Third Quarter Net Income of $31.9 Million.
Loan Origination Volume of $39.5 Billion, Including Purchase Volume
of $26.2 Billion.
UWM Holdings Corporation (NYSE: UWMC) (the "Company"),
the publicly traded indirect parent of United Wholesale Mortgage
(“UWM”), today announced its results for the third quarter ended
September 30, 2024. Total loan origination volume for the third
quarter 2024 was $39.5 billion, of which $26.2 billion was purchase
volume. The Company reported 3Q24 net income of $31.9 million,
inclusive of a $446.1 million decline in fair value of MSRs and a
$226.9 million gain on other interest rate derivatives.
Mat Ishbia, Chairman and CEO of UWMC, said, "When looking at Q3,
I am incredibly proud of our performance and two things jump out at
me – first, we exceeded both our volume and margin guidance despite
mortgage rates remaining higher than anticipated for most of the
quarter. But a dip in rates for just a few weeks pushed us higher
than we expected and provided a glimpse into the future. Second,
UWM is on pace to have record purchase volume in 2024 despite a
generationally slow existing home sales market. The broker channel
continues to dominate the purchase market, and our results in Q3
also demonstrate how well UWM and the channel are positioned to
capitalize on the inevitable increase in refinance volume when it
comes. Right now, UWM is so much better positioned than we were
prior to the last refinance boom. We have more capacity, more
advanced technology, and even better service than we could offer
our broker partners at that time. Simply put, our operational
fitness is at an all-time high and you'll only see us accelerate
from here."
Third Quarter 2024 Financial Highlights
- Originations of $39.5 billion in 3Q24, compared to $33.6
billion in 2Q24 and $29.7 billion in 3Q23
- Purchase originations of $26.2 billion in 3Q24, compared to
$27.2 billion in 2Q24 and $25.9 billion in 3Q23
- Total gain margin of 118 bps in 3Q24 compared to 106 bps in
2Q24 and 97 bps in 3Q23
- Net income of $31.9 million in 3Q24 compared to net income of
$76.3 million in 2Q24 and net income of $301.0 million in 3Q23
- Adjusted EBITDA of $107.2 million in 3Q24 compared to $133.1
million in 2Q24 and $112.1 million in 3Q23
- Total equity of $2.2 billion at September 30, 2024, compared to
$2.3 billion at June 30, 2024, and $3.1 billion at September 30,
2023
- Unpaid principal balance of MSRs of $212.2 billion with a WAC
of 4.56% at September 30, 2024, compared to
- $189.5 billion with a WAC of 4.31% at June 30, 2024, and $281.4
billion with a WAC of 4.20% at September 30, 2023
- Ended 3Q24 with approximately $2.5 billion of available
liquidity, including $636.3 million of cash and available borrowing
capacity under our secured and unsecured lines of credit
Production and Income Statement
Highlights (dollars in thousands, except per share amounts)
Q3 2024
Q2 2024
Q3 2023
Loan origination
volume(1)
$
39,509,521
$
33,628,993
$
29,721,633
Total gain
margin(1)(2)
1.18
%
1.06
%
0.97
%
Net income
$
31,945
$
76,286
$
300,993
Diluted (loss) earnings per
share
(0.06
)
0.03
0.15
Adjusted diluted earnings per
share(3)
0.01
0.04
N/A
Adjusted net income(3)
23,334
59,809
234,713
Adjusted EBITDA(3)
107,181
133,146
112,062
(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)
Q3 2024
Q2 2024
Q3 2023
Cash and cash
equivalents
$
636,327
$
680,153
$
729,616
Mortgage loans at fair
value
10,141,683
8,236,183
5,560,039
Mortgage servicing
rights
2,800,054
2,650,090
4,352,219
Total assets
15,119,798
12,921,641
12,204,137
Non-funding debt (1)
2,410,714
2,108,426
2,617,903
Total equity
2,180,527
2,329,012
3,092,111
Non-funding debt to equity
(1)
1.11
0.91
0.85
(1) Non-GAAP metric (see
discussion and reconciliations below).
