Fourth Quarter Loan Origination Volume of
$24.4 Billion, Including Purchase Volume of $20.7 Billion.
UWM Holdings Corporation (NYSE: UWMC) (the "Company"),
the publicly traded indirect parent of United Wholesale Mortgage
(“UWM”), today announced its results for the fourth quarter and
full year ended December 31, 2023. Total loan origination volume
for the fourth quarter 2023 was $24.4 billion, of which $20.7
billion was purchase volume. Total loan originations for full year
2023 were $108.3 billion, of which $93.9 billion was purchase
volume. The Company reported 4Q23 net loss of $461.0 million,
inclusive of a $634.4 million decline in fair value of MSRs, and
diluted loss per share of $0.29. The Company reported full year
2023 loss of $69.8 million, inclusive of a $854.1 million decline
in fair value of MSRs, and diluted loss per share of $0.14.
Mat Ishbia, Chairman and CEO of UWMC, said, "2023 was one of the
best years in our company history. We were the number one mortgage
originator in America, number one in purchase origination again,
and, nine years running, the number one wholesale lender. We
continue to be operationally profitable, the true measure of a
mortgage originator's health, while our financial loss was driven
by the MSR markdown which is a result of interest rate movements.
Our recipe for success has not and will not change and we are
currently doubling down on investing in our people, our products
and our technology so that we can continue to provide the broker
channel with the tools needed to win. I believe that 2024 is a
tremendous opportunity for both UWM and the broker channel."
Fourth Quarter 2023 Highlights
- Originations of $24.4 billion in 4Q23, compared to $29.7
billion in 3Q23 and $25.1 billion in 4Q22
- Purchase originations of $20.7 billion in 4Q23, compared to
$25.9 billion in 3Q23 and $21.7 billion in 4Q22
- Total gain margin of 92 bps in 4Q23 compared to 97 bps in 3Q23
and 51 bps in 4Q22
- Net loss of $461.0 million in 4Q23 compared to net income of
$301.0 million in 3Q23 and net loss of $62.5 million 4Q22
- Adjusted EBITDA of $99.6 million in 4Q23 compared to $112.1
million in 3Q23 and $60.4 million in 4Q22
- Total equity of $2.5 billion at December 31, 2023, compared to
$3.1 billion at September 30, 2023, and $3.2 billion at December
31, 2022
- Unpaid principal balance of MSRs of $299.5 billion with a WAC
of 4.43% at December 31, 2023, compared to $281.4 billion with a
WAC of 4.20% at September 30, 2023, and $312.5 billion with a WAC
of 3.64% at December 31, 2022
- Ended 4Q23 with approximately $2.2 billion of available
liquidity, including $497.5 million of cash, and $1.75 billion of
available borrowing capacity, which includes $1.25 billion under
lines of credit secured by agency and Ginnie Mae MSRs, and $500
million under an unsecured line of credit
Full Year 2023 Highlights
- Originations of $108.3 billion in 2023, compared to $127.3
billion in 2022
- Record purchase originations of $93.9 billion in 2023, compared
to $90.8 billion in 2022
- Net loss of $69.8 million in 2023, as compared to $931.9
million of net income in 2022
- Total gain margin of 92 bps in 2023 compared to 77 bps in
2022
Production and Income Statement Highlights (dollars in
thousands, except per share amounts)
Q4 2023
Q3 2023
Q4 2022
FY 2023
FY 2022
Loan origination volume(1)
$
24,372,436
$
29,721,633
$
25,126,844
$
108,275,883
$
127,285,461
Total gain margin(1)(2)
0.92
%
0.97
%
0.51
%
0.92
%
0.77
%
Net income (loss)
$
(460,956
)
$
300,993
$
(62,484
)
$
(69,782
)
$
931,858
Diluted earnings (loss) per
share
(0.29
)
0.15
(0.03
)
(0.14
)
0.45
Adjusted diluted earnings (loss) per
share(3)
(0.23
)
N/A
N/A
(0.04
)
0.45
Adjusted net income (loss)(3)
(361,002
)
234,713
(53,308
)
(57,142
)
719,415
Adjusted EBITDA(3)
99,566
112,062
60,393
478,270
282,402
(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)
Q4 2023
Q3 2023
Q4 2022
Cash and cash equivalents
$
497,468
$
729,616
$
704,898
Mortgage loans at fair value
5,449,884
5,560,039
7,134,960
Mortgage servicing rights
4,026,136
4,352,219
4,453,261
Total assets
11,871,854
12,204,137
13,600,625
Non-funding debt (1)
2,862,759
2,617,903
2,880,178
Total equity
2,474,671
3,092,111
3,171,693
Non-funding debt to equity (1)
1.16
0.85
0.91
(1)
Non-GAAP metric (see discussion and
reconciliations below).
