Company: FOACW
Filing Date: 2025-05-23
Form Type: 10-Q/A
Source: 0001828937-25-000042
Chunk: 80

Company: Finance of America Companies Inc.
Filing Date: 2025-05-23
Form: 10-Q/A
Chunk 80
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, benefits, and related expenses, net of shared services allocations, decreased $11.2 million or 32.8% due to decreases in salaries and bonuses and other salary related expenses of $15.6 million and $2.8 million, respectively, for the six 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 39.7% from 443 for the six months ended June 30, 2023 to 267 for the for the six months ended June 30, 2024. These reductions were partially offset by a $7.2 million decrease in shared services allocations due to the reduction in supported business lines in the six months ended June 30, 2024.

• General and administrative expenses, net of shared services allocations, decreased $11.5 million or 48.3% due to a $13.4 million decrease in communications and data processing and other expenses and a $1.3 million decrease in professional and consulting fees. These reductions are due to continued cost-cutting measures associated with the restructuring of the business. This was partially offset by a $3.2 million decrease in shared services allocations due to the reduction in supported business lines in the six months ended June 30, 2024.

#### NON-GAAP FINANCIAL MEASURES
The Company’s management evaluates performance of the Company through the use of certain non-GAAP financial measures, including Adjusted Net Loss, Adjusted EBITDA, and Adjusted Loss per Share.

The presentation of non-GAAP measures is used to enhance the investors’ understanding of certain aspects of our financial performance. This discussion is not meant to be considered in isolation, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Management believes these key financial measures provide an additional view of our performance over the long-term and provide useful information that we use in order to maintain and grow our business.

These non-GAAP financial measures should not be considered as an alternative to net loss, operating cash flows, or any other performance measures determined in accordance with U.S. GAAP. Adjusted Net Loss, Adjusted EBITDA, and Adjusted Loss per Share have important limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results as reported under