loanDepot(US:LDI)2022-03-17 16:00markdown PART I [**Special Note Regarding Forward-Looking Statements**](index=3&type=section&id=SPECIAL%20NOTE%20REGARDING%20FORWARD-LOOKING%20STATEMENTS) This section cautions readers that the report contains forward-looking statements subject to risks and uncertainties detailed in 'Item 1A Risk Factors' - Forward-looking statements are based on management's beliefs and assumptions and involve **known and unknown risks and uncertainties**[12](index=12&type=chunk)[13](index=13&type=chunk) - Actual future results may **differ materially** from expectations due to factors detailed in 'Item 1A Risk Factors'[13](index=13&type=chunk)[14](index=14&type=chunk) [**Glossary of Acronyms, Abbreviations, and Terms**](index=4&type=section&id=Glossary%20of%20Acronyms%2C%20Abbreviations%2C%20and%20Terms) This section defines key acronyms, abbreviations, and terms used in the Form 10-K to enhance clarity and understanding - The glossary defines **key terms and acronyms** used in the Form 10-K, including financial and governmental entities, to aid reader comprehension[16](index=16&type=chunk) [**Business Overview**](index=5&type=section&id=Item%201.%20Business) loanDepot is a leading technology-empowered residential mortgage platform, ranking as the **second-largest retail-focused non-bank** originator, with **$137.0 billion** in 2021 originations - loanDepot is a leading technology-empowered residential mortgage platform, ranking as the **second-largest retail-focused non-bank** and **third-largest overall retail originator** in the U.S[18](index=18&type=chunk) 2021 Financial and Operational Highlights | Metric | Value | | :--------------------------------- | :------------------- | | Originations (2021) | $137.0 billion | | Originations YoY Growth (2021) | **36%** | | Revenue (2021) | $3.7 billion | | Net Income (2021) | $623.1 million | | Servicing UPB (Dec 31, 2021) | $162.1 billion | | Organic Refinance Consumer Direct Recapture Rate (2021) | **72%** | - The company's **mello® platform** drives **streamlined customer experiences** and **operational efficiency** across the mortgage lifecycle, from lead generation to servicing[19](index=19&type=chunk)[20](index=20&type=chunk)[24](index=24&type=chunk) - Retail strategy accounted for **79%** of origination volume in 2021, with Partner strategy making up **21%**. Purchase originations were **29%** and refinance originations **71%**[28](index=28&type=chunk) [**Our Company**](index=5&type=section&id=Our%20Company) [**IPO and Reorganization**](index=5&type=section&id=IPO%20and%20Reorganization) [**mello® Platform**](index=5&type=section&id=mello%C2%AE%20Platform) [**Differentiated Contact Strategy—Lead Generation and Customer-Specific Matching**](index=6&type=section&id=Dif%20erentiated%20Contact%20Strategy%E2%80%94Lead%20Generation%20and%20Customer-Specific%20Matching) [**Streamlined Data Integration & Connectivity**](index=6&type=section&id=Streamlined%20Data%20Integration%20%26%20Connectivity) [**Intelligent Loan Underwriting & Funding**](index=6&type=section&id=Intelligent%20Loan%20Underwriting%20%26%20Funding) [**Retail and Partner Strategies**](index=6&type=section&id=Retail%20and%20Partner%20Strategies) [**Retail**](index=7&type=section&id=Retail) [**Partner**](index=7&type=section&id=Partner) [**Products**](index=7&type=section&id=Products) [**Ancillary Business**](index=8&type=section&id=Ancillary%20Business) [**Marketing Strategy**](index=8&type=section&id=Marketing%20Strategy) [**Servicing**](index=8&type=section&id=Servicing) [**Risk Management**](index=9&type=section&id=Risk%20Management) [**Regulatory Compliance**](index=9&type=section&id=Regulatory%20Compliance) [**Competition**](index=10&type=section&id=Competition) [**Supervision and Regulation**](index=10&type=section&id=Supervision%20and%20Regulation) [**Other Laws**](index=13&type=section&id=Other%20Laws) [**Human Capital**](index=13&type=section&id=Human%20Capital) [**Available Information**](index=13&type=section&id=Available%20Information) [**Risk Factors**](index=14&type=section&id=Item%201A.