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UWM Holdings Corporation Announces Fourth Quarter & Full Year 2022 Results

UWM Remains America's #1 Overall Mortgage Lender in the Fourth Quarter

Fourth Quarter Loan Origination Volume of $25.1 billion, including Purchase Volume of $21.7 billion

$931.9 million in FY 2022 Net Income

UWM Holdings Corporation (NYSE: UWMC) (the "Company"), the publicly traded indirect parent of United Wholesale Mortgage (“UWM”), today announced its results for the fourth quarter and full year ended December 31, 2022. For the second consecutive quarter, UWM is the number one overall mortgage lender in the U.S. Total loan origination volume for the fourth quarter was $25.1 billion, of which $21.7 billion was purchase volume. The Company's net income for 2022 was $931.9 million and diluted earnings per share was $0.45. For 4Q22, the Company reported a net loss of $62.5 million, inclusive of a $150.8 million decline in fair value of MSRs, and diluted loss per share of $(0.03).

Mat Ishbia, Chairman and CEO of UWMC, said, "2022 was a historic year for UWM. Becoming the #1 overall mortgage lender in America, while originating mortgage loans exclusively through the wholesale channel, is a validation of our unrelenting commitment to the broker channel. We also delivered earnings of $931.9 million and have continued to reward our shareholders with consistent dividends. In 2023, we will continue to invest in technology to serve the broker channel and products that put brokers in a position to win. As we have done in other purchase-centric markets, we'll grow market share and emerge stronger to better capitalize on the next boom."

Fourth Quarter 2022 Highlights

  • Originations of $25.1 billion in 4Q22, compared to $33.5 billion in 3Q22 and $55.2 billion in 4Q21
  • Purchase originations of $21.7 billion in 4Q22, compared to $27.7 billion in 3Q22 and $24.5 billion in 4Q21
  • Net loss of $62.5 million in 4Q22 compared to $325.6 million of net income in 3Q22 and $239.8 million of net income in 4Q21
  • Total gain margin of 51 bps in 4Q22 compared to 52 bps in 3Q22 and 80 bps in 4Q21
  • Total equity of $3.2 billion at December 31, 2022, compared to $3.4 billion at September 30, 2022 and $3.2 billion at December 31, 2021
  • Unpaid principal balance of MSRs of $312.5 billion with a WAC of 3.64% at December 31, 2022, compared to $306.0 billion with a WAC of 3.44% at September 30, 2022, and $319.8 billion with a WAC of 2.94% at December 31, 2021
  • Ended 4Q22 with approximately $2.1 billion of available liquidity, including $886.2 million of cash and self-warehouse, and $1.25 billion of available borrowing capacity, which includes $750 million under a line of credit secured by agency MSRs, and $500 million under an unsecured line of credit
  • Achieved 11% share of the overall mortgage market and 54% share of the wholesale channel for 4Q22

Full Year 2022 Highlights

  • Originations of $127.3 billion in 2022, compared to $226.5 billion in 2021
  • Record purchase originations of $90.8 billion in 2022, compared to $87.3 billion in 2021
  • Net income of $931.9 million in 2022 inclusive of a $284.1 million increase in fair value of MSRs, as compared to $1.6 billion of net income in 2021 inclusive of $587.8 million decline in fair value of MSRs
  • Total gain margin of 77 bps in 2022 compared to 114 bps in 2021
  • Largest wholesale mortgage lender in the U.S. by closed loan volume eight years in a row, with approximately 38% market share of the wholesale channel for the year ended December 31, 2022
  • Achieved 8% share of the overall mortgage market for the year ended December 31, 2022

Production and Income Statement Highlights (dollars in thousands, except per share amounts)

 

 

Q4 2022

 

Q3 2022

 

Q4 2021

 

FY 2022

 

FY 2021

Loan origination volume(1)

 

$

25,126,844

 

 

$

33,464,480

 

 

$

55,194,365

 

 

$

127,285,461

 

 

$

226,503,692

 

Total gain margin(1)(2)

 

 

0.51

%

 

 

0.52

%

 

 

0.80

%

 

 

0.77

%

 

 

1.14

%

Net income (loss)

 

$

(62,484

)

 

$

325,610

 

 

$

239,826

 

 

$

931,858

 

 

$

1,568,400

 

Diluted EPS

 

 

(0.03

)

 

 

0.13

 

 

 

0.11

 

 

 

0.45

 

 

 

0.66

 

Adjusted diluted EPS(3)

 

 

N/A

 

