$138.7 million in 2Q21 Net Income; Record
Quarterly Total Loan Volume of $59.2 billion and Purchase Volume of
$24.1 billion in 2Q21
UWM Holdings Corporation (NYSE: UWMC), the publicly
traded indirect parent of United Wholesale Mortgage (“UWM”), the #1
wholesale mortgage lender in America, today announced its results
for the second quarter ended June 30, 2021. UWMC reported 2Q21 net
income of $138.7 million on $59.2 billion in total originations.
The record loan origination volume for the quarter also included a
quarterly record of $24.1 billion in purchase volume and net income
for the second quarter was inclusive of a $219.1 million decline in
fair value of mortgage servicing rights (MSRs).
Mat Ishbia, Chairman and CEO of UWMC, said: "We demonstrated the
strength of our business by delivering our best quarter of all-time
in terms of overall production and purchase production. As we have
said previously, UWM is built to succeed not only when there is a
refi boom and margins are at record highs, but also when margins
are compressed and purchase business drives the volume. Consumers
are increasingly coming to realize that working with a broker is
the cheapest, fastest and easiest way to get a mortgage, and as
long as the wholesale channel flourishes, so will UWM as the
undisputed leader and champion of the channel."
Second Quarter 2021 Financial Highlights
- Originations of $59.2 billion, a 90% increase from $31.1
billion in 2Q20
- Purchase originations of $24.1 billion, a 288% increase
compared to $6.2 billion in 2Q20
- Total gain margin of 81 bps in 2Q21 compared to 243 bps in
2Q20
- Second quarter 2021 net income of $138.7 million inclusive of a
$219.1 million decline in fair value of MSRs as compared to $539.5
million for 2Q20 inclusive of $70.0 million of expenses related to
amortization, impairment, and pay-offs of MSRs.
- Total equity of $2.69 billion at June 30, 2021 as compared to
$1.47 billion at June 30, 2020
- Unpaid principal balance of mortgage servicing rights increased
to $260.5 billion at June 30, 2021 from $109.4 billion at June 30,
2020
- Commenced stock buyback and repurchased 790,599 shares of Class
A Common Stock for $6.1 million through June 30, 2021
Production and Income Statement
Highlights (dollars in thousands)
Q2 2021
Q1 2021
Q2 2020
Closed loan volume(1)
$
59,210,747
$
49,094,240
$
31,137,561
Total gain margin(1)(2)
0.81
%
2.19
%
2.43
%
Net income
$
138,712
$
860,005
$
539,487
Adjusted net income(3)
106,841
665,318
411,769
Adjusted EBITDA(3)
209,651
711,418
531,988
(1)
Key operational metric - see discussion
below.
(2)
Represents total loan production income
divided by total production.
(3)
Non-GAAP metric - see discussion
below.
Balance Sheet Highlights as of
Period-end (dollars in thousands)
Q2 2021
Q1 2021
Q2 2020
Cash and cash equivalents
$
1,048,177
$
1,592,663
$
570,439
Mortgage loans at fair value
12,404,112
5,503,271
5,793,106
Mortgage servicing rights (fair value
at Q2 2021 and Q1 2021; amortized cost in Q2 2020)(1)
2,662,556
2,300,434
924,260
Total assets
16,844,098
10,372,626
7,773,873
Non-funding debt (2)
1,548,088
1,270,167
362,251
Total equity
2,686,986
2,778,036
1,468,151
Non-funding debt to equity (2)
0.58
0.46
0.25
(1)
The Company elected the fair value method
of accounting for mortgage servicing rights effective January 1,
2021.
(2)
Non-GAAP metric - please see discussion
below.
Mortgage Servicing Rights (dollars in
thousands)
Q2 2021
Q1 2021
Q2 2020
Unpaid principal balance
$
260,514,602
$
220,978,670
$
109,355,531
Weighted average interest rate
2.97
%
3.00
%
3.63
%
Weighted average age (months)
7
7
5
Operational and Community Highlights
- We maintained an average application to clear to close time
(“Days to Close”) of approximately 18 days in 2Q21 while management
estimates that the industry average remains at an average of 47
days during second quarter 2021, as released in the June ICE
Mortgage Technology Origination Insight Report
- Our 1.19% 60+ days delinquency and our 1.06% forbearance rates,
as of June 30, 2021, are significantly better than the industry
averages of 4.37% and 3.76%, respectively, highlighting our strong
credit quality
- We launched FutureU, an internship program for children that
are aging out of the foster care system, aimed at providing a
career launching pad at UWM
Technology Update
- In Q2 we launched a proprietary document management software
platform that enables end-to-end document management, making our
process more efficient. We expect estimated annual costs savings of
approximately $8M.