%20Risk%20Factors) This section outlines various risks, including those related to the COVID-19 pandemic, growth, operations, and regulatory environment, that could materially impact loanDepot's business and financial results - The COVID-19 pandemic poses ongoing risks to mortgage originations, servicing operations, liquidity, and employees, with potential for prolonged economic downturns and increased compliance obligations[72](index=72&type=chunk)[73](index=73&type=chunk)[76](index=76&type=chunk) - Rapid growth may be difficult to sustain, requiring significant demands on operational, administrative, and financial resources, and growth in loan production volume is highly dependent on interest rates and market conditions[83](index=83&type=chunk)[86](index=86&type=chunk) - The company's hedging strategies may not **effectively mitigate interest rate risks**, and reliance on internal models for risk management could lead to **unexpected losses** if models fail to produce reliable results[104](index=104&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk) - Operating in a **highly regulated industry**, loanDepot faces risks from changing federal, state, and local laws, regulatory enforcement, and dependence on Agencies (Fannie Mae, Freddie Mac, Ginnie Mae) programs, which could **increase compliance costs** and **impact business models**[188](index=188&type=chunk)[189](index=189&type=chunk)[193](index=193&type=chunk) - **High indebtedness**, including warehouse lines of credit, **limits financial and operating flexibility** and exposes the company to **refinancing, interest rate, and counterparty risks**[233](index=233&type=chunk)[240](index=240&type=chunk) [**Summary of Risk Factors**](index=14&type=section&id=Summary%20of%20Risk%20Factors) [**Risks Related to the COVID-19 Pandemic**](index=14&type=section&id=Risks%20Related%20to%20the%20COVID-19%20Pandemic) [**Risks Related to our Growth Strategy**](index=16&type=section&id=Risks%20Related%20to%20our%20Growth%20Strategy) [**Risks Related to our Operations**](index=19&type=section&id=Risks%20Related%20to%20our%20Operations) [**Risks Related to Our Intellectual Property**](index=30&type=section&id=Risks%20Related%20to%20Our%20Intellectual%20Property) [**Risks Related to the Mortgage Industry**](index=32&type=section&id=Risks%20Related%20to%20the%20Mortgage%20Industry) [**Risks Related to Our Regulatory Environment**](index=34&type=section&id=Risks%20Related%20to%20Our%20Regulatory%20Environment) [**Risks Related to Our Indebtedness**](index=41&type=section&id=Risks%20Related%20to%20Our%20Indebtedness) [**Risks Related to Our Organizational Structure**](index=44&type=section&id=Risks%20Related%20to%20Our%20Organizational%20Structure) [**Risks Related to Ownership of Our Class A Common Stock and Public Company Status**](index=47&type=section&id=Risks%20Related%20to%20Ownership%20of%20Our%20Class%20A%20Common%20Stock%20and%20Public%20Company%20Status) [**Unresolved Staff Comments**](index=52&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) This section states that there are no unresolved staff comments from the SEC regarding the company's previous filings - **No unresolved staff comments were reported**[284](index=284&type=chunk) [**Properties**](index=52&type=section&id=Item%202.%20Properties) loanDepot's corporate headquarters are in Foothill Ranch, California, with **144,398 sq ft** of leased office space, plus additional facilities and over **240** sales offices nationwide - Corporate headquarters are in Foothill Ranch, California, consisting of **144,398 sq ft** of leased office space[285](index=285&type=chunk) - The company leases ten additional facilities and over **240 licensed sales offices** across the U.S[286](index=286&type=chunk) - All leases have terms of **10 years** or less, with **immaterial financial commitments**[287](index=287&type=chunk) [**Legal Proceedings**](index=53&type=section&id=Item%203.