UWM Holdings Corporation Announces Second Quarter 2024 Results
UWM Holdings (NYSE: UWMC) reported its Q2 2024 results with total loan origination volume of $33.6 billion, including $27.2 billion in purchase volume. The company achieved net income of $76.3 million and diluted earnings per share of $0.03. Key highlights include:
- Total gain margin of 106 bps in Q2 2024
- Adjusted EBITDA of $133.1 million
- Total equity of $2.3 billion as of June 30, 2024
- Available liquidity of approximately $2.7 billion
UWM continues to dominate the purchase market and is well-positioned for future growth. The company launched new initiatives like TRAC+ and ChatUWM, and was announced as the official mortgage partner of the NBA and WNBA.
UWM Holdings (NYSE: UWMC) ha riportato i risultati del Q2 2024 con un volume totale di origini di prestiti di 33,6 miliardi di dollari, inclusi 27,2 miliardi di dollari in volume di acquisti. L'azienda ha registrato un reddito netto di 76,3 milioni di dollari e un utile per azione diluito di 0,03 dollari. I punti salienti includono:
- Margine totale di guadagno di 106 bps nel Q2 2024
- EBITDA rettificato di 133,1 milioni di dollari
- Patrimonio totale di 2,3 miliardi di dollari al 30 giugno 2024
- Liquidità disponibile di circa 2,7 miliardi di dollari
UWM continua a dominare il mercato degli acquisti ed è ben posizionata per una futura crescita. L'azienda ha lanciato nuove iniziative come TRAC+ e ChatUWM, ed è stata annunciata come partner ufficiale per i mutui dell'NBA e della WNBA.
UWM Holdings (NYSE: UWMC) informó sus resultados del Q2 2024 con un volumen total de originación de préstamos de 33,6 mil millones de dólares, incluyendo 27,2 mil millones de dólares en volumen de compras. La empresa logró un ingreso neto de 76,3 millones de dólares y ganancias por acción diluidas de 0,03 dólares. Los aspectos destacados incluyen:
- Margen total de ganancia de 106 puntos básicos en el Q2 2024
- EBITDA ajustado de 133,1 millones de dólares
- Patrimonio total de 2,3 mil millones de dólares al 30 de junio de 2024
- Liquidez disponible de aproximadamente 2,7 mil millones de dólares
UWM continúa dominando el mercado de compras y está bien posicionada para un crecimiento futuro. La empresa lanzó nuevas iniciativas como TRAC+ y ChatUWM, y fue anunciada como el socio oficial de hipotecas de la NBA y la WNBA.
UWM 홀딩스 (NYSE: UWMC)는 Q2 2024 결과를 발표하며 대출 승인 총액 336억 달러, 그 중 구매액 272억 달러를 포함하였다고 전했습니다. 이 회사는 순이익 7630만 달러와 희석 주당 순이익 0.03 달러를 기록했습니다. 주요 하이라이트는 다음과 같습니다:
- Q2 2024의 총 이익 마진 106bps
- 조정 EBITDA 1억 3310만 달러
- 2024년 6월 30일 기준 총 자본금 23억 달러
- 약 27억 달러의 가용 유동성
UWM은 구매 시장에서 계속해서 지배력을 유지하고 있으며 미래 성장을 위해 잘 설정되어 있습니다. 회사는 TRAC+ 및 ChatUWM과 같은 새로운 이니셔티브를 시작했으며, NBA와 WNBA의 공식 모기지 파트너로 발표되었습니다.
UWM Holdings (NYSE: UWMC) a publié ses résultats du Q2 2024 avec un volume total d'origination de prêts de 33,6 milliards de dollars, incluant 27,2 milliards de dollars en volume d'achat. L'entreprise a atteint un revenu net de 76,3 millions de dollars et un bénéfice par action dilué de 0,03 dollar. Les points saillants incluent :
- Marge de gain total de 106 points de base dans le Q2 2024
- EBITDA ajusté de 133,1 millions de dollars
- Capitaux propres totaux de 2,3 milliards de dollars au 30 juin 2024
- Liquidité disponible d'environ 2,7 milliards de dollars
UWM continue de dominer le marché des achats et est bien positionnée pour une croissance future. L'entreprise a lancé de nouvelles initiatives telles que TRAC+ et ChatUWM, et a été annoncée comme le partenaire officiel pour les prêts immobiliers de la NBA et de la WNBA.
