$329.9 million in 3Q21 Net Income;
Record Quarterly Total Loan Volume of $63.0 billion and Purchase
Volume of $26.5 billion
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 third quarter ended September 30, 2021. UWMC reported 3Q21
net income of $329.9 million and diluted earnings per share of
$0.16. Loan origination volume for the quarter was a record of
$63.0 billion, which included $26.5 billion in purchase volume. Net
income for the third quarter was inclusive of a $170.5 million
decline in fair value of mortgage servicing rights (MSRs).
Mat Ishbia, Chairman and CEO of UWMC, said: "UWM broke company
records yet again in Q3 for overall originations and purchase
originations, demonstrating continued momentum for both UWM and the
broker channel. I'm proud of our newest technology launches, BOLT,
The Source, and UWM Appraisal Direct. These enhancements are just
another in a long line of technology initiatives that UWM has
pioneered over the years for the benefit of independent mortgage
brokers, and by extension, consumers that are wise enough to use
them rather than our retail competitors. Now more than ever, the
broker channel is the fastest, easiest and cheapest way for a
consumer to get a mortgage."
Third Quarter 2021 Financial Highlights
- Originations of $63.0 billion, a 16% increase from $54.3
billion in 3Q20 and a 6% increase from $59.2 billion in 2Q21
- Purchase originations of $26.5 billion, a 119% increase
compared to $12.1 billion in 3Q20 and a 10% increase from $24.1
billion in 2Q21
- Total gain margin of 94 bps in 3Q21 compared to 318 bps in 3Q20
and 81 bps in 2Q21
- Third quarter 2021 net income of $329.9 million inclusive of a
$170.5 million decline in fair value of MSRs as compared to $1.5
billion of net income for 3Q20 inclusive of $68.9 million of
expenses related to amortization, impairment, and pay-offs of MSRs
and $138.7 million of net income for 2Q21 inclusive of a $219.1
million decline in fair value of MSRs
- Total equity of $3.0 billion at September 30, 2021 as compared
to $2.0 billion at September 30, 2020 and $2.7 billion at June 30,
2021
- Unpaid principal balance of mortgage servicing rights increased
to $284.9 billion at September 30, 2021 from $153.1 billion at
September 30, 2020 and $260.5 billion at June 30, 2021
- Sale of MSRs in 3Q21 on loans with an aggregate unpaid
principal balance of approximately $22.7 billion for proceeds of
approximately $269.9 million
- Continued stock buyback, repurchasing 1,952,018 Class A shares
in 3Q21; through September 30, 2021, total Class A shares
repurchased by the Company of 2,742,617 for $21.0 million for an
average price per share of $7.66
Production and Income Statement
Highlights (dollars in thousands)
Q3 2021
Q2 2021
Q3 2020
Closed loan volume(1)
$
63,004,342
$
59,210,747
$
54,289,429
Total gain margin(1)(2)
0.94
%
0.81
%
3.18
%
Net income
$
329,857
$
138,712
$
1,450,883
Adjusted net income(3)
254,672
106,841
1,109,048
Adjusted EBITDA(3)
290,382
209,651
1,391,204
(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)
Q3 2021
Q2 2021
Q3 2020
Cash and cash equivalents
$
950,910
$
1,048,177
$
755,795
Mortgage loans at fair value
11,736,642
12,404,112
5,215,196
Mortgage servicing rights (fair value
at Q3 2021 and Q2 2021; amortized cost at Q3 2020)(1)
2,900,310
2,662,556
1,411,272
Total assets
16,480,950
16,844,098
7,907,803
Non-funding debt (2)
1,580,143
1,548,088
346,225
Total equity
2,994,028
2,686,986
2,022,361
Non-funding debt to equity (2)
0.53
0.58
0.17
(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)
Q3 2021
Q2 2021
Q3 2020
Unpaid principal balance
$
284,918,293
$
260,514,602
$
153,113,808
Weighted average interest rate
2.95
%
2.97
%
3.32
%
Weighted average age (months)
8
7
4
Technology Update
- UWM launched three new technologies in Q3 which are intended to
speed-up the loan process and help independent mortgage brokers
grow their business:
- BOLT allows broker clients to obtain an initial underwrite
approval for qualified borrowers in as little as 15 minutes which
will unlock underwriter capacity and ultimately drive down UWM's
cost-per-loan.
