$215.4 million in 2Q22 Net Income; Second
Quarter Loan Origination Volume of $29.9 billion, including
Purchase Volume of $22.4 billion
UWM Holdings Corporation (NYSE: UWMC), the
publicly traded indirect parent of United Wholesale Mortgage
(“UWM”), the #1 wholesale and #1 purchase mortgage originator in
America, today announced its results for the second quarter ended
June 30, 2022. The Company reported 2Q22 net income of $215.4
million and diluted earnings per share of $0.09. Loan origination
volume for the quarter was $29.9 billion, which included $22.4
billion in purchase volume. Net income for the second quarter was
inclusive of a $26.2 million increase in fair value of MSRs.
Mat Ishbia, Chairman and CEO of UWMC, said, "UWM's scale and
agility, coupled with the momentum of the broker channel drove
outstanding results in the second quarter. Not only were we able to
deliver strong profitability, we also continued our streak of
delivering significant purchase volume. We remain committed to
providing elite service, technology and speed to enable our
clients, independent mortgage brokers, to shine and grow in any
market environment."
Second Quarter 2022 Financial Highlights
- Originations of $29.9 billion in 2Q22, compared to $59.2
billion in 2Q21
- Purchase originations of $22.4 billion in 2Q22, a 17% increase
compared to $19.1 billion in 1Q22 and a 7% decrease compared to
$24.1 billion in 2Q21
- Net income of $215.4 million in 2Q22, a 55% increase compared
to $138.7 million of net income in 2Q21
- Total gain margin of 99 bps in 2Q22 compared to 81 bps in
2Q21
- Total equity of $3.2 billion at June 30, 2022, as compared to
$2.7 billion at June 30, 2021
- Unpaid principal balance of MSRs increased to $308.1 billion
with a WAC of 3.19% at June 30, 2022, as compared to $260.5 billion
with a WAC of 2.97% at June 30, 2021
Production and Income Statement Highlights (dollars in
thousands)
Q2 2022
Q1 2022
Q2 2021
Loan origination volume(1)
$
29,881,809
$
38,812,329
$
59,210,747
Total gain margin(1)(2)
0.99
%
0.99
%
0.81
%
Net income
$
215,445
$
453,287
$
138,712
Diluted EPS
0.09
0.22
0.07
Adjusted net income(3)
165,274
349,585
107,149
Adjusted EBITDA(3)
94,994
128,407
209,651
(1)
Key operational metric - see discussion
below.
(2)
Represents total loan production income
divided by loan origination volume.
(3)
Non-GAAP metric - see discussion
below.
Balance Sheet Highlights as of Period-end (dollars in
thousands)
Q2 2022
Q1 2022
Q2 2021
Cash and cash equivalents
$
958,656
$
901,174
$
1,048,177
Mortgage loans at fair value
5,332,383
5,208,167
12,404,112
Mortgage servicing rights
3,736,359
3,514,102
2,662,556
Total assets
11,016,910
10,990,953
16,844,098
Non-funding debt (1)
2,153,795
2,156,641
1,548,088
Total equity
3,223,902
3,166,242
2,686,986
Non-funding debt to equity (1)
0.67
0.68
0.58
(1)
Non-GAAP metric - please see discussion
below.
Mortgage Servicing Rights (dollars in thousands)
Q2 2022
Q1 2022
Q2 2021
Unpaid principal balance
$
308,093,311
$
303,425,697
$
260,514,602
Weighted average interest rate
3.19
%
3.04
%
2.97
%
Weighted average age (months)
13
12
7
Technology Update
- BOLT, our latest underwriting technology, launched in Q3 of
2021, saw adoption increase from 1Q22 to 2Q22, and we continue to
see this groundbreaking technology cut application to CTC (“Clear
to Close”) on conventional loans that utilize BOLT by an average of
approximately 4 business days, while also improving underwriting
efficiency
Operational Highlights
- We averaged an application to Clear to Close of approximately
19 business days in 2Q22, while management estimates an industry
average of 44 days1 during 1Q22
- Achieved Net Promoter Score of +87.7 in 2Q22, up from +84.8 in
2Q21
- Our 0.69% 60+ days delinquency and our 0.49% forbearance rates,
as of June 30, 2022, are significantly better than the industry
averages of 1.7%2 and 0.81%,3 respectively, highlighting our strong
credit quality
- UWM launched Boost, a UWM-exclusive platform which provides
independent mortgage brokers with streamlined access to purchase
tailored leads, stay in touch with past clients, connect with real
estate agents and opt into live call transfers. This new platform
is designed to support additional long-term business growth for the
wholesale channel.