Mortgage Servicing Rights
(dollars in thousands)
Q3 2024
Q2 2024
Q3 2023
Unpaid principal
balance
$
212,218,975
$
189,482,798
$
281,373,662
Weighted average interest
rate
4.56
%
4.31
%
4.20
%
Weighted average age
(months)
25
26
20
Third Quarter Business and Product Highlights
KEEP
- KEEP is an industry-leading technology that utilizes AI to send
pre-validated refinance opportunities as soon as a borrower is able
to obtain meaningful savings on their monthly payment, streamlining
the speed and efficiency of the mortgage process for both borrowers
and UWM’s broker partners
BrokerX
- BrokerX is a structured development program that transforms
individuals with no experience to licensed mortgage loan
originators (MLOs) in just 5 weeks. This provides brokers with a
streamlined solution for training and licensing new talent, without
needing their own training team, and is just another in a long line
of programs that UWM has created to support and grow the broker
channel
Product and Investor Mix -
Unpaid Principal Balance of Originations (dollars in
thousands)
Purchase:
Q3 2024
Q2 2024
Q3 2023
Conventional
$
15,874,674
$
15,650,022
$
16,237,031
Government
7,786,158
8,298,147
8,031,062
Jumbo and other (1)
2,499,626
3,224,482
1,624,824
Total Purchase
$
26,160,458
$
27,172,651
$
25,892,917
Refinance:
Q3 2024
Q2 2024
Q3 2023
Conventional
$
3,552,067
$
2,506,853
$
1,736,055
Government
8,271,580
2,573,514
1,528,848
Jumbo and other (1)
1,525,416
1,375,975
563,813
Total Refinance
$
13,349,063
$
6,456,342
$
3,828,716
Total Originations
$
39,509,521
$
33,628,993
$
29,721,633
(1) Comprised of non-agency jumbo
products, construction loans, and non-qualified mortgage products,
including home equity lines of credit ("HELOCs") (which in many
instances are second liens).
Fourth Quarter 2024 Outlook
We anticipate fourth quarter production to be in the $34 to $41
billion range, with gain margin from 85 to 110 basis points.
Dividend
Subsequent to September 30, 2024, for the sixteenth 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 January 9, 2025, to stockholders
of record at the close of business on December 19, 2024.
Additionally, the Board approved a proportional distribution to SFS
Corp., which is payable on or around January 9, 2025.
Earnings Conference Call Details
As previously announced, the Company will hold a conference call
for financial analysts and investors on Thursday, November 7, 2024,
at 10:00 AM ET to review the results and answer questions.
Interested parties may register for a toll-free dial-in number by
visiting: https://registrations.events/direct/Q4I3723696
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 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 (loss),” which
is our pre-tax income (loss) together with an adjusted income tax
provision (benefit), which is calculated as the provision for
income taxes plus the tax effects of net income attributable to
non-controlling interest determined using a blended statutory
effective tax rate. “Adjusted net income (loss)” is a non-GAAP
metric. "Adjusted diluted EPS" is defined as "Adjusted net income
(loss)" 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, gains or losses on other interest rate derivatives,
the impact of non-cash deferred compensation expense, the change in
fair value of the Public and Private Warrants, the non-cash
income/expense impact of the change in the Tax Receivable Agreement
liability, and the change in fair value of retained investment
securities. We exclude the non-cash income/expense impact of the
change in the 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, 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
Q3 2024
Q2 2024
Q3 2023
Earnings before income taxes
$
32,289
$
77,072
$
301,727
Adjusted income tax provision
(8,955
)
(17,263
)
(67,014
)
Adjusted net income
$
23,334
$
59,809
$
234,713
Adjusted diluted EPS
Q3 2024
Q2 2024
Diluted weighted average Class A
common stock outstanding
99,801,301
95,387,609
Assumed pro forma conversion of
Class D common stock (1)
1,498,013,741
1,502,069,787
Adjusted diluted weighted average
shares outstanding (1)
1,597,815,042
1,597,457,396
Adjusted net income
$
23,334
$
59,809
Adjusted diluted EPS
0.01
0.04
(1) Reflects the pro forma exchange and
conversion of antidilutive Class D common stock to Class A common
stock.
