10-Q Filing

UWM HOLDINGS CORP CIK: 1783398 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001564590-20-025439`
Period End Date	20200331
Filing Date	20200514
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	ghiv-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 47 Income Statement 8 Cash Flow Statement 26 Stockholders Equity 16

Balance Sheet 47 line items

Line Item	Tag	Value	Unit	Period
Class A subject to possible redemption, shares	`TemporaryEquitySharesIssued`	40.68M	shares	Point-in-time
Class A subject to possible redemption, shares	`TemporaryEquitySharesIssued`	0.00	shares	Point-in-time
Class A subject to possible redemption, redemption value per share	`TemporaryEquityRedemptionPricePerShare`	$10.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.11M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.12K	USD	Point-in-time
Class A subject to possible redemption, redemption value per share	`TemporaryEquityRedemptionPricePerShare`	$10.00	USD	Point-in-time
Deferred offering costs	`DeferredOfferingCosts`	$411.37K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid Assets	`PrepaidExpenseCurrent`	$390.01K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.50M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$412.49K	USD	Point-in-time
Investments and cash held in Trust Account	`AssetsHeldInTrustNoncurrent`	$425.88M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total assets	`Assets`	$412.49K	USD	Point-in-time
Total assets	`Assets`	$427.38M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	220.00M	shares	Point-in-time
Accrued expenses, formation and offering costs	`AccruedExpensesFormationAndOfferingCostsCurrent`	$506.96K	USD	Point-in-time
Accrued expenses, formation and offering costs	`AccruedExpensesFormationAndOfferingCostsCurrent`	$274.67K	USD	Point-in-time
State franchise tax accrual	`AccrualForStateFranchiseTaxesCurrent`	$50.00K	USD	Point-in-time
State franchise tax accrual	`AccrualForStateFranchiseTaxesCurrent`	$1.83K	USD	Point-in-time
Income tax payable	`TaxesPayableCurrent`	$67.29K	USD	Point-in-time
Notes and advances payable related party	`DueToRelatedPartiesCurrent`	$150.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$426.50K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$624.25K	USD	Point-in-time
Deferred underwriting compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$14.88M	USD	Point-in-time
Deferred income tax	`DeferredIncomeTaxLiabilitiesNet`	$59.73K	USD	Point-in-time
Total liabilities	`Liabilities`	$426.50K	USD	Point-in-time
Total liabilities	`Liabilities`	$15.56M	USD	Point-in-time
Commitments and Contingencies:	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies:	`CommitmentsAndContingencies`	-	USD	Point-in-time
Class A subject to possible redemption, 40,681,707 and -0- shares at March 31, 2020 and December 31, 2019, respectively (at redemption value of $10 per share)	`TemporaryEquityCarryingAmountAttributableToParent`	$406.82M	USD	Point-in-time
Preferred stock, $0.0001 par value; 1,000,000 shares authorized, none issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.0001 par value; 1,000,000 shares authorized, none issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$23.85K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$4.52M	USD	Point-in-time
Net income/(Deficit accumulated)	`RetainedEarningsAccumulatedDeficit`	$477.82K	USD	Point-in-time
Net income/(Deficit accumulated)	`RetainedEarningsAccumulatedDeficit`	$-39.00K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$-14.00K	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$427.38M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$412.49K	USD	Point-in-time

Income Statement 8 line items

Line Item	Tag	Value	Unit	Period
Professional fees and other expenses	`ProfessionalFeesAndOtherExpenses`	$186.20K	USD	1 Quarter
State franchise taxes, other than income tax	`TaxesExcludingIncomeAndExciseTaxes`	$50.00K	USD	1 Quarter
Net loss from operations	`OperatingIncomeLoss`	$-236.20K	USD	1 Quarter
Other income - interest and dividend income	`InvestmentIncomeNonoperating`	$880.04K	USD	1 Quarter
Net income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$643.84K	USD	1 Quarter
Provision for income tax	`IncomeTaxExpenseBenefit`	$127.02K	USD	1 Quarter
Net Income attributable to common shares	`NetIncomeLoss`	$516.83K	USD	1 Quarter
Net Income attributable to common shares	`NetIncomeLoss`	$516.83K	USD	1 Quarter

Cash Flow Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net Income	`ProfitLoss`	$516.83K	USD	1 Quarter
Changes in state franchise tax accrual	`IncreaseDecreaseInAccrualForStateFranchiseTaxesCurrent`	$48.17K	USD	1 Quarter
Changes in prepaid assets	`IncreaseDecreaseInPrepaidExpense`	$390.01K	USD	1 Quarter
Changes in accrued expenses, formation and offering costs	`IncreaseDecreaseInAccruedExpensesFormationAndOfferingCostsCurrent`	$232.29K	USD	1 Quarter
Changes in income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$67.29K	USD	1 Quarter
Changes in deferred income tax	`IncreaseDecreaseInDeferredIncomeTaxes`	$-59.73K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$534.29K	USD	1 Quarter
Cash deposited in Trust Account	`PaymentToCashDepositedInTrustAccount`	$425.00M	USD	1 Quarter
Interest and dividends reinvested in the Trust Account	`PaymentsToInterestAndDividendsReinvestedInTrustAccount`	$879.31K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-425.88M	USD	1 Quarter
Proceeds from sