UWM Remains America's #1 Overall Mortgage
Lender in the Fourth Quarter Fourth Quarter Loan Origination
Volume of $25.1 billion, including Purchase Volume of $21.7
billion $931.9 million in FY 2022 Net Income
UWM Holdings Corporation (NYSE: UWMC) (the "Company"),
the publicly traded indirect parent of United Wholesale Mortgage
(“UWM”), today announced its results for the fourth quarter and
full year ended December 31, 2022. For the second consecutive
quarter, UWM is the number one overall mortgage lender in the U.S.
Total loan origination volume for the fourth quarter was $25.1
billion, of which $21.7 billion was purchase volume. The Company's
net income for 2022 was $931.9 million and diluted earnings per
share was $0.45. For 4Q22, the Company reported a net loss of $62.5
million, inclusive of a $150.8 million decline in fair value of
MSRs, and diluted loss per share of $(0.03).
Mat Ishbia, Chairman and CEO of UWMC, said, "2022 was a historic
year for UWM. Becoming the #1 overall mortgage lender in America,
while originating mortgage loans exclusively through the wholesale
channel, is a validation of our unrelenting commitment to the
broker channel. We also delivered earnings of $931.9 million and
have continued to reward our shareholders with consistent
dividends. In 2023, we will continue to invest in technology to
serve the broker channel and products that put brokers in a
position to win. As we have done in other purchase-centric markets,
we'll grow market share and emerge stronger to better capitalize on
the next boom."
Fourth Quarter 2022 Highlights
- Originations of $25.1 billion in 4Q22, compared to $33.5
billion in 3Q22 and $55.2 billion in 4Q21
- Purchase originations of $21.7 billion in 4Q22, compared to
$27.7 billion in 3Q22 and $24.5 billion in 4Q21
- Net loss of $62.5 million in 4Q22 compared to $325.6 million of
net income in 3Q22 and $239.8 million of net income in 4Q21
- Total gain margin of 51 bps in 4Q22 compared to 52 bps in 3Q22
and 80 bps in 4Q21
- Total equity of $3.2 billion at December 31, 2022, compared to
$3.4 billion at September 30, 2022 and $3.2 billion at December 31,
2021
- Unpaid principal balance of MSRs of $312.5 billion with a WAC
of 3.64% at December 31, 2022, compared to $306.0 billion with a
WAC of 3.44% at September 30, 2022, and $319.8 billion with a WAC
of 2.94% at December 31, 2021
- Ended 4Q22 with approximately $2.1 billion of available
liquidity, including $886.2 million of cash and self-warehouse, and
$1.25 billion of available borrowing capacity, which includes $750
million under a line of credit secured by agency MSRs, and $500
million under an unsecured line of credit
- Achieved 11% share of the overall mortgage market and 54%
share of the wholesale channel for 4Q22
Full Year 2022 Highlights
- Originations of $127.3 billion in 2022, compared to $226.5
billion in 2021
- Record purchase originations of $90.8 billion in 2022, compared
to $87.3 billion in 2021
- Net income of $931.9 million in 2022 inclusive of a $284.1
million increase in fair value of MSRs, as compared to $1.6 billion
of net income in 2021 inclusive of $587.8 million decline in fair
value of MSRs
- Total gain margin of 77 bps in 2022 compared to 114 bps in
2021
- Largest wholesale mortgage lender in the U.S. by closed loan
volume eight years in a row, with approximately 38% market share of
the wholesale channel for the year ended December 31, 2022
- Achieved 8% share of the overall mortgage market for the year
ended December 31, 2022
Production and Income Statement
Highlights (dollars in thousands, except per share amounts)
Q4 2022
Q3 2022
Q4 2021
FY 2022
FY 2021
Loan origination volume(1)
$
25,126,844
$
33,464,480
$
55,194,365
$
127,285,461
$
226,503,692
Total gain margin(1)(2)
0.51
%
0.52
%
0.80
%
0.77
%
1.14
%
Net income (loss)
$
(62,484
)
$
325,610
$
239,826
$
931,858
$
1,568,400
Diluted EPS
(0.03
)
0.13
0.11