- UWM Appraisal Direct will streamline the appraisal process
delivering faster appraisals and a long list of benefits to
appraisers and borrowers alike to offer a better experience and
relieve a key pain point in the mortgage industry.
- The Source is a mortgage search engine that learns from past
searches and allows for the creation of a personalized hub for
every UWM broker client to customize and track the information most
important to them from pricing matrices to GSE guidelines and even
job aids on all of UWM's technology.
Operational and Community Highlights
- We maintained an average application to clear to close time
(“Days to Close”) of approximately 19 days in 3Q21 while management
estimates that the industry remains at an average of 43 days during
the third quarter 2021, as released in the August ICE Mortgage
Technology Origination Insight Report
- Our 1.01% 60+ days delinquency and our 0.83% forbearance rates,
as of September 30, 2021, are significantly better than the
industry averages of 3.91% and 2.62%, respectively, highlighting
our strong credit quality
- Executed $1.17 billion in Private Label Securitization deals
and sold MSRs on loans with an aggregate unpaid principal balance
of approximately $22.7 billion for proceeds of approximately $269.9
million
- UWM celebrated National Mortgage Broker Day by inviting 100
mortgage brokers to ring the NYSE closing bell on July 21st
Product and Investor Mix -
Unpaid Principal Balance of Originations (dollars in
thousands)
Purchase:
Q3 2021
Q2 2021
Q3 2020
Conventional
$
18,633,123
$
17,439,162
$
10,373,521
Jumbo
3,368,094
3,151,864
—
Government
4,472,931
3,471,430
1,719,375
Total Purchase
$
26,474,148
$
24,062,456
$
12,092,896
Refinance:
Q3 2021
Q2 2021
Q3 2020
Conventional
$
31,353,081
$
30,143,310
$
37,115,641
Jumbo
2,244,459
2,737,040
4,605
Government
2,932,654
2,267,940
5,076,287
Total Refinance
$
36,530,194
$
35,148,290
$
42,196,533
Total Originations
$
63,004,342
$
59,210,746
$
54,289,429
Chairman and CEO of UWMC, Mat Ishbia, added: “As the mortgage
market shifts from heavy refinance to more purchase, UWM and the
wholesale channel, are uniquely positioned to best serve the needs
of the American consumer as a team. Brokers, by nature, are
embedded in their local housing markets and UWM provides them elite
technology, speed, and service, especially on purchase loans.
Technologies like BOLT and UWM Appraisal Direct will continue to
fuel broker channel growth for years to come.”
Fourth Quarter 2021 Outlook
We anticipate fourth quarter production to be in the $52-$60
billion range, with expected gain margin between 85 and 105
bps.
Dividend
Subsequent to September 30, 2021, for the fourth consecutive
quarter, 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 January 6, 2022 (the “Dividend Payment
Date”) to stockholders of record at the close of business on
December 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.
