loanDepot Announces Year-End and Fourth Quarter 2024 Financial Results
loanDepot (NYSE: LDI) reported its 2024 financial results, showing a 9% revenue increase to $1.06 billion compared to 2023. The company's pull-through weighted gain on sale margin grew to 317 basis points, up 42 bps year-over-year.
Key financial metrics include a net loss of $202 million (including $25 million in cybersecurity costs), improved from the prior year's $236 million loss. Adjusted EBITDA significantly improved to $84 million from $6 million in 2023. The company successfully refinanced its 2025 corporate debt, reducing it by $137 million.
Fourth quarter 2024 highlights show revenue up 13% to $257 million, with loan origination volume reaching $7.2 billion, a 34% increase from Q4 2023. The company maintained strong liquidity with a cash balance of $422 million. For Q1 2025, loanDepot projects origination volume between $4.5-5.5 billion and pull-through weighted gain on sale margin of 320-340 basis points.
loanDepot (NYSE: LDI) ha riportato i risultati finanziari per il 2024, mostrando un aumento del 9% dei ricavi a 1,06 miliardi di dollari rispetto al 2023. Il margine di guadagno ponderato sul volume delle vendite dell'azienda è aumentato a 317 punti base, in crescita di 42 punti base rispetto all'anno precedente.
I principali indicatori finanziari includono una perdita netta di 202 milioni di dollari (inclusi 25 milioni di dollari in costi per la cybersicurezza), migliorata rispetto alla perdita di 236 milioni dell'anno precedente. L'EBITDA rettificato è notevolmente migliorato a 84 milioni di dollari rispetto ai 6 milioni del 2023. L'azienda ha rifinanziato con successo il proprio debito societario del 2025, riducendolo di 137 milioni di dollari.
I punti salienti del quarto trimestre 2024 mostrano ricavi in aumento del 13% a 257 milioni di dollari, con un volume di origini di prestiti che ha raggiunto 7,2 miliardi di dollari, un aumento del 34% rispetto al Q4 2023. L'azienda ha mantenuto una forte liquidità con un saldo di cassa di 422 milioni di dollari. Per il Q1 2025, loanDepot prevede un volume di origini tra 4,5 e 5,5 miliardi di dollari e un margine di guadagno ponderato sul volume delle vendite di 320-340 punti base.
loanDepot (NYSE: LDI) informó sus resultados financieros de 2024, mostrando un aumento del 9% en los ingresos a 1.06 mil millones de dólares en comparación con 2023. El margen de ganancia ponderada por venta de la compañía creció a 317 puntos básicos, un aumento de 42 puntos básicos en comparación con el año anterior.
Los principales indicadores financieros incluyen una pérdida neta de 202 millones de dólares (incluyendo 25 millones en costos de ciberseguridad), mejorando respecto a la pérdida de 236 millones del año anterior. El EBITDA ajustado mejoró significativamente a 84 millones desde 6 millones en 2023. La empresa refinanció con éxito su deuda corporativa de 2025, reduciéndola en 137 millones de dólares.
Los aspectos destacados del cuarto trimestre de 2024 muestran ingresos en aumento del 13% a 257 millones de dólares, con un volumen de originación de préstamos que alcanzó 7.2 mil millones de dólares, un aumento del 34% en comparación con el Q4 de 2023. La compañía mantuvo una sólida liquidez con un saldo de efectivo de 422 millones de dólares. Para el Q1 de 2025, loanDepot proyecta un volumen de originación entre 4.5 y 5.5 mil millones de dólares y un margen de ganancia ponderada por venta de 320-340 puntos básicos.
loanDepot (NYSE: LDI)는 2024년 재무 결과를 발표하며 2023년 대비 9% 증가한 10억 6천만 달러의 수익을 기록했습니다. 회사의 판매 마진 가중치가 317 베이시스 포인트로 증가했으며, 이는 전년 대비 42 베이시스 포인트 상승한 수치입니다.
주요 재무 지표로는 2억 2백만 달러의 순손실(사이버 보안 비용 2천5백만 달러 포함)이 있으며, 이는 전년의 2억 3천6백만 달러 손실보다 개선된 수치입니다. 조정된 EBITDA는 2023년 600만 달러에서 8400만 달러로 크게 개선되었습니다. 회사는 2025년 기업 부채를 성공적으로 재융자하여 1억 3천7백만 달러를 줄였습니다.
2024년 4분기 하이라이트에는 수익이 13% 증가하여 2억 5천7백만 달러에 달했으며, 대출 발행량은 72억 달러로 2023년 4분기 대비 34% 증가했습니다. 회사는 4억 2천2백만 달러의 현금 잔고로 강력한 유동성을 유지했습니다. 2025년 1분기 동안 loanDepot은 대출 발행량을 45억에서 55억 달러 사이로 예상하며, 판매 마진 가중치는 320-340 베이시스 포인트로 예상하고 있습니다.
loanDepot (NYSE: LDI) a annoncé ses résultats financiers pour 2024, montrant une augmentation de 9% des revenus à 1,06 milliard de dollars par rapport à 2023. La marge de gain pondérée par vente de l'entreprise a augmenté à 317 points de base, soit une hausse de 42 points de base par rapport à l'année précédente.
Les principaux indicateurs financiers incluent une perte nette de 202 millions de dollars (y compris 25 millions de dollars de coûts liés à la cybersécurité), améliorée par rapport à la perte de 236 millions de dollars de l'année précédente. L'EBITDA ajusté a considérablement augmenté à 84 millions de dollars contre 6 millions de dollars en 2023. L'entreprise a réussi à refinancer sa dette d'entreprise de 2025, la réduisant de 137 millions de dollars.
Les points forts du quatrième trimestre 2024 montrent un revenu en hausse de 13% à 257 millions de dollars, avec un volume d'origination de prêts atteignant 7,2 milliards de dollars, soit une augmentation de 34% par rapport au Q4 2023. L'entreprise a maintenu une forte liquidité avec un solde de trésorerie de 422 millions de dollars. Pour le Q1 2025, loanDepot prévoit un volume d'origination compris entre 4,5 et 5,5 milliards de dollars et une marge de gain pondérée par vente de 320 à 340 points de base.
loanDepot (NYSE: LDI) hat seine finanziellen Ergebnisse für 2024 veröffentlicht und einen Umsatzanstieg von 9% auf 1,06 Milliarden Dollar im Vergleich zu 2023 verzeichnet. Die gewichtete Gewinnmarge aus Verkäufen des Unternehmens stieg auf 317 Basispunkte, was einem Anstieg von 42 Basispunkten im Jahresvergleich entspricht.
