(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/ Mat Ishbia | |||||||
Name: | Mat Ishbia | |||||||
Title: | Chairman, President and Chief Executive Officer |
Q2 2022 | Q1 2022 | Q2 2021 | ||||||||||||||||||
Loan origination volume(1) | $ | 29,881,809 | $ | 38,812,329 | $ | 59,210,747 | ||||||||||||||
Total gain margin(1)(2) | 0.99 | % | 0.99 | % | 0.81 | % | ||||||||||||||
Net income | $ | 215,445 | $ | 453,287 | $ | 138,712 | ||||||||||||||
Diluted EPS | 0.09 | 0.22 | 0.07 | |||||||||||||||||
Adjusted net income(3) | 165,274 | 349,585 | 107,149 | |||||||||||||||||
Adjusted EBITDA(3) | 94,994 | 128,407 | 209,651 |
Q2 2022 | Q1 2022 | Q2 2021 | ||||||||||||||||||
Cash and cash equivalents | $ | 958,656 | $ | 901,174 | $ | 1,048,177 | ||||||||||||||
Mortgage loans at fair value | 5,332,383 | 5,208,167 | 12,404,112 | |||||||||||||||||
Mortgage servicing rights | 3,736,359 | 3,514,102 | 2,662,556 | |||||||||||||||||
Total assets | 11,016,910 | 10,990,953 | 16,844,098 | |||||||||||||||||
Non-funding debt (1) | 2,153,795 | 2,156,641 | 1,548,088 | |||||||||||||||||
Total equity | 3,223,902 | 3,166,242 | 2,686,986 | |||||||||||||||||
Non-funding debt to equity (1) | 0.67 | 0.68 | 0.58 |
Q2 2022 | Q1 2022 | Q2 2021 | ||||||||||||||||||
Unpaid principal balance | $ | 308,093,311 | $ | 303,425,697 | $ | 260,514,602 | ||||||||||||||
Weighted average interest rate | 3.19 | % | 3.04 | % | 2.97 | % | ||||||||||||||
Weighted average age (months) | 13 | 12 | 7 |
Purchase: | Q2 2022 | Q1 2022 | Q2 2021 | |||||||||||||||||
Conventional | $ | 14,891,850 | $ | 13,297,954 | $ | 17,439,162 | ||||||||||||||
Jumbo | 1,718,616 | 1,532,197 | 3,151,864 | |||||||||||||||||
Government | 5,773,192 | 4,272,747 | 3,471,430 | |||||||||||||||||
Total Purchase | $ | 22,383,658 | $ | 19,102,898 | $ | 24,062,456 | ||||||||||||||
Refinance: | Q2 2022 | Q1 2022 | Q2 2021 | |||||||||||||||||
Conventional | $ | 5,335,495 | $ | 15,597,602 | $ | 30,143,310 | ||||||||||||||
Jumbo | 382,393 | 702,631 | 2,737,040 | |||||||||||||||||
Government | 1,780,263 | 3,409,198 | 2,267,940 | |||||||||||||||||
Total Refinance | $ | 7,498,151 | $ | 19,709,431 | $ | 35,148,290 | ||||||||||||||
Total Originations | $ | 29,881,809 | $ | 38,812,329 | $ | 59,210,746 |
Adjusted net income | Q2 2022 | Q1 2022 | Q2 2021 | |||||||||||||||||
Earnings before income taxes | $ | 216,214 | $ | 457,332 | $ | 140,174 | ||||||||||||||
Impact of estimated annual effective tax rate of 23.56% | (50,940) | (107,747) | (33,025) | |||||||||||||||||
Adjusted net income | $ | 165,274 | $ | 349,585 | $ | 107,149 |
Adjusted diluted EPS | Q2 2022 | |||||||
Diluted weighted Average Class A Common shares outstanding | 92,533,620 | |||||||
Assumed pro forma conversion of Class D shares (1) | 1,502,069,787 | |||||||
Adjusted diluted weighted average shares outstanding | 1,594,603,407 | |||||||
Adjusted Net Income (in thousands) | $ | 165,274 | ||||||
Adjusted Diluted EPS | 0.10 | |||||||
(1) Reflects the pro forma exchange and conversion of antidilutive Class D common stock to Class A common stock. |
Adjusted EBITDA | Q2 2022 | Q1 2022 | Q2 2021 | |||||||||||||||||