Product and Investor Mix -
Unpaid Principal Balance as of Period-end (dollars in
thousands)
Purchase:
Q2 2021
Q1 2021
Q2 2020
Conventional
$
17,439,162
$
10,310,924
$
4,628,755
Jumbo
3,151,864
13,264
61,383
Government
3,471,430
1,893,354
1,515,975
Total Purchase
$
24,062,456
$
12,217,542
$
6,206,113
Refinance:
Q2 2021
Q1 2021
Q2 2020
Conventional
$
30,143,310
$
33,623,348
$
22,852,618
Jumbo
2,737,040
5,446
127,706
Government
2,267,940
3,247,904
1,951,124
Total Refinance
$
35,148,290
$
36,876,698
$
24,931,448
Total Originations
$
59,210,746
$
49,094,240
$
31,137,561
Chairman and CEO of UWMC, Mat Ishbia, added: “In Q2 we began
seeing the return from the foundation we built, particularly in the
rapid growth of our purchase production, and also evidenced by the
renewed focus on Jumbo, Manufactured Homes, and FHA.”
Third Quarter 2021 Outlook
We anticipate third quarter production to be in the $57-$62
billion range, with expected gain margin between 75 and 100
bps.
Dividend
Subsequent to June 30, 2021, the UWMC Board of Directors
declared a cash dividend of $0.10 per share on the outstanding
shares of Class A common stock. The dividend is payable on October
6, 2021 (the “Dividend Payment Date”) to stockholders of record at
the close of business on September 10, 2021. On or before the
Dividend Payment Date, the Board, in its capacity as the Manager of
UWM Holdings LLC ("Holdings LLC") and pursuant to its authority
under the Holdings LLC Amended and Restated Operating Agreement,
will determine whether to (a) make distributions from Holdings LLC
to only UWM Holdings Corporation, as the owner of the Class A Units
of Holdings LLC with the proportional amount due to SFS Holding
Corp. ("SFS Corp.") as the owner of the Class B Units of Holdings
LLC, being distributed upon the sooner to occur of (i) the Board
making a determination to do so or (ii) the date on which Class B
Units of Holdings LLC are converted into shares of Class B common
stock of UWMC or (b) make proportional and simultaneous
distributions from Holdings LLC to both UWM Holdings Corporation,
as the owner of the Class A Units of Holdings LLC and to SFS Corp.
as the owner of the Class B Units of Holdings LLC.
Recent Developments
Subsequent to June 30, 2021, the Company repurchased an
additional 1.5 million shares of Class A common stock for
approximately $11.5 million pursuant to the share repurchase plan
authorized by the Company's Board of Directors.
Earnings Conference Call Details
As previously announced, UWMC will hold a conference call for
financial analysts and investors on Monday, August 16 at 4:30 PM ET
to review the results and answer questions. Interested parties may
register for a toll-free dial-in number by visiting:
- http://www.directeventreg.com/registration/event/6547218
- Conference ID: 6547218
- Conference Call Name: UWM Holdings Corporation 2Q 2021 Earnings
Call
Please dial in at least 15 minutes in advance to ensure a timely
connection to the call. Audio webcast, taped replay and transcript
will be available on the UWMC investor relations website at
https://investors.uwm.com/.
Key Operational Metrics
“Closed loan volume” and “Total gain margin” are key operational
metrics that UWMC management uses to evaluate the performance of
the business. “Closed loan volume” is the aggregate principal of
the residential mortgage loans originated by UWMC during a period.
“Total gain margin” represents total loan production income divided
by total production.
Non-GAAP Metrics
UWMC's net income for periods prior to the first quarter of 2021
does not reflect a significant income tax provision, since UWM
(UWMC's accounting predecessor) is a pass-through entity not
subject to federal and most state income taxes. For periods
commencing with the first quarter of 2021, UWMC's net income does
not reflect the income tax provision that would otherwise be
reflected if 100% of the economic interest in UWM was owned by
UWMC. Therefore, for comparison purposes, UWMC provides “Adjusted
net income”, which is our pre-tax income adjusted for a 23.78%
estimated effective tax rate. “Adjusted net income” is a Non-GAAP
Metric.
