UWM is America's #1 Overall Mortgage Lender
in the Third Quarter $325.6 million in 3Q22 Net Income Third
Quarter Loan Origination Volume of $33.5 billion, including
Purchase Volume of $27.7 billion
UWM Holdings Corporation (NYSE: UWMC) (the "Company"),
the publicly traded indirect parent of United Wholesale Mortgage
(“UWM”), today announced its results for the third quarter ended
September 30, 2022. UWM, historically the #1 wholesale and #1
purchase mortgage originator in America, overtook Rocket Mortgage
to become the #1 overall mortgage originator in the third quarter.
The Company reported 3Q22 net income of $325.6 million and diluted
earnings per share of $0.13. Total loan origination volume for the
quarter was $33.5 billion, which included $27.7 billion in purchase
volume. Net income for the third quarter was inclusive of a $236.8
million increase in fair value of MSRs.
Mat Ishbia, Chairman and CEO of UWMC, said, "The results of the
third quarter speak for themselves. The momentum of the broker
channel is accelerating. I have never been more proud of our team
members and the broker community than I am today. Being #1 is
amazing for UWM, but probably even more amazing for all mortgage
brokers throughout America. It is validation that mortgage brokers
are the best place for consumers to get a loan and for loan
officers to work, and that our singular focus on helping brokers
win was the right strategic decision. Winning this championship
will be celebrated, however we realize that much work remains to
help brokers continue to thrive and for UWM to continue to win with
them."
Third Quarter 2022 Financial Highlights
- Originations of $33.5 billion in 3Q22, compared to $29.9
billion in 2Q22 and $63.0 billion in 3Q21
- Purchase originations of $27.7 billion in 3Q22, the best
purchase quarter in UWM's history, and a 24% increase compared to
$22.4 billion in 2Q22 and a 5% increase compared to $26.5 billion
in 3Q21
- Net income of $325.6 million in 3Q22 compared to $215.4 million
of net income in 2Q22 and $329.9 million of net income in 3Q21; YTD
through 3Q22, net income of approximately $1 billion
- Total gain margin of 52 bps in 3Q22 compared to 99 bps in 2Q22
and 94 bps in 3Q21
- Total equity of $3.4 billion at September 30, 2022, compared to
$3.2 billion at June 30, 2022 and $3.0 billion at September 30,
2021
- Unpaid principal balance of MSRs of $306.0 billion with a WAC
of 3.44% at September 30, 2022, compared to $308.1 billion with a
WAC of 3.19% at June 30, 2022, and $284.9 billion with a WAC of
2.95% at September 30, 2021
- Ended 3Q22 with approximately $2.9 billion of available
liquidity, including $860.8 million of cash and self-warehouse, and
$2.0 billion of available borrowing capacity, which includes $1.5
billion under a line of credit secured by agency MSRs
Production and Income Statement
Highlights (dollars in thousands, except per share amounts)
Q3 2022
Q2 2022
Q3 2021
Loan origination volume(1)
$
33,464,480
$
29,881,809
$
63,004,342
Total gain margin(1)(2)
0.52
%
0.99
%
0.94
%
Net income
$
325,610
$
215,445
$
329,857
Diluted EPS
0.13
0.09
0.16
Adjusted diluted EPS(3)
0.16
0.10
N/A
Adjusted net income(3)
252,543
165,274
254,805
Adjusted EBITDA(3)
(1,392
)
94,994
290,382
(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)
Q3 2022
Q2 2022
Q3 2021
Cash and cash equivalents
$
799,534
$
958,656
$
950,910
Mortgage loans at fair value
5,341,217
5,332,383
11,736,642
Mortgage servicing rights
4,305,686
3,736,359
2,900,310
Total assets
11,890,083
11,016,910
16,480,950
Non-funding debt (1)
2,146,157
2,153,795
1,580,144
Total equity
3,392,033
3,223,902
2,994,028
Non-funding debt to equity (1)
0.63
0.67
0.53
(1) Non-GAAP metric (see discussion and
reconciliations below)
Mortgage Servicing Rights (dollars
in thousands)
Q3 2022
Q2 2022
Q3 2021
Unpaid principal balance
$
306,016,670
$
308,093,311
$
284,918,293
Weighted average interest rate
3.44
%
3.19
%
2.95
%
Weighted average age (months)
14
13
8
Technology and Loan Product Launches
- Multiple new loan products in Q3, including temporary rate