Adjusted EBITDA
Q3 2024
Q2 2024
Q3 2023
Net income
$
31,945
$
76,286
$
300,993
Interest expense on non-funding
debt
31,544
31,951
42,825
Provision for income taxes
344
786
734
Depreciation and amortization
11,636
11,404
11,563
Stock-based compensation
expense
5,768
3,937
3,822
Change in fair value of MSRs due
to valuation inputs or assumptions
263,893
38,222
(236,044
)
Gain on other interest rate
derivatives
(226,936
)
(27,166
)
—
Deferred compensation, net
(11,434
)
(1,169
)
(11,755
)
Change in fair value of Public
and Private Warrants
5,829
(1,739
)
(2,021
)
Change in Tax Receivable
Agreement liability
—
—
(3,000
)
Change in fair value of
investment securities
(5,409
)
634
4,945
Adjusted EBITDA
$
107,181
$
133,146
$
112,062
Non-funding debt and non-funding debt to equity
Q3 2024
Q2 2024
Q3 2023
Senior notes
$
1,991,216
$
1,990,233
$
1,987,284
Secured lines of credit
300,000
—
500,000
Borrowings against investment
securities
93,662
91,406
97,328
Finance lease liability
25,836
26,787
33,291
Total non-funding debt
$
2,410,714
$
2,108,426
$
2,617,903
Total equity
$
2,180,527
$
2,329,012
$
3,092,111
Non-funding debt to
equity
1.11
0.91
0.85
Cautionary Note Regarding Forward-Looking Statements
This press release and our earnings call include forward-looking
statements. These forward-looking statements are generally
identified using 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) our investment in our people, products and technology,
and the benefits of our results; (3) our beliefs regarding
opportunities in 2024 for our business and the broker channel; (4)
our beliefs regarding operational profitability; (5) growth of the
wholesale and broker channels, the impact of our strategies on such
growth and the benefits to our business of such growth; (6) our
growth and strategies to remain the leading mortgage lender, and
the timing and drivers of that growth; (7) the benefits and
liquidity of our MSR portfolio; (8) our beliefs related to the
amount and timing of our dividend; (9) our expectations for future
market environments, including interest rates, levels of refinance
activity and the timing of such market changes; (10) our
expectations related to production and margin in the fourth quarter
of 2024; (11) the benefits of our business model, strategies and
initiatives, and their impact on our results and the industry; (12)
our performance in shifting market conditions and the comparison of
such performance against our competitors; (13) our ability to
produce results in future years at or above prior levels or
expectations, and our strategies for producing such results; (14)
our position and ability to capitalize on market opportunities and
the impacts to our results; (15) our investments in technology and
the impact to our operations, ability to scale and financial
results and (16) our purchase production and product portfolio.
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 to
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 and MSR 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
broker relationships; (x) UWM’s ability to implement technological
innovation; (xi) the occurrence of a data breach or other failure
of UWM’s cybersecurity or information security systems; (xii) the
occurrence of data breaches or other cybersecurity failures at our
third-party sub-servicers or other third-party vendors; (xiii)
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 (xiv) other risks and
uncertainties indicated from time to time in our filings with the
Securities and Exchange Commission including those under “Risk
Factors” therein. 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
(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 nine consecutive years and is 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)
September 30,
2024
December 31,
2023
Assets
(Unaudited)
Cash and cash equivalents
$
636,327
$
497,468
Mortgage loans at fair value
10,141,683
5,449,884
Derivative assets
66,977
33,019
Investment securities at fair
value, pledged
108,964
110,352
Accounts receivable, net
561,901
512,070
Mortgage servicing rights
2,800,054
4,026,136
Premises and equipment, net
147,981
146,417
Operating lease right-of-use
asset
(includes $93,856 and $97,596
with related parties)
95,123
99,125
Finance lease right-of-use asset,
net
(includes $23,253 and $24,802
with related parties)
24,020
29,111
Loans eligible for repurchase
from Ginnie Mae
391,696
856,856
Other assets
145,072
111,416
Total assets
$
