(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/ Timothy Forrester | |||||||
Name: | Timothy Forrester | |||||||
Title: | Chief Financial Officer |
Q1 2022 | Q4 2021 | Q1 2021 | ||||||||||||||||||
Funded loan volume(1) | $ | 38,812,329 | $ | 55,194,365 | $ | 49,094,240 | ||||||||||||||
Total gain margin(1)(2) | 0.99 | % | 0.80 | % | 2.19 | % | ||||||||||||||
Net income | $ | 453,287 | $ | 239,826 | $ | 860,005 | ||||||||||||||
Adjusted net income(3) | 349,402 | 177,123 | 666,889 | |||||||||||||||||
Adjusted EBITDA(3) | 128,407 | 206,887 | 711,418 |
Q1 2022 | Q4 2021 | Q1 2021 | ||||||||||||||||||
Cash and cash equivalents | $ | 901,174 | $ | 731,088 | $ | 1,592,663 | ||||||||||||||
Mortgage loans at fair value | 5,208,167 | 17,473,324 | 5,503,271 | |||||||||||||||||
Mortgage servicing rights | 3,514,102 | 3,314,952 | 2,300,434 | |||||||||||||||||
Total assets | 10,990,953 | 22,528,358 | 10,372,626 | |||||||||||||||||
Non-funding debt (1) | 2,156,641 | 2,158,911 | 1,270,167 | |||||||||||||||||
Total equity | 3,166,242 | 3,171,001 | 2,778,036 | |||||||||||||||||
Non-funding debt to equity (1) | 0.68 | 0.68 | 0.46 |
Q1 2022 | Q4 2021 | Q1 2021 | ||||||||||||||||||
Unpaid principal balance | $ | 303,425,697 | $ | 319,807,457 | $ | 220,978,670 | ||||||||||||||
Weighted average interest rate | 3.04 | % | 2.94 | % | 3.00 | % | ||||||||||||||
Weighted average age (months) | 12 | 9 | 7 |
Purchase: | Q1 2022 | Q4 2021 | Q1 2021 | |||||||||||||||||
Conventional | $ | 13,297,954 | $ | 16,643,586 | $ | 10,310,924 | ||||||||||||||
Jumbo | 1,532,197 | 2,861,921 | 13,264 | |||||||||||||||||
Government | 4,272,747 | 4,996,092 | 1,893,354 | |||||||||||||||||
Total Purchase | $ | 19,102,898 | $ | 24,501,599 | $ | 12,217,542 | ||||||||||||||
Refinance: | Q1 2022 | Q4 2021 | Q1 2021 | |||||||||||||||||
Conventional | $ | 15,597,602 | $ | 25,032,327 | $ | 33,623,348 | ||||||||||||||
Jumbo | 702,631 | 2,074,353 | 5,446 | |||||||||||||||||
Government | 3,409,198 | 3,586,086 | 3,247,904 | |||||||||||||||||
Total Refinance | $ | 19,709,431 | $ | 30,692,766 | $ | 36,876,698 | ||||||||||||||
Total Originations | $ | 38,812,329 | $ | 55,194,365 | $ | 49,094,240 |
Adjusted net income | Q1 2022 | Q4 2021 | Q1 2021 | |||||||||||||||||
Earnings before income taxes | $ | 457,332 | $ | 231,836 | $ | 872,891 | ||||||||||||||
Impact of estimated annual effective tax rate of 23.6% | (107,930) | (54,713) | (206,002) | |||||||||||||||||
Adjusted net income | $ | 349,402 | $ | 177,123 | $ | 666,889 |
Adjusted EBITDA | Q1 2022 | Q4 2021 | Q1 2021 | |||||||||||||||||
Net income | $ | 453,287 | $ | 239,826 | $ | 860,005 | ||||||||||||||
Interest expense on non-funding debt | 29,558 | 25,417 | 16,343 | |||||||||||||||||
Provision for income taxes | 4,045 | (7,990) | 12,886 | |||||||||||||||||
Depreciation and amortization | 10,915 | 10,422 | 7,289 | |||||||||||||||||
Stock-based compensation expense | 1,828 | 2,014 | — | |||||||||||||||||
Change in fair value of MSRs due to valuation inputs or assumptions | (390,980) | (65,104) | (197,802) | |||||||||||||||||
Deferred compensation, net | 12,252 | (2,135) | 30,000 | |||||||||||||||||
Change in fair value of Public and Private Warrants | (4,132) | (5,161) | (17,303) | |||||||||||||||||
Change in Tax Receivable Agreement liability | 700 | 8,537 | — | |||||||||||||||||
Change in fair value of investment securities | 10,934 | 1,061 | — | |||||||||||||||||
Adjusted EBITDA | $ | 128,407 | $ | 206,887 | $ | 711,418 | ||||||||||||||
Non-funding debt and non-funding debt to equity | Q1 2022 | Q4 2021 | Q1 2021 | |||||||||||||||||
