Company: FOACW
Filing Date: 2025-05-23
Form Type: 10-Q/A
Source: 0001828937-25-000042
Chunk: 79

Company: Finance of America Companies Inc.
Filing Date: 2025-05-23
Form: 10-Q/A
Chunk 79
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For the three months ended June 30, 2024 versus the three months ended June 30, 2023

Total revenues decreased $3.7 million primarily as a result of the following:

• Fee income decreased $2.0 million related to the decline in services provided by the Company’s operational fulfillment services team. As of September 30, 2023, the Company ceased the operations of the offshore fulfillment services team.

Total expenses decreased $13.6 million or 45.2% as a result of the following:

• Salaries, benefits, and related expenses, net of shared services allocations, decreased $9.1 million or 47.2% due to decreases in salaries and bonuses and other salary related expenses of $8.1 million and $2.2 million, respectively, for the three months ended June 30, 2024 compared to the 2023 period as the Company continued our focus on cost-cutting initiatives related to the restructuring of the business. Compared to 2023, average onshore headcount declined by 38.8% from 420 for the three months ended June 30, 2023 to 257 for the three months ended June 30, 2024. These reductions were partially offset by a $1.2 million

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decrease in shared services allocations due to the reduction in supported business lines in the three months ended June 30, 2024.

• General and administrative expenses, net of shared services allocations, decreased $4.4 million or 42.1% primarily due to a $5.9 million decrease in communications and data processing and other expenses. These reductions are due to continued cost-cutting measures associated with the restructuring of the business. This was partially offset by a $2.3 million decrease in shared services allocations due to the reduction in supported business lines in the three months ended June 30, 2024.

For the six months ended June 30, 2024 versus the six months ended June 30, 2023

Total revenues decreased $7.9 million primarily as a result of the following:

• Fee income decreased $5.0 million related to the decline in services provided by the Company’s operational fulfillment services team. As of September 30, 2023, the Company ceased the operations of the offshore fulfillment services team.

Total expenses decreased $23.2 million or 39.3% as a result of the following:

• Salaries