We also disclose Adjusted EBITDA, which we define as earnings
before interest expense on non-funding debt, provision for income
taxes, depreciation and amortization of premises and equipment,
stock-based compensation expense, the change in fair value of MSRs
due to valuation inputs or assumptions (for periods subsequent to
the election of the fair value method accounting for MSRs), and the
impairment or recovery of MSRs (for periods prior to the election
of the fair value method of accounting for MSRs), the impact of
non-cash deferred compensation expense, and the change in fair
value of Public and Private Warrants. We exclude the change in fair
value of Public and Private Warrants and the change in fair value
of MSRs due to valuation inputs or assumptions, or impairment or
recovery of MSRs prior to the election of the fair value method of
accounting for MSRs, as these represent non-cash, non-realized
adjustments to our earnings, which is not indicative of our
performance or results of operations. Adjusted EBITDA includes
interest expense on funding facilities, which are recorded as a
component of interest expense, as these expenses are a direct
operating expense driven by loan origination volume. By contrast,
interest expense on non-funding debt is a function of our capital
structure and is therefore excluded from Adjusted EBITDA.
In addition, we disclose “Non-funding debt” and the “Non-funding
debt to equity ratio” as a Non-GAAP metric. We define “Non-funding
debt” as the total of UWMC's senior notes, operating lines of
credit, equipment note payable, and finance leases as reported on
our balance sheet, and the “Non-funding debt to equity ratio” as
Non-funding debt divided by UWMC’s total equity.
Management believes that these Non-GAAP metrics provide useful
information to investors. These measures are not financial measures
calculated in accordance with GAAP and should not be considered as
a substitute for any other operating performance measure calculated
in accordance with GAAP, and may not be comparable to a similarly
titled measure reported by other companies.
The following table presents these non-GAAP financial measures
along with their most directly comparable financial measure
calculated in accordance with GAAP (dollars in thousands):
Adjusted net income
Q2 2021
Q1 2021
Q2 2020
Earnings before income taxes
$
140,174
$
872,891
$
540,237
Impact of estimated effective tax rate of
23.78%
(33,333
)
(207,573
)
(128,468
)
Adjusted net income
$
106,841
$
665,318
$
411,769
Adjusted EBITDA
Q2 2021
Q1 2021
Q2 2020
Net income
$
138,712
$
860,005
$
539,487
Interest expense on non-funding debt
22,292
16,343
5,472
Provision for income taxes
1,462
12,886
750
Depreciation and amortization
8,353
7,289
2,676
Stock-based compensation expense
2,327
—
—
Change in fair value of MSRs due to
valuation inputs or assumptions
38,035
(197,802
)
—
(Recovery)/Impairment of MSRs
—
—
(25,697
)
Deferred compensation, net
—
30,000
9,300
Change in fair value of Public and Private
Warrants
(1,530
)
(17,303
)
—
Adjusted EBITDA
$
209,651
$
711,418
$
531,988
Non-funding debt and non-funding debt
to equity
Q2 2021
Q1 2021
Q2 2020
Senior notes
$
1,483,587
$
789,870
$
—
Operating lines of credit
—
400,000
335,000
Equipment note payable
2,583
25,424
27,251
Finance lease liability
61,918
54,873
—
Total non-funding debt
$
1,548,088
$
1,270,167
$
362,251
Total equity
$
2,686,986
$
2,778,036
$
1,468,151
Non-funding debt to equity
0.58
0.46
0.25
Forward Looking Statements
This press release and our earnings call include forward-looking
statements. These forward-looking statements are generally
identified by the use of words such as “anticipate,” “believe,”
“estimate,” “expect,” “intend,” “may,” “plan,” “potential,”
“predict,” and similar words indicating that these reflect our
views with respect to future events. Forward-looking statements in
this press release include statements regarding: (1) our foundation
and strategies for growth and the drivers of that growth; (2) our
“All-In” initiative and its impact on our business and industry;
(3) our performance in shifting market conditions and the
comparison of such performance against our competitors; (4) growth
