Second Quarter Net Income of $76.3 Million.
Loan Origination Volume of $33.6 Billion, Including Purchase Volume
of $27.2 Billion.
UWM Holdings Corporation (NYSE: UWMC) (the "Company"),
the publicly traded indirect parent of United Wholesale Mortgage
(“UWM”), today announced its results for the second quarter ended
June 30, 2024. Total loan origination volume for the second quarter
2024 was $33.6 billion, of which $27.2 billion was purchase volume.
The Company reported 2Q24 net income of $76.3 million, inclusive of
a $115.3 million decline in fair value of MSRs, net, and diluted
earnings per share of $0.03.
Mat Ishbia, Chairman and CEO of UWMC, said, "The second quarter
was another strong quarter, by all measures, for UWM and the
wholesale channel. We collectively continue to dominate the current
purchase market while investing and preparing for lower rates
ahead. Our momentum is building, with margins and production both
up year over year, and our focus remains on our best-in-class
people, process and technology. UWM and the mortgage broker
community are in a position of strength. With wholesale channel
market share at a 15-year high, we are in a prime position to
capitalize and grow when rates inevitably drop. UWM has never been
as prepared for the upcoming opportunity as we are now."
Second Quarter Financial 2024 Highlights
- Originations of $33.6 billion in 2Q24, compared to $27.6
billion in 1Q24 and $31.8 billion in 2Q23
- Purchase originations of $27.2 billion in 2Q24, compared to
$22.1 billion in 1Q24 and $28.0 billion in 2Q23
- Total gain margin of 106 bps in 2Q24 compared to 108 bps in
1Q24 and 88 bps in 2Q23
- Net income of $76.3 million in 2Q24 compared to net income of
$180.5 million in 1Q24 and net income of $228.8 million in
2Q23
- Adjusted EBITDA of $133.1 million in 2Q24 compared to $101.5
million in 1Q24 and $125.4 million in 2Q23
- Total equity of $2.3 billion at June 30, 2024, compared to $2.5
billion at March 31, 2024, and $2.9 billion at June 30, 2023
- Unpaid principal balance of MSRs of $189.5 billion with a WAC
of 4.31% at June 30, 2024, compared to $229.7 billion with a WAC of
4.58% at March 31, 2024, and $294.9 billion with a WAC of 3.84% at
June 30, 2023
- Ended 2Q24 with approximately $2.7 billion of available
liquidity, including $680.2 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)
Q2 2024
Q1 2024
Q2 2023
Loan origination
volume(1)
$
33,628,993
$
27,630,535
$
31,846,800
Total gain
margin(1)(2)
1.06
%
1.08
%
0.88
%
Net income
$
76,286
$
180,531
$
228,794
Diluted earnings per
share
0.03
0.09
0.08
Adjusted diluted earnings per
share(3)
0.04
N/A
0.11
Adjusted net income(3)
59,809
141,121
175,953
Adjusted EBITDA(3)
133,146
101,490
125,380
(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)
Q2 2024
Q1 2024
Q2 2023
Cash and cash
equivalents
$
680,153
$
605,639
$
634,576
Mortgage loans at fair
value
8,236,183
7,338,135
6,269,924
Mortgage servicing
rights
2,650,090
3,191,803
4,224,207
Total assets
12,921,641
12,797,334
12,425,919
Non-funding debt (1)
2,108,426
2,311,850
2,623,991
Total equity
2,329,012
2,457,058
2,947,122
Non-funding debt to equity
(1)
0.91
0.94
0.89
(1)
Non-GAAP metric (see discussion and
reconciliations below).
Mortgage Servicing Rights
(dollars in thousands)
Q2 2024
Q1 2024
Q2 2023
Unpaid principal
balance
$
189,482,798
$
229,706,006
$
294,945,929
Weighted average interest
rate
4.31
%
4.58
%
3.84
%
Weighted average age
(months)
26
22
20
Second Quarter Business and Product Highlights
- UWM LIVE!
