- Additional Proxy Soliciting Materials (definitive) (DEFA14A)
2009年6月3日 - 10:02PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.
20549
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PHH
Keefe, Bruyette & Woods
2009 Diversified Financial Services Conference
Investor Presentation
June 3, 2009
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Forward Looking Statements
Statements in this presentation that are not historical facts are 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. Such forward-looking statements are subject to known
and unknown risks, uncertainties and other factors that may cause our actual results, performance
or achievements to be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Statements preceded by, followed by or
that otherwise include the words believes, expects, anticipates, intends, projects,
estimates, plans, potential, may increase, may result, will result, may fluctuate,
run rate, outlook, and similar expressions or future or conditional verbs such as will,
should, would, may and could are generally forward-looking in nature and not historical
facts. Certain factors that could cause actual results, performance or achievements to differ
materially from those expressed in such forward-looking statements are described under the headings
Cautionary Note Regarding Forward-Looking Statements and Risk Factors in the Companys most
recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q. Investors are cautioned not to
place undue reliance on any forward-looking statements. Except for our ongoing obligations to
disclose material information under the federal sec urities laws and applicable stock exchange
listing standards and unless otherwise required by applicable law, we undertake no obligation to
release publicly any updates or revi sions to any forward-looking statements or to report the
occurrence or non-occurrence of anticipated or unanticipated events.
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Important Disclosures
Basis of Presentation of Financial Data
Unless noted otherwise in this presentation, all reported financial data is being presented as of
the period ended March 31, 2009 (unaudited).
Non-GAAP Financial Measures
This presentation, in slides nos. 6, 8, 12, 18, and 30, contains certain financial measures that
are not calculated in accordance with U.S. generally accepted accounting principles (GAAP),
including Non-GAAP Operating Profit and Adjusted Segment Profit (Loss) for each of our Mortgage
Production, Mortgage Servicing and Fleet Management Services segments. As Non-GAAP Operating
Profit and Adjusted Segment Profit (Loss) are incomplete measures of the Companys financial
performance and involve differences from segment profit computed in accordance with GAAP, these
non-GAAP financial measures should be considered as supplementa ry to, and not as a subs titute
for, segment profit computed in accordance with GAAP as a measure of the Companys financ ial
performance. The Company believes that these non-GAAP financial measures are useful to investors
because they provide a means by which investors can evaluate the Companys underlying core
operating performance, exclusive of certai n items that investor s may consider to be non-core in
nature. The Company also believes that any meaningful analysis of the Companys financial
performance by investors requires an understanding of the factors that drive the Companys
underlying core operating performance as distinguished from the factors that are included in
computing segment profit in accordance with GAAP and that may obscure such core operating
performance over time. Reconciliations of these non-GAAP fina ncial measures to the most comparable
GAAP measure as required by Regulation G are shown in Appendix A attached to this presentation.
Important Additional Information
PHH Corporation, on May 7, 2009, filed a proxy statement in connection with its 2009 Annual Meeting
of Stockholders and advises its stockholders to read that proxy statement because it contains
important information. Stockholders can obtain a free copy of that proxy statement and other
documents (when available) that P HH files with the Securities and Exchange Commission at the
Commissions website at www.sec.gov . That proxy statement and these other documents are also
available free of charge by directing a request to PHH Corporation, Attn: Investor Relations, 3000
Leadenhall Road, Mt. Laurel, New Jersey 08054 or visiting PHHs website at www.phh.com under the
Investor Relations tab.
PHH, its directors and named executive officers may be deemed to be participants in the
solicitation of proxies from PHH stockholders in connection with the 2009 Annual Meeting of
Stockholders. Information regarding the names, affiliations and interests of such individuals is
contained PHHs proxy statement referred to in the preceding paragraph.