of the wholesale channel and the benefits to our business of such
growth; (5) our investments in technology and the impact to our
operations and financial results; (6) our purchase production and
product mix; and (7) our anticipated ranges for production volume
and margin in the third quarter of 2021. These statements are based
on management’s current expectations, but are subject to risks and
uncertainties, many of which are outside of our control, and could
cause future events or results materially differ from those stated
or implied in the forward-looking statements, including (i) UWM’s
dependence on macroeconomic and U.S. residential real estate market
conditions, including changes in U.S. monetary policies that affect
interest rates; (ii) UWM’s reliance on its warehouse facilities and
the risk of a decrease in the value of the collateral underlying
certain of its facilities causing an unanticipated margin call;
(iii) UWM’s ability to sell loans in the secondary market; (iv)
UWM’s dependence on the government sponsored entities such as
Fannie Mae and Freddie Mac; (v) changes in the GSEs’, FHA, USDA and
VA guidelines or GSE and Ginnie Mae guarantees; (vi) UWM’s
dependence on Independent Mortgage Advisors to originate mortgage
loans; (vii) the risk that an increase in the value of the MBS UWM
sells in forward markets to hedge its pipeline may result in an
unanticipated margin call; (viii) UWM’s inability to continue to
grow, or to effectively manage the growth of, its loan origination
volume; (ix) UWM’s ability to continue to attract and retain its
Independent Mortgage Advisor relationships; (x) UWM’s ability to
implement technological innovation; (xi) UWM’s ability to continue
to comply with the complex state and federal laws regulations or
practices applicable to mortgage loan origination and servicing in
general; and (xii) other risks and uncertainties indicated from
time to time in our filings with the Securities and Exchange
Commission including those under “Risk Factors” therein. With
respect to expectations regarding the share repurchase program, the
amount and timing of share repurchases will depend upon, among
other things, market conditions, share price, liquidity targets,
regulatory requirements. We wish to caution readers that certain
important factors may have affected and could in the future affect
our results and could cause actual results for subsequent periods
to differ materially from those expressed in any forward-looking
statement made by or on behalf of us. We undertake no obligation to
update forward-looking statements to reflect events or
circumstances after the date hereof.
About UWM Holdings Corporation and United Wholesale
Mortgage
Headquartered in Pontiac, Michigan, UWM Holdings Corporation is
the publicly traded indirect parent of United Wholesale Mortgage
(“UWM”). UWM is the #1 wholesale lender in the nation six years in
a row, providing state-of-the-art technology and unrivaled client
service. UWM underwrites and provides closing documentation for
residential mortgage loans originated by independent mortgage
brokers, correspondents, small banks and local credit unions. UWM
focuses on providing highly efficient, accurate and expeditious
lending support. UWM’s exceptional teamwork and focus on technology
result in the delivery of innovative mortgage solutions that drive
the company’s ongoing growth in market share and its leadership
position as the foremost advocate for independent mortgage brokers.
For more information, visit www.uwm.com.
UWM HOLDINGS
CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands, except shares
and per share amounts)
June 30, 2021
December 31,
2020
Assets
(Unaudited)
Cash and cash equivalents
$
1,048,177
$
1,223,837
Mortgage loans at fair value
12,404,112
7,916,515
Derivative assets
75,438
61,072
Accounts receivable, net
317,458
253,600
Mortgage servicing rights
2,662,556
1,756,864
Premises and equipment, net
130,864
107,572
Operating lease right-of-use asset, net
(includes $86,748 and $92,571 with related parties)
87,130
93,098
Finance lease right-of-use asset (includes
$29,385 and $0 with related parties)
61,356