0.45
0.66
Adjusted diluted EPS(3)
N/A
0.16
N/A
0.45
N/A
Adjusted net income(3)
(53,308
)
254,294
177,215
719,415
1,206,407
Adjusted EBITDA(3)
60,393
(1,392
)
206,567
282,402
1,418,337
(1) Key operational metric (see discussion
below)
(2) Represents total loan production
income divided by loan origination volume
(3) Non-GAAP metric (see discussion and
reconciliations below)
Balance Sheet Highlights as of Period-end (dollars in
thousands)
Q4 2022
Q3 2022
Q4 2021
Cash and cash equivalents
$
704,898
$
799,534
$
731,088
Mortgage loans at fair value
7,134,960
5,031,068
16,909,901
Mortgage servicing rights
4,453,261
4,305,686
3,314,952
Total assets
13,600,625
11,890,083
22,528,358
Non-funding debt (1)
2,880,178
2,146,157
2,158,911
Total equity
3,171,693
3,392,033
3,171,001
Non-funding debt to equity (1)
0.91
0.63
0.68
(1) Non-GAAP metric (see discussion and
reconciliations below)
Mortgage Servicing Rights (dollars
in thousands)
Q4 2022
Q3 2022
Q4 2021
Unpaid principal balance
$
312,454,025
$
306,016,670
$
319,807,457
Weighted average interest rate
3.64
%
3.44
%
2.94
%
Weighted average age (months)
16
14
9
Operational Highlights
- Achieved highest ever Net Promoter Score of +90.0 in 4Q22, up
from +87.1 in 4Q21
- Our 0.85% 60+ days delinquency and our 0.65% forbearance rates,
as of December 31, 2022, are significantly better than the industry
averages of 2.0%1 and 0.70%,2 respectively, highlighting our strong
credit quality
Product and Investor Mix - Unpaid
Principal Balance of Originations (dollars in thousands)
Purchase:
Q4 2022
Q3 2022
Q4 2021
FY 2022
FY 2021
Conventional
$
15,030,972
19,246,298
$
16,643,586
$
62,274,030
$
63,026,794
Government
6,135,366
7,592,116
4,996,092
23,773,422
14,833,808
Jumbo and other
484,098
854,925
2,861,921
4,782,879
9,395,143
Total Purchase
$
21,650,436
27,693,339
$
24,501,599
$
90,830,331
$
87,255,745
Refinance:
Q4 2022
Q3 2022
Q4 2021
FY 2022
FY 2021
Conventional
$
2,254,680
3,935,550
$
25,032,327
$
27,059,252
$
120,152,065
Government
1,005,048
1,640,127
3,586,086
7,834,636
12,034,583
Jumbo and other
216,680
195,464
2,074,353
1,561,242
7,061,299
Total Refinance
$
3,476,408
5,771,141
$
30,692,766
$
36,455,130
$
139,247,947
Total Originations
$
25,126,844
33,464,480
$
55,194,365
$
127,285,461
$
226,503,692
1 Source: CoreLogic (as of November 2022);
2 Source: Mortgage Bankers Association.
Mat Ishbia, Chairman and CEO of UWMC, also said, “I want to give
a huge thank you to everyone at UWM. It is because of the
dedication of our team members and the broker community that 2022
was a historic year. Rest assured, we will not relax in 2023 as
there is still much work to be done.”
First Quarter 2023 Outlook
We anticipate first quarter production to be in the $16 to $23
billion range, with gain margin from 75 to 100 basis points.
Dividend
Subsequent to December 31, 2022, for the ninth consecutive
quarter, the Company's 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 April 11, 2023, to stockholders
of record at the close of business on March 10, 2023. Additionally,
the Board approved a proportional distribution to SFS Corp., which
is payable on April 11, 2023.
Earnings Conference Call Details
As previously announced, the Company will hold a conference call
for financial analysts and investors on Wednesday, March 1, at
10:30 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 a
transcript will be available on the Company's investor relations
website at https://investors.uwm.com/.
Key Operational Metrics
“Loan origination volume” and “Total gain margin” are key
operational metrics that the Company's management uses to evaluate
the performance of the business. “Loan origination volume” is the
aggregate principal of the residential mortgage loans originated by
the Company during a period. “Total gain margin” represents total
loan production income divided by loan origination volume for the
applicable periods.