Wichtige Finanzkennzahlen umfassen einen Nettoverlust von 202 Millionen Dollar (einschließlich 25 Millionen Dollar für Cybersicherheitskosten), verbessert im Vergleich zu einem Verlust von 236 Millionen Dollar im Vorjahr. Das bereinigte EBITDA verbesserte sich erheblich auf 84 Millionen Dollar von 6 Millionen Dollar im Jahr 2023. Das Unternehmen hat seine Unternehmensschulden für 2025 erfolgreich refinanziert und sie um 137 Millionen Dollar reduziert.
Die Highlights des vierten Quartals 2024 zeigen einen Umsatzanstieg von 13% auf 257 Millionen Dollar, wobei das Volumen der Kreditvergabe 7,2 Milliarden Dollar erreichte, ein Anstieg von 34% im Vergleich zum Q4 2023. Das Unternehmen hielt eine starke Liquidität mit einem Kassenbestand von 422 Millionen Dollar. Für das Q1 2025 prognostiziert loanDepot ein Kreditvergabevolumen zwischen 4,5 und 5,5 Milliarden Dollar und eine gewichtete Gewinnmarge aus Verkäufen von 320-340 Basispunkten.
- Revenue increased 9% to $1.06 billion in 2024
- Adjusted EBITDA improved significantly to $84M from $6M in 2023
- Pull-through weighted gain on sale margin grew 42 bps to 317 basis points
- Q4 loan origination volume up 34% year-over-year to $7.2 billion
- Strong liquidity position with $422M cash balance
- Reduced corporate debt by $137M through refinancing
- Net loss of $202M in 2024, including $25M cybersecurity costs
- Q4 2024 net loss widened to $67.5M from $59.8M in Q4 2023
- Q4 adjusted net loss increased to $47M from $26.7M year-over-year
- Projected Q1 2025 origination volume shows sequential decline
Insights
loanDepot's year-end and Q4 2024 financial results demonstrate mixed performance with noteworthy improvements in several key metrics despite ongoing profitability challenges. Annual revenue increased 9% to
While still operating at a loss, the company narrowed its full-year net loss to
However, Q4 results reveal concerning trends, with net losses widening to
The company's Q1 2025 guidance projects origination volume between
loanDepot's ability to significantly improve adjusted EBITDA while growing revenue demonstrates operational leverage potential, but sustainable profitability remains elusive despite completing its Vision 2025 strategic program. Investors should closely monitor whether the newly announced Project North Star initiative can accelerate the path to profitability in 2025.
Revenue increased
Full-year 2024 highlights:
-
Revenue increased
9% to$1.06 billion 10% to$1.10 billion - Pull-through weighted gain on sale margin grew to 317 basis points, up 42 bps compared to 2023.
-
Net loss of
$202 million $25 million $236 million -
Adjusted net loss of
$95 million $152 million -
Adjusted EBITDA of
$84 million $6 million -
Successfully refinanced 2025 corporate debt - extended maturity and reduced outstanding corporate debt by
$137 million
Fourth quarter 2024 highlights:
-
Revenue increased
13% to$257 million 6% to$267 million - Expanded network of joint venture partnerships with new agreements with Smith Douglas Homes and Onx Homes.
- Pull-through weighted gain on sale margin grew 38 basis points to 334 basis points.
-
Net loss of
$67 million $60 million -
Adjusted net loss of
$47 million $27 million -
Strong liquidity profile with cash balance of
$422 million
“2024 was a year of significant progress for loanDepot with the completion of our Vision 2025 strategic program,” said President and Chief Executive Officer Frank Martell. “The strategic imperatives of Vision 2025 served as our roadmap for successfully navigating the historical downturn in the housing and mortgage markets over the past three years. As the Company enters 2025, I believe team loanDepot is positioned to accelerate revenue growth and continue our progress towards sustainable profitability under the auspices of Project North Star that we announced in November 2024, and under Anthony Hsieh’s new leadership that was announced last week.
“The
“2024 was a successful year for loanDepot from a financial point of view,” said David Hayes, Chief Financial Officer. “We grew revenue, expanded margins, reduced our corporate debt and made important investments in productivity initiatives that benefited the year. Importantly, during the third quarter we demonstrated our significant operational progress by achieving profitability during a period of modest market improvement. Our investments in products and operating leverage will provide the foundation for additional momentum in 2025 and beyond.”
Fourth Quarter Highlights:
Financial Summary |
|||||||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
($ in thousands except per share data) (Unaudited) |
Dec 31,
|
|
Sep 30,
|
|
Dec 31,
|
|
Dec 31,
|
|
Dec 31,
|
||||||||||
Rate lock volume |
$ |
7,648,829 |
|
|
$ |
9,792,423 |
|
|
$ |
6,417,419 |
|
|
$ |
32,541,852 |
|
|
$ |
32,155,455 |
|
Pull-through weighted lock volume(1) |
|
5,592,527 |
|
|
|
6,748,057 |
|
|
|
4,407,386 |
|
|
|
22,854,729 |
|
|
|
21,475,262 |
|
Loan origination volume |
|
7,188,186 |
|
|
|
6,659,329 |
|
|
|
5,370,708 |
|
|
|
24,496,500 |
|
|
|
22,671,731 |
|
Gain on sale margin(2) |
|
2.60 |
% |
|
|
3.33 |
% |
|
|
2.43 |
% |
|
|
2.96 |
% |
|
|
2.60 |
% |
