Delaware | 001-39189 | 82-2124167 | ||||||||||||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification Number) |
585 South Boulevard E. | |||||||||||
Pontiac, |
Michigan | 48341 | |||||||||
(Address of principal executive offices) |
(Zip Code) |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||||
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||||
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||||
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) |
Name of each exchange on which registered |
||||||||||||
Class A Common Stock, par value $0.0001 per share | UWMC | New York Stock Exchange | ||||||||||||
Warrants, each warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 | UWMCWS | New York Stock Exchange |
Exhibit No. |
Description | |||||||
99.1 | ||||||||
104 |
UWM HOLDINGS CORPORATION | ||||||||
By: | /s/ Andrew Hubacker | |||||||
Name: | Andrew Hubacker | |||||||
Title: | Executive Vice President, Chief Financial Officer and Chief Accounting Officer |
Q1 2024 | Q4 2023 | Q1 2023 | ||||||||||||||||||
Loan origination volume(1) |
$ | 27,630,535 | $ | 24,372,436 | $ | 22,335,014 | ||||||||||||||
Total gain margin(1)(2) |
1.08 | % | 0.92 | % | 0.92 | % | ||||||||||||||
Net income (loss) |
$ | 180,531 | $ | (460,956) | $ | (138,613) | ||||||||||||||
Diluted earnings (loss) per share |
0.09 | (0.29) | (0.13) | |||||||||||||||||
Adjusted diluted earnings (loss) per share(3) |
N/A |
(0.23) | (0.07) | |||||||||||||||||
Adjusted net income (loss)(3) |
141,121 | (361,002) | (106,625) | |||||||||||||||||
Adjusted EBITDA(3) |
101,490 | 99,566 | 140,994 |
Q1 2024 | Q4 2023 | Q1 2023 | ||||||||||||||||||
Cash and cash equivalents | $ | 605,639 | $ | 497,468 | $ | 740,063 | ||||||||||||||
Mortgage loans at fair value | 7,338,135 | 5,449,884 | 4,800,259 | |||||||||||||||||
Mortgage servicing rights | 3,191,803 | 4,026,136 | 3,974,870 | |||||||||||||||||
Total assets | 12,797,334 | 11,871,854 | 10,947,716 | |||||||||||||||||
Non-funding debt (1) |
2,311,850 | 2,862,759 | 2,623,962 | |||||||||||||||||
Total equity | 2,457,058 | 2,474,671 | 2,874,542 | |||||||||||||||||
Non-funding debt to equity (1) |
0.94 | 1.16 | 0.91 |
Q1 2024 | Q4 2023 | Q1 2023 | ||||||||||||||||||
Unpaid principal balance | $ | 229,706,006 | $ | 299,456,189 | $ | 297,906,035 | ||||||||||||||
Weighted average interest rate | 4.58 | % | 4.43 | % | 3.66 | % | ||||||||||||||
Weighted average age (months) | 22 | 21 | 18 |
Purchase: | Q1 2024 | Q4 2023 | Q1 2023 | |||||||||||||||||
Conventional | $ | 12,160,107 | $ | 12,033,818 | $ | 12,969,966 | ||||||||||||||
Government | 7,567,925 | 6,805,530 | 5,623,050 | |||||||||||||||||
Jumbo and other (1) |
2,393,397 | 1,842,108 | 652,780 | |||||||||||||||||
Total Purchase | $ | 22,121,429 | $ | 20,681,456 | $ | 19,245,796 | ||||||||||||||
Refinance: | Q1 2024 | Q4 2023 | Q1 2023 | |||||||||||||||||
Conventional | $ | 1,716,281 | $ | 1,386,645 | $ | 1,869,911 | ||||||||||||||
Government | 2,657,541 | 1,389,884 | 941,775 | |||||||||||||||||
Jumbo and other (1) |
1,135,284 | 914,451 | 277,532 | |||||||||||||||||
Total Refinance | $ | 5,509,106 | $ | 3,690,980 | $ | 3,089,218 | ||||||||||||||
Total Originations | $ | 27,630,535 | $ | 24,372,436 | $ | 22,335,014 | ||||||||||||||
(1) Comprised of non-agency jumbo products, construction loans, and non-qualified mortgage products, including home equity lines of credit ("HELOCs") (which in many instances are second liens). |
Adjusted net income (loss) |
Q1 2024 | Q4 2023 | Q1 2023 | |||||||||||||||||
Earnings (loss) before income taxes |
$ | 184,264 | $ | (468,408) | $ | (139,616) | ||||||||||||||
Adjusted income tax (provision) benefit |
(43,143) | 107,406 | 32,991 | |||||||||||||||||
Adjusted net income (loss) |
$ | 141,121 | $ | (361,002) | $ | (106,625) |
Adjusted diluted EPS | Q4 2023 | Q1 2023 | ||||||||||||
Diluted weighted average Class A common stock outstanding | 93,654,269 | 92,920,794 | ||||||||||||
Assumed pro forma conversion of Class D common stock (1) |
1,502,069,787 | 1,502,069,787 | ||||||||||||
Adjusted diluted weighted average shares outstanding (1) |
1,595,724,056 | 1,594,990,581 | ||||||||||||
Adjusted net income (loss) |
$ | (361,002) | $ | (106,625) | ||||||||||
Adjusted diluted EPS | (0.23) | (0.07) | ||||||||||||
(1) Reflects the pro forma exchange and conversion of antidilutive Class D common stock to Class A common stock. |
Adjusted EBITDA | Q1 2024 | Q4 2023 | Q1 2023 | |||||||||||||||||
Net income (loss) |
$ | 180,531 | $ | (460,956) | $ | (138,613) | ||||||||||||||
Interest expense on non-funding debt | 40,243 | 43,946 | 42,703 | |||||||||||||||||
Provision (benefit) for income taxes |
3,733 | (7,452) | (1,003) | |||||||||||||||||
Depreciation and amortization | 11,340 | 11,472 | 11,670 | |||||||||||||||||
Stock-based compensation expense | 5,876 | 3,961 | 2,482 | |||||||||||||||||
Change in fair value of MSRs due to valuation inputs or assumptions | (141,059) | 507,686 | 222,915 | |||||||||||||||||
Deferred compensation, net | 1,063 | 3,300 | 1,081 | |||||||||||||||||
Change in fair value of Public and Private Warrants | (686) | 4,808 | 2,098 | |||||||||||||||||
Change in Tax Receivable Agreement liability |
180 | 260 | 250 | |||||||||||||||||
Change in fair value of investment securities | 269 | (7,459) | (2,589) | |||||||||||||||||
Adjusted EBITDA | $ | 101,490 | $ | 99,566 | $ | 140,994 | ||||||||||||||
Non-funding debt and non-funding debt to equity | Q1 2024 | Q4 2023 | Q1 2023 | |||||||||||||||||
Senior notes | $ | 1,989,250 | $ | 1,988,267 | $ | 1,985,319 | ||||||||||||||
Secured lines of credit | 200,000 | 750,000 | 500,000 | |||||||||||||||||
Borrowings against investment securities | 94,064 | 93,814 | 101,345 | |||||||||||||||||
Equipment note payable | — | — | 486 | |||||||||||||||||
Finance lease liability | 28,536 | 30,678 | 36,812 | |||||||||||||||||
Total non-funding debt | $ | 2,311,850 | $ | 2,862,759 | $ | 2,623,962 | ||||||||||||||
Total equity | $ | 2,457,058 | $ | 2,474,671 | $ | 2,874,542 | ||||||||||||||
Non-funding debt to equity | 0.94 | 1.16 | 0.91 |
For inquiries regarding UWM, please contact: | ||||||||
INVESTOR CONTACT | MEDIA CONTACT | |||||||
BLAKE KOLO | NICOLE ROBERTS | |||||||
InvestorRelations@uwm.com | Media@uwm.com |
March 31, 2024 |
December 31, 2023 |
||||||||||
Assets | (Unaudited) |
||||||||||
Cash and cash equivalents | $ | 605,639 | $ | 497,468 | |||||||
Mortgage loans at fair value | 7,338,135 | 5,449,884 | |||||||||
Derivative assets | 34,050 | 33,019 | |||||||||