%20Legal%20Proceedings) loanDepot is routinely involved in legal actions concerning lending practices and consumer protection, with management believing outcomes will not materially affect financial position - The company is routinely involved in legal proceedings concerning lending practices, servicing, and consumer protection laws[289](index=289&type=chunk) - Management believes that the ultimate resolution of pending legal matters will **not have a material adverse effect** on the consolidated financial position, operating results, or cash flows[643](index=643&type=chunk) [**Mine Safety Disclosures**](index=53&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to loanDepot, Inc. as it is not involved in mining operations - This item is **not applicable**[290](index=290&type=chunk) PART II [**Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities**](index=54&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) loanDepot's Class A common stock began trading on the NYSE under 'LDI' on February 11, 2021, with **34** stockholders of record as of March 17, 2022, and initiated a quarterly cash dividend in May 2021 - Class A common stock listed on NYSE under 'LDI' since February 11, 2021[292](index=292&type=chunk) - As of March 17, 2022, there were **34 stockholders** of record for Class A common stock[293](index=293&type=chunk) - The company initiated a quarterly cash dividend in May 2021, with **future payments at the board's discretion**[297](index=297&type=chunk) Unregistered Sales of Equity Securities (2021) | Date | Shares of Class A Common Stock Issued | | :----------------- | :------------------------------------ | | Oct 1, 2021 | 312,911 | | Nov 1, 2021 | 1,730,531 | | Nov 11, 2021 | 14,156,560 | | Dec 1, 2021 | 2,263,379 | [**[Reserved]**](index=55&type=section&id=Item%206.%20%5BReserved%5D) This item is reserved and contains no information [**Management's Discussion and Analysis of Financial Condition and Results of Operations**](index=56&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section reviews loanDepot's financial condition and operations, noting a significant decrease in 2021 net income to **$623.1 million** from **$2.0 billion** in 2020, driven by higher expenses - Net income for 2021 decreased by **$1.4 billion** to **$623.1 million**, compared to **$2.0 billion** in 2020, **primarily due to higher expenses**[327](index=327&type=chunk) Key Financial and Operational Data (2021 vs. 2020) | Metric | 2021 (in thousands) | 2020 (in thousands) | Change ($) | Change (%) | | :--------------------------------- | :------------------ | :------------------ | :--------- | :--------- | | Total revenue | $3,724,704 | $4,312,174 | $(587,470) | **(13.6%)** | | Total expenses | $3,058,187 | $2,296,816 | $761,371 | **33.1%** | | Net income | $623,146 | $2,013,110 | $(1,389,964) | **(69.0%)** | | Loan originations | $137,000,747 | $100,760,151 | $36,240,596 | **36.0%** | | Servicing portfolio (UPB) | $162,112,965 | $102,931,258 | $59,181,707 | **57.5%** | | Gain on sale margin | **2.61%** | **4.13%** | **-1.52%** | **(36.8%)** | - The company's liquidity is **primarily sourced from warehouse lines, debt obligations, and proceeds from loan sales**, with **$419.6 million** in cash and cash equivalents and **$4.3 billion** in **available capacity** under warehouse lines as of December 31, 2021[351](index=351&type=chunk)[354](index=354&type=chunk) [**Overview**](index=56&type=section&id=Overview) [**Key Factors Influencing Our Results of Operations**](index=56&type=section&id=Key%20Factors%20Influencing%20Our%20Results%20of%20Operations) [**Key Performance Indicators**](index=57&type=section&id=Key%20Performance%20Indicators) [**Results of Operations**](index=60&type=section&id=Results%20of%20Operations) [**Revenues**](index=60&type=section&id=Revenues) [**Expenses**](index=62&type=section&id=Expenses) [**Balance Sheet Highlights**](index=63&type=section&id=BBalance%20Sheet%20Highlights) [**Liquidity and Capital Resources**](index=64&type=section&id=Liquidity%20and%20Capital%20Resources) [**Contractual Obligations and Commitments**](index=67&type=section&id=Contractual%20Obligations%20and%20Commitments) [**Off-Balance Sheet Arrangements**](index=67&type=section&id=Off-Balance%20Sheet%20Arrangements) [**Critical Accounting Policies and Estimates**](index=67&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) [**Recent Accounting Pronouncements**](index=68&type=section&id=Recent%20Accounting%20Pronouncements) [**Non-GAAP Financial Measures**](index=68&type=section&id=Non-GAAP%20Financial%20Measures) [**Quantitative and