3
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Speakers
??Terry Edwards, President & Chief Executive Officer, PHH Corporation
??Sandra Bell, Executive Vice President & Chief Financial Officer, PHH Corporation
4
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Agenda
??Overview of First Quarter??Mortgage Segments Summary
??Fleet Management Services Segment Summary??Combined Segments in a New Mortgage World??Funding
Strategy??Questions and Answers
5
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Highlights for Q109
?Net income of $2M
?Basic and fully diluted EPS of $0.04
?Non-GAAP operating profit of $119M
6
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Quarterly Results (unaudited)
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Three Months Ende
Three Months Ended March 31, 2009 March 31, 2008
Fleet
Mort gage Mortgage Mana gement Total Total
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Production Servicing Services Othe PHH Cor poration PHH Cor poration
(In millions, unaudited)
Net fee income $61 $- $37 $ $98 $97
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Fleet lease income 364 364 384
Gain on mortgage loans
(1)
198- 198 114
Mortgage net finance (expense) income(2)(9) (11) 11
Loan servicing income before reinsurance-related charges 114 114 119
Realization of expected cash flows from MSRs (2) (92) (92) (60)
Other income (expense)
(3)
1(2) 13 (1) 11 76
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Net revenues before certain fair value adjustments and
258 11 414 (1) 682 741
reinsurance-related charges
Decline in valuation of certain MLHS
(4)
(10)- (10) (42)
Reinsurance-related charges-(14) (14) (7)
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Fair value adjustments related to MSRs
(5)
-(71) (71) (50)
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Net revenues
248(74) 414 (1) 587 642
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Depreciation on operating leases 325 325 322
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Fleet interest expense 32 (2) 30 44
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Other expenses13223 50 1 206 221
Total expenses before foreclosure-related charges
132 23 407 (1) 561 587
Foreclosure-related charges-21 21 11
Total expenses
13244 407 (1) 582 598
Pre-tax income (loss) before noncontrolling interest
116 (118) 7 5 44
Less: income attributable to noncontrolling interest 3 3 4
Segment profit (loss)
$113 $(118) $7 $ $2 $40
(1)
Gain on mortgage loans other than decline in the valuation of certain non-conforming
and adjustable rate mortgage loans. In 2 008, this amount includes the benefit of adopting fair
value accounting pronouncements of $30 million.
(2)
Represents the reduction in the fair value of mortgage servicing rights due to
prepayments and portfolio decay. Portfolio deca y represents the reduction in the value of MSRs
from the receipt of monthly payments, the recognition of servicing expense and the impact of
delinquencies an d foreclosures.
(3)
Other income in 2008 includes the receipt of a reverse termination fee from
Blackstone Capital Partners V L.P., of $50 million , related to a terminated merger agreement with
General Electric Capital Corporation.
(4)
Represents the decline in the valuation of certain non-conforming and adjustable
rate mortgage loans.
(5)
Represents the Change in fair value of mortgage servicing rights due to changes in
market inputs or assumptions used in the va luation model. The fair value of our MSRs is estimated
based upon projections of expected future cashflows from our MSRs considering prepayment estimat
es, our historical prepayment rates, portfolio characteristics, interest rates based on interest
rate yield curves, implied volatility and other e conomic factors. In 2008, this amount is net of
Net derivative gain related to MSRs of $26 million.
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Non-GAAP Operating Profit
Three Months Ende
Three Months Ended March 31, 2009 March 31, 2008
Fleet
Mort gage Mortgage Mana gement Total Total
Production Servicing Services Other PHH Cor poration PHH Cor &n
bsp; poration
(In millions, unaudited)
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Segment profit (loss) as reported
$113 $(118) $7 $- $2 $40
Reinsurance-related charges 14 14 7
Foreclosure-related charges 1 21 22 11
Segment profit (loss) before credit-related charges
$114 $(83) $7 $- $38 $58
Decline in valuation of certain MLHS
(1)
10 10 42
Fair value adjustments related to MSRs
(2)
71 71 50
Benefit of adopting fair value accounting pronouncements (30)
Reverse termination fee, net of merger related expenses (42)
Non-GAAP operating profit
(3)
$124 $(12) $7 $- $119 $78
(1)
Represents the decline in the valuation of certain non-conforming and adjustable
rate mortgage loans.
(2)
Represents the Change in fair value of mortgage servicing rights due to changes in
market inputs or assumptions used in the valuation model. In 2008, this amount is net of Net
derivative gain related to MSRs of $26 million.
(3)
Non-GAAP operating profit is a measure that does not conform with accounting
principles generally accepted in the United State s (GAAP). See Non-GAAP Financial Measures
Reconciliation included in this presentation for Regulation G disclosures.
