We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Better Home and Finance Holding Company | NASDAQ:BETR | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.39 | -3.58% | 10.51 | 10.54 | 10.77 | 10.79 | 10.51 | 10.79 | 662 | 14:56:52 |
From Jan 2024 to Jan 2025
Better Home & Finance Holding Company (NASDAQ: BETR; BETRW) (“Better” or the “Company”), a New York-based digitally native homeownership company, today reported financial results for its fourth quarter and full year ended December 31, 2023.
“Through 2023 we navigated a very challenging market environment, and we are now beginning to see green shoots in 2024 and beyond. The addressable opportunity in our market continues to be massive, and we believe the megatrend towards digitization positions us favorably. A critical driver of our planned growth in 2024 is a fundamental change in our commercial operating model, which we tested in the fourth quarter of 2023 and implemented across the company in the first quarter. We have pivoted to hiring experienced Loan Officers on commission-based compensation plans, a significant deviation from our prior model. We are pleased to see early conversion improvements from this operating model pivot and the seasoned sales talent we are hiring, as well as greater alignment between our production volume and costs. Further, the experienced Loan Officers are providing our customers with an increased level of service, which enables us to improve revenue per loan while remaining market competitive.” said Vishal Garg, CEO and Founder of Better.
Fourth Quarter 2023 Financial Highlights:
GAAP Results:
Key Operating Metrics and Non-GAAP Results:
Full Year 2023 Financial Highlights:
GAAP Results:
Key Operating Metrics and Non-GAAP Results:
“Given the additional capital raised in 2023, we are excited to grow and continue strategically investing in our technology and innovative products, such as digital One Day HELOC and One Day Mortgage. Through Better’s history, we have proven our ability to scale to over $100 billion of origination volume, reaching almost 2% in refinance market share at our peak in 2021. In 2023, with 91% of volume comprised of purchase loans, we have also demonstrated our digital purchase product resonates with consumers, creating an opportunity for us to further lean into purchase as we pivot to our new operating model. We expect to drive increased volume in 2024 compared to 2023, while seeking to manage expenses to be in-line with 2023. For the first quarter of 2024, we expect to generate Funded Loan Volume of approximately $600-650 million.” said Kevin Ryan, President and CFO of Better.
Full Year 2023 Business Highlights:
For more information, please see the detailed financial data and other information available in the Company’s annual report on Form 10-K, when filed with the Securities and Exchange Commission (the “SEC”). Amounts presented as of and for the year ended December 31, 2023 represent a preliminary estimate as of the date of this earnings release and may be revised upon filing our Annual Report on Form 10-K with the SEC. More information as of and for the year ended December 31, 2023 will the provided upon filing our Annual Report on Form 10-K with SEC.
Webcast
Better will host a live webcast of its earnings conference call beginning at 8:30am ET on March 28, 2024. To access the webcast, or to register to listen to the call by phone, go to the investor relations section of the Company’s website at investors.better.com or click the “Attendee Registration Link” below. Please join the webcast at least 10 minutes prior to start time. A replay will be available on the investor relations website shortly after the call ends.
* Webcast Details *
Event Title: Better Home & Finance Holding Company Fourth Quarter and Full Year 2023 Results
Event Date: March 28, 2024 08:30 AM (GMT-04:00) Eastern Time (US and Canada)
Attendee Registration Link:
https://events.q4inc.com/attendee/821111407
About Better
Since 2017, Better Home & Finance Holding Company (NASDAQ: BETR; BETRW) has leveraged its industry-leading technology platform, Tinman™, to fund more than $100 billion in mortgage volume. Tinman™ allows customers to see their rate options in seconds, get pre-approved in minutes, lock in rates and close their loan in as little as three weeks. Better’s mortgage offerings include GSE-conforming mortgage loans, FHA and VA loans, and jumbo mortgage loans. Better launched its One Day Mortgage program in January 2023, which allows eligible customers to go from click to Commitment Letter within 24 hours. From 2019-2022, Better completed approximately $98 billion in mortgage volume and $39 billion in coverage written through its insurance arm. Better was named Best Online Mortgage Lender by Forbes and Best Mortgage Lender for Affordability by WSJ in 2023, and ranked #1 on LinkedIn’s Top Startups List for 2021 and 2020, #1 on Fortune’s Best Small and Medium Workplaces in New York, #15 on CNBC’s Disruptor 50 2020 list, and was listed on Forbes FinTech 50 for 2020. Better serves customers in all 50 US states and the United Kingdom.
Forward-looking Statements
This press release contains certain forward-looking statements within the meaning of federal securities laws. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication. Such factors can be found in the Registration Statement on Form S-1 filed with the SEC by the Company on December 20, 2023, as well as, when filed, the Company’s annual report on Form 10-K, the Company’s quarterly reports on Form 10-Q and current reports on Form 8-K, which are available, free of charge, at the SEC’s website at www.sec.gov. New risks and uncertainties arise from time to time, and it is impossible for Better to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and Better undertakes no obligation, except as required by law, to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.
