First Quarter Net Income of $180.5 Million.
Loan Origination Volume of $27.6 Billion, Including Purchase Volume
of $22.1 Billion.
UWM Holdings Corporation (NYSE: UWMC) (the "Company"),
the publicly traded indirect parent of United Wholesale Mortgage
(“UWM”), today announced its results for the first quarter ended
March 31, 2024. Total loan origination volume for the first quarter
2024 was $27.6 billion, of which $22.1 billion was purchase volume.
The Company reported 1Q24 net income of $180.5 million, inclusive
of a $15.6 million decline in the fair value of MSRs, and diluted
earnings per share of $0.09.
Mat Ishbia, Chairman and CEO of UWMC, said, "We continue to see
positive results from our strategy and investments. Both volume and
margin are strengthening and we delivered increased volume
performance relative to the fourth quarter of last year.
Additionally, despite being in a higher rate environment, we
originated 24% more loans than we did in the first quarter of 2023.
Even more impressive is the fact that our purchase volume of $22.1
billion was considerably higher than Q1 2023 despite all the
industry talk of higher interest rates and lack of inventory. This
is reflective of the overall health of our business and soundness
in our strategy. I am confident the strong momentum we’ve seen in
the broker channel will remain on an upward trajectory and UWM and
mortgage brokers will continue to win."
First Quarter 2024 Highlights
- Originations of $27.6 billion in 1Q24, compared to $24.4
billion in 4Q23 and $22.3 billion in 1Q23
- Purchase originations of $22.1 billion in 1Q24, a UWM record
for first quarter purchase volume, compared to $20.7 billion in
4Q23 and $19.2 billion in 1Q23
- Total gain margin of 108 bps in 1Q24 compared to 92 bps in 4Q23
and 92 bps in 1Q23
- Net income of $180.5 million in 1Q24 compared to net loss of
$461.0 million in 4Q23 and net loss of $138.6 million in 1Q23
- Adjusted EBITDA of $101.5 million in 1Q23 compared to $99.6
million in 4Q23 and $141.0 million in 1Q23
- Total equity of $2.5 billion at March 31, 2024, compared to
$2.5 billion at December 31, 2023, and $2.9 billion at March 31,
2023
- Unpaid principal balance of MSRs of $229.7 billion with a WAC
of 4.58% at March 31, 2024, compared to $299.5 billion with a WAC
of 4.43% at December 31, 2023, and $297.9 billion with a WAC of
3.66% at March 31, 2023
- Ended 1Q24 with approximately $2.9 billion of available
liquidity, including $605.6 million of cash, and $2.3 billion of
available borrowing capacity, which includes $1.8 billion under
lines of credit secured by agency and Ginnie Mae MSRs, and $500
million under an unsecured line of credit
Production and Income Statement
Highlights (dollars in thousands, except per share amounts)
Q1 2024
Q4 2023
Q1 2023
Loan origination
volume(1)
$
27,630,535
$
24,372,436
$
22,335,014
Total gain
margin(1)(2)
1.08
%
0.92
%
0.92
%
Net income (loss)
$
180,531
$
(460,956
)
$
(138,613
)
Diluted earnings (loss) per
share
0.09
(0.29
)
(0.13
)
Adjusted diluted earnings
(loss) per share(3)
N/A
(0.23
)
(0.07
)
Adjusted net income
(loss)(3)
141,121
(361,002
)
(106,625
)
Adjusted EBITDA(3)
101,490
99,566
140,994
(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)
Q1 2024
Q4 2023
Q1 2023
Cash and cash equivalents
$
605,639
$
497,468
$
740,063
Mortgage loans at fair value
7,338,135
5,449,884
4,800,259
Mortgage servicing rights
3,191,803
4,026,136
3,974,870
Total assets
12,797,334
11,871,854
10,947,716
Non-funding debt (1)
2,311,850
2,862,759
2,623,962
Total equity
2,457,058
2,474,671
2,874,542
Non-funding debt to equity (1)
0.94
1.16
0.91
(1) Non-GAAP metric (see discussion and
reconciliations below).
