loanDepot Inc

NYSE:LDIUnited States

Ratings actions from Benzinga: https://www.benzinga.com/quote/LDI/analyst-ratings

(END) Dow Jones Newswires

November 14, 2024 11:27 ET (16:27 GMT)

(1) 45,129 53,000 42,504 144,676 128,619 Income tax expense (benefit) 923 (11,304) (5,205) (24,040) (28,622) Depreciation and amortization 8,931 8,955 10,592 27,329 31,339 Valuation changes in servicing rights, net of hedging gains and losses(2) 14,901 12,617 (4,545) 35,546 10,457 Stock-based compensation expense 8,200 5,898 3,940 18,952 15,619 Restructuring charges(3) 1,853 3,127 2,007 7,105 8,357 Cybersecurity incident(4) (18,880) 26,942 -- 22,760 -- Loss (gain) on disposal of fixed assets 3 -- 93 (25) 1,105 Other impairment(5) 10 1,193 129 1,202 470 ------- ------- ------- -------- -------- Adjusted EBITDA (LBITDA) $ 63,742 $ 34,575 $ 15,253 $ 98,820 $ (8,399) ======= ======= ======= ======== ======== (1) Represents other interest expense, which includes gain or loss on extinguishment of debt and amortization of debt issuance costs and debt discount, in the Company's consolidated statements of operations. (2) Represents the change in the fair value of servicing rights due to changes in valuation inputs or assumptions, net of gains or losses from derivatives hedging servicing rights, and gains (losses) from the sale of MSRs. Beginning in the second quarter of 2024, we began to include the gains (losses) from the sale of MSRs in valuation changes in servicing rights, net of hedging gains and losses to appropriately capture all valuation changes in MSRs up to and including the sales date. Prior periods have been revised to conform with this new presentation. (3) Reflects employee severance expense and professional services associated with restructuring efforts subsequent to the announcement of Vision 2025 in July 2022. (4) Represents expenses, directly related to the Cybersecurity Incident, net of expected insurance recoveries, that occurred in the first quarter of 2024, including costs to investigate and remediate the Cybersecurity Incident, the costs of customer notifications and identity protection, professional fees including legal expenses, litigation settlement costs, and commission guarantees. During the three months ended September 30, 2024, the Company recorded a $20.0 million receivable for reimbursement from its insurers. During the nine months ended September 30, 2024, the Company recorded $35.0 million for an insurance reimbursement and receivable, and an accrual of $25.0 million in connection with class action litigation related to the Cybersecurity Incident. (5) Represents lease impairment on corporate and retail locations.