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Condensed Consolidated Balance Sheet
(unaudited, in millions)
March 31, December 31,
2009 2008
ASSETS
Cash and cash equivalents $122 $109
Restricted cash 637 614
Mortgage loans held for sale 1,961 1,006
Net investment in fleet leases 4,052 4,204
Mortgage servicing rights 1,223 1,282
Goodwill and other intangible assets 65 65
Other 993 993
Total assets $9,053 $8,273
LIABILITIES AND EQUITY
Debt $6,520 $5,764
Deferred income taxes 569 579
Other 692 663
Total liabilities 7,781 7,006
Total PHH Corporation stockholders equity 1,268 1,266
Noncontrolling interest 4 1
Total equity 1,272 1,267
Total liabilities and equity $9,053 $8,273
Leverage 5.1:1 4.5:1
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Mortgage Production Segment Q109 Overview
?Strong first quarter production results
? 1
st
mortgage closing volumes up 96% from Q408?Total application volume up 73% from
Q408
?Pricing margins remain healthy
?Purchase closing volumes are 29% of total volumes
? As purchase volume increases, we believe we are well prepared to capture share
?Maintaining cost discipline as we increase production capacity
New Mortgage World
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Adjusted Mortgage Production Segment Results*
For the quarter ended March 31, 2009
(Adjusted Segment profit $ in millions)
$123
125
$113
115 105 95 85 75 65 55 45 35 25 15 5
-5
Reported Decline in Value of Illiquid Loans Segment Results
* This is a non-GAAP financial measure. For a reconciliation to the most comparable GAAP financial
measure, see Appendix A.
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New Mortgage World Pricing Margin and Volume
??Industry loan production capacity remains constrained??Pricing margin remains atthe high end of
this scale??Pricing margin has been above 100 bps for 9 months
Closings ($B) Pricing margin (bps)
14 180
12 160
140
10
120
8 100
6 80
60
4
40
2 20
0 0
Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q408 Q109
Loans Closed to be Sold Fee Based Closings Pricing Margin on Loans to be Sold
Pricing Margin shown above reflects the market price of the loan at the time of interest rate lock
commi tment relative to our basis including an expected cost of hedging the loan plus any net
interest carry to be earned prior to sale as well as any discount points paid by the borrower.
Excluded from margin is the base servicing value, borrower paid fees (other than discounts) and the
cost of originating the loan.
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Production Segment 2009 Outlook
?Given nearly $9B in Q109 closings and positive momentum into Q209, we expect strong 2009
production earnings ?Announced one new PLS client signing in Q109
? Pipeline remains strong
?Fannie Mae and MBA are predicting over $2 trillion in industry volumes for 2009 which, if realized, translates to over $40B in originations for PHH assuming a 2% market share
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Mortgage Production Segment
Annualized Potential Profitability Sensitivity
??The matrix on the following slide shows annualized production profitability sensitivity,
consistent with our prior webcast??We believe the matrix continues to provide an approximation of
the segment profitability, on an annualized basis, utilizing the following basic assumptions:
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Break even for the business is $27B in closings assuming margin of 80 bps
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Each additional $1B in closing volume would be expected to generate approximately $8-14M in
segment profit at 80 bps
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Loans closed to be sold is assumed at roughly 2/3 of total closings and margins in excess of
80 bps can be applied to the volume of loans closed to be sold ??Revenues are recognized
throughout the origination process from the interest rate commitment date through the date of sale
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Comparison of quarterly periods may be distorted relative to the annualized period presented
due to the potential effects of revenue recognition timing
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Mortgage Production Segment
Annualized Potential Profitability Sensitivity
PHH Mortgage
Annualized Production Segm ent Profit Sensitivity
Earnings in Millions ($)
Price Margin in Bps 80 90 100 125 150 175 200
Volume in Billions
27
0 16 32
32
36 57 78 131 181
36
76 101 126 187 249 311 373
40
182 253 325
397
469
44
327 409 491 573
48
493 585 677
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Q109 run rate
The projected results presented in the matrix above are representative of normalized results of
operations for the production s egment and assume an annualized volume level and an average margin
for that annualized volume. Consistent with a normalized result it assum es there are no
mark-to-market adjustments for loans held for sale such as scratch and dent, second lien and jumbo
loans. Volumes and margins at any point in time or over a shorter time period may vary materially
from those annualized assumptions. Other market factors may result in actual production segment
results differing materially from the normalized results presented above.
The projected results presented above may vary by the greater of $5 million or 20% in either
direction due to factors that impac t results in ways that may not be predictable.
