Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2022

Reconciliation of Adjusted Pretax Operating Income (Loss) by Segment

The reconciliation of adjusted pretax operating income (loss) for our reportable segments to consolidated pretax income (loss) is as follows.


Reconciliation of adjusted pretax operating income (loss) by segment

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2022		2021		2022		2021
Adjusted pretax operating income (loss)
Mortgage	$	316,520	$	194,043	$	594,361	$	369,752
homegenius	(17,690)		(9,198)		(31,196)		(19,651)
Total adjusted pretax operating income for reportable segments (1)	298,830		184,845		563,165		350,101
All Other adjusted pretax operating income	3,203		(126)		3,816		1,934
Net gains (losses) on investments and other financial instruments	(41,869)		15,661		(71,326)		10,480

Amortization of other acquired intangible assets	(849)		(863)		(1,698)		(1,725)
Impairment of other long-lived assets and other non-operating items	565		(4,021)		63		(4,105)
Consolidated pretax income	$	259,880	$	195,496	$	494,020	$	356,685

(1)Includes allocated corporate operating expenses and depreciation expense as follows.


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2022		2021		2022		2021
Mortgage
Allocated corporate operating expenses (a)	$	33,237	$	32,638	$	69,446	$	60,214
Direct depreciation expense	2,241		2,460		4,569		5,102
homegenius
Allocated corporate operating expenses (b)	$	5,719	$	4,721	$	10,999	$	8,717
Direct depreciation expense	642		611		1,286		1,189

(a)Includes allocated depreciation expense of $0.7 million and $1.5 million for the three and six months ended June 30, 2022, respectively, and $0.8 million and $1.6 million for the three and six months ended June 30, 2021, respectively.

(b)Includes allocated depreciation expense of $0.2 million and $0.3 million for the three and six months ended June 30, 2022, respectively, and $0.1 million and $0.2 million for the three and six months ended June 30, 2021, respectively.

Reconciliation of Revenues by Segment

The reconciliation of revenues for our reportable segments to consolidated revenues is as follows.


Reconciliation of revenues by segment

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2022		2021		2022		2021
Revenues
Mortgage	$	289,783	$	284,301	$	574,229	$	588,098
homegenius (1)	32,343		33,451		66,255		59,246
Total revenues for reportable segments	322,126		317,752		640,484		647,344
All Other revenues	6,661		3,643		10,822		8,104
Net gains (losses) on investments and other financial instruments	(41,869)		15,661		(71,326)		10,480

Elimination of inter-segment revenues	(85)		(62)		(167)		(121)
Total revenues	$	286,833	$	336,994	$	579,813	$	665,807

(1)Includes immaterial inter-segment revenues for the three and six months ended June 30, 2022 and 2021.

Services Revenue

The table below, which represents total services revenue on our condensed consolidated statements of operations for the periods indicated, represents the disaggregation of services revenue by revenue type.


Services revenue

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2022		2021		2022		2021
homegenius
Title	$	4,895	$	9,399	$	11,298	$	17,456
Real estate
Valuation	9,032		7,478		17,001		11,400
Single family rental	8,227		5,622		15,457		9,071
REO asset management	739		587		1,552		1,167
Other real estate services	4		63		5		76
Technology
Asset management technology platform	1,274		1,520		2,606		3,026
Other technology services	1,004		1,019		2,052		1,983
Mortgage	2,106		3,732		6,658		8,083
All Other	—		44		—		97
Total services revenue	$	27,281	$	29,464	$	56,629	$	52,359