UWM Holdings Corporation Announces Fourth Quarter & Full Year 2024 Results
Full Year 2024 Loan Origination Volume of
Mat Ishbia, Chairman and CEO of UWMC, said, "It's not by chance that UWM continues to perform at a high level - it's a result of relentless focus, innovation, and putting our mortgage broker partners first, every single day. Our dominance in the mortgage industry comes down to one simple truth: We never stop improving so we can be the best option for our partners and their borrowers. I am particularly proud of our team for delivering a record year of purchase production in 2024, which was the lowest year for existing home sales in the US since 1995. In addition we tripled our refinance volume in 2024 compared to 2023 despite the interest rate environment. We have also continued to invest in our people and technology such that we believe we can do double the volume without adding to our fixed costs. The broker channel is incredibly strong right now, as it continues to post a higher share of the industry. Together, our winning formula coupled with the momentum of the broker channel, will continue to be a championship combination in the future."
Fourth Quarter 2024 Highlights
-
Originations of
in 4Q24, compared to$38.7 billion in 3Q24 and$39.5 billion in 4Q23$24.4 billion -
Purchase originations of
in 4Q24, compared to$21.9 billion in 3Q24 and$26.2 billion in 4Q23$20.7 billion - Total gain margin of 105 bps in 4Q24 compared to 118 bps in 3Q24 and 92 bps in 4Q23
-
Net income of
in 4Q24 compared to net income of$40.6 million in 3Q24 and net loss of$31.9 million in 4Q23$461.0 million -
Adjusted EBITDA of
in 4Q24 compared to$118.2 million in 3Q24 and$107.2 million in 4Q23$99.6 million -
Total equity of
at December 31, 2024, compared to$2.1 billion at September 30, 2024, and$2.2 billion at December 31, 2023$2.5 billion -
Unpaid principal balance of MSRs of
with a WAC of$242.4 billion 4.76% at December 31, 2024, compared to with a WAC of$212.2 billion 4.56% at September 30, 2024, and with a WAC of$299.5 billion 4.43% at December 31, 2023 -
Ended 4Q24 with approximately
of available liquidity, including$2.5 billion of cash and available borrowing capacity under our secured and unsecured lines of credit$507.3 million
Full Year 2024 Highlights
-
Originations of
in 2024, compared to$139.4 billion in 2023$108.3 billion -
Record purchase originations of
in 2024, compared to$96.1 billion in 2023$93.9 billion -
Refinance originations of
in 2024, an increase of$43.4 billion 201% , compared to in 2023$14.4 billion -
Net income of
in 2024, as compared to a net loss of$329.4 million in 2023$69.8 million -
Gain margin of 110 bps in 2024, an increase of
19% , compared to 92 bps in 2023
Mat Ishbia, Chairman and CEO of UWMC, also said, "It's important for me to point out that while 2024 was certainly another challenging year for the industry, I am particularly proud of our team for delivering an almost
Production and Income Statement Highlights (dollars in thousands, except per share amounts) |
|||||||||||||||||||
|
|||||||||||||||||||
|
Q4 2024 |
Q3 2024 |
Q4 2023 |
FY 2024 |
FY 2023 |
||||||||||||||
Loan origination volume(1) |
$ |
38,664,357 |
|
$ |
39,509,521 |
|
$ |
24,372,436 |