UWM Holdings (NYSE: UWMC) hat die Ergebnisse für das Q2 2024 veröffentlicht, mit einem gesamten Darlehensoriginationvolumen von 33,6 Milliarden Dollar, einschließlich 27,2 Milliarden Dollar im Kaufvolumen. Das Unternehmen erzielte netto Einnahmen von 76,3 Millionen Dollar und einen verwässerten Gewinn pro Aktie von 0,03 Dollar. Zu den wichtigsten Punkten gehören:
- Gesamte Gewinnmarge von 106 Basispunkten im Q2 2024
- Bereinigtes EBITDA von 133,1 Millionen Dollar
- Gesamtes Eigenkapital von 2,3 Milliarden Dollar zum 30. Juni 2024
- Verfügbare Liquidität von etwa 2,7 Milliarden Dollar
UWM bleibt ein dominierender Akteur im Kaufmarkt und ist gut positioniert für zukünftiges Wachstum. Das Unternehmen hat neue Initiativen wie TRAC+ und ChatUWM ins Leben gerufen und wurde als offizieller Hypothekenpartner der NBA und WNBA bekanntgegeben.
- Total loan origination volume increased to $33.6 billion in Q2 2024, up from $27.6 billion in Q1 2024
- Purchase originations grew to $27.2 billion in Q2 2024, compared to $22.1 billion in Q1 2024
- Total gain margin improved to 106 bps in Q2 2024 from 88 bps in Q2 2023
- Adjusted EBITDA increased to $133.1 million in Q2 2024 from $101.5 million in Q1 2024
- Available liquidity of approximately $2.7 billion, including $680.2 million in cash
- Net income decreased to $76.3 million in Q2 2024 from $180.5 million in Q1 2024 and $228.8 million in Q2 2023
- Total equity declined to $2.3 billion at June 30, 2024, from $2.5 billion at March 31, 2024, and $2.9 billion at June 30, 2023
- Unpaid principal balance of MSRs decreased to $189.5 billion at June 30, 2024, from $229.7 billion at March 31, 2024
Insights
UWM Holdings 's Q2 2024 results show mixed performance. While loan origination volume increased to
The company's total gain margin remained relatively stable at
However, the decline in total equity to
UWM's Q2 results reflect the broader mortgage market trends. The increase in purchase originations to
The launch of TRAC+ and ChatUWM demonstrates UWM's focus on technology-driven solutions to streamline processes and support brokers. These innovations could potentially increase UWM's competitive edge in the wholesale channel.
The partnership with NBA and WNBA through Mortgage Matchup is a strategic move to increase brand visibility and potentially drive more business through independent brokers. However, the effectiveness of this marketing investment remains to be seen in future quarters.
UWM's Q3 outlook of
Second Quarter Net Income of
Mat Ishbia, Chairman and CEO of UWMC, said, "The second quarter was another strong quarter, by all measures, for UWM and the wholesale channel. We collectively continue to dominate the current purchase market while investing and preparing for lower rates ahead. Our momentum is building, with margins and production both up year over year, and our focus remains on our best-in-class people, process and technology. UWM and the mortgage broker community are in a position of strength. With wholesale channel market share at a 15-year high, we are in a prime position to capitalize and grow when rates inevitably drop. UWM has never been as prepared for the upcoming opportunity as we are now."