Pull-through weighted gain on sale margin(3) |
|
3.34 |
% |
|
|
3.29 |
% |
|
|
2.96 |
% |
|
|
3.17 |
% |
|
|
2.75 |
% |
Financial Results |
|
|
|
|
|
|
|
|
|
||||||||||
Total revenue |
$ |
257,464 |
|
|
$ |
314,598 |
|
|
$ |
228,626 |
|
|
$ |
1,060,235 |
|
|
$ |
974,022 |
|
Total expense |
|
341,588 |
|
|
|
311,003 |
|
|
|
302,571 |
|
|
|
1,303,084 |
|
|
|
1,252,330 |
|
Net (loss) income |
|
(67,466 |
) |
|
|
2,672 |
|
|
|
(59,771 |
) |
|
|
(202,151 |
) |
|
|
(235,512 |
) |
Diluted (loss) earnings per share |
$ |
(0.17 |
) |
|
$ |
0.01 |
|
|
$ |
(0.16 |
) |
|
$ |
(0.53 |
) |
|
$ |
(0.63 |
) |
Non-GAAP Financial Measures(4) |
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted total revenue |
$ |
266,594 |
|
|
$ |
329,499 |
|
|
$ |
251,395 |
|
|
$ |
1,104,910 |
|
|
$ |
1,007,248 |
|
Adjusted net (loss) income |
|
(47,017 |
) |
|
|
7,077 |
|
|
|
(26,702 |
) |
|
|
(94,823 |
) |
|
|
(151,641 |
) |
Adjusted (LBITDA) EBITDA |
|
(15,071 |
) |
|
|
63,742 |
|
|
|
14,902 |
|
|
|
83,749 |
|
|
|
6,441 |
|
| (1) | Pull-through weighted rate lock volume is the principal balance of loans subject to interest rate lock commitments, net of a pull-through factor for the loan funding probability. |
||||
| (2) | Gain on sale margin represents the total of (i) gain on origination and sale of loans, net, and (ii) origination income, net, divided by loan origination volume during period. |
||||
| (3) | Pull-through weighted gain on sale margin represents the total of (i) gain on origination and sale of loans, net, and (ii) origination income, net, divided by the pull-through weighted rate lock volume. |
||||
| (4) | See “Non-GAAP Financial Measures” for a discussion of Non-GAAP Financial Measures and a reconciliation of these metrics to their closest GAAP measure. |
Year-over-Year Operational Highlights
-
Non-volume1 related expenses increased
$5.3 million -
Accrued
$1.9 million -
Recognized a net recovery of restructuring and impairment charges totaling
$0.6 million $4.3 million -
Pull-through weighted lock volume of
$5.6 billion $1.2 billion 27% from the fourth quarter of 2023. -
Loan origination volume for the fourth quarter of 2024 was
$7.2 billion $1.8 billion 34% from the fourth quarter of 2023. -
Purchase volume totaled
58% of total loans originated during the fourth quarter, down from76% during the fourth quarter of 2023, reflecting the increased demand for refinance transactions during the period of lower market rates experienced during the third quarter 2024, which were still being closed during the fourth quarter. -
Our preliminary organic refinance consumer direct recapture rate2 increased to
76% from the fourth quarter 2023’s recapture rate of57% . -
Net loss for the fourth quarter of 2024 of
$67.5 million $59.8 million -
Adjusted net loss for the fourth quarter of 2024 was
$47.0 million $26.7 million
Outlook for the first quarter of 2025
-
Origination volume of between
$4.5 billion $5.5 billion -
Pull-through weighted rate lock volume of between
$4.8 billion $5.8 billion - Pull-through weighted gain on sale margin of between 320 basis points and 340 basis points.
____________________
1 Volume related expenses include commissions, marketing and advertising expense, and direct origination expense. All remaining expenses are considered non-volume related. Marketing and advertising expense has been included in the volume related category beginning this quarter as management considers the majority of these costs to fluctuate with market volumes.
2 We define organic refinance consumer direct recapture rate as the total unpaid principal balance (“UPB”) of loans in our servicing portfolio that are paid in full for purposes of refinancing the loan on the same property, with the Company acting as lender on both the existing and new loan, divided by the UPB of all loans in our servicing portfolio that paid in full for the purpose of refinancing the loan on the same property. The recapture rate is finalized following the publication date of this release when external data becomes available.
Servicing |
||||||||||||||||||||
|
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
Servicing Revenue Data: ($ in thousands) (Unaudited) |
|
Dec 31,
|
|
Sep 30,
|
|
Dec 31,
|
|
Dec 31,
|
|
Dec 31,
|
||||||||||
Due to collection/realization of cash flows |
|
$ |
(43,227 |
) |
|
$ |
(41,498 |
) |
|
$ |
(34,433 |
) |
|
$ |
(163,010 |
) |
|
$ |
(149,211 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Due to changes in valuation inputs or assumptions |
|
|
68,228 |
|
|
|
(52,557 |
) |
|
|
(71,195 |
) |
|
|
59,538 |
|
|
|
2,227 |
|
Realized (losses) gains on sale of servicing rights |
|
|
(56 |
) |
|
|
32 |
|
|
|
55 |
|
|
|
(3,036 |
) |
|
|
12,466 |
|
Net (losses) gains from derivatives hedging servicing rights |
|
|
(77,302 |
) |
|
|
37,624 |
|
|
|
48,371 |
|
|
|
(101,177 |
) |
|
|
(47,919 |
) |
Changes in fair value of servicing rights, net of hedging gains and losses |
|
|
(9,130 |
) |
|
|
(14,901 |
) |
|
|
(22,769 |
) |
|
|
(44,675 |
) |
|
|
(33,226 |
) |
Other realized losses on sales of servicing rights (1) |
|
|
(162 |
) |
|
|
(164 |
) |
|
|
(247 |
) |
|
|
(7,453 |
) |
|
|
(1,980 |
) |
Changes in fair value of servicing rights, net |