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Mortgage Servicing Segment Q109 Overview
??Segment loss of $118M
??Results negatively impacted by $71M mark to market valuation adjustment ? Actual prepayments
result in $65M reduction in MSR value??Interest on escrows and float benefit declined by
approximately $21M from Q108??We continued to build foreclosure and credit reserves
??Portfolio delinquency improved as seasonally expected; we belie ve our portfolio performance is
among the best in the industry
? Portfolio delinquency levels (based on loan count) improved 45 bps from y ear-end to 3.58% at
3/31/09??Foreclosure, REO, and bankruptcies (based on loan count) increased 36 bp s from year-e nd
to 2.26% at 3/31/09
??Assuming stable market conditions, we expect that Servicing could generate annualized segment
profit of 9 to 11 bps and cash flows of 24 to 26 bps on the capitalized servicing portfolio
(excluding any cost of hedging)
??Expected segment underperformance in 2009 due to:
??Increased prepayments due to increased refinance activity ? Current low short term rates limit
float/escrow earnings opportunity??Credit markets driving high funding costs??Continued high level
of provisions for credit loss on recourse obligations??Delinquencies driving higher segment
operating costs
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Adjusted Mortgage Servicing Segment Results*
For the quarter ended March 31, 2009
(Adjusted Segment loss $ in millions)
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<$19>
<$37> <$32>
-30
<$47>
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Reported M SR Valuation (incl hedge results Excess Foreclosure-Related Atrium Reinsurance Loss
Impact of
Segment in 2008) Charges Delinquency Rates
Results on M SR value
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* This is a non-GAAP financial measure. For a reconciliation to the most comparable GAAP financial
measure, see Appendix A.
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Bridging Q109 Adjusted Mortgage Servicing Segment Results to Hypothetical Annualized Servicing
Segment Profit of 9-11bps of Capitalized Servicing Portfolio
?Hypothetical annualized servicing segment profit of 9-11 bps of capitalized servicing portfolio
based on:
?Stable market conditions
?Higher escrow and float quarterly earnings of $21M assuming average 1-mo LIBOR since 1/1/05 of
3.80%
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Versus 1-mo LIBOR as of 5/15/09 of 0.33%
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?Quarterly MSR fair value adjustment of $32M due to assumed decline in annual prepayment rate to
10% of capitalized servicing portfolio
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MSR Valuation
??MSR valued at 97 bps as of 3/31/09, down 2 bps from 12/31/08
? Primary mortgage rates are down slightly at 3/31/09 from year end?Actual prepayment speeds
approximately 60% of modeled prepayment speeds during Q109 ?Modeled prepayment speeds incorporate
borrowers rate incentive, including borrowing costs associated with estimated FICO & current LTV
?Assumes all borrowers have ability to refinance, including the ability to reduce the loan balance
to qualify for the new loan?Valuation assumes additional prepayments resulting from the HASP
program which is expected to lower the cost of refinance for certain high LTV borrowers & drove a
significant portion of $71M mark-to-market of MSR ?Valuation does not include potential revenue
opportunities associated with government sponsored loan modification programs
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Superior Servicing Portfolio Performance
PHH portfolio compared to MBA Industry Average
First Lien 60 or more days delinquent
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0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00%
1Q03
2Q03
3Q03
4Q03
1Q04
2Q04
3Q04
4Q04
1Q05
2Q05
MBA 3Q05
4Q05
PHH 1Q06
2Q06
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
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PHH Servicing Portfolio Performance is consistently better th an the MBA Industry Average.
Based on prime mortgages only
Source: National Delinquency Survey, Mortgage Bankers Association
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Mortgage Recourse & Reserves
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Underlying UPBReserve Balance
(in $million)(in $million)Performance
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Credit Enhancement Program
1
80 3.96% 90 days or more delinquent
Other Recourse
2
312 11.09% 90 days or more delinquent
Off Balance Sheet Recourse
3
392 45
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Loans in Foreclosure and Real Estate Owned
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Loans in Foreclosure, net
4
99 19
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Real Estate Owned, net
4
25 24
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Reserve Balances, March 31, 2009 88
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Reserve Balances, December 31, 2008 81
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Realized Foreclosure Losses (15)
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Increase in Foreclosure Reserves 22
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Reserve Balances, March 31, 2009 88
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(1) The Credit enhancement program exposure is expected to be substantially reduced by the end of
Q209.
(2) Other recourse represents the recourse obligations on the population of loans serviced by PHH
that have been specifically identified with recourse. The delinquencies presented are specific to
such loans.
(3) Off balance sheet recourse UPB includes the loans serviced by PHH that have been specifically
identified with recourse to PHH. In addition to the identified $392M of UPB with recourse
obligations, the $45M reserve contemplates additional loans not yet specifically identified as
recourse obligations.
(4) The underlying unpaid principal for loans in foreclosure and real estate owned are presented
net of the associated reserves.