|
$ |
139,433,406 |
|
$ |
108,275,883 |
|
||||
Total gain margin(1)(2) |
|
1.05 |
% |
|
1.18 |
% |
|
0.92 |
% |
|
1.10 |
% |
|
0.92 |
% |
||||
Net income (loss) |
$ |
40,613 |
|
$ |
31,945 |
|
$ |
(460,956 |
) |
$ |
329,375 |
|
$ |
(69,782 |
) |
||||
Diluted earnings (loss) per share |
|
0.02 |
|
|
(0.06 |
) |
|
(0.29 |
) |
|
0.13 |
|
|
(0.14 |
) |
||||
Adjusted diluted earnings (loss) per share(3) |
|
N/A |
|
|
0.01 |
|
|
(0.23 |
) |
|
0.16 |
|
|
(0.04 |
) |
||||
Adjusted net income (loss) (3) |
|
33,040 |
|
|
23,334 |
|
|
(361,002 |
) |
|
257,303 |
|
|
(57,142 |
) |
||||
Adjusted EBITDA(3) |
|
118,159 |
|
|
107,180 |
|
|
99,566 |
|
|
459,975 |
|
|
478,270 |
|
||||
|
|
|
|
|
|
||||||||||||||
(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) |
|||||||||
|
Q4 2024 |
Q3 2024 |
Q4 2023 |
||||||
Cash and cash equivalents |
$ |
507,339 |
$ |
636,327 |
$ |
497,468 |
|||
Mortgage loans at fair value |
|
9,516,537 |
|
10,141,683 |
|
5,449,884 |
|||
Mortgage servicing rights |
|
3,969,881 |
|
2,800,054 |
|
4,026,136 |
|||
Total assets |
|
15,671,116 |
|
15,119,798 |
|
11,871,854 |
|||
Non-funding debt (1) |
|
3,401,066 |
|
2,410,714 |
|
2,862,759 |
|||
Total equity |
|
2,053,848 |
|
2,180,527 |
|
2,474,671 |
|||
Non-funding debt to equity (1) |
|
1.66 |
|
1.11 |
|
1.16 |
|||
(1) Non-GAAP metric (see discussion and reconciliations below). |
|
|
|
Mortgage Servicing Rights (dollars in thousands) |
||||||||||||
|
Q4 2024 |
Q3 2024 |
Q4 2023 |
|||||||||
Unpaid principal balance |
$ |
242,405,767 |
|
$ |
212,218,975 |
|
$ |
299,456,189 |
|
|||
Weighted average interest rate |
|
4.76 |
% |
|
4.56 |
% |
|
4.43 |
% |
|||
Weighted average age (months) |
|
24 |
|
|
25 |
|
|
21 |
|
Fourth Quarter Business and Product Highlights
TRAC Lite
- Introduced in select states to offer a low cost title option, potentially saving borrowers thousands of dollars per loan
ChatUWM Enhancements
- Significant enhancements help provide brokers with a faster, easier and more comprehensive loan experience. With these updates, ChatUWM has decreased the time it takes to calculate income from minutes to seconds, and provides brokers with personalized product recommendations for their borrowers in a matter of minutes
Conventional Cash-Out 90
-
Created to help homeowners take full advantage of today's record-high home equity by allowing borrowers access to up to
89.99% loan-to-value (LTV) on their homes without incurring mortgage insurance
Net Promoter Score
- Achieved NPS of +82.5
Application to Clear to Close
- Delivered an average App to CTC of 17 business days
Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands) |
|||||||||||||||
Purchase: |
Q4 2024 |
Q3 2024 |
Q4 2023 |
FY 2024 |
FY 2023 |
||||||||||
Conventional |
$ |
13,841,424 |
$ |
15,874,674 |
$ |
12,033,818 |
$ |
56,899,265 |
$ |
58,833,673 |
|||||
Government |
|
6,069,761 |
|
7,786,158 |
|
6,805,530 |
|
29,257,856 |
|
29,640,141 |
|||||
Jumbo and other (1) |
|
1,941,420 |
|
2,499,626 |
|
1,842,108 |
|
9,924,433 |
|
5,381,530 |
|||||
Total Purchase |
$ |
21,852,605 |
$ |
26,160,458 |
$ |
20,681,456 |
$ |
96,081,554 |
$ |
93,855,344 |
|||||
|
|
|
|
|
|
||||||||||
Refinance: |
Q4 2024 |
Q3 2024 |
Q4 2023 |
FY 2024 |
FY 2023 |
||||||||||