|
$ |
(52,519 |
) |
|
$ |
(56,563 |
) |
|
$ |
(57,449 |
) |
|
$ |
(215,138 |
) |
|
$ |
(184,417 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Servicing fee income (2) |
|
$ |
108,426 |
|
|
$ |
124,133 |
|
|
$ |
132,482 |
|
|
$ |
481,699 |
|
|
$ |
492,811 |
|
| (1) | Includes the (provision) recovery for sold MSRs and broker fees. |
||||
| (2) | Servicing fee income for the three months and year ended December 31, 2023, has been adjusted to incorporate earnings credits, which were previously classified as part of net interest income. |
|
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
Servicing Rights, at Fair Value: ($ in thousands) (Unaudited) |
|
Dec 31,
|
|
Sep 30,
|
|
Dec 31,
|
|
Dec 31,
|
|
Dec 31,
|
||||||||||
Balance at beginning of period |
|
$ |
1,526,013 |
|
|
$ |
1,566,463 |
|
|
$ |
2,038,654 |
|
|
$ |
1,985,718 |
|
|
$ |
2,025,136 |
|
Additions |
|
|
75,547 |
|
|
|
62,039 |
|
|
|
62,158 |
|
|
|
252,076 |
|
|
|
277,387 |
|
Sales proceeds |
|
|
(10,995 |
) |
|
|
(8,466 |
) |
|
|
(9,521 |
) |
|
|
(514,772 |
) |
|
|
(180,687 |
) |
Changes in fair value: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Due to changes in valuation inputs or assumptions |
|
|
68,228 |
|
|
|
(52,557 |
) |
|
|
(71,195 |
) |
|
|
59,538 |
|
|
|
2,227 |
|
Due to collection/realization of cash flows |
|
|
(43,227 |
) |
|
|
(41,498 |
) |
|
|
(34,433 |
) |
|
|
(163,010 |
) |
|
|
(149,211 |
) |
Realized (losses) gains on sales of servicing rights |
|
|
(56 |
) |
|
|
32 |
|
|
|
55 |
|
|
|
(4,040 |
) |
|
|
10,866 |
|
Total changes in fair value |
|
|
24,945 |
|
|
|
(94,023 |
) |
|
|
(105,573 |
) |
|
|
(107,512 |
) |
|
|
(136,118 |
) |
Balance at end of period (1) |
|
$ |
1,615,510 |
|
|
$ |
1,526,013 |
|
|
$ |
1,985,718 |
|
|
$ |
1,615,510 |
|
|
$ |
1,985,718 |
|
| (1) |
Balances are net of |
|
|
|
% Change |
||||||||||||||
Servicing Portfolio Data: ($ in thousands) (Unaudited) |
Dec 31,
|
|
Sep 30,
|
|
Dec 31,
|
|
Dec-24 vs Sep-24 |
|
Dec-24
|
||||||||
Servicing portfolio (unpaid principal balance) |
$ |
115,971,984 |
|
|
$ |
114,915,206 |
|
|
$ |
145,090,199 |
|
|
0.9 |
% |
|
(20.1 |
)% |
|
|
|
|
|
|
|
|
|
|
||||||||
Total servicing portfolio (units) |
|
417,875 |
|
|
|
409,344 |
|
|
|
496,894 |
|
|
2.1 |
|
|
(15.9 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||
60+ days delinquent ($) |
$ |
1,826,105 |
|
|
$ |
1,654,955 |
|
|
$ |
1,392,606 |
|
|
10.3 |
|
|
31.1 |
|
60+ days delinquent (%) |
|
1.6 |
% |
|
|
1.4 |
% |
|
|
1.0 |
% |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||||
Servicing rights, net to UPB |
|
1.4 |
% |
|
|
1.3 |
% |
|
|
1.4 |
% |
|
|
|
|
||
Balance Sheet Highlights |
|
|
|
|
|
|
% Change |
|||||||
($ in thousands) (Unaudited) |
Dec 31,
|
|
Sep 30,
|
|
Dec 31,
|
|
Dec-24
|
|
Dec-24
|
|||||
Cash and cash equivalents |
$ |
421,576 |
|
$ |
483,048 |
|
$ |
660,707 |
|
(12.7 |
)% |
|
(36.2 |
)% |
Loans held for sale, at fair value |
|
2,603,735 |
|
|
2,790,284 |
|
|
2,132,880 |
|
(6.7 |
) |
|
22.1 |
|
Loans held for investment, at fair value |
|
116,627 |
|
|
122,066 |
|
|
— |
|
(4.5 |
) |
|
NM |
|
Servicing rights, at fair value |
|
1,633,661 |
|
|
1,542,720 |
|
|
1,999,763 |
|
5.9 |
|
|
(18.3 |
) |
Total assets |
|
6,344,028 |
|
|
6,417,627 |
|
|
6,151,048 |
|
(1.1 |
) |
|
3.1 |
|
Warehouse and other lines of credit |
|
2,377,127 |
|
|
2,565,713 |
|
|
1,947,057 |
|
(7.4 |
) |
|
22.1 |
|
Total liabilities |
|
5,837,417 |
|
|
5,825,578 |
|
|
5,446,564 |
|
0.2 |
|
|
7.2 |
|
Total equity |
|
506,611 |
|
|
592,049 |
|
|
704,484 |
|
(14.4 |
) |
|
(28.1 |
) |
An increase in loans held for sale at December 31, 2024, resulted in a corresponding increase in the balance on our warehouse lines of credit. Total funding capacity with our lending partners was
Consolidated Statements of Operations |
|||||||||||||||||||
($ in thousands except per share data) |
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
Dec 31,
|
|
Sep 30,
|
|
Dec 31,
|
|
Dec 31,
|
|
Dec 31,
|
||||||||||
|
(Unaudited) |
|
(Unaudited) |
|
|
||||||||||||||
REVENUES: |
|
|
|
|
|
|
|
|
|
||||||||||
Interest income |
$ |
41,835 |
|
|
$ |
38,673 |
|
|
$ |
34,992 |
|
|
$ |
146,485 |
|
|
$ |
133,263 |
|
Interest expense |
|
(40,491 |
) |
|
|
(39,488 |
) |
|
|
(33,686 |
) |
|
|
(147,328 |
) |
|
|
(130,145 |
) |
Net interest income (expense) |
|
1,344 |
|
|
|
(815 |
) |
|
|
1,306 |
|
|
|
(843 |
) |
|
|
3,118 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gain on origination and sale of loans, net |
|
161,071 |
|
|
|
198,027 |
|
|
|
113,185 |
|
|
|
642,078 |
|
|
|
524,521 |
|
Origination income, net |
|
25,515 |
|
|
|
23,675 |
|
|
|
17,120 |
|
|
|
82,290 |
|
|
|
65,209 |
|
Servicing fee income |
|
108,426 |
|
|
|
124,133 |
|
|
|
132,482 |
|
|
|
481,699 |
|
|
|
492,811 |
|
Change in fair value of servicing rights, net |
|
(52,519 |
) |
|
|
(56,563 |
) |
|
|
(57,449 |
) |
|
|
(215,138 |
) |
|
|
(184,417 |
) |
Other income |
|
13,627 |
|
|
|
26,141 |
|
|
|
21,982 |
|
|
|
70,149 |
|
|
|
72,780 |
|
Total net revenues |
|
257,464 |
|
|
|
314,598 |
|
|
|
228,626 |
|
|
|
1,060,235 |
|
|
|
974,022 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
EXPENSES: |
|
|
|
|
|
|
|
|
|
||||||||||
Personnel expense |
|