Non-GAAP Metrics
The Company's net income for periods prior to the first quarter
of 2021 does not reflect a significant income tax provision, since
UWM (the Company'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, the Company'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 the
Company. Therefore, for comparison purposes, the Company provides
“Adjusted net income,” which is our pre-tax income adjusted for a
23.03% and 23.56% estimated annual effective tax rate for the
periods during 2022 and 2021, respectively. “Adjusted net income”
is a non-GAAP Metric. "Adjusted diluted EPS" is defined as
"Adjusted net income" divided by the weighted average number of
shares of Class A common stock outstanding for the applicable
period, assuming the exchange and conversion of all outstanding
Class D common stock for Class A common stock, and is calculated
and presented for periods in which the assumed exchange and
conversion of Class D common stock to Class A common stock is
anti-dilutive to EPS.
We also disclose Adjusted EBITDA, which we define as earnings
before interest expense on non-funding debt, provision for income
taxes, depreciation and amortization, stock-based compensation
expense, the change in fair value of MSRs due to valuation inputs
or assumptions, the impact of non-cash deferred compensation
expense, the change in fair value of the Public and Private
Warrants, the change in Tax Receivable Agreement liability and the
change in fair value of retained investment securities. We exclude
the change in Tax Receivable Agreement liability, the change in
fair value of the Public and Private Warrants, the change in fair
value of retained investment securities, and the change in fair
value of MSRs due to valuation inputs or assumptions, 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 the Company's senior notes, lines of credit,
borrowings against investment securities, equipment note payable,
and finance leases and the “Non-funding debt to equity ratio” as
total non-funding debt divided by the Company’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 tables set forth the reconciliations of these
non-GAAP financial measures to their most directly comparable
financial measure calculated in accordance with GAAP (dollars in
thousands, except per share amounts):
Adjusted net income
Q4 2022
Q3 2022
Q4 2021
FY 2022
FY 2021
Earnings before income taxes
$
(69,258
)
$
330,381
$
231,836
$
934,669
$
1,578,241
Impact of estimated annual effective tax
rate of 23.03% and 23.56% for periods during 2022 and 2021,
respectively
15,950
(76,087
)
(54,621
)
(215,254
)
(371,834
)
Adjusted net income
$
(53,308
)
$
254,294
$
177,215
$
719,415
$
1,206,407
Adjusted diluted EPS
Q3 2022
FY 2022
Diluted weighted average Class A common
stock outstanding
92,571,886
92,475,170
Assumed pro forma conversion of Class D
common stock (1)
1,502,069,787
1,502,069,787
Adjusted diluted weighted average shares
outstanding (1)
1,594,641,673
1,594,544,957
Adjusted net income
$
254,294
$
719,415
Adjusted diluted EPS
0.16
0.45
(1) Reflects the pro forma exchange and
conversion of antidilutive Class D common stock to Class A common
stock.
Adjusted EBITDA
Q4 2022
Q3 2022
Q4 2021
FY 2022
FY 2021
Net income
$
(62,484
)
$
325,610
$
239,826
$
931,858
$
1,568,400
Interest expense on non-funding debt
43,611
29,786
25,417
132,647
86,086
Provision for income taxes
(6,774
)
4,771
(7,990
)
2,811
9,841
Depreciation and amortization
11,713
11,426
10,422
45,235
35,098
Stock-based compensation expense
2,055
1,986
2,014
7,545
6,467
Change in fair value of MSRs due to
valuation inputs or assumptions
71,865
(373,232
)
(65,104
)
(868,803
)
(286,348
)
Deferred compensation, net
461
(8,468
)
(2,135
)
7,370
21,900
Change in fair value of Public and Private
Warrants
54
(755
)
(5,161
)
(7,683
)
(36,105
)
Change in Tax Receivable Agreement
liability
—
—
8,537
3,200
11,937
Change in fair value of investment
securities
(108
)
7,484
741
28,222
1,061
Adjusted EBITDA
$
60,393
$
(1,392
)
$
206,567
$
282,402
$
1,418,337
Non-funding debt and non-funding debt
to equity
Q4 2022
Q3 2022
Q4 2021
Senior notes
$
1,984,336
$
