0001831631-22-000326.txt : 20221110 0001831631-22-000326.hdr.sgml : 20221110 20221109203003 ACCESSION NUMBER: 0001831631-22-000326 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 105 CONFORMED PERIOD OF REPORT: 20220930 FILED AS OF DATE: 20221110 DATE AS OF CHANGE: 20221109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: loanDepot, Inc. CENTRAL INDEX KEY: 0001831631 STANDARD INDUSTRIAL CLASSIFICATION: FINANCE SERVICES [6199] IRS NUMBER: 853948939 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-40003 FILM NUMBER: 221374535 BUSINESS ADDRESS: STREET 1: 26642 TOWNE CENTRE DRIVE CITY: FOOTHILL RANCH STATE: CA ZIP: 92610 BUSINESS PHONE: 949-822-4716 MAIL ADDRESS: STREET 1: 26642 TOWNE CENTRE DRIVE CITY: FOOTHILL RANCH STATE: CA ZIP: 92610 10-Q 1 ldi-20220930.htm 10-Q ldi-20220930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____to _____
Commission File Number: 001-40003

loanDepot, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware 85-3948939
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
     
26642 Towne Centre Drive,
Foothill Ranch,California 92610
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (888) 337-6888
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol
Name of each exchange
on which registered
Class A Common Stock, $0.001 per value per shareLDIThe New York Stock Exchange


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒  No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer☐
Non-accelerated filer
☒
Smaller reporting company
☒
  Emerging growth company☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of November 9, 2022, 72,066,120 shares of the registrant’s Class A common stock, par value $0.001 per share, were outstanding. No shares of registrant’s Class B common stock were outstanding, 145,335,993 shares of registrant’s Class C common stock were outstanding and 97,026,671 shares of registrant’s Class D common stock were outstanding.
 



SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, including our Vision 2025 plan, technology developments, financing and investment plans, financial condition and liquidity, dividend policy, competitive position, industry and regulatory environment, potential growth opportunities and the effects of competition. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” "seek," “should,” “will,” “would” or similar expressions and the negatives of those terms.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date of this report. You should read this report with the understanding that our actual future results may be materially different from what we expect.

Important factors that could cause actual results to differ materially from our expectations are included in Part I, Item 2 “Management's Discussion and Analysis of Financial Condition and Results of Operations” and Part II, Item 1A "Risk Factors" in this report as well as Part I, Item 1A “Risk Factors” and Part II, Item 7 “Management's Discussion and Analysis of Financial Condition and Results of Operations” in our annual report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission (“SEC”) on March 18, 2022.

Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

loanDepot, Inc.

Table of Contents

PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021
Consolidated Statements of Operations for the three and nine months September 30, 2022 and 2021
Consolidated Statements of Equity for the three and nine months ended September 30, 2022 and 2021
Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021
Notes to Consolidated Financial Statements
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
Signatures




PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
loanDepot, Inc.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
September 30,
2022		December 31,
2021
ASSETS(Unaudited)
Cash and cash equivalents$1,143,948 $419,571 
Restricted cash160,926 201,025 
Accounts receivable, net108,253 56,183 
Loans held for sale, at fair value (includes $481,950 and $2,557,490 pledged to creditors in securitization trusts at September 30, 2022 and December 31, 2021, respectively)
2,692,820 8,136,817 
Derivative assets, at fair value316,647 194,665 
Servicing rights, at fair value (includes $527,059 and $400,678 pledged to creditors in securitization trusts at September 30, 2022 and December 31, 2021, respectively)
2,030,026 2,006,712 
Trading securities, at fair value97,210 72,874 
Property and equipment, net98,944 104,262 
Operating lease right-of-use assets39,480 55,646 
Prepaid expenses and other assets115,452 140,315 
Loans eligible for repurchase554,892 363,373 
Investments in joint ventures19,938 18,553 
Goodwill and intangible assets, net— 42,317 
        Total assets$7,378,536 $11,812,313 
LIABILITIES AND EQUITY
Warehouse and other lines of credit$2,529,436 $7,457,199 
Accounts payable, accrued expenses and other liabilities716,048 624,444 
Derivative liabilities, at fair value149,837 37,797 
Liability for loans eligible for repurchase554,892 363,373 
Operating lease liability66,122 71,932 
Debt obligations, net2,283,704 1,628,208 
        Total liabilities6,300,039 10,182,953 
Commitments and contingencies (Note 15)
Class A common stock, $0.001 par value, 2,500,000,000 authorized, 69,720,386 and 38,060,302 issued at September 30, 2022 and December 31, 2021, respectively
$70 $38 
Class B common stock, $0.001 par value, 2,500,000,000 authorized, none issued at September 30, 2022 and December 31, 2021, respectively
— — 
Class C common stock, $0.001 par value, 2,500,000,000 authorized, 149,130,538 and 172,729,168 issued at September 30, 2022 and December 31, 2021, respectively
149 173 
Class D common stock, $0.001 par value, 2,500,000,000 authorized, 97,026,671 and 100,822,084 issued at September 30, 2022 and December 31, 2021, respectively
97 101 
Preferred stock, $0.001 par value, 50,000,000 authorized, none issued at September 30, 2022 and December 31, 2021, respectively
— — 
Treasury stock at cost, 1,744,319 and 1,593,366 shares at September 30, 2022 and December 31, 2021, respectively
(13,225)(12,852)
Additional paid-in capital778,099 565,073 
Retained deficit(265,567)(28,976)
Noncontrolling interest578,874 1,105,803 
Total equity1,078,497 1,629,360 
Total liabilities and equity$7,378,536 $11,812,313 
See accompanying notes to the unaudited consolidated financial statements.

1

loanDepot, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands except per share amounts)
(Unaudited)


Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202120222021
REVENUES:
Interest income$51,202 $71,020 $166,888 $187,625 
Interest expense(41,408)(56,785)(121,220)(165,130)
Net interest income
9,794 14,235 45,668 22,495 
Gain on origination and sale of loans, net156,300 821,275 665,993 2,647,328 
Origination income, net21,268 86,601 119,449 280,824 
Servicing fee income113,544 102,429 341,929 279,738 
Change in fair value of servicing rights, net(38,479)(138,462)(140,370)(327,194)
Other income11,765 37,678 53,472 116,487 
Total net revenues274,192 923,756 1,086,141 3,019,678 
EXPENSES:
Personnel expense218,819 449,152 861,382 1,523,012 
Marketing and advertising expense42,940 131,971 205,289 355,730 
Direct origination expense19,463 49,559 106,616 146,553 
General and administrative expense83,412 50,013 197,089 149,984 
Occupancy expense9,889 9,686 28,673 28,956 
Depreciation and amortization10,243 8,688 32,110 25,827 
Servicing expense14,221 22,879 46,472 76,731 
Other interest expense36,138 22,823 83,671 57,261 
Goodwill impairment— — 40,736 — 
Total expenses435,125 744,771 1,602,038 2,364,054 
(Loss) income before income taxes
(160,933)178,985 (515,897)655,624 
Income tax (benefit) expense
(23,451)24,708 (63,274)47,210 
Net (loss) income
(137,482)154,277 (452,623)608,414 
Net (loss) income attributable to noncontrolling interests
(77,401)102,802 (256,873)503,503 
Net (loss) income attributable to loanDepot, Inc.
$(60,081)$51,475 $(195,750)$104,911 
(Loss) earnings per share:
Basic$(0.37)$0.40 $(1.29)$0.82 
Diluted$(0.37)$0.40 $(1.29)$0.82 
Weighted average shares outstanding:
Basic162,464,369 130,297,565 151,803,928 127,941,331 
Diluted162,464,369 130,297,565 151,803,928 127,941,331 

See accompanying notes to the unaudited consolidated financial statements.