15,119,798
$
11,871,854
Liabilities and Equity
Warehouse lines of credit
$
9,207,746
$
4,902,090
Derivative liabilities
93,599
40,781
Secured line of credit
300,000
750,000
Borrowings against investment
securities
93,662
93,814
Accounts payable, accrued
expenses and other
573,865
469,101
Accrued distributions and
dividends payable
159,818
159,572
Senior notes
1,991,216
1,988,267
Operating lease liability
(includes $100,566 and $104,495
with related parties)
101,833
106,024
Finance lease liability
(includes $25,027 and $26,260
with related parties)
25,836
30,678
Loans eligible for repurchase
from Ginnie Mae
391,696
856,856
Total liabilities
12,939,271
9,397,183
Equity:
Preferred stock, $0.0001 par value -
100,000,000 shares authorized, none issued andoutstanding as of
September 30, 2024 or December 31, 2023
—
—
Class A common stock, $0.0001 par
value - 4,000,000,000 shares authorized, 113,150,968 and 93,654,269
shares issued and outstanding as of September 30, 2024 and December
31, 2023, respectively
11
10
Class B common stock, $0.0001 par
value - 1,700,000,000 shares authorized, none issued and
outstanding as of September 30, 2024 or December 31, 2023
—
—
Class C common stock, $0.0001 par
value - 1,700,000,000 shares authorized, none issued and
outstanding as of September 30, 2024 or December 31, 2023
—
—
Class D common stock, $0.0001 par
value - 1,700,000,000 shares authorized, 1,485,027,775 shares
issued and outstanding as of September 30, 2024 and 1,502,069,787
at December 31, 2023
149
150
Additional paid-in capital
2,644
1,702
Retained earnings
116,561
110,690
Non-controlling interest
2,061,162
2,362,119
Total equity
2,180,527
2,474,671
Total liabilities and equity
$
15,119,798
$
11,871,854
UWM HOLDINGS
CORPORATION
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,
June 30,
September 30,
September 30,
September 30,
2024
2024
2023
2024
2023
Revenue
Loan production income
$
465,548
$
357,109
$
288,930
$
1,121,611
$
775,111
Loan servicing income
134,753
143,910
200,428
463,365
612,205
Change in fair value of mortgage
servicing rights
(446,100
)
(142,485
)
92,909
(604,148
)
(219,730
)
Gain on other interest rate
derivatives
226,936
27,166
—
254,102
—
Interest income
145,297
121,394
94,849
368,554
258,324
Total revenue, net
526,434
507,094
677,116
1,603,484
1,425,910
Expenses
Salaries, commissions and
benefits
181,453
160,311
135,333
496,005
387,716
Direct loan production costs
58,398
45,485
36,184
135,319
76,285
Marketing, travel, and
entertainment
22,462
24,438
20,117
66,011
58,915
Depreciation and amortization
11,636
11,404
11,563
34,380
34,674
General and administrative
53,664
55,051
44,904
149,524
132,214
Servicing costs
25,009
25,787
33,640
81,120
102,160
Interest expense
141,102
108,651
93,724
348,421
239,445
Other expense (income)
421
(1,105
)
(76
)
(921
)
2,386
Total expenses
494,145
430,022
375,389
1,309,859
1,033,795
Earnings before income
taxes
32,289
77,072
301,727
293,625
392,115
Provision for income
taxes
344
786
734
4,863
941
Net income
31,945
76,286
300,993
288,762
391,174
Net income attributable to
non-controlling interest
38,240
73,236
282,762
283,277
377,326
Net income (loss) attributable
to UWMC
$
(6,295
)
$
3,050
$
18,231
$
5,485
$
13,848
Earnings (loss) per share of
Class A common stock:
Basic
$
(0.06
)
$
0.03
$
0.20
$
0.06
$
0.15
Diluted
$
(0.06
)
$
0.03
$
0.15
$
0.06
$
0.15
Weighted average shares
outstanding:
Basic
99,801,301
95,387,609
93,290,736
96,530,282
93,107,576
Diluted
99,801,301
95,387,609
1,596,624,780
96,530,282
93,107,576
Addendum to Exhibit 99.1
This addendum includes the Company's Consolidated Balance Sheets
as of September 30, 2024, and the preceding four quarters and
Statements of Operations for the quarter ended September 30, 2024,
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)
September 30,
2024
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
Assets
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Cash and cash equivalents
$
636,327
$
680,153
$
605,639
$
497,468
$
729,616
Mortgage loans at fair value
10,141,683
8,236,183
7,338,135
5,449,884
5,560,039
Derivative assets
66,977
54,962
34,050
33,019
92,791
Investment securities at fair
value, pledged
108,964
105,593
108,323
110,352
104,526
Accounts receivable, net
561,901
516,838
554,443
512,070
385,922
Mortgage servicing rights
2,800,054
2,650,090
3,191,803
4,026,136
4,352,219
Premises and equipment, net
147,981
146,750
145,265
146,417
146,509
Operating lease right-of-use
asset
95,123
96,474
97,801
