Company reports second consecutive quarter
of sequential double-digit revenue growth and ongoing cost
productivity gains resulting in significant narrowing of net
loss
- Revenue up 31% or $63.9 million from first quarter 2023,
primarily driven by higher pull through weighted lock volume and
gain on sale margin.
- Total expenses increased 5% or $15.7 million from first quarter
2023, primarily driven by Vision 2025 related costs and higher
direct costs attributable to increased origination volumes,
partially offset by cost productivity.
- Quarterly net loss narrowed by 46% to $49.8 million, or $42.0
million, from first quarter 2023 net loss of $91.7 million
primarily due to increased revenues and cost productivity.
- Adjusted net loss for the second quarter of 2023 was $34.3
million as compared to $60.2 million for the first quarter of
2023.
- Company continues to maintain strong liquidity profile, exiting
the quarter with cash balance of $719.1 million.
loanDepot, Inc. (NYSE: LDI), (together with its subsidiaries,
“loanDepot” or the “Company”), today announced results for the
second quarter ended June 30, 2023.
“loanDepot continues to make significant progress against the
strategic imperatives laid out in our Vision 2025 plan,” said
President and Chief Executive Officer Frank Martell. “We delivered
our second successive quarter of strong top line growth and margin
expansion on a sequential basis, and at the same time, continued to
drive cost productivity and operating leverage. Importantly, we
reduced our sequential quarterly net loss by $66.0 million in the
first quarter of 2023 and by $42 million in the second quarter.
“While we continue the work of resetting our cost structure to
align with generationally low unit volumes, we are also focused on
the other pillars of Vision 2025, including capturing opportunities
inherent in our strategy to expand purpose-driven lending that
supports first-time homebuyers and diverse communities. During
2022, loanDepot ranked as the country’s third largest mortgage
lender for all minorities1. Home ownership is a bedrock of the
American Dream and plays a vital role in helping to build strong,
stable communities, and further deepening our support for diverse
and first-time homebuyers is a critical component of our Vision
2025 plan,” Martell added.
“As we move forward in the second half of 2023, we plan to
continue maintaining a strong liquidity position and aggressively
reduce our costs,” said Chief Financial Officer, David Hayes.
“Importantly, we are also investing in critical operating
platforms, which we expect will deliver higher levels of automation
and operating leverage and position us for additional growth and
margin expansion in 2024.”
_______________ 1 Based on 2022 Home Mortgage Disclosure Act
(HMDA) data collected by the Consumer Financial Protection Bureau
(CFPB).
Second Quarter Highlights:
Financial Summary
Three Months Ended
Six Months Ended
($ in thousands except per share data)
(Unaudited)
Jun 30, 2023
Mar 31, 2023
Jun 30, 2022
Jun 30, 2023
Jun 30, 2022
Rate lock volume
$
8,973,666
$
8,468,435
$
19,596,763
$
17,442,101
$
49,588,215
Pull through weighted lock volume(1)
6,057,179
5,325,488
12,412,894
11,382,667
32,212,939
Loan origination volume
6,273,543
4,944,337
15,995,055
11,217,880
37,545,786
Gain on sale margin(2)
2.75
%
2.43
%
1.16
%
2.61
%
1.62
%
Pull through weighted gain on sale
margin(3)
2.85
%
2.26
%
1.50
%
2.57
%
1.89
%
Financial Results
Total revenue
$
271,833
$
207,901
$
308,639
$
479,734
$
811,949
Total expense
330,148
314,484
560,657
644,632
1,166,913
Net loss
(49,759
)
(91,721
)
(223,822
)
(141,480
)
(315,141
)
Diluted loss per share
$
(0.13
)
$
(0.25
)
$
(0.66
)
$
(0.38
)
$
(0.93
)
Non-GAAP Financial Measures(4)
Adjusted total revenue
$
275,709
$
226,190
$
273,273
$
501,899
$
777,877
Adjusted net loss
(34,329
)
(60,247
)
(168,863
)
(94,623
)
(250,255
)
Adjusted EBITDA (LBITDA)
6,499
(29,336
)
(191,510
)
(22,838
)
(265,916
)
(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.
Operational Highlights
- Quarterly non-volume related expenses increased $2.2 million
since the first quarter of 2023, primarily due to higher Vision
2025 related expenses and legal accruals.