Net income | $ | 215,445 | $ | 453,287 | $ | 138,712 | ||||||||||||||
Interest expense on non-funding debt | 29,692 | 29,558 | 22,292 | |||||||||||||||||
Provision for income taxes | 769 | 4,045 | 1,462 | |||||||||||||||||
Depreciation and amortization | 11,181 | 10,915 | 8,353 | |||||||||||||||||
Stock-based compensation expense | 1,676 | 1,828 | 2,327 | |||||||||||||||||
Change in fair value of MSRs due to valuation inputs or assumptions | (176,456) | (390,980) | 38,035 | |||||||||||||||||
Deferred compensation, net | 3,125 | 12,252 | — | |||||||||||||||||
Change in fair value of Public and Private Warrants | (2,850) | (4,132) | (1,530) | |||||||||||||||||
Change in Tax Receivable Agreement liability | 2,500 | 700 | — | |||||||||||||||||
Change in fair value of investment securities | 9,912 | 10,934 | — | |||||||||||||||||
Adjusted EBITDA | $ | 94,994 | $ | 128,407 | $ | 209,651 | ||||||||||||||
Non-funding debt and non-funding debt to equity | Q2 2022 | Q1 2022 | Q2 2021 | |||||||||||||||||
Senior notes | $ | 1,982,103 | $ | 1,981,106 | $ | 1,483,587 | ||||||||||||||
Borrowings against investment securities | 118,786 | 118,786 | — | |||||||||||||||||
Equipment note payable | 1,536 | 1,803 | 2,583 | |||||||||||||||||
Finance lease liability | 51,370 | 54,945 | 61,918 | |||||||||||||||||
Total non-funding debt | $ | 2,153,795 | $ | 2,156,641 | $ | 1,548,088 | ||||||||||||||
Total equity | $ | 3,223,902 | $ | 3,166,242 | $ | 2,686,986 | ||||||||||||||
Non-funding debt to equity | 0.67 | 0.68 | 0.58 |
For inquiries regarding UWM, please contact: | ||||||||
INVESTOR CONTACT | MEDIA CONTACT | |||||||
BLAKE KOLO | NICOLE YELLAND | |||||||
InvestorRelations@uwm.com | Media@uwm.com |
June 30, 2022 | December 31, 2021 | ||||||||||
Assets | (Unaudited) | ||||||||||
Cash and cash equivalents | $ | 958,656 | $ | 731,088 | |||||||
Mortgage loans at fair value | 5,332,383 | 17,473,324 | |||||||||
Derivative assets | 125,079 | 67,356 | |||||||||
Investment securities at fair value, pledged | 125,193 | 152,263 | |||||||||
Accounts receivable, net | 350,090 | 415,691 | |||||||||
Mortgage servicing rights | 3,736,359 | 3,314,952 | |||||||||
Premises and equipment, net | 153,971 | 151,687 | |||||||||
Operating lease right-of-use asset, net (includes $102,454 and $104,595 with related parties) | 102,533 | 104,828 | |||||||||
Finance lease right-of-use asset (includes $27,900 and $28,619 with related parties) | 50,179 | 57,024 | |||||||||
Other assets | 82,467 | 60,145 | |||||||||
Total assets | $ | 11,016,910 | $ | 22,528,358 | |||||||
Liabilities and Equity | |||||||||||
Warehouse lines of credit | $ | 4,497,353 | $ | 15,954,938 | |||||||
Derivative liabilities | 93,958 | 36,741 | |||||||||
Borrowings against investment securities | 118,786 | 118,786 | |||||||||
Accounts payable, accrued expenses and other | 780,166 | 1,087,411 | |||||||||
Accrued distributions and dividends payable | 159,461 | 9,171 | |||||||||
Senior notes | 1,982,103 | 1,980,112 | |||||||||
Operating lease liability (includes $109,732 and $111,999 with related parties) | 109,811 | 112,231 | |||||||||
