Ocwen Financial Corporation (OCN) Financial Statements (2024 and earlier)
Company Profile
| Business Address |
1661 WORTHINGTON ROAD WEST PALM BEACH, FL 33409 |
| State of Incorp. | FL |
| Fiscal Year End | December 31 |
| Industry (SIC) | 6162 - Mortgage Bankers and Loan Correspondents (benchmarking) |
| More info | Complete Financial Analysis Financial Benchmarking |
Balance Sheet (Statement of Financial Position) ($ in thousands)
| 6/30/2024 MRQ | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | |||
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||
| Current Assets | |||||||||
| Cash, cash equivalents, and short-term investments | 201,600 | 208,000 | 192,792 | 284,802 | 428,339 | 329,132 | |||
| Cash and cash equivalents | 201,600 | 208,000 | 192,792 | 284,802 | 428,339 | 329,132 | |||
| Receivables | (3,400) | (3,382) | (6,180) | (6,643) | (11,569) | ||||
| Disposal group, including discontinued operation | 144 | ||||||||
| Total current assets: | 201,600 | 204,600 | 189,410 | 278,622 | 421,696 | 317,707 | |||
| Noncurrent Assets | |||||||||
| Operating lease, right-of-use asset | 31,329 | ✕ | |||||||
| Property, plant and equipment | 13,100 | 20,200 | 13,674 | 16,925 | 38,274 | 33,417 | |||
| Intangible assets, net (including goodwill) | 6,200 | 28,800 | 28,035 | ||||||
| Intangible assets, net (excluding goodwill) | 6,200 | 28,800 | 28,035 | ||||||
| Prepaid expense | |||||||||
| Regulated entity, other noncurrent assets | |||||||||
| Deferred income tax assets | 3,100 | 2,600 | 3,329 | 3,543 | 2,169 | ✕ | |||
| Total noncurrent assets: | 22,400 | 51,600 | 45,038 | 20,468 | 71,772 | 33,417 | |||
| Other undisclosed assets | 12,289,700 | 12,143,000 | 11,912,675 | 10,352,037 | 9,912,731 | 9,043,092 | |||
| TOTAL ASSETS: | 12,513,700 | 12,399,200 | 12,147,123 | 10,651,127 | 10,406,199 | 9,394,216 | |||
| LIABILITIES AND EQUITY | |||||||||
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Accounts payable and accrued liabilities | 14,300 | 13,700 | 11,998 | 4,915 | 5,964 | 7,209 | |||
| Interest and dividends payable | ✕ | ✕ | ✕ | 11,998 | 4,915 | 5,964 | 7,209 | ||
| Accrued liabilities | 14,300 | 13,700 | |||||||
| Debt | 710,600 | 702,700 | 1,085,076 | ||||||
| Derivative instruments and hedges, liabilities | |||||||||
| Due to related parties | ✕ | ✕ | 200 | 2,134 | |||||
| Total current liabilities: | 724,900 | 716,600 | 1,099,208 | 4,915 | 5,964 | 7,209 | |||
| Noncurrent Liabilities | |||||||||
| Liabilities, other than long-term debt | 9,200 | 555,400 | 464,569 | 12,662 | 13,383 | 12,683 | |||
| Liability for uncertainty in income taxes | |||||||||
| Liability, pension and other postretirement and postemployment benefits | 9,200 | 3,400 | 4,183 | 12,662 | 13,383 | 12,683 | |||
| Estimated litigation liability | |||||||||
| Due to related parties | ✕ | ✕ | 552,000 | 460,386 | |||||
| Total noncurrent liabilities: | 9,200 | 555,400 | 464,569 | 12,662 | 13,383 | 12,683 | |||
| Other undisclosed liabilities | 11,377,800 | 10,670,500 | 10,106,652 | 10,218,178 | 9,974,841 | 8,819,619 | |||
| Total liabilities: | 12,111,900 | 11,942,500 | 11,670,429 | 10,235,755 | 9,994,188 | 8,839,511 | |||
| Equity | |||||||||
| Equity, attributable to parent | 401,800 | 456,700 | 476,694 | 433,562 | 412,011 | 554,705 | |||
| Common stock | 100 | 100 | 92 | 87 | 1,349 | 1,339 | |||
| Additional paid in capital | 554,500 | 547,000 | 592,572 | 556,062 | 556,798 | 554,056 | |||
| Accumulated other comprehensive income (loss) | (1,200) | (2,500) | (2,366) | 9,095 | (7,594) | (4,257) | |||
| Retained earnings (accumulated deficit) | (151,600) | (87,900) | (113,604) | (131,682) | (138,542) | 3,567 | |||