Second Quarter Financial 2024 Highlights
-
Originations of
in 2Q24, compared to$33.6 billion in 1Q24 and$27.6 billion in 2Q23$31.8 billion -
Purchase originations of
in 2Q24, compared to$27.2 billion in 1Q24 and$22.1 billion in 2Q23$28.0 billion - Total gain margin of 106 bps in 2Q24 compared to 108 bps in 1Q24 and 88 bps in 2Q23
-
Net income of
in 2Q24 compared to net income of$76.3 million in 1Q24 and net income of$180.5 million in 2Q23$228.8 million -
Adjusted EBITDA of
in 2Q24 compared to$133.1 million in 1Q24 and$101.5 million in 2Q23$125.4 million -
Total equity of
at June 30, 2024, compared to$2.3 billion at March 31, 2024, and$2.5 billion at June 30, 2023$2.9 billion -
Unpaid principal balance of MSRs of
with a WAC of$189.5 billion 4.31% at June 30, 2024, compared to with a WAC of$229.7 billion 4.58% at March 31, 2024, and with a WAC of$294.9 billion 3.84% at June 30, 2023 -
Ended 2Q24 with approximately
of available liquidity, including$2.7 billion of cash, and available borrowing capacity under our secured and unsecured lines of credit$680.2 million
Production and Income Statement Highlights (dollars in thousands, except per share amounts) |
|||||||||
|
Q2 2024 |
Q1 2024 |
Q2 2023 |
||||||
Loan origination volume(1) |
$ |
33,628,993 |
|
$ |
27,630,535 |
|
$ |
31,846,800 |
|
Total gain margin(1)(2) |
|
1.06 |
% |
|
1.08 |
% |
|
0.88 |
% |
Net income |
$ |
76,286 |
|
$ |
180,531 |
|
$ |
228,794 |
|
Diluted earnings per share |
|
0.03 |
|
|
0.09 |
|
|
0.08 |
|
Adjusted diluted earnings per share(3) |
|
0.04 |
|
|
N/A |
|
|
0.11 |
|
Adjusted net income(3) |
|
59,809 |
|
|
141,121 |
|
|
175,953 |
|
Adjusted EBITDA(3) |
|
133,146 |
|
|
101,490 |
|
|
125,380 |
|
(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) |
||||||
|
Q2 2024 |
Q1 2024 |
Q2 2023 |
|||
Cash and cash equivalents |
$ |
680,153 |
$ |
605,639 |
$ |
634,576 |
Mortgage loans at fair value |
|
8,236,183 |
|
7,338,135 |
|
6,269,924 |
Mortgage servicing rights |
|
2,650,090 |
|
3,191,803 |
|
4,224,207 |
Total assets |
|
12,921,641 |
|
12,797,334 |
|
12,425,919 |
Non-funding debt (1) |
|
2,108,426 |
|
2,311,850 |
|
2,623,991 |
Total equity |
|
2,329,012 |
|
2,457,058 |
|
2,947,122 |
Non-funding debt to equity (1) |
|
0.91 |
|
0.94 |
|
0.89 |
(1) |
Non-GAAP metric (see discussion and reconciliations below). |
Mortgage Servicing Rights (dollars in thousands) |
|
||||||||
|
Q2 2024 |
Q1 2024 |
Q2 2023 |
||||||
Unpaid principal balance |
$ |
189,482,798 |
|
$ |
229,706,006 |
|
$ |
294,945,929 |
|
Weighted average interest rate |
|
4.31 |
% |
|
4.58 |
% |
|
3.84 |
% |
Weighted average age (months) |
|
26 |
|
|
22 |
|
|
20 |
|
Second Quarter Business and Product Highlights
-
UWM LIVE!