Finance lease liability (includes $28,633 and $29,087 with related parties) | 51,370 | 57,967 | |||||||||
Total liabilities | 7,793,008 | 19,357,357 | |||||||||
Equity: | |||||||||||
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of June 30, 2022 | — | — | |||||||||
Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 92,539,245 shares issued and outstanding as of June 30, 2022 | 9 | 9 | |||||||||
Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of June 30, 2022 | — | — | |||||||||
Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of June 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 June 30, 2022 | 150 | 150 | |||||||||
Additional paid-in capital | 669 | 437 | |||||||||
Retained earnings | 137,955 | 141,805 | |||||||||
Non-controlling interest | 3,085,119 | 3,028,600 | |||||||||
Total equity | 3,223,902 | 3,171,001 | |||||||||
Total liabilities and equity | $ | 11,016,910 | $ | 22,528,358 |
For the three months ended | For the six months ended | ||||||||||||||||||||||||||||
June 30, 2022 | March 31, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||
Loan production income | $ | 296,535 | $ | 383,871 | $ | 479,274 | $ | 680,406 | $ | 1,553,939 | |||||||||||||||||||
Loan servicing income | 179,501 | 198,565 | 145,278 | 378,066 | 269,067 | ||||||||||||||||||||||||
Change in fair value of mortgage servicing rights | 26,169 | 171,963 | (219,104) | 198,132 | (278,363) | ||||||||||||||||||||||||
Gain (loss) on sale of mortgage servicing rights | — | — | 10 | — | 4,773 | ||||||||||||||||||||||||
Interest income | 62,020 | 67,395 | 79,194 | 129,415 | 125,106 | ||||||||||||||||||||||||
Total revenue, net | 564,225 | 821,794 | 484,652 | 1,386,019 | 1,674,522 | ||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Salaries, commissions and benefits | 138,983 | 160,609 | 172,951 | 299,592 | 386,012 | ||||||||||||||||||||||||
Direct loan production costs | 25,757 | 26,718 | 15,518 | 52,475 | 28,680 | ||||||||||||||||||||||||
Marketing, travel, and entertainment | 20,625 | 12,837 | 11,330 | 33,462 | 21,825 | ||||||||||||||||||||||||
Depreciation and amortization | 11,181 | 10,915 | 8,353 | 22,096 | 15,642 | ||||||||||||||||||||||||
General and administrative | 39,909 | 38,323 | 42,116 | 78,232 | 58,894 | ||||||||||||||||||||||||
Servicing costs | 44,435 | 47,184 | 23,067 | 91,619 | 43,575 | ||||||||||||||||||||||||
Interest expense | 57,559 | 60,374 | 72,673 | 117,933 | 125,663 | ||||||||||||||||||||||||
Other expense/(income) | 9,562 | 7,502 | (1,530) | 17,064 | (18,834) | ||||||||||||||||||||||||
Total expenses | 348,011 | 364,462 | 344,478 | 712,473 | 661,457 | ||||||||||||||||||||||||
Earnings before income taxes | 216,214 | 457,332 | 140,174 | 673,546 | 1,013,065 | ||||||||||||||||||||||||
Provision for income taxes | 769 | 4,045 | 1,462 | 4,814 | 14,348 | ||||||||||||||||||||||||
Net income | 215,445 | 453,287 | 138,712 | 668,732 | 998,717 | ||||||||||||||||||||||||
Net income attributable to non-controlling interest | 207,079 | 431,357 | 130,448 | 638,436 | 942,468 | ||||||||||||||||||||||||