Mortgage Servicing Rights
(dollars in thousands)
Q1 2024
Q4 2023
Q1 2023
Unpaid principal
balance
$
229,706,006
$
299,456,189
$
297,906,035
Weighted average interest
rate
4.58
%
4.43
%
3.66
%
Weighted average age
(months)
22
21
18
First Quarter Business and Product Highlights
- Mortgage Matchup – A new and improved version of the
site formally known as FindAMortgageBroker.com. Mortgage Matchup
continues to be a consumer-facing website geared toward homebuyers
and real estate agents, and offers educational material around the
home buying and refinancing process, along with a searchable
database of independent mortgage brokers
- Refi 100 – A 100-basis point pricing incentive on
any note rate for conventional rate and term refinances. This
pricing incentive helped independent mortgage brokers who work with
UWM create refinance opportunities with their borrowers
- 1% Down Expansion – When income-qualified borrowers put
1% down, UWM pays an additional 2% toward their down payment, up to
$4,000, for a total of 3% down
- No-Cost Credit Reports – UWM is now covering the cost of
hard credit report pulls for its broker partners. This initiative
aims to combat the impact of increasingly high credit report costs,
an out-of-pocket expense for brokers
Product and Investor Mix - Unpaid
Principal Balance of Originations (dollars in thousands)
Purchase:
Q1 2024
Q4 2023
Q1 2023
Conventional
$
12,160,107
$
12,033,818
$
12,969,966
Government
7,567,925
6,805,530
5,623,050
Jumbo and other (1)
2,393,397
1,842,108
652,780
Total Purchase
$
22,121,429
$
20,681,456
$
19,245,796
Refinance:
Q1 2024
Q4 2023
Q1 2023
Conventional
$
1,716,281
$
1,386,645
$
1,869,911
Government
2,657,541
1,389,884
941,775
Jumbo and other (1)
1,135,284
914,451
277,532
Total Refinance
$
5,509,106
$
3,690,980
$
3,089,218
Total Originations
$
27,630,535
$
24,372,436
$
22,335,014
(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).
Second Quarter 2024 Outlook
We anticipate second quarter production to be in the $28 to $35
billion range, with gain margin from 85 to 110 basis points.
Dividend
Subsequent to March 31, 2024, for the fourteenth 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 July 11, 2024, to stockholders of
record at the close of business on June 20, 2024. Additionally, the
Board approved a proportional distribution to SFS Corp., which is
payable on or about July 11, 2024.
Earnings Conference Call Details
As previously announced, the Company will hold a conference call
for financial analysts and investors on Thursday, May 9, 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/Q4I430216
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
(loss) 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 (loss)
Q1 2024
Q4 2023
Q1 2023
Earnings (loss) before income taxes
$
184,264
$
(468,408
)
$
(139,616
)
Adjusted income tax (provision)
benefit
(43,143
)
107,406
32,991
Adjusted net Income (loss)
$
141,121
(361,002
)
$
(106,625
)
Adjusted diluted EPS
Q4 2023
Q1 2023
Diluted weighted average Class A
common stock outstanding
93,654,269
92,920,794
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)
1,595,724,056
1,594,990,581
Adjusted net income (loss)
$
(361,002
)
$
(106,625
)
Adjusted diluted EPS
(0.23
)
(0.07
)
(1) Reflects the pro forma exchange and
conversion of antidilutive Class D common stock to Class A common
stock
Adjusted EBITDA
Q1 2024
Q4 2023
Q1 2023
Net income (loss)
$
180,531
$
(460,956
)
$
(138,613
)
Interest expense on non-funding
debt
40,243
43,946
42,703
Provision (benefit) for income
taxes
3,733
(7,452
)
(1,003
)
Depreciation and amortization
11,340
11,472
11,670
Stock-based compensation
expense
5,876
3,961
2,482
Change in fair value of MSRs due
to valuation inputs or assumptions
(141,059
)
507,686
222,915
Deferred compensation, net
1,063
3,300
1,081
Change in fair value of Public
and Private Warrants
(686
)
4,808
2,098
Change in Tax Receivable
Agreement liability
180
260
250
Change in fair value of
investment securities
269
(7,459
)
(2,589
)
Adjusted EBITDA
$
101,490
$
99,566
$
140,994
Non-funding debt and
non-funding debt to equity
Q1 2024
Q4 2023
Q1 2023
Senior notes
$
1,989,250
$
1,988,267
$
1,985,319
Secured lines of credit
200,000
750,000
500,000
Borrowings against investment
securities
94,064
93,814
101,345
Equipment note payable
—
—
486
Finance lease liability
28,536
30,678
36,812
Total non-funding debt
$
2,311,850
$
2,862,759
$
2,623,962
Total equity
$
2,457,058
$
2,474,671
$
2,874,542
Non-funding debt to