Investment securities at fair value, pledged | 108,323 | 110,352 | |||||||||
Accounts receivable, net | 554,443 | 512,070 | |||||||||
Mortgage servicing rights | 3,191,803 | 4,026,136 | |||||||||
Premises and equipment, net | 145,265 | 146,417 | |||||||||
Operating lease right-of-use asset, net
(includes $96,358 and $97,596 with related parties)
|
97,801 | 99,125 | |||||||||
Finance lease right-of-use asset
(includes $24,286 and $24,802 with related parties)
|
26,890 | 29,111 | |||||||||
Loans eligible for repurchase from Ginnie Mae | 577,487 | 856,856 | |||||||||
Other assets | 117,498 | 111,416 | |||||||||
Total assets | $ | 12,797,334 | $ | 11,871,854 | |||||||
Liabilities and Equity | |||||||||||
Warehouse lines of credit | $ | 6,681,917 | $ | 4,902,090 | |||||||
Derivative liabilities | 26,918 | 40,781 | |||||||||
Secured line of credit | 200,000 | 750,000 | |||||||||
Borrowings against investment securities | 94,064 | 93,814 | |||||||||
Accounts payable, accrued expenses and other | 477,765 | 469,101 | |||||||||
Accrued distributions and dividends payable | 159,702 | 159,572 | |||||||||
Senior notes | 1,989,250 | 1,988,267 | |||||||||
Operating lease liability
(includes $103,194 and $104,495 with related parties)
|
104,637 | 106,024 | |||||||||
Finance lease liability
(includes $25,851 and $26,260 with related parties)
|
28,536 | 30,678 | |||||||||
Loans eligible for repurchase from Ginnie Mae | 577,487 | 856,856 | |||||||||
Total liabilities | 10,340,276 | 9,397,183 | |||||||||
Equity: | |||||||||||
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of March 31, 2024 or December 31, 2023 |
— | — | |||||||||
Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 94,945,635 and 93,654,269 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively |
9 | 10 | |||||||||
Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of March 31, 2024 or December 31, 2023 |
— | — | |||||||||
Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of March 31, 2024 or December 31, 2023 |
— | — | |||||||||
Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively |
150 | 150 | |||||||||
Additional paid-in capital | 2,085 | 1,702 | |||||||||
Retained earnings | 111,980 | 110,690 | |||||||||
Non-controlling interest | 2,342,834 | 2,362,119 | |||||||||
Total equity | 2,457,058 | 2,474,671 | |||||||||
Total liabilities and equity | $ | 12,797,334 | $ | 11,871,854 |
For the three months ended | |||||||||||||||||
March 31, 2024 |
December 31, 2023 |
March 31, 2023 |
|||||||||||||||
Revenue | |||||||||||||||||
Loan production income | $ | 298,954 | $ | 225,436 | $ | 205,424 | |||||||||||
Loan servicing income | 184,702 | 206,498 | 218,557 | ||||||||||||||
Change in fair value of mortgage servicing rights | (15,563) | (634,418) | (337,287) | ||||||||||||||
Interest income | 101,863 | 87,901 | 74,580 | ||||||||||||||
Total revenue, net | 569,956 | (114,583) | 161,274 | ||||||||||||||
Expenses | |||||||||||||||||
Salaries, commissions and benefits | 154,241 | 142,515 | 121,003 | ||||||||||||||
Direct loan production costs | 31,436 | 27,977 | 16,483 | ||||||||||||||
Marketing, travel, and entertainment | 19,111 | 25,600 | 17,210 | ||||||||||||||
Depreciation and amortization | 11,340 | 11,472 | 11,670 | ||||||||||||||
General and administrative | 40,809 | 38,209 | 34,619 | ||||||||||||||
Servicing costs | 30,324 | 29,632 | 36,862 | ||||||||||||||
Interest expense | 98,668 | 80,811 | 63,284 | ||||||||||||||
Other income |
(237) | (2,391) | (241) | ||||||||||||||
Total expenses | 385,692 | 353,825 | 300,890 | ||||||||||||||
Earnings (loss) before income taxes |
184,264 | (468,408) | (139,616) | ||||||||||||||
Provision (benefit) for income taxes |
3,733 | (7,452) | (1,003) | ||||||||||||||
Net income (loss) |
180,531 | (460,956) | (138,613) | ||||||||||||||
Net income (loss) attributable to non-controlling interest |
171,801 | (433,878) | (126,672) | ||||||||||||||
Net income (loss) attributable to UWMC |
$ | 8,730 | $ | (27,078) | $ | (11,941) | |||||||||||
Earnings (loss) per share of Class A common stock: |
|||||||||||||||||
Basic | $ | 0.09 | $ | (0.29) | $ | (0.13) | |||||||||||
Diluted | $ | 0.09 | $ | (0.29) | $ | (0.13) | |||||||||||
Weighted average shares outstanding: | |||||||||||||||||
Basic | 94,365,991 | 93,654,269 | 92,920,794 | ||||||||||||||
Diluted | 1,598,647,205 | 93,654,269 | 92,920,794 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
March 31, 2023 |
|||||||||||||
Assets | (Unaudited) |
(Unaudited) | (Unaudited) | (Unaudited) |
|||||||||||||
Cash and cash equivalents | $ | 605,639 | $ | 497,468 | $ | 729,616 | $ | 634,576 | $ | 740,063 | |||||||
Mortgage loans at fair value | 7,338,135 | 5,449,884 | 5,560,039 | 6,269,924 | 4,800,259 | ||||||||||||
Derivative assets | 34,050 | 33,019 | 92,791 | 61,407 | 61,136 | ||||||||||||
Investment securities at fair value, pledged | 108,323 | 110,352 | 104,526 | 111,625 | 114,275 | ||||||||||||
Accounts receivable, net | 554,443 | 512,070 | 385,922 | 347,865 | 433,747 | ||||||||||||
Mortgage servicing rights | 3,191,803 | 4,026,136 | 4,352,219 | 4,224,207 | 3,974,870 | ||||||||||||
Premises and equipment, net | 145,265 | 146,417 | 146,509 | 149,515 | 152,428 | ||||||||||||
Operating lease right-of-use asset, net | 97,801 | 99,125 | 100,427 | 101,686 | 102,923 | ||||||||||||
Finance lease right-of-use asset | 26,890 | 29,111 | 31,803 | 34,947 | 38,320 | ||||||||||||
Loans eligible for repurchase from Ginnie Mae | 577,487 | 856,856 | 617,490 | 409,078 | 440,775 | ||||||||||||
Other assets | 117,498 | 111,416 | 82,795 | 81,089 | 88,920 | ||||||||||||
Total assets | $ | 12,797,334 | $ | 11,871,854 | $ | 12,204,137 | $ | 12,425,919 | $ | 10,947,716 | |||||||
Liabilities and Equity | |||||||||||||||||
Warehouse lines of credit | $ | 6,681,917 | $ | 4,902,090 | $ | 5,066,900 | $ | 5,732,791 | $ | 4,259,834 | |||||||
Derivative liabilities | 26,918 | 40,781 | 38,882 | 21,734 | 62,742 | ||||||||||||
Secured line of credit | 200,000 | 750,000 | 500,000 | 500,000 | 500,000 | ||||||||||||
Borrowings against investment securities | 94,064 | 93,814 | 97,328 | 100,901 | 101,345 | ||||||||||||
Accounts payable, accrued expenses and other | 477,765 | 469,101 | 503,890 | 423,407 | 416,818 | ||||||||||||
Accrued distributions and dividends payable | 159,702 | 159,572 | 159,572 | 159,518 | 159,517 | ||||||||||||
Senior notes | 1,989,250 | 1,988,267 | 1,987,284 | 1,986,301 | 1,985,319 | ||||||||||||
Operating lease liability | 104,637 | 106,024 | 107,389 | 108,711 | 110,012 | ||||||||||||
Finance lease liability | 28,536 | 30,678 | 33,291 | 36,356 | 36,812 | ||||||||||||
