
4,758 |
|
Other |
8,179 |
|
|
2,158 |
|
Net cash provided by (used
in) investing activities |
(376,619 |
) |
|
43,925 |
|
|
|
|
|
OCWEN
FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF
CASH FLOWS — (continued) (Dollars in
thousands)(UNAUDITED) |
|
For the Six Months Ended June 30, |
|
2016 |
|
2015 |
Cash flows from
financing activities |
|
|
|
Repayment of
match funded liabilities |
(152,668 |
) |
|
(349,125 |
) |
Proceeds
from other secured borrowings |
4,173,609 |
|
|
3,895,539 |
|
Repayments
of other secured borrowings |
(4,368,903 |
) |
|
(4,455,813 |
) |
Payment of
debt issuance costs |
(2,242 |
) |
|
(18,610 |
) |
Proceeds
from sale of loans accounted for as a financing |
522,981 |
|
|
532,856 |
|
Repurchase
of common stock |
(5,890 |
) |
|
— |
|
Proceeds
from exercise of common stock options |
406 |
|
|
413 |
|
Other |
(1,196 |
) |
|
6,457 |
|
Net cash provided by (used
in) financing activities |
166,097 |
|
|
(388,283 |
) |
|
|
|
|
Net increase (decrease) in
cash |
(38,357 |
) |
|
190,607 |
|
Cash at beginning of
year |
257,272 |
|
|
129,473 |
|
Cash at end of period |
$ |
218,915 |
|
|
$ |
320,080 |
|
|
|
|
|
FOR FURTHER INFORMATION CONTACT:
Investors:
Stephen Swett
T: (203) 614-0141
E: shareholderrelations@ocwen.com
Media:
John Lovallo
T: (917) 612-8419
E: jlovallo@levick.com
Dan Rene
T: (202) 973 -1325
E:drene@levick.com
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