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UWM Holdings Corporation Announces First Quarter 2022 Results

May, 10, 2022

$453.3 million in 1Q22 Net Income;
First Quarter Total Loan Volume of $38.8 billion, including Purchase Volume of $19.1 billion

UWM Holdings Corporation (NYSE: UWMC), the publicly traded indirect parent of United Wholesale Mortgage (“UWM”), the #1 wholesale mortgage lender in America, today announced its results for the first quarter ended March 31, 2022. The Company reported 1Q22 net income of $453.3 million and diluted earnings per share of $0.22. Loan origination volume for the quarter was $38.8 billion, which included $19.1 billion in purchase volume, a Q1 record for UWM. Net income for the first quarter was inclusive of a $172.0 million increase in fair value of MSRs.

Mat Ishbia, Chairman and CEO of UWMC said, "This quarter, we demonstrated that our business can continue to be profitable in significantly different market conditions than what we've seen over the past two years. We earned this position by building a business over the past 36 years that can take advantage of what the market provides. We are seeing independent mortgage brokers grow in both their share of market and loan officer population. Our scale and agility coupled with the momentum in the broker channel is driving our ability to separate even further from the pack."

First Quarter 2022 Financial Highlights

  • Originations of $38.8 billion in 1Q22, a 21% decrease from $49.1 billion in 1Q21
  • Purchase originations of $19.1 billion in 1Q22, a 56% increase compared to $12.2 billion in 1Q21, and a Q1 record for the Company
  • Net income of $453.3 million in 1Q22 as compared to $860.0 million of net income in 1Q21
  • Total gain margin of 99 bps in 1Q22 compared to 219 bps in 1Q21
  • Total equity of $3.2 billion at March 31, 2022 as compared to $2.8 billion at March 31, 2021
  • Unpaid principal balance of MSRs increased to $303.4 billion with a WAC of 3.04% at March 31, 2022 as compared to $221.0 billion with a WAC of 3.00% at March 31, 2021
 

Production and Income Statement Highlights (dollars in thousands)

 

 

 

Q1 2022

 

Q4 2021

 

Q1 2021

Funded loan volume(1)

 

$

38,812,329

 

 

$

55,194,365

 

 

$

49,094,240

 

Total gain margin(1)(2)

 

 

0.99

%

 

 

0.80

%

 

 

2.19

%

Net income

 

$

453,287

 

 

$

239,826

 

 

$

860,005

 

Adjusted net income(3)

 

 

349,402

 

 

 

177,123

 

 

 

666,889

 

Adjusted EBITDA(3)

 

 

128,407

 

 

 

206,887

 

 

 

711,418

 

(1)

Key operational metric - see discussion below.

(2)

Represents total loan production income divided by funded loan volume.

(3)

Non-GAAP metric - see discussion below.

 

Balance Sheet Highlights as of Period-end (dollars in thousands)

 

 

 

Q1 2022

 

Q4 2021

 

Q1 2021

Cash and cash equivalents

 

$

901,174

 

$

731,088

 

$

1,592,663

Mortgage loans at fair value

 

 

5,208,167

 

 

17,473,324

 

 

5,503,271

Mortgage servicing rights

 

 

3,514,102

 

 

3,314,952

 

 

2,300,434

Total assets

 

 

10,990,953

 

 

22,528,358

 

 

10,372,626

Non-funding debt (1)

 

 

2,156,641

 

 

2,158,911

 

 

1,270,167

Total equity

 

 

3,166,242

 

 

3,171,001

 

 

2,778,036

Non-funding debt to equity (1)

 

 

0.68

 

 

0.68

 

 

0.46

(1)

Non-GAAP metric - please see discussion below.