equity
0.94
1.16
0.91
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 second 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)
March 31,
December 31,
2024
2023
Assets (Unaudited)
(Unaudited)
Cash and cash equivalents
$
605,639
$
497,468
Mortgage loans at fair value
7,338,135
5,449,884
Derivative assets
34,050
33,019
Investment securities at fair
value, pledged
108,323
110,352
Accounts receivable, net
554,443
512,070
Mortgage servicing rights
3,191,803
4,026,136
Premises and equipment, net
145,265
146,417
Operating lease right-of-use
asset, net
(includes $96,358 and $97,596
with related parties)
97,801
99,125
Finance lease right-of-use
asset
(includes $24,286 and $24,802
with related parties)
26,890
29,111
Loans eligible for repurchase
from Ginnie Mae
577,487
856,856
Other assets
117,498
111,416
Total assets
$
12,797,334
$
11,871,854
Liabilities and Equity
Warehouse lines of credit
$
6,681,917
$
4,902,090
Derivative liabilities
26,918
40,781
Secured line of credit
200,000
750,000
Borrowings against investment
securities
94,064
93,814
Accounts payable, accrued
expenses and other
477,765
469,101
Accrued distributions and
dividends payable
159,702
159,572
Senior notes
1,989,250
1,988,267
Operating lease liability
(includes $103,194 and $104,495
with related parties)
104,637
106,024
Finance lease liability
(includes $25,851 and $26,260
with related parties)
28,536
30,678
Loans eligible for repurchase
from Ginnie Mae
577,487
856,856
Total liabilities
10,340,276
9,397,183
Equity:
Preferred stock, $0.0001 par
value - 100,000,000 shares authorized, none issued and outstanding
as of March 31, 2024 or December 31, 2023
—
—
Class A common stock, $0.0001 par
value - 4,000,000,000 shares authorized, 94,945,635 and 93,654,269
shares issued and outstanding as of March 31, 2024 and December 31,
2023, respectively
9
10
Class B common stock, $0.0001 par
value - 1,700,000,000 shares authorized, none issued and
outstanding as of March 31, 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 March 31, 2024 or December 31, 2023
—
—
Class D common stock, $0.0001 par
value - 1,700,000,000 shares authorized, 1,502,069,787 shares
issued and outstanding as of March 31, 2024 and December 31, 2023,
respectively
150
150
Additional paid-in capital
2,085
1,702
Retained earnings
111,980
110,690
Non-controlling interest
2,342,834
2,362,119
Total equity
2,457,058
2,474,671
Total liabilities and
equity
$
12,797,334
$
11,871,854
UWM HOLDINGS
CORPORATION
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except shares
and per share amounts)
(Unaudited)
For the three months
ended
March 31,
2024
December 31,
2023
March 31,
2023
Revenue
Loan production income
$
298,954
$
225,436
$
205,424
Loan servicing income
184,702
206,498
218,557
Change in fair value of mortgage
servicing rights
(15,563
)
(634,418
)
(337,287
)
Interest income
101,863
87,901
74,580
Total revenue, net
569,956
(114,583
)
161,274
Expenses
Salaries, commissions and
benefits
154,241
142,515
121,003
Direct loan production costs
31,436
27,977
16,483
Marketing, travel, and
entertainment
19,111
25,600
17,210
Depreciation and amortization
11,340
11,472
11,670
General and administrative
40,809
38,209
34,619
Servicing costs
30,324
29,632
36,862
Interest expense
98,668
80,811
63,284
Other income
(237
)
(2,391
)
(241
)
Total expenses
385,692
353,825
300,890
Earnings (loss) before income
taxes
184,264
(468,408
)
(139,616
)
Provision (benefit) for income
taxes
3,733
(7,452
)
(1,003
)
Net income (loss)
180,531
(460,956
)
(138,613
)
Net income (loss) attributable
to non-controlling interest
171,801
(433,878
)
(126,672
)
Net income (loss) attributable
to UWMC
$
8,730
$
(27,078
)
$
(11,941
)
Earnings (loss) per share of
Class A common stock:
Basic
$
0.09
$
(0.29
)
$
(0.13
)
Diluted
$
0.09
$
(0.29
)
$
(0.13
)
Weighted average shares
outstanding:
Basic
94,365,991
93,654,269
92,920,794
Diluted
1,598,647,205
93,654,269
92,920,794
Addendum to Exhibit 99.1
This addendum includes the Company's Consolidated Balance Sheets
as of March 31, 2024, and the preceding four quarters and
Statements of Operations for the quarter ended March 31, 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)
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
Assets
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Cash and cash equivalents
$
605,639
$
497,468
$
729,616
$
634,576
$
740,063
Mortgage loans at fair value
7,338,135
5,449,884
5,560,039
6,269,924
4,800,259
Derivative assets
34,050
33,019