- On June 22, 2022, launched "Game On" pricing initiative to
capture market share and promote and grow the broker channel
- Hosted UWM Live, our inaugural in-person trade show at the UWM
Sports Complex. Nearly 5,000 Loan Officers from across America
attended for training, networking and presentations.
_____________________________ 1 Source: ICE Mortgage Technology;
2 Source: CoreLogic (As of April 2022); 3 Source: Mortgage Bankers
Association.
Product and Investor Mix - Unpaid
Principal Balance of Originations (dollars in thousands)
Purchase:
Q2 2022
Q1 2022
Q2 2021
Conventional
$
14,891,850
$
13,297,954
$
17,439,162
Jumbo
1,718,616
1,532,197
3,151,864
Government
5,773,192
4,272,747
3,471,430
Total Purchase
$
22,383,658
$
19,102,898
$
24,062,456
Refinance:
Q2 2022
Q1 2022
Q2 2021
Conventional
$
5,335,495
$
15,597,602
$
30,143,310
Jumbo
382,393
702,631
2,737,040
Government
1,780,263
3,409,198
2,267,940
Total Refinance
$
7,498,151
$
19,709,431
$
35,148,290
Total Originations
$
29,881,809
$
38,812,329
$
59,210,746
Mat Ishbia, Chairman and CEO of UWMC also said, “As we look
forward, I am confident that our strategy to grow the broker
channel is working. With our Game On initiative we are already
seeing the benefits of new brokers working with us as well as an
uptick in new loan officers joining the channel, and an
acceleration of traffic to our BeAMortgageBroker.com site. All of
this gives us the chance to demonstrate our elite service, speed
and technology, helping us further grow the broker channel and our
own market share.”
Third Quarter 2022 Outlook
We anticipate third quarter production to be in the $23-$28
billion range, with gain margin from 30 to 60 basis points.
Dividend
Subsequent to June 30, 2022, for the seventh 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, 2022, to stockholders
of record at the close of business on September 20, 2022.
Additionally, the Board approved a proportional distribution to SFS
Corp. of $150.2 million which is payable on October 10, 2022.
Earnings Conference Call Details
As previously announced, the Company will hold a conference call
for financial analysts and investors on Tuesday, August 9, 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 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 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
23.56% estimated annual effective tax rate. “Adjusted net income”
is a non-GAAP Metric. "Adjusted diluted EPS" is defined as
"Adjusted net income" divided by the weighted average number of
shares of Class A common stock outstanding for the applicable
period, assuming the exchange and conversion of all outstanding
Class D common stock for Class A common stock, and is calculated
and presented for periods in which the assumed exchange and
conversion of Class D common stock to Class A common stock is
anti-dilutive to EPS.
We also disclose Adjusted EBITDA, which we define as earnings
before interest expense on non-funding debt, provision for income
taxes, depreciation and amortization, stock-based compensation
expense, the change in fair value of MSRs due to valuation inputs
or assumptions, 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
Q2 2022
Q1 2022
Q2 2021
Earnings before income taxes
$
216,214
$
457,332
$
140,174
Impact of estimated annual effective tax
rate of 23.56%
(50,940
)
(107,747
)
(33,025
)
Adjusted net income
$
165,274
$
349,585
$
107,149
Adjusted diluted EPS
Q2 2022
Diluted weighted Average Class A Common
shares outstanding
92,533,620
Assumed pro forma conversion of Class D
shares (1)
1,502,069,787
Adjusted diluted weighted average shares
outstanding
1,594,603,407
Adjusted Net Income (in
thousands)
$
165,274
Adjusted Diluted EPS
0.10
(1) Reflects the pro forma exchange and
conversion of antidilutive Class D common stock to Class A common
stock.
