IS by Segment1 & BS Highlights

($ in millions)

DECEMBER 31, 2014 Servicing Originations Reverse
Mortgage		 Other Reportable Segments Total
Consolidated
REVENUE $563.5 $481.8 $157.2 $284.7 $1,487.2
INCOME (LOSS) BEFORE INCOME TAXES $(142.5) $137.1 $(104.4) $(9.5) $(119.3)
ADJUSTED EARNINGS (LOSS) BEFORE INCOME TAXES $117.6 $158.5 $(7.1) $(3.2) $265.8
ADJUSTED EBITDA $311.0 $166.4 $(2.2) $129.0 $604.2
DECEMBER 31, 2013 Servicing Originations Reverse
Mortgage		 Other Reportable Segments Total
Consolidated
REVENUE $741.8 $630.4 $167.7 $262.6 $1,802.5
INCOME (LOSS) BEFORE INCOME TAXES $224.1 $263.0 $0.4 $(74.7) $412.8
ADJUSTED EARNINGS (LOSS) BEFORE INCOME TAXES $132.5 273.1 $40.3 $(3.9) $442.0
ADJUSTED EBITDA $264.7 284.1 $45.1 $97.8 $691.7

2014 KEY OPERATING SEGMENT HIGHLIGHTS


Servicing  
Adjusted Average Serviced UPB
(in billions)2		 $236.6
Number of Units Serviced 2.2 million
AEBITDA as a % of Adjusted Average Serviced UPB 13 bps
   
Originations  
Funded Volume (in billions) $18.5
Capitalized Mortgage Servicing Rights
(in millions)		 $214.3
Consumer Lending Direct Margin 294 bps
   
Reverse Mortgage  
UPB Securitized Volume (in billions) $1.5
Serviced UPB (in billions) $18.0
Cash Gain Margin 378 bps


CONSOLIDATED BALANCE SHEET HIGHLIGHTS

($ in millions)

1 See reconciliations and definitions of Non-GAAP Financial Measures included in the Company’s accompanying December 31, 2014 Form 10-K filed with the SEC.

2 Adjusted Average UPB Serviced and AEBITDA for 2014 include adjustments related to servicing fee economics to reflect MSR acquisitions closed during certain quarters as though they were closed at the beginning of the quarter as economics (cash flows) were received for the full quarter.
  2014 2013
CASH $320.2 $491.9
CORPORATE DEBT $2,267.8 $2,272.1
EQUITY $1,076.7 $1,167.0