loanDepot Inc (LDI) 2025 Q2 法說會逐字稿

Good afternoon and welcome to loanDepot's second-quarter 2025 earnings call. (Operator Instructions) I would now like to turn the call over to Gerhard or Daly, senior Vice President, Investor Relations. Please go ahead.

下午好，歡迎參加 loanDepot 2025 年第二季財報電話會議。（操作員指示）現在，我想將電話轉給投資者關係高級副總裁 Gerhard 或 Daly。請繼續。

Good afternoon everyone and thank you for joining our second quarter of 2025 earnings call. Before we begin, I would like to remind everyone that this conference call may include forward-looking statements regarding the company's operating and financial performance in future periods. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, but not limited to, guidance to our pull-through weighted rate lock volume, origination volume, pull-through weighted gain on sale margin, strategies, capabilities, and financial performance.

大家下午好，感謝您參加我們的 2025 年第二季財報電話會議。在我們開始之前，我想提醒大家，本次電話會議可能包含有關公司未來期間的營運和財務表現的前瞻性陳述。除歷史事實陳述之外的所有陳述均可視為前瞻性陳述，包括但不限於對我們的拉通加權利率鎖定量、發起量、拉通加權銷售保證金收益、策略、能力和財務業績的指導。

These statements are based on the company's current expectations and available information. Actual results for future periods may differ materially from these forward-looking statements due to risks or other factors that are described in the Risk Factors section of our filings with the SEC. Our presentation today contains certain non-GAAP financial measures that we believe provide additional insight into analyzing and benchmarking the performance and value of our business and facilitating company-to-company operating performance comparisons.

這些聲明是基於公司目前的預期和可用資訊。由於我們向美國證券交易委員會提交的文件中「風險因素」部分所述的風險或其他因素，未來期間的實際結果可能與這些前瞻性陳述有重大差異。我們今天的演示包含某些非公認會計準則財務指標，我們相信這些指標可以為分析和衡量我們業務的績效和價值以及促進公司間經營績效比較提供額外的見解。

For more details on these non-GAAP financial measures, including reconciliation to the most directly comparable GAAP measures, please refer to today's earnings release, which is available on our website at investors.loandepot.com. A webcast and transcript of this call will be posted on our website after the conclusion of this call.

如需了解更多關於這些非公認會計準則 (Non-GAAP) 財務指標的詳細信息，包括與最直接可比的公認會計準則 (GAAP) 指標的調節表，請參閱今日的收益報告，該報告可在我們的網站 investors.loandepot.com 上獲取。本次電話會議的網路直播和文字記錄將在電話會議結束後發佈在我們的網站上。

On today's call, we have loanDepot's Founder and Chief Executive Officer, Anthony Hsieh; and Chief Financial Officer, David Hayes. They will provide an overview of our quarter as well as our financial and operational results and outlook. We are also joined by Chief Investment Officer, Jeff DerGurahian; and LDI Mortgage President, Jeff Walsh, to help answer your questions after our prepared remarks. And with that, I'll turn things over to Anthony to get us started. Anthony?

今天的電話會議邀請了 loanDepot 的創始人兼執行長 Anthony Hsieh 和財務長 David Hayes。他們將概述我們的季度以及我們的財務和營運業績和前景。首席投資長 Jeff DerGurahian 和 LDI Mortgage 總裁 Jeff Walsh 也將加入我們，在我們準備好的演講後回答您的問題。有了這些，我將把事情交給安東尼開始。安東尼？

Well, thank you, Gerhard. I appreciate everyone joining us on the call today. I'm thrilled to take the helm of the company that I, along with so many members of the team built from the ground up. My immediate focus is to return to our roots and drive profitable market share growth, and technology-powered efficiency with the goal of returning to profitability.

好吧，謝謝你，格哈德。我感謝今天參加電話會議的各位。我很高興能夠執掌這家我和團隊中眾多成員白手起家創立的公司。我的當務之急是回歸本源，推動獲利市場佔有率的成長，並透過技術提高效率，最終獲利。

Before we dive in, I would like to take this opportunity to acknowledge LDI Mortgage President Jeff Walsh. We have decided to retire from loanDepot. His last day with the company will be September 5.