Mortgage Servicing Rights (dollars in thousands)
Q4 2023
Q3 2023
Q4 2022
Unpaid principal balance
$
299,456,189
$
281,373,662
$
312,454,025
Weighted average interest rate
4.43
%
4.20
%
3.64
%
Weighted average age (months)
21
20
16
Fourth Quarter Technology and Loan Product Launches
- Launched Memory Maker, UWM’s tool for independent mortgage
brokers to send their choice of thank you items to borrowers and
real estate agents, leaving a lasting impression long after a loan
is closed
- Enhanced PA+, now allowing independent mortgage brokers and
their processors more flexibility in choosing which parts of the
loan process they would like a UWM Loan Coordinator to
facilitate
- Enhancements to Investor Flex, UWM’s Debt Service Coverage
Ratio (“DSCR”) product now allows borrowers to close in a Limited
Liability Company (LLC), giving borrowers an additional option to
separate their personal properties and investment properties
Fourth Quarter Operational Highlights
- Achieved Net Promoter Score of +86.5 in 4Q23.
- Our 1.15% 60+ days delinquency as of December 31, 2023, was
significantly better than the industry average of 1.78% (Source:
Mortgage Bankers Association, as of Q4 2023).
Product and Investor Mix - Unpaid Principal Balance of
Originations (dollars in thousands)
Purchase:
Q4 2023
Q3 2023
Q4 2022
FY 2023
FY 2022
Conventional
$
12,033,818
$
16,237,031
$
15,030,972
$
58,833,673
$
62,274,030
Government
6,805,530
8,031,062
6,135,366
29,640,141
23,773,422
Jumbo and other (1)
1,842,108
1,624,824
484,098
5,381,530
4,782,879
Total Purchase
$
20,681,456
$
25,892,917
$
21,650,436
$
93,855,344
$
90,830,331
Refinance:
Q4 2023
Q3 2023
Q4 2022
FY 2023
FY 2022
Conventional
$
1,386,645
$
1,736,055
$
2,254,680
$
7,082,401
$
27,059,252
Government
1,389,884
1,528,848
1,005,048
5,189,598
7,834,636
Jumbo and other (1)
914,451
563,813
216,680
2,148,540
1,561,242
Total Refinance
$
3,690,980
$
3,828,716
$
3,476,408
$
14,420,539
$
36,455,130
Total Originations
$
24,372,436
$
29,721,633
$
25,126,844
$
108,275,883
$
127,285,461
(1) Comprised of non-agency jumbo products
and non-qualified mortgage products, including home equity lines of
credit ("HELOCs") (which in many instances are second liens) and
construction loans.
First Quarter 2024 Outlook
We anticipate first quarter production to be in the $22 to $28
billion range, with gain margin from 80 to 105 basis points.
Dividend
Subsequent to December 31, 2023, for the thirteenth 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, 2024, to stockholders
of record at the close of business on March 20, 2024. Additionally,
the Board approved a proportional distribution to SFS Corp., which
is payable on or about April 11, 2024.
Earnings Conference Call Details
As previously announced, the Company will hold a conference call
for financial analysts and investors on Wednesday, February 28,
2024 at 10:30 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/Q4I3794250
Please dial in at least 15 minutes in advance to ensure a timely
connection to the call. Audio webcast, taped replay and a
transcript will be available on the Company's investor relations
website at https://investors.uwm.com/.
Key Operational Metrics
“Loan origination volume” and “Total gain margin” are key
operational metrics that the Company's management uses to evaluate
the performance of the business. “Loan origination volume” is the
aggregate principal of the residential mortgage loans originated by
the Company during a period. “Total gain margin” represents total
loan production income divided by loan origination volume for the
applicable periods.
