$239.8 million in 4Q21 Net Income; $1.6
billion in Full Year 2021 Net Income; Record Fourth Quarter Total
Loan Volume of $55.2 billion, including Purchase Volume of $24.5
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 fourth quarter and full year ended December 31, 2021. The
Company reported 4Q21 net income of $239.8 million, full year 2021
net income of $1.6 billion and diluted earnings per share for 2021
of $0.66. Loan origination volume for the quarter was $55.2
billion, which included $24.5 billion in purchase volume. Net
income for the fourth quarter was inclusive of a $139.0 million
decline in fair value of mortgage servicing rights ("MSRs"). Net
income for full year 2021 was inclusive of a $587.8 million decline
in fair value of MSRs.
Mat Ishbia, Chairman and CEO of UWMC, said: "2021 was a
fantastic year for UWM with incredible milestones: from becoming a
public company to delivering another year of record production. We
have continued to be relentless about developing and launching
innovative technology solutions like BOLT, the most advanced
underwriting system in the Industry, to enable sustainable and
profitable growth for both UWM and our broker partners. We also
delivered our best fourth quarter production of all time, coupled
with growth in the broker channel."
Ishbia continued, "As the industry navigates rising rates and
low housing inventory, UWM is well-positioned to succeed by doing
what we do best - proving a mortgage broker is the fastest, easiest
and most affordable option for borrowers. With continued channel
growth and elite industry-leading service, we are poised to reach
our goal of becoming the nation's #1 overall mortgage lender."
Fourth Quarter 2021 Financial Highlights
- Originations of $55.2 billion, slightly above the $54.7 billion
originated in 4Q20
- Purchase originations of $24.5 billion, a 103% increase
compared to $12.1 billion in 4Q20
- Net income of $239.8 million inclusive of a $139.0 million
decline in fair value of MSRs, as compared to $1.4 billion of net
income in 4Q20 inclusive of $215.4 million of expenses related to
amortization, impairment, and payoffs of MSRs
- Total gain margin of 80 bps compared to 305 bps in 4Q20
- Achieved approximately 33%1 market share of the wholesale
channel for the quarter ended December 31, 2021
- Accelerated stock buyback, repurchasing 8,755,713 shares of
Class A common stock in 4Q21 for $60.6 million, at an average price
per share of $6.93
Full Year 2021 Financial Highlights
- Originations of $226.5 billion in 2021, a 24% increase from
$182.5 billion in 2020
- Purchase originations of $87.3 billion in 2021, a 103% increase
compared to $42.9 billion in 2020
- Net income of $1.6 billion in 2021 inclusive of a $587.8
million decline in fair value of MSRs, as compared to $3.4 billion
of net income in 2020 inclusive of $573.1 million of expenses
related to amortization, impairment, and payoffs of MSRs
- Total gain margin of 114 bps in 2021 compared to 249 bps in
2020
- Largest wholesale mortgage lender in the U.S. by closed loan
volume seven years in a row, with approximately 31%2 market share
of the wholesale channel for the year ended December 31, 2021
- Total equity of $3.2 billion at December 31, 2021 as compared
to $2.4 billion at December 31, 2020
- Unpaid principal balance of MSRs increased to $319.8 billion
with a WAC of 2.94% at December 31, 2021 as compared to $188.3
billion with a WAC of 3.13% at December 31, 2020
- Through December 31, 2021, shares of Class A common stock
repurchased by the Company totaled 11,498,330 for $81.6 million, at
an average price per share of $7.10
Production and Income Statement Highlights (dollars in
thousands)
Q4 2021
Q3 2021
Q4 2020
FY 2021
FY 2020
Funded loan volume(1)
$
55,194,365
$
63,004,342
$
54,678,923
$
226,503,692
$
182,547,641
Total gain margin(1)(2)
0.80
%
0.94
%
3.05
%
1.14
%
2.49
%
Net income
$
239,826
$
329,857
$
1,371,791
$
1,568,400
$
3,382,510
Adjusted net income(3)
177,123
254,672
1,048,774
1,205,776
2,586,109
Adjusted EBITDA(3)
206,887
290,382
1,357,234
1,418,337
3,454,091
(1)
Key operational metric - see
discussion below.
(2)
Represents total loan production
income divided by total production.
(3)
Non-GAAP metric - see discussion
below.
Balance Sheet Highlights as of Period-end (dollars in
thousands)
Q4 2021
Q3 2021
Q4 2020
Cash and cash equivalents
$
731,088
$
950,910
$
1,223,837
Mortgage loans at fair value
17,473,324
11,736,642
7,916,515
Mortgage servicing rights (fair value
at Q4 2021 and Q3 2021; amortized cost at Q4 2020)(1)
3,314,952
2,900,310
1,756,864
Total assets
22,528,358
16,480,950
11,493,476
Non-funding debt (2)
2,158,911
1,580,143
1,159,283
Total equity
3,171,001
2,994,028
2,374,280
Non-funding debt to equity (2)
0.68
0.53
0.49
(1)
The Company elected the fair value method
of accounting for mortgage servicing rights effective January 1,
2021.
(2)
Non-GAAP metric - please see discussion
below.
In the fourth quarter 2021, the Company proactively raised the
loan limits on conforming loans in anticipation of the upcoming
FHFA increase effective January 1, 2022. As a result of this early
roll-out of the increased loan size limits and the aggregation of
loans for private label securitization transactions, the Company's
outstanding loan balances and the amounts outstanding under the
Company's warehouse lines materially increased as of December 31,
2021, and in conjunction, our cash balance decreased. However,
these amounts returned to more normalized levels when these loans
were sold to the GSEs in early January 2022. As of January 31,
2022, our mortgage loans at fair value had decreased to $7.9
billion, as compared to $17.5 billion at December 31, 2021, and the
amounts outstanding under our warehouse lines of credit had
decreased to $7.0 billion as of January 31, 2022, as compared to
$16.0 billion at December 31, 2021. In addition, our cash balance
as of January 31, 2022, had increased to $887.7 million, as
compared to $731.1 million at December 31, 2021.
"Our decision to temporarily increase our assets and utilize our
cash during Q4 is a great example of the benefits of being a public
company and having significantly more cash, equity and liquidity
than we have had through most of our history," said Ishbia. "Being
able to opportunistically roll out higher conforming loan limits
early was a strategic move giving borrowers and brokers a financing
option that they would not have otherwise had. It serves as another
example of the partnership and value that UWM provides to
independent mortgage brokers."
________________________________
1,2 Source: Industry Mortgage Finance
Mortgage Servicing Rights (dollars in thousands)
Q4 2021
Q3 2021
Q4 2020
Unpaid principal balance
$
319,807,457
$
284,918,293
$
188,268,883
Weighted average interest rate
2.94
%
2.95
%
3.13
%
Weighted average age (months)
9
8
6
Technology Update
- BOLT was developed in-house by a team of technology and
mortgage experts and launched in Q3 of 2021. This groundbreaking
technology sped up the application to clear-to-close time (“Clear
to Close”) on conventional loans that utilized BOLT by an average
of approximately 5 days
- UWM Appraisal Direct, also launched in Q3 of 2021, provides
mortgage brokers a streamlined, transparent process for the
scheduling, execution and delivery of an appraisal that they can
easily track, which will deliver faster appraisals to offer a
better experience and relieve a key pain point in the mortgage
industry
Operational Highlights
- We maintained an average Clear to Close of approximately 19
business days in 4Q21 while management estimates an industry
average of 43 days3 during 4Q21
- Our 0.81% 60+ days delinquency and our 0.57% forbearance rates,
as of December 31, 2021, are significantly better than the industry
averages of 3.38%4 and 1.41%4, respectively, highlighting our
strong credit quality
Product and Investor Mix - Unpaid Principal Balance of
Originations (dollars in thousands)
Purchase:
Q4 2021
Q3 2021
Q4 2020
FY 2021
FY 2020
Conventional
$
16,643,586
$
18,633,123
$
10,638,926
$
63,026,794
$
33,717,939
Jumbo
2,861,921
3,368,094
661
9,395,143
583,299
Government
4,996,092
4,472,931
1,457,197
14,833,808
8,619,874
Total Purchase
$
24,501,599
$
26,474,148
$
12,096,784
$
87,255,745
$
42,921,112
Refinance:
Q4 2021
Q3 2021
Q4 2020
FY 2021
FY 2020
Conventional
$
25,032,327
$
31,353,081
$
37,647,428
$
120,152,065
$
119,807,647
Jumbo
2,074,353
2,244,459
—
7,061,299
897,409
Government
3,586,086
2,932,654
4,934,711
12,034,583
18,921,473
Total Refinance
$
30,692,766
$
36,530,194
$
42,582,139
$
139,247,947
$
139,626,529
Total Originations
$
55,194,365
$
63,004,342
$
54,678,923
$
226,503,692
$
182,547,641
"We are excited by the success and significant growth we are
seeing in the broker channel," said Ishbia. "Not only are more
consumers learning that a mortgage broker is the fastest, easiest
and most affordable way to obtain a mortgage, more and more retail
loan officers are also realizing that they can better serve
consumers and accelerate their own career growth by becoming
independent mortgage brokers.”
First Quarter 2022 Outlook
We anticipate first quarter production to be in the $33-$42
billion range, with expected gain margin between 75 and 85 bps.
Dividend
Subsequent to December 31, 2021, for the fifth consecutive
quarter, the Company's Board of Directors declared a cash dividend
of $0.10 per share on the outstanding shares of Class A common
stock. The dividend is payable on April 11, 2022 (the “Dividend
Payment Date”) to stockholders of record at the close of business
on March 14, 2022. On or before the Dividend Payment Date, the
Board, in its capacity as the Manager of UWM Holdings LLC
("Holdings LLC") and pursuant to its authority under the Holdings
LLC Amended and Restated Operating Agreement, will determine
whether to (a) make distributions from Holdings LLC to only UWM
Holdings Corporation, as the owner of the Class A Units of Holdings
LLC with the proportional amount due to SFS Holding Corp. ("SFS
Corp.") as the owner of the Class B Units of Holdings LLC, being
distributed upon the sooner to occur of (i) the Board making a
determination to do so or (ii) the date on which Class B Units of
Holdings LLC are converted into shares of Class B common stock of
UWMC or (b) make proportional and simultaneous distributions from
Holdings LLC to both UWM Holdings Corporation, as the owner of the
Class A Units of Holdings LLC and to SFS Corp. as the owner of the
Class B Units of Holdings LLC.
_______________________________
3 Source: ICE Mortgage Technology; 4
Source: Mortgage Bankers Association
Earnings Conference Call Details
As previously announced, the Company will hold a conference call
for financial analysts and investors on Tuesday, March 1, 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://conferencingportals.com/event/YModynrv
Please dial in at least 15 minutes in advance to ensure a timely
connection to the call. Audio webcast, taped replay and 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 (for periods subsequent to the election of the fair
value method accounting for MSRs) and the impairment or recovery of
MSRs (for periods prior to the election of the fair value method of
accounting for MSRs), 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, or impairment
or recovery of MSRs prior to the election of the fair value method
of accounting for MSRs, 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 as reported on our balance sheet 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
Q4 2021
Q3 2021
Q4 2020
FY 2021
FY 2020
Earnings before income taxes
$
231,836
$
333,340
$
1,372,741
$
1,578,241
$
3,384,960
Impact of estimated annual effective tax
rate of 23.6%
(54,713
)
(78,668
)
(323,967
)
(372,465
)
(798,851
)
Adjusted Net Income
$
177,123
$
254,672
$
1,048,774
$
1,205,776
$
2,586,109
Adjusted EBITDA
Q4 2021
Q3 2021
Q4 2020
FY 2021
FY 2020
Net income
$
239,826
$
329,857
$
1,371,791
$
1,568,400
$
3,382,510
Interest expense on non-funding debt
25,417
22,034
11,922
86,086
28,062
Provision for income taxes
(7,990
)
3,483
950
9,841
2,450
Depreciation and amortization
10,422
9,034
8,749
35,098
16,820
Stock-based compensation expense
2,014
2,126
—
6,467
—
Change in fair value of MSRs due to
valuation inputs or assumptions
(65,104
)
(61,477
)
—
(286,348
)
—
(Recovery) Impairment of MSRs
—
—
(12,578
)
—
19,584
Deferred compensation, net
(2,135
)
(5,965
)
(23,600
)
21,900
4,665
Change in fair value of Public and Private