22,929
Other assets
57,007
57,989
Total assets
$
16,844,098
$
11,493,476
Liabilities and Equity
Warehouse lines of credit
$
11,249,213
$
6,941,397
Accounts payable and accrued expenses
1,018,536
847,745
Accrued distributions and dividends
payable
160,444
—
Derivative liabilities
82,551
66,237
Equipment note payable
2,583
26,528
Operating lines of credit
—
320,300
Senior notes
1,483,587
789,323
Operating lease liability (includes
$97,898 and $104,006 with related parties)
98,280
104,534
Finance lease liability (includes $29,576
and $0 with related parties)
61,918
23,132
Total liabilities
14,157,112
9,119,196
Equity:
Preferred stock, $0.0001 par value -
100,000,000 shares authorized, none issued and outstanding as of
June 30, 2021
—
—
Class A common stock, $0.0001 par value -
4,000,000,000 shares authorized, 102,318,776 shares issued and
outstanding as of June 30, 2021
10
—
Class B common stock, $0.0001 par value -
1,700,000,000 shares authorized, none issued and outstanding as of
June 30, 2021
—
—
Class C common stock, $0.0001 par value -
1,700,000,000 shares authorized, none issued and outstanding as of
June 30, 2021
—
—
Class D common stock, $0.0001 par value -
1,700,000,000 shares authorized, 1,502,069,787 shares issued and
outstanding as of June 30, 2021
150
—
Additional paid-in capital
187
24,839
Retained earnings
109,397
2,349,441
Non-controlling interest
2,577,242
—
Total equity
2,686,986
2,374,280
Total liabilities and equity
$
16,844,098
$
11,493,476
UWM HOLDINGS
CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except shares
and per share amounts)
(Unaudited)
For the three months
ended
For the six months
ended
June 30, 2021
March 31, 2021
June 30, 2020
June 30, 2021
June 30, 2020
Revenue
Loan production income
$
479,274
$
1,074,665
$
755,967
$
1,553,939
$
1,160,181
Loan servicing income
145,278
123,789
62,056
269,067
112,153
Change in fair value of mortgage servicing
rights
(219,104
)
(59,259
)
—
(278,363
)
—
Gain (loss) on sale of mortgage servicing
rights
10
4,763
(15,275
)
4,773
(65,497
)
Interest income
79,194
45,912
27,900
125,106
79,267
Total revenue, net
484,652
1,189,870
830,648
1,674,522
1,286,104
Expenses
Salaries, commissions and benefits
172,951
213,061
134,749
386,012
256,533
Direct loan production costs
15,518
13,162
10,625
28,680
23,179
Marketing, travel, and entertainment
11,330
10,495
2,820
21,825
10,254
Depreciation and amortization
8,353
7,289
2,676
15,642
5,321
Servicing costs
23,067
20,508
12,644
43,575
25,966
Amortization, impairment and pay-offs of
mortgage servicing rights
—
—
70,046
—
288,800
General and administrative
42,116
16,778
26,826
58,894
42,402
Interest expense
72,673
52,990
30,025
125,663
73,063
Other (income)/expense
(1,530
)
(17,304
)
—
(18,834
)
—
Total expenses
344,478
316,979
290,411
661,457
725,518
Earnings before income taxes
140,174
872,891
540,237
1,013,065
560,586
Provision for income taxes
1,462
12,886
750
14,348
750
Net income
138,712
860,005
539,487
998,717
559,836
Net income attributable to
non-controlling interest
130,448
812,020
N/A
$
942,468
N/A
Net income attributable to UWMC
$
8,264
$
47,985
N/A
$
56,249
N/A
Earnings per share of Class A common
stock:
Basic
$
0.08
$
0.47
N/A
$
0.55
N/A
Diluted
$
0.07
$
0.33
N/A
$
0.39
N/A
Weighted average shares
outstanding:
Basic
102,760,823
103,104,205
N/A
102,908,906
N/A
Diluted
1,605,067,478
1,605,173,992
N/A
1,605,215,562
N/A
Addendum to Exhibit 99.1
This addendum includes the Company's Condensed Consolidated
Balance Sheets as of June 30, 2021 and the preceding four quarters
and Statements of Operations for the quarter ended June 30, 2021
and the preceding four quarters, for purposes of providing
historical quarterly trending information to investors.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands, except shares
and per share amounts)
June 30, 2021
March 31, 2021
December 31,
2020
September 30,
2020
June 30, 2020
Assets
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Cash and cash equivalents
$
1,048,177
$
1,592,663
$
1,223,837
$
755,795
$
570,439
Mortgage loans at fair value
12,404,112
5,503,271
7,916,515
5,215,196
5,793,106
Derivative assets
75,438
113,168
61,072
51,053
56,938