 

Mortgage Servicing Rights (dollars in thousands)

 

 

 

Q1 2022

 

Q4 2021

 

Q1 2021

Unpaid principal balance

 

$

303,425,697

 

 

$

319,807,457

 

 

$

220,978,670

 

Weighted average interest rate

 

 

3.04

%

 

 

2.94

%

 

 

3.00

%

Weighted average age (months)

 

 

12

 

 

 

9

 

 

 

7

 

Technology Update

  • BOLT, our latest underwriting technology, developed in-house and launched in Q3 of 2021, saw adoption increase by approximately 52% from 4Q21 to 1Q22, and we continue to see this groundbreaking technology cut application to CTC (“Clear to Close”) on conventional loans by an average of approximately 4 calendar days, while improving underwriting efficiency

Operational Highlights

  • We maintained an average Clear to Close of approximately 18 business days in 1Q22, while management estimates an industry average of 43 days1 during 4Q21
  • Our 0.75% 60+ days delinquency and our 0.54% forbearance rates, as of March 31, 2022, are significantly better than the industry averages of 2.1%2 and 1.1%,3 respectively, highlighting our strong credit quality
 

Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands)

 

Purchase:

 

Q1 2022

 

Q4 2021

 

Q1 2021

Conventional

 

$

13,297,954

 

$

16,643,586

 

$

10,310,924

Jumbo

 

 

1,532,197

 

 

2,861,921

 

 

13,264

Government

 

 

4,272,747

 

 

4,996,092

 

 

1,893,354

Total Purchase

 

$

19,102,898

 

$

24,501,599

 

$

12,217,542

 

 

 

 

 

 

 

Refinance:

 

Q1 2022

 

Q4 2021

 

Q1 2021

Conventional

 

$

15,597,602

 

$

25,032,327

 

$

33,623,348

Jumbo

 

 

702,631

 

 

2,074,353

 

 

5,446

Government

 

 

3,409,198

 

 

3,586,086

 

 

3,247,904

Total Refinance

 

$

19,709,431

 

$

30,692,766

 

$

36,876,698

Total Originations

 

$

38,812,329

 

$

55,194,365

 

$

49,094,240

"UWM has built a strong business that will continue to thrive in any market environment. This purchase market will act as the catalyst for accelerated broker channel growth. Brokers are experts in purchase transactions, making mortgages faster, easier and cheaper for borrowers across America," said Ishbia, Chairman and CEO of the Company.

_____________________________

1 Source: ICE Mortgage Technology; 2 Source: CoreLogic (As of January 2022); 3 Source: Mortgage Bankers Association.

Share Repurchase Program

On May 9, 2021, the Company's Board of Directors authorized a share repurchase program of up to $300 million in aggregate value of the Company’s Class A common stock effective May 11, 2021. The share repurchase program authorizes the Company to repurchase shares of the Company’s Class A common stock from time to time, in the open market or through privately negotiated transactions, at management's discretion based on market and business conditions, applicable legal and regulatory requirements as well as other factors. Shares purchased will be retired. The plan will expire on May 11, 2023 unless otherwise modified or terminated by the Company's Board of Directors at any time in the Company's sole discretion.

Through December 31, 2021, total Class A shares repurchased by the Company were 11,498,330 for $81.6 million, at an average price per share of $7.10. While approximately $218 million remains on the authorization and the share price is currently trading lower that previous purchases, the Company's leadership and the Board of Directors are conscientious to maintain a reasonable public float. The Company remains committed to returning value to shareholders in the form of a dividend, and will continue to assess the right time for further share repurchases.

Second Quarter 2022 Outlook

We anticipate second quarter production to be in the $26-$33 billion range, with gain margin from 75 to 90 basis points.

Dividend

Subsequent to March 31, 2022, for the sixth 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, 2022 to stockholders of record at the close of business on June 21, 2022. Additionally, the Board approved a proportional distribution to SFS Corp. of $150.2 million which is payable on July 11, 2022.

Earnings Conference Call Details

As previously announced, the Company will hold a conference call for financial analysts and investors on Tuesday, May 10, 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:

Please dial in at least 15 minutes in advance to ensure a timely connection to the call. Audio webcast, taped replay and transcript will be available on the Company's investor relations website at https://investors.uwm.com/.

