EX-99.1 2 q12023ex-991pressrelease.htm EX-99.1 EARNINGS RELEASE Document



Exhibit 99.1

uwmc_colorlogo.jpg
UWM Holdings Corporation Announces
First Quarter 2023 Results
First Quarter Loan Origination Volume of $22.3 billion, including Purchase Volume of $19.2 billion
Best First Quarter Purchase Volume in Company History
Gain Margin up 80% from Prior Quarter
PONTIAC, MI, May 10, 2023 - UWM Holdings Corporation (NYSE: UWMC) (the "Company"), the publicly traded indirect parent of United Wholesale Mortgage (“UWM”), today announced its results for the first quarter ended March 31, 2023. Total loan origination volume for the first quarter was $22.3 billion, of which $19.2 billion was purchase volume. The Company reported a 1Q23 net loss of $138.6 million, inclusive of a $337 million decline in fair value of MSRs, and diluted loss per share of $0.13.

Mat Ishbia, Chairman and CEO of UWMC, said, "The results of the first quarter again demonstrate that UWM will do what we say we are going to do. We are on track with our plan and extremely well-positioned to take advantage of the next upcycle. Production volume was at the high end of our expectations, setting us up for a better 2023 than originally anticipated. We had another dominant purchase quarter. We continued to arm brokers with great new product launches, positioning them to win in any market environment, and bolstering channel growth. While we can't control interest rates or the effect of those fluctuations on our MSR portfolio, we can control our operational profitability and have demonstrated that our business model performs despite the natural cyclicality that occurs in the mortgage industry. I am excited for what UWM has in store for the rest of 2023 and beyond."

•Originations of $22.3 billion in 1Q23, compared to $25.1 billion in 4Q22 and $38.8 billion in 1Q22
•Purchase originations of $19.2 billion in 1Q23, compared to $21.7 billion in 4Q22 and $19.1 billion in 1Q22. Notably, that is the highest first quarter purchase volume in UWM history
•Total gain margin of 92 bps in 1Q23 compared to 51 bps in 4Q22 and 99 bps in 1Q22
•Adjusted EBITDA of $141.0 million in 1Q23 compared to $60.4 million in 4Q22 and $128.4 million in 1Q22
•Net loss of $138.6 million in 1Q23 compared to a net loss of $62.5 million in 4Q22 and $453.3 million of net income in 1Q22
•Total equity of $2.9 billion at March 31, 2023, compared to $3.2 billion at each of December 31, 2022, and March 31, 2022
•Unpaid principal balance of MSRs of $297.9 billion with a WAC of 3.66% at March 31, 2023, compared to $312.5 billion with a WAC of 3.64% at December 31, 2022, and $303.4 billion with a WAC of 3.04% at March 31, 2022
•Ended 1Q23 with approximately $2.9 billion of available liquidity, including $1.0 billion of cash and self-warehouse, and $1.9 billion of available borrowing capacity, which includes $1.4 billion under lines of credit secured by agency and Ginnie Mae MSRs, and $500 million under an unsecured line of credit

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Production and Income Statement Highlights (dollars in thousands, except per share amounts)
Q1 2023Q4 2022Q1 2022
Loan origination volume(1)
$22,335,014 $25,126,844 $38,812,329 
Total gain margin(1)(2)
0.92 %0.51 %0.99 %
Net income (loss)$(138,613)$(62,484)$453,287 
Diluted EPS(0.13)(0.03)0.22 
Adjusted diluted EPS(3)
(0.07)N/AN/A
Adjusted net income(3)
(106,625)(53,308)352,008 
Adjusted EBITDA(3)
140,994 60,393 128,407 
 
(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)
Q1 2023Q4 2022Q1 2022
Cash and cash equivalents$740,063 $704,898 $901,174 
Mortgage loans at fair value4,800,259 7,134,960 5,208,167 
Mortgage servicing rights3,974,870 4,453,261 3,514,102 
Total assets10,947,716 13,600,625 10,990,953 
Non-funding debt (1)
2,623,962 2,880,178 2,156,641 
Total equity2,874,542 3,171,693 3,166,242 
Non-funding debt to equity (1)
0.91 0.91 0.68 
 (1) Non-GAAP metric (see discussion and reconciliations below).