Loans eligible for repurchase from Ginnie Mae | 577,487 | 856,856 | 617,490 | 409,078 | 440,775 | ||||||||||||
Total liabilities | 10,340,276 | 9,397,183 | 9,112,026 | 9,478,797 | 8,073,174 | ||||||||||||
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 - 94,945,635 as of March 31, 2024, 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 |
9 | 10 | 10 | 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 | 2,085 | 1,702 | 1,484 | 1,267 | 1,036 | ||||||||||||
Retained earnings | 111,980 | 110,690 | 130,233 | 120,379 | 122,136 | ||||||||||||
Non-controlling interest | 2,342,834 | 2,362,119 | 2,960,234 | 2,825,317 | 2,751,211 | ||||||||||||
Total equity | 2,457,058 | 2,474,671 | 3,092,111 | 2,947,122 | 2,874,542 | ||||||||||||
Total liabilities and equity | $ | 12,797,334 | $ | 11,871,854 | $ | 12,204,137 | $ | 12,425,919 | $ | 10,947,716 |
For the three months ended | |||||||||||||||||
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
March 31, 2023 |
|||||||||||||
Revenue | |||||||||||||||||
Loan production income | $ | 298,954 | $ | 225,436 | $ | 288,930 | $ | 280,757 | $ | 205,424 | |||||||
Loan servicing income | 184,702 | 206,498 | 200,428 | 193,220 | 218,557 | ||||||||||||
Change in fair value of mortgage servicing rights | (15,563) | (634,418) | 92,909 | 24,648 | (337,287) | ||||||||||||
Interest income | 101,863 | 87,901 | 94,849 | 88,895 | 74,580 | ||||||||||||
Total revenue, net | 569,956 | (114,583) | 677,116 | 587,520 | 161,274 | ||||||||||||
Expenses | |||||||||||||||||
Salaries, commissions and benefits | 154,241 | 142,515 | 135,333 | 131,380 | 121,003 | ||||||||||||
Direct loan production costs | 31,436 | 27,977 | 36,184 | 23,618 | 16,483 | ||||||||||||
Marketing, travel, and entertainment | 19,111 | 25,600 | 20,117 | 21,588 | 17,210 | ||||||||||||
Depreciation and amortization | 11,340 | 11,472 | 11,563 | 11,441 | 11,670 | ||||||||||||
General and administrative | 40,809 | 38,209 | 44,904 | 52,691 | 34,619 | ||||||||||||
Servicing costs | 30,324 | 29,632 | 33,640 | 31,658 | 36,862 | ||||||||||||
Interest expense | 98,668 | 80,811 | 93,724 | 82,437 | 63,284 | ||||||||||||
Other expense (income) | (237) | (2,391) | (76) | 2,703 | (241) | ||||||||||||
Total expenses | 385,692 | 353,825 | 375,389 | 357,516 | 300,890 | ||||||||||||
Earnings (loss) before income taxes | 184,264 | (468,408) | 301,727 | 230,004 | (139,616) | ||||||||||||
Provision (benefit) for income taxes | 3,733 | (7,452) | 734 | 1,210 | (1,003) | ||||||||||||
Net income (loss) | 180,531 | (460,956) | 300,993 | 228,794 | (138,613) | ||||||||||||
Net income (loss) attributable to non-controlling interest | 171,801 | (433,878) | 282,762 | 221,236 | (126,672) | ||||||||||||
Net income (loss) attributable to UWMC | $ | 8,730 | $ | (27,078) | $ | 18,231 | $ | 7,558 | $ | (11,941) | |||||||
Earnings (loss) per share of Class A common stock: | |||||||||||||||||
Basic | $ | 0.09 | $ | (0.29) | $ | 0.20 | $ | 0.08 | $ | (0.13) | |||||||
Diluted | $ | 0.09 | $ | (0.29) | $ | 0.15 | $ | 0.08 | $ | (0.13) | |||||||
Weighted average shares outstanding: | |||||||||||||||||
Basic | 94,365,991 | 93,654,269 | 93,290,736 | 93,107,133 | 92,920,794 | ||||||||||||
Diluted | 1,598,647,205 | 93,654,269 | 1,596,624,780 | 93,107,133 | 92,920,794 |