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UWM Holdings Corporation Announces First Quarter 2022 Results

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$453.3 million in 1Q22 Net Income;
First Quarter Total Loan Volume of $38.8 billion, including Purchase Volume of $19.1 billion

PONTIAC, Mich., May 10, 2022--(BUSINESS WIRE)--UWM Holdings Corporation (NYSE: UWMC), the publicly traded indirect parent of United Wholesale Mortgage ("UWM"), the #1 wholesale mortgage lender in America, today announced its results for the first quarter ended March 31, 2022. The Company reported 1Q22 net income of $453.3 million and diluted earnings per share of $0.22. Loan origination volume for the quarter was $38.8 billion, which included $19.1 billion in purchase volume, a Q1 record for UWM. Net income for the first quarter was inclusive of a $172.0 million increase in fair value of MSRs.

Mat Ishbia, Chairman and CEO of UWMC said, "This quarter, we demonstrated that our business can continue to be profitable in significantly different market conditions than what we've seen over the past two years. We earned this position by building a business over the past 36 years that can take advantage of what the market provides. We are seeing independent mortgage brokers grow in both their share of market and loan officer population. Our scale and agility coupled with the momentum in the broker channel is driving our ability to separate even further from the pack."

First Quarter 2022 Financial Highlights

  • Originations of $38.8 billion in 1Q22, a 21% decrease from $49.1 billion in 1Q21

  • Purchase originations of $19.1 billion in 1Q22, a 56% increase compared to $12.2 billion in 1Q21, and a Q1 record for the Company

  • Net income of $453.3 million in 1Q22 as compared to $860.0 million of net income in 1Q21

  • Total gain margin of 99 bps in 1Q22 compared to 219 bps in 1Q21

  • Total equity of $3.2 billion at March 31, 2022 as compared to $2.8 billion at March 31, 2021

  • Unpaid principal balance of MSRs increased to $303.4 billion with a WAC of 3.04% at March 31, 2022 as compared to $221.0 billion with a WAC of 3.00% at March 31, 2021

Production and Income Statement Highlights (dollars in thousands)

Q1 2022

Q4 2021

Q1 2021

Funded loan volume(1)

$

38,812,329

$

55,194,365

$

49,094,240

Total gain margin(1)(2)

0.99

%

0.80

%

2.19

%

Net income

$

453,287

$

239,826

$

860,005

Adjusted net income(3)

349,402

177,123

666,889

Adjusted EBITDA(3)

128,407

206,887

711,418

(1)

Key operational metric - see discussion below.

(2)

Represents total loan production income divided by funded loan volume.

(3)

Non-GAAP metric - see discussion below.

Balance Sheet Highlights as of Period-end (dollars in thousands)

Q1 2022

Q4 2021

Q1 2021

Cash and cash equivalents

$

901,174

$

731,088

$

1,592,663

Mortgage loans at fair value

5,208,167

17,473,324

5,503,271

Mortgage servicing rights

3,514,102

3,314,952

2,300,434

Total assets

10,990,953

22,528,358

10,372,626

Non-funding debt (1)

2,156,641

2,158,911

1,270,167

Total equity

3,166,242

3,171,001

2,778,036

Non-funding debt to equity (1)

0.68

0.68

0.46

(1)

Non-GAAP metric - please see discussion below.

Mortgage Servicing Rights (dollars in thousands)

Q1 2022

Q4 2021

Q1 2021

Unpaid principal balance

$

303,425,697

$

319,807,457

$

220,978,670

Weighted average interest rate

3.04

%

2.94

%

3.00

%

Weighted average age (months)

12

9

7

Technology Update

  • BOLT, our latest underwriting technology, developed in-house and launched in Q3 of 2021, saw adoption increase by approximately 52% from 4Q21 to 1Q22, and we continue to see this groundbreaking technology cut application to CTC ("Clear to Close") on conventional loans by an average of approximately 4 calendar days, while improving underwriting efficiency

Operational Highlights

  • We maintained an average Clear to Close of approximately 18 business days in 1Q22, while management estimates an industry average of 43 days1 during 4Q21

  • Our 0.75% 60+ days delinquency and our 0.54% forbearance rates, as of March 31, 2022, are significantly better than the industry averages of 2.1%2 and 1.1%,3 respectively, highlighting our strong credit quality

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

Purchase:

Q1 2022

Q4 2021

Q1 2021

Conventional

$

13,297,954

$

16,643,586

$

10,310,924

Jumbo

1,532,197

2,861,921

13,264

Government

4,272,747

4,996,092

1,893,354

Total Purchase

$

19,102,898

$

24,501,599

$

12,217,542

Refinance:

Q1 2022

Q4 2021

Q1 2021

Conventional

$

15,597,602

$

25,032,327

$

33,623,348

Jumbo

702,631

2,074,353

5,446

Government

3,409,198

3,586,086

3,247,904

Total Refinance

$

19,709,431

$

30,692,766

$

36,876,698

Total Originations

$

38,812,329

$

55,194,365

$

49,094,240

"UWM has built a strong business that will continue to thrive in any market environment. This purchase market will act as the catalyst for accelerated broker channel growth. Brokers are experts in purchase transactions, making mortgages faster, easier and cheaper for borrowers across America," said Ishbia, Chairman and CEO of the Company.

_____________________________

1 Source: ICE Mortgage Technology; 2 Source: CoreLogic (As of January 2022); 3 Source: Mortgage Bankers Association.

Share Repurchase Program

On May 9, 2021, the Company's Board of Directors authorized a share repurchase program of up to $300 million in aggregate value of the Company’s Class A common stock effective May 11, 2021. The share repurchase program authorizes the Company to repurchase shares of the Company’s Class A common stock from time to time, in the open market or through privately negotiated transactions, at management's discretion based on market and business conditions, applicable legal and regulatory requirements as well as other factors. Shares purchased will be retired. The plan will expire on May 11, 2023 unless otherwise modified or terminated by the Company's Board of Directors at any time in the Company's sole discretion.

Through December 31, 2021, total Class A shares repurchased by the Company were 11,498,330 for $81.6 million, at an average price per share of $7.10. While approximately $218 million remains on the authorization and the share price is currently trading lower that previous purchases, the Company's leadership and the Board of Directors are conscientious to maintain a reasonable public float. The Company remains committed to returning value to shareholders in the form of a dividend, and will continue to assess the right time for further share repurchases.

Second Quarter 2022 Outlook

We anticipate second quarter production to be in the $26-$33 billion range, with gain margin from 75 to 90 basis points.

Dividend

Subsequent to March 31, 2022, for the sixth consecutive quarter, the Company's Board of Directors declared a cash dividend of $0.10 per share on the outstanding shares of Class A common stock. The dividend is payable on July 11, 2022 to stockholders of record at the close of business on June 21, 2022. Additionally, the Board approved a proportional distribution to SFS Corp. of $150.2 million which is payable on July 11, 2022.

Earnings Conference Call Details

As previously announced, the Company will hold a conference call for financial analysts and investors on Tuesday, May 10, 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:

Please dial in at least 15 minutes in advance to ensure a timely connection to the call. Audio webcast, taped replay and transcript will be available on the Company's investor relations website at https://investors.uwm.com/.

Key Operational Metrics

"Funded loan volume" and "Total gain margin" are key operational metrics that the Company's management uses to evaluate the performance of the business. "Funded loan 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 funded loan 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 23.6% estimated annual effective tax rate. "Adjusted net income" is a Non-GAAP Metric.

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, operating 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 table presents these non-GAAP financial measures along with their most directly comparable financial measure calculated in accordance with GAAP (dollars in thousands):

Adjusted net income

Q1 2022

Q4 2021

Q1 2021

Earnings before income taxes

$

457,332

$

231,836

$

872,891

Impact of estimated annual effective tax rate of 23.6%

(107,930

)

(54,713

)

(206,002

)

Adjusted net income

$

349,402

$

177,123

$

666,889

Adjusted EBITDA

Q1 2022

Q4 2021

Q1 2021

Net income

$

453,287

$

239,826

$

860,005

Interest expense on non-funding debt

29,558

25,417

16,343

Provision for income taxes

4,045

(7,990

)

12,886

Depreciation and amortization

10,915

10,422

7,289

Stock-based compensation expense

1,828

2,014

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

(390,980

)

(65,104

)

(197,802

)

Deferred compensation, net

12,252

(2,135

)

30,000

Change in fair value of Public and Private Warrants

(4,132

)

(5,161

)

(17,303

)