2

loanDepot, Inc.
CONSOLIDATED STATEMENTS OF EQUITY
(Dollars in thousands)

Common stock outstandingCommon stock $Treasury SharesAdditional paid-in capitalRetained DeficitNon-controlling InterestsTotal Equity
Class AClass CClass DClass AClass CClass D
Balance at June 30, 202112,541,086 181,268,155 114,978,644 $13 $181 $115 $— $562,658 $(44,821)$1,050,688 $1,568,834 
Deferred taxes and other tax adjustments associated with the Reorganization and IPO— — — — — — — 1,717 — — 1,717 
Net issuance of common shares under stock based compensation plans5,443,128 (5,599,513)— 7 (5)— (12,844)(2)— — (12,844)
Dividends to Class A and Class D shareholders ($0.08 per share)
— — — — — — — — (4,668)(6,095)(10,763)
Distributions to Class C shareholders— — — — — — — — (6,526)(8,517)(15,043)
Stock-based compensation— — — — — — — 1,102 — 1,495 2,597 
Distributions for taxes on behalf of shareholders, net— — — — — — — — (13,279)(17,332)(30,611)
Net income
— — — — — — — — 51,475 102,802 154,277 
Balance at September 30, 202117,984,214 175,668,642 114,978,644 $20 $176 $115 $(12,844)$565,475 $(17,819)$1,123,041 $1,658,164 
Balance at June 30, 202263,593,048 152,191,394 97,026,671 $65 $152 $97 $(13,087)$762,635 $(205,235)$669,236 $1,213,863 
Deferred taxes and other tax adjustments related to conversions and exchanges— — — — — — — (2,092)— — (2,092)
Net issuance of common stock under stock-based compensation plans4,383,019 (3,060,856)— 5 (3)— (138)15,084 — (15,085)(137)
Dividends on unvested Class A RSUs— — — — — — — — (70)(85)(155)
Forfeiture of accrued distributions on unvested Class C shares— — — — — — — — 139 194 333 
Stock-based compensation— — — — — — — 2,472 2,301 4,773 
Distributions for taxes on behalf of shareholders, net— — — — — — — — (320)(286)(606)
Net loss
— — — — — — — — (60,081)(77,401)(137,482)
Balance at September 30, 202267,976,067 149,130,538 97,026,671 $70 $149 $97 $(13,225)$778,099 $(265,567)$578,874 $1,078,497 

See accompanying notes to the unaudited consolidated financial statements.

3


loanDepot, Inc.
CONSOLIDATED STATEMENTS OF EQUITY
(Dollars in thousands)
Common stock outstandingCommon stock $Treasury StockAdditional paid-in capitalRetained DeficitNon-controlling InterestsTotal Equity
Class AClass CClass DClass AClass CClass D
Balance at December 31, 2020— — — $— $— $— $— $— $— $1,656,613 $1,656,613 
Distributions prior to the Reorganization— — — — — — — — — (160,617)(160,617)
Equity compensation prior to the Reorganization— — — — — — — — — 338 338 
Net income prior to the Reorganization— — — — — — — — — 294,598 294,598 
Deferred taxes and other tax adjustments associated with the Reorganization and IPO— — — — — — — (201,653)— — (201,653)
Effect of the Reorganization2,215,687 181,789,329 121,368,600 2 182 121 — 740,629 — (740,934)— 
Effect of the IPO3,850,000 (2,394,000)(1,456,000)4 (2)(2)— — — — — 
Effect of the Greenshoe577,500 (359,100)(218,400)1 (1)— — — — — — 
Net issuance of common stock under stock-based compensation plans11,341,027 (3,367,587)(4,715,556)13 (3)(4)(12,844)(6)— — (12,844)
Dividends to Class A and Class D shareholders ($0.77 per share)
— — — — — — — — (40,730)(58,033)(98,763)
Distributions to Class C shareholders — — — — — — — — (63,023)(89,885)(152,908)
Stock-based compensation— — — — — — 26,505 — 37,506 64,011 
Distributions for taxes on behalf of shareholders, net— — — — — — — (18,977)(25,450)(44,427)
Net income subsequent to the Reorganization and IPO— — — — — — — 104,911 208,905 313,816 
Balance at September 30, 202117,984,214 175,668,642 114,978,644 $20 $176 $115 $(12,844)$565,475 $(17,819)$1,123,041 $1,658,164 
Balance at December 31, 202136,466,936 172,729,168 100,822,084 $38 $173 $101 $(12,852)$565,073 $(28,976)$1,105,803 $1,629,360 
Deferred taxes and other tax adjustments related to conversions and exchanges— — — — — — — (19,835)— — (19,835)
Net issuance of common stock under stock-based compensation plans31,509,131 (23,598,630)(3,795,413)32 (24)(4)(373)227,013 — (227,017)(373)
Dividends to Class A and Class D shareholders ($0.08 per share)
— — — — — — — — (5,343)(6,481)(11,824)
Distributions to Class C shareholders— — — — — — — — (6,199)(7,471)(13,670)
Stock-based compensation— — — — — — — 5,848 — 5,946 11,794 
Distributions for taxes on behalf of shareholders, net— — — — — — — — (29,299)(35,033)(64,332)
Net loss
— — — — — — — — (195,750)(256,873)(452,623)
Balance at September 30, 202267,976,067 149,130,538 97,026,671 $70 $149 $97 $(13,225)$778,099 $(265,567)$578,874 $1,078,497 
See accompanying notes to the unaudited consolidated financial statements.