Conventional |
$ |
8,898,500 |
$ |
3,552,067 |
$ |
1,386,645 |
$ |
17,300,663 |
$ |
7,082,401 |
|||||
Government |
|
6,415,421 |
|
8,271,580 |
|
1,389,884 |
|
20,382,191 |
|
5,189,598 |
|||||
Jumbo and other (1) |
|
1,497,831 |
|
1,525,416 |
|
914,451 |
|
5,668,998 |
|
2,148,540 |
|||||
Total Refinance |
$ |
16,811,752 |
$ |
13,349,063 |
$ |
3,690,980 |
$ |
43,351,852 |
$ |
14,420,539 |
|||||
Total Originations |
$ |
38,664,357 |
$ |
39,509,521 |
$ |
24,372,436 |
$ |
139,433,406 |
$ |
108,275,883 |
|||||
|
|
|
|
|
|
||||||||||
(1) Comprised of non-agency jumbo products, construction loans, and non-qualified mortgage products, including home equity lines of credit ("HELOCs") (which in many instances are second liens). |
First Quarter 2025 Outlook
We anticipate first quarter production to be in the
Dividend
Subsequent to December 31, 2024, for the seventeenth consecutive quarter, the Company's Board of Directors declared a cash dividend of
Earnings Conference Call Details
As previously announced, the Company will hold a conference call for financial analysts and investors on Wednesday, February 26, 2025, at 11:00 AM ET to review the results and answer questions. Interested parties may register for a toll-free dial-in number by visiting:
https://registrations.events/direct/Q4I329117
Please dial in at least 15 minutes in advance to ensure a timely connection to the call. Audio webcast, taped replay and a transcript and supporting materials 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
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, gains or losses on other interest rate derivatives, the impact of non-cash deferred compensation expense, the change in fair value of the Public and Private Warrants, the non-cash income/expense impact of the change in the Tax Receivable Agreement liability, and the change in fair value of retained investment securities. We exclude the non-cash income/expense impact of the change in the 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, 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 |
Q4 2024 |
Q3 2024 |
Q4 2023 |
FY 2024 |
FY 2023 |
|||||||||||||||
Earnings before income taxes |
$ |
42,332 |
|
$ |
32,289 |
|
$ |
(468,408 |
) |
$ |
335,957 |
|
$ |
(76,293 |
) |
|||||
Adjusted income tax (provision) benefit |
|
(9,292 |
) |
|
(8,955 |
) |
|
107,406 |
|
|
(78,654 |
) |
|
19,151 |
|
|||||
Adjusted net income (loss) |
$ |
33,040 |
|
$ |
23,334 |
|
$ |
(361,002 |
) |
$ |
257,303 |
|
$ |
(57,142 |
) |
Adjusted diluted EPS |
Q3 2024 |
Q4 2023 |
FY 2024 |
FY 2023 |
||||||||||
Diluted weighted average Class A common stock outstanding |
|
99,801,301 |
|
93,654,269 |
|
|
111,374,469 |
|
93,245,373 |
|
||||
Assumed pro forma conversion of Class D common stock (1) |
|
1,498,013,741 |
|
1,502,069,787 |
|
|
1,486,115,849 |
|
1,502,069,787 |
|
||||
Adjusted diluted weighted average shares outstanding (1) |
|
1,597,815,042 |
|
1,595,724,056 |
|
|
1,597,490,318 |
|
1,595,315,160 |
|
||||
|
|
|
|
|
||||||||||
Adjusted net income (loss) |
$ |
23,334 |
$ |
(361,002 |
) |
$ |
257,303 |
$ |
(57,142 |
) |
||||
Adjusted diluted EPS |
|
0.01 |
|
(0.23 |
) |
|
0.16 |
|
(0.04 |
) |
||||
(1) Reflects the pro forma exchange and conversion of antidilutive Class D common stock to Class A common stock. |