 

 

0.16

 

 

 

N/A

 

 

 

0.45

 

 

 

N/A

 

Adjusted net income(3)

 

 

(53,308

)

 

 

254,294

 

 

 

177,215

 

 

 

719,415

 

 

 

1,206,407

 

Adjusted EBITDA(3)

 

 

60,393

 

 

 

(1,392

)

 

 

206,567

 

 

 

282,402

 

 

 

1,418,337

 

(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 2022

 

Q3 2022

 

Q4 2021

Cash and cash equivalents

 

$

704,898

 

$

799,534

 

$

731,088

Mortgage loans at fair value

 

 

7,134,960

 

 

5,031,068

 

 

16,909,901

Mortgage servicing rights

 

 

4,453,261

 

 

4,305,686

 

 

3,314,952

Total assets

 

 

13,600,625

 

 

11,890,083

 

 

22,528,358

Non-funding debt (1)

 

 

2,880,178

 

 

2,146,157

 

 

2,158,911

Total equity

 

 

3,171,693

 

 

3,392,033

 

 

3,171,001

Non-funding debt to equity (1)

 

 

0.91

 

 

0.63

 

 

0.68

(1) Non-GAAP metric (see discussion and reconciliations below)

Mortgage Servicing Rights (dollars in thousands)

 

 

Q4 2022

 

Q3 2022

 

Q4 2021

Unpaid principal balance

 

$

312,454,025

 

 

$

306,016,670

 

 

$

319,807,457

 

Weighted average interest rate

 

 

3.64

%

 

 

3.44

%

 

 

2.94

%

Weighted average age (months)

 

 

16

 

 

 

14

 

 

 

9

 

Operational Highlights

  • Achieved highest ever Net Promoter Score of +90.0 in 4Q22, up from +87.1 in 4Q21
  • Our 0.85% 60+ days delinquency and our 0.65% forbearance rates, as of December 31, 2022, are significantly better than the industry averages of 2.0%1 and 0.70%,2 respectively, highlighting our strong credit quality

Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands)

Purchase:

 

Q4 2022

 

Q3 2022

 

Q4 2021

 

FY 2022

 

FY 2021

Conventional

 

$

15,030,972

 

 

19,246,298

 

$

16,643,586

 

$

62,274,030

 

$

63,026,794

Government

 

 

6,135,366

 

 

7,592,116

 

 

4,996,092

 

 

23,773,422

 

 

14,833,808

Jumbo and other

 

 

484,098

 

 

854,925

 

 

2,861,921

 

 

4,782,879

 

 

9,395,143

Total Purchase

 

$

21,650,436

 

 

27,693,339

 

$

24,501,599

 

$

90,830,331

 

$

87,255,745

 

 

 

 

 

 

 

 

 

 

 

Refinance:

 

Q4 2022

 

Q3 2022

 

Q4 2021

 

FY 2022

 

FY 2021

Conventional

 

$

2,254,680

 

 

3,935,550

 

$

25,032,327

 

$

27,059,252

 

$

120,152,065

Government

 

 

1,005,048

 

 

1,640,127

 

 

3,586,086

 

 

7,834,636

 

 

12,034,583

Jumbo and other

 

 

216,680

 

 

195,464

 

 

2,074,353

 

 

1,561,242

 

 

7,061,299

Total Refinance

 

$

3,476,408

 

 

5,771,141

 

$

30,692,766

 

$

36,455,130

 

$

139,247,947

Total Originations

 

$

25,126,844

 

 

33,464,480

 

$

55,194,365

 

$

127,285,461

 

$

226,503,692

1 Source: CoreLogic (as of November 2022); 2 Source: Mortgage Bankers Association.

Mat Ishbia, Chairman and CEO of UWMC, also said, “I want to give a huge thank you to everyone at UWM. It is because of the dedication of our team members and the broker community that 2022 was a historic year. Rest assured, we will not relax in 2023 as there is still much work to be done.”

First Quarter 2023 Outlook

We anticipate first quarter production to be in the $16 to $23 billion range, with gain margin from 75 to 100 basis points.

Dividend

Subsequent to December 31, 2022, for the ninth 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 April 11, 2023, to stockholders of record at the close of business on March 10, 2023. Additionally, the Board approved a proportional distribution to SFS Corp., which is payable on April 11, 2023.