- Incurred expenses related to the Vision 2025 plan of $6.8
million during the quarter, including $4.5 million of personnel
related expenses and $2.3 million of lease and other asset
impairment charges. Vision 2025 expenses totaled $2.6 million in
the first quarter of 2023.
- Accrued $7.5 million of legal expenses related to the
settlement of outstanding litigation.
- Pull through weighted lock volume of $6.1 billion for the three
months ended June 30, 2023, an increase of $0.7 billion or 14% from
the first quarter of 2023, resulting in quarterly total revenue of
$271.8 million, an increase of $63.9 million, or 31%, over the same
period.
- Loan origination volume for the second quarter of 2023 was $6.3
billion, an increase of $1.3 billion or 27% from the first quarter
of 2023.
- Purchase volume increased to 73% of total loans originated
during the second quarter, up from 71% of total loans originated
during the first quarter of 2023 and up from 59% of total loans
originated during the second quarter of 2022.
- For the three months ended June 30, 2023, our preliminary
organic refinance consumer direct recapture rate2 increased to 69%
from the first quarter’s refinance rate of 67%. This highlights the
efficacy of our marketing efforts, the strength of our customer
relationships, and the value of our servicing portfolio for
adjacent and complementary revenue opportunities.
- Net loss for the second quarter of 2023 of $49.8 million as
compared to net loss of $91.7 million in the first quarter of 2023.
Net loss decreased quarter over quarter primarily due to an
increase in revenues and operating efficiency benefits.
- Adjusted EBITDA for the second quarter of 2023 was positive
$6.5 million as compared to adjusted LBITDA of negative $29.3
million for the first quarter of 2023. Adjusted EBITDA (LBITDA)
excludes the impact of interest expense on non-funding debt, fair
value changes of our mortgage servicing rights, net of hedging
results, impairment charges, and other operating expenses.
______________ 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.
Outlook for the third quarter of 2023
- Origination volume of between $5 billion and $7 billion.
- Pull-through weighted rate lock volume of between $5.5 billion
and $7.5 billion.
- Pull-through weighted gain on sale margin of between 245 basis
points and 285 basis points.
Servicing
Three Months Ended
Six Months Ended
Servicing Revenue Data:
($ in thousands)
(Unaudited)
Jun 30, 2023
Mar 31, 2023
Jun 30, 2022
Jun 30, 2023
Jun 30, 2022
Due to changes in valuation inputs or
assumptions
$
26,138
$
(21,368
)
$
98,795
$
4,771
$
297,792
Due to collection/realization of cash
flows
(41,619
)
(34,657
)
(66,380
)
(76,276
)
(143,502
)
Realized gains (losses) on sales of
servicing rights
7,021
140
(2,493
)
7,161
7,540
Net (loss) gain from derivatives hedging
servicing rights
(30,014
)
3,079
(63,429
)
(26,936
)
(263,720
)
Changes in fair value of servicing rights,
net
$
(38,474
)
$
(52,806
)
$
(33,507
)
$
(91,280
)
$
(101,890
)
Servicing fee income
$
117,737
$
118,961
$
117,326
$
236,699
$
228,385
Three Months Ended
Six Months Ended
Servicing Rights, at Fair
Value:
($ in thousands)
(Unaudited)
Jun 30, 2023
Mar 31, 2023
Jun 30, 2022
Jun 30, 2023
Jun 30, 2022
Balance at beginning of period
$
2,016,568
$
2,025,136
$
2,078,187
$
2,025,136
$
1,999,402
Additions
75,866
59,295
180,455
135,161
450,215
Sales proceeds, net
(78,191
)
(11,838
)
(86,464
)
(90,030
)
(399,314
)
Changes in fair value:
Due to changes in valuation inputs or
assumptions
26,138
(21,368
)
98,795
4,771
297,792
Due to collection/realization of cash
flows
(41,619
)
(34,657
)
(66,380
)
(76,276
)
(143,502
)
Balance at end of period (1)
$
1,998,762
$
2,016,568
$
2,204,593
$
1,998,762
$
2,204,593
(1)
Balances are net of $13.3 million, $12.2
million, and $9.1 million of servicing rights liability as of June
30, 2023, March 31, 2023, and June 30, 2022, respectively.