Warrants
(5,161
)
(12,110
)
—
(36,105
)
—
Change in Tax Receivable Agreement
liability
8,537
3,400
—
11,937
—
Change in fair value of investment
securities
1,061
—
—
1,061
—
Adjusted EBITDA
$
206,887
$
290,382
$
1,357,234
$
1,418,337
$
3,454,091
Non-funding debt and non-funding debt
to equity
Q4 2021
Q3 2021
Q4 2020
Senior notes
$
1,980,112
$
1,484,370
$
789,323
Borrowings against investment
securities
118,786
32,560
—
Operating lines of credit
—
—
320,300
Equipment note payable
2,046
2,343
26,528
Finance lease liability
57,967
60,871
23,132
Total non-funding debt
$
2,158,911
$
1,580,144
$
1,159,283
Total equity
$
3,171,001
$
2,994,028
$
2,374,280
Non-funding debt to equity
0.68
0.53
0.49
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)
December 31,
2021
December 31,
2020
Assets
Cash and cash equivalents
$
731,088
$
1,223,837
Mortgage loans at fair value
17,473,324
7,916,515
Derivative assets
67,356
61,072
Investment securities at fair value,
pledged
152,263
—
Accounts receivable, net
415,691
253,600
Mortgage servicing rights
3,314,952
1,756,864
Premises and equipment, net
151,687
107,572
Operating lease right-of-use asset,
net
(includes $104,595 and $92,571 with
related parties)
104,828
93,098
Finance lease right-of-use asset
(includes $28,619 and $0 with related
parties)
57,024
22,929
Other assets
60,145
57,989
Total assets
$
22,528,358
$
11,493,476
Liabilities and Equity
Warehouse lines of credit
$
15,954,938
$
6,941,397
Derivative liabilities
36,741
66,237
Operating lines of credit
—
320,300
Borrowings against investment
securities
118,786
—
Accounts payable and accrued expenses
1,085,365
847,745
Accrued dividends payable
9,171
—
Equipment note payable
2,046
26,528
Senior notes
1,980,112
789,323
Operating lease liability
(includes $111,999 and $104,006 with
related parties)
112,231
104,534
Finance lease liability
(includes $29,087 and $0 with related
parties)
57,967
23,132
Total liabilities
19,357,357
9,119,196
Equity:
Preferred stock, $0.0001 par value -
100,000,000 shares authorized, none issued and outstanding as of
December 31, 2021
—
—
Class A common stock, $0.0001 par value -
4,000,000,000 shares authorized, 91,612,305 shares issued and
outstanding as of December 31, 2021
9
—
Class B common stock, $0.0001 par value -
1,700,000,000 shares authorized, none issued and outstanding as of
December 31, 2021
—
—
Class C common stock, $0.0001 par value -
1,700,000,000 shares authorized, none issued and outstanding as of
December 31, 2021
—
—
Class D common stock, $0.0001 par value -
1,700,000,000 shares authorized, 1,502,069,787 shares issued and
outstanding as of December 31, 2021
150
—
Additional paid-in capital
437
24,839
Retained earnings
141,805
2,349,441
Non-controlling interest
3,028,600
—
Total equity
3,171,001
2,374,280
Total liabilities and equity
$
22,528,358
$
11,493,476
UWM HOLDINGS
CORPORATION
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except shares
and per share amounts)
For the three months
ended
For the year ended
December 31,
2021
September 30,
2021
December 31,
2020
December 31,
2021
December 31,
2020
Revenue
(Unaudited)
(Unaudited)
(Unaudited)
Loan production income
$
442,407
$
589,461
$
1,667,252
$
2,585,807
$
4,551,415
Loan servicing income
194,976
174,695
105,648
638,738
288,304
Change in fair value of mortgage servicing
rights
(138,988
)
(170,462
)
—
(587,813
)
—