Earnings Conference Call Details

As previously announced, the Company will hold a conference call for financial analysts and investors on Wednesday, March 1, 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:

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 for periods prior to the first quarter of 2021 does not reflect a significant income tax provision, since UWM (the Company's accounting predecessor) is a pass-through entity not subject to federal and most state income taxes. For periods commencing with the first quarter of 2021, 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 23.03% and 23.56% estimated annual effective tax rate for the periods during 2022 and 2021, 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 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

 

Q4 2022

 

Q3 2022

 

Q4 2021

 

FY 2022

 

FY 2021

Earnings before income taxes

 

$

(69,258

)

 

$

330,381

 

 

$

231,836

 

 

$

934,669

 

 

$

1,578,241

 

Impact of estimated annual effective tax rate of 23.03% and 23.56% for periods during 2022 and 2021, respectively

 

 

15,950

 

 

 

(76,087

)

 

 

(54,621

)

 

 

(215,254

)

 

 

(371,834

)

Adjusted net income

 

$

(53,308

)

 

$

254,294

 

 

$

177,215

 

 

$

719,415

 

 

$

1,206,407

 

Adjusted diluted EPS

 

Q3 2022

 

FY 2022

Diluted weighted average Class A common stock outstanding

 

 

92,571,886

 

 

92,475,170

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)

 

 

1,594,641,673

 

 

1,594,544,957

 

 

 

 

 

Adjusted net income

 

$

254,294

 

$

719,415

Adjusted diluted EPS

 

 

0.16

 

 

0.45

 

 

 

 

 

(1) Reflects the pro forma exchange and conversion of antidilutive Class D common stock to Class A common stock.

Adjusted EBITDA

 

Q4 2022

 

Q3 2022

 

Q4 2021

 

FY 2022

 

FY 2021

Net income

 

$

(62,484

)

 

$

325,610

 

 

$

239,826

 

 

$

931,858

 

 

$

1,568,400

 

Interest expense on non-funding debt

 

 

43,611

 

 

 

29,786

 

 

 

25,417

 

 

 

132,647

 

 

 

86,086

 

Provision for income taxes

 

 

(6,774

)

 

 

4,771

 

 

 

(7,990

)

 

 

2,811

 

 

 

9,841

 

Depreciation and amortization

 

 

11,713

 

 

 

11,426

 

 

 

10,422

 

 

 

45,235

 

 

 

35,098

 

Stock-based compensation expense

 

 

2,055

 

 

 

1,986

 

 

 

2,014

 

 

 

7,545

 

 

 

6,467

 

Change in fair value of MSRs due to valuation inputs or assumptions

 

 

71,865

 

 

 

(373,232

)

 

 

(65,104

)

 

 

(868,803

)

 

 

(286,348

)

Deferred compensation, net

 

 

461

 

 

 

(8,468

)

 

 

(2,135

)

 

 

7,370

 

 

 

21,900

 

Change in fair value of Public and Private Warrants

 

 

54

 

 

 

(755

)

 

 

(5,161

)

 

 

(7,683

)

 

 

(36,105

)

Change in Tax Receivable Agreement liability

 

 

 

 

 

 

 

 

8,537

 

 

 

3,200

 

 

 

11,937

 

Change in fair value of investment securities

 

 

(108

)

 

 

7,484

 

 

 

741

 

 

 

28,222

 

 

 

1,061

 

Adjusted EBITDA

 

$

60,393

 

 

$

(1,392

)

 

$

206,567

 

 

$

282,402

 

 

$

1,418,337

 

Non-funding debt and non-funding debt to equity

 

Q4 2022

 

Q3 2022

 

Q4 2021

Senior notes

 

$

1,984,336

 

$

1,983,099

 

$

1,980,112

Borrowings against investment securities

 

 

101,345

 

 

114,875

 

 

118,786

Secured line of credit

 

 

750,000

 

 

 

 

Equipment note payable

 

 

992

 

 

1,266

 

 

2,046

Finance lease liability

 

 

43,505

 

 

46,917

 

 

57,967

Total non-funding debt

 

$

2,880,178

 

$

2,146,157

 

$

2,158,911

Total equity

 

$

3,171,693

 

$

3,392,033

 

$

3,171,001

Non-funding debt to equity

 

 

0.91

 

 

0.63

 

 

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 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 “Game On” strategy and its impact on our business and industry; (7) our foundation and strategies for success and growth and the drivers of that growth; (8) our expectations related to production and margin in the first quarter of 2023; (9) our “All-In” initiative and its impact on our business and industry; (10) our performance in shifting market conditions and the comparison of such performance against our competitors; (11) our ability to produce results at or above prior levels and strategies for producing such results; (12) our position and ability to capitalize on opportunities and the impacts to our results; (13) our investments in technology and the impact to our operations and financial results; and (14) our purchase production and product mix. 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 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 Independent Mortgage Advisor 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.

