Segment Reporting (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
(In thousands)	2022		2021		2022		2021
Adjusted pretax operating income (loss)
Mortgage	$	295,675	$	165,220	$	890,036	$	534,972
homegenius	(25,536)		(5,557)		(56,732)		(25,208)
Total adjusted pretax operating income for reportable segments (1)	270,139		159,663		833,304		509,764
All Other adjusted pretax operating income	2,581		986		6,397		2,920
Net gains (losses) on investments and other financial instruments	(16,252)		2,098		(87,578)		12,578

Amortization of other acquired intangible assets	(1,023)		(862)		(2,721)		(2,587)
Impairment of other long-lived assets and other non-operating items	16		(244)		79		(4,349)
Consolidated pretax income	$	255,461	$	161,641	$	749,481	$	518,326

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2022		2021		2022		2021
Mortgage
Allocated corporate operating expenses (a)	$	32,457	$	33,963	$	101,903	$	94,177
Direct depreciation expense	2,234		2,240		6,803		7,342
homegenius
Allocated corporate operating expenses (b)	$	5,555	$	4,918	$	16,554	$	13,635
Direct depreciation expense	646		639		1,932		1,828

(a)Includes allocated depreciation expense of $0.7 million and $2.3 million for the three and nine months ended September 30, 2022, respectively, and $0.8 million and $2.5 million for the three and nine months ended September 30, 2021, respectively.

(b)Includes allocated depreciation expense of $0.2 million and $0.4 million for the three and nine months ended September 30, 2022, respectively, and $0.1 million and $0.4 million for the three and nine months ended September 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 September 30,				Nine Months Ended September 30,
(In thousands)	2022		2021		2022		2021
Revenues
Mortgage	$	281,033	$	274,659	$	855,262	$	862,757
homegenius (1)	25,083		45,091		91,338		104,337
Total revenues for reportable segments	306,116		319,750		946,600		967,094
All Other revenues	6,396		3,996		17,218		12,100
Net gains (losses) on investments and other financial instruments	(16,252)		2,098		(87,578)		12,578

Elimination of inter-segment revenues	(71)		(86)		(238)		(207)
Total revenues	$	296,189	$	325,758	$	876,002	$	991,565

(1)Includes immaterial inter-segment revenues for the three and nine months ended September 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 September 30,				Nine Months Ended September 30,
(In thousands)	2022		2021		2022		2021
homegenius
Title	$	4,714	$	12,927	$	16,012	$	30,383
Real estate
Valuation	6,731		8,435		23,732		19,835
Single family rental	5,430		8,539		20,887		17,610
Real estate owned asset management	750		571		2,302		1,738
Other real estate services	78		67		83		143
Technology
Asset management technology platform	1,134		1,199		3,740		4,225
Other technology services	905		981		2,957		2,964
Mortgage	404		5,027		7,062		13,110
All Other	—		27		—		124
Total services revenue	$	20,146	$	37,773	$	76,775	$	90,132