% Change
Servicing Portfolio Data:
($ in thousands)
(Unaudited)
Jun 30, 2023
Mar 31, 2023
Jun 30, 2022
Jun-23
vs
Mar-23
Jun-23 vs
Jun-22
Servicing portfolio (unpaid principal
balance)
$
142,479,870
$
141,673,464
$
155,217,012
0.6
%
(8.2
)%
Total servicing portfolio (units)
482,266
475,765
507,231
1.4
(4.9
)
60+ days delinquent ($)
$
1,192,377
$
1,282,432
$
1,511,871
(7.0
)
(21.1
)
60+ days delinquent (%)
0.8
%
0.9
%
1.0
%
Servicing rights, net to UPB
1.4
%
1.4
%
1.4
%
As of June 30, 2023, approximately $115.3
million, or 0.1%, of our servicing portfolio was in active
forbearance. This represents a decrease from $174.0 million, or
0.1%, as of March 31, 2023.
Balance Sheet Highlights
% Change
($ in thousands)
(Unaudited)
Jun 30, 2023
Mar 31, 2023
Jun 30, 2022
Jun-23 vs
Mar-23
Jun-23 vs
Jun-22
Cash and cash equivalents
$
719,073
$
798,119
$
954,930
(9.9
)%
(24.7
)%
Loans held for sale, at fair value
2,256,551
2,039,367
4,656,338
10.6
(51.5
)
Servicing rights, at fair value
2,012,049
2,028,788
2,213,700
(0.8
)
(9.1
)
Total assets
6,203,504
6,190,791
9,195,187
0.2
(32.5
)
Warehouse and other lines of credit
2,046,208
1,830,319
4,265,343
11.8
(52.0
)
Total liabilities
5,406,160
5,349,629
7,981,324
1.1
(32.3
)
Total equity
797,344
841,162
1,213,863
(5.2
)
(34.3
)
An increase in loans held for sale at June
30, 2023, resulted in a corresponding increase in the balance on
our warehouse lines of credit. Total funding capacity with our
lending partners was $3.9 billion at June 30, 2023 and $4.1 billion
at March 31, 2023. Available borrowing capacity was $1.7 billion at
June 30, 2023.
Consolidated Statements of
Operations
($ in thousands except per share data)
(Unaudited)
Three Months Ended
Six Months Ended
Jun 30, 2023
Mar 31, 2023
Jun 30, 2022
Jun 30, 2023
Jun 30, 2022
REVENUES:
Interest income
$
33,060
$
27,958
$
62,722
$
61,017
$
115,687
Interest expense
(30,209
)
(26,760
)
(39,923
)
(56,969
)
(79,813
)
Net interest income
2,851
1,198
22,799
4,048
35,874
Gain on origination and sale of loans,
net
154,335
108,152
146,562
262,487
509,692
Origination income, net
18,332
12,016
39,108
30,349
98,181
Servicing fee income
117,737
118,961
117,326
236,699
228,385
Change in fair value of servicing rights,
net
(38,474
)
(52,806
)
(33,507
)
(91,280
)
(101,890
)
Other income
17,052
20,380
16,351
37,431
41,707
Total net revenues
271,833
207,901
308,639
479,734
811,949
EXPENSES:
Personnel expense
157,799
141,027
296,569
298,826
642,563
Marketing and advertising expense
34,712
35,914
60,837
70,626
162,350
Direct origination expense
17,224
17,378
33,996
34,603
87,153
General and administrative expense
54,817
56,134
63,927
110,951
113,675
Occupancy expense
6,099
6,081
9,388
12,180
18,784
Depreciation and amortization
10,721
10,026
11,323
20,747
21,867
Servicing expense
5,750
4,834
10,741
10,583
32,252
Other interest expense
43,026
43,090
33,140
86,116
47,533
Goodwill impairment
—
—
40,736
—
40,736
Total expenses
330,148
314,484
560,657
644,632
1,166,913
Loss before income taxes
(58,315
)
(106,583
)
(252,018
)
(164,898
)
(354,964
)
Income tax benefit
(8,556
)
(14,862
)
(28,196
)
(23,418
)
(39,823
)
Net loss
(49,759
)
(91,721
)
(223,822
)
(141,480
)
(315,141
)
Net loss attributable to noncontrolling
interests
(26,316
)
(48,813
)
(122,894
)
(75,130
)
(179,472
)
Net loss attributable to loanDepot,
Inc.