About UWM Holdings Corporation and United Wholesale Mortgage

Headquartered in Pontiac, Michigan, UWM Holding 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.

UWM HOLDINGS CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands, except shares and per share amounts)

 

 

December 31,

2022

 

December 31,

2021

Assets

 

 

 

Cash and cash equivalents

$

704,898

 

$

731,088

Mortgage loans at fair value

 

7,134,960

 

 

16,909,901

Derivative assets

 

82,869

 

 

67,356

Investment securities at fair value, pledged

 

113,290

 

 

152,263

Accounts receivable, net

 

383,147

 

 

415,691

Mortgage servicing rights

 

4,453,261

 

 

3,314,952

Premises and equipment, net

 

152,477

 

 

151,687

Operating lease right-of-use asset, net

(includes $102,322 and $104,595 with related parties)

 

104,181

 

 

104,828

Finance lease right-of-use asset

(includes $26,867 and $28,619 with related parties)

 

42,218

 

 

57,024

Loans eligible for repurchase from Ginnie Mae

 

345,490

 

 

563,423

Other assets

 

83,834

 

 

60,145

Total assets

$

13,600,625

 

$

22,528,358

Liabilities and Equity

 

 

 

Warehouse lines of credit

$

6,443,992

 

$

15,954,938

Derivative liabilities

 

49,748

 

 

36,741

Secured line of credit

 

750,000

 

 

Borrowings against investment securities

 

101,345

 

 

118,786

Accounts payable, accrued expenses and other

 

439,719

 

 

523,988

Accrued distributions and dividends payable

 

159,465

 

 

9,171

Senior notes

 

1,984,336

 

 

1,980,112

Operating lease liability

(includes $109,473 and $111,999 with related parties)

 

111,332

 

 

112,231

Finance lease liability

(includes $27,857 and $29,087 with related parties)

 

43,505

 

 

57,967

Loans eligible for repurchase from Ginnie Mae

 

345,490

 

 

563,423

Total liabilities

 

10,428,932

 

 

19,357,357

Equity:

 

 

 

Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of December 31, 2022 or 2021

 

 

 

Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 92,575,974 and 91,612,305 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively

 

9

 

 

9

Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of December 31, 2022 or 2021

 

 

 

Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of December 31, 2022 or 2021

 

 

 

Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively

 

150

 

 

150

Additional paid-in capital

 

903

 

 

437

Retained earnings

 

142,500

 

 

141,805

Non-controlling interest

 

3,028,131

 

 

3,028,600

Total equity

 

3,171,693

 

 

3,171,001

Total liabilities and equity

$

13,600,625

 

$

22,528,358

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,

2022

 

September 30,

2022

 

December 31,

2021

 

December 31,

2022

 

December 31,

2021

Revenue

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

 

 

 

Loan production income

$

129,180

 

 

$

172,402

 

$

442,407

 

 

$

981,988

 

$

2,585,807

 

Loan servicing income

 

217,225

 

 

 

196,781

 

 

194,976

 

 

 

792,072

 

 

638,738

 

Change in fair value of mortgage servicing rights

 

(150,808

)

 

 

236,780

 

 

(138,988

)

 

 

284,104

 

 

(587,813

)

Gain (loss) on sale of mortgage servicing rights

 

 

 

 

 

 

2,461

 

 

 

 

 

1,791

 

Interest income

 

106,837

 

 

 

78,210

 

 

104,601

 

 

 

314,462

 

 

331,770

 

Total revenue, net

 

302,434

 

 

 

684,173

 

 

605,457

 

 

 

2,372,626

 

 

2,970,293

 

Expenses

 

 

 

 

 

 

 

 

 

Salaries, commissions and benefits

 

118,266

 

 

 

135,028

 

 

146,697

 

 

 

552,886

 

 

697,680

 

Direct loan production costs

 

17,396

 

 

 

20,498

 

 

25,292

 

 

 

90,369

 

 

72,952

 

Marketing, travel, and entertainment

 

22,976

 

 

 

17,730

 

 

25,334

 

 

 

74,168

 

 

62,472

 

Depreciation and amortization

 

11,713

 

 

 

11,426

 

 

10,422

 

 

 

45,235

 

 

35,098

 

General and administrative

 

49,668

 

 

