(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
(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 | ||||||||||||
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 |
UWM HOLDINGS CORPORATION | ||||||||
By: | /s/ Mathew Ishbia | |||||||
Name: | Mathew Ishbia | |||||||
Title: | Chairman, President and Chief Executive Officer |
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 |
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 |
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 |
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 |
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 |
For inquiries regarding UWM, please contact: | ||||||||
INVESTOR CONTACT | MEDIA CONTACT | |||||||
BLAKE KOLO | NICOLE ROBERTS | |||||||
InvestorRelations@uwm.com | Media@uwm.com |
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 |
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 |
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 |
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 |
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