Accounts receivable, net
317,458
549,381
253,600
246,862
217,325
Mortgage servicing rights
2,662,556
2,300,434
1,756,864
1,411,272
924,260
Premises and equipment, net
130,864
111,964
107,572
51,548
81,522
Operating lease right-of-use asset,
net
87,130
87,896
93,098
109,680
111,753
Finance lease right-of-use asset
61,356
54,456
22,929
—
—
Other assets
57,007
59,393
57,989
66,397
18,530
Total assets
$
16,844,098
$
10,372,626
$
11,493,476
$
7,907,803
$
7,773,873
Liabilities and Equity
Warehouse lines of credit
$
11,249,213
$
4,823,740
$
6,941,397
$
4,913,206
$
5,408,390
Accrued distributions and dividends
payable
1,018,536
1,185,499
847,745
462,074
360,972
Accrued dividends payable
160,444
160,517
—
—
—
Derivative liabilities
82,551
55,479
66,237
41,498
50,654
Equipment note payable
2,583
25,424
26,528
25,925
27,251
Operating lines of credit
—
400,000
320,300
320,300
335,000
Senior notes
1,483,587
789,870
789,323
—
—
Operating lease liability
98,280
99,188
104,534
122,439
123,455
Finance lease liability
61,918
54,873
23,132
—
—
Total liabilities
14,157,112
7,594,590
9,119,196
5,885,442
6,305,722
Equity:
Preferred stock, $0.0001 par value -
100,000,000 shares authorized, none issued and outstanding as of
June 30, 2021
—
—
—
—
—
Class A common stock, $0.0001 par value -
4,000,000,000 shares authorized, 102,318,776 shares issued and
outstanding as of June 30, 2021
10
10
—
—
—
Class B common stock, $0.0001 par value -
1,700,000,000 shares authorized, none issued and outstanding as of
June 30, 2021
—
—
—
—
—
Class C common stock, $0.0001 par value -
1,700,000,000 shares authorized, none issued and outstanding as of
June 30, 2021
—
—
—
—
—
Class D common stock, $0.0001 par value -
1,700,000,000 shares authorized, 1,502,069,787 shares issued and
outstanding as of June 30, 2021
150
150
—
—
—
Additional paid-in capital
187
—
24,839
24,839
—
Retained earnings
109,397
113,078
2,349,441
1,997,522
1,468,151
Non-controlling interest
2,577,242
2,664,798
—
—
—
Total equity
2,686,986
2,778,036
2,374,280
2,022,361
1,468,151
Total liabilities and equity
$
16,844,098
$
10,372,626
$
11,493,476
$
7,907,803
$
7,773,873
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except shares
and per share amounts)
(Unaudited)
For the three months
ended
June 30, 2021
March 31, 2021
December 31, 2020
September 30, 2020
June 30, 2020
Revenue
Loan production income
$
479,274
$
1,074,665
$
1,667,252
$
1,723,981
$
755,967
Loan servicing income
145,278
123,789
105,648
70,503
62,056
Change in fair value of mortgage servicing
rights
(219,104
)
(59,259
)
—
—
—
Gain (loss) on sale of mortgage servicing
rights
10
4,763
3,538
(324
)
(15,275
)
Interest income
79,194
45,912
41,852
40,041
27,900
Total revenue, net
484,652
1,189,870
1,818,290
1,834,201
830,648
Expenses
Salaries, commissions and benefits
172,951
213,061
89,437
206,174
134,749
Direct loan production costs
15,518
13,162
14,595
16,685
10,625
Marketing, travel, and entertainment
11,330
10,495
6,452
3,572
2,820
Depreciation and amortization
8,353
7,289
8,749
2,749
2,676
Servicing costs
23,067
20,508
29,549
15,320
12,644
Amortization, impairment and pay-offs of
mortgage servicing rights
—
—
215,390
68,928
70,046
General and administrative
42,260
16,778
28,024
28,520
26,826
Interest expense
72,673
52,990
53,353
40,620
30,025
Other (income) expense
(1,530
)
(17,304
)
—
—
—
Total expenses
344,478
316,979
445,549
382,568
290,411
Earnings before income taxes
140,174
872,891
1,372,741
1,451,633
540,237
Provision for income taxes
1,462
12,886
950
750
750
Net income
138,712
860,005
1,371,791
1,450,883
539,487
Net income attributable to
non-controlling interest
130,448
812,020
N/A
N/A
N/A
Net income attributable to UWMC
$
8,264
47,985
N/A
N/A
N/A
Earning per share of Class A common
stock:
Basic
$
0.08
$
0.47
N/A
N/A
N/A
Diluted
$
0.07
$
0.33
N/A
N/A
N/A
Weighted average shares
outstanding:
Basic
102,760,823
103,104,205
N/A
N/A
N/A
Diluted
1,605,067,478
1,605,173,992
N/A
N/A
N/A
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210816005191/en/
INVESTOR CONTACT MATT ROSLIN InvestorRelations@uwm.com
MEDIA CONTACT NICOLE YELLAND Media@uwm.com
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