在我們深入探討之前，我想藉此機會感謝 LDI 抵押貸款總裁 Jeff Walsh。我們已決定從 loanDepot 退休。他在公司的最後一天是 9 月 5 日。

Over the last 12 years, Jeff has played a major role in the growth of the company, most recently leading our production channels. He's deeply admired by our salespeople and respected by everyone who's had the opportunity to work with him. On behalf of the company, I want to thank Jeff for everything he's done to propel our company forward and wish him many wonderful adventures in the next chapter of his life.

在過去的 12 年裡，Jeff 在公司的發展中發揮了重要作用，最近領導了我們的生產管道。我們的銷售人員對他十分欽佩，所有有機會與他合作的人都對他十分尊敬。我謹代表公司感謝傑夫為推動公司發展所做的一切，並祝福他在人生的下一個篇章中經歷許多精彩的冒險。

loanDepot has what I consider to be a truly unique set of assets, including our brand and marketing muscle, our servicing portfolio, our tech stack, and of course, our diversified multi-channel origination strategy. I'd like to focus for a moment on our direct lending channel, which has one of the few technology-powered, at-scale models in the industry. It is the asset that powers our flywheel effect and creates a significant strategic advantage for us. It starts with our nationally recognized brand and marketing prowess at the top of the funnel, where we directly engage with our customers and quickly drive leads to a highly skilled sales force.

loanDepot 擁有我認為真正獨特的資產，包括我們的品牌和行銷實力、我們的服務組合、我們的技術堆疊，當然還有我們多樣化的多通路發起策略。我想暫時集中談談我們的直接貸款管道，它是業內為數不多的以技術為驅動、規模化的模式之一。它是推動我們飛輪效應並為我們創造重大戰略優勢的資產。它始於我們在全國範圍內享有盛譽的品牌和行銷實力，我們直接與客戶接觸，並迅速將潛在客戶轉化為高技能的銷售人員。

Our nationwide reach and a broad suite of products allow us to serve every aspect of the customer's financing needs. By retaining much of the servicing for the loans we originate, we not only create another consistent source of revenue for the company, but we continue to directly interact with our customers, strengthening our brand awareness and cementing their loyalty through exceptional customer care. It is this ongoing interaction with our customers, coupled with our advanced data analytics, that allows us to capture customers for refinancing when interest rates change or new purchase mortgages as their housing needs change.

我們的全國覆蓋範圍和廣泛的產品使我們能夠滿足客戶各個方面的融資需求。透過保留我們發放的貸款的大部分服務，我們不僅為公司創造了另一個穩定的收入來源，而且我們繼續直接與客戶互動，加強我們的品牌知名度，並透過卓越的客戶服務鞏固他們的忠誠度。正是這種與客戶的持續互動，加上我們先進的數據分析，使我們能夠在利率變化時吸引客戶進行再融資，或在客戶住房需求變化時吸引客戶進行新的購房抵押貸款。

All of what I just described results in high customer satisfaction and increased brand affinity, which drives our top-tier recapture rates. This flywheel of powerful marketing driving customer leads to our salespeople, providing them with a superior customer experience throughout their homeownership journey, and creating opportunities to refinance them at no additional customer acquisition cost makes loanDepot the partner of choice for their homeownership needs, while driving profitability for the company.

我剛才描述的一切都提高了客戶滿意度和品牌親和力，從而提高了我們的頂級回收率。這款強大的行銷飛輪將客戶引導至我們的銷售人員，為他們在整個購房過程中提供卓越的客戶體驗，並創造無需額外客戶獲取成本的再融資機會，使 loanDepot 成為他們購房需求的首選合作夥伴，同時為公司帶來盈利能力。

After spending the past five months digging deep in every aspect of the business, I know where my focus needs to be. Our industry is very large, but is highly fragmented, and as one of the very few companies with a nationally recognized brand, I believe loanDepot has a strong foundation to increase lead generation, improve conversion rates, and grow the top of the funnel. We need to return to growth, gaining profitable market share and penetrating new markets, and that needs to be powered by new technology and operating efficiencies, all of which I believe will position us to once again disrupt and redefine the industry.