Mortgage Servicing Rights (dollars in thousands)
Q1 2023Q4 2022Q1 2022
Unpaid principal balance$297,906,035 $312,454,025 $303,425,697 
Weighted average interest rate3.66 %3.64 %3.04 %
Weighted average age (months)18 16 12 
Technology and Loan Product Launches
•TRAC Enhancement - added two additional settlement agents to our Title Review and Closing ("TRAC") program. Now loan officers can choose from three UWM-approved settlement agents and pay a low flat fee

•Control Your Price - launched Control Your Price, a pricing incentive that gives brokers access to 125 basis points to use when and where they need it, up to 40 basis points per loan

•One-Time Close New Construction Loans - released One-Time Close New Construction loans, making the new-build period as seamless as possible with one closing and one interest rate

Operational Highlights
•Achieved highest ever Net Promoter Score of +90.4 in 1Q23, up from +87.8 in 1Q22
•Our 0.98% 60+ days delinquency as of March 31, 2023, was significantly better than the industry average of 1.6%1, highlighting our strong credit quality



1 Source: CoreLogic (as of January 2023).
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Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands)
Purchase:Q1 2023Q4 2022Q1 2022
Conventional$12,969,966 $15,030,972 $13,297,954 
Government5,623,050 6,135,366 4,272,747 
Jumbo and other652,780 484,098 1,532,197 
Total Purchase$19,245,796 $21,650,436 $19,102,898 
Refinance:Q1 2023Q4 2022Q1 2022
Conventional$1,869,911 $2,254,680 $15,597,602 
Government941,775 1,005,048 3,409,198 
Jumbo and other277,532 216,680 702,631 
Total Refinance$3,089,218 $3,476,408 $19,709,431 
Total Originations$22,335,014 $25,126,844 $38,812,329 
Mat Ishbia, Chairman and CEO of UWMC, also said, “UWM is firing on all cylinders right now. Our product portfolio is very strong; we are currently hiring in large numbers, and margins are healthy.”
Second Quarter 2023 Outlook
We anticipate second quarter production to be in the $23 to $30 billion range, with gain margin from 75 to 100 basis points.
Dividend
Subsequent to March 31, 2023, for the tenth 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 July 11, 2023, to stockholders of record at the close of business on June 21, 2023. Additionally, the Board approved a proportional distribution to SFS Corp., which is payable on or about July 11, 2023.
Earnings Conference Call Details
As previously announced, the Company will hold a conference call for financial analysts and investors on Wednesday, May 10, at 10:30 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/tdzzjFGz
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.
Non-GAAP Metrics
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 23.63% and 23.03% estimated annual effective tax rate for the periods during 2023 and 2022, respectively. “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
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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 incomeQ1 2023Q4 2022Q1 2022
Earnings before income taxes$(139,616)$(69,258)$457,332 
Impact of estimated annual effective tax rate of 23.63% and 23.03% for periods during 2023 and 2022, respectively
32,991 15,950 (105,324)
Adjusted net income$(106,625)$(53,308)$352,008 

Adjusted diluted EPSQ1 2023
Diluted weighted average Class A common stock outstanding92,920,794 
Assumed pro forma conversion of Class D common stock (1)
1,502,069,787 
Adjusted diluted weighted average shares outstanding (1)
1,594,990,581 
Adjusted net income $(106,625)
Adjusted diluted EPS(0.07)
(1) Reflects the pro forma exchange and conversion of antidilutive Class D common stock to Class A common stock.

Adjusted EBITDAQ1 2023Q4 2022Q1 2022
Net income$(138,613)$(62,484)$453,287 
Interest expense on non-funding debt42,703 43,611 29,558 
Provision for income taxes(1,003)(6,774)4,045 
Depreciation and amortization11,670 11,713 10,915 
Stock-based compensation expense2,482 2,055 1,828 
Change in fair value of MSRs due to valuation inputs or assumptions 222,915 71,865 (390,980)
Deferred compensation, net1,081 461 12,252 
Change in fair value of Public and Private Warrants2,098 54 (4,132)
Change in Tax Receivable Agreement liability
250 — 700 
Change in fair value of investment securities(2,589)(108)10,934 
Adjusted EBITDA$140,994 $60,393 $128,407 

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Non-funding debt and non-funding debt to equityQ1 2023Q4 2022Q1 2022
Senior notes$1,985,319 $1,984,336 $1,981,106 
Borrowings against investment securities101,345 101,345 118,786 
Secured lines of credit500,000 750,000 — 
Equipment note payable486 992 1,803 
Finance lease liability36,812 43,505 54,945 
Total non-funding debt$2,623,962 $2,880,178 $2,156,640 
Total equity$2,874,542 $3,171,693 $3,166,242 
Non-funding debt to equity0.91 0.91 0.68 
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 and strategies 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 foundation for success and strategies growth and the drivers of that growth; (7) our expectations related to production and margin in the second quarter of 2023; (8) the benefits of our business model and strategies, including our “Game On” and “All In” initiatives, and their impact on our results and the industry in 2023 and beyond; (9) our performance in shifting market conditions and the comparison of such performance against our competitors; (10) our ability to produce results in future years at or above prior levels or expectations, and our strategies for producing such results; (11) our position and ability to capitalize on market opportunities and the impacts to our results; (12) our investments in technology and the impact to our operations and financial results and (13) our purchase production and product portfolio. 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 and MSR 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 broker 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.