 

51,649

 

 

36,467

 

 

 

179,549

 

 

133,334

 

Servicing costs

 

36,809

 

 

 

37,596

 

 

36,200

 

 

 

166,024

 

 

108,967

 

Interest expense

 

114,918

 

 

 

73,136

 

 

88,772

 

 

 

305,987

 

 

304,656

 

Other expense/(income)

 

(54

)

 

 

6,729

 

 

4,437

 

 

 

23,739

 

 

(23,107

)

Total expenses

 

371,692

 

 

 

353,792

 

 

373,621

 

 

 

1,437,957

 

 

1,392,052

 

Earnings before income taxes

 

(69,258

)

 

 

330,381

 

 

231,836

 

 

 

934,669

 

 

1,578,241

 

Provision for income taxes

 

(6,774

)

 

 

4,771

 

 

(7,990

)

 

 

2,811

 

 

9,841

 

Net income (loss)

 

(62,484

)

 

 

325,610

 

 

239,826

 

 

 

931,858

 

 

1,568,400

 

Net income (loss) attributable to non-controlling interest

 

(62,207

)

 

 

313,914

 

 

222,876

 

 

 

890,143

 

 

1,469,955

 

Net income (loss) attributable to UWMC

$

(277

)

 

$

11,696

 

$

16,950

 

 

$

41,715

 

$

98,445

 

 

 

 

 

 

 

 

 

 

 

Earnings per share of Class A common stock:

 

 

 

 

 

 

 

 

 

Basic

$

 

 

$

0.13

 

$

0.17

 

 

$

0.45

 

$

0.98

 

Diluted

$

(0.03

)

 

$

0.13

 

$

0.11

 

 

$

0.45

 

$

0.66

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

92,575,549

 

 

 

92,571,886

 

 

97,138,073

 

 

 

92,475,170

 

 

100,881,094

 

Diluted

 

1,594,645,336

 

 

 

92,571,886

 

 

1,599,785,759

 

 

 

92,475,170

 

 

1,603,157,640

 

Addendum to Exhibit 99.1

This addendum includes the Company's Consolidated Balance Sheets as of December 31, 2022, and the preceding four quarters and Statements of Operations for the quarter ended December 31, 2022, 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,

2022

September 30,

2022

June 30,

2022

March 31,

2022

December 31,

2021

Assets

 

(Unaudited)

(Unaudited)

(Unaudited)

 

Cash and cash equivalents

$

704,898

$

799,534

$

958,656

$

901,174

$

731,088

Mortgage loans at fair value

 

7,134,960

 

5,031,068

 

5,022,806

 

4,824,165

 

16,909,901

Derivative assets

 

82,869

 

385,348

 

125,079

 

241,932

 

67,356

Investment securities at fair value, pledged

 

113,290

 

115,079

 

125,193

 

138,417

 

152,263

Accounts receivable, net

 

383,147

 

556,153

 

350,090

 

617,608

 

415,691

Mortgage servicing rights

 

4,453,261

 

4,305,686

 

3,736,359

 

3,514,102

 

3,314,952

Premises and equipment, net

 

152,477

 

152,172

 

153,971

 

151,206

 

151,687

Operating lease right-of-use asset, net

 

104,181

 

101,377

 

102,533

 

103,670

 

104,828

Finance lease right-of-use asset

 

42,218

 

45,667

 

50,179

 

53,857

 

57,024

Loans eligible for repurchase from Ginnie Mae

 

345,490

 

310,149

 

309,577

 

384,002

 

563,423

Other assets

 

83,834

 

87,850

 

82,467

 

60,820

 

60,145

Total assets

$

13,600,625

$

11,890,083

$

11,016,910

$

10,990,953

$

22,528,358

Liabilities and Equity

 

 

 

 

 

Warehouse lines of credit

$

6,443,992

$

4,712,719

$

4,497,353

$

4,076,829

$

15,954,938

Derivative liabilities

 

49,748

 

215,330

 

93,958

 

115,430

 

36,741

Secured line of credit

 

750,000

 

 

 

 

Borrowings against investment securities

 

101,345

 

114,875

 

118,786

 

118,786

 

118,786

Accounts payable, accrued expenses and other

 

439,719

 

846,905

 

470,589

 

823,143

 

523,988

Accrued distributions and dividends payable

 

159,465

 

159,465

 

159,461

 

159,460

 

9,171

Senior notes

 

1,984,336

 

1,983,099

 

1,982,103

 

1,981,106

 