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Atrium Reinsurance
??Atrium currently has $264M in restricted cash held in trust to pay claims as of 3/31/09
??We expect Atrium to begin paying reinsurance claims in Q209??Future premiums will also be
available to pay claims
??Cash and future premiums more than adequate to cover expected losses??Current reserves
established at $97M
??Projections:
??Future premium income $126M on loans reinsured??Future paid losses $219M all from book years 2004
2008
??Loss projections are based on a variety of assumptions, including the characteristics of the
current reinsured portfolio, historical loss experiences (loss curves) based on industry data,
projected home price declines, projected unemployment rates, projected prepayment levels and other
factors.
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Impact of Government Mortgage Programs
??PHH will participate in government modification programs for GSE loans
??The servicer will receive $1,000 per year and up to $3,000 for the modification provided the
borrower stays current for three years $
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??An additional 500 may be paid to the servicer if an at-risk borrower is current at the time of
the loan modification
??High quality of PHH servicing portfolio lessens earnings potential from HASP modification
programs
??We project to begin closing modifications monthly on GSE loans starting in May??Current Loan
modification pipeline of approximately 7,000 GSE loans of which over 1/3 are not delinquent
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Represents borrowers that have contacted us and meet initial sc reening requirements
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??We are currently servicing approximately 22,000 additional GSE loans that are delinquent or in
foreclosure
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2009 Mortgage Opportunities & Risks
??Mortgage markets driven by Fed policyunpredictable & subject to change? Impact of government
initiatives for loan modifications and refinancing higher LTV loans is just beginning, not yet
reflected in results other than MSR value??Jumbo market remains illiquid? Expected eligibility of
jumbo mortgages for TALF program may create liquidity and investor demand??Economies of scale and
consolidation continue to drive PLS opportunities??Impact of current recessionary trends remains
unknown
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Mortgage Outlook assuming stable rates
Outlook for 2009 assuming stable interest rate environment:
??Strong Mortgage production segment profits
??Continued high level of actual prepayments from the loan servicing portfolio??Minimal MSR
valuation adjustments
??Provisioning for credit costs may slow as housing prices stabiliz e and the government
modification programs are implemented??Increasing purchase origination volume assuming home pr ices
stabilize and home sales improve??Mortgage production segment results are expected to more than
offset:
? MSR value lost due to actual loan prepayments? Continued provision for credit losses
??Quarterly run rate for combined mortgage segments profits for remainder of 2009 of approximately
$70M, using Q109 run rate, assuming minimal MSR fair value adjustments
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New Mortgage World
??At this time we believe we have balance between production and servicing due to the natural
business hedge
??Based on assumptions listed on the prior page, we would expect combined mortgage segments
profits of approximately $70M per quarter for the remainder of 2009 using Q109 run rate assuming
minimal MSR fair value adjustments
??We believe, in a rising interest rate environment:
· Servicing segment shows improved profitability
· Production volume would move down; assuming $36B in annual production and assuming pricing
margins at approximately 100 bps, consistent with the levels seen in the past 9 months, we would
expect the production segment to generate $126M in annual profit as reflected by the matrix (slide
16)
??We remain focused on shifting cost from a fixed to a more variable structure
27
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Fleet Management Services Segment
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Fleet Management Services Segment Q109 Overview
??Lease rate changes have been implemented to more closely match funding costs prospectively
??New vehicle purchases reflective of re-priced client leases
??Impact of new funding costs will become clearer as deals are completed
??2008 cost reduction targets met
??Margins set to improve over time as runoff of current lease portfolio occurs and is replaced with
re-priced units
??Promising sales discussions with large prospective clients for full services
29
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Adjusted Fleet Management Services Segment Results *
For the quarter ended March 31, 2009
(Adjusted Segment profit $ in millions)
40
30
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0
Reported Increased Debt Fees
Segment
Results
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* This is a non-GAAP financial measure. For a reconciliation to the most comparable GAAP financial
measure, see Appendix A.