Gain (loss) on sale of mortgage servicing
rights
2,461
(5,443
)
3,538
1,791
(62,285
)
Interest income
104,601
102,063
41,852
331,770
161,160
Total revenue, net
605,457
690,314
1,818,290
2,970,293
4,938,594
Expenses
Salaries, commissions and benefits
146,697
164,971
89,437
697,680
552,143
Direct loan production costs
25,292
18,980
14,595
72,952
54,459
Marketing, travel, and entertainment
25,334
14,138
6,454
62,472
20,367
Depreciation and amortization
10,422
9,034
8,749
35,098
16,820
General and administrative
36,467
39,148
28,022
133,334
98,856
Servicing costs
36,200
29,192
29,549
108,967
70,835
Amortization, impairment and pay-offs of
mortgage servicing rights
—
—
215,390
—
573,118
Interest expense
88,772
90,221
53,353
304,656
167,036
Other (income)/expense
4,437
(8,710
)
—
(23,107
)
—
Total expenses
373,621
356,974
445,549
1,392,052
1,553,634
Earnings before income taxes
231,836
333,340
1,372,741
1,578,241
3,384,960
Provision for income taxes
(7,990
)
3,483
950
9,841
2,450
Net income
239,826
329,857
1,371,791
1,568,400
3,382,510
Net income attributable to
non-controlling interest
222,876
304,611
N/A
1,469,955
N/A
Net income attributable to UWMC
$
16,950
$
25,246
N/A
$
98,445
N/A
Earnings per share of Class A common
stock:
Basic
$
0.17
$
0.25
N/A
$
0.98
N/A
Diluted
$
0.11
$
0.16
N/A
$
0.66
N/A
Weighted average shares
outstanding:
Basic
97,138,073
101,106,023
N/A
100,881,094
N/A
Diluted
1,599,785,759
1,603,710,511
N/A
1,603,157,640
N/A
Addendum to Exhibit 99.1
This addendum includes the Company's Consolidated Balance Sheets
as of December 31, 2021, and the preceding four quarters and
Statements of Operations for the quarter ended December 31, 2021,
and the preceding four quarters for purposes of providing
historical quarterly trending information to investors.
CONSOLIDATED BALANCE
SHEETS
(in thousands, except shares
and per share amounts)
December 31,
2021
September 30,
2021
June 30, 2021
March 31, 2021
December 31,
2020
Assets
(Unaudited)
(Unaudited)
(Unaudited)
Cash and cash equivalents
$
731,088
$
950,910
$
1,048,177
$
1,592,663
$
1,223,837
Mortgage loans at fair value
17,473,324
11,736,642
12,404,112
5,503,271
7,916,515
Derivative assets
67,356
143,807
75,438
113,168
61,072
Investment securities at fair value,
pledged
152,263
41,809
—
—
—
Accounts receivable, net
415,691
340,028
317,458
549,381
253,600
Mortgage servicing rights
3,314,952
2,900,310
2,662,556
2,300,434
1,756,864
Premises and equipment, net
151,687
145,774
130,864
111,964
107,572
Operating lease right-of-use asset,
net
104,828
105,902
87,130
87,896
93,098
Finance lease right-of-use asset
57,024
60,113
61,356
54,456
22,929
Other assets
60,145
55,655
57,007
59,393
57,989
Total assets
$
22,528,358
$
16,480,950
$
16,844,098
$
10,372,626
$
11,493,476
Liabilities and Equity
Warehouse lines of credit
$
15,954,938
$
10,487,950
$
11,249,213
$
4,823,740
$
6,941,397
Derivative liabilities
36,741
61,434
82,551
55,479
66,237
Operating lines of credit
—
—
—
400,000
320,300
Borrowings against investment
securities
118,786
32,560
—
—
—
Accounts payable and accrued expenses
1,085,365
1,229,483
1,018,536
1,185,499
847,745
Accrued dividends payable
9,171
10,087
160,444
160,517
—
Equipment note payable
2,046
2,343
2,583
25,424
26,528
Senior notes
1,980,112
1,484,370
1,483,587
789,870
789,323
Operating lease liability
112,231
117,824
98,280
99,188
104,534
Finance lease liability
57,967
60,871
61,918
54,873