- For the third consecutive year, UWM hosted over 5,000 independent mortgage brokers, processors and real estate agents for UWM LIVE!, one of the largest mortgage events of the year
-
Launched TRAC+
- UWM can now handle everything throughout title review, closing and disbursement. As a result, brokers have the option to close the loan without working with a title company or a settlement agent
-
Launched ChatUWM
- An innovative AI-powered smart search designed to support independent mortgage brokers, providing instant responses on topics including guidelines, matrices, summaries of UWM’s tools and technology and more
-
Continued Investment in Mortgage Matchup
- Mortgage Matchup was announced as the official mortgage partner of the NBA and WNBA, the first-ever mortgage partnership for both leagues
Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands) |
||||||||
Purchase: |
Q2 2024 |
Q1 2024 |
Q2 2023 |
|||||
Conventional |
$ |
15,650,022 |
$ |
12,160,107 |
$ |
17,607,736 |
||
Government |
|
8,298,147 |
|
7,567,925 |
|
9,184,089 |
||
Jumbo and other (1) |
|
3,224,482 |
|
2,393,397 |
|
1,243,350 |
||
Total Purchase |
$ |
27,172,651 |
$ |
22,121,429 |
$ |
28,035,175 |
||
|
||||||||
Refinance: |
Q2 2024 |
Q1 2024 |
Q2 2023 |
|||||
Conventional |
$ |
2,506,853 |
$ |
1,716,281 |
$ |
2,113,172 |
||
Government |
|
2,573,514 |
|
2,657,541 |
|
1,336,350 |
||
Jumbo and other (1) |
|
1,375,975 |
|
1,135,284 |
|
362,103 |
||
Total Refinance |
$ |
6,456,342 |
$ |
5,509,106 |
$ |
3,811,625 |
||
Total Originations |
$ |
33,628,993 |
$ |
27,630,535 |
$ |
31,846,800 |
(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). |
Third Quarter 2024 Outlook
We anticipate third quarter production to be in the
Dividend
Subsequent to June 30, 2024, for the fifteenth 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 Tuesday, August 6, 2024, at 10:00 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/Q4I2815784
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
We also disclose Adjusted EBITDA, which we define as earnings (loss) 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 (net), 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 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 income | Q2 2024 |
Q1 2024 |
Q2 2023 |
|||||||||
Earnings before income taxes | $ |
77,072 |
|
$ |
184,264 |
|
$ |
230,004 |
|
|||
Adjusted income tax provision |
|
(17,263 |
) |
|
(43,143 |
) |
|
(54,051 |
) |
|||
Adjusted net income | $ |
59,809 |
|
$ |
141,121 |
|
$ |
175,953 |
|
Adjusted diluted EPS |
Q2 2024 |
Q2 2023 |
||
Diluted weighted average Class A common stock outstanding |
95,387,609 |
93,107,133 |
||
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) |
1,597,457,396 |
1,595,176,920 |
Adjusted net income |
$ |
59,809 |
$ |
175,953 |
Adjusted diluted EPS |
|
0.04 |
|
0.11 |
(1) Reflects the pro forma exchange and conversion of antidilutive Class D common stock to Class A common stock. |
Adjusted EBITDA |
Q2 2024 |
Q1 2024 |
Q2 2023 |
|||||||||
Net income |
$ |
76,286 |