Adjusted EBITDA
Q2 2022
Q1 2022
Q2 2021
Net income
$
215,445
$
453,287
$
138,712
Interest expense on non-funding debt
29,692
29,558
22,292
Provision for income taxes
769
4,045
1,462
Depreciation and amortization
11,181
10,915
8,353
Stock-based compensation expense
1,676
1,828
2,327
Change in fair value of MSRs due to
valuation inputs or assumptions
(176,456
)
(390,980
)
38,035
Deferred compensation, net
3,125
12,252
—
Change in fair value of Public and Private
Warrants
(2,850
)
(4,132
)
(1,530
)
Change in Tax Receivable Agreement
liability
2,500
700
—
Change in fair value of investment
securities
9,912
10,934
—
Adjusted EBITDA
$
94,994
$
128,407
$
209,651
Non-funding debt and non-funding debt
to equity
Q2 2022
Q1 2022
Q2 2021
Senior notes
$
1,982,103
$
1,981,106
$
1,483,587
Borrowings against investment
securities
118,786
118,786
—
Equipment note payable
1,536
1,803
2,583
Finance lease liability
51,370
54,945
61,918
Total non-funding debt
$
2,153,795
$
2,156,641
$
1,548,088
Total equity
$
3,223,902
$
3,166,242
$
2,686,986
Non-funding debt to equity
0.67
0.68
0.58
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 and our earnings call include statements regarding:
(1) our position amongst our competitors and ability to capture
market share; (2) growth of the wholesale and broker channels, the
impact of our strategies on such growth and the benefits to our
business of such growth; (3) our growth to be the leading mortgage
lender, and the timing of that growth; (4) the benefits and
liquidity of our MSR portfolio; (5) our beliefs related to the
amount and timing of our dividend; (6) our “Game On” initiative and
its impact on our business and industry; (7) our foundation and
strategies for success and growth and the drivers of that growth;
(8) our expectations related to production and margin in the third
quarter and full year 2022; (9) our “All-In” initiative and its
impact on our business and industry; (10) our performance in
shifting market conditions and the comparison of such performance
against our competitors; (11) growth of the wholesale channel and
the benefits to our business of such growth; (12) our investments
in technology and the impact to our operations and financial
results; and (13) 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)
June 30, 2022
December 31,
2021
Assets
(Unaudited)
Cash and cash equivalents
$
958,656
$
731,088
Mortgage loans at fair value
5,332,383
17,473,324
Derivative assets
125,079
67,356
Investment securities at fair value,
pledged
125,193
152,263
Accounts receivable, net
350,090
415,691
Mortgage servicing rights
3,736,359
3,314,952
Premises and equipment, net
153,971
151,687
Operating lease right-of-use asset,
net
(includes $102,454 and $104,595 with
related parties)
102,533
104,828
Finance lease right-of-use asset
(includes $27,900 and $28,619 with related
parties)
50,179
57,024
Other assets
82,467
60,145
Total assets
$
11,016,910
$
22,528,358
Liabilities and Equity
Warehouse lines of credit
$
4,497,353
$
15,954,938
Derivative liabilities
93,958
36,741
Borrowings against investment
securities
118,786
118,786
Accounts payable, accrued expenses and
other
780,166
1,087,411
Accrued distributions and dividends
payable
159,461
9,171
Senior notes
1,982,103
1,980,112
Operating lease liability
(includes $109,732 and $111,999 with
related parties)
109,811
112,231
Finance lease liability
(includes $28,633 and $29,087 with related
parties)
51,370
57,967
Total liabilities
7,793,008
19,357,357
Equity:
Preferred stock, $0.0001 par value -
100,000,000 shares authorized, none issued and outstanding as of
June 30, 2022
—
—
Class A common stock, $0.0001 par value -
4,000,000,000 shares authorized, 92,539,245 shares issued and
