loanDepot(LDI) - 2024 Q4 - Annual Results

Revenue Performance - Revenue increased 9% to $1.06 billion for the full year 2024, with adjusted revenue rising 10% to $1.10 billion compared to 2023[5] - Fourth quarter revenue reached $257 million, a 13% increase from the prior year, while adjusted revenue was $267 million, up 6%[5] - Total net revenue for the fourth quarter of 2024 was $257,464 thousand, a decrease of 18.14% from $314,598 thousand in the third quarter of 2024[29] - Adjusted total revenue for the fourth quarter of 2024 was $266,594 thousand, up from $251,395 thousand in the same quarter of 2023, reflecting a year-over-year increase of 6.03%[29] - The company reported a total loan origination volume of $24,496,500 thousand for the year ended December 31, 2024, compared to $22,671,731 thousand for the previous year, marking an increase of 8.06%[22] Net Loss and Adjusted Loss - Net loss for the fourth quarter of 2024 was $67.5 million, compared to a net loss of $59.8 million in the fourth quarter of 2023[13] - Adjusted net loss for the fourth quarter of 2024 was $47 million, compared to an adjusted net loss of $26.7 million in the fourth quarter of 2023[13] - The net loss attributable to loanDepot, Inc. for the three months ended December 31, 2024, was $33,234,000, compared to a net income of $1,369,000 in the previous quarter and a net loss of $27,193,000 in the same quarter last year[19] - The adjusted net loss for the year ended December 31, 2024, was $94,823 thousand, an improvement from the adjusted net loss of $151,641 thousand in 2023[30] Loan Origination and Volume - Loan origination volume for the fourth quarter of 2024 was $7.2 billion, a 34% increase from the fourth quarter of 2023[13] - Loan origination volume for the fourth quarter of 2024 reached $7,188,186 thousand, an increase of 8.00% compared to $6,659,329 thousand in the previous quarter[22] - The company retained servicing on loans sold amounting to $4,421,935 thousand in the fourth quarter of 2024, compared to $3,818,375 thousand in the previous quarter, an increase of 15.80%[22] Financial Position and Assets - Cash and cash equivalents decreased by 12.7% from September 30, 2024, to $421,576,000, and by 36.2% compared to $660,707,000 as of December 31, 2023[18] - The total assets as of December 31, 2024, were $6,344,028,000, a decrease of 1.1% from the previous quarter and an increase of 3.1% from the same period last year[18] - The servicing rights at fair value increased to $1,633,661,000 as of December 31, 2024, representing a 5.9% increase from the previous quarter but an 18.3% decrease from the same period last year[18] - Total liabilities as of December 31, 2024, were $5,837,417,000, a slight increase of 0.2% from the previous quarter and a 7.2% increase from the same period last year[18] - The company’s available borrowing capacity was $1.2 billion as of December 31, 2024, up from $3.1 billion at the same time last year[18] Delinquency and Restructuring - The 60+ days delinquent amount increased to $1,826,105,000, a 10.3% increase from the previous quarter and a 31.1% increase compared to December 31, 2023[17] - The liability for loans eligible for repurchase was $995,398 thousand as of December 31, 2024, up from $860,300 thousand on September 30, 2024, an increase of 15.66%[21] - The restructuring charges for the year ended December 31, 2024, were $7,199 thousand, down from $11,811 thousand in 2023[36] Strategic Initiatives - The company successfully refinanced 2025 corporate debt, extending maturity and reducing outstanding corporate debt by $137 million[5] - The company expanded its network of joint venture partnerships with new agreements with Smith Douglas Homes and Onx Homes[5] - The company is focused on Project North Star, aiming for sustainable profitability and revenue growth in the future[41] - loanDepot is committed to enhancing its digital-first home lending products to better serve diverse communities of first-time homebuyers[43] Tax and Shareholder Information - The effective income tax rate for the year ended December 31, 2024, was 25.17%, compared to 26.22% for the previous year[31] - The diluted weighted average shares outstanding increased to 327,009,768 for the year ended December 31, 2024, from 322,695,123 in 2023[34] - Interest expense for non-funding debt was $188,550 thousand for the year ended December 31, 2024, compared to $174,103 thousand in 2023[36] - Adjusted EBITDA for the year ended December 31, 2024, was $83,749 thousand, a significant increase from $6,441 thousand in 2023[36] - The company experienced a valuation change in servicing rights, net of hedging gains and losses, amounting to $44,675 thousand for the year ended December 31, 2024[36]