163,800 |
|
|
|
161,330 |
|
|
|
132,752 |
|
|
|
600,483 |
|
|
|
573,010 |
|
Marketing and advertising expense |
|
36,860 |
|
|
|
36,282 |
|
|
|
28,360 |
|
|
|
132,671 |
|
|
|
132,880 |
|
Direct origination expense |
|
21,392 |
|
|
|
23,120 |
|
|
|
16,790 |
|
|
|
84,234 |
|
|
|
67,141 |
|
General and administrative expense |
|
50,344 |
|
|
|
22,984 |
|
|
|
55,258 |
|
|
|
204,231 |
|
|
|
212,732 |
|
Occupancy expense |
|
4,321 |
|
|
|
4,800 |
|
|
|
5,433 |
|
|
|
19,434 |
|
|
|
23,516 |
|
Depreciation and amortization |
|
8,779 |
|
|
|
8,931 |
|
|
|
9,922 |
|
|
|
36,108 |
|
|
|
41,261 |
|
Servicing expense |
|
12,218 |
|
|
|
8,427 |
|
|
|
8,572 |
|
|
|
37,373 |
|
|
|
27,687 |
|
Other interest expense |
|
43,874 |
|
|
|
45,129 |
|
|
|
45,484 |
|
|
|
188,550 |
|
|
|
174,103 |
|
Total expenses |
|
341,588 |
|
|
|
311,003 |
|
|
|
302,571 |
|
|
|
1,303,084 |
|
|
|
1,252,330 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(Loss) income before income taxes |
|
(84,124 |
) |
|
|
3,595 |
|
|
|
(73,945 |
) |
|
|
(242,849 |
) |
|
|
(278,308 |
) |
Income tax (benefit) expense |
|
(16,658 |
) |
|
|
923 |
|
|
|
(14,174 |
) |
|
|
(40,698 |
) |
|
|
(42,796 |
) |
Net (loss) income |
|
(67,466 |
) |
|
|
2,672 |
|
|
|
(59,771 |
) |
|
|
(202,151 |
) |
|
|
(235,512 |
) |
Net (loss) income attributable to noncontrolling interests |
|
(34,232 |
) |
|
|
1,303 |
|
|
|
(32,578 |
) |
|
|
(103,820 |
) |
|
|
(125,370 |
) |
Net (loss) income attributable to loanDepot, Inc. |
$ |
(33,234 |
) |
|
$ |
1,369 |
|
|
$ |
(27,193 |
) |
|
$ |
(98,331 |
) |
|
$ |
(110,142 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic (loss) income per share |
$ |
(0.17 |
) |
|
$ |
0.01 |
|
|
$ |
(0.15 |
) |
|
$ |
(0.53 |
) |
|
$ |
(0.63 |
) |
Diluted (loss) income per share |
$ |
(0.17 |
) |
|
$ |
0.01 |
|
|
$ |
(0.16 |
) |
|
$ |
(0.53 |
) |
|
$ |
(0.63 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
193,413,971 |
|
|
|
185,385,271 |
|
|
|
178,888,225 |
|
|
|
185,641,675.00 |
|
|
|
174,906,063.00 |
|
Diluted |
|
193,413,971 |
|
|
|
332,532,984 |
|
|
|
326,288,272 |
|
|
|
185,641,675.00 |
|
|
|
174,906,063.00 |
|
Consolidated Balance Sheets |
||||||||
($ in thousands) |
Dec 31,
|
|
Sep 30,
|
|
Dec 31,
|
|||
|
(Unaudited) |
|
|
|||||
ASSETS |
|
|
|
|
|
|||
Cash and cash equivalents |
$ |
421,576 |
|
$ |
483,048 |
|
$ |
660,707 |
Restricted cash |
|
105,645 |
|
|
95,593 |
|
|
85,149 |
Loans held for sale, at fair value |
|
2,603,735 |
|
|
2,790,284 |
|
|
2,132,880 |
Loans held for investment, at fair value |
|
116,627 |
|
|
122,066 |
|
|
— |
Derivative assets, at fair value |
|
44,389 |
|
|
68,647 |
|
|
93,574 |
Servicing rights, at fair value |
|
1,633,661 |
|
|
1,542,720 |
|
|
1,999,763 |
Trading securities, at fair value |
|
87,466 |
|
|
92,324 |
|
|
92,901 |
Property and equipment, net |
|
61,079 |
|
|
62,974 |
|
|
70,809 |
Operating lease right-of-use asset |
|
20,432 |
|
|
23,020 |
|
|
29,433 |
Loans eligible for repurchase |
|
995,398 |
|
|
860,300 |
|
|
711,371 |
Investments in joint ventures |
|
18,113 |
|
|
17,899 |
|
|
20,363 |
Other assets |
|
235,907 |
|
|
258,752 |
|
|
254,098 |
Total assets |
$ |
6,344,028 |
|
$ |
6,417,627 |
|
$ |
6,151,048 |
|
|
|
|
|
|
|||
LIABILITIES AND EQUITY |
|
|
|
|
|
|||
LIABILITIES: |
|
|
|
|
|
|||
Warehouse and other lines of credit |
$ |
2,377,127 |
|
$ |
2,565,713 |
|
$ |
1,947,057 |
Accounts payable and accrued expenses |
|
379,439 |
|
|
381,543 |
|
|
379,971 |
Derivative liabilities, at fair value |
|
25,060 |
|
|
22,143 |
|
|
84,962 |
Liability for loans eligible for repurchase |
|
995,398 |
|
|
860,300 |
|
|
711,371 |
Operating lease liability |
|
33,190 |
|
|
38,538 |
|
|
49,192 |
Debt obligations, net |
|
2,027,203 |
|
|
1,957,341 |
|
|
2,274,011 |
Total liabilities |
|
5,837,417 |
|
|
5,825,578 |
|
|
5,446,564 |
EQUITY: |
|
|
|
|
|
|||
Total equity |
|
506,611 |
|
|
592,049 |
|
|
704,484 |
Total liabilities and equity |
$ |
6,344,028 |
|
$ |
6,417,627 |
|
$ |
6,151,048 |
Loan Origination and Sales Data |
|||||||||||||||
($ in thousands) (Unaudited) |
|
Three Months Ended |
|
Year Ended |
|||||||||||
|
Dec 31,
|
|
Sep 30,
|
|
Dec 31,
|
|
Dec 31,
|
|
Dec 31,
|
||||||
Loan origination volume by type: |
|
|
|
|
|
|
|
|
|
|
|||||
Conventional conforming |
|
$ |
3,331,526 |
|
$ |
3,254,702 |
|
$ |
2,830,776 |
|
$ |
12,322,808 |
|
$ |
12,206,382 |
FHA/VA/USDA |
|
|
2,938,168 |
|
|
2,564,827 |
|
|
2,062,928 |
|
|
9,428,124 |
|
|
8,434,095 |
Jumbo |
|
|
368,518 |
|
|
300,086 |
|
|
81,591 |
|
|
1,015,305 |
|
|
487,142 |
Other |
|
|
549,974 |
|
|
539,714 |
|
|
395,413 |
|
|
1,730,263 |
|
|
1,544,112 |
Total |
|
$ |
7,188,186 |
|
$ |
6,659,329 |
|
$ |
5,370,708 |
|
$ |
24,496,500 |
|
$ |
22,671,731 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Loan origination volume by purpose: |
|
|
|
|
|
|
|
|
|
|
|||||
Purchase |
|
$ |
4,139,542 |
|
$ |
4,378,575 |
|
$ |
4,071,761 |
|
$ |
16,197,535 |
|
$ |
16,474,927 |
Refinance - cash out |
|
|
2,424,749 |
|
|
1,954,071 |
|
|
1,221,538 |
|
|
7,085,329 |
|
|
5,821,102 |
Refinance - rate/term |
|
|
623,895 |
|
|
326,683 |
|
|
77,409 |
|
|
1,213,636 |
|
|
375,702 |
Total |
|
$ |
7,188,186 |
|
$ |
6,659,329 |
|
$ |
5,370,708 |
|
$ |
24,496,500 |
|
$ |