buydowns, standalone and piggyback HELOCs, and expanded jumbo ARM
offerings
- TRAC (Title Review and Closing), a new process for title work
and closing that increases speed-to-close and decreases borrower
costs typically associated with the lender's title policy
- UClose 3.0, a major enhancement to our client closing platform
that offers hybrid and virtual closings, giving borrowers the
ability to close anywhere and anytime on any device
- UWM Partner Academy, an online Learning Management System
(LMS), available to UWM partners at no cost. This LMS offers a
library of mortgage-related tutorial videos and quizzes. The
platform assists our clients in training new loan officers as well
as sharpening the skills and knowledge of more experienced loan
officers
Operational Highlights
- Averaged an Application to Clear to Close of approximately 17
business days in 3Q22, about twice as fast as the industry, which
management estimates to be at an average of 44 days1 during
2Q22
- Achieved Net Promoter Score of +88.4 in 3Q22, up from +87.0 in
3Q21
- Our 0.71% 60+ days delinquency and our 0.55% forbearance rates,
as of September 30, 2022, are significantly better than the
industry averages of 1.7%2 and 0.69%,3 respectively, highlighting
our strong credit quality
- Celebrated National Mortgage Brokers Day on July 18th by
hosting 100 independent mortgage brokers at the New York Stock
Exchange to ring the closing bell and educate consumers that
mortgage brokers are the fastest, easiest and cheapest way to get a
mortgage
Product and Investor Mix - Unpaid
Principal Balance of Originations (dollars in thousands)
Purchase:
Q3 2022
Q2 2022
Q3 2021
Conventional
$
19,246,298
$
14,891,850
$
18,633,123
Jumbo
854,925
1,718,616
3,368,094
Government
7,592,116
5,773,192
4,472,931
Total Purchase
$
27,693,339
$
22,383,658
$
26,474,148
Refinance:
Q3 2022
Q2 2022
Q3 2021
Conventional
$
3,935,550
$
5,335,495
$
31,353,081
Jumbo
195,464
382,393
2,244,459
Government
1,640,127
1,780,263
2,932,654
Total Refinance
$
5,771,141
$
7,498,151
$
36,530,194
Total Originations
$
33,464,480
$
29,881,809
$
63,004,342
Mat Ishbia, Chairman and CEO of UWMC also said, “UWM has never
been better positioned than we are today. Our technology is the
best it has ever been, our service levels and client satisfaction
are at all-time highs, our clients are winning in today's purchase
environment and our team members are thriving in a culture where
they don't worry about layoffs and can instead focus on their own
growth and serving the broker community.”
Fourth Quarter 2022 Outlook
We anticipate fourth quarter production to be in the $19-$26
billion range, with gain margin from 40 to 70 basis points.
Dividend
Subsequent to September 30, 2022, for the eighth 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 January 10, 2023, to stockholders
of record at the close of business on December 9, 2022.
Additionally, the Board approved a proportional distribution to SFS
Corp., which is payable on January 10, 2023.
Earnings Conference Call Details
As previously announced, the Company will hold a conference call
for financial analysts and investors on Friday, November 4, 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.
1 Source: ICE Mortgage Technology; 2 Source: CoreLogic (As of
July 2022); 3 Source: Mortgage Bankers Association.
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, 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
Q3 2022
Q2 2022
Q3 2021
Earnings before income taxes
$
330,381
$
216,214
$
333,340
Impact of estimated annual effective tax
rate of 23.56%
(77,838
)
(50,940
)
(78,535
)
Adjusted net income
$
252,543
$
165,274
$
254,805
Adjusted diluted EPS
Q3 2022
Q2 2022
Diluted weighted average Class A common
stock outstanding
92,571,886
92,533,620
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)
1,594,641,673
1,594,603,407
Adjusted net income
$
252,543
$
165,274
Adjusted diluted EPS
0.16
0.10
(1) Reflects the pro forma exchange and
conversion of antidilutive Class D common stock to Class A common
stock.