- For the third consecutive year, UWM hosted over 5,000
independent mortgage brokers, processors and real estate agents for
UWM LIVE!, one of the largest mortgage events of the year
- Launched TRAC+
- UWM can now handle everything throughout title review, closing
and disbursement. As a result, brokers have the option to close the
loan without working with a title company or a settlement
agent
- Launched ChatUWM
- An innovative AI-powered smart search designed to support
independent mortgage brokers, providing instant responses on topics
including guidelines, matrices, summaries of UWM’s tools and
technology and more
- Continued Investment in Mortgage Matchup
- Mortgage Matchup was announced as the official mortgage partner
of the NBA and WNBA, the first-ever mortgage partnership for both
leagues
Product and Investor Mix - Unpaid
Principal Balance of Originations (dollars in thousands)
Purchase:
Q2 2024
Q1 2024
Q2 2023
Conventional
$
15,650,022
$
12,160,107
$
17,607,736
Government
8,298,147
7,567,925
9,184,089
Jumbo and other (1)
3,224,482
2,393,397
1,243,350
Total Purchase
$
27,172,651
$
22,121,429
$
28,035,175
Refinance:
Q2 2024
Q1 2024
Q2 2023
Conventional
$
2,506,853
$
1,716,281
$
2,113,172
Government
2,573,514
2,657,541
1,336,350
Jumbo and other (1)
1,375,975
1,135,284
362,103
Total Refinance
$
6,456,342
$
5,509,106
$
3,811,625
Total Originations
$
33,628,993
$
27,630,535
$
31,846,800
(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).
Third Quarter 2024 Outlook
We anticipate third quarter production to be in the $31 to $38
billion range, with gain margin from 85 to 110 basis points.
Dividend
Subsequent to June 30, 2024, for the fifteenth 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 October 10, 2024, to stockholders
of record at the close of business on September 19, 2024.
Additionally, the Board approved a proportional distribution to SFS
Corp., which is payable on or about October 10, 2024.
Earnings Conference Call Details
As previously announced, the Company will hold a conference call
for financial analysts and investors on Tuesday, August 6, 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/Q4I2815784
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 (net), 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
Q2 2024
Q1 2024
Q2 2023
Earnings before income taxes
$
77,072
$
184,264
$
230,004
Adjusted income tax provision
(17,263
)
(43,143
)
(54,051
)
Adjusted net income
$
59,809
$
141,121
$
175,953
Adjusted diluted EPS
Q2 2024
Q2 2023
Diluted weighted average Class A
common stock outstanding
95,387,609
93,107,133
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)
1,597,457,396
1,595,176,920
Adjusted net income
$
59,809
$
175,953
Adjusted diluted EPS
0.04
0.11
(1) Reflects the pro forma
exchange and conversion of antidilutive Class D common stock to
Class A common stock.
Adjusted EBITDA
Q2 2024
Q1 2024
Q2 2023
Net income
$
76,286
$
180,531
$
228,794
Interest expense on non-funding
debt
31,951
40,243
42,756
Provision for income taxes
786
3,733
1,210
Depreciation and amortization
11,404
11,340
11,441
Stock-based compensation
expense
3,937
5,876
3,567
Change in fair value of MSRs due
to valuation inputs or assumptions, net
11,056
(141,059
)
(164,526
)
Deferred compensation, net
(1,169
)
1,063
(564
)
Change in fair value of Public
and Private Warrants
(1,739
)
(686
)
1,175
Change in Tax Receivable
Agreement liability
—
180
915
Change in fair value of
investment securities
634
269
612
Adjusted EBITDA
$
133,146
$
101,490
$
125,380
Non-funding debt and non-funding debt to equity
Q2 2024
Q1 2024
Q2 2023
Senior notes
$
1,990,233
$
1,989,250
$
1,986,301
Secured lines of credit
—
200,000
500,000
Borrowings against investment
securities
91,406
94,064
100,901
Equipment note payable
—
—
433
Finance lease liability
26,787
28,536
36,356
Total non-funding debt
$
2,108,426
$
2,311,850
$
2,623,991
Total equity
$
2,329,012
$
2,457,058
$
2,947,122
Non-funding debt to
equity
0.91
0.94
0.89
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 third 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)
June 30,
December 31,