99,125
100,427
Finance lease right-of-use asset,
net
24,020
25,061
26,890
29,111
31,803
Loans eligible for repurchase
from Ginnie Mae
391,696
279,290
577,487
856,856
617,490
Other assets
145,072
130,247
117,498
111,416
82,795
Total assets
$
15,119,798
$
12,921,641
$
12,797,334
$
11,871,854
$
12,204,137
Liabilities and Equity
Warehouse lines of credit
$
9,207,746
$
7,429,591
$
6,681,917
$
4,902,090
$
5,066,900
Derivative liabilities
93,599
26,171
26,918
40,781
38,882
Secured line of credit
300,000
—
200,000
750,000
500,000
Borrowings against investment
securities
93,662
91,406
94,064
93,814
97,328
Accounts payable, accrued
expenses and other
573,865
486,138
477,765
469,101
503,890
Accrued distributions and
dividends payable
159,818
159,766
159,702
159,572
159,572
Senior notes
1,991,216
1,990,233
1,989,250
1,988,267
1,987,284
Operating lease liability
101,833
103,247
104,637
106,024
107,389
Finance lease liability
25,836
26,787
28,536
30,678
33,291
Loans eligible for repurchase
from Ginnie Mae
391,696
279,290
577,487
856,856
617,490
Total liabilities
12,939,271
10,592,629
10,340,276
9,397,183
9,112,026
Equity:
Preferred stock, $0.0001 par
value - 100,000,000 shares authorized, none issued and outstanding
as of each of the periods presented
—
—
—
—
—
Class A common stock, $0.0001 par
value - 4,000,000,000 shares authorized; shares issued and
outstanding - 113,150,968 as of September 30, 2024, 95,587,806 as
of June 30, 2024, 94,945,635 as of March 31, 2024, 93,654,269 as of
December 31, 2023 and 93,654,269 as of September 30, 2023
11
10
9
10
10
Class B common stock, $0.0001 par
value - 1,700,000,000 shares authorized, none issued and
outstanding as of each of the periods presented
—
—
—
Class C common stock, $0.0001 par
value - 1,700,000,000 shares authorized, none issued and
outstanding as of each of the periods presented
—
—
—
Class D common stock, $0.0001 par
value - 1,700,000,000 shares authorized, 1,485,027,775 shares
issued and outstanding as of September 30, 2024 and 1,502,069,787
as each of the rest of periods presented
149
150
150
150
150
Additional paid-in capital
2,644
2,305
2,085
1,702
1,484
Retained earnings
116,561
111,021
111,980
110,690
130,233
Non-controlling interest
2,061,162
2,215,526
2,342,834
2,362,119
2,960,234
Total equity
2,180,527
2,329,012
2,457,058
2,474,671
3,092,111
Total liabilities and equity
$
15,119,798
$
12,921,641
$
12,797,334
$
11,871,854
$
12,204,137
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except shares
and per share amounts)
(Unaudited)
For the three months
ended
September 30,
2024
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
Revenue
Loan production income
$
465,548
$
357,109
$
298,954
$
225,436
$
288,930
Loan servicing income
134,753
143,910
184,702
206,498
200,428
Change in fair value of mortgage
servicing rights
(446,100
)
(142,485
)
(15,563
)
(634,418
)
92,909
Gain on other interest rate
derivatives
226,936
27,166
—
—
—
Interest income
145,297
121,394
101,863
87,901
94,849
Total revenue, net
526,434
507,094
569,956
(114,583
)
677,116
Expenses
Salaries, commissions and
benefits
181,453
160,311
154,241
142,515
135,333
Direct loan production costs
58,398
45,485
31,436
27,977
36,184
Marketing, travel, and
entertainment
22,462
24,438
19,111
25,600
20,117
Depreciation and amortization
11,636
11,404
11,340
11,472
11,563
General and administrative
53,664
55,051
40,809
38,209
44,904
Servicing costs
25,009
25,787
30,324
29,632
33,640
Interest expense
141,102
108,651
98,668
80,811
93,724
Other expense (income)
421
(1,105
)
(237
)
(2,391
)
(76
)
Total expenses
494,145
430,022
385,692
353,825
375,389
Earnings (loss) before income
taxes
32,289
77,072
184,264
(468,408
)
301,727
Provision (benefit) for income
taxes
344
786
3,733
(7,452
)
734
Net income (loss)
31,945
76,286
180,531
(460,956
)
300,993
Net income (loss) attributable
to non-controlling interest
38,240
73,236
171,801
(433,878
)
282,762
Net income (loss) attributable
to UWMC
$
(6,295
)
$
3,050
$
8,730
$
(27,078
)
$
18,231
Earnings (loss) per share of
Class A common stock:
Basic
$
(0.06
)
$
0.03
$
0.09
$
(0.29
)
$
0.20
Diluted
$
(0.06
)
$
0.03
$
0.09
$
(0.29
)
$
0.15
Weighted average shares
outstanding:
Basic
99,801,301
95,387,609
94,365,991
93,654,269
93,290,736
Diluted
99,801,301
95,387,609
1,598,647,205
93,654,269
1,596,624,780
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241107384410/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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