Net income attributable to UWMC | $ | 8,366 | $ | 21,930 | $ | 8,264 | $ | 30,296 | $ | 56,249 | |||||||||||||||||||
Earnings per share of Class A common stock: | |||||||||||||||||||||||||||||
Basic | $ | 0.09 | $ | 0.24 | $ | 0.08 | $ | 0.33 | $ | 0.55 | |||||||||||||||||||
Diluted | $ | 0.09 | $ | 0.22 | $ | 0.07 | $ | 0.32 | $ | 0.39 | |||||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||||||||
Basic | 92,533,620 | 92,214,594 | 102,760,823 | 92,374,988 | 102,908,906 | ||||||||||||||||||||||||
Diluted | 92,533,620 | 1,594,284,381 | 1,605,067,478 | 1,594,444,775 | 1,605,215,562 |
June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | |||||||||||||
Assets | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
Cash and cash equivalents | $ | 958,656 | $ | 901,174 | $ | 731,088 | $ | 950,910 | $ | 1,048,177 | |||||||
Mortgage loans at fair value | 5,332,383 | 5,208,167 | 17,473,324 | 11,736,642 | 12,404,112 | ||||||||||||
Derivative assets | 125,079 | 241,932 | 67,356 | 143,807 | 75,438 | ||||||||||||
Investment securities at fair value, pledged | 125,193 | 138,417 | 152,263 | 41,809 | — | ||||||||||||
Accounts receivable, net | 350,090 | 617,608 | 415,691 | 340,028 | 317,458 | ||||||||||||
Mortgage servicing rights | 3,736,359 | 3,514,102 | 3,314,952 | 2,900,310 | 2,662,556 | ||||||||||||
Premises and equipment, net | 153,971 | 151,206 | 151,687 | 145,774 | 130,864 | ||||||||||||
Operating lease right-of-use asset, net | 102,533 | 103,670 | 104,828 | 105,902 | 87,130 | ||||||||||||
Finance lease right-of-use asset | 50,179 | 53,857 | 57,024 | 60,113 | 61,356 | ||||||||||||
Other assets | 82,467 | 60,820 | 60,145 | 55,655 | 57,007 | ||||||||||||
Total assets | $ | 11,016,910 | $ | 10,990,953 | $ | 22,528,358 | $ | 16,480,950 | $ | 16,844,098 | |||||||
Liabilities and Equity | |||||||||||||||||
Warehouse lines of credit | $ | 4,497,353 | $ | 4,076,829 | $ | 15,954,938 | $ | 10,487,950 | $ | 11,249,213 | |||||||
Derivative liabilities | 93,958 | 115,430 | 36,741 | 61,434 | 82,551 | ||||||||||||
Borrowings against investment securities | 118,786 | 118,786 | 118,786 | 32,560 | — | ||||||||||||
Accounts payable, accrued expenses and other | 780,166 | 1,207,145 | 1,087,411 | 1,231,826 | 1,021,119 | ||||||||||||
Accrued distributions and dividends payable | 159,461 | 159,460 | 9,171 | 10,087 | 160,444 | ||||||||||||
Senior notes | 1,982,103 | 1,981,106 | 1,980,112 | 1,484,370 | 1,483,587 | ||||||||||||
Operating lease liability | 109,811 | 111,010 | 112,231 | 117,824 | 98,280 | ||||||||||||
Finance lease liability | 51,370 | 54,945 | 57,967 | 60,871 | 61,918 | ||||||||||||
Total liabilities | 7,793,008 | 7,824,711 | 19,357,357 | 13,486,922 | 14,157,112 | ||||||||||||
Equity: | |||||||||||||||||
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of June 30, 2022 | — | — | — | — | — | ||||||||||||
Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 92,539,245 shares issued and outstanding as of June 30, 2022 | 9 | 9 | 9 | 10 | 10 | ||||||||||||
Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of June 30, 2022 | — | — | — | — | — | ||||||||||||
Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of June 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 June 30, 2022 | 150 | 150 | 150 | 150 | 150 | ||||||||||||
Additional paid-in capital | 669 | 542 | 437 | 313 | 187 | ||||||||||||
Retained earnings | 137,955 | 138,834 | 141,805 | 129,815 | 109,397 | ||||||||||||
Non-controlling interest | 3,085,119 | 3,026,707 | 3,028,600 | 2,863,740 | 2,577,242 | ||||||||||||
Total equity | 3,223,902 | 3,166,242 | 3,171,001 | 2,994,028 | 2,686,986 | ||||||||||||
Total liabilities and equity | $ | 11,016,910 | $ | 10,990,953 | $ | 22,528,358 | $ | 16,480,950 | $ | 16,844,098 |
For the three months ended | |||||||||||||||||
June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | |||||||||||||
Revenue | |||||||||||||||||
Loan production income | $ | 296,535 | $ | 383,871 | $ | 442,407 | $ | 589,461 | $ | 479,274 | |||||||
Loan servicing income | 179,501 | 198,565 | 194,976 | 174,695 | 145,278 | ||||||||||||
Change in fair value of mortgage servicing rights | 26,169 | 171,963 | (138,988) | (170,462) | (219,104) | ||||||||||||
Gain (loss) on sale of mortgage servicing rights | — | — | 2,461 | (5,443) | 10 | ||||||||||||
Interest income | 62,020 | 67,395 | 104,601 | 102,063 | 79,194 | ||||||||||||
Total revenue, net | 564,225 | 821,794 | 605,457 | 690,314 | 484,652 | ||||||||||||
Expenses | |||||||||||||||||
Salaries, commissions and benefits | 138,983 | 160,609 | 146,697 | 164,971 | 172,951 | ||||||||||||
Direct loan production costs | 25,757 | 26,718 | 25,292 | 18,980 | 15,518 | ||||||||||||
Marketing, travel, and entertainment | 20,625 | 12,837 | 25,334 | 14,138 | 11,330 | ||||||||||||
Depreciation and amortization | 11,181 | 10,915 | 10,422 | 9,034 | 8,353 | ||||||||||||
General and administrative | 39,909 | 38,323 | 36,467 | 39,148 | 42,116 | ||||||||||||
Servicing costs | 44,435 | 47,184 | 36,200 | 29,192 | 23,067 | ||||||||||||
Interest expense | 57,559 | 60,374 | 88,772 | 90,221 | 72,673 | ||||||||||||
Other expense/(income) | 9,562 | 7,502 | 4,437 | (8,710) | (1,530) | ||||||||||||
Total expenses | 348,011 | 364,462 | 373,621 | 356,974 | 344,478 | ||||||||||||
Earnings before income taxes | 216,214 | 457,332 | 231,836 | 333,340 | 140,174 | ||||||||||||
Provision for income taxes | 769 | 4,045 | (7,990) | 3,483 | 1,462 | ||||||||||||
Net income | 215,445 | 453,287 | 239,826 | 329,857 | 138,712 | ||||||||||||
Net income attributable to non-controlling interest | 207,079 | 431,357 | 222,876 | 304,611 | 130,448 | ||||||||||||
Net income attributable to UWMC | 8,366 | 21,930 | 16,950 | 25,246 | $ | 8,264 | |||||||||||
Earnings per share of Class A common stock: | |||||||||||||||||
Basic | $ | 0.09 | $ | 0.24 | $ | 0.17 | $ | 0.25 | $ | 0.08 | |||||||
Diluted | $ | 0.09 | $ | 0.22 | $ | 0.11 | $ | 0.16 | $ | 0.07 | |||||||
Weighted average shares outstanding: | |||||||||||||||||
Basic | 92,533,620 | 92,214,594 | 97,138,073 | 101,106,023 | 102,760,823 | ||||||||||||
Diluted | 92,533,620 | 1,594,284,381 | 1,599,785,759 | 1,603,710,511 | 1,605,067,478 |
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