Adjusted EBITDA
Q3 2022
Q2 2022
Q3 2021
Net income
$
325,610
$
215,445
$
329,857
Interest expense on non-funding debt
29,786
29,692
22,034
Provision for income taxes
4,771
769
3,483
Depreciation and amortization
11,426
11,181
9,034
Stock-based compensation expense
1,986
1,676
2,126
Change in fair value of MSRs due to
valuation inputs or assumptions
(373,232
)
(176,456
)
(61,477
)
Deferred compensation, net
(8,468
)
3,125
(5,965
)
Change in fair value of Public and Private
Warrants
(755
)
(2,850
)
(12,110
)
Change in Tax Receivable Agreement
liability
—
2,500
3,400
Change in fair value of investment
securities
7,484
9,912
—
Adjusted EBITDA
$
(1,392
)
$
94,994
$
290,382
Non-funding debt and non-funding debt
to equity
Q3 2022
Q2 2022
Q3 2021
Senior notes
$
1,983,099
$
1,982,103
$
1,484,370
Borrowings against investment
securities
114,875
118,786
32,560
Equipment note payable
1,266
1,536
2,343
Finance lease liability
46,917
51,370
60,871
Total non-funding debt
$
2,146,157
$
2,153,796
$
1,580,144
Total equity
$
3,392,033
$
3,223,902
$
2,994,028
Non-funding debt to equity
0.63
0.67
0.53
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) 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 remain the leading
mortgage lender, and the timing and drivers 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”
strategy 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 fourth quarter; (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) our ability to produce results at or above
prior levels and strategies for producing such results; (12) our
position and ability to capitalize on opportunities and the impacts
to our results;; (13) our investments in technology and the impact
to our operations and financial results; and (14) 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 Holding 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 8 consecutive years and is also 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)
September 30,
2022
December 31,
2021
Assets
(Unaudited)
Cash and cash equivalents
$
799,534
$
731,088
Mortgage loans at fair value
5,341,217
17,473,324
Derivative assets
385,348
67,356
Investment securities at fair value,
pledged
115,079
152,263
Accounts receivable, net
556,153
415,691
Mortgage servicing rights
4,305,686
3,314,952
Premises and equipment, net
152,172
151,687
Operating lease right-of-use asset,
net
(includes $101,377 and $104,595 with
related parties)
101,377
104,828
Finance lease right-of-use asset
(includes $27,384 and $28,619 with related
parties)
45,667
57,024
Other assets
87,850
60,145
Total assets
$
11,890,083
$
22,528,358
Liabilities and Equity
Warehouse lines of credit
$
4,712,719
$
15,954,938
Derivative liabilities
215,330
36,741
Borrowings against investment
securities
114,875
118,786
Accounts payable, accrued expenses and
other
1,157,054
1,087,411
Accrued distributions and dividends
payable
159,465
9,171
Senior notes
1,983,099
1,980,112
Operating lease liability
(includes $108,591 and $111,999 with
related parties)
108,591
112,231
Finance lease liability
(includes $28,248 and $29,087 with related
parties)
46,917
57,967
Total liabilities
8,498,050
19,357,357
Equity:
Preferred stock, $0.0001 par value -
100,000,000 shares authorized, none issued and outstanding as of
September 30, 2022
—
—
Class A common stock, $0.0001 par value -
4,000,000,000 shares authorized, 92,575,425 shares issued and
outstanding as of September 30, 2022
9
9
Class B common stock, $0.0001 par value -
1,700,000,000 shares authorized, none issued and outstanding as of
September 30, 2022
—
—