Key Operational Metrics

“Funded loan volume” and “Total gain margin” are key operational metrics that the Company's management uses to evaluate the performance of the business. “Funded loan 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 funded loan 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 23.6% estimated annual effective tax rate. “Adjusted net income” is a Non-GAAP Metric.

We also disclose Adjusted EBITDA, which we define as earnings before interest expense on non-funding debt, provision for income taxes, depreciation and amortization, 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, operating 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 table presents these non-GAAP financial measures along with their most directly comparable financial measure calculated in accordance with GAAP (dollars in thousands):

Adjusted net income

 

Q1 2022

 

Q4 2021

 

Q1 2021

Earnings before income taxes

 

$

457,332

 

 

$

231,836

 

 

$

872,891

 

Impact of estimated annual effective tax rate of 23.6%

 

 

(107,930

)

 

 

(54,713

)

 

 

(206,002

)

Adjusted net income

 

$

349,402

 

 

$

177,123

 

 

$

666,889

 

Adjusted EBITDA

 

Q1 2022

 

Q4 2021

 

Q1 2021

Net income

 

$

453,287

 

 

$

239,826

 

 

$

860,005

 

Interest expense on non-funding debt

 

 

29,558

 

 

 

25,417

 

 

 

16,343

 

Provision for income taxes

 

 

4,045

 

 

 

(7,990

)

 

 

12,886

 

Depreciation and amortization

 

 

10,915

 

 

 

10,422

 

 

 

7,289

 

Stock-based compensation expense

 

 

1,828

 

 

 

2,014

 

 

 

 

Change in fair value of MSRs due to valuation inputs or assumptions

 

 

(390,980

)

 

 

(65,104

)

 

 

(197,802

)

Deferred compensation, net

 

 

12,252

 

 

 

(2,135

)

 

 

30,000

 

Change in fair value of Public and Private Warrants

 

 

(4,132

)

 

 

(5,161

)

 

 

(17,303

)

Change in Tax Receivable Agreement liability

 

 

700

 

 

 

8,537

 

 

 

 

Change in fair value of investment securities

 

 

10,934

 

 

 

1,061

 

 

 

 

Adjusted EBITDA

 

$

128,407

 

 

$

206,887

 

 

$

711,418

 

Non-funding debt and non-funding debt to equity

 

Q1 2022

 

Q4 2021

 

Q1 2021

Senior notes

 

$

1,981,106

 

$

1,980,112

 

$

789,870

Borrowings against investment securities

 

 

118,786

 

 

118,786

 

 

Operating lines of credit

 

 

 

 

 

 

400,000

Equipment note payable

 

 

1,803

 

 

2,046

 

 

25,424

Finance lease liability

 

 

54,945

 

 

57,967

 

 

54,873

Total non-funding debt

 

$

2,156,641

 

$

2,158,911

 

$

1,270,167

Total equity

 

$

3,166,242

 

$

3,171,001

 

$

2,778,036

Non-funding debt to equity

 

 

0.68

 

 

0.68

 

 

0.46

Forward-Looking Statements

This press release and our earnings call include forward-looking statements. These forward-looking statements are generally identified by the use of words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict” and similar words indicating that these reflect our views with respect to future events. Forward-looking statements in this press release include statements regarding: (1) our foundation and strategies for growth and the drivers of that growth; (2) our “All-In” initiative and its impact on our business and industry; (3) our performance in shifting market conditions and the comparison of such performance against our competitors; (4) growth of the wholesale channel and the benefits to our business of such growth; (5) our investments in technology and the impact to our operations and financial results; and (6) 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 Holdings Corporation (the Company) is the publicly traded indirect parent of United Wholesale Mortgage, LLC (“UWM”). UWM is the largest wholesale mortgage lender in the United States, originating mortgage loans exclusively through the wholesale channel. 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.