4

loanDepot, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)



Nine Months Ended
September 30,
20222021
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income
$(452,623)$608,414 
Adjustments to reconcile net (loss) income to net
cash provided by (used in) operating activities:
Depreciation and amortization expense32,110 25,827 
Amortization of operating lease right-of-use asset17,107 16,932 
Amortization of debt issuance costs12,842 9,382 
Gain on origination and sale of loans(946,506)(2,856,544)
Gain on sale of servicing rights(10,548)(1,453)
Fair value change in trading securities20,196 — 
Provision for loss obligation on sold loans and servicing rights125,047 12,400 
(Decrease) increase in provision for deferred income taxes(62,733)37,269 
Fair value change in derivative assets32,223 312,586 
Fair value change in derivative liabilities112,040 (119,270)
Premium (paid) received on derivatives(154,205)4,376 
Purchase of options contracts— (10,383)
Fair value change in loans held for sale255,716 67,010 
Fair value change in servicing rights(180,136)224,812 
Stock-based compensation expense11,794 64,349 
Change in fair value of contingent consideration— (77)
Originations of loans(46,842,973)(107,717,154)
Proceeds from sales of loans52,732,911 107,911,005 
Proceeds from principal payments119,708 119,822 
Payments to investors for loan repurchases(578,010)(818,011)
Gain on extinguishment of debt(10,528)— 
Goodwill impairment40,736 — 
Disbursements from joint ventures8,435 8,765 
Other changes in operating assets and liabilities132,310 41,105 
Net cash provided by (used in) operating activities
4,414,913 (2,058,838)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment(37,613)(43,830)
Proceeds from sale of servicing rights689,937 332,931 
Cash flows received on trading securities5,894 617 
Investments in joint ventures(350)(1,115)
Return of capital from joint ventures— 189 
Net cash flows provided by investing activities
657,868 288,792 

See accompanying notes to the unaudited consolidated financial statements.

5

loanDepot, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
(Dollars in thousands)
(Unaudited)

Nine Months Ended
September 30,
20222021
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings on warehouse and other lines of credit$52,089,587 $121,009,551 
Repayment of borrowings on warehouse and other lines of credit(57,017,350)(119,374,838)
Proceeds from debt obligations2,106,024 1,179,037 
Payments on debt obligations(1,442,931)(477,541)
Payments of debt issuance costs(4,555)(15,839)
Payments for contingent consideration— (113)
Payments on financing lease obligation— (1,911)
Treasury stock purchased to net settle and withhold taxes on vested shares(373)(12,844)
Dividends and shareholder distributions(118,905)(419,732)
Net cash (used in) provided by financing activities
(4,388,503)1,885,770 
Net change in cash and cash equivalents and restricted cash684,278 115,724