Adjusted EBITDA |
|
Q4 2024 |
|
Q3 2024 |
|
Q4 2023 |
|
FY 2024 |
|
FY 2023 |
||||||||||
Net income (loss) |
|
$ |
40,613 |
|
|
$ |
31,945 |
|
|
$ |
(460,956 |
) |
|
$ |
329,375 |
|
|
$ |
(69,782 |
) |
Interest expense on non-funding debt |
|
|
44,882 |
|
|
|
31,544 |
|
|
|
43,946 |
|
|
|
148,620 |
|
|
|
172,498 |
|
Provision (benefit) for income taxes |
|
|
1,719 |
|
|
|
344 |
|
|
|
(7,452 |
) |
|
|
6,582 |
|
|
|
(6,511 |
) |
Depreciation and amortization |
|
|
11,094 |
|
|
|
11,636 |
|
|
|
11,472 |
|
|
|
45,474 |
|
|
|
46,146 |
|
Stock-based compensation expense |
|
|
8,999 |
|
|
|
5,768 |
|
|
|
3,961 |
|
|
|
24,580 |
|
|
|
13,832 |
|
Change in fair value of MSRs due to valuation inputs or assumptions |
|
|
(456,253 |
) |
|
|
263,893 |
|
|
|
507,686 |
|
|
|
(295,197 |
) |
|
|
330,031 |
|
Loss (gain) on other interest rate derivatives |
|
|
469,538 |
|
|
|
(226,936 |
) |
|
|
— |
|
|
|
215,436 |
|
|
|
— |
|
Deferred compensation, net |
|
|
2,191 |
|
|
|
(11,434 |
) |
|
|
3,300 |
|
|
|
(9,349 |
) |
|
|
(7,938 |
) |
Change in fair value of Public and Private Warrants |
|
|
(8,495 |
) |
|
|
5,829 |
|
|
|
4,808 |
|
|
|
(5,091 |
) |
|
|
6,060 |
|
Change in Tax Receivable Agreement liability |
|
|
(110 |
) |
|
|
— |
|
|
|
260 |
|
|
|
70 |
|
|
|
(1,575 |
) |
Change in fair value of investment securities |
|
|
3,980 |
|
|
|
(5,409 |
) |
|
|
(7,459 |
) |
|
|
(526 |
) |
|
|
(4,491 |
) |
Adjusted EBITDA |
|
$ |
118,159 |
|
|
$ |
107,180 |
|
|
$ |
99,566 |
|
|
$ |
459,975 |
|
|
$ |
478,270 |
|
Non-funding debt and non-funding debt to equity |
Q4 2024 |
Q3 2024 |
Q4 2023 |
||||||
Senior notes |
$ |
2,785,326 |
$ |
1,991,216 |
$ |
1,988,267 |
|||
Secured lines of credit |
|
500,000 |
|
300,000 |
|
750,000 |
|||
Borrowings against investment securities |
|
90,646 |
|
93,662 |
|
93,814 |
|||
Finance lease liability |
|
25,094 |
|
25,836 |
|
30,678 |
|||
Total non-funding debt |
$ |
3,401,066 |
$ |
2,410,714 |
$ |
2,862,759 |
|||
Total equity |
$ |
2,053,848 |
$ |
2,180,527 |
$ |
2,474,671 |
|||
Non-funding debt to equity |
|
1.66 |
|
1.11 |
|
1.16 |
Cautionary Note Regarding Forward-Looking Statements
This press release and our earnings call include forward-looking statements. These forward-looking statements are generally identified using 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) our investment in our people, products and technology, and the benefits of our results; (3) our beliefs regarding opportunities in 2025 for our business and the broker channel; (4) our beliefs regarding operational profitability; (5) growth of the wholesale and broker channels, the impact of our strategies on such growth and the benefits to our business of such growth; (6) our growth and strategies to remain the leading mortgage lender, and the timing and drivers of that growth; (7) the benefits and liquidity of our MSR portfolio; (8) our beliefs related to the amount and timing of our dividend; (9) our expectations for future market environments, including interest rates, levels of refinance activity and the timing of such market changes; (10) our expectations related to production and margin in the first quarter of 2025; (11) the benefits of our business