$
(23,443
)
$
(42,908
)
$
(100,928
)
$
(66,350
)
$
(135,669
)
Basic loss per share
$
(0.13
)
$
(0.25
)
$
(0.66
)
$
(0.38
)
$
(0.93
)
Diluted loss per share
$
(0.13
)
$
(0.25
)
$
(0.66
)
$
(0.38
)
$
(0.93
)
Consolidated Balance Sheets
($ in thousands)
Jun 30, 2023
Mar 31, 2023
Dec 31, 2022
(Unaudited)
ASSETS
Cash and cash equivalents
$
719,073
$
798,119
$
863,956
Restricted cash
61,294
90,084
116,545
Accounts receivable, net
68,581
99,381
145,279
Loans held for sale, at fair value
2,256,551
2,039,367
2,373,427
Derivative assets, at fair value
80,382
84,624
39,411
Servicing rights, at fair value
2,012,049
2,028,788
2,037,447
Trading securities, at fair value
93,442
95,561
94,243
Property and equipment, net
82,677
88,877
92,889
Operating lease right-of-use asset
34,040
35,362
35,668
Prepaid expenses and other assets
129,675
139,904
155,982
Loans eligible for repurchase
647,418
672,458
634,677
Investments in joint ventures
18,322
18,266
20,410
Total assets
$
6,203,504
$
6,190,791
$
6,609,934
LIABILITIES AND EQUITY
LIABILITIES:
Warehouse and other lines of credit
$
2,046,208
$
1,830,319
$
2,146,602
Accounts payable and accrued expenses
407,356
449,641
488,696
Derivative liabilities, at fair value
8,790
35,662
67,492
Liability for loans eligible for
repurchase
647,418
672,458
634,677
Operating lease liability
56,552
57,837
61,675
Debt obligations, net
2,239,836
2,303,712
2,289,319
Total liabilities
5,406,160
5,349,629
5,688,461
EQUITY:
Total equity
797,344
841,162
921,473
Total liabilities and equity
$
6,203,504
$
6,190,791
$
6,609,934
Loan Origination and Sales Data
($ in thousands)
(Unaudited)
Three Months Ended
Six Months Ended
Jun 30, 2023
Mar 31, 2023
Jun 30, 2022
Jun 30, 2023
Jun 30, 2022
Loan origination volume by
type:
Conventional conforming
$
3,323,678
$
2,893,821
$
10,392,730
$
6,217,499
$
26,105,003
FHA/VA/USDA
2,337,946
1,678,591
3,658,309
4,016,537
7,626,820
Jumbo
148,077
131,066
1,595,843
279,143
3,383,547
Other
463,842
240,859
348,173
704,701
430,416
Total
$
6,273,543
$
4,944,337
$
15,995,055
$
11,217,880
$
37,545,786
Loan origination volume by
purpose:
Purchase
$
4,552,919
$
3,512,771
$
9,500,164
$
8,065,690
$
17,530,930
Refinance - cash out
1,614,747
1,324,239
5,669,205
2,938,986
15,498,840
Refinance - rate/term
105,877
107,327
825,686
213,204
4,516,016
Total
$
6,273,543
$
4,944,337
$
15,995,055
$
11,217,880
$
37,545,786
Loans sold:
Servicing retained
$
3,943,845
$
3,277,707
$
10,568,649
$
7,221,552
$
27,691,365
Servicing released
2,134,024
2,118,874
7,342,889
4,252,898
13,088,211
Total
$
6,077,869
$
5,396,581
$
17,911,538
$
11,474,450
$
40,779,576
Loan origination margins:
Gain on sale margin
2.75
%
2.43
%
1.16
%
2.61
%
1.62
%
Second Quarter Earnings Call
Management will host a conference call and live webcast today at
5:00 p.m. ET on loanDepot’s Investor Relations website,
investors.loandepot.com, to discuss its earnings results.
The conference call can also be accessed by dialing (888)
440-6385 using conference ID number 2021948. Please call five
minutes in advance to ensure that you are connected prior to the
call. A replay of the webcast and transcript will also be made
available on the Investor Relations website following the
conclusion of the event, or can be accessed by dialing (800)
770-2030 following the conclusion of the event through September 7,
2023.