Non-GAAP Metrics
The Company's net income does not reflect the income tax
provision that would otherwise be reflected if 100% of the economic
interest in UWM was owned by the Company. Therefore, for comparison
purposes, the Company provides “Adjusted net income (loss),” which
is our pre-tax income (loss) together with an adjusted income tax
provision (benefit), which is calculated as the provision for
income taxes plus the tax effects of net income attributable to
non-controlling interest determined using a blended statutory
effective tax rate. “Adjusted net income (loss)” is a non-GAAP
metric. "Adjusted diluted EPS" is defined as "Adjusted net income
(loss)" divided by the weighted average number of shares of Class A
common stock outstanding for the applicable period, assuming the
exchange and conversion of all outstanding Class D common stock for
Class A common stock, and is calculated and presented for periods
in which the assumed exchange and conversion of Class D common
stock to Class A common stock is anti-dilutive to EPS.
We also disclose Adjusted EBITDA, which we define as earnings
(loss) before interest expense on non-funding debt, provision for
income taxes, depreciation and amortization, stock-based
compensation expense, the change in fair value of MSRs due to
valuation inputs or assumptions, the impact of non-cash deferred
compensation expense, the change in fair value of the Public and
Private Warrants, the change in Tax Receivable Agreement liability
and the change in fair value of retained investment securities. We
exclude the change in Tax Receivable Agreement liability, the
change in fair value of the Public and Private Warrants, the change
in fair value of retained investment securities, and the change in
fair value of MSRs due to valuation inputs or assumptions, as these
represent non-cash, non-realized adjustments to our earnings, which
is not indicative of our performance or results of operations.
Adjusted EBITDA includes interest expense on funding facilities,
which are recorded as a component of interest expense, as these
expenses are a direct operating expense driven by loan origination
volume. By contrast, interest expense on non-funding debt is a
function of our capital structure and is therefore excluded from
Adjusted EBITDA.
In addition, we disclose “Non-funding debt” and the “Non-funding
debt to equity ratio” as a non-GAAP metric. We define “Non-funding
debt” as the total of the Company's senior notes, lines of credit,
borrowings against investment securities, equipment note payable,
and finance leases and the “Non-funding debt-to-equity ratio” as
total non-funding debt divided by the Company’s total equity.
Management believes that these non-GAAP metrics provide useful
information to investors. These measures are not financial measures
calculated in accordance with GAAP and should not be considered as
a substitute for any other operating performance measure calculated
in accordance with GAAP, and may not be comparable to a similarly
titled measure reported by other companies.
The following tables set forth the reconciliations of these
non-GAAP financial measures to their most directly comparable
financial measure calculated in accordance with GAAP (dollars in
thousands, except per share amounts):
Adjusted net income (loss)
Q4 2023
Q3 2023
Q4 2022
FY 2023
FY 2022
Earnings (loss) before income taxes
$
(468,408
)
$
301,727
$
(69,258
)
$
(76,293
)
$
934,669
Adjusted income tax benefit
(provision)
107,406
(67,014
)
15,950
19,151
(215,254
)
Adjusted net income (loss)
$
(361,002
)
$
234,713
$
(53,308
)
$
(57,142
)
$
719,415
Adjusted diluted EPS
Q4 2023
FY 2023
FY 2022
Diluted weighted average Class A common
stock outstanding
93,654,269
93,245,373
92,475,170
Assumed pro forma conversion of Class D
common stock (1)
1,502,069,787
1,502,069,787
1,502,069,787
Adjusted diluted weighted average shares
outstanding (1)
1,595,724,056
1,595,315,160
1,594,544,957
Adjusted net income (loss)
$
(361,002
)
$
(57,142
)
$
719,415
Adjusted diluted EPS
(0.23
)
(0.04
)
0.45
(1) Reflects the pro forma exchange and
conversion of antidilutive Class D common stock to Class A common
stock.