outstanding as of June 30, 2022
9
9
Class B common stock, $0.0001 par value -
1,700,000,000 shares authorized, none issued and outstanding as of
June 30, 2022
—
—
Class C common stock, $0.0001 par value -
1,700,000,000 shares authorized, none issued and outstanding as of
June 30, 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 June 30, 2022
150
150
Additional paid-in capital
669
437
Retained earnings
137,955
141,805
Non-controlling interest
3,085,119
3,028,600
Total equity
3,223,902
3,171,001
Total liabilities and equity
$
11,016,910
$
22,528,358
UWM HOLDINGS
CORPORATION
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except shares
and per share amounts)
(Unaudited)
For the three months
ended
For the six months
ended
June 30, 2022
March 31, 2022
June 30, 2021
June 30, 2022
June 30, 2021
Revenue
Loan production income
$
296,535
$
383,871
$
479,274
$
680,406
$
1,553,939
Loan servicing income
179,501
198,565
145,278
378,066
269,067
Change in fair value of mortgage servicing
rights
26,169
171,963
(219,104
)
198,132
(278,363
)
Gain (loss) on sale of mortgage servicing
rights
—
—
10
—
4,773
Interest income
62,020
67,395
79,194
129,415
125,106
Total revenue, net
564,225
821,794
484,652
1,386,019
1,674,522
Expenses
Salaries, commissions and benefits
138,983
160,609
172,951
299,592
386,012
Direct loan production costs
25,757
26,718
15,518
52,475
28,680
Marketing, travel, and entertainment
20,625
12,837
11,330
33,462
21,825
Depreciation and amortization
11,181
10,915
8,353
22,096
15,642
General and administrative
39,909
38,323
42,116
78,232
58,894
Servicing costs
44,435
47,184
23,067
91,619
43,575
Interest expense
57,559
60,374
72,673
117,933
125,663
Other expense/(income)
9,562
7,502
(1,530
)
17,064
(18,834
)
Total expenses
348,011
364,462
344,478
712,473
661,457
Earnings before income taxes
216,214
457,332
140,174
673,546
1,013,065
Provision for income taxes
769
4,045
1,462
4,814
14,348
Net income
215,445
453,287
138,712
668,732
998,717
Net income attributable to
non-controlling interest
207,079
431,357
130,448
638,436
942,468
Net income attributable to UWMC
$
8,366
$
21,930
$
8,264
$
30,296
$
56,249
Earnings per share of Class A common
stock:
Basic
$
0.09
$
0.24
$
0.08
$
0.33
$
0.55
Diluted
$
0.09
$
0.22
$
0.07
$
0.32
$
0.39
Weighted average shares
outstanding:
Basic
92,533,620
92,214,594
102,760,823
92,374,988
102,908,906
Diluted
92,533,620
1,594,284,381
1,605,067,478
1,594,444,775
1,605,215,562
Addendum to Exhibit 99.1
This addendum includes the Company's Consolidated Balance Sheets
as of June 30, 2022, and the preceding four quarters and Statements
of Operations for the quarter ended June 30, 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)
June 30, 2022
March 31, 2022
December 31,
2021
September 30,
2021
June 30, 2021
Assets
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Cash and cash equivalents
$
958,656
$
901,174
$
731,088
$
950,910
$
1,048,177
Mortgage loans at fair value
5,332,383
5,208,167
17,473,324
11,736,642
12,404,112
Derivative assets
125,079
241,932
67,356
143,807
75,438
Investment securities at fair value,
pledged
125,193
138,417
152,263
41,809
—
Accounts receivable, net
350,090
617,608
415,691
340,028
317,458
Mortgage servicing rights
3,736,359
3,514,102
3,314,952
2,900,310
2,662,556
Premises and equipment, net
153,971
151,206
151,687
145,774
130,864
Operating lease right-of-use asset,
net
102,533
103,670
104,828
105,902
87,130
Finance lease right-of-use asset
50,179
53,857
57,024
60,113
61,356
Other assets
82,467
60,820
60,145
55,655
57,007
Total assets
$
11,016,910
$
10,990,953
$
22,528,358
$
16,480,950
$
16,844,098
Liabilities and Equity
Warehouse lines of credit