 

UWM HOLDINGS CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands, except shares and per share amounts)

 

 

March 31,
2022

 

December 31,
2021

Assets

 

 

 

Cash and cash equivalents

$

901,174

 

$

731,088

Mortgage loans at fair value

 

5,208,167

 

 

17,473,324

Derivative assets

 

241,932

 

 

67,356

Investment securities at fair value, pledged

 

138,417

 

 

152,263

Accounts receivable, net

 

617,608

 

 

415,691

Mortgage servicing rights

 

3,514,102

 

 

3,314,952

Premises and equipment, net

 

151,206

 

 

151,687

Operating lease right-of-use asset, net (includes $103,513 and $104,595 with related parties)

 

103,670

 

 

104,828

Finance lease right-of-use asset (includes $28,416 and $28,619 with related parties)

 

53,857

 

 

57,024

Other assets

 

60,820

 

 

60,145

Total assets

$

10,990,953

 

$

22,528,358

Liabilities and Equity

 

 

 

Warehouse lines of credit

$

4,076,829

 

$

15,954,938

Derivative liabilities

 

115,430

 

 

36,741

Borrowings against investment securities

 

118,786

 

 

118,786

Accounts payable, accrued expenses and other

 

1,207,145

 

 

1,087,411

Accrued distributions and dividends payable

 

159,460

 

 

9,171

Senior notes

 

1,981,106

 

 

1,980,112

Operating lease liability (includes $110,854 and $111,999 with related parties)

 

111,010

 

 

112,231

Finance lease liability (includes $29,015 and $29,087 with related parties)

 

54,945

 

 

57,967

Total liabilities

 

7,824,711

 

 

19,357,357

Equity:

 

 

 

Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of March 31, 2022

 

 

 

Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 92,531,073 shares issued and outstanding as of March 31, 2022

 

9

 

 

9

Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of March 31, 2022

 

 

 

Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of March 31, 2022

 

 

 

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, 2022

 

150

 

 

150

Additional paid-in capital

 

542

 

 

437

Retained earnings

 

138,834

 

 

141,805

Non-controlling interest

 

3,026,707

 

 

3,028,600

Total equity

 

3,166,242

 

 

3,171,001

Total liabilities and equity

$

10,990,953

 

$

22,528,358

 

UWM HOLDINGS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except shares and per share amounts)

(Unaudited)

 

 

For the three months ended

 

March 31,
2022

 

December 31,
2021

 

March 31,
2021

Revenue

 

 

 

 

 

Loan production income

$

383,871

 

$

442,407

 

 

$

1,074,665

 

Loan servicing income

 

198,565

 

 

194,976

 

 

 

123,789

 

Change in fair value of mortgage servicing rights

 

171,963

 

 

(138,988

)

 

 

(59,259

)

Gain (loss) on sale of mortgage servicing rights

 

 

 

2,461

 

 

 

4,763

 

Interest income

 

67,395

 

 

104,601

 

 

 

45,912

 

Total revenue, net

 

821,794

 

 

605,457

 

 

 

1,189,870

 

Expenses

 

 

 

 

 

Salaries, commissions and benefits

 

160,609

 

 

146,697

 

 

 

213,061

 

Direct loan production costs

 

26,718

 

 

25,292

 

 

 

13,162

 

Marketing, travel, and entertainment

 

12,837

 

 

25,334

 

 

 

10,495

 

Depreciation and amortization

 

10,915

 

 

10,422

 

 

 

7,289

 

General and administrative

 

38,323

 

 

36,467

 

 

 

16,778

 

Servicing costs

 

47,184

 

 

36,200

 

 

 

20,508

 

Interest expense

 

60,374

 

 

88,772

 

 

 

52,990

 

Other (income)/expense

 

7,502

 

 

4,437

 

 

 

(17,304

)

Total expenses

 

364,462

 

 

373,621

 

 

 

316,979

 

Earnings before income taxes

 

457,332

 

 

231,836

 

 

 

872,891

 

Provision for income taxes

 

4,045

 

 

(7,990

)

 

 

12,886

 

Net income

 

453,287

 