Senior notes | $ | 1,981,106 | $ | 1,980,112 | $ | 789,870 | ||||||||||||||
Borrowings against investment securities | 118,786 | 118,786 | — | |||||||||||||||||
Operating lines of credit | — | — | 400,000 | |||||||||||||||||
Equipment note payable | 1,803 | 2,046 | 25,424 | |||||||||||||||||
Finance lease liability | 54,945 | 57,967 | 54,873 | |||||||||||||||||
Total non-funding debt | $ | 2,156,641 | $ | 2,158,911 | $ | 1,270,167 | ||||||||||||||
Total equity | $ | 3,166,242 | $ | 3,171,001 | $ | 2,778,036 | ||||||||||||||
Non-funding debt to equity | 0.68 | 0.68 | 0.46 |
For inquiries regarding UWM, please contact: | ||||||||
INVESTOR CONTACT | MEDIA CONTACT | |||||||
BLAKE KOLO | NICOLE YELLAND | |||||||
InvestorRelations@uwm.com | Media@uwm.com |
March 31, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 901,174 | $ | 731,088 | |||||||
Mortgage loans at fair value | 5,208,167 | 17,473,324 | |||||||||
Derivative assets | 241,932 | 67,356 | |||||||||
Investment securities at fair value, pledged | 138,417 | 152,263 | |||||||||
Accounts receivable, net | 617,608 | 415,691 | |||||||||
Mortgage servicing rights | 3,514,102 | 3,314,952 | |||||||||
Premises and equipment, net | 151,206 | 151,687 | |||||||||
Operating lease right-of-use asset, net (includes $103,513 and $104,595 with related parties) | 103,670 | 104,828 | |||||||||
Finance lease right-of-use asset (includes $28,416 and $28,619 with related parties) | 53,857 | 57,024 | |||||||||
Other assets | 60,820 | 60,145 | |||||||||
Total assets | $ | 10,990,953 | $ | 22,528,358 | |||||||
Liabilities and Equity | |||||||||||
Warehouse lines of credit | $ | 4,076,829 | $ | 15,954,938 | |||||||
Derivative liabilities | 115,430 | 36,741 | |||||||||
Borrowings against investment securities | 118,786 | 118,786 | |||||||||
Accounts payable, accrued expenses and other | 1,207,145 | 1,087,411 | |||||||||
Accrued distributions and dividends payable | 159,460 | 9,171 | |||||||||
Senior notes | 1,981,106 | 1,980,112 | |||||||||
Operating lease liability (includes $110,854 and $111,999 with related parties) | 111,010 | 112,231 | |||||||||
Finance lease liability (includes $29,015 and $29,087 with related parties) | 54,945 | 57,967 | |||||||||
Total liabilities | 7,824,711 | 19,357,357 | |||||||||
Equity: | |||||||||||
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of March 31, 2022 | — | — | |||||||||
Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 92,531,073 shares issued and outstanding as of March 31, 2022 | 9 | 9 | |||||||||
Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of March 31, 2022 | — | — | |||||||||
Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of March 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 March 31, 2022 | 150 | 150 | |||||||||
Additional paid-in capital | 542 | 437 | |||||||||
Retained earnings | 138,834 | 141,805 | |||||||||
Non-controlling interest | 3,026,707 | 3,028,600 | |||||||||
Total equity | 3,166,242 | 3,171,001 | |||||||||
Total liabilities and equity | $ | 10,990,953 | $ | 22,528,358 |
For the three months ended | |||||||||||||||||
March 31, 2022 | December 31, 2021 | March 31, 2021 | |||||||||||||||
Revenue | |||||||||||||||||
Loan production income | $ | 383,871 | $ | 442,407 | $ | 1,074,665 | |||||||||||
Loan servicing income | 198,565 | 194,976 | 123,789 | ||||||||||||||
Change in fair value of mortgage servicing rights | 171,963 | (138,988) | (59,259) | ||||||||||||||
Gain (loss) on sale of mortgage servicing rights | — | 2,461 | 4,763 | ||||||||||||||
Interest income | 67,395 | 104,601 | 45,912 | ||||||||||||||
