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    Henry Coffey

    Research Analyst at Wedbush Securities

    Henry Coffey's questions to Park Ha Biological Technology (PHH) leadership

    Henry Coffey's questions to Park Ha Biological Technology (PHH) leadership • Q4 2017

    Question

    Henry Coffey from Wedbush sought clarification on the cash dissolution value relative to book value, the root causes of business development challenges, the status of integration talks with Ocwen, and customer concentration with NRZ.

    Answer

    CFO Mike Bogansky detailed the adjustments from book value to reach the pro forma number. President and CEO Robert Crowl attributed business development issues to long sales cycles and regulatory overhang, not technology, and confirmed no integration talks had begun. He also provided figures on servicing units to illustrate NRZ's concentration post-client departures.

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    Henry Coffey's questions to Park Ha Biological Technology (PHH) leadership • Q3 2017

    Question

    Henry Coffey from Wedbush Securities asked about the subservicing economics of the NRZ contract, the status of remaining MSR sales, the actions of former PLS clients, and the potential structure of a new direct-to-consumer call center.

    Answer

    Robert B. Crowl, President and CEO, stated that while he couldn't discuss specific contract economics, the subservicing business has a marginal contribution of $4 to $5 per loan per month. He confirmed the remaining MSRs are private label assets committed to New Residential, with delays caused by a complex consent process involving nine trustees and 700 deals. He also noted the direct-to-consumer effort would likely be run internally.

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    Henry Coffey's questions to Park Ha Biological Technology (PHH) leadership • Q2 2017

    Question

    Henry Coffey of Wedbush inquired about the nature of ongoing relationships with LenderLive and Guaranteed Rate, the expected per-unit economics of the subservicing business, and the profitability outlook for the portfolio retention business.

    Answer

    President and CEO Robert Crowl and SVP Richard Bradfield clarified there is no ongoing relationship with Guaranteed Rate, while the LenderLive relationship will conclude after the last loan closing in early 2018. CFO Michael Bogansky projected a direct operating margin for subservicing between $4 and $5 per unit per month. Robert Crowl affirmed the retention business is profitable, targeting a direct margin of approximately 100 basis points per loan.

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    Henry Coffey's questions to FirstCash Holdings (FCFS) leadership

    Henry Coffey's questions to FirstCash Holdings (FCFS) leadership • Q1 2016

    Question

    Henry Coffey from Sterne Agee CRT asked about the strategy for the Enova stock that the combined company will own and whether the merger would create opportunities to restructure debt and ease covenants that restrict capital returns.

    Answer

    Cash America CEO Brent Stuart explained they have an extension to divest the Enova stock by September 2017 and will pursue an orderly strategy. EVP and CFO Doug Orr added that the significantly increased U.S. cash flow will enable a larger dividend and future buybacks. He noted the transaction is leverage-neutral and expects to upsize bank facilities and refinance debt, viewing existing cash flow constraints as nominal going forward.

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    Henry Coffey's questions to FirstCash Holdings (FCFS) leadership • Q1 2016

    Question

    Henry Coffey of Sterne Agee CRT inquired about the strategy for the combined company's holding of Enova stock and whether the merger would allow for debt restructuring to ease covenants on shareholder returns.

    Answer

    President and CEO Brent Stuart explained they have until September 2017 to divest the Enova stock and will pursue a measured strategy. EVP and CFO Doug Orr noted the merger significantly boosts U.S. cash flow, enabling a larger dividend and future buybacks. He added that the leverage-neutral deal positions them well to refinance debt and upsize credit facilities, making existing constraints nominal.

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