在過去的五個月裡，我深入研究了業務的各個方面，我知道我需要把重點放在哪裡。我們的行業非常龐大，但高度分散，作為擁有全國知名品牌的極少數公司之一，我相信 loanDepot 擁有強大的基礎來增加潛在客戶生成、提高轉換率並擴大通路頂端。我們需要恢復成長，獲得獲利的市場份額並滲透到新的市場，而這需要由新技術和營運效率來推動，我相信所有這些都將使我們再次顛覆和重新定義這個產業。

To accelerate the company's digital transformation and our goal of returning to market leadership, this week we announced the addition of two mortgage technology trailblazers to our leadership team. Chief Digital Officer Dominick Marchetti is responsible for leading the company's overall digital transformation and strategy. Dom is someone that I trust deeply, who has a proven track record of delivering next-generation capabilities, and with whom I am completely aligned in how we think about the business.

為了加速公司的數位轉型和重返市場領導地位的目標，本週我們宣布增加兩位抵押貸款技術開拓者加入我們的領導團隊。首席數位長 Dominick Marchetti 負責領導公司的整體數位轉型和策略。我非常信任 Dom，他在提供下一代功能方面有著良好的記錄，而且我和他對業務的看法完全一致。

Among the many things that set him apart are his expansive knowledge, his incredible industry relationships, and his ability to harness technology and innovation to build and run an exceptional mortgage business. Chief Innovation Officer Sean DeGilia is responsible for driving innovation throughout the loan manufacturing process across all channels. With a strong focus on the top of the funnel, there are very few who match the type of mortgage IQ Sean has, namely deep competitive knowledge, big-picture thinker combined with top-tier coding talent and firsthand experience as an originator.

他之所以與眾不同，是因為他擁有廣博的知識、令人難以置信的行業關係，以及他利用技術和創新來建立和經營卓越抵押貸款業務的能力。首席創新長 Sean DeGilia 負責推動整個貸款製造流程中所有管道的創新。由於高度關注漏斗的頂端，很少有人能與 Sean 的抵押貸款智商相媲美，即深厚的競爭知識、宏觀思考能力、頂級編碼天賦以及作為發起人的第一手經驗。

These two brilliant and proven technology leaders bring a deep understanding of both the loan manufacturing process and the competitive landscape, and I trust the leaders who know how to build, inspire, and deliver.

這兩位才華洋溢、經驗豐富的技術領袖對貸款製造流程和競爭格局都有著深刻的理解，我相信他們知道如何建立、激勵和實現目標。

I returned to the operating team on March 7, became interim CEO on June 4, and was appointed by the board as permanent CEO on July 27. Since March, several initiatives are already in flight that move us towards our goals of profitable market share growth, technology-driven operating efficiencies, and our return to profitability. I look forward to sharing our progress again next quarter. With that, I will now turn the call over to Dave, who will take us through our financial results in more detail, Dave.

我於3月7日重返營運團隊，6月4日成為臨時首席執行官，7月27日被董事會任命為正式執行長。自三月以來，我們已經啟動了多項舉措，以幫助我們實現盈利性市場份額增長、技術驅動的營運效率以及恢復盈利的目標。我期待下個季度再次分享我們的進展。說完這些，我現在將電話轉給戴夫，他將向我們更詳細地介紹我們的財務業績，戴夫。

Thanks, Anthony, and good afternoon, everyone. The second quarter reflected the benefits of higher adjusted revenue and lower costs. We reported an adjusted net loss of $16 million in the second quarter compared to an adjusted net loss of $25 million in the first quarter of 2025, due primarily to higher lock volume and lower expenses.

謝謝，安東尼，大家下午好。第二季體現了調整後收入增加和成本降低的好處。我們報告第二季調整後淨虧損為 1,600 萬美元，而 2025 年第一季調整後淨虧損為 2,500 萬美元，這主要是由於鎖定量增加和費用降低。

During the second quarter, pull-through weighted rate lock volume was $6.3 billion, which represented a 17% increase from the prior quarter's volume of $5.4 billion and primarily reflected the seasonal increase in home buying activity.