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 Earnings (Loss) Per
Share (if dilutive), and Adjusted EBITDA (LBITDA). We exclude from
these non-GAAP financial measures the change in fair value of MSRs
and related hedging gains and losses as they add volatility and are
not indicative of the Company’s operating performance or results of
operation. 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 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 U.S. federal, state and
local income taxes. Adjustments to Diluted Weighted Average Shares
Outstanding assumes the pro forma conversion of weighted average
Class C shares to Class A common stock. These non-GAAP measures
have limitations as analytical tools, and should not be considered
in isolation or as a substitute for revenue, net income, or any
other operating performance measure calculated in accordance with
GAAP, and may not be comparable to a similarly titled measure
reported by other companies. Some of these limitations are:
- 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 Earnings (Loss) Per Share, 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 Earnings (Loss) Per Share, and Adjusted EBITDA (LBITDA)
along with other comparative tools, together with U.S. GAAP
measurements, to assist in the evaluation of operating performance.
See below for a reconciliation of these non-GAAP measures to their
most comparable U.S. GAAP measures.
Reconciliation of Total Revenue to
Adjusted Total Revenue
($ in thousands)
(Unaudited)
Three Months Ended
Six Months Ended
Jun 30, 2023
Mar 31, 2023
Jun 30, 2022
Jun 30, 2023
Jun 30, 2022
Total net revenue
$
271,833
$
207,901
$
308,639
$
479,734
$
811,949
Change in fair value of servicing rights,
net of hedging gains and losses(1)
3,876
18,289
(35,366
)
22,165
(34,072
)
Adjusted total revenue
$
275,709
$
226,190
$
273,273
$
501,899
$
777,877
(1) Represents the change in the fair value of servicing rights
attributable to changes in assumptions, net of hedging gains and
losses.
Reconciliation of Net Income (Loss) to
Adjusted Net Income (Loss)
($ in thousands)
(Unaudited)
Three Months Ended
Six Months Ended
Jun 30, 2023
Mar 31, 2023
Jun 30, 2022
Jun 30, 2023
Jun 30, 2022
Net loss attributable to loanDepot,
Inc.
$
(23,443
)
$
(42,908
)
$
(100,928
)
$
(66,350
)
$
(135,669
)
Net loss from the pro forma conversion of
Class C common shares to Class A common shares (1)
(26,316
)
(48,813
)
(122,894
)
(75,130
)
(179,472
)
Net loss
(49,759
)
(91,721
)
(223,822
)
(141,480
)
(315,141
)
Adjustments to the benefit for income
taxes(2)
6,916
13,316
31,952
20,120
46,663
Tax-effected net loss
(42,843
)
(78,405
)
(191,870
)
(121,360
)
(268,478
)
Change in fair value of servicing rights,
net of hedging gains and losses(3)
3,876
18,289
(35,366
)
22,165
(34,072
)
Stock-based compensation expense
5,754
5,926
4,712
11,679
7,021
Gain on extinguishment of debt
(39
)
—
—
(39
)
(10,528
)
Loss on disposal of fixed assets
751
261
—
1,012
—
Goodwill impairment
—
—
40,736
—
40,736
Other impairment (recovery)
686
(345
)
5,963
341
5,963
Tax effect of adjustments(4)
(2,514
)
(5,973
)
6,962
(8,421
)
9,103
Adjusted net loss
$
(34,329
)
$
(60,247
)
$
(168,863
)
$
(94,623
)
$
(250,255
)
(1)
Reflects net loss 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 income tax benefit
reflect the effective income tax rates below, and the pro forma
assumption that loanDepot, Inc. owns 100% of LD Holdings.
Three Months Ended
Six Months Ended
Jun 30, 2023
Mar 31, 2023
Jun 30, 2022
Jun 30, 2023
Jun 30, 2022
Statutory U.S. federal income tax rate
21.00
%
21.00
%
21.00
%
21.00
%
21.00
%
State and local income taxes (net of
federal benefit)
5.28
%
6.28
%
5.00
%
5.78
%
5.00
%
Effective income tax rate
26.28
%
27.28
%
26.00
%
26.78
%
26.00
%
(3)
Represents the change in the fair value of
servicing rights attributable to changes in assumptions, net of
hedging gains and losses.
(4)
Amounts represent the income tax effect
using the aforementioned effective income tax rates, excluding
certain discrete tax items. Reporting periods after June 30, 2022
include the income tax effect of excess tax benefits or
deficiencies on vested RSUs. Prior periods were adjusted to conform
to current presentation.