model, strategies and initiatives, and their impact on our results and the industry; (12) our performance in shifting market conditions and the comparison of such performance against our competitors; (13) our ability to produce results in future years at or above prior levels or expectations, and our strategies for producing such results; (14) our position and ability to capitalize on market opportunities and the impacts to our results; (15) our investments in technology and the impact to our operations, ability to scale and financial results and (16) 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 to materially differ from those stated or implied in the forward-looking statements, including: (i) UWM’s dependence on macroeconomic and
About UWM Holdings Corporation and United Wholesale Mortgage
Headquartered in
UWM HOLDINGS CORPORATION CONSOLIDATED BALANCE SHEETS (in thousands, except shares and per share amounts) |
||||||
|
December 31,
|
December 31,
|
||||
Assets |
|
|
||||
Cash and cash equivalents
(includes restricted cash of |
$ |
507,339 |
$ |
497,468 |
||
Mortgage loans at fair value |
|
9,516,537 |
|
5,449,884 |
||
Derivative assets |
|
99,964 |
|
33,019 |
||
Investment securities at fair value, pledged |
|
103,013 |
|
110,352 |
||
Accounts receivable, net |
|
417,955 |
|
512,070 |
||
Mortgage servicing rights |
|
3,969,881 |
|
4,026,136 |
||
Premises and equipment, net |
|
146,199 |
|
146,417 |
||
Operating lease right-of-use asset
(includes |
|
93,730 |
|
99,125 |
||
Finance lease right-of-use asset, net
(includes |
|
23,193 |
|
29,111 |
||
Loans eligible for repurchase from Ginnie Mae |
|
641,554 |
|
856,856 |
||
Other assets |
|
151,751 |
|
111,416 |
||
Total assets |
$ |
15,671,116 |
$ |
11,871,854 |
||
Liabilities and Equity |
|
|
||||
Warehouse lines of credit |
$ |
8,697,744 |
$ |
4,902,090 |
||
Derivative liabilities |
|
35,965 |
|
40,781 |
||
Secured line of credit |
|
500,000 |
|
750,000 |
||
Borrowings against investment securities |
|
90,646 |
|
93,814 |
||
Accounts payable, accrued expenses and other |
|
580,736 |
|
469,101 |
||
Accrued distributions and dividends payable |
|
159,827 |
|
159,572 |
||
Senior notes |
|
2,785,326 |
|
1,988,267 |
||
Operating lease liability
(includes |
|
100,376 |
|
106,024 |
||
Finance lease liability
(includes |
|
25,094 |
|
30,678 |
||
Loans eligible for repurchase from Ginnie Mae |
|
641,554 |
|
856,856 |
||
Total liabilities |
|
13,617,268 |
|
9,397,183 |
||
Equity: |
|
|
||||
Preferred stock, |
|
— |
|
— |
||
Class A common stock, |
|
16 |
|
10 |
||
Class B common stock, |
|
— |
|
— |
||
Class C common stock, |
|
— |
|
— |
||
Class D common stock, |
|
144 |
|
150 |
||
Additional paid-in capital |
|
3,523 |
|
1,702 |
||
Retained earnings |
|
157,837 |
|
110,690 |
||
Non-controlling interest |
|
1,892,328 |
|
2,362,119 |
||
Total equity |
|
2,053,848 |
|
2,474,671 |
||
Total liabilities and equity |
$ |
15,671,116 |
$ |
11,871,854 |
UWM HOLDINGS CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except shares and per share amounts) |
||||||||||||||||||||
|
For the three months ended |
For the year ended |
||||||||||||||||||
|
December 31,
|
September 30,
|
December 31,
|
December 31,
|
December 31,
|