1,983,099
$
1,980,112
Borrowings against investment
securities
101,345
114,875
118,786
Secured line of credit
750,000
—
—
Equipment note payable
992
1,266
2,046
Finance lease liability
43,505
46,917
57,967
Total non-funding debt
$
2,880,178
$
2,146,157
$
2,158,911
Total equity
$
3,171,693
$
3,392,033
$
3,171,001
Non-funding debt to equity
0.91
0.63
0.68
Cautionary Note Regarding 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 and our earnings call include statements regarding:
(1) our position amongst our competitors and ability to capture
market share; (2) growth of the wholesale and broker channels, the
impact of our strategies on such growth and the benefits to our
business of such growth; (3) our growth to remain the leading
mortgage lender, and the timing and drivers of that growth; (4) the
benefits and liquidity of our MSR portfolio; (5) our beliefs
related to the amount and timing of our dividend; (6) our “Game On”
strategy and its impact on our business and industry; (7) our
foundation and strategies for success and growth and the drivers of
that growth; (8) our expectations related to production and margin
in the first quarter of 2023; (9) our “All-In” initiative and its
impact on our business and industry; (10) our performance in
shifting market conditions and the comparison of such performance
against our competitors; (11) our ability to produce results at or
above prior levels and strategies for producing such results; (12)
our position and ability to capitalize on opportunities and the
impacts to our results; (13) our investments in technology and the
impact to our operations and financial results; and (14) our
purchase production and product mix. 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 and
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 Holding Corporation
(UWMC) is the publicly traded indirect parent of United Wholesale
Mortgage, LLC (“UWM”). UWM is the nation’s largest home mortgage
lender, despite exclusively originating mortgage loans through the
wholesale channel. UWM has been the largest wholesale mortgage
lender for eight consecutive years and is also the largest purchase
lender in the nation. With a culture of continuous innovation of
technology and enhanced client experience, UWM leads the market by
building upon its proprietary and exclusively licensed technology
platforms, superior service and focused partnership with the
independent mortgage broker community. UWM originates primarily
conforming and government loans across all 50 states and the
District of Columbia. For more information, visit uwm.com or call
800-981-8898. NMLS #3038.
UWM HOLDINGS
CORPORATION
CONSOLIDATED BALANCE
SHEETS
(in thousands, except shares
and per share amounts)
December 31,
2022
December 31,
2021
Assets
Cash and cash equivalents
$
704,898
$
731,088
Mortgage loans at fair value
7,134,960
16,909,901
Derivative assets
82,869
67,356
Investment securities at fair value,
pledged
113,290
152,263
Accounts receivable, net
383,147
415,691
Mortgage servicing rights
4,453,261
3,314,952
Premises and equipment, net
152,477
151,687
Operating lease right-of-use asset,
net
(includes $102,322 and $104,595 with
related parties)
104,181
104,828
Finance lease right-of-use asset
(includes $26,867 and $28,619 with related
parties)
42,218
57,024
Loans eligible for repurchase from Ginnie
Mae
345,490
563,423
Other assets
83,834
60,145
Total assets
$
13,600,625
$
22,528,358
Liabilities and Equity
Warehouse lines of credit
$
6,443,992
$
15,954,938
Derivative liabilities
49,748
36,741
Secured line of credit
750,000
—
Borrowings against investment
securities
101,345
118,786
Accounts payable, accrued expenses and
other
439,719
523,988
Accrued distributions and dividends
payable
159,465
9,171
Senior notes
1,984,336
1,980,112
Operating lease liability
(includes $109,473 and $111,999 with
related parties)
111,332
112,231
Finance lease liability
(includes $27,857 and $29,087 with related
parties)
43,505
57,967
Loans eligible for repurchase from Ginnie
Mae
345,490
563,423
Total liabilities
10,428,932
19,357,357
Equity:
Preferred stock, $0.0001 par value -