Total revenue, net | 821,794 | 605,457 | 1,189,870 | ||||||||||||||
Expenses | |||||||||||||||||
Salaries, commissions and benefits | 160,609 | 146,697 | 213,061 | ||||||||||||||
Direct loan production costs | 26,718 | 25,292 | 13,162 | ||||||||||||||
Marketing, travel, and entertainment | 12,837 | 25,334 | 10,495 | ||||||||||||||
Depreciation and amortization | 10,915 | 10,422 | 7,289 | ||||||||||||||
General and administrative | 38,323 | 36,467 | 16,778 | ||||||||||||||
Servicing costs | 47,184 | 36,200 | 20,508 | ||||||||||||||
Interest expense | 60,374 | 88,772 | 52,990 | ||||||||||||||
Other (income)/expense | 7,502 | 4,437 | (17,304) | ||||||||||||||
Total expenses | 364,462 | 373,621 | 316,979 | ||||||||||||||
Earnings before income taxes | 457,332 | 231,836 | 872,891 | ||||||||||||||
Provision for income taxes | 4,045 | (7,990) | 12,886 | ||||||||||||||
Net income | 453,287 | 239,826 | 860,005 | ||||||||||||||
Net income attributable to non-controlling interest | 431,357 | 222,876 | 812,020 | ||||||||||||||
Net income attributable to UWMC | $ | 21,930 | $ | 16,950 | $ | 47,985 | |||||||||||
Earnings per share of Class A common stock: | |||||||||||||||||
Basic | $ | 0.24 | $ | 0.17 | $ | 0.47 | |||||||||||
Diluted | $ | 0.22 | $ | 0.11 | $ | 0.33 | |||||||||||
Weighted average shares outstanding: | |||||||||||||||||
Basic | 92,214,594 | 97,138,073 | 103,104,205 | ||||||||||||||
Diluted | 1,594,284,381 | 1,599,785,759 | 1,605,173,992 |
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | |||||||||||||
Assets | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
Cash and cash equivalents | $ | 901,174 | $ | 731,088 | $ | 950,910 | $ | 1,048,177 | $ | 1,592,663 | |||||||
Mortgage loans at fair value | 5,208,167 | 17,473,324 | 11,736,642 | 12,404,112 | 5,503,271 | ||||||||||||
Derivative assets | 241,932 | 67,356 | 143,807 | 75,438 | 113,168 | ||||||||||||
Investment securities at fair value, pledged | 138,417 | 152,263 | 41,809 | — | — | ||||||||||||
Accounts receivable, net | 617,608 | 415,691 | 340,028 | 317,458 | 549,381 | ||||||||||||
Mortgage servicing rights | 3,514,102 | 3,314,952 | 2,900,310 | 2,662,556 | 2,300,434 | ||||||||||||
Premises and equipment, net | 151,206 | 151,687 | 145,774 | 130,864 | 111,964 | ||||||||||||
Operating lease right-of-use asset, net | 103,670 | 104,828 | 105,902 | 87,130 | 87,896 | ||||||||||||
Finance lease right-of-use asset | 53,857 | 57,024 | 60,113 | 61,356 | 54,456 | ||||||||||||
Other assets | 60,820 | 60,145 | 55,655 | 57,007 | 59,393 | ||||||||||||
Total assets | $ | 10,990,953 | $ | 22,528,358 | $ | 16,480,950 | $ | 16,844,098 | $ | 10,372,626 | |||||||
Liabilities and Equity | |||||||||||||||||
Warehouse lines of credit | $ | 4,076,829 | $ | 15,954,938 | $ | 10,487,950 | $ | 11,249,213 | $ | 4,823,740 | |||||||
Derivative liabilities | 115,430 | 36,741 | 61,434 | 82,551 | 55,479 | ||||||||||||
Operating lines of credit | — | — | — | — | 400,000 | ||||||||||||
Borrowings against investment securities | 118,786 | 118,786 | 32,560 | — | — | ||||||||||||
Accounts payable, accrued expenses and other | 1,207,145 | 1,087,411 | 1,231,826 | 1,021,119 | 1,210,923 | ||||||||||||
Accrued distributions and dividends payable | 159,460 | 9,171 | 10,087 | 160,444 | 160,517 | ||||||||||||
Senior notes | 1,981,106 | 1,980,112 | 1,484,370 | 1,483,587 | 789,870 | ||||||||||||
Operating lease liability | 111,010 | 112,231 | 117,824 | 98,280 | 99,188 | ||||||||||||
Finance lease liability | 54,945 | 57,967 | 60,871 | 61,918 | 54,873 | ||||||||||||