|||||||||||||||
Revenue |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|||||||||||||||
Loan production income |
$ |
407,229 |
|
$ |
465,548 |
|
$ |
225,436 |
|
$ |
1,528,840 |
|
$ |
1,000,547 |
|
|||||
Loan servicing income |
|
173,300 |
|
|
134,753 |
|
|
206,498 |
|
|
636,665 |
|
|
818,703 |
|
|||||
Change in fair value of mortgage servicing rights |
|
309,149 |
|
|
(446,100 |
) |
|
(634,418 |
) |
|
(294,999 |
) |
|
(854,148 |
) |
|||||
Gain (loss) on other interest rate derivatives |
|
(469,538 |
) |
|
226,936 |
|
|
— |
|
|
(215,436 |
) |
|
— |
|
|||||
Interest income |
|
140,067 |
|
|
145,297 |
|
|
87,901 |
|
|
508,621 |
|
|
346,225 |
|
|||||
Total revenue, net |
|
560,207 |
|
|
526,434 |
|
|
(114,583 |
) |
|
2,163,691 |
|
|
1,311,327 |
|
|||||
Expenses |
|
|
|
|
|
|||||||||||||||
Salaries, commissions and benefits |
|
193,155 |
|
|
181,453 |
|
|
142,515 |
|
|
689,160 |
|
|
530,231 |
|
|||||
Direct loan production costs |
|
54,958 |
|
|
58,398 |
|
|
27,977 |
|
|
190,277 |
|
|
104,262 |
|
|||||
Marketing, travel, and entertainment |
|
30,771 |
|
|
22,462 |
|
|
25,600 |
|
|
96,782 |
|
|
84,515 |
|
|||||
Depreciation and amortization |
|
11,094 |
|
|
11,636 |
|
|
11,472 |
|
|
45,474 |
|
|
46,146 |
|
|||||
General and administrative |
|
60,314 |
|
|
53,664 |
|
|
38,209 |
|
|
209,838 |
|
|
170,423 |
|
|||||
Servicing costs |
|
29,866 |
|
|
25,009 |
|
|
29,632 |
|
|
110,986 |
|
|
131,792 |
|
|||||
Interest expense |
|
142,342 |
|
|
141,102 |
|
|
80,811 |
|
|
490,763 |
|
|
320,256 |
|
|||||
Other expense (income) |
|
(4,625 |
) |
|
421 |
|
|
(2,391 |
) |
|
(5,546 |
) |
|
(5 |
) |
|||||
Total expenses |
|
517,875 |
|
|
494,145 |
|
|
353,825 |
|
|
1,827,734 |
|
|
1,387,620 |
|
|||||
Earnings (loss) before income taxes |
|
42,332 |
|
|
32,289 |
|
|
(468,408 |
) |
|
335,957 |
|
|
(76,293 |
) |
|||||
Provision (benefit) for income taxes |
|
1,719 |
|
|
344 |
|
|
(7,452 |
) |
|
6,582 |
|
|
(6,511 |
) |
|||||
Net income (loss) |
|
40,613 |
|
|
31,945 |
|
|
(460,956 |
) |
|
329,375 |
|
|
(69,782 |
) |
|||||
Net income (loss) attributable to non-controlling interest |
|
31,694 |
|
|
38,240 |
|
|
(433,878 |
) |
|
314,971 |
|
|
(56,552 |
) |
|||||
Net income (loss) attributable to UWMC |
$ |
8,919 |
|
$ |
(6,295 |
) |
$ |
(27,078 |
) |
$ |
14,404 |
|
$ |
(13,230 |
) |
|||||
|
|
|
|
|
|
|||||||||||||||
Earnings (loss) per share of Class A common stock: |
|
|
|
|
|
|||||||||||||||
Basic |
$ |
0.06 |
|
$ |
(0.06 |
) |
$ |
(0.29 |
) |
$ |
0.13 |
|
$ |
(0.14 |
) |
|||||
Diluted |
$ |
0.02 |
|
$ |
(0.06 |
) |
$ |
(0.29 |
) |
$ |
0.13 |
|
$ |
(0.14 |
) |
|||||
Weighted average shares outstanding: |
|
|
|
|
|
|||||||||||||||
Basic |
|
155,584,329 |
|
|
99,801,301 |
|
|
93,654,269 |
|
|
111,374,469 |
|
|
93,245,373 |
|
|||||
Diluted |
|
1,598,241,235 |
|
|
99,801,301 |
|
|
93,654,269 |
|
|
111,374,469 |
|
|
93,245,373 |
|
Addendum to Exhibit 99.1
This addendum includes the Company's Consolidated Balance Sheets as of December 31, 2024, and the preceding four quarters and Statements of Operations for the quarter ended December 31, 2024, 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) |
|||||||||||||||
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
||||||||||