92,791
61,407
61,136
Investment securities at fair
value, pledged
108,323
110,352
104,526
111,625
114,275
Accounts receivable, net
554,443
512,070
385,922
347,865
433,747
Mortgage servicing rights
3,191,803
4,026,136
4,352,219
4,224,207
3,974,870
Premises and equipment, net
145,265
146,417
146,509
149,515
152,428
Operating lease right-of-use
asset, net
97,801
99,125
100,427
101,686
102,923
Finance lease right-of-use
asset
26,890
29,111
31,803
34,947
38,320
Loans eligible for repurchase
from Ginnie Mae
577,487
856,856
617,490
409,078
440,775
Other assets
117,498
111,416
82,795
81,089
88,920
Total assets
$
12,797,334
$
11,871,854
$
12,204,137
$
12,425,919
$
10,947,716
Liabilities and Equity
Warehouse lines of credit
$
6,681,917
$
4,902,090
$
5,066,900
$
5,732,791
$
4,259,834
Derivative liabilities
26,918
40,781
38,882
21,734
62,742
Secured line of credit
200,000
750,000
500,000
500,000
500,000
Borrowings against investment
securities
94,064
93,814
97,328
100,901
101,345
Accounts payable, accrued
expenses and other
477,765
469,101
503,890
423,407
416,818
Accrued distributions and
dividends payable
159,702
159,572
159,572
159,518
159,517
Senior notes
1,989,250
1,988,267
1,987,284
1,986,301
1,985,319
Operating lease liability
104,637
106,024
107,389
108,711
110,012
Finance lease liability
28,536
30,678
33,291
36,356
36,812
Loans eligible for repurchase
from Ginnie Mae
577,487
856,856
617,490
409,078
440,775
Total liabilities
10,340,276
9,397,183
9,112,026
9,478,797
8,073,174
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 - 94,945,635 as of March 31, 2024, 93,654,269 as of
December 31, 2023, 93,654,269 as of September 30, 2023, 93,114,878
as of June 30, 2023 and 93,101,971 as of March 31, 2023
9
10
10
9
9
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, 1,502,069,787 shares
issued and outstanding as of each of the periods presented
150
150
150
150
150
Additional paid-in capital
2,085
1,702
1,484
1,267
1,036
Retained earnings
111,980
110,690
130,233
120,379
122,136
Non-controlling interest
2,342,834
2,362,119
2,960,234
2,825,317
2,751,211
Total equity
2,457,058
2,474,671
3,092,111
2,947,122
2,874,542
Total liabilities and
equity
$
12,797,334
$
11,871,854
$
12,204,137
$
12,425,919
$
10,947,716
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except shares
and per share amounts)
(Unaudited)
For the three months
ended
March 31,
2024
December 31,
2023
September 30,
2023
June 30,
2023
March 31,
2023
Revenue
Loan production income
$
298,954
$
225,436
$
288,930
$
280,757
$
205,424
Loan servicing income
184,702
206,498
200,428
193,220
218,557
Change in fair value of mortgage servicing
rights
(15,563
)
(634,418
)
92,909
24,648
(337,287
)
Interest income
101,863
87,901
94,849
88,895
74,580
Total revenue, net
569,956
(114,583
)
677,116
587,520
161,274
Expenses
Salaries, commissions and benefits
154,241
142,515
135,333
131,380
121,003
Direct loan production costs
31,436
27,977
36,184
23,618
16,483
Marketing, travel, and entertainment
19,111
25,600
20,117
21,588
17,210
Depreciation and amortization
11,340
11,472
11,563
11,441
11,670
General and administrative
40,809
38,209
44,904
52,691
34,619
Servicing costs
30,324
29,632
33,640
31,658
36,862
Interest expense
98,668
80,811
93,724
82,437
63,284
Other expense (income)
(237
)
(2,391
)
(76
)
2,703
(241
)
Total expenses
385,692
353,825
375,389
357,516
300,890
Earnings (loss) before income
taxes
184,264
(468,408
)
301,727
230,004
(139,616
)
Provision (benefit) for income
taxes
3,733
(7,452
)
734
1,210
(1,003
)
Net income (loss)
180,531
(460,956
)
300,993
228,794
(138,613
)
Net income (loss) attributable to
non-controlling interest
171,801
(433,878
)
282,762
221,236
(126,672
)
Net income (loss) attributable to
UWMC
$
8,730
$
(27,078
)
$
18,231
$
7,558
$
(11,941
)
Earnings (loss) per share of Class A
common stock:
Basic
$
0.09
$
(0.29
)
$
0.20
$
0.08
$
(0.13
)
Diluted
$
0.09
$
(0.29
)
$
0.15
$
0.08
$
(0.13
)
Weighted average shares
outstanding:
Basic
94,365,991
93,654,269
93,290,736
93,107,133
92,920,794
Diluted
1,598,647,205
93,654,269
1,596,624,780
93,107,133
92,920,794
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240509456883/en/
For inquiries regarding UWM, please contact: INVESTOR
CONTACT BLAKE KOLO InvestorRelations@uwm.com MEDIA
CONTACT NICOLE ROBERTS Media@uwm.com
Grafico Azioni UWM (NYSE:UWMC)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni UWM (NYSE:UWMC)
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Da Dic 2023 a Dic 2024