Qualitative Disclosures About Market Risk**](index=70&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) loanDepot's primary market risk is interest rate fluctuation, impacting assets and liabilities, which is mitigated by derivatives, alongside credit and prepayment risks - **Primary market risk exposure is to interest rate fluctuations**, impacting LHFS, IRLCs, servicing rights, and hedging instruments[397](index=397&type=chunk) - The company **manages interest rate risk using derivative instruments** like forward sale contracts, put options on treasuries, and interest rate swap futures[400](index=400&type=chunk) - **Credit risk arises from loan sale representations and warranties**, potentially requiring loan repurchases or indemnification, and from counterparty non-performance[401](index=401&type=chunk)[403](index=403&type=chunk) Sensitivity Analysis of Financial Assets and Liabilities (December 31, 2021) | Shift in Interest Rates | LHFS Change (%) | Servicing Rights, net Change (%) | IRLCs, net Change (%) | Net Derivative (Liabilities) Assets, excluding IRLCs Change (%) | Total Change (%) | | :---------------------- | :-------------- | :------------------------------- | :-------------------- | :------------------------------------------------------------ | :--------------- | | Down **75 bps** | **0.4%** | **(15.6%)** | **39.5%** | **(411.6%)** | **(3.0%)** | | Down **50 bps** | **0.6%** | **(9.5%)** | **52.5%** | **(494.4%)** | **(1.6%)** | | Down **25 bps** | **0.7%** | **(4.3%)** | **61.2%** | **(522.2%)** | **(0.4%)** | | **0 bps** | — % | — % | — % | — % | — % | | Up **25 bps** | **(0.9%)** | **3.7%** | **(78.5%)** | **686.8%** | **0.2%** | | Up **50 bps** | **(1.0%)** | **6.7%** | **(95.7%)** | **923.5%** | **0.9%** | | Up **75 bps** | **(1.2%)** | **9.2%** | **(112.4%)** | **1,149.2%** | **1.5%** | [**Financial Statements and Supplementary Data**](index=73&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section provides loanDepot's audited consolidated financial statements for 2021, 2020, and 2019, including balance sheets, statements of operations, equity, cash flows, and detailed accounting notes - The consolidated financial statements for 2021, 2020, and 2019 are presented in **conformity with U.S. GAAP** and have been **audited by Ernst & Young LLP**[414](index=414&type=chunk) Consolidated Balance Sheet Highlights (December 31, 2021 vs. 2020) | Metric | 2021 (in thousands) | 2020 (in thousands) | Change ($) | Change (%) | | :--------------------------------- | :------------------ | :------------------ | :--------- | :--------- | | Cash and cash equivalents | $419,571 | $284,224 | $135,347 | **47.6%** | | Loans held for sale, at fair value | $8,136,817 | $6,955,424 | $1,181,393 | **17.0%** | | Servicing rights, at fair value | $2,006,712 | $1,127,866 | $878,846 | **77.9%** | | Total assets | $11,812,313 | $10,893,228 | $919,085 | **8.4%** | | Warehouse and other lines of credit | $7,457,199 | $6,577,429 | $879,770 | **13.4%** | | Debt obligations, net | $1,628,208 | $712,466 | $915,742 | **128.5%** | | Total liabilities | $10,182,953 | $9,236,615 | $946,338 | **10.2%** | | Total equity | $1,629,360 | $1,656,613 | $(27,253) | **(1.6%)** | Consolidated Statements of Operations Highlights (2021 vs. 2020) | Metric | 2021 (in thousands) | 2020 (in thousands) | Change ($) | Change (%) | | :--------------------------------- | :------------------ | :------------------ | :--------- | :--------- | | Total net revenues | $3,724,704 | $4,312,174 | $(587,470) | **(13.6%)** | | Personnel expense | $1,929,752 | $1,531,371 | $398,381 | **26.0%** | | Marketing and advertising expense | $467,590 | $264,337 | $203,253 | **76.9%** | | Total expenses | $3,058,187 | $2,296,816 | $761,371 | **33.1%** | | Net income | $623,146 | $2,013,110 | $(1,389,964) | **(69.0%)** | [**Report of Independent Registered Public Accounting Firm**](index=74&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm%20%28PCAOB%20ID%3A42%29) [**Consolidated Balance Sheets**](index=76&type=section&id=Consolidated%20Balance%20Sheets%20as%20of%20December%2031%2C%202021%20and%202020) [**Consolidated Statements of