Assets |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
||||||||||
Cash and cash equivalents, including restricted cash |
$ |
507,339 |
$ |
636,327 |
$ |
680,153 |
$ |
605,639 |
$ |
497,468 |
|||||
Mortgage loans at fair value |
|
9,516,537 |
|
10,141,683 |
|
8,236,183 |
|
7,338,135 |
|
5,449,884 |
|||||
Derivative assets |
|
99,964 |
|
66,977 |
|
54,962 |
|
34,050 |
|
33,019 |
|||||
Investment securities at fair value, pledged |
|
103,013 |
|
108,964 |
|
105,593 |
|
108,323 |
|
110,352 |
|||||
Accounts receivable, net |
|
417,955 |
|
561,901 |
|
516,838 |
|
554,443 |
|
512,070 |
|||||
Mortgage servicing rights |
|
3,969,881 |
|
2,800,054 |
|
2,650,090 |
|
3,191,803 |
|
4,026,136 |
|||||
Premises and equipment, net |
|
146,199 |
|
147,981 |
|
146,750 |
|
145,265 |
|
146,417 |
|||||
Operating lease right-of-use asset |
|
93,730 |
|
95,123 |
|
96,474 |
|
97,801 |
|
99,125 |
|||||
Finance lease right-of-use asset, net |
|
23,193 |
|
24,020 |
|
25,061 |
|
26,890 |
|
29,111 |
|||||
Loans eligible for repurchase from Ginnie Mae |
|
641,554 |
|
391,696 |
|
279,290 |
|
577,487 |
|
856,856 |
|||||
Other assets |
|
151,751 |
|
145,072 |
|
130,247 |
|
117,498 |
|
111,416 |
|||||
Total assets |
$ |
15,671,116 |
$ |
15,119,798 |
$ |
12,921,641 |
$ |
12,797,334 |
$ |
11,871,854 |
|||||
Liabilities and Equity |
|
|
|
|
|
||||||||||
Warehouse lines of credit |
$ |
8,697,744 |
$ |
9,207,746 |
$ |
7,429,591 |
$ |
6,681,917 |
$ |
4,902,090 |
|||||
Derivative liabilities |
|
35,965 |
|
93,599 |
|
26,171 |
|
26,918 |
|
40,781 |
|||||
Secured line of credit |
|
500,000 |
|
300,000 |
|
— |
|
200,000 |
|
750,000 |
|||||
Borrowings against investment securities |
|
90,646 |
|
93,662 |
|
91,406 |
|
94,064 |
|
93,814 |
|||||
Accounts payable, accrued expenses and other |
|
580,736 |
|
573,865 |
|
486,138 |
|
477,765 |
|
469,101 |
|||||
Accrued distributions and dividends payable |
|
159,827 |
|
159,818 |
|
159,766 |
|
159,702 |
|
159,572 |
|||||
Senior notes |
|
2,785,326 |
|
1,991,216 |
|
1,990,233 |
|
1,989,250 |
|
1,988,267 |
|||||
Operating lease liability |
|
100,376 |
|
101,833 |
|
103,247 |
|
104,637 |
|
106,024 |
|||||
Finance lease liability |
|
25,094 |
|
25,836 |
|
26,787 |
|
28,536 |
|
30,678 |
|||||
Loans eligible for repurchase from Ginnie Mae |
|
641,554 |
|
391,696 |
|
279,290 |
|
577,487 |
|
856,856 |
|||||
Total liabilities |
|
13,617,268 |
|
12,939,271 |
|
10,592,629 |
|
10,340,276 |
|
9,397,183 |
|||||
Equity: |
|
|
|
|
|
||||||||||
Preferred stock, |
|
— |
|
— |
|
— |
|
— |
|
— |
|||||
Class A common stock, |
|
16 |
|
11 |
|
10 |
|
9 |
|
10 |
|||||
Class B common stock, |
|
— |
|
|
|
|
— |
||||||||
Class C common stock, |
|
— |
|
|
|
|
— |
||||||||
Class D common stock, |
|
144 |
|
149 |
|
150 |
|
150 |
|
150 |
|||||
Additional paid-in capital |
|
3,523 |
|
2,644 |
|
2,305 |
|
2,085 |
|
1,702 |
|||||
Retained earnings |
|
157,837 |
|
116,561 |
|
111,021 |
|
111,980 |
|
110,690 |
|||||
Non-controlling interest |
|
1,892,328 |
|
2,061,162 |
|
2,215,526 |
|
2,342,834 |
|
2,362,119 |
|||||
Total equity |
|
2,053,848 |
|
2,180,527 |
|
2,329,012 |
|
2,457,058 |
|
2,474,671 |
|||||
Total liabilities and equity |
$ |
15,671,116 |
$ |
15,119,798 |
$ |
12,921,641 |
$ |
12,797,334 |
$ |
11,871,854 |
