loanDepot(US:LDI)2025-05-06 20:05Financial Performance - Revenue increased 23% to $274 million and adjusted revenue increased 21% to $278 million compared to the prior year, driven by higher volume and pull-through weighted gain on sale margin [5]. - Net loss for Q1 2025 was $40.7 million, a 43% improvement from a net loss of $71.5 million in Q1 2024, primarily due to higher volume and margins [12]. - Adjusted EBITDA increased to $18 million, up from $2 million in the prior year, reflecting improved operational efficiency [5]. - Total net revenues for the three months ended March 31, 2025, increased to $273.6 million, up 6.1% from $257.5 million in the previous quarter and up 22.8% from $222.8 million in the same quarter last year [17]. - The company reported a net loss of $40.7 million for the first quarter of 2025, an improvement from a net loss of $67.5 million in the previous quarter and $71.5 million in the same quarter last year [17]. - The company reported a basic loss per share of $0.11 for the first quarter of 2025, an improvement from a loss of $0.17 in the previous quarter and $0.19 in the same quarter last year [17]. - Adjusted net loss for Q1 2025 was $25,335,000, compared to $47,017,000 in Q4 2024 and $38,144,000 in Q1 2024 [28]. - Adjusted EBITDA for Q1 2025 was $18,298,000, a significant improvement from a loss of $15,071,000 in Q4 2024 and a gain of $2,340,000 in Q1 2024 [35]. Loan Origination and Volume - Pull-through weighted lock volume for Q1 2025 was $5.4 billion, a 15% increase from $4.7 billion in Q1 2024 [12]. - Loan origination volume for Q1 2025 was $5.2 billion, a 14% increase from $4.6 billion in Q1 2024 [12]. - Loan origination volume for the first quarter of 2025 totaled $5.17 billion, a decrease of 28.0% from $7.19 billion in the previous quarter but an increase of 13.5% from $4.56 billion in the same quarter last year [19]. - The company expects origination volume to be between $5.0 billion and $7.5 billion for the upcoming quarter [12]. Financial Position and Liquidity - The company reported a strong liquidity profile with a cash balance of $371 million [5]. - Cash and cash equivalents decreased to $371.5 million as of March 31, 2025, down 11.9% from $421.6 million at December 31, 2024, and down 38.5% from $603.7 million at March 31, 2024 [18]. - Total assets increased to $6.42 billion as of March 31, 2025, up 1.1% from $6.34 billion at December 31, 2024, and up 3.6% from $6.19 billion at March 31, 2024 [18]. - The company’s total liabilities rose to $5.95 billion as of March 31, 2025, an increase of 1.9% from $5.84 billion at December 31, 2024, and up 7.0% from $5.56 billion at March 31, 2024 [18]. - The company’s total equity decreased to $469.3 million as of March 31, 2025, down 7.4% from $506.6 million at December 31, 2024, and down 26.4% from $637.3 million at March 31, 2024 [18]. - The company’s available borrowing capacity was $1.2 billion as of March 31, 2025, compared to $3.1 billion at the same date in 2024 [16]. Operational Efficiency and Future Outlook - Non-volume related expenses decreased by $7.4 million year-over-year, primarily due to lower general and administrative expenses [12]. - The pull-through weighted gain on sale margin is projected to be between 300 and 350 basis points for the next quarter [12]. - The company is focused on achieving profitability and enhancing operational efficiency through initiatives like Project North Star [41]. - Future performance is subject to risks including macroeconomic conditions and regulatory changes that may impact the mortgage market [41]. - loanDepot aims to support diverse communities of first-time homebuyers with a range of digital-first lending products [42]. Tax and Share Information - The effective income tax rate for Q1 2025 was 26.07%, slightly lower than 26.24% in Q1 2024 [30]. - The diluted weighted average shares outstanding for Q1 2025 was 200,792,570, an increase from 193,413,971 in Q4 2024 [33].