Adjusted EBITDA
Q4 2023
Q3 2023
Q4 2022
FY 2023
FY 2022
Net income (loss)
$
(460,956
)
$
300,993
$
(62,484
)
$
(69,782
)
$
931,858
Interest expense on non-funding debt
43,946
42,825
43,611
172,498
132,647
Provision (benefit) for income taxes
(7,452
)
734
(6,774
)
(6,511
)
2,811
Depreciation and amortization
11,472
11,563
11,713
46,146
45,235
Stock-based compensation expense
3,961
3,822
2,055
13,832
7,545
Change in fair value of MSRs due to
valuation inputs or assumptions
507,686
(236,044
)
71,865
330,031
(868,803
)
Deferred compensation, net
3,300
(11,755
)
461
(7,938
)
7,370
Change in fair value of Public and Private
Warrants
4,808
(2,021
)
54
6,060
(7,683
)
Change in Tax Receivable Agreement
liability
260
(3,000
)
—
(1,575
)
3,200
Change in fair value of investment
securities
(7,459
)
4,945
(108
)
(4,491
)
28,222
Adjusted EBITDA
$
99,566
$
112,062
$
60,393
$
478,270
$
282,402
Non-funding debt and non-funding debt
to equity
Q4 2023
Q3 2023
Q4 2022
Senior notes
$
1,988,267
$
1,987,284
$
1,984,336
Secured lines of credit
750,000
500,000
750,000
Borrowings against investment
securities
93,814
97,328
101,345
Equipment note payable
—
—
992
Finance lease liability
30,678
33,291
43,505
Total non-funding debt
$
2,862,759
$
2,617,903
$
2,880,178
Total equity
$
2,474,671
$
3,092,111
$
3,171,693
Non-funding debt to equity
1.16
0.85
0.91
Cautionary Note Regarding Forward-Looking Statements
This press release and our earnings call include forward-looking
statements. These forward-looking statements are generally
identified 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) our investment in our people, products and
technology and the benefits to 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 first 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)
December 31,
2023
December 31,
2022
Assets
Cash and cash equivalents
$
497,468
$
704,898
Mortgage loans at fair value
5,449,884
7,134,960
Derivative assets
33,019
82,869
Investment securities at fair value,
pledged
110,352
113,290
Accounts receivable, net
512,070
383,147
Mortgage servicing rights
4,026,136
4,453,261
Premises and equipment, net
146,417
152,477
Operating lease right-of-use asset, net
(includes $97,596 and $102,322 with related parties)
99,125
104,181
Finance lease right-of-use asset (includes
$24,802 and $26,867 with related parties)
29,111
42,218
Loans eligible for repurchase from Ginnie
Mae
856,856
345,490
Other assets
111,416
83,834
Total assets
$
11,871,854
$
13,600,625
Liabilities and Equity
Warehouse lines of credit
$
4,902,090
$
6,443,992
Derivative liabilities
40,781
49,748
Secured line of credit
750,000
750,000
Borrowings against investment
securities
93,814
101,345
Accounts payable, accrued expenses and
other
469,101
439,719
Accrued distributions and dividends
payable
159,572
159,465
Senior notes
1,988,267
1,984,336
Operating lease liability (includes
$104,495 and $109,473 with related parties)
106,024
111,332
Finance lease liability (includes $26,260
and $27,857 with related parties)
30,678
43,505
Loans eligible for repurchase from Ginnie
Mae
856,856
345,490
Total liabilities
9,397,183
10,428,932
Equity:
Preferred stock, $0.0001 par value -
100,000,000 shares authorized, none issued and outstanding as of
December 31, 2023 or December 31, 2022
—
—
Class A common stock, $0.0001 par value -
4,000,000,000 shares authorized, 93,654,269 and 92,575,974 shares
issued and outstanding as of December 31, 2023 and December 31,
2022, respectively
10
9
Class B common stock, $0.0001 par value -
1,700,000,000 shares authorized, none issued and outstanding as of
December 31, 2023 or December 31, 2022
—
—
Class C common stock, $0.0001 par value -