|
$ |
180,531 |
|
$ |
228,794 |
|
|||
Interest expense on non-funding debt |
|
31,951 |
|
|
40,243 |
|
|
42,756 |
|
|||
Provision for income taxes |
|
786 |
|
|
3,733 |
|
|
1,210 |
|
|||
Depreciation and amortization |
|
11,404 |
|
|
11,340 |
|
|
11,441 |
|
|||
Stock-based compensation expense |
|
3,937 |
|
|
5,876 |
|
|
3,567 |
|
|||
Change in fair value of MSRs due to valuation inputs or assumptions, net |
|
11,056 |
|
|
(141,059 |
) |
|
(164,526 |
) |
|||
Deferred compensation, net |
|
(1,169 |
) |
|
1,063 |
|
|
(564 |
) |
|||
Change in fair value of Public and Private Warrants |
|
(1,739 |
) |
|
(686 |
) |
|
1,175 |
|
|||
Change in Tax Receivable Agreement liability |
|
— |
|
|
180 |
|
|
915 |
|
|||
Change in fair value of investment securities |
|
634 |
|
|
269 |
|
|
612 |
|
|||
Adjusted EBITDA |
$ |
133,146 |
|
$ |
101,490 |
|
$ |
125,380 |
|
Non-funding debt and non-funding debt to equity | Q2 2024 |
Q1 2024 |
Q2 2023 |
||||||
Senior notes |
$ |
1,990,233 |
$ |
1,989,250 |
$ |
1,986,301 |
|||
Secured lines of credit |
|
— |
|
200,000 |
|
500,000 |
|||
Borrowings against investment securities |
|
91,406 |
|
94,064 |
|
100,901 |
|||
Equipment note payable |
|
— |
|
— |
|
433 |
|||
Finance lease liability |
|
26,787 |
|
28,536 |
|
36,356 |
|||
Total non-funding debt |
$ |
2,108,426 |
$ |
2,311,850 |
$ |
2,623,991 |
|||
Total equity |
$ |
2,329,012 |
$ |
2,457,058 |
$ |
2,947,122 |
|||
Non-funding debt to equity |
|
0.91 |
|
0.94 |
|
0.89 |
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 2024 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 third quarter of 2024; (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) |
|||||
|
June 30, |
December 31, |
|||
|
2024 |
2023 |
|||
Assets |
|
(Unaudited) |
|
||
Cash and cash equivalents |
$ |
680,153 |
$ |
497,468 |
|
Mortgage loans at fair value |
|
8,236,183 |
|
5,449,884 |
|
Derivative assets |
|
54,962 |
|
33,019 |
|
Investment securities at fair value, pledged |
|
105,593 |
|
110,352 |
|
Accounts receivable, net |
|
516,838 |
|
512,070 |
|
Mortgage servicing rights |
|
2,650,090 |
|
4,026,136 |
|
Premises and equipment, net |
|
146,750 |
|
146,417 |
|
Operating lease right-of-use asset, net (includes |
|
96,474 |
|
99,125 |
|
Finance lease right-of-use asset (includes |
|
25,061 |
|
29,111 |
|
Loans eligible for repurchase from Ginnie Mae |
|
279,290 |
|
856,856 |
|
Other assets |
|
130,247 |
|
111,416 |
|
Total assets |
$ |
12,921,641 |
$ |
11,871,854 |
|
Liabilities and Equity |
|
|
|||
Warehouse lines of credit |
$ |
7,429,591 |
$ |
4,902,090 |
|
Derivative liabilities |
|
26,171 |
|
40,781 |
|
Secured line of credit |
|
— |
|
750,000 |
|
Borrowings against investment securities |
|
91,406 |
|
93,814 |
|
Accounts payable, accrued expenses and other |
|
486,138 |
|
469,101 |
|
Accrued distributions and dividends payable |
|
159,766 |
|
159,572 |
|
Senior notes |
|
1,990,233 |
|
1,988,267 |
|
Operating lease liability |
|
|
|||
(includes |
|
103,247 |
|
106,024 |
|
Finance lease liability |
|
|