Operations**](index=77&type=section&id=Consolidated%20Statements%20of%20Operations%20for%20the%20years%20ended%20December%2031%2C%202021%2C%202020%20and%202019) [**Consolidated Statements of Equity**](index=78&type=section&id=Consolidated%20Statements%20of%20Equity%20for%20the%20years%20ended%20December%2031%2C%202021%2C%202020%20and%202019) [**Consolidated Statements of Cash Flows**](index=81&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20years%20ended%20December%2031%2C%202021%2C%202020%20and%202019) [**Notes to Consolidated Financial Statements**](index=83&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) [**NOTE 1 – DESCRIPTION OF BUSINESS, PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**](index=83&type=section&id=NOTE%201%20%E2%80%93%20DESCRIPTION%20OF%20BUSINESS%2C%20PRESENTATION%20AND%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) [**NOTE 2 – RECENT ACCOUNTING PRONOUNCEMENTS**](index=93&type=section&id=NOTE%202%20%E2%80%93%20RECENT%20ACCOUNTING%20PRONOUNCEMENTS) [**NOTE 3 – FAIR VALUE**](index=93&type=section&id=NOTE%203%20%E2%80%93%20FAIR%20VALUE) [**NOTE 4 – BALANCE SHEET NETTING**](index=99&type=section&id=NOTE%204%20%E2%80%93%20BALANCE%20SHEET%20NETTING) [**NOTE 5 – LOANS HELD FOR SALE, AT FAIR VALUE**](index=100&type=section&id=NOTE%205%20%E2%80%93%20LOANS%20HELD%20FOR%20SALE%2C%20AT%20FAIR%20VALUE) [**NOTE 6 – SERVICING RIGHTS, AT FAIR VALUE**](index=101&type=section&id=NOTE%206%20%E2%80%93%20SERVICING%20RIGHTS%2C%20AT%20FAIR%20VALUE) [**NOTE 7 – DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES**](index=103&type=section&id=NOTE%207%20%E2%80%93%20DERIVATIVE%20FINANCIAL%20INSTRUMENTS%20AND%20HEDGING%20ACTIVITIES) [**NOTE 8 – GOODWILL AND OTHER INTANGIBLE ASSETS, NET**](index=105&type=section&id=NOTE%208%20%E2%80%93%20GOODWILL%20AND%20OTHER%20INTANGIBLE%20ASSETS%2C%20NET) [**NOTE 9 – VARIABLE INTEREST ENTITIES**](index=106&type=section&id=NOTE%209%20%E2%80%93%20VARIABLE%20INTEREST%20ENTITIES) [**NOTE 10 – ACCOUNTS RECEIVABLE, NET**](index=108&type=section&id=NOTE%2010%20%E2%80%93%20ACCOUNTS%20RECEIVABLE%2C%20NET) [**NOTE 11 – PROPERTY AND EQUIPMENT, NET**](index=108&type=section&id=NOTE%2011%20%E2%80%93%20PROPERTY%20AND%20EQUIPMENT%2C%20NET) [**NOTE 12 – WAREHOUSE AND OTHER LINES OF CREDIT**](index=109&type=section&id=NOTE%2012%20%E2%80%93%20WAREHOUSE%20AND%20OTHER%20LINES%20OF%20CREDIT) [**NOTE 13 – DEBT OBLIGATIONS**](index=113&type=section&id=NOTE%2013%20%E2%80%93%20DEBT%20OBLIGATIONS) [**NOTE 14 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES**](index=115&type=section&id=NOTE%2014%20%E2%80%93%20ACCOUNTS%20PAYABLE%20AND%20ACCRUED%20EXPENSES) [**NOTE 15 – INCOME TAXES**](index=115&type=section&id=NOTE%2015%20%E2%80%93%20INCOME%20TAXES) [**NOTE 16 – LEASES**](index=117&type=section&id=NOTE%2016%20%E2%80%93%20LEASES) [**NOTE 17 – RELATED PARTY TRANSACTIONS**](index=119&type=section&id=NOTE%2017%20%E2%80%93%20RELATED%20PARTY%20TRANSACTIONS) [**NOTE 18 – EQUITY**](index=119&type=section&id=NOTE%2018%20%E2%80%93%20EQUITY) [**NOTE 19 – STOCK-BASED COMPENSATION**](index=120&type=section&id=NOTE%2019%20%E2%80%93%20STOCK-BASED%20COMPENSATION) [**NOTE 20 – EARNINGS PER SHARE**](index=122&type=section&id=NOTE%2020%20%E2%80%93%20EARNINGS%20PER%20SHARE) [**NOTE 21 – EMPLOYEE BENEFIT PLAN**](index=122&type=section&id=NOTE%2021%20%E2%80%93%20EMPLOYEE%20BENEFIT%20PLAN) [**NOTE 22 – COMMITMENTS AND CONTINGENCIES**](index=122&type=section&id=NOTE%22%20%E2%80%93%20COMMITMENTS%20AND%20CONTINGENCIES) [**NOTE 23– REGULATORY CAPITAL AND LIQUIDITY REQUIREMENTS**](index=125&type=section&id=NOTE%2023%E2%80%93%20REGULATORY%20CAPITAL%20AND%20LIQUIDITY%20REQUIREMENTS) [**Changes in and Disagreements With Accountants on Accounting and Financial Disclosure**](index=126&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) This section states that there have been no changes in or disagreements with accountants on accounting and financial disclosure matters - **No changes in or disagreements with accountants** on accounting and financial disclosure[654](index=654&type=chunk) [**Controls and Procedures**](index=126&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management evaluated and deemed disclosure controls and internal control over financial reporting **effective** as of December 31, 2021, with no material changes during the last fiscal quarter - Disclosure controls and procedures were evaluated and **deemed effective** as of December 31, 2021[655](index=655&type=chunk) - Management assessed and determined **internal control over financial reporting was effective** as of December 31, 2021, based on the COSO framework[656](index=656&type=chunk) - **No material changes in internal control over financial reporting** occurred during the last fiscal quarter[658](index=658&type=chunk) [**Other Information**](index=126&type=section&id=Item%209B.