2024
2023
Assets
(Unaudited)
Cash and cash equivalents
$
680,153
$
497,468
Mortgage loans at fair value
8,236,183
5,449,884
Derivative assets
54,962
33,019
Investment securities at fair
value, pledged
105,593
110,352
Accounts receivable, net
516,838
512,070
Mortgage servicing rights
2,650,090
4,026,136
Premises and equipment, net
146,750
146,417
Operating lease right-of-use
asset, net (includes $95,118 and $97,596 with related parties)
96,474
99,125
Finance lease right-of-use asset
(includes $23,769 and $24,802 with related parties)
25,061
29,111
Loans eligible for repurchase
from Ginnie Mae
279,290
856,856
Other assets
130,247
111,416
Total assets
$
12,921,641
$
11,871,854
Liabilities and Equity
Warehouse lines of credit
$
7,429,591
$
4,902,090
Derivative liabilities
26,171
40,781
Secured line of credit
—
750,000
Borrowings against investment
securities
91,406
93,814
Accounts payable, accrued
expenses and other
486,138
469,101
Accrued distributions and
dividends payable
159,766
159,572
Senior notes
1,990,233
1,988,267
Operating lease liability
(includes $101,891 and $104,495
with related parties)
103,247
106,024
Finance lease liability
(includes $25,441 and $26,260
with related parties)
26,787
30,678
Loans eligible for repurchase
from Ginnie Mae
279,290
856,856
Total liabilities
10,592,629
9,397,183
Equity:
Preferred stock, $0.0001 par
value - 100,000,000 shares authorized, none issued and outstanding
as of June 30, 2024 or December 31, 2023
—
—
Class A common stock, $0.0001 par
value - 4,000,000,000 shares authorized, 95,587,806 and 93,654,269
shares issued and outstanding as of June 30, 2024 and December 31,
2023, respectively
10
10
Class B common stock, $0.0001 par
value - 1,700,000,000 shares authorized, none issued and
outstanding as of June 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 June 30, 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 June 30, 2024 and December 31, 2023,
respectively
150
150
Additional paid-in capital
2,305
1,702
Retained earnings
111,021
110,690
Non-controlling interest
2,215,526
2,362,119
Total equity
2,329,012
2,474,671
Total liabilities and equity
$
12,921,641
$
11,871,854
UWM HOLDINGS
CORPORATION
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except shares
and per share amounts)
(Unaudited)
For the three months
ended
June 30, 2024
March 31, 2024
June 30, 2023
Revenue
Loan production income
$
357,109
$
298,954
$
280,757
Loan servicing income
143,910
184,702
193,220
Change in fair value of mortgage
servicing rights, net
(115,319
)
(15,563
)
24,648
Interest income
121,394
101,863
88,895
Total revenue, net
507,094
569,956
587,520
Expenses
Salaries, commissions and
benefits
160,311
154,241
131,380
Direct loan production costs
45,485
31,436
23,618
Marketing, travel, and
entertainment
24,438
19,111
21,588
Depreciation and amortization
11,404
11,340
11,441
General and administrative
55,051
40,809
52,691
Servicing costs
25,787
30,324
31,658
Interest expense
108,651
98,668
82,437
Other expense (income)
(1,105
)
(237
)
2,703
Total expenses
430,022
385,692
357,516
Earnings before income
taxes
77,072
184,264
230,004
Provision for income
taxes
786
3,733
1,210
Net income
76,286
180,531
228,794
Net income attributable to
non-controlling interest
73,236
171,801
221,236
Net income attributable to
UWMC
$
3,050
$
8,730
$
7,558
Earnings (loss) per share of
Class A common stock:
Basic
$
0.03
$
0.09
$
0.08
Diluted
$
0.03
$
0.09
$
0.08
Weighted average shares
outstanding:
Basic
95,387,609
94,365,991
93,107,133
Diluted
95,387,609
1,598,647,205
93,107,133
Addendum to Exhibit 99.1
This addendum includes the Company's Consolidated Balance Sheets
as of June 30, 2024, and the preceding four quarters and Statements
of Operations for the quarter ended June 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)
June 30, 2024
March 31, 2024
December 31,
2023
September 30,
2023
June 30, 2023
Assets
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Cash and cash equivalents
$
680,153
$
605,639
$
497,468
$
729,616
$
634,576
Mortgage loans at fair value
8,236,183
7,338,135
5,449,884
5,560,039
6,269,924
Derivative assets