|||
(includes |
|
26,787 |
|
30,678 |
|
Loans eligible for repurchase from Ginnie Mae |
|
279,290 |
|
856,856 |
|
Total liabilities |
|
10,592,629 |
|
9,397,183 |
|
Equity: |
|
|
|||
Preferred stock, |
|
— |
|
— |
|
Class A common stock, |
|
10 |
|
10 |
|
Class B common stock, |
|
— |
|
— |
|
Class C common stock, |
|
— |
|
— |
|
Class D common stock, |
|
150 |
|
150 |
|
Additional paid-in capital |
|
2,305 |
|
1,702 |
|
Retained earnings |
|
111,021 |
|
110,690 |
|
Non-controlling interest |
|
2,215,526 |
|
2,362,119 |
|
Total equity |
|
2,329,012 |
|
2,474,671 |
|
Total liabilities and equity |
$ |
12,921,641 |
$ |
11,871,854 |
UWM HOLDINGS CORPORATION |
||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||
(in thousands, except shares and per share amounts) |
||||||||||
(Unaudited) |
||||||||||
For the three months ended |
||||||||||
|
June 30,
|
March 31,
|
June 30,
|
|||||||
Revenue |
|
|
|
|||||||
Loan production income |
$ |
357,109 |
|
$ |
298,954 |
|
$ |
280,757 |
||
Loan servicing income |
|
143,910 |
|
|
184,702 |
|
|
193,220 |
||
Change in fair value of mortgage servicing rights, net |
|
(115,319 |
) |
|
(15,563 |
) |
|
24,648 |
||
Interest income |
|
121,394 |
|
|
101,863 |
|
|
88,895 |
||
Total revenue, net |
|
507,094 |
|
|
569,956 |
|
|
587,520 |
||
Expenses |
|
|
|
|||||||
Salaries, commissions and benefits |
|
160,311 |
|
|
154,241 |
|
|
131,380 |
||
Direct loan production costs |
|
45,485 |
|
|
31,436 |
|
|
23,618 |
||
Marketing, travel, and entertainment |
|
24,438 |
|
|
19,111 |
|
|
21,588 |
||
Depreciation and amortization |
|
11,404 |
|
|
11,340 |
|
|
11,441 |
||
General and administrative |
|
55,051 |
|
|
40,809 |
|
|
52,691 |
||
Servicing costs |
|
25,787 |
|
|
30,324 |
|
|
31,658 |
||
Interest expense |
|
108,651 |
|
|
98,668 |
|
|
82,437 |
||
Other expense (income) |
|
(1,105 |
) |
|
(237 |
) |
|
2,703 |
||
Total expenses |
|
430,022 |
|
|
385,692 |
|
|
357,516 |
||
Earnings before income taxes |
|
77,072 |
|
|
184,264 |
|
|
230,004 |
||
Provision for income taxes |
|
786 |
|
|
3,733 |
|
|
1,210 |
||
Net income |
|
76,286 |
|
|
180,531 |
|
|
228,794 |
||
Net income attributable to non-controlling interest |
|
73,236 |
|
|
171,801 |
|
|
221,236 |
||
Net income attributable to UWMC |
$ |
3,050 |
|
$ |
8,730 |
|
$ |
7,558 |
Earnings (loss) per share of Class A common stock: |
|
|||||||
Basic |
$ |
0.03 |
$ |
0.09 |
$ |
0.08 |
||
Diluted |
$ |
0.03 |
$ |
0.09 |
$ |
0.08 |
||
Weighted average shares outstanding: |
|
|
|
|||||
Basic |
|
95,387,609 |
|
94,365,991 |
|
93,107,133 |
||
Diluted |
|
95,387,609 |
|
1,598,647,205 |
|
93,107,133 |
Addendum to Exhibit 99.1
This addendum includes the Company's Consolidated Balance Sheets as of June 30, 2024, and the preceding four quarters and Statements of Operations for the quarter ended June 30, 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) |
||||||||||||||
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
|||||||||
Assets |
(Unaudited) |
(Unaudited) |
|
(Unaudited) |
(Unaudited) |