Earnings Conference Call Details
As previously announced, UWMC will hold a conference call for
financial analysts and investors on Tuesday, November 9 at 9:00 AM
ET to review the results and answer questions. Interested parties
may register for a toll-free dial-in number by visiting:
- https://conferencingportals.com/event/YModynrv
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 loan 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 23.60%
estimated annual 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, the change in fair value of
Public and Private Warrants, and the change in Tax Receivable
Agreement liability. We exclude the change in Tax Receivable
Agreement liability, 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 are 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, borrowings against investment securities, equipment note
payable, and finance leases as reported on our balance sheet, and
the “Non-funding debt to equity ratio” as total 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
Q3 2021
Q2 2021
Q3 2020
Earnings before income taxes
$
333,340
$
140,174
$
1,451,633
Impact of estimated annual effective tax
rate of 23.60%
(78,668
)
(33,081
)
(342,585
)
Adjusted net income
$
254,672
$
107,093
$
1,109,048
Adjusted EBITDA
Q3 2021
Q2 2021
Q3 2020
Net income
$
329,857
$
138,712
$
1,450,883
Interest expense on non-funding debt
22,034
22,292
4,374
Provision for income taxes
3,483
1,462
750
Depreciation and amortization
9,034
8,353
2,749
Stock-based compensation expense
2,126
2,327
—
Change in fair value of MSRs due to
valuation inputs or assumptions
(61,477
)
38,035
—
Recovery of MSRs
—
—
(84,519
)
Deferred compensation, net
(5,965
)
—
16,967
Change in fair value of Public and Private
Warrants
(12,110
)
(1,530
)
—
Change in Tax Receivable Agreement
liability
3,400
—
—
Adjusted EBITDA
$
290,382
$
209,651
$
1,391,204
Non-funding debt and non-funding debt
to equity
Q3 2021
Q2 2021
Q3 2020
Senior notes
$
1,484,370
$
1,483,587
$
—
Borrowings against investment
securities
32,560
—
—
Operating lines of credit
—
—
320,300
Equipment note payable
2,343
2,583
25,925
Finance lease liability
60,871
61,918
—
Total non-funding debt
$
1,580,143
$
1,548,088
$
346,225
Total equity
$
2,994,028
$
2,686,986
$
2,022,361
Non-funding debt to equity
0.53
0.58
0.17
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)
September 30,
2021
December 31,
2020
Assets
(Unaudited)
Cash and cash equivalents
$
950,910
$
1,223,837
Mortgage loans at fair value
11,736,642
7,916,515
Derivative assets
143,807
61,072
Investment securities at fair value,
pledged
41,809
—
Accounts receivable, net
340,028
253,600
Mortgage servicing rights
2,900,310
1,756,864
Premises and equipment, net
145,774
107,572
Operating lease right-of-use asset, net
(includes $105,594 and $92,571 with related parties)
105,902
93,098
Finance lease right-of-use asset (includes
$29,129 and $0 with related parties)
60,113
22,929
Other assets
55,655
57,989
Total assets
$
16,480,950
$
11,493,476
Liabilities and Equity
Warehouse lines of credit
$
10,487,950
$
6,941,397
Accounts payable and accrued expenses
1,229,483
847,745
Accrued distributions and dividends
payable
10,087
—
Derivative liabilities
61,434
66,237
Borrowings against investment
securities
32,560
—
Equipment note payable
2,343
26,528
Operating lines of credit
—
320,300
Senior notes
1,484,370
789,323
Operating lease liability
(includes $117,516 and $104,006 with
related parties)
117,824
104,534
Finance lease liability
(includes $29,462 and $0 with related
parties)
60,871
23,132
Total liabilities
13,486,922
9,119,196
Equity:
Preferred stock, $0.0001 par value -
100,000,000 shares authorized, none issued and outstanding as of
September 30, 2021
—
—
Class A common stock, $0.0001 par value -