第二季度，拉動加權利率鎖定額為 63 億美元，較上一季的 54 億美元成長 17%，主要反映了購屋活動的季節性成長。

Pull-through weighted rate lock volume came in within the guidance we issued last quarter of $5.5 billion to $8 billion and contributed to adjusted total revenue of $292 million, which compared to $278 million in the first quarter of 2025. Our pull-through weighted gain on sale margin for the second quarter came in at 330 basis points, within our guidance range of 300 to 350 basis points, and compared to 355 basis points in the prior quarter. Our gain on sale margin primarily reflected a product mix and channel mix shift from the prior quarter.

拉動加權利率鎖定量在我們上個季度發布的 55 億美元至 80 億美元的指導範圍內，並貢獻了 2.92 億美元的調整後總收入，而 2025 年第一季為 2.78 億美元。我們第二季的加權銷售利潤率為 330 個基點，在我們 300 至 350 個基點的指導範圍內，而上一季為 355 個基點。我們的銷售利潤率收益主要反映了與上一季相比產品組合和通路組合的變化。

Our loan origination volume was $6.7 billion for the quarter, an increase of 30% from the prior quarter's volume of $5.2 billion. This was also within the guidance we issued last quarter of between $5 billion and $7.5 billion. Servicing fee income increased from $104 million in the first quarter of 2025 to $108 million in the second quarter of 2025 and primarily reflects the increase in our unpaid principal balance of our servicing portfolio and interest earned on the seasonal increase in custodial balances.

本季我們的貸款發放量為 67 億美元，較上一季的 52 億美元成長 30%。這也符合我們上個季度發布的 50 億美元至 75 億美元的預期。服務費收入從 2025 年第一季的 1.04 億美元增加到 2025 年第二季的 1.08 億美元，主要反映了我們服務組合中未償還本金餘額的增加以及託管餘額季節性增加所產生的利息。

We hedge our servicing portfolio, so we do not record the full impact of the changes in fair value in the results of operations. We believe this strategy helps protect against volatility in our earnings and liquidity. Our strategy for hedging the servicing portfolio is dynamic, and we adjust our hedge positions in reaction to changing interest rate environments.

我們對服務組合進行了對沖，因此我們沒有在經營成果中記錄公允價值變動的全部影響。我們相信這項策略有助於防止我們的收益和流動性波動。我們對沖服務組合的策略是動態的，我們會根據變化的利率環境調整避險部位。

Our total expenses for the second quarter of 2025 decreased by $5 million, or 2%, from the prior quarter. The primary drivers of the decrease were two one-time benefits in salary and general and administrative expenses. Salaries were down primarily on lower stock-based compensation from equity surrenders, and G&A was down primarily due to proceeds and insurance recovery of legal fees related to the successful outcome of litigation. Direct origination expenses were down 7% during the quarter, despite a 30% increase in origination volume, which benefited from renegotiated vendor contracts and loan origination process improvements.

我們 2025 年第二季的總支出較上一季減少了 500 萬美元，即 2%。下降的主要原因是薪資和一般及行政費用中的兩項一次性福利。薪資下降主要是因為股權放棄導致的股票薪酬減少，而一般及行政費用下降主要是因為訴訟成功結果相關的收益和保險追償的法律費用。本季直接發起費用下降了 7%，儘管發起量增加了 30%，但這得益於重新談判的供應商合約和貸款發起流程的改進。

Looking ahead to the third quarter, we expect pull-through weighted lock volume of between $5.25 billion and $7.25 billion and origination volume of between $5 billion and $7 billion. We expect our third quarter pull-through weighted gain on sale margin to be between 325 and 350 basis points. Our guidance reflects recent market volatility, high mortgage interest rates, and affordability of new and resale homes.

展望第三季度，我們預期拉通加權鎖定量將在 52.5 億美元至 72.5 億美元之間，發起量將在 50 億美元至 70 億美元之間。我們預計第三季的加權銷售利潤率將在 325 至 350 個基點之間。我們的指導反映了近期的市場波動、高抵押貸款利率以及新房和轉售房的可負擔性。

Our total expenses are expected to increase in the third quarter, primarily driven by higher non-volume-related expenses from the exclusion of the one-time benefits recognized during the second quarter. The increase during the third quarter is expected to be partially offset by lower volume-related expenses.