100,000,000 shares authorized, none issued and outstanding as of
December 31, 2022 or 2021
—
—
Class A common stock, $0.0001 par value -
4,000,000,000 shares authorized, 92,575,974 and 91,612,305 shares
issued and outstanding as of December 31, 2022 and December 31,
2021, respectively
9
9
Class B common stock, $0.0001 par value -
1,700,000,000 shares authorized, none issued and outstanding as of
December 31, 2022 or 2021
—
—
Class C common stock, $0.0001 par value -
1,700,000,000 shares authorized, none issued and outstanding as of
December 31, 2022 or 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 December 31, 2022 and December 31, 2021,
respectively
150
150
Additional paid-in capital
903
437
Retained earnings
142,500
141,805
Non-controlling interest
3,028,131
3,028,600
Total equity
3,171,693
3,171,001
Total liabilities and equity
$
13,600,625
$
22,528,358
UWM HOLDINGS
CORPORATION
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except shares
and per share amounts)
For the three months
ended
For the year ended
December 31,
2022
September 30,
2022
December 31,
2021
December 31,
2022
December 31,
2021
Revenue
(Unaudited)
(Unaudited)
(Unaudited)
Loan production income
$
129,180
$
172,402
$
442,407
$
981,988
$
2,585,807
Loan servicing income
217,225
196,781
194,976
792,072
638,738
Change in fair value of mortgage servicing
rights
(150,808
)
236,780
(138,988
)
284,104
(587,813
)
Gain (loss) on sale of mortgage servicing
rights
—
—
2,461
—
1,791
Interest income
106,837
78,210
104,601
314,462
331,770
Total revenue, net
302,434
684,173
605,457
2,372,626
2,970,293
Expenses
Salaries, commissions and benefits
118,266
135,028
146,697
552,886
697,680
Direct loan production costs
17,396
20,498
25,292
90,369
72,952
Marketing, travel, and entertainment
22,976
17,730
25,334
74,168
62,472
Depreciation and amortization
11,713
11,426
10,422
45,235
35,098
General and administrative
49,668
51,649
36,467
179,549
133,334
Servicing costs
36,809
37,596
36,200
166,024
108,967
Interest expense
114,918
73,136
88,772
305,987
304,656
Other expense/(income)
(54
)
6,729
4,437
23,739
(23,107
)
Total expenses
371,692
353,792
373,621
1,437,957
1,392,052
Earnings before income taxes
(69,258
)
330,381
231,836
934,669
1,578,241
Provision for income taxes
(6,774
)
4,771
(7,990
)
2,811
9,841
Net income (loss)
(62,484
)
325,610
239,826
931,858
1,568,400
Net income (loss) attributable to
non-controlling interest
(62,207
)
313,914
222,876
890,143
1,469,955
Net income (loss) attributable to
UWMC
$
(277
)
$
11,696
$
16,950
$
41,715
$
98,445
Earnings per share of Class A common
stock:
Basic
$
—
$
0.13
$
0.17
$
0.45
$
0.98
Diluted
$
(0.03
)
$
0.13
$
0.11
$
0.45
$
0.66
Weighted average shares
outstanding:
Basic
92,575,549
92,571,886
97,138,073
92,475,170
100,881,094
Diluted
1,594,645,336
92,571,886
1,599,785,759
92,475,170
1,603,157,640
Addendum to Exhibit 99.1
This addendum includes the Company's Consolidated Balance Sheets
as of December 31, 2022, and the preceding four quarters and
Statements of Operations for the quarter ended December 31, 2022,
and the preceding four quarters for purposes of providing
historical quarterly trending information to investors.
CONSOLIDATED BALANCE
SHEETS
(in thousands, except shares
and per share amounts)
December 31,
2022
September 30,
2022
June 30, 2022
March 31, 2022
December 31,
2021
Assets
(Unaudited)
(Unaudited)
(Unaudited)
Cash and cash equivalents
$
704,898
$
799,534
$
958,656
$
901,174
$
731,088
Mortgage loans at fair value
7,134,960
5,031,068
5,022,806
4,824,165
16,909,901
Derivative assets
82,869
385,348
125,079
241,932
67,356
Investment securities at fair value,
pledged
113,290
115,079
125,193
138,417
152,263
Accounts receivable, net
383,147
556,153
350,090
617,608
415,691
Mortgage servicing rights
4,453,261
4,305,686
3,736,359
3,514,102
3,314,952
Premises and equipment, net
152,477
152,172
153,971
151,206
151,687
Operating lease right-of-use asset,
net
104,181
101,377
102,533
103,670
104,828
Finance lease right-of-use asset
42,218
45,667
50,179
53,857
57,024
Loans eligible for repurchase from Ginnie
Mae
345,490
310,149
309,577
384,002
563,423