4,000,000,000 shares authorized, 100,367,478 shares issued and
outstanding as of September 30, 2021
10
—
Class B common stock, $0.0001 par value -
1,700,000,000 shares authorized, none issued and outstanding as of
September 30, 2021
—
—
Class C common stock, $0.0001 par value -
1,700,000,000 shares authorized, none issued and outstanding as of
September 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 September 30, 2021
150
—
Additional paid-in capital
313
24,839
Retained earnings
129,815
2,349,441
Non-controlling interest
2,863,740
—
Total equity
2,994,028
2,374,280
Total liabilities and equity
$
16,480,950
$
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 nine months
ended
September 30,
2021
June 30, 2021
September 30,
2020
September 30,
2021
September 30,
2020
Revenue
Loan production income
$
589,461
$
479,274
$
1,723,981
$
2,143,400
$
2,884,162
Loan servicing income
174,695
145,278
70,503
443,762
182,656
Change in fair value of mortgage servicing
rights
(170,462
)
(219,104
)
—
(448,825
)
—
Gain (loss) on sale of mortgage servicing
rights
(5,443
)
10
(324
)
(670
)
(65,821
)
Interest income
102,063
79,194
40,041
227,169
119,308
Total revenue, net
690,314
484,652
1,834,201
2,364,836
3,120,305
Expenses
Salaries, commissions and benefits
164,971
172,951
206,174
550,983
462,706
Direct loan production costs
18,980
15,518
16,685
47,660
39,864
Marketing, travel, and entertainment
14,138
12,157
3,608
37,138
13,913
Depreciation and amortization
9,034
8,353
2,749
24,676
8,071
Servicing costs
29,192
23,067
15,320
72,767
41,286
Amortization, impairment and pay-offs of
mortgage servicing rights
—
—
68,928
—
357,728
General and administrative
39,148
41,289
28,484
96,867
70,835
Interest expense
90,221
72,673
40,620
215,884
113,683
Other (income)/expense
(8,710
)
(1,530
)
—
(27,544
)
—
Total expenses
356,974
344,478
382,568
1,018,431
1,108,086
Earnings before income taxes
333,340
140,174
1,451,633
1,346,405
2,012,219
Provision for income taxes
3,483
1,462
750
17,831
1,500
Net income
329,857
138,712
1,450,883
1,328,574
2,010,719
Net income attributable to
non-controlling interest
304,611
130,448
N/A
$
1,247,079
N/A
Net income attributable to UWMC
$
25,246
$
8,264
N/A
$
81,495
N/A
Earnings per share of Class A common
stock:
Basic
$
0.25
$
0.08
N/A
$
0.80
N/A
Diluted
$
0.16
$
0.07
N/A
$
0.55
N/A
Weighted average shares
outstanding:
Basic
101,106,023
102,760,823
N/A
102,247,594
N/A
Diluted
1,603,710,511
1,605,067,478
N/A
1,604,567,758
N/A
Addendum to Exhibit 99.1
This addendum includes the Company's Condensed Consolidated
Balance Sheets as of September 30, 2021 and the preceding four
quarters and Statements of Operations for the quarter ended
September 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)
September 30,
2021
June 30, 2021
March 31, 2021
December 31,
2020
September 30,
2020
Assets
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Cash and cash equivalents
$
950,910
$
1,048,177
$
1,592,663
$
1,223,837
$
755,795
Mortgage loans at fair value
11,736,642
12,404,112
5,503,271
7,916,515
5,215,196
Derivative assets
143,807
75,438
113,168
61,072
51,053
Investment securities at fair value,
pledged
41,809
—
—
—
—
Accounts receivable, net
340,028
317,458
549,381
253,600
246,862
Mortgage servicing rights
2,900,310
2,662,556
2,300,434
1,756,864
1,411,272
Premises and equipment, net
145,774
130,864
111,964
107,572
51,548
Operating lease right-of-use asset,
net
105,902
87,130
87,896
93,098
109,680
Finance lease right-of-use asset
60,113
61,356
54,456
22,929
—
Other assets
55,655
57,007
59,393
57,989
66,397
Total assets
$
16,480,950
$
16,844,098
$
10,372,626
$
11,493,476
$
7,907,803
Liabilities and Equity
Warehouse lines of credit
$
10,487,950
$
11,249,213
$
4,823,740
$