預計第三季我們的總支出將會增加，主要原因是扣除第二季確認的一次性福利後，非銷售相關支出將增加。預計第三季的成長將被銷售相關費用的降低部分抵銷。

We remain laser-focused on our commitment to profitability and continue to work with discipline to grow revenue and manage costs while maintaining ample cash and strong balance sheets. We ended the quarter with $409 million in cash, increasing by $37 million since the first quarter.

我們始終專注於獲利承諾，並繼續嚴格遵守紀律，增加收入和管理成本，同時保持充足的現金和強勁的資產負債表。本季末，我們的現金為 4.09 億美元，比第一季增加了 3,700 萬美元。

With Anthony’s energy and focused discipline, we believe our multi-channel strategy, high-quality in-house servicing, scalable origination capabilities, and operating leverage uniquely position us to profitably grow volume and market share in the current environment. We believe a sustained decrease in mortgage rates will materially improve our bottom line as the benefits of our scaled, branded direct origination platform come to bear, while our investments in tech-enabled, efficiency-generating initiatives will provide the foundation for additional momentum during the remainder of 2025 and beyond. With that, we're ready to turn it back over to the operator for Q&A operator.

憑藉安東尼的活力和專注的紀律，我們相信，我們的多通路策略、高品質的內部服務、可擴展的發起能力和營運槓桿將使我們在當前環境下獲得盈利，實現銷售和市場份額的成長。我們相信，隨著我們規模化、品牌化的直接發起平台的優勢逐漸顯現，抵押貸款利率的持續下降將大幅改善我們的盈利狀況，而我們對技術支持、提高效率的舉措的投資將為 2025 年剩餘時間及以後的額外發展勢頭奠定基礎。有了這些，我們準備將其交還給操作員進行問答。

(Operator Instructions) Doug Harter, UBS.

（操作員指示）Doug Harter，瑞銀。

Thanks. I guess just to drill into it, Anthony, on the kind of profitable growth, what are some of the steps that you think you need to take to kind of be able to drive that market share growth? Is that kind of adding headcount? Is that adding marketing dollars? Kind of how should we think about the investment that might be needed to drive that growth?

謝謝。安東尼，我想深入探討獲利成長，您認為需要採取哪些措施才能推動市場佔有率的成長？這是增加員工人數嗎？這樣會增加行銷費用嗎？我們應該如何考慮推動這項成長所需的投資？

Yeah, sure, Doug, nice to speak with you again. So, there are multiple verticals that we're working on. The most important is we must achieve scale. The company -- unfortunately, our market share over the last few years has shrunk, and as a result of that we lost some scale. So you need your variable cost to kick in so that it can carry your fixed cost. So that is the first order of business.

是的，當然，道格，很高興再次與您交談。所以，我們正在進行多個垂直領域的工作。最重要的是我們必須實現規模化。不幸的是，過去幾年我們的市佔率已經縮小，因此我們的規模也縮小了。因此，您需要讓變動成本發揮作用，以便它能夠承擔固定成本。這是首要任務。

Number two is you must utilize technology to increase your efficiency during the loan process. That is both short-term and long-term focused. With Dom and Sean coming back into the organization, it really is a wonderful opportunity for the company to pick up knowledge from two individuals that have a very diverse, wide, and vast and contemporary look at the industry today and the type of efficiencies that we can create, not only instant improvements, as well as longer-term journeys that would return us to best-in-class efficiency.

第二，你必須利用科技來提高貸款流程的效率。這既注重短期，也注重長期。隨著 Dom 和 Sean 重返公司，對於公司來說，這確實是一個絕佳的機會，可以從兩位對當今行業以及我們可以創造的效率類型有著非常多樣化、廣泛、廣闊和現代視角的個人那裡獲取知識，不僅是即時的改進，還有可以讓我們恢復一流效率的長期旅程。

Because we have a direct lending channel that allows us to scale rapidly during any sort of a market rally, because we control the leads and not necessarily through other channels where you're relying on in-field loan officers. So our order is to be prepared so that not only are we able to scale up in today's market to fight for additional market share, but to be opportunistic when the market decides to have lower rates, which will no doubt boom from a refinance market. It's not going to take much because rates have been high now for three years, so lots of equity, lots of debt, and there's a lot of opportunities for us to refinance that customer. Just one follow-up on that, Anthony.