|||||||||
Cash and cash equivalents |
$ |
680,153 |
$ |
605,639 |
$ |
497,468 |
$ |
729,616 |
$ |
634,576 |
||||
Mortgage loans at fair value |
|
8,236,183 |
|
7,338,135 |
|
5,449,884 |
|
5,560,039 |
|
6,269,924 |
||||
Derivative assets |
|
54,962 |
|
34,050 |
|
33,019 |
|
92,791 |
|
61,407 |
||||
Investment securities at fair value, pledged |
|
105,593 |
|
108,323 |
|
110,352 |
|
104,526 |
|
111,625 |
||||
Accounts receivable, net |
|
516,838 |
|
554,443 |
|
512,070 |
|
385,922 |
|
347,865 |
||||
Mortgage servicing rights |
|
2,650,090 |
|
3,191,803 |
|
4,026,136 |
|
4,352,219 |
|
4,224,207 |
||||
Premises and equipment, net |
|
146,750 |
|
145,265 |
|
146,417 |
|
146,509 |
|
149,515 |
||||
Operating lease right-of-use asset, net |
|
96,474 |
|
97,801 |
|
99,125 |
|
100,427 |
|
101,686 |
||||
Finance lease right-of-use asset |
|
25,061 |
|
26,890 |
|
29,111 |
|
31,803 |
|
34,947 |
||||
Loans eligible for repurchase from Ginnie Mae |
|
279,290 |
|
577,487 |
|
856,856 |
|
617,490 |
|
409,078 |
||||
Other assets |
|
130,247 |
|
117,498 |
|
111,416 |
|
82,795 |
|
81,089 |
||||
Total assets |
$ |
12,921,641 |
$ |
12,797,334 |
$ |
11,871,854 |
$ |
12,204,137 |
$ |
12,425,919 |
||||
Liabilities and Equity |
|
|
|
|
|
|||||||||
Warehouse lines of credit |
$ |
7,429,591 |
$ |
6,681,917 |
$ |
4,902,090 |
$ |
5,066,900 |
$ |
5,732,791 |
||||
Derivative liabilities |
|
26,171 |
|
26,918 |
|
40,781 |
|
38,882 |
|
21,734 |
||||
Secured line of credit |
|
— |
|
200,000 |
|
750,000 |
|
500,000 |
|
500,000 |
||||
Borrowings against investment securities |
|
91,406 |
|
94,064 |
|
93,814 |
|
97,328 |
|
100,901 |
||||
Accounts payable, accrued expenses and other |
|
486,138 |
|
477,765 |
|
469,101 |
|
503,890 |
|
423,407 |
||||
Accrued distributions and dividends payable |
|
159,766 |
|
159,702 |
|
159,572 |
|
159,572 |
|
159,518 |
||||
Senior notes |
|
1,990,233 |
|
1,989,250 |
|
1,988,267 |
|
1,987,284 |
|
1,986,301 |
||||
Operating lease liability |
|
103,247 |
|
104,637 |
|
106,024 |
|
107,389 |
|
108,711 |
||||
Finance lease liability |
|
26,787 |
|
28,536 |
|
30,678 |
|
33,291 |
|
36,356 |
||||
Loans eligible for repurchase from Ginnie Mae |
|
279,290 |
|
577,487 |
|
856,856 |
|
617,490 |
|
409,078 |
||||
Total liabilities |
|
10,592,629 |
|
10,340,276 |
|
9,397,183 |
|
9,112,026 |
|
9,478,797 |
||||
Equity: |
|
|
|
|
|
|||||||||
Preferred stock, |
|
— |
|
|
— |
|
— |
|
— |
|||||
Class A common stock, |
10 |
9 |
10 |
10 |
9 |
|||||||||
Class B common stock, |
|
— |
|
|
— |
|
— |
|
— |
|||||
Class C common stock, |
|
— |
|
|
— |
|
— |
|
— |
|||||
Class D common stock, |
|
150 |
|
150 |
|
150 |
|
150 |
|
150 |
||||
Additional paid-in capital |
|
2,305 |
|
2,085 |
|
1,702 |
|
1,484 |
|
1,267 |
||||
Retained earnings |
|
111,021 |
|
111,980 |
|
110,690 |
|
130,233 |
|
120,379 |
||||
Non-controlling interest |
|
2,215,526 |
|
2,342,834 |
|
2,362,119 |
|
2,960,234 |
|
2,825,317 |
||||
Total equity |
|
2,329,012 |
|
2,457,058 |
|
2,474,671 |
|
3,092,111 |
|
2,947,122 |
||||