Class C common stock, $0.0001 par value -
1,700,000,000 shares authorized, none issued and outstanding as of
September 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 September 30, 2022
150
150
Additional paid-in capital
784
437
Retained earnings
141,194
141,805
Non-controlling interest
3,249,896
3,028,600
Total equity
3,392,033
3,171,001
Total liabilities and equity
$
11,890,083
$
22,528,358
UWM HOLDINGS
CORPORATION
CONSOLIDATED BALANCE
SHEETS
(in thousands, except shares
and per share amounts)
(Unaudited)
For the three months
ended
For the nine months
ended
September 30,
2022
June 30, 2022
September 30,
2021
September 30,
2022
September 30,
2021
Revenue
Loan production income
$
172,402
$
296,535
$
589,461
$
852,808
$
2,143,400
Loan servicing income
196,781
179,501
174,695
574,847
443,762
Change in fair value of mortgage servicing
rights
236,780
26,169
(170,462
)
434,912
(448,825
)
Gain (loss) on sale of mortgage servicing
rights
—
—
(5,443
)
—
(670
)
Interest income
78,210
62,020
102,063
207,625
227,169
Total revenue, net
684,173
564,225
690,314
2,070,192
2,364,836
Expenses
Salaries, commissions and benefits
135,028
138,983
164,971
434,620
550,983
Direct loan production costs
20,498
25,757
18,980
72,973
47,660
Marketing, travel, and entertainment
17,730
20,625
14,138
51,192
37,138
Depreciation and amortization
11,426
11,181
9,034
33,522
24,676
General and administrative
51,649
39,909
39,148
129,881
96,867
Servicing costs
37,596
44,435
29,192
129,215
72,767
Interest expense
73,136
57,559
90,221
191,069
215,884
Other expense/(income)
6,729
9,562
(8,710
)
23,793
(27,544
)
Total expenses
353,792
348,011
356,974
1,066,265
1,018,431
Earnings before income taxes
330,381
216,214
333,340
1,003,927
1,346,405
Provision for income taxes
4,771
769
3,483
9,585
17,831
Net income
325,610
215,445
329,857
994,342
1,328,574
Net income attributable to
non-controlling interest
313,914
207,079
304,611
952,350
1,247,079
Net income attributable to UWMC
$
11,696
$
8,366
$
25,246
$
41,992
$
81,495
Earnings per share of Class A common
stock:
Basic
$
0.13
$
0.09
$
0.25
$
0.45
$
0.80
Diluted
$
0.13
$
0.09
$
0.16
$
0.45
$
0.55
Weighted average shares
outstanding:
Basic
92,571,886
92,533,620
101,106,023
92,441,342
102,247,594
Diluted
92,571,886
92,533,620
1,603,710,511
92,441,342
1,604,567,758
Addendum to Exhibit 99.1
This addendum includes the Company's Consolidated Balance Sheets
as of September 30, 2022, and the preceding four quarters and
Statements of Operations for the quarter ended September 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)
September 30,
2022
June 30, 2022
March 31, 2022
December 31,
2021
September 30,
2021
Assets
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Cash and cash equivalents
$
799,534
$
958,656
$
901,174
$
731,088
$
950,910
Mortgage loans at fair value
5,341,217
5,332,383
5,208,167
17,473,324
11,736,642
Derivative assets
385,348
125,079
241,932
67,356
143,807
Investment securities at fair value,
pledged
115,079
125,193
138,417
152,263
41,809
Accounts receivable, net
556,153
350,090
617,608
415,691
340,028
Mortgage servicing rights
4,305,686
3,736,359
3,514,102
3,314,952
2,900,310
Premises and equipment, net
152,172
153,971
151,206
151,687
145,774
Operating lease right-of-use asset,
net
101,377
102,533
103,670
104,828
105,902
Finance lease right-of-use asset
45,667
50,179
53,857
57,024
60,113
Other assets
87,850
82,467
60,820
60,145
55,655
Total assets
$
11,890,083
$
11,016,910
$
10,990,953
$
22,528,358
$
16,480,950
Liabilities and Equity
Warehouse lines of credit
$
4,712,719
$
4,497,353
$
4,076,829
$