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About UWM Holdings Corporation and United Wholesale Mortgage

Headquartered in Pontiac, Michigan, UWM Holdings 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 eight 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.

For inquiries regarding UWM, please contact:
INVESTOR CONTACTMEDIA CONTACT
BLAKE KOLONICOLE ROBERTS
InvestorRelations@uwm.comMedia@uwm.com
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UWM HOLDINGS CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands, except shares and per share amounts)

March 31,
2023		December 31,
2022
Assets(Unaudited)
Cash and cash equivalents$740,063 $704,898 
Mortgage loans at fair value4,800,259 7,134,960 
Derivative assets61,136 82,869 
Investment securities at fair value, pledged114,275 113,290 
Accounts receivable, net433,747 383,147 
Mortgage servicing rights3,974,870 4,453,261 
Premises and equipment, net152,428 152,477 
Operating lease right-of-use asset, net
(includes $101,146 and $102,322 with related parties)
102,923 104,181 
Finance lease right-of-use asset
(includes $26,351 and $26,867 with related parties)
38,320 42,218 
Loans eligible for repurchase from Ginnie Mae440,775 345,490 
Other assets88,920 83,834 
Total assets$10,947,716 $13,600,625 
Liabilities and Equity
Warehouse lines of credit$4,259,834 $6,443,992 
Derivative liabilities62,742 49,748 
Secured line of credit500,000 750,000 
Borrowings against investment securities 101,345 101,345 
Accounts payable, accrued expenses and other416,818 439,719 
Accrued distributions and dividends payable159,517 159,465 
Senior notes1,985,319 1,984,336 
Operating lease liability
(includes $108,234 and $109,473 with related parties)
110,012 111,332 
Finance lease liability
(includes $27,460 and $27,857 with related parties)
36,812 43,505 
Loans eligible for repurchase from Ginnie Mae440,775 345,490 
Total liabilities8,073,174 10,428,932 
Equity:
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of March 31, 2023 or 2022
— — 
Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 93,101,971 and 92,575,974 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively
9 9 
Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of March 31, 2023 or 2022
— — 
Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of March 31, 2023 or 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, 2023 and December 31, 2022, respectively
150 150 
Additional paid-in capital1,036 903 
Retained earnings122,136 142,500 
Non-controlling interest2,751,211 3,028,131 
Total equity2,874,542 3,171,693 
Total liabilities and equity$10,947,716 $13,600,625 

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UWM HOLDINGS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except shares and per share amounts)
(Unaudited)

For the three months ended
March 31,
2023		December 31,
2022		March 31,
2022
Revenue
Loan production income$205,424 $129,180 $383,871 
Loan servicing income218,557 217,225 198,565 
Change in fair value of mortgage servicing rights(337,287)(150,808)171,963 
Interest income74,580 106,837 67,395 
Total revenue, net161,274 302,434 821,794 
Expenses
Salaries, commissions and benefits121,003 118,266 160,609 
Direct loan production costs16,483 17,396 26,718 
Marketing, travel, and entertainment17,210 22,976 12,837 
Depreciation and amortization11,670 11,713 10,915 
General and administrative34,619 49,668 38,323 
Servicing costs36,862 36,809 47,184 
Interest expense63,284 114,918 60,374 
Other expense/(income)(241)(54)7,502 
Total expenses300,890 371,692 364,462 
Earnings before income taxes(139,616)(69,258)457,332 
(Benefit) provision for income taxes(1,003)(6,774)4,045 
Net (loss) income(138,613)(62,484)453,287 
Net (loss) income attributable to non-controlling interest(126,672)(62,207)431,357 
Net (loss) income attributable to UWMC$(11,941)$(277)$21,930 
Earnings (loss) per share of Class A common stock:
Basic$(0.13)$— $0.24 
Diluted$(0.13)$(0.03)$0.22 
Weighted average shares outstanding:
Basic92,920,794 92,575,549 92,214,594 
Diluted92,920,794 1,594,645,336 1,594,284,381 




















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Addendum to Exhibit 99.1

This addendum includes the Company's Consolidated Balance Sheets as of March 31, 2023, and the preceding four quarters and Statements of Operations for the quarter ended March 31, 2023, 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)