Change in Tax Receivable Agreement liability

700

8,537

Change in fair value of investment securities

10,934

1,061

Adjusted EBITDA

$

128,407

$

206,887

$

711,418

Non-funding debt and non-funding debt to equity

Q1 2022

Q4 2021

Q1 2021

Senior notes

$

1,981,106

$

1,980,112

$

789,870

Borrowings against investment securities

118,786

118,786

Operating lines of credit

400,000

Equipment note payable

1,803

2,046

25,424

Finance lease liability

54,945

57,967

54,873

Total non-funding debt

$

2,156,641

$

2,158,911

$

1,270,167

Total equity

$

3,166,242

$

3,171,001

$

2,778,036

Non-funding debt to equity

0.68

0.68

0.46

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 include statements regarding: (1) our foundation and strategies for growth and the drivers of that growth; (2) our "All-In" initiative and its impact on our business and industry; (3) our performance in shifting market conditions and the comparison of such performance against our competitors; (4) growth of the wholesale channel and the benefits to our business of such growth; (5) our investments in technology and the impact to our operations and financial results; and (6) 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 Holdings Corporation (the Company) is the publicly traded indirect parent of United Wholesale Mortgage, LLC ("UWM"). UWM is the largest wholesale mortgage lender in the United States, originating mortgage loans exclusively through the wholesale channel. 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.

UWM HOLDINGS CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands, except shares and per share amounts)

March 31,
2022

December 31,
2021

Assets

Cash and cash equivalents

$

901,174

$

731,088

Mortgage loans at fair value

5,208,167

17,473,324

Derivative assets

241,932

67,356

Investment securities at fair value, pledged

138,417

152,263

Accounts receivable, net

617,608

415,691

Mortgage servicing rights

3,514,102

3,314,952

Premises and equipment, net

151,206

151,687

Operating lease right-of-use asset, net (includes $103,513 and $104,595 with related parties)

103,670

104,828

Finance lease right-of-use asset (includes $28,416 and $28,619 with related parties)

53,857

57,024

Other assets

60,820

60,145

Total assets

$

10,990,953

$

22,528,358

Liabilities and Equity

Warehouse lines of credit

$

4,076,829

$

15,954,938

Derivative liabilities

115,430

36,741

Borrowings against investment securities

118,786

118,786

Accounts payable, accrued expenses and other

1,207,145

1,087,411

Accrued distributions and dividends payable

159,460

9,171

Senior notes

1,981,106

1,980,112

Operating lease liability (includes $110,854 and $111,999 with related parties)

111,010

112,231

Finance lease liability (includes $29,015 and $29,087 with related parties)

54,945

57,967

Total liabilities

7,824,711

19,357,357

Equity:

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

Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 92,531,073 shares issued and outstanding as of March 31, 2022

9

9

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

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

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

150

150

Additional paid-in capital

542

437

Retained earnings

138,834

141,805

Non-controlling interest

3,026,707

3,028,600

Total equity

3,166,242

3,171,001

Total liabilities and equity

$

10,990,953

$

22,528,358

UWM HOLDINGS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except shares and per share amounts)

(Unaudited)

For the three months ended

March 31,
2022

December 31,
2021

March 31,
2021

Revenue

Loan production income

$

383,871

$

442,407

$

1,074,665

Loan servicing income

198,565

194,976

123,789

Change in fair value of mortgage servicing rights

171,963

(138,988

)

(59,259

)

Gain (loss) on sale of mortgage servicing rights

2,461

4,763

Interest income

67,395

104,601

45,912

Total revenue, net

821,794

605,457

1,189,870

Expenses

Salaries, commissions and benefits

160,609

146,697

213,061

Direct loan production costs

26,718

25,292

13,162

Marketing, travel, and entertainment

12,837

25,334

10,495

Depreciation and amortization

10,915

10,422

7,289

General and administrative

38,323

36,467

16,778

Servicing costs

47,184

36,200

20,508

Interest expense

60,374

88,772

52,990

Other (income)/expense

7,502

4,437

(17,304

)

Total expenses

364,462

373,621

316,979

Earnings before income taxes

457,332

231,836

872,891

Provision for income taxes

4,045

(7,990

)

12,886

Net income

453,287

239,826

860,005

Net income attributable to non-controlling interest

431,357

222,876

812,020

Net income attributable to UWMC

$

21,930

$

16,950

$

47,985

Earnings per share of Class A common stock:

Basic

$

0.24

$

0.17

$

0.47

Diluted

$

0.22

$

0.11

$

0.33

Weighted average shares outstanding:

Basic

92,214,594

97,138,073

103,104,205

Diluted

1,594,284,381

1,599,785,759

1,605,173,992

Addendum to Exhibit 99.1

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

March 31,
2022

December 31,
2021

September 30,
2021

June 30,
2021

March 31,
2021

Assets

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Cash and cash equivalents

$

901,174

$

731,088

$

950,910

$

1,048,177

$

1,592,663

Mortgage loans at fair value

5,208,167

17,473,324

11,736,642

12,404,112

5,503,271

Derivative assets

241,932

67,356

143,807

75,438

113,168

Investment securities at fair value, pledged

138,417

152,263

41,809

Accounts receivable, net

617,608

415,691

340,028

317,458

549,381

Mortgage servicing rights

3,514,102

3,314,952

2,900,310

2,662,556

2,300,434

Premises and equipment, net

151,206

151,687

145,774

130,864

111,964

Operating lease right-of-use asset, net

103,670

104,828

105,902

87,130

87,896

Finance lease right-of-use asset

53,857

57,024

60,113

61,356

54,456

Other assets

60,820

60,145

55,655

57,007

59,393

Total assets

$

10,990,953

$

22,528,358

$

16,480,950

$

16,844,098

$

10,372,626

Liabilities and Equity

Warehouse lines of credit

$

4,076,829

$

15,954,938

$

10,487,950

$

11,249,213

$

4,823,740

Derivative liabilities

115,430

36,741

61,434

82,551

55,479

Operating lines of credit

400,000

Borrowings against investment securities

118,786

118,786

32,560

Accounts payable, accrued expenses and other

1,207,145

1,087,411

1,231,826

1,021,119

1,210,923

Accrued distributions and dividends payable

159,460

9,171

10,087

160,444

160,517

Senior notes

1,981,106

1,980,112

1,484,370

1,483,587

789,870

Operating lease liability

111,010

112,231

117,824

98,280

99,188

Finance lease liability

54,945

57,967

60,871

61,918

54,873

Total liabilities

7,824,711

19,357,357

13,486,922

14,157,112

7,594,590

Equity:

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

Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 92,531,073 shares issued and outstanding as of March 31, 2022

9

9

10

10

10

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

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

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

150

150

150

150

150

Additional paid-in capital

542

437

313

187

Retained earnings

138,834

141,805

129,815

109,397

113,078

Non-controlling interest

3,026,707

3,028,600

2,863,740

2,577,242

2,664,798

Total equity

3,166,242

3,171,001

2,994,028

2,686,986

2,778,036

Total liabilities and equity

$

10,990,953

$

22,528,358

$

16,480,950

$

16,844,098

$

10,372,626

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except shares and per share amounts)

(Unaudited)

For the three months ended

March 31,
2022

December 31,
2021

September 30,
2021

June 30,
2021

March 31,
2021

Revenue

Loan production income

$

383,871

$

442,407

$

589,461

$

479,274

$

1,074,665

Loan servicing income

198,565

194,976

174,695

145,278

123,789

Change in fair value of mortgage servicing rights

171,963

(138,988

)

(170,462

)

(219,104

)

(59,259

)

Gain (loss) on sale of mortgage servicing rights

2,461

(5,443

)

10

4,763

Interest income

67,395

104,601

102,063

79,194

45,912

Total revenue, net

821,794

605,457

690,314

484,652

1,189,870

Expenses

Salaries, commissions and benefits

160,609

146,697

164,971

172,951

213,061

Direct loan production costs

26,718

25,292

18,980

15,518

13,162

Marketing, travel, and entertainment

12,837

25,334

14,138

11,330

10,495

Depreciation and amortization

10,915

10,422

9,034

8,353

7,289

General and administrative

38,323

36,467

39,148

42,116

16,778

Servicing costs

47,184

36,200

29,192

23,067

20,508

Interest expense

60,374

88,772

90,221

72,673

52,990

Other (income) expense

7,502

4,437

(8,710

)

(1,530

)

(17,304

)

Total expenses

364,462

373,621

356,974

344,478

316,979

Earnings before income taxes

457,332

231,836

333,340

140,174

872,891

Provision for income taxes

4,045

(7,990

)

3,483

1,462

12,886

Net income

453,287

239,826

329,857

138,712

860,005

Net income attributable to non-controlling interest

431,357

222,876

304,611

130,448

812,020

Net income attributable to UWMC

21,930

16,950

25,246

8,264

$

47,985

Earnings per share of Class A common stock:

Basic

$

0.24

$

0.17

$

0.25

$

0.08

$

0.47

Diluted

$

0.22

$

0.11

$

0.16

$

0.07

$

0.33

Weighted average shares outstanding:

Basic

92,214,594

97,138,073

101,106,023

102,760,823

103,104,205

Diluted

1,594,284,381

1,599,785,759

1,603,710,511

1,605,067,478

1,605,173,992

View source version on businesswire.com: https://www.businesswire.com/news/home/20220510005545/en/

Contacts

For inquiries regarding UWM, please contact:
INVESTOR CONTACT
BLAKE KOLO
InvestorRelations@uwm.com

MEDIA CONTACT
NICOLE YELLAND
Media@uwm.com