Other assets
83,834
87,850
82,467
60,820
60,145
Total assets
$
13,600,625
$
11,890,083
$
11,016,910
$
10,990,953
$
22,528,358
Liabilities and Equity
Warehouse lines of credit
$
6,443,992
$
4,712,719
$
4,497,353
$
4,076,829
$
15,954,938
Derivative liabilities
49,748
215,330
93,958
115,430
36,741
Secured line of credit
750,000
—
—
—
—
Borrowings against investment
securities
101,345
114,875
118,786
118,786
118,786
Accounts payable, accrued expenses and
other
439,719
846,905
470,589
823,143
523,988
Accrued distributions and dividends
payable
159,465
159,465
159,461
159,460
9,171
Senior notes
1,984,336
1,983,099
1,982,103
1,981,106
1,980,112
Operating lease liability
111,332
108,591
109,811
111,010
112,231
Finance lease liability
43,505
46,917
51,370
54,945
57,967
Loans eligible for repurchase from Ginnie
Mae
345,490
310,149
309,577
384,002
563,423
Total liabilities
10,428,932
8,498,050
7,793,008
7,824,711
19,357,357
Equity:
Preferred stock, $0.0001 par value -
100,000,000 shares authorized, none issued and outstanding as of
December 31, 2022 or 2021
—
—
—
—
—
Class A common stock, $0.0001 par value -
4,000,000,000 shares authorized, 92,575,974 and 91,612,305 shares
issued and outstanding as of December 31, 2022 and December 31,
2021, respectively
9
9
9
9
9
Class B common stock, $0.0001 par value -
1,700,000,000 shares authorized, none issued and outstanding as of
December 31, 2022 or 2021
—
—
—
—
—
Class C common stock, $0.0001 par value -
1,700,000,000 shares authorized, none issued and outstanding as of
December 31, 2022 or 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 December 31, 2022 and December 31, 2021
150
150
150
150
150
Additional paid-in capital
903
784
669
542
437
Retained earnings
142,500
141,194
137,955
138,834
141,805
Non-controlling interest
3,028,131
3,249,896
3,085,119
3,026,707
3,028,600
Total equity
3,171,693
3,392,033
3,223,902
3,166,242
3,171,001
Total liabilities and equity
$
13,600,625
$
11,890,083
$
11,016,910
$
10,990,953
$
22,528,358
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except shares
and per share amounts)
(Unaudited)
For the three months
ended
December 31,
2022
September 30,
2022
June 30, 2022
March 31, 2022
December 31,
2021
Revenue
Loan production income
$
129,180
$
172,402
$
296,535
$
383,871
$
442,407
Loan servicing income
217,225
196,781
179,501
198,565
194,976
Change in fair value of mortgage servicing
rights
(150,808
)
236,780
26,169
171,963
(138,988
)
Gain (loss) on sale of mortgage servicing
rights
—
—
—
—
2,461
Interest income
106,837
78,210
62,020
67,395
104,601
Total revenue, net
302,434
684,173
564,225
821,794
605,457
Expenses
Salaries, commissions and benefits
118,266
135,028
138,983
160,609
146,697
Direct loan production costs
17,396
20,498
25,757
26,718
25,292
Marketing, travel, and entertainment
22,976
17,730
20,625
12,837
25,334
Depreciation and amortization
11,713
11,426
11,181
10,915
10,422
General and administrative
49,668
51,649
39,909
38,323
36,467
Servicing costs
36,809
37,596
44,435
47,184
36,200
Interest expense
114,918
73,136
57,559
60,374
88,772
Other expense/(income)
(54
)
6,729
9,562
7,502
4,437
Total expenses
371,692
353,792
348,011
364,462
373,621
Earnings before income taxes
(69,258
)
330,381
216,214
457,332
231,836
Provision for income taxes
(6,774
)
4,771
769
4,045
(7,990
)
Net income (loss)
(62,484
)
325,610
215,445
453,287
239,826
Net income (loss) attributable to
non-controlling interest
(62,207
)
313,914
207,079
431,357
222,876
Net income (loss) attributable to
UWMC
$
(277
)
$
11,696
$
8,366
$
21,930
$
16,950
Earnings per share of Class A common
stock:
Basic
$
—
$
0.13
$
0.09
$
0.24
$
0.17
Diluted
$
(0.03
)
$
0.13
$
0.09
$
0.22
$
0.11
Weighted average shares
outstanding:
Basic
92,575,549
92,571,886
92,533,620
92,214,594
97,138,073
Diluted
1,594,645,336
92,571,886
92,533,620
1,594,284,381
1,599,785,759
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230301005413/en/
For inquiries regarding UWM, please contact:
INVESTOR CONTACT BLAKE KOLO InvestorRelations@uwm.com
MEDIA CONTACT NICOLE ROBERTS Media@uwm.com
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