Results of Operations Year Ended December 31, Three Months EndedDecember 31, 2023 Three Months EndedSeptember 30, (Amounts in thousands, except per share amounts)
2023
2022
2023
2023
Revenues: Mortgage platform revenue, net
$
61,328
$
106,144
$
6,401
$
14,207
Cash offer program revenue
304
228,721
—
—
Other platform revenue
11,293
38,362
1,938
1,333
Net interest income (expense):
—
—
Interest income
15,575
26,714
3,048
3,667
Warehouse interest expense
(11,680
)
(17,059
)
(2,136
)
(2,758
)
Net interest income (expense)
3,895
9,655
912
909
Total net revenues
76,820
382,882
9,251
16,449
Expenses: Mortgage platform expenses
84,664
326,480
13,855
19,166
Cash offer program expenses
397
230,144
(1
)
—
Other platform expenses
13,076
59,501
1,289
3,161
General and administrative expenses
146,394
187,232
33,002
59,189
Marketing and advertising expenses
22,083
69,008
4,961
5,128
Technology and product development expenses
84,053
124,308
17,414
20,732
Restructuring and impairment expenses
15,375
247,693
3,577
679
Total expenses
366,042
1,244,366
74,097
108,055
Loss from operations
(289,222
)
(861,484
)
(64,846
)
(91,606
)
Interest and other expense, net: Other income (expense)
13,614
3,556
8,427
977
Interest and amortization on non-funding debt
(19,916
)
(13,450
)
(1,679
)
(11,939
)
Interest on Bridge Notes
—
(272,667
)
—
—
Change in fair value of warrants
(507
)
—
(1,368
)
861
Change in fair value of convertible preferred stock warrants
266
28,901
—
—
Change in fair value of bifurcated derivative
(236,603
)
236,603
—
(237,667
)
Total interest and other expenses, net
(243,146
)
(17,057
)
5,380
(247,768
)
Loss before income tax expense
(532,368
)
(878,541
)
(59,466
)
(339,374
)
Income tax expense / (benefit)
1,998
1,100
(541
)
659
Net loss
(534,366
)
(879,641
)
(58,925
)
(340,033
)
Reconciliation of Non-GAAP Metrics: Year Ended December 31, Three Months EndedDecember 31, 2023 Three Months EndedSeptember 30, (Amounts in thousands, except share and per share amounts)
2023
2022
2023
2023
Adjusted Net (Loss) Income Net (loss) income
$
(534,366
)
$
(879,641
)
$
(58,925
)
$
(340,033
)
Stock-based compensation expense
54,412
30,542
17,014
25,044
Change in fair value of warrants
507
—
1,368
(861
)
Change in fair value of convertible preferred stock warrants
(266
)
(28,901
)
—
—
Change in fair value of bifurcated derivative
236,603
(236,603
)
—
237,667
Interest on Pre-Closing Bridge Notes
—
272,667
—
—
Restructuring, impairment, and other expenses
15,375
247,693
3,577
679
Adjusted Net (Loss) Income
(227,735
)
(500,219
)
(36,966
)
(77,504
)
Adjusted EBITDA Net (loss) income
(534,366
)
(879,641
)
(58,925
)
(340,033
)
Income tax expense / (benefit)
1,998
1,100
(541
)
659
Depreciation and amortization expense
42,891
49,042
10,100
10,491
Stock-based compensation expense
54,412
30,542
17,014
25,044
Interest and amortization on non-funding debt
19,916
13,450
1,679
11,939
Interest on Pre-Closing Bridge Notes
—
272,667
—
—
Restructuring, impairment, and other expenses
15,375
247,693
3,577
679
Change in fair value of warrants
507
—
1,368
(861
)
Change in fair value of convertible preferred stock warrants
(266
)
(28,901
)
—
—
Change in fair value of bifurcated derivative
236,603
(236,603
)
—
237,667
Adjusted EBITDA
(162,930
)
(532,011
)
(25,728
)
(54,415
)
Summary Condensed Balance Sheet: (Amounts in thousands, except share and per share amounts) December 31, December 31,
2023
2022
Assets Cash and cash equivalents
$
503,591
$
317,959
Mortgage loans held for sale, at fair value
170,150
248,826
Bifurcated derivative
—
236,603
Loan commitment asset
—
16,119
Other combined assets
233,001
266,563
Total Assets
906,742
1,086,070
Liabilities, Convertible Preferred Stock, and Stockholders’ Equity (Deficit) Liabilities Warehouse lines of credit
127,085
144,049
Corporate line of credit, net
—
144,403
Convertible Note
514,644
—
Pre-Closing Bridge Notes
—
750,000
Other combined liabilities
144,473
216,844
Total Liabilities
786,202
1,255,296
Convertible preferred stock
—
436,280
Stockholders’ Equity (Deficit) Additional paid-in capital
1,836,796
618,890
Accumulated deficit
(1,703,449
)
(1,169,083
)
Other combined equity
(12,807
)
(55,313
)
Total Stockholders’ Equity (Deficit)
120,540
(605,506
)
Total Liabilities, Convertible Preferred Stock, and Stockholders’ Equity (Deficit)
906,742
1,086,070
View source version on businesswire.com: https://www.businesswire.com/news/home/20240328910287/en/
For Investor Relations Inquiries please email ir@better.com
1 Year Better Home and Finance Chart |
1 Month Better Home and Finance Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