6,941,397
$
4,913,206
Accounts payable and accrued expenses
1,229,483
1,018,536
1,185,499
847,745
462,074
Accrued dividends payable
10,087
160,444
160,517
—
—
Derivative liabilities
61,434
82,551
55,479
66,237
41,498
Borrowings against investment
securities
32,560
—
—
—
—
Equipment note payable
2,343
2,583
25,424
26,528
25,925
Operating lines of credit
—
—
400,000
320,300
320,300
Senior notes
1,484,370
1,483,587
789,870
789,323
—
Operating lease liability
117,824
98,280
99,188
104,534
122,439
Finance lease liability
60,871
61,918
54,873
23,132
—
Total liabilities
13,486,922
14,157,112
7,594,590
9,119,196
5,885,442
Equity:
Preferred stock, $0.0001 par value -
100,000,000 shares authorized, none issued and outstanding as of
September 30, 2021
—
—
—
—
—
Class A common stock, $0.0001 par value -
4,000,000,000 shares authorized, 100,367,478 shares issued and
outstanding as of September 30, 2021
10
10
10
—
—
Class B common stock, $0.0001 par value -
1,700,000,000 shares authorized, none issued and outstanding as of
September 30, 2021
—
—
—
—
—
Class C common stock, $0.0001 par value -
1,700,000,000 shares authorized, none issued and outstanding as of
September 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 September 30, 2021
150
150
150
—
—
Additional paid-in capital
313
187
—
24,839
24,839
Retained earnings
129,815
109,397
113,078
2,349,441
1,997,522
Non-controlling interest
2,863,740
2,577,242
2,664,798
—
—
Total equity
2,994,028
2,686,986
2,778,036
2,374,280
2,022,361
Total liabilities and equity
$
16,480,950
$
16,844,098
$
10,372,626
$
11,493,476
$
7,907,803
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except shares
and per share amounts)
(Unaudited)
For the three months
ended
September 30,
2021
June 30, 2021
March 31, 2021
December 31,
2020
September 30,
2020
Revenue
Loan production income
$
589,461
$
479,274
$
1,074,665
$
1,667,252
$
1,723,981
Loan servicing income
174,695
145,278
123,789
105,648
70,503
Change in fair value of mortgage servicing
rights
(170,462
)
(219,104
)
(59,259
)
—
—
Gain (loss) on sale of mortgage servicing
rights
(5,443
)
10
4,763
3,538
(324
)
Interest income
102,063
79,194
45,912
41,852
40,041
Total revenue, net
690,314
484,652
1,189,870
1,818,290
1,834,201
Expenses
Salaries, commissions and benefits
164,971
172,951
213,061
89,437
206,174
Direct loan production costs
18,980
15,518
13,162
14,595
16,685
Marketing, travel, and entertainment
14,138
12,157
10,843
6,454
3,608
Depreciation and amortization
9,034
8,353
7,289
8,749
2,749
Servicing costs
29,192
23,067
20,508
29,549
15,320
Amortization, impairment and pay-offs of
mortgage servicing rights
—
—
—
215,390
68,928
General and administrative
39,148
41,289
16,430
28,022
28,484
Interest expense
90,221
72,673
52,990
53,353
40,620
Other (income) expense
(8,710
)
(1,530
)
(17,304
)
—
—
Total expenses
356,974
344,478
316,979
445,549
382,568
Earnings before income taxes
333,340
140,174
872,891
1,372,741
1,451,633
Provision for income taxes
3,483
1,462
12,886
950
750
Net income
329,857
138,712
860,005
1,371,791
1,450,883
Net income attributable to
non-controlling interest
304,611
130,448
812,020
N/A
N/A
Net income attributable to UWMC
$
25,246
8,264
47,985
N/A
N/A
Earnings per share of Class A common
stock:
Basic
$
0.25
$
0.08
$
0.47
N/A
N/A
Diluted
$
0.16
$
0.07
$
0.33
N/A
N/A
Weighted average shares
outstanding:
Basic
101,106,023
102,760,823
103,104,205
N/A
N/A
Diluted
1,603,710,511
1,605,067,478
1,605,173,992
N/A
N/A
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211109005532/en/
INVESTOR CONTACT MATT ROSLIN InvestorRelations@uwm.com
MEDIA CONTACT NICOLE YELLAND Media@uwm.com
UWM (NYSE:UWMC)
Historical Stock Chart
From Jun 2024 to Jul 2024
UWM (NYSE:UWMC)
Historical Stock Chart
From Jul 2023 to Jul 2024