22,671,731 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Loans sold: |
|
|
|
|
|
|
|
|
|
|
|||||
Servicing retained |
|
$ |
4,421,935 |
|
$ |
3,818,375 |
|
$ |
3,825,478 |
|
$ |
15,238,250 |
|
$ |
15,222,156 |
Servicing released |
|
|
2,937,984 |
|
|
2,487,589 |
|
|
1,572,369 |
|
|
8,771,900 |
|
|
7,918,029 |
Total |
|
$ |
7,359,919 |
|
$ |
6,305,964 |
|
$ |
5,397,847 |
|
$ |
24,010,150 |
|
$ |
23,140,185 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Fourth Quarter Earnings Call
Management will host a conference call and live webcast today at 5:00 p.m. ET to discuss the Company’s financial and operational highlights followed by a question-and-answer session.
The conference call can be accessed by registering online at https://registrations.events/direct/Q4I4144763980 at which time registrants will receive dial-in information as well as a conference ID. At the time of the call, participants will dial in using the participant number and conference ID provided upon registration.
A live audio webcast of the conference call will also be available via the Company's website, investors.loandepot.com, under Events & Presentation tab. A replay of the webcast will be made available on the Investor Relations website following the conclusion of the event.
For more information about loanDepot, please visit the company’s Investor Relations website: investors.loandepot.com.
Non-GAAP Financial Measures
To provide investors with information in addition to our results as determined by GAAP, we disclose certain non-GAAP measures to assist investors in evaluating our financial results. We believe these non-GAAP measures provide useful information to investors regarding our results of operations because each measure assists both investors and management in analyzing and benchmarking the performance and value of our business. They facilitate company-to-company operating performance comparisons by backing out potential differences caused by variations in hedging strategies, changes in valuations, capital structures (affecting interest expense on non-funding debt), taxation, the age and book depreciation of facilities (affecting relative depreciation expense), and other cost or benefit items which may vary for different companies for reasons unrelated to operating performance. These non-GAAP measures include our Adjusted Total Revenue, Adjusted Net Income (Loss), Adjusted Diluted Weighted Average Shares Outstanding, and Adjusted EBITDA (LBITDA). We exclude from these non-GAAP financial measures the change in fair value of MSRs, gains (losses) from the sale of MSRs and related hedging gains and losses that represent realized and unrealized adjustments resulting from changes in valuation, mostly due to changes in market interest rates, and are not indicative of the Company’s operating performance or results of operation. Beginning in the second quarter of 2024, we began to include the gains (losses) from the sale of MSRs in valuation changes in servicing rights, net of hedging gains and losses to appropriately capture all valuation changes in MSRs up to and including the sales date. Prior periods have been revised to conform with this new presentation. We have excluded expenses directly related to the Cybersecurity Incident, net of insurance recoveries during fiscal 2024, including costs to investigate and remediate the Cybersecurity Incident, the costs of customer notifications and identity protection, and professional fees, including legal expenses, litigation settlement costs, and commission guarantees. We also exclude stock-based compensation expense, which is a non-cash expense, gains or losses on extinguishment of debt and disposal of fixed assets, non-cash goodwill impairment, and other impairment charges to intangible assets and operating lease right-of-use assets, as well as certain costs associated with our restructuring efforts, as management does not consider these costs to be indicative of our performance or results of operations. Adjusted EBITDA (LBITDA) includes interest expense on funding facilities, which are recorded as a component of “net interest income (expense),” as these expenses are a direct operating expense driven by loan origination volume. By contrast, interest expense on our non-funding debt is a function of our capital structure and is therefore excluded from Adjusted EBITDA (LBITDA). Adjustments for income taxes are made to reflect historical results of operations on the basis that it was taxed as a corporation under the Internal Revenue Code, and therefore subject to
- They do not reflect every cash expenditure, future requirements for capital expenditures or contractual commitments;
- Adjusted EBITDA (LBITDA) does not reflect the significant interest expense or the cash requirements necessary to service interest or principal payment on our debt;
- Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced or require improvements in the future, and Adjusted Total Revenue, Adjusted Net Income (Loss), and Adjusted EBITDA (LBITDA) do not reflect any cash requirement for such replacements or improvements; and
- They are not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows.