1,700,000,000 shares authorized, none issued and outstanding as of
December 31, 2023 or December 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 December 31, 2023 and December 31, 2022,
respectively
150
150
Additional paid-in capital
1,702
903
Retained earnings
110,690
142,500
Non-controlling interest
2,362,119
3,028,131
Total equity
2,474,671
3,171,693
Total liabilities and equity
$
11,871,854
$
13,600,625
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,
2023
September 30,
2023
December 31,
2022
December 31,
2023
December 31,
2022
Revenue
(Unaudited)
(Unaudited)
(Unaudited)
Loan production income
$
225,436
$
288,930
$
129,180
$
1,000,547
$
981,988
Loan servicing income
206,498
200,428
217,225
818,703
792,072
Change in fair value of mortgage servicing
rights
(634,418
)
92,909
(150,808
)
(854,148
)
284,104
Interest income
87,901
94,849
106,837
346,225
314,462
Total revenue, net
(114,583
)
677,116
302,434
1,311,327
2,372,626
Expenses
Salaries, commissions and benefits
142,515
135,333
118,266
530,231
552,886
Direct loan production costs
27,977
36,184
17,396
104,262
90,369
Marketing, travel, and entertainment
25,600
20,117
22,976
84,515
74,168
Depreciation and amortization
11,472
11,563
11,713
46,146
45,235
General and administrative
38,209
44,904
49,668
170,423
179,549
Servicing costs
29,632
33,640
36,809
131,792
166,024
Interest expense
80,811
93,724
114,918
320,256
305,987
Other expense (income)
(2,391
)
(76
)
(54
)
(5
)
23,739
Total expenses
353,825
375,389
371,692
1,387,620
1,437,957
Earnings (loss) before income
taxes
(468,408
)
301,727
(69,258
)
(76,293
)
934,669
Provision (benefit) for income
taxes
(7,452
)
734
(6,774
)
(6,511
)
2,811
Net income (loss)
(460,956
)
300,993
(62,484
)
(69,782
)
931,858
Net income (loss) attributable to
non-controlling interest
(433,878
)
282,762
(62,207
)
(56,552
)
890,143
Net income (loss) attributable to
UWMC
$
(27,078
)
$
18,231
$
(277
)
$
(13,230
)
$
41,715
Earnings (loss) per share of Class A
common stock:
Basic
$
(0.29
)
$
0.20
$
—
$
(0.14
)
$
0.45
Diluted
$
(0.29
)
$
0.15
$
(0.03
)
$
(0.14
)
$
0.45
Weighted average shares
outstanding:
Basic
93,654,269
93,290,736
92,575,549
93,245,373
92,475,170
Diluted
93,654,269
1,596,624,780
1,594,645,336
93,245,373
92,475,170
Addendum to Exhibit 99.1
This addendum includes the Company's Consolidated Balance Sheets
as of December 31, 2023, and the preceding four quarters and
Statements of Operations for the quarter ended December 31, 2023,
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,
2023
September 30,
2023
June 30, 2023
March 31, 2023
December 31,
2022
Assets
(Unaudited)
(Unaudited)
(Unaudited)
Cash and cash equivalents
$
497,468
$
729,616
$
634,576
$
740,063
$
704,898
Mortgage loans at fair value
5,449,884
5,560,039
6,269,924
4,800,259
7,134,960
Derivative assets
33,019
92,791
61,407
61,136
82,869
Investment securities at fair value,
pledged
110,352
104,526
111,625
114,275
113,290
Accounts receivable, net
512,070
385,922
347,865
433,747
383,147
Mortgage servicing rights
4,026,136
4,352,219
4,224,207
3,974,870
4,453,261
Premises and equipment, net
146,417
146,509
149,515
152,428
152,477
Operating lease right-of-use asset,
net
99,125
100,427
101,686
102,923
104,181
Finance lease right-of-use asset
29,111
31,803
34,947
38,320
42,218
Loans eligible for repurchase from Ginnie
Mae
856,856
617,490
409,078
440,775
345,490
Other assets
111,416
82,795
81,089
88,920
83,834
Total assets
$
11,871,854
$
12,204,137
$
12,425,919
$
10,947,716
$
13,600,625
Liabilities and Equity
Warehouse lines of credit
$
4,902,090
$
5,066,900
$
5,732,791
$
4,259,834
$
6,443,992
Derivative liabilities
40,781
38,882
21,734
62,742
49,748
Secured line of credit
750,000
500,000
500,000
500,000