| Other undisclosed equity | (18,190) | ||||||||
| Total equity: | 401,800 | 456,700 | 476,694 | 415,372 | 412,011 | 554,705 | |||
| Other undisclosed liabilities and equity | |||||||||
| TOTAL LIABILITIES AND EQUITY: | 12,513,700 | 12,399,200 | 12,147,123 | 10,651,127 | 10,406,199 | 9,394,216 | |||
Income Statement (P&L) ($ in thousands)
| 6/30/2024 TTM | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | ||
|---|---|---|---|---|---|---|---|---|
| Revenues | 1,066,700 | 953,900 | 1,050,099 | 960,912 | 1,123,375 | 1,063,045 | ||
| Contractually specified servicing fee, late fee, and ancillary fee earned in exchange for servicing financial asset | 211,300 | 124,100 | 101,632 | 108,486 | 975,507 | 934,336 | ||
| Cost of revenue | (305,500) | (383,400) | (434,880) | (361,737) | (423,989) | (609,070) | ||
| Financing interest expense | (296,300) | (255,000) | ||||||
| Gross profit: | 761,200 | 570,500 | 615,219 | 599,175 | 699,386 | 453,975 | ||
| Operating expenses | (106,600) | (149,000) | (174,447) | (213,967) | (249,950) | (323,426) | ||
| Other operating expense, net (Other Expenses) | (19,000) | (29,100) | (23,306) | (19,177) | (1,474) | (26,280) | ||
| Operating income: | 635,600 | 392,400 | 417,466 | 366,031 | 447,962 | 104,269 | ||
| Nonoperating expense | (480,500) | (386,200) | (335,243) | (238,971) | (455,051) | (202,025) | ||
| Investment income, nonoperating | (381) | 64,036 | ||||||
| Interest and debt expense | 1,300 | 900 | (15,458) | (38,200) | 5,099 | (275,041) | ||
| Income (loss) from continuing operations before equity method investments, income taxes: | 156,400 | 7,100 | 66,765 | 88,860 | (1,990) | (372,797) | ||
| Other undisclosed income (loss) from continuing operations before income taxes | (214,500) | 17,800 | (71,136) | (194,544) | (124,501) | 301,321 | ||
| Income (loss) from continuing operations before income taxes: | (58,100) | 24,900 | (4,371) | (105,684) | (126,491) | (71,476) | ||
| Income tax expense (benefit) | (5,600) | 800 | 22,449 | 65,506 | (15,634) | (529) | ||
| Income (loss) from continuing operations: | (63,700) | 25,700 | 18,078 | (40,178) | (142,125) | (72,005) | ||
| Income (loss) before gain (loss) on sale of properties: | ✕ | ✕ | ✕ | 18,078 | (40,178) | (142,125) | (70,596) | |
| Income from discontinued operations | 1,409 | |||||||
| Other undisclosed net loss | ||||||||
| Net income (loss): | (63,700) | 25,700 | 18,078 | (40,178) | (142,125) | (70,596) | ||
| Net loss attributable to noncontrolling interest | (176) | |||||||
| Net income (loss) available to common stockholders, diluted: | (63,700) | 25,700 | 18,078 | (40,178) | (142,125) | (70,772) | ||
Comprehensive Income ($ in thousands)
| 6/30/2024 TTM | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | ||
|---|---|---|---|---|---|---|---|---|
| Net income (loss): | (63,700) | 25,700 | 18,078 | (40,178) | (142,125) | (70,596) | ||
| Other comprehensive income (loss) | 1,300 | (100) | 6,729 | (1,501) | (3,337) | (3,008) | ||
| Other undisclosed comprehensive income (loss) | (1) | |||||||
| Comprehensive income (loss): | (62,400) | 25,600 | 24,807 | (41,679) | (145,462) | (73,605) | ||
| Comprehensive loss, net of tax, attributable to noncontrolling interest | (176) | |||||||
| Other undisclosed comprehensive income (loss), net of tax, attributable to parent | (1) | |||||||
| Comprehensive income (loss), net of tax, attributable to parent: | (62,400) | 25,600 | 24,806 | (41,679) | (145,462) | (73,781) | ||
Statements Sources
The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.