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except shares and per share amounts) (Unaudited) |
||||||||||||||||||||
|
For the three months ended |
|||||||||||||||||||
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
|||||||||||||||
Revenue |
|
|
|
|
|
|||||||||||||||
Loan production income |
$ |
407,229 |
|
$ |
465,548 |
|
$ |
357,109 |
|
$ |
298,954 |
|
$ |
225,436 |
|
|||||
Loan servicing income |
|
173,300 |
|
|
134,753 |
|
|
143,910 |
|
|
184,702 |
|
|
206,498 |
|
|||||
Change in fair value of mortgage servicing rights |
|
309,149 |
|
|
(446,100 |
) |
|
(142,485 |
) |
|
(15,563 |
) |
|
(634,418 |
) |
|||||
Gain (loss) on other interest rate derivatives |
|
(469,538 |
) |
|
226,936 |
|
|
27,166 |
|
|
— |
|
|
— |
|
|||||
Interest income |
|
140,067 |
|
|
145,297 |
|
|
121,394 |
|
|
101,863 |
|
|
87,901 |
|
|||||
Total revenue, net |
|
560,207 |
|
|
526,434 |
|
|
507,094 |
|
|
569,956 |
|
|
(114,583 |
) |
|||||
Expenses |
|
|
|
|
|
|||||||||||||||
Salaries, commissions and benefits |
|
193,155 |
|
|
181,453 |
|
|
160,311 |
|
|
154,241 |
|
|
142,515 |
|
|||||
Direct loan production costs |
|
54,958 |
|
|
58,398 |
|
|
45,485 |
|
|
31,436 |
|
|
27,977 |
|
|||||
Marketing, travel, and entertainment |
|
30,771 |
|
|
22,462 |
|
|
24,438 |
|
|
19,111 |
|
|
25,600 |
|
|||||
Depreciation and amortization |
|
11,094 |
|
|
11,636 |
|
|
11,404 |
|
|
11,340 |
|
|
11,472 |
|
|||||
General and administrative |
|
60,314 |
|
|
53,664 |
|
|
55,051 |
|
|
40,809 |
|
|
38,209 |
|
|||||
Servicing costs |
|
29,866 |
|
|
25,009 |
|
|
25,787 |
|
|
30,324 |
|
|
29,632 |
|
|||||
Interest expense |
|
142,342 |
|
|
141,102 |
|
|
108,651 |
|
|
98,668 |
|
|
80,811 |
|
|||||
Other expense (income) |
|
(4,625 |
) |
|
421 |
|
|
(1,105 |
) |
|
(237 |
) |
|
(2,391 |
) |
|||||
Total expenses |
|
517,875 |
|
|
494,145 |
|
|
430,022 |
|
|
385,692 |
|
|
353,825 |
|
|||||
Earnings (loss) before income taxes |
|
42,332 |
|
|
32,289 |
|
|
77,072 |
|
|
184,264 |
|
|
(468,408 |
) |
|||||
Provision (benefit) for income taxes |
|
1,719 |
|
|
344 |
|
|
786 |
|
|
3,733 |
|
|
(7,452 |
) |
|||||
Net income (loss) |
|
40,613 |
|
|
31,945 |
|
|
76,286 |
|
|
180,531 |
|
|
(460,956 |
) |
|||||
Net income (loss) attributable to non-controlling interest |
|
31,694 |
|
|
38,240 |
|
|
73,236 |
|
|
171,801 |
|
|
(433,878 |
) |
|||||
Net income (loss) attributable to UWMC |
$ |
8,919 |
|
$ |
(6,295 |
) |
$ |
3,050 |
|
$ |
8,730 |
|
$ |
(27,078 |
) |
|||||
|
|
|
|
|
|
|||||||||||||||
Earnings (loss) per share of Class A common stock: |
|
|
|
|
|
|||||||||||||||
Basic |
$ |
0.06 |
|
$ |
(0.06 |
) |
$ |
0.03 |
|
$ |
0.09 |
|
$ |
(0.29 |
) |
|||||
Diluted |
$ |
0.02 |
|
$ |
(0.06 |
) |
$ |
0.03 |
|
$ |
0.09 |
|
$ |
(0.29 |
) |
|||||
Weighted average shares outstanding: |
|
|
|
|
|
|||||||||||||||
Basic |
|
155,584,329 |
|
|
99,801,301 |
|
|
95,387,609 |
|
|
94,365,991 |
|
|
93,654,269 |
|
|||||
Diluted |
|
1,598,241,235 |
|
|
99,801,301 |
|
|
95,387,609 |
|
|
1,598,647,205 |
|
|
93,654,269 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250226975571/en/
For inquiries regarding UWM, please contact:
INVESTOR CONTACT
BLAKE KOLO
InvestorRelations@uwm.com
MEDIA CONTACT
NICOLE ROBERTS
Media@uwm.com
Source: UWM Holdings Corporation