750,000
Borrowings against investment
securities
93,814
97,328
100,901
101,345
101,345
Accounts payable, accrued expenses and
other
469,101
503,890
423,407
416,818
439,719
Accrued distributions and dividends
payable
159,572
159,572
159,518
159,517
159,465
Senior notes
1,988,267
1,987,284
1,986,301
1,985,319
1,984,336
Operating lease liability
106,024
107,389
108,711
110,012
111,332
Finance lease liability
30,678
33,291
36,356
36,812
43,505
Loans eligible for repurchase from Ginnie
Mae
856,856
617,490
409,078
440,775
345,490
Total liabilities
9,397,183
9,112,026
9,478,797
8,073,174
10,428,932
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 -
93,654,269 as of December 31, 2023 , 93,654,269 as of September 30,
2023, 93,114,878 as of June 30, 2023, and 93,101,971 as of March
31, 2023 and 92,575,974 as of December 31, 2022
10
10
9
9
9
Class B common stock, $0.0001 par value -
1,700,000,000 shares authorized, none issued and outstanding as of
each of the periods presented
—
—
—
—
—
Class C common stock, $0.0001 par value -
1,700,000,000 shares authorized, none issued and outstanding as of
each of the periods presented
—
—
—
—
—
Class D common stock, $0.0001 par value -
1,700,000,000 shares authorized, 1,502,069,787 shares issued and
outstanding as of each of the periods presented
150
150
150
150
150
Additional paid-in capital
1,702
1,484
1,267
1,036
903
Retained earnings
110,690
130,233
120,379
122,136
142,500
Non-controlling interest
2,362,119
2,960,234
2,825,317
2,751,211
3,028,131
Total equity
2,474,671
3,092,111
2,947,122
2,874,542
3,171,693
Total liabilities and equity
$
11,871,854
$
12,204,137
$
12,425,919
$
10,947,716
$
13,600,625
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except shares
and per share amounts)
(Unaudited)
For the three months
ended
December 31,
2023
September 30,
2023
June 30, 2023
March 31, 2023
December 31,
2022
Revenue
Loan production income
$
225,436
$
288,930
$
280,757
$
205,424
$
129,180
Loan servicing income
206,498
200,428
193,220
218,557
217,225
Change in fair value of mortgage servicing
rights
(634,418
)
92,909
24,648
(337,287
)
(150,808
)
Interest income
87,901
94,849
88,895
74,580
106,837
Total revenue, net
(114,583
)
677,116
587,520
161,274
302,434
Expenses
Salaries, commissions and benefits
142,515
135,333
131,380
121,003
118,266
Direct loan production costs
27,977
36,184
23,618
16,483
17,396
Marketing, travel, and entertainment
25,600
20,117
21,588
17,210
22,976
Depreciation and amortization
11,472
11,563
11,441
11,670
11,713
General and administrative
38,209
44,904
52,691
34,619
49,668
Servicing costs
29,632
33,640
31,658
36,862
36,809
Interest expense
80,811
93,724
82,437
63,284
114,918
Other expense (income)
(2,391
)
(76
)
2,703
(241
)
(54
)
Total expenses
353,825
375,389
357,516
300,890
371,692
Earnings (loss) before income
taxes
(468,408
)
301,727
230,004
(139,616
)
(69,258
)
Provision (benefit) for income
taxes
(7,452
)
734
1,210
(1,003
)
(6,774
)
Net income (loss)
(460,956
)
300,993
228,794
(138,613
)
(62,484
)
Net income (loss) attributable to
non-controlling interest
(433,878
)
282,762
221,236
(126,672
)
(62,207
)
Net income (loss) attributable to
UWMC
$
(27,078
)
$
18,231
$
7,558
$
(11,941
)
$
(277
)
Earnings (loss) per share of Class A
common stock:
Basic
$
(0.29
)
$
0.20
$
0.08
$
(0.13
)
$
—
Diluted
$
(0.29
)
$
0.15
$
0.08
$
(0.13
)
$
(0.03
)
Weighted average shares
outstanding:
Basic
93,654,269
93,290,736
93,107,133
92,920,794
92,575,549
Diluted
93,654,269
1,596,624,780
93,107,133
92,920,794
1,594,645,336
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240228524965/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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