March 31,
2023		December 31,
2022		September 30,
2022		June 30,
2022		March 31,
2022
Assets(Unaudited)(Unaudited)(Unaudited)(Unaudited)
Cash and cash equivalents$740,063 $704,898 $799,534 $958,656 $901,174 
Mortgage loans at fair value4,800,259 7,134,960 5,031,068 5,022,806 4,824,165 
Derivative assets61,136 82,869 385,348 125,079 241,932 
Investment securities at fair value, pledged114,275 113,290 115,079 125,193 138,417 
Accounts receivable, net433,747 383,147 556,153 350,090 617,608 
Mortgage servicing rights3,974,870 4,453,261 4,305,686 3,736,359 3,514,102 
Premises and equipment, net152,428 152,477 152,172 153,971 151,206 
Operating lease right-of-use asset, net102,923 104,181 101,377 102,533 103,670 
Finance lease right-of-use asset38,320 42,218 45,667 50,179 53,857 
Loans eligible for repurchase from Ginnie Mae440,775 345,490 310,149 309,577 384,002 
Other assets88,920 83,834 87,850 82,467 60,820 
Total assets$10,947,716 $13,600,625 $11,890,083 $11,016,910 $10,990,953 
Liabilities and Equity
Warehouse lines of credit$4,259,834 $6,443,992 $4,712,719 $4,497,353 $4,076,829 
Derivative liabilities62,742 49,748 215,330 93,958 115,430 
Secured line of credit500,000 750,000 — — — 
Borrowings against investment securities101,345 101,345 114,875 118,786 118,786 
Accounts payable, accrued expenses and other416,818 439,719 846,905 470,017 897,568 
Accrued distributions and dividends payable159,517 159,465 159,465 159,461 159,460 
Senior notes1,985,319 1,984,336 1,983,099 1,982,103 1,981,106 
Operating lease liability110,012 111,332 108,591 109,811 111,010 
Finance lease liability36,812 43,505 46,917 51,370 54,945 
Loans eligible for repurchase from Ginnie Mae440,775 345,490 310,149 310,149 309,577 
Total liabilities8,073,174 10,428,932 8,498,050 7,793,008 7,824,711 
Equity:
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of March 31, 2023 or 2022
— — — — — 
Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 93,101,971 and 92,575,974 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively
9 9 9 9 9 
Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of March 31, 2023 or 2022
— — — — — 
Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of March 31, 2023 or 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, 2023 and December 31, 2022
150 150 150 150 150 
Additional paid-in capital1,036 903 784 669 542 
Retained earnings122,136 142,500 141,194 137,955 138,834 
Non-controlling interest2,751,211 3,028,131 3,249,896 3,085,119 3,026,707 
Total equity2,874,542 3,171,693 3,392,033 3,223,902 3,166,242 
Total liabilities and equity$10,947,716 $13,600,625 $11,890,083 $11,016,910 $10,990,953 

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CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except shares and per share amounts)
(Unaudited)

For the three months ended
March 31,
2023		December 31,
2022		September 30,
2022		June 30,
2022		March 31,
2022
Revenue
Loan production income$205,424 $129,180 $172,402 $296,535 $383,871 
Loan servicing income218,557 217,225 196,781 179,501 198,565 
Change in fair value of mortgage servicing rights(337,287)(150,808)236,780 26,169 171,963 
Interest income74,580 106,837 78,210 62,020 67,395 
Total revenue, net161,274 302,434 684,173 564,225 821,794 
Expenses
Salaries, commissions and benefits121,003 118,266 135,028 138,983 160,609 
Direct loan production costs16,483 17,396 20,498 25,757 26,718 
Marketing, travel, and entertainment17,210 22,976 17,730 20,625 12,837 
Depreciation and amortization11,670 11,713 11,426 11,181 10,915 
General and administrative34,619 49,668 51,649 39,909 38,323 
Servicing costs36,862 36,809 37,596 44,435 47,184 
Interest expense63,284 114,918 73,136 57,559 60,374 
Other expense/(income)(241)(54)6,729 9,562 7,502 
Total expenses300,890 371,692 353,792 348,011 364,462 
Earnings before income taxes(139,616)(69,258)330,381 216,214 457,332 
(Benefit) provision for income taxes(1,003)(6,774)4,771 769 4,045 
Net (loss) income(138,613)(62,484)325,610 215,445 453,287 
Net (loss) income attributable to non-controlling interest(126,672)(62,207)313,914 207,079 431,357 
Net (loss) income attributable to UWMC$(11,941)$(277)$11,696 $8,366 $21,930 
Earnings (loss) per share of Class A common stock:
Basic$(0.13)$— $0.13 $0.09 $0.24 
Diluted$(0.13)$(0.03)$0.13 $0.09 $0.22 
Weighted average shares outstanding:
Basic92,920,794 92,575,549 92,571,886 92,533,620 92,214,594 
Diluted92,920,794 1,594,645,336 92,571,886 92,533,620 1,594,284,381 
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