30
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Fleet Funding Update
??Funding needs for the remainder of 2009 expected to be well under historical levels
??Businesses are cautious on new spend and resource levels needed in sales and service
functions??Uncertainties surrounding domestic motor companies have also impacted client vehicle
spend
??The Federal Reserve has expanded asset classes eligible for the TALF program
??Commercial fleet leasing asset is now an eligible asset class
??Canadian ABS market appears to be thawing
? Canadian Secured Credit Facility (CSCF) targeting vehicl e and equipment loans and leases??Bids
from bank conduits and private investors appear to be returning??Expect traction from one or more
of these sources by end of Q2 or Q309
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Fleet Management Services Segment 2009 Outlook
?Continue cost management initiatives?Ongoing focus on credit quality and cash flow ?Increase
level of consulting to key clients ?Pursue opportunities for additional outsource services
?Continue investments in technology ?Expect $20M-$30M segment profit for 2009?Expect to return to
an annualized profitability level of $70M to $80M within 2 years
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PHH Expected Results in the New Mortgage World
Expected Q209
Results*
($ millions except per share data)
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Segment Profit
Mortgage segments combined $70
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PHH combined pre-tax profit $77
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PHH Net income after 40% tax $46
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* This assumes a stable interest rate environment and mini mal MSR valuation adjustments **
Assuming weighted average shares outstanding of 54.4M
33
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Funding Strategy
?Multi-pronged, multi-sourced, multi-duration
?TALF
?Canadian Government Programs
?Private sources, banks and term capital markets
?Bank Strategy
34
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Summary
?We believe PHH Mortgage is well positioned in The New Mortgage World to capitalize on the current
refi boom ?Our mortgage company is marked to market
? Our credit costs are well below the industry
?We expect the Fleet segment to return to an annualized profitability level of $70M to $80M within
2 years?We believe the future is bright for both businesses
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Non-GAAP Operating Profit
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Non-GAAP Financial Measure Reconciliation
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Three Months Ended March 31, 2009 Three Months
Ended 3/31/2008
Fleet
Mort gage Mortgage Mana gement Total Total
Production Servicing Services Other PHH Cor poration PHH Cor &n
bsp; poration
(In millions, unaudited)
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Segment profit (loss) as reported
$113 $(118) $7 $- $2 $40
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Reinsurance-related charges 14 14 7
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Foreclosure-related charges 1 21 22 11
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Segment profit (loss) before credit-related
$114 $(83) $7 $- $38 $58
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Decline in valuation of certain MLHS
(1)
10 10 42
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Fair value adjustments related to MSRs
(2)
71 71 50
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Benefit of adopting fair value accounting (30)
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pronouncements
Reverse termination fee, net of merger (42)
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related expenses
Non-GAAP operating profit
(3)
$124 $(12) $7 $- $119 $78
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(1)
Represents the decline in the valuation of certain non-conforming and adjustable
rate mortgage loans.
(2)
Represents the Change in fair value of mortgage servicing rights due to changes in
market inputs or assumptions used in the val uation model. In 2008, this amount is net of Net
derivative gain related to MSRs of $26 million.
(3)
Non-GAAP operating profit is a measure that does not conform with accounting
principles generally accepted in the United State s (GAAP).
38
|
Adjusted Mortgage Production Segment Profit
Non-GAAP Financial Measure Reconciliation Adjusted Mortgage Production Segment Results (Unaudited)
(In millions)
|
Quarter Ended March 31, 2009
|
Reported Mortgage Production segment profit $113 Decline in value of illiquid MLHS (Scratch & Dent, Second-lien, Construction )
(1)
10 Adjusted Mortgage Production segment profit $123
|
1 Represents the decline in valuation of scratch and dent, second lien and construction mortgage loans.
|
Adjusted Mortgage Servicing Segment Profit
Non-GAAP Financial Measure Reconciliation Adjusted Mortgage Servicing Segment Results (Unaudited)
(In millions)
Quarter Ended March 31, 2009
Reported Mortgage Servicing segment loss $(118 Net loss on MSRs risk management activities 71
Excess foreclosure-related charges
1
10 Net reinsurance loss 5 Impact of delinquency
rates on MSR value
2
13 Adjusted Mortgage Servicing segment loss $(19)
1
Foreclosure related charges in excess of 3 bps of the average capitalized MSR
portfolio.
2 Increase in delinquencies rates on MSR portfolio reduces expected revenues and increases cost to
service. Delinquency rates negatively impacted MSR value by an estimated $13 M.
40
|
Adjusted Fleet Management Services Segment Profit
Non-GAAP Financial Measure Reconciliation Adjusted Fleet Management Services Segment Results
(Unaudited) (In millions)
|
Quarter Ended March 31, 2009
|
Reported Fleet Management Services segment profit $7 Increase in debt fees 11 Adjusted Fleet Management Services segment profit $18
|
Phh (NYSE:PHH)
過去 株価チャート
から 6 2024 まで 7 2024
Phh (NYSE:PHH)
過去 株価チャート
から 7 2023 まで 7 2024
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