Because of these limitations, Adjusted Total Revenue, Adjusted Net Income (Loss), Adjusted Diluted Weighted Average Shares Outstanding, and Adjusted EBITDA (LBITDA) are not intended as alternatives to total revenue, net income (loss), net income (loss) attributable to the Company, or Diluted Earnings (Loss) Per Share or as an indicator of our operating performance and should not be considered as measures of discretionary cash available to us to invest in the growth of our business or as measures of cash that will be available to us to meet our obligations. We compensate for these limitations by using Adjusted Total Revenue, Adjusted Net Income (Loss), Adjusted Diluted Weighted Average Shares Outstanding, and Adjusted EBITDA (LBITDA) along with other comparative tools, together with
Reconciliation of Total Revenue to Adjusted Total Revenue ($ in thousands) (Unaudited) |
|
Three Months Ended |
|
Year Ended |
|||||||||||
|
Dec 31,
|
|
Sep 30,
|
|
Dec 31,
|
|
Dec 31,
|
|
Dec 31,
|
||||||
Total net revenue |
|
$ |
257,464 |
|
$ |
314,598 |
|
$ |
228,626 |
|
$ |
1,060,235 |
|
$ |
974,022 |
Valuation changes in servicing rights, net of hedging gains and losses(1) |
|
|
9,130 |
|
|
14,901 |
|
|
22,769 |
|
|
44,675 |
|
|
33,226 |
Adjusted total revenue |
|
$ |
266,594 |
|
$ |
329,499 |
|
$ |
251,395 |
|
$ |
1,104,910 |
|
$ |
1,007,248 |
| (1) | Represents the change in the fair value of servicing rights due to changes in valuation inputs or assumptions, net of gains or losses from derivatives hedging servicing rights. Beginning in the second quarter of 2024, we began to include the gains (losses) from the sale of MSRs in valuation changes in servicing rights, net of hedging gains and losses to appropriately capture all valuation changes in MSRs up to and including the sales date. Prior periods have been revised to conform with this new presentation. |
Reconciliation of Net (Loss) Income to Adjusted Net (Loss) Income ($ in thousands) (Unaudited) |
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
Dec 31,
|
|
Sep 30,
|
|
Dec 31,
|
|
Dec 31,
|
|
Dec 31,
|
|||||||||||
Net (loss) income attributable to loanDepot, Inc. |
|
$ |
(33,234 |
) |
|
$ |
1,369 |
|
|
$ |
(27,193 |
) |
|
$ |
(98,331 |
) |
|
$ |
(110,142 |
) |
Net (loss) income from the pro forma conversion of Class C common shares to Class A common stock (1) |
|
|
(34,232 |
) |
|
|
1,303 |
|
|
|
(32,578 |
) |
|
|
(103,820 |
) |
|
|
(125,370 |
) |
Net (loss) income |
|
|
(67,466 |
) |
|
|
2,672 |
|
|
|
(59,771 |
) |
|
|
(202,151 |
) |
|
|
(235,512 |
) |
Adjustments to the benefit (provision) for income taxes(2) |
|
|
7,928 |
|
|
|
(326 |
) |
|
|
7,776 |
|
|
|
26,131 |
|
|
|
32,872 |
|
Tax-effected net (loss) income |
|
|
(59,538 |
) |
|
|
2,346 |
|
|
|
(51,995 |
) |
|
|
(176,020 |
) |
|
|
(202,640 |
) |
Valuation changes in servicing rights, net of hedging gains and losses(3) |
|
|
9,130 |
|
|
|
14,901 |
|
|
|
22,769 |
|
|
|
44,675 |
|
|
|
33,226 |
|
Stock-based compensation expense |
|
|
5,966 |
|
|
|
8,200 |
|
|
|
6,375 |
|
|
|
24,919 |
|
|
|
21,993 |
|
Restructuring charges(4) |
|
|
93 |
|
|
|
1,853 |
|
|
|
3,517 |
|
|
|
7,199 |
|
|
|
11,811 |
|
Cybersecurity incident(5) |
|
|
1,868 |
|
|
|
(18,880 |
) |
|
|
— |
|
|
|
24,628 |
|
|
|
— |
|
Loss (gain) on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,680 |
|
|
|
(1,690 |
) |
Loss on disposal of fixed assets |
|
|
33 |
|
|
|
3 |
|
|
|
325 |
|
|
|
8 |
|
|
|
1,430 |
|
Other impairment(6) |
|
|
(690 |
) |
|
|
10 |
|
|
|
455 |
|
|
|
511 |
|
|
|
925 |
|
Tax effect of adjustments(7) |
|
|
(3,879 |
) |
|
|
(1,356 |
) |
|
|
(8,148 |
) |
|
|
(26,423 |
) |
|
|
(16,696 |
) |
Adjusted net (loss) income |
|
$ |
(47,017 |
) |
|
$ |
7,077 |
|
|
$ |
(26,702 |
) |
|
$ |
(94,823 |
) |
|
$ |
(151,641 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| (1) | Reflects net (loss) income to Class A common stock and Class D common stock from the pro forma exchange of Class C common stock. |
||||
| (2) |
loanDepot, Inc. is subject to federal, state and local income taxes. Adjustments to the benefit (provision) for income taxes reflect the income tax rates below, and the pro forma assumption that loanDepot, Inc. owns |
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
Dec 31,
|
|
Sep 30,
|
|
Dec 31,
|
|
Dec 31,
|
|
Dec 31,
|
||||||
Statutory |
|
21.00 |
% |
|
21.00 |
% |
|
21.00 |
% |
|
21.00 |
% |
|
21.00 |
% |
State and local income taxes (net of federal benefit) |
|
2.16 |
% |
|
4.01 |
% |
|
2.87 |
% |
|
4.17 |
% |
|
5.22 |
% |
Effective income tax rate |
|
23.16 |
% |
|
25.01 |
% |
|
23.87 |
% |
|
25.17 |
% |
|
26.22 |
% |
|
|
|
(3) |
|
Represents the change in the fair value of servicing rights due to changes in valuation inputs or assumptions, net of gains or losses from derivatives hedging servicing rights, and gains (losses) from the sale of MSRs. Beginning in the second quarter of 2024, we began to include the gains (losses) from the sale of MSRs in valuation changes in servicing rights, net of hedging gains and losses to appropriately capture all valuation changes in MSRs up to and including the sales date. Prior periods have been revised to conform with this new presentation. |
|
|
|
(4) |
|
Reflects employee severance expense and professional services associated with restructuring efforts subsequent to the announcement of Vision 2025 in July 2022. |
|
|
|
(5) |
|
Represents expenses directly related to the Cybersecurity Incident, net of insurance recoveries, including costs to investigate and remediate the Cybersecurity Incident, the costs of customer notifications and identity protection, professional fees including legal expenses, litigation settlement costs, and commission guarantees. |
|
|
|
(6) |
|
Represents lease impairment on corporate and retail locations. |
|
|
|
(7) |
|
Amounts represent the income tax effect using the aforementioned effective income tax rates, excluding certain discrete tax items. |
| Reconciliation of Diluted Weighted Average Shares Outstanding to Adjusted Diluted Weighted Average Shares Outstanding
(Unaudited) |
|
Three Months Ended |
|
Year Ended |
||||||
|
Dec 31,
|
|
Sep 30,
|
|
Dec 31,
|
|
Dec 31,
|
|
Dec 31,
|
|
Share Data: |
|
|
|
|
|
|
|
|
|
|