$
4,497,353
$
4,076,829
$
15,954,938
$
10,487,950
$
11,249,213
Derivative liabilities
93,958
115,430
36,741
61,434
82,551
Borrowings against investment
securities
118,786
118,786
118,786
32,560
—
Accounts payable, accrued expenses and
other
780,166
1,207,145
1,087,411
1,231,826
1,021,119
Accrued distributions and dividends
payable
159,461
159,460
9,171
10,087
160,444
Senior notes
1,982,103
1,981,106
1,980,112
1,484,370
1,483,587
Operating lease liability
109,811
111,010
112,231
117,824
98,280
Finance lease liability
51,370
54,945
57,967
60,871
61,918
Total liabilities
7,793,008
7,824,711
19,357,357
13,486,922
14,157,112
Equity:
Preferred stock, $0.0001 par value -
100,000,000 shares authorized, none issued and outstanding as of
June 30, 2022
—
—
—
—
—
Class A common stock, $0.0001 par value -
4,000,000,000 shares authorized, 92,539,245 shares issued and
outstanding as of June 30, 2022
9
9
9
10
10
Class B common stock, $0.0001 par value -
1,700,000,000 shares authorized, none issued and outstanding as of
June 30, 2022
—
—
—
—
—
Class C common stock, $0.0001 par value -
1,700,000,000 shares authorized, none issued and outstanding as of
June 30, 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 June 30, 2022
150
150
150
150
150
Additional paid-in capital
669
542
437
313
187
Retained earnings
137,955
138,834
141,805
129,815
109,397
Non-controlling interest
3,085,119
3,026,707
3,028,600
2,863,740
2,577,242
Total equity
3,223,902
3,166,242
3,171,001
2,994,028
2,686,986
Total liabilities and equity
$
11,016,910
$
10,990,953
$
22,528,358
$
16,480,950
$
16,844,098
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except shares
and per share amounts)
(Unaudited)
For the three months
ended
June 30, 2022
March 31, 2022
December 31,
2021
September 30,
2021
June 30, 2021
Revenue
Loan production income
$
296,535
$
383,871
$
442,407
$
589,461
$
479,274
Loan servicing income
179,501
198,565
194,976
174,695
145,278
Change in fair value of mortgage servicing
rights
26,169
171,963
(138,988
)
(170,462
)
(219,104
)
Gain (loss) on sale of mortgage servicing
rights
—
—
2,461
(5,443
)
10
Interest income
62,020
67,395
104,601
102,063
79,194
Total revenue, net
564,225
821,794
605,457
690,314
484,652
Expenses
Salaries, commissions and benefits
138,983
160,609
146,697
164,971
172,951
Direct loan production costs
25,757
26,718
25,292
18,980
15,518
Marketing, travel, and entertainment
20,625
12,837
25,334
14,138
11,330
Depreciation and amortization
11,181
10,915
10,422
9,034
8,353
General and administrative
39,909
38,323
36,467
39,148
42,116
Servicing costs
44,435
47,184
36,200
29,192
23,067
Interest expense
57,559
60,374
88,772
90,221
72,673
Other expense/(income)
9,562
7,502
4,437
(8,710
)
(1,530
)
Total expenses
348,011
364,462
373,621
356,974
344,478
Earnings before income taxes
216,214
457,332
231,836
333,340
140,174
Provision for income taxes
769
4,045
(7,990
)
3,483
1,462
Net income
215,445
453,287
239,826
329,857
138,712
Net income attributable to
non-controlling interest
207,079
431,357
222,876
304,611
130,448
Net income attributable to UWMC
8,366
21,930
16,950
25,246
$
8,264
Earnings per share of Class A common
stock:
Basic
$
0.09
$
0.24
$
0.17
$
0.25
$
0.08
Diluted
$
0.09
$
0.22
$
0.11
$
0.16
$
0.07
Weighted average shares
outstanding:
Basic
92,533,620
92,214,594
97,138,073
101,106,023
102,760,823
Diluted
92,533,620
1,594,284,381
1,599,785,759
1,603,710,511
1,605,067,478
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220809005471/en/
For inquiries regarding UWM, please contact: INVESTOR
CONTACT BLAKE KOLO InvestorRelations@uwm.com
MEDIA CONTACT NICOLE YELLAND Media@uwm.com
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