 

239,826

 

 

 

860,005

 

Net income attributable to non-controlling interest

 

431,357

 

 

222,876

 

 

 

812,020

 

Net income attributable to UWMC

$

21,930

 

$

16,950

 

 

$

47,985

 

 

 

 

 

 

 

Earnings per share of Class A common stock:

 

 

 

 

 

Basic

$

0.24

 

$

0.17

 

 

$

0.47

 

Diluted

$

0.22

 

$

0.11

 

 

$

0.33

 

Weighted average shares outstanding:

 

 

 

 

 

Basic

 

92,214,594

 

 

97,138,073

 

 

 

103,104,205

 

Diluted

 

1,594,284,381

 

 

1,599,785,759

 

 

 

1,605,173,992

 

Addendum to Exhibit 99.1

This addendum includes the Company's Consolidated Balance Sheets as of March 31, 2022, and the preceding four quarters and Statements of Operations for the quarter ended March 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)

 

 

March 31,
2022

December 31,
2021

September 30,
2021

June 30,
2021

March 31,
2021

Assets

(Unaudited)

 

(Unaudited)

(Unaudited)

(Unaudited)

Cash and cash equivalents

$

901,174

$

731,088

$

950,910

$

1,048,177

$

1,592,663

Mortgage loans at fair value

 

5,208,167

 

17,473,324

 

11,736,642

 

12,404,112

 

5,503,271

Derivative assets

 

241,932

 

67,356

 

143,807

 

75,438

 

113,168

Investment securities at fair value, pledged

 

138,417

 

152,263

 

41,809

 

 

Accounts receivable, net

 

617,608

 

415,691

 

340,028

 

317,458

 

549,381

Mortgage servicing rights

 

3,514,102

 

3,314,952

 

2,900,310

 

2,662,556

 

2,300,434

Premises and equipment, net

 

151,206

 

151,687

 

145,774

 

130,864

 

111,964

Operating lease right-of-use asset, net

 

103,670

 

104,828

 

105,902

 

87,130

 

87,896

Finance lease right-of-use asset

 

53,857

 

57,024

 

60,113

 

61,356

 

54,456

Other assets

 

60,820

 

60,145

 

55,655

 

57,007

 

59,393

Total assets

$

10,990,953

$

22,528,358

$

16,480,950

$

16,844,098

$

10,372,626

Liabilities and Equity

 

 

 

 

 

Warehouse lines of credit

$

4,076,829

$

15,954,938

$

10,487,950

$

11,249,213

$

4,823,740

Derivative liabilities

 

115,430

 

36,741

 

61,434

 

82,551

 

55,479

Operating lines of credit

 

 

 

 

 

400,000

Borrowings against investment securities

 

118,786

 

118,786

 

32,560

 

 

Accounts payable, accrued expenses and other

 

1,207,145

 

1,087,411

 

1,231,826

 

1,021,119

 

1,210,923

Accrued distributions and dividends payable

 

159,460

 

9,171

 

10,087

 

160,444

 

160,517

Senior notes

 

1,981,106

 

1,980,112

 

1,484,370

 

1,483,587

 

789,870

Operating lease liability

 

111,010

 

112,231

 

117,824

 

98,280

 

99,188

Finance lease liability

 

54,945

 

57,967

 

60,871

 

61,918

 

54,873

Total liabilities

 

7,824,711

 

19,357,357

 

13,486,922

 

14,157,112

 

7,594,590

Equity:

 

 

 

 

 

Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of March 31, 2022

 

 

 

 

 

Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 92,531,073 shares issued and outstanding as of March 31, 2022

 

9

 

9

 

10

 

10

 

10

Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of March 31, 2022

 

 

 

 

 

Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of March 31, 2022

 

 

 

 

 

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, 2022

 

150

 

150

 

150

 

150

 

150

Additional paid-in capital

 

542

 

437

 

313

 

187

 

Retained earnings

 

138,834

 

141,805

 

129,815

 

109,397

 