Total liabilities | 7,824,711 | 19,357,357 | 13,486,922 | 14,157,112 | 7,594,590 | ||||||||||||
Equity: | |||||||||||||||||
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of March 31, 2022 | — | — | — | — | — | ||||||||||||
Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 92,531,073 shares issued and outstanding as of March 31, 2022 | 9 | 9 | 10 | 10 | 10 | ||||||||||||
Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of March 31, 2022 | — | — | — | — | — | ||||||||||||
Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of March 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 March 31, 2022 | 150 | 150 | 150 | 150 | 150 | ||||||||||||
Additional paid-in capital | 542 | 437 | 313 | 187 | — | ||||||||||||
Retained earnings | 138,834 | 141,805 | 129,815 | 109,397 | 113,078 | ||||||||||||
Non-controlling interest | 3,026,707 | 3,028,600 | 2,863,740 | 2,577,242 | 2,664,798 | ||||||||||||
Total equity | 3,166,242 | 3,171,001 | 2,994,028 | 2,686,986 | 2,778,036 | ||||||||||||
Total liabilities and equity | $ | 10,990,953 | $ | 22,528,358 | $ | 16,480,950 | $ | 16,844,098 | $ | 10,372,626 |
For the three months ended | |||||||||||||||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | |||||||||||||
Revenue | |||||||||||||||||
Loan production income | $ | 383,871 | $ | 442,407 | $ | 589,461 | $ | 479,274 | $ | 1,074,665 | |||||||
Loan servicing income | 198,565 | 194,976 | 174,695 | 145,278 | 123,789 | ||||||||||||
Change in fair value of mortgage servicing rights | 171,963 | (138,988) | (170,462) | (219,104) | (59,259) | ||||||||||||
Gain (loss) on sale of mortgage servicing rights | — | 2,461 | (5,443) | 10 | 4,763 | ||||||||||||
Interest income | 67,395 | 104,601 | 102,063 | 79,194 | 45,912 | ||||||||||||
Total revenue, net | 821,794 | 605,457 | 690,314 | 484,652 | 1,189,870 | ||||||||||||
Expenses | |||||||||||||||||
Salaries, commissions and benefits | 160,609 | 146,697 | 164,971 | 172,951 | 213,061 | ||||||||||||
Direct loan production costs | 26,718 | 25,292 | 18,980 | 15,518 | 13,162 | ||||||||||||
Marketing, travel, and entertainment | 12,837 | 25,334 | 14,138 | 11,330 | 10,495 | ||||||||||||
Depreciation and amortization | 10,915 | 10,422 | 9,034 | 8,353 | 7,289 | ||||||||||||
General and administrative | 38,323 | 36,467 | 39,148 | 42,116 | 16,778 | ||||||||||||
Servicing costs | 47,184 | 36,200 | 29,192 | 23,067 | 20,508 | ||||||||||||
Interest expense | 60,374 | 88,772 | 90,221 | 72,673 | 52,990 | ||||||||||||
Other (income) expense | 7,502 | 4,437 | (8,710) | (1,530) | (17,304) | ||||||||||||
Total expenses | 364,462 | 373,621 | 356,974 | 344,478 | 316,979 | ||||||||||||
Earnings before income taxes | 457,332 | 231,836 | 333,340 | 140,174 | 872,891 | ||||||||||||
Provision for income taxes | 4,045 | (7,990) | 3,483 | 1,462 | 12,886 | ||||||||||||
Net income | 453,287 | 239,826 | 329,857 | 138,712 | 860,005 | ||||||||||||
Net income attributable to non-controlling interest | 431,357 | 222,876 | 304,611 | 130,448 | 812,020 | ||||||||||||
Net income attributable to UWMC | 21,930 | 16,950 | 25,246 | 8,264 | $ | 47,985 | |||||||||||
Earnings per share of Class A common stock: | |||||||||||||||||
Basic | $ | 0.24 | $ | 0.17 | $ | 0.25 | $ | 0.08 | $ | 0.47 | |||||||
Diluted | $ | 0.22 | $ | 0.11 | $ | 0.16 | $ | 0.07 | $ | 0.33 | |||||||
Weighted average shares outstanding: | |||||||||||||||||
Basic | 92,214,594 | 97,138,073 | 101,106,023 | 102,760,823 | 103,104,205 | ||||||||||||
Diluted | 1,594,284,381 | 1,599,785,759 | 1,603,710,511 | 1,605,067,478 | 1,605,173,992 |
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