因為我們擁有直接貸款管道，這使我們能夠在任何市場反彈期間迅速擴大規模，因為我們控制著線索，而不一定透過依賴現場貸款人員的其他管道。因此，我們的命令是做好準備，這樣我們不僅能夠在當今市場擴大規模，爭取更多的市場份額，而且當市場決定降低利率時，我們能夠抓住機會，這無疑會從再融資市場中蓬勃發展。這不需要花費太多，因為利率已經連續三年居高不下，所以有很多股權、很多債務，我們有很多機會為該客戶進行再融資。安東尼，我還有一個後續問題。

Just how are you balancing that positioning for scale and driving profitable growth with the current debt load and the need to preserve equity capital? How are you balancing that near-term profitability with wanting to make those investments for growth?

您如何在規模定位和推動獲利成長與當前債務負擔以及保留股本的需要之間取得平衡？您如何平衡短期獲利能力與成長投資？

Doug, if you look at the way that we are structured as an organization, our strategy, and certainly we have our servicing business that's very stable and predictable. Our joint venture business with large homebuilders, that is very stable and predictable. And you look at our in-market loan officers, which primarily focuses on purchases. And we have seen steady growth in that area and we look to enhance that growth going forward, which is the purchase market.

道格，如果你看我們的組織結構、我們的策略，你會發現我們的服務業務非常穩定且可預測。我們與大型房屋建築商的合資業務非常穩定且可預測。您可以看看我們市場內的貸款人員，他們主要專注於購買。我們已經看到該領域穩步成長，我們希望在未來加強這一成長，即購買市場。

On our direct lending business, our market share in refinances and second mortgages particularly is fairly low. So the target and our ability and our opportunity to grow into that market is significantly high. So it is an area that we're expertise in. It is an area that we've been involved in for a long period of time.

在我們的直接貸款業務中，我們在再融資和二次抵押貸款方面的市佔率尤其低。因此，我們進入該市場的目標、能力和機會都相當高。所以這是我們擅長的領域。我們已經涉足該領域很長時間了。

There are very few scaled direct lending or direct-to-consumer shops that are out there today. That is our immediate opportunity. That's an area that we have done in the past, Doug. We've grown the company as a startup in 2010 to the number two retail lender inside of 11 years. And we did that profitably while we grew market share in markets that shrunk and in markets that boomed.

如今，規模化的直接貸款或直接面向消費者的商店非常少。這是我們眼前的機會。這是我們過去做過的一個領域，道格。我們已在 11 年內將公司從 2010 年的一家新創公司發展成為第二大零售貸款機構。我們在獲利的同時，也擴大了在萎縮市場和繁榮市場的份額。

So it is not something that we haven't done before, but obviously we need to be very cautious, particularly understanding some of the tools that we have available today while we continue to enhance our technology tools.

所以這不是我們以前沒有做過的事情，但顯然我們需要非常謹慎，特別是在繼續增強我們的技術工具的同時，了解我們今天擁有的一些工具。

(Operator Instructions) And there are no further questions at this time. Anthony Hsieh, I turn the call back over to you.

（操作員指示）目前沒有其他問題。安東尼謝，我把電話轉回給你。

Thank you. On behalf of Dave Gerhardt, Jeff Walsh, Jeff Gerguerian, and the rest of our team, I want to thank you for joining us today. Our company is special, comprised of a unique set of assets. As we turn our focus to once again be the industry leader in innovative technology tools powered by the emergence of AI-driven operating efficiency, we will return to competing at the highest levels. So thanks again, everybody, and I appreciate your support.

謝謝。我謹代表 Dave Gerhardt、Jeff Walsh、Jeff Gerguerian 以及我們團隊的其他成員，感謝你們今天的到來。我們的公司很特殊，由一套獨特的資產組成。當我們將重點再次轉向成為由人工智慧驅動的營運效率所推動的創新技術工具的行業領導者時，我們將重返最高水準的競爭。再次感謝大家，我感謝你們的支持。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。