Reconciliation of Adjusted Diluted
Weighted Average Shares Outstanding to Diluted Weighted Average
Shares Outstanding
($ in thousands except per share data)
(Unaudited)
Three Months Ended
Six Months Ended
Jun 30, 2023
Mar 31, 2023
Jun 30, 2022
Jun 30, 2023
Jun 30, 2022
Net loss attributable to loanDepot,
Inc.
$
(23,443
)
$
(42,908
)
$
(100,928
)
$
(66,350
)
$
(135,669
)
Adjusted net loss
(34,329
)
(60,247
)
(168,863
)
(94,623
)
(250,255
)
Share Data:
Diluted weighted average shares of Class A
and Class D common stock outstanding
173,908,030
170,809,818
153,822,380
172,358,924
146,415,135
Assumed pro forma conversion of weighted
average Class C shares to Class A common stock
148,597,745
149,210,417
165,281,304
149,535,576
173,245,208
Adjusted diluted weighted average shares
outstanding
322,505,775
320,020,235
319,103,684
321,894,500
319,660,343
Reconciliation of Net Income (Loss) to
Adjusted EBITDA (LBITDA)
($ in thousands)
(Unaudited)
Three Months Ended
Six Months Ended
Jun 30, 2023
Mar 31, 2023
Jun 30, 2022
Jun 30, 2023
Jun 30, 2022
(Unaudited)
(Unaudited)
Net loss
$
(49,759
)
$
(91,721
)
$
(223,822
)
$
(141,480
)
$
(315,141
)
Interest expense - non-funding debt
(1)
43,026
43,090
33,140
86,116
47,533
Income tax benefit
(8,556
)
(14,862
)
(28,196
)
(23,418
)
(39,823
)
Depreciation and amortization
10,721
10,026
11,323
20,747
21,867
Change in fair value of servicing rights,
net of
hedging gains and losses(2)
3,876
18,289
(35,366
)
22,165
(34,072
)
Stock-based compensation expense
5,754
5,926
4,712
11,679
7,021
Loss on disposal of fixed assets
751
261
—
1,012
—
Goodwill impairment
—
—
40,736
—
40,736
Other impairment (recovery)
686
(345
)
5,963
341
5,963
Adjusted EBITDA (LBITDA)
$
6,499
$
(29,336
)
$
(191,510
)
$
(22,838
)
$
(265,916
)
(1)
Represents other interest expense, which
includes gain on extinguishment of debt and amortization of debt
issuance costs, in the Company’s consolidated statements of
operations.
(2)
Represents the change in the fair value of
servicing rights attributable to changes in assumptions, net of
hedging gains and losses.
Forward-Looking Statements
This press release may contain "forward-looking statements,"
which reflect loanDepot's current views with respect to, among
other things, its business strategies, including the Vision 2025
plan, our HELOC product, financial condition and liquidity,
competitive position, industry and regulatory environment,
potential growth opportunities, the effects of competition,
operations and financial performance. You can identify these
statements by the use of words such as "outlook," "potential,"
"continue," "may," "seek," "approximately," "predict," "believe,"
"expect," "plan," "intend," "estimate," “project,” or "anticipate"
and similar expressions or the negative versions of these words or
comparable words, as well as future or conditional verbs such as
"will," "should," "would" and "could." 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, including the risks in the "Risk Factors" section of
loanDepot, Inc.'s Annual Report on Form 10-K for the year ended
December 31, 2022 and Quarterly Reports on Form 10-Q as well as any
subsequent filings with the Securities and Exchange Commission,
which are difficult to predict. Therefore, current plans,
anticipated actions, financial results, as well as the anticipated
development of the industry, may differ materially from what is
expressed or forecasted in any forward-looking statement. loanDepot
does not undertake any obligation to publicly update or revise any
forward-looking statement to reflect future events or
circumstances, except as required by applicable law.
About loanDepot
loanDepot (NYSE: LDI) is a digital commerce company committed to
serving its customers throughout the home ownership journey. Since
its launch in 2010, loanDepot has revolutionized the mortgage
industry with a digital-first approach that makes it easier, faster
and less stressful to purchase or refinance a home. Today, as one
of the nation's largest non-bank retail mortgage lenders, loanDepot
enables customers to achieve the American dream of homeownership
through a broad suite of lending and real estate services that
simplify one of life's most complex transactions. With headquarters
in Southern California and offices nationwide, loanDepot is
committed to serving the communities in which its team lives and
works through a variety of local, regional and national
philanthropic efforts.
LDI-IR
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230808066863/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
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