23,132
Total liabilities
19,357,357
13,486,922
14,157,112
7,594,590
9,119,196
Equity:
Preferred stock, $0.0001 par value -
100,000,000 shares authorized, none issued and outstanding as of
September 30, 2021
—
—
—
—
—
Class A common stock, $0.0001 par value -
4,000,000,000 shares authorized, 100,367,478 shares issued and
outstanding as of September 30, 2021
9
10
10
10
—
Class B common stock, $0.0001 par value -
1,700,000,000 shares authorized, none issued and outstanding as of
September 30, 2021
—
—
—
—
—
Class C common stock, $0.0001 par value -
1,700,000,000 shares authorized, none issued and outstanding as of
September 30, 2021
—
—
—
—
—
Class D common stock, $0.0001 par value -
1,700,000,000 shares authorized, 1,502,069,787 shares issued and
outstanding as of September 30, 2021
150
150
150
150
—
Additional paid-in capital
437
313
187
—
24,839
Retained earnings
141,805
129,815
109,397
113,078
2,349,441
Non-controlling interest
3,028,600
2,863,740
2,577,242
2,664,798
—
Total equity
3,171,001
2,994,028
2,686,986
2,778,036
2,374,280
Total liabilities and equity
$
22,528,358
$
16,480,950
$
16,844,098
$
10,372,626
$
11,493,476
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except shares
and per share amounts)
(Unaudited)
For the three months
ended
December 31,
2021
September 30,
2021
June 30, 2021
March 31, 2021
December 31,
2020
Revenue
Loan production income
$
442,407
$
589,461
$
479,274
$
1,074,665
$
1,667,252
Loan servicing income
194,976
174,695
145,278
123,789
105,648
Change in fair value of mortgage servicing
rights
(138,988
)
(170,462
)
(219,104
)
(59,259
)
—
Gain (loss) on sale of mortgage servicing
rights
2,461
(5,443
)
10
4,763
3,538
Interest income
104,601
102,063
79,194
45,912
41,852
Total revenue, net
605,457
690,314
484,652
1,189,870
1,818,290
Expenses
Salaries, commissions and benefits
146,697
164,971
172,951
213,061
89,437
Direct loan production costs
25,292
18,980
15,518
13,162
14,595
Marketing, travel, and entertainment
25,334
14,138
12,157
10,843
6,454
Depreciation and amortization
10,422
9,034
8,353
7,289
8,749
General and administrative
36,467
39,148
41,289
16,430
28,022
Servicing costs
36,200
29,192
23,067
20,508
29,549
Amortization, impairment and pay-offs of
mortgage servicing rights
—
—
—
—
215,390
Interest expense
88,772
90,221
72,673
52,990
53,353
Other (income) expense
4,437
(8,710
)
(1,530
)
(17,304
)
—
Total expenses
373,621
356,974
344,478
316,979
445,549
Earnings before income taxes
231,836
333,340
140,174
872,891
1,372,741
Provision for income taxes
(7,990
)
3,483
1,462
12,886
950
Net income
239,826
329,857
138,712
860,005
1,371,791
Net income attributable to
non-controlling interest
222,876
304,611
130,448
812,020
N/A
Net income attributable to UWMC
$
16,950
25,246
8,264
47,985
N/A
Earnings per share of Class A common
stock:
Basic
$
0.17
$
0.25
$
0.08
$
0.47
N/A
Diluted
$
0.11
$
0.16
$
0.07
$
0.33
N/A
Weighted average shares
outstanding:
Basic
97,138,073
101,106,023
102,760,823
103,104,205
N/A
Diluted
1,599,785,759
1,603,710,511
1,605,067,478
1,605,173,992
N/A
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220301005333/en/
For inquiries regarding UWM, please contact: INVESTOR
CONTACT BLAKE KOLO InvestorRelations@uwm.com
MEDIA CONTACT NICOLE YELLAND Media@uwm.com
UWM (NYSE:UWMC)
Historical Stock Chart
From Mar 2024 to Apr 2024
UWM (NYSE:UWMC)
Historical Stock Chart
From Apr 2023 to Apr 2024