1,980,112

Operating lease liability

 

111,332

 

108,591

 

109,811

 

111,010

 

112,231

Finance lease liability

 

43,505

 

46,917

 

51,370

 

54,945

 

57,967

Loans eligible for repurchase from Ginnie Mae

 

345,490

 

310,149

 

309,577

 

384,002

 

563,423

Total liabilities

 

10,428,932

 

8,498,050

 

7,793,008

 

7,824,711

 

19,357,357

Equity:

 

 

 

 

 

Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of December 31, 2022 or 2021

 

 

 

 

 

Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 92,575,974 and 91,612,305 shares issued and outstanding as of December 31, 2022 and December 31, 2021, 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 December 31, 2022 or 2021

 

 

 

 

 

Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of December 31, 2022 or 2021

 

 

 

 

 

Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of December 31, 2022 and December 31, 2021

 

150

 

150

 

150

 

150

 

150

Additional paid-in capital

 

903

 

784

 

669

 

542

 

437

Retained earnings

 

142,500

 

141,194

 

137,955

 

138,834

 

141,805

Non-controlling interest

 

3,028,131

 

3,249,896

 

3,085,119

 

3,026,707

 

3,028,600

Total equity

 

3,171,693

 

3,392,033

 

3,223,902

 

3,166,242

 

3,171,001

Total liabilities and equity

$

13,600,625

$

11,890,083

$

11,016,910

$

10,990,953

$

22,528,358

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except shares and per share amounts)

(Unaudited)

 

 

For the three months ended

 

December 31,

2022

September 30,

2022

June 30,

2022

March 31,

2022

December 31,

2021

Revenue

 

 

 

 

 

Loan production income

$

129,180

 

$

172,402

$

296,535

$

383,871

$

442,407

 

Loan servicing income

 

217,225

 

 

196,781

 

179,501

 

198,565

 

194,976

 

Change in fair value of mortgage servicing rights

 

(150,808

)

 

236,780

 

26,169

 

171,963

 

(138,988

)

Gain (loss) on sale of mortgage servicing rights

 

 

 

 

 

 

2,461

 

Interest income

 

106,837

 

 

78,210

 

62,020

 

67,395

 

104,601

 

Total revenue, net

 

302,434

 

 

684,173

 

564,225

 

821,794

 

605,457

 

Expenses

 

 

 

 

 

Salaries, commissions and benefits

 

118,266

 

 

135,028

 

138,983

 

160,609

 

146,697

 

Direct loan production costs

 

17,396

 

 

20,498

 

25,757

 

26,718

 

25,292

 

Marketing, travel, and entertainment

 

22,976

 

 

17,730

 

20,625

 

12,837

 

25,334

 

Depreciation and amortization

 

11,713

 

 

11,426

 

11,181

 

10,915

 

10,422

 

General and administrative

 

49,668

 

 

51,649

 

39,909

 

38,323

 

36,467

 

Servicing costs

 

36,809

 

 

37,596

 

44,435

 

47,184

 

36,200

 

Interest expense

 

114,918

 

 

73,136

 

57,559

 

60,374

 

88,772

 

Other expense/(income)

 

(54

)

 

6,729

 

9,562

 

7,502

 

4,437

 

Total expenses

 

371,692

 

 

353,792

 

348,011

 

364,462

 

373,621

 

Earnings before income taxes

 

(69,258

)

 

330,381

 

216,214

 

457,332

 

231,836

 

Provision for income taxes

 

(6,774

)

 

4,771

 

769

 

4,045

 

(7,990

)

Net income (loss)

 

(62,484

)

 

325,610

 

215,445

 

453,287

 

239,826

 

Net income (loss) attributable to non-controlling interest

 

(62,207

)

 

313,914

 

207,079

 

431,357

 

222,876

 

Net income (loss) attributable to UWMC

$

(277

)

$

11,696

$

8,366

$

21,930

$

16,950

 

 

 

 

 

 

 

Earnings per share of Class A common stock:

 

 

 

 

 

Basic

$

 

$

0.13

$

0.09

$

0.24

$

0.17

 

Diluted

$

(0.03

)

$

0.13

$

0.09

$

0.22

$

0.11

 

Weighted average shares outstanding:

 

 

 

 

 

Basic

 

92,575,549

 

 

92,571,886

 

92,533,620

 

92,214,594

 

97,138,073

 

Diluted

 

1,594,645,336

 

 

92,571,886

 

92,533,620

 

1,594,284,381

 

1,599,785,759

 

 

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