15,954,938
$
10,487,950
Derivative liabilities
215,330
93,958
115,430
36,741
61,434
Borrowings against investment
securities
114,875
118,786
118,786
118,786
32,560
Accounts payable, accrued expenses and
other
1,157,054
780,166
1,207,145
1,087,411
1,231,826
Accrued distributions and dividends
payable
159,465
159,461
159,460
9,171
10,087
Senior notes
1,983,099
1,982,103
1,981,106
1,980,112
1,484,370
Operating lease liability
108,591
109,811
111,010
112,231
117,824
Finance lease liability
46,917
51,370
54,945
57,967
60,871
Total liabilities
8,498,050
7,793,008
7,824,711
19,357,357
13,486,922
Equity:
Preferred stock, $0.0001 par value -
100,000,000 shares authorized, none issued and outstanding as of
September 30, 2022
—
—
—
—
—
Class A common stock, $0.0001 par value -
4,000,000,000 shares authorized, 92,575,425 shares issued and
outstanding as of September 30, 2022
9
9
9
9
10
Class B common stock, $0.0001 par value -
1,700,000,000 shares authorized, none issued and outstanding as of
September 30, 2022
—
—
—
—
—
Class C common stock, $0.0001 par value -
1,700,000,000 shares authorized, none issued and outstanding as of
September 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 September 30, 2022
150
150
150
150
150
Additional paid-in capital
784
669
542
437
313
Retained earnings
141,194
137,955
138,834
141,805
129,815
Non-controlling interest
3,249,896
3,085,119
3,026,707
3,028,600
2,863,740
Total equity
3,392,033
3,223,902
3,166,242
3,171,001
2,994,028
Total liabilities and equity
$
11,890,083
$
11,016,910
$
10,990,953
$
22,528,358
$
16,480,950
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except shares
and per share amounts)
(Unaudited)
For the three months
ended
September 30,
2022
June 30, 2022
March 31, 2022
December 31,
2021
September 30,
2021
Revenue
Loan production income
$
172,402
$
296,535
$
383,871
$
442,407
$
589,461
Loan servicing income
196,781
179,501
198,565
194,976
174,695
Change in fair value of mortgage servicing
rights
236,780
26,169
171,963
(138,988
)
(170,462
)
Gain (loss) on sale of mortgage servicing
rights
—
—
—
2,461
(5,443
)
Interest income
78,210
62,020
67,395
104,601
102,063
Total revenue, net
684,173
564,225
821,794
605,457
690,314
Expenses
Salaries, commissions and benefits
135,028
138,983
160,609
146,697
164,971
Direct loan production costs
20,498
25,757
26,718
25,292
18,980
Marketing, travel, and entertainment
17,730
20,625
12,837
25,334
14,138
Depreciation and amortization
11,426
11,181
10,915
10,422
9,034
General and administrative
51,649
39,909
38,323
36,467
39,148
Servicing costs
37,596
44,435
47,184
36,200
29,192
Interest expense
73,136
57,559
60,374
88,772
90,221
Other expense/(income)
6,729
9,562
7,502
4,437
(8,710
)
Total expenses
353,792
348,011
364,462
373,621
356,974
Earnings before income taxes
330,381
216,214
457,332
231,836
333,340
Provision for income taxes
4,771
769
4,045
(7,990
)
3,483
Net income
325,610
215,445
453,287
239,826
329,857
Net income attributable to
non-controlling interest
313,914
207,079
431,357
222,876
304,611
Net income attributable to UWMC
$
11,696
$
8,366
$
21,930
$
16,950
$
25,246
Earnings per share of Class A common
stock:
Basic
$
0.13
$
0.09
$
0.24
$
0.17
$
0.25
Diluted
$
0.13
$
0.09
$
0.22
$
0.11
$
0.16
Weighted average shares
outstanding:
Basic
92,571,886
92,533,620
92,214,594
97,138,073
101,106,023
Diluted
92,571,886
92,533,620
1,594,284,381
1,599,785,759
1,603,710,511
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221104005184/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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