%20Other%20Information) This section indicates that there is no other information required to be disclosed - **No other information is reported** in this section[660](index=660&type=chunk) [**Disclosure Regarding Foreign Jurisdictions that Prevent Inspections**](index=126&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This disclosure regarding foreign jurisdictions that prevent inspections is not applicable to the company - This disclosure is **not applicable**[662](index=662&type=chunk) PART III [**Directors, Executive Officers and Corporate Governance**](index=127&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is **incorporated by reference from the definitive proxy statement** to be filed by April 30, 2022 - Information on directors, executive officers, and corporate governance is **incorporated by reference from the definitive proxy statement**[663](index=663&type=chunk) [**Executive Compensation**](index=127&type=section&id=Item%2011.%20Executive%20Compensation) Information on executive compensation is **incorporated by reference from the definitive proxy statement** to be filed by April 30, 2022 - Information on executive compensation is **incorporated by reference from the definitive proxy statement**[664](index=664&type=chunk) [**Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters**](index=127&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on security ownership of certain beneficial owners and management, and related stockholder matters, is **incorporated by reference from the definitive proxy statement** to be filed by April 30, 2022 - Information on security ownership and related stockholder matters is **incorporated by reference from the definitive proxy statement**[665](index=665&type=chunk) [**Certain Relationships and Related Transactions, and Director Independence**](index=127&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on certain relationships and related transactions, and director independence, is **incorporated by reference from the definitive proxy statement** to be filed by April 30, 2022 - Information on certain relationships, related transactions, and director independence is **incorporated by reference from the definitive proxy statement**[666](index=666&type=chunk) [**Principal Accounting Fees and Services**](index=127&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information on principal accounting fees and services is **incorporated by reference from the definitive proxy statement** to be filed by April 30, 2022 - Information on principal accounting fees and services is **incorporated by reference from the definitive proxy statement**[667](index=667&type=chunk) PART IV [**Exhibits, Financial Statement Schedules**](index=127&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section **lists all exhibits and financial statement schedules** filed as part of the Form 10-K report, including various agreements and corporate governance documents - The section **lists all exhibits and financial statement schedules**, including corporate governance documents, various debt agreements, and operational contracts[668](index=668&type=chunk) [**Signatures**](index=139&type=section&id=Signatures) This section contains the **required signatures** for the Form 10-K report, including those of the Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer, and Board members, certifying the report's submission as of March 18, 2022 - The report is signed by the Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer, and Directors as of March 18, 2022[682](index=682&type=chunk)[683](index=683&type=chunk)[684](index=684&type=chunk)