113,078

Non-controlling interest

 

3,026,707

 

3,028,600

 

2,863,740

 

2,577,242

 

2,664,798

Total equity

 

3,166,242

 

3,171,001

 

2,994,028

 

2,686,986

 

2,778,036

Total liabilities and equity

$

10,990,953

$

22,528,358

$

16,480,950

$

16,844,098

$

10,372,626

 

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except shares and per share amounts)

(Unaudited)

 

 

For the three months ended

 

March 31,
2022

December 31,
2021

September 30,
2021

June 30,
2021

March 31,
2021

Revenue

 

 

 

 

 

Loan production income

$

383,871

$

442,407

 

$

589,461

 

$

479,274

 

$

1,074,665

 

Loan servicing income

 

198,565

 

194,976

 

 

174,695

 

 

145,278

 

 

123,789

 

Change in fair value of mortgage servicing rights

 

171,963

 

(138,988

)

 

(170,462

)

 

(219,104

)

 

(59,259

)

Gain (loss) on sale of mortgage servicing rights

 

 

2,461

 

 

(5,443

)

 

10

 

 

4,763

 

Interest income

 

67,395

 

104,601

 

 

102,063

 

 

79,194

 

 

45,912

 

Total revenue, net

 

821,794

 

605,457

 

 

690,314

 

 

484,652

 

 

1,189,870

 

Expenses

 

 

 

 

 

Salaries, commissions and benefits

 

160,609

 

146,697

 

 

164,971

 

 

172,951

 

 

213,061

 

Direct loan production costs

 

26,718

 

25,292

 

 

18,980

 

 

15,518

 

 

13,162

 

Marketing, travel, and entertainment

 

12,837

 

25,334

 

 

14,138

 

 

11,330

 

 

10,495

 

Depreciation and amortization

 

10,915

 

10,422

 

 

9,034

 

 

8,353

 

 

7,289

 

General and administrative

 

38,323

 

36,467

 

 

39,148

 

 

42,116

 

 

16,778

 

Servicing costs

 

47,184

 

36,200

 

 

29,192

 

 

23,067

 

 

20,508

 

Interest expense

 

60,374

 

88,772

 

 

90,221

 

 

72,673

 

 

52,990

 

Other (income) expense

 

7,502

 

4,437

 

 

(8,710

)

 

(1,530

)

 

(17,304

)

Total expenses

 

364,462

 

373,621

 

 

356,974

 

 

344,478

 

 

316,979

 

Earnings before income taxes

 

457,332

 

231,836

 

 

333,340

 

 

140,174

 

 

872,891

 

Provision for income taxes

 

4,045

 

(7,990

)

 

3,483

 

 

1,462

 

 

12,886

 

Net income

 

453,287

 

239,826

 

 

329,857

 

 

138,712

 

 

860,005

 

Net income attributable to non-controlling interest

 

431,357

 

222,876

 

 

304,611

 

 

130,448

 

 

812,020

 

Net income attributable to UWMC

 

21,930

 

16,950

 

 

25,246

 

 

8,264

 

$

47,985

 

 

 

 

 

 

 

Earnings per share of Class A common stock:

 

 

 

 

 

Basic

$

0.24

$

0.17

 

$

0.25

 

$

0.08

 

$

0.47

 

Diluted

$

0.22

$

0.11

 

$

0.16

 

$

0.07

 

$

0.33

 

Weighted average shares outstanding:

 

 

 

 

 

Basic

 

92,214,594

 

97,138,073

 

 

101,106,023

 

 

102,760,823

 

 

103,104,205

 

Diluted

 

1,594,284,381

 

1,599,785,759

 

 

1,603,710,511

 

 

1,605,067,478

 

 

1,605,173,992

 

 

For inquiries regarding UWM, please contact:
INVESTOR CONTACT
BLAKE KOLO
InvestorRelations@uwm.com

MEDIA CONTACT
NICOLE YELLAND
Media@uwm.com

Source: UWM Holdings Corporation

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