Diluted weighted average shares of Class A common stock and Class D common stock outstanding |
|
193,413,971 |
|
332,532,984 |
|
326,288,272 |
|
185,641,675 |
|
174,906,063 |
Assumed pro forma conversion of weighted average Class C common stock to Class A common stock (1) |
|
133,595,797 |
|
— |
|
— |
|
140,148,860 |
|
147,789,060 |
Adjusted diluted weighted average shares outstanding |
|
327,009,768 |
|
332,532,984 |
|
326,288,272 |
|
325,790,535 |
|
322,695,123 |
| (1) | Reflects the assumed pro forma exchange and conversion of anti-dilutive Class C common shares. |
Reconciliation of Net (Loss) Income to Adjusted (LBITDA) EBITDA ($ in thousands) (Unaudited) |
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
Dec 31,
|
|
Sep 30,
|
|
Dec 31,
|
|
Dec 31,
|
|
Dec 31,
|
|||||||||||
Net (loss) income |
|
$ |
(67,466 |
) |
|
$ |
2,672 |
|
|
$ |
(59,771 |
) |
|
$ |
(202,151 |
) |
|
$ |
(235,512 |
) |
Interest expense - non-funding debt (1) |
|
|
43,874 |
|
|
|
45,129 |
|
|
|
45,484 |
|
|
|
188,550 |
|
|
|
174,103 |
|
Income tax (benefit) expense |
|
|
(16,658 |
) |
|
|
923 |
|
|
|
(14,174 |
) |
|
|
(40,698 |
) |
|
|
(42,796 |
) |
Depreciation and amortization |
|
|
8,779 |
|
|
|
8,931 |
|
|
|
9,922 |
|
|
|
36,108 |
|
|
|
41,261 |
|
Valuation changes in servicing rights, net of hedging gains and losses(2) |
|
|
9,130 |
|
|
|
14,901 |
|
|
|
22,769 |
|
|
|
44,675 |
|
|
|
33,226 |
|
Stock-based compensation expense |
|
|
5,966 |
|
|
|
8,200 |
|
|
|
6,375 |
|
|
|
24,919 |
|
|
|
21,993 |
|
Restructuring charges(3) |
|
|
93 |
|
|
|
1,853 |
|
|
|
3,517 |
|
|
|
7,199 |
|
|
|
11,811 |
|
Cybersecurity incident(4) |
|
|
1,868 |
|
|
|
(18,880 |
) |
|
|
— |
|
|
|
24,628 |
|
|
|
— |
|
Loss on disposal of fixed assets |
|
|
33 |
|
|
|
3 |
|
|
|
325 |
|
|
|
8 |
|
|
|
1,430 |
|
Other impairment(5) |
|
|
(690 |
) |
|
|
10 |
|
|
|
455 |
|
|
|
511 |
|
|
|
925 |
|
Adjusted (LBITDA) EBITDA |
|
$ |
(15,071 |
) |
|
$ |
63,742 |
|
|
$ |
14,902 |
|
|
$ |
83,749 |
|
|
$ |
6,441 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(1) |
|
Represents other interest expense, which includes gain or loss on extinguishment of debt and amortization of debt issuance costs and debt discount, in the Company’s consolidated statements of operations. |
||
|
|
|
(2) |
|
Represents the change in the fair value of servicing rights due to changes in valuation inputs or assumptions, net of gains or losses from derivatives hedging servicing rights, and gains (losses) from the sale of MSRs. Beginning in the second quarter of 2024, we began to include the gains (losses) from the sale of MSRs in valuation changes in servicing rights, net of hedging gains and losses to appropriately capture all valuation changes in MSRs up to and including the sales date. Prior periods have been revised to conform with this new presentation. |
|
|
|
(3) |
|
Reflects employee severance expense and professional services associated with restructuring efforts subsequent to the announcement of Vision 2025 in July 2022. |
|
|
|
(4) |
|
Represents expenses, directly related to the Cybersecurity Incident, net of insurance recoveries, that occurred in the first quarter of 2024, including costs to investigate and remediate the Cybersecurity Incident, the costs of customer notifications and identity protection, professional fees including legal expenses, litigation settlement costs, and commission guarantees. |
|
|
|
(5) |
|
Represents lease impairment on corporate and retail locations. |
Forward-Looking Statements
This press release and related management commentary contain, and responses to investor questions may contain, forward-looking statements that can be identified by the fact that they do not relate strictly to historical or current facts and may contain the words “believe,” “anticipate,” “expect,” “intend,” “plan,” “predict,” “estimate,” “project,” “will be,” “will continue,” “will likely result,” or other similar words and phrases or future or conditional verbs such as “will,” “may,” “might,” “should,” “would,” or “could” and the negatives of those terms. Examples of forward-looking statements include, but are not limited to, statements about future operations, performance, financial condition, prospects, plans and strategies, including Project North Star, sustainable profitability, revenue growth, and executive management changes.
These forward-looking statements are based on current available operating, financial, economic and other information, and are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict, including but not limited to, the following: our ability to achieve the expected benefits of Project North Star and the success of other business initiatives; our ability to achieve profitability; our loan production volume; our ability to maintain an operating platform and management system sufficient to conduct our business; our ability to maintain warehouse lines of credit and other sources of capital and liquidity; impacts of cybersecurity incidents, cyberattacks, information or security breaches and technology disruptions or failures, of ours or of our third party vendors; the outcome of legal proceedings to which we are a party; our ability to reach a definitive settlement agreement related to the Cybersecurity Incident; adverse changes in macroeconomic and
About loanDepot
At loanDepot (NYSE: LDI), we know home means everything. That’s why we are on a mission to support homeowners with a suite of products and services that fuel the American Dream. Our portfolio of digital-first home purchase, home refinance and home equity lending products make homeownership more accessible, achievable, and rewarding, especially for the increasingly diverse communities of first-time homebuyers we serve. Headquartered in
LDI-IR
View source version on businesswire.com: https://www.businesswire.com/news/home/20250311998194/en/
Investor Relations Contact:
Gerhard Erdelji
Senior Vice President, Investor Relations
(949) 822-4074
gerdelji@loandepot.com
Media Contact:
Rebecca Anderson
Senior Vice President, Communications & Public Relations
(949) 822-4024
rebeccaanderson@loandepot.com
Source: loanDepot, Inc.
FAQ
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