Total liabilities and equity |
$ |
12,921,641 |
$ |
12,797,334 |
$ |
11,871,854 |
$ |
12,204,137 |
$ |
12,425,919 |
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||
(in thousands, except shares and per share amounts) |
||||||||||||||
(Unaudited) |
||||||||||||||
For the three months ended |
||||||||||||||
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
|||||||||
Revenue |
|
|
|
|
|
|||||||||
Loan production income |
$ |
357,109 |
|
$ |
298,954 |
|
$ |
225,436 |
|
$ |
288,930 |
|
$ |
280,757 |
Loan servicing income |
|
143,910 |
|
|
184,702 |
|
|
206,498 |
|
|
200,428 |
|
|
193,220 |
Change in fair value of mortgage servicing rights, net |
|
(115,319 |
) |
|
(15,563 |
) |
|
(634,418 |
) |
|
92,909 |
|
|
24,648 |
Interest income |
|
121,394 |
|
|
101,863 |
|
|
87,901 |
|
|
94,849 |
|
|
88,895 |
Total revenue, net |
|
507,094 |
|
|
569,956 |
|
|
(114,583 |
) |
|
677,116 |
|
|
587,520 |
Expenses |
|
|
|
|
|
|||||||||
Salaries, commissions and benefits |
|
160,311 |
|
|
154,241 |
|
|
142,515 |
|
|
135,333 |
|
|
131,380 |
Direct loan production costs |
|
45,485 |
|
|
31,436 |
|
|
27,977 |
|
|
36,184 |
|
|
23,618 |
Marketing, travel, and entertainment |
|
24,438 |
|
|
19,111 |
|
|
25,600 |
|
|
20,117 |
|
|
21,588 |
Depreciation and amortization |
|
11,404 |
|
|
11,340 |
|
|
11,472 |
|
|
11,563 |
|
|
11,441 |
General and administrative |
|
55,051 |
|
|
40,809 |
|
|
38,209 |
|
|
44,904 |
|
|
52,691 |
Servicing costs |
|
25,787 |
|
|
30,324 |
|
|
29,632 |
|
|
33,640 |
|
|
31,658 |
Interest expense |
|
108,651 |
|
|
98,668 |
|
|
80,811 |
|
|
93,724 |
|
|
82,437 |
Other expense (income) |
|
(1,105 |
) |
|
(237 |
) |
|
(2,391 |
) |
|
(76 |
) |
|
2,703 |
Total expenses |
|
430,022 |
|
|
385,692 |
|
|
353,825 |
|
|
375,389 |
|
|
357,516 |
Earnings (loss) before income taxes |
|
77,072 |
|
|
184,264 |
|
|
(468,408 |
) |
|
301,727 |
|
|
230,004 |
Provision (benefit) for income taxes |
|
786 |
|
|
3,733 |
|
|
(7,452 |
) |
|
734 |
|
|
1,210 |
Net income (loss) |
|
76,286 |
|
|
180,531 |
|
|
(460,956 |
) |
|
300,993 |
|
|
228,794 |
Net income (loss) attributable to non-controlling interest |
|
73,236 |
|
|
171,801 |
|
|
(433,878 |
) |
|
282,762 |
|
|
221,236 |
Net income (loss) attributable to UWMC |
$ |
3,050 |
|
$ |
8,730 |
|
$ |
(27,078 |
) |
$ |
18,231 |
|
$ |
7,558 |
Earnings (loss) per share of Class A common stock: |
|
||||||||||
Basic |
$ |
0.03 |
$ |
0.09 |
$ |
(0.29 |
) |
$ |
0.20 |
$ |
0.08 |
Diluted |
$ |
0.03 |
$ |
0.09 |
$ |
(0.29 |
) |
$ |
0.15 |
$ |
0.08 |
Weighted average shares outstanding: |
|
|
|
|
|
||||||
Basic |
|
95,387,609 |
|
94,365,991 |
|
93,654,269 |
|
|
93,290,736 |
|
93,107,133 |
Diluted |
|
95,387,609 |
|
1,598,647,205 |
|
93,654,269 |
|
|
1,596,624,780 |
|
93,107,133 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806108894/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
FAQ
What was UWM Holdings 's (UWMC) loan origination volume in Q2 2024?
How much net income did UWMC report for Q2 2024?
What was UWMC's total gain margin in Q2 2024?