54,962
34,050
33,019
92,791
61,407
Investment securities at fair
value, pledged
105,593
108,323
110,352
104,526
111,625
Accounts receivable, net
516,838
554,443
512,070
385,922
347,865
Mortgage servicing rights
2,650,090
3,191,803
4,026,136
4,352,219
4,224,207
Premises and equipment, net
146,750
145,265
146,417
146,509
149,515
Operating lease right-of-use
asset, net
96,474
97,801
99,125
100,427
101,686
Finance lease right-of-use
asset
25,061
26,890
29,111
31,803
34,947
Loans eligible for repurchase
from Ginnie Mae
279,290
577,487
856,856
617,490
409,078
Other assets
130,247
117,498
111,416
82,795
81,089
Total assets
$
12,921,641
$
12,797,334
$
11,871,854
$
12,204,137
$
12,425,919
Liabilities and Equity
Warehouse lines of credit
$
7,429,591
$
6,681,917
$
4,902,090
$
5,066,900
$
5,732,791
Derivative liabilities
26,171
26,918
40,781
38,882
21,734
Secured line of credit
—
200,000
750,000
500,000
500,000
Borrowings against investment
securities
91,406
94,064
93,814
97,328
100,901
Accounts payable, accrued
expenses and other
486,138
477,765
469,101
503,890
423,407
Accrued distributions and
dividends payable
159,766
159,702
159,572
159,572
159,518
Senior notes
1,990,233
1,989,250
1,988,267
1,987,284
1,986,301
Operating lease liability
103,247
104,637
106,024
107,389
108,711
Finance lease liability
26,787
28,536
30,678
33,291
36,356
Loans eligible for repurchase
from Ginnie Mae
279,290
577,487
856,856
617,490
409,078
Total liabilities
10,592,629
10,340,276
9,397,183
9,112,026
9,478,797
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 - 95,587,806 as of June 30, 2024, 94,945,635 as of
March 31, 2024, 93,654,269 as of December 31, 2023, 93,654,269 as
of September 30, 2023 and 93,114,878 as of June 30, 2023
10
9
10
10
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
2,305
2,085
1,702
1,484
1,267
Retained earnings
111,021
111,980
110,690
130,233
120,379
Non-controlling interest
2,215,526
2,342,834
2,362,119
2,960,234
2,825,317
Total equity
2,329,012
2,457,058
2,474,671
3,092,111
2,947,122
Total liabilities and equity
$
12,921,641
$
12,797,334
$
11,871,854
$
12,204,137
$
12,425,919
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except shares
and per share amounts)
(Unaudited)
For the three months
ended
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
June 30, 2023
Revenue
Loan production income
$
357,109
$
298,954
$
225,436
$
288,930
$
280,757
Loan servicing income
143,910
184,702
206,498
200,428
193,220
Change in fair value of mortgage
servicing rights, net
(115,319
)
(15,563
)
(634,418
)
92,909
24,648
Interest income
121,394
101,863
87,901
94,849
88,895
Total revenue, net
507,094
569,956
(114,583
)
677,116
587,520
Expenses
Salaries, commissions and
benefits
160,311
154,241
142,515
135,333
131,380
Direct loan production costs
45,485
31,436
27,977
36,184
23,618
Marketing, travel, and
entertainment
24,438
19,111
25,600
20,117
21,588
Depreciation and amortization
11,404
11,340
11,472
11,563
11,441
General and administrative
55,051
40,809
38,209
44,904
52,691
Servicing costs
25,787
30,324
29,632
33,640
31,658
Interest expense
108,651
98,668
80,811
93,724
82,437
Other expense (income)
(1,105
)
(237
)
(2,391
)
(76
)
2,703
Total expenses
430,022
385,692
353,825
375,389
357,516
Earnings (loss) before income
taxes
77,072
184,264
(468,408
)
301,727
230,004
Provision (benefit) for income
taxes
786
3,733
(7,452
)
734
1,210
Net income (loss)
76,286
180,531
(460,956
)
300,993
228,794
Net income (loss) attributable
to non-controlling interest
73,236
171,801
(433,878
)
282,762
221,236
Net income (loss) attributable
to UWMC
$
3,050
$
8,730
$
(27,078
)
$
18,231
$
7,558
Earnings (loss) per share of
Class A common stock:
Basic
$
0.03
$
0.09
$
(0.29
)
$
0.20
$
0.08
Diluted
$
0.03
$
0.09
$
(0.29
)
$
0.15
$
0.08
Weighted average shares
outstanding:
Basic
95,387,609
94,365,991
93,654,269
93,290,736
93,107,133
Diluted
95,387,609
1,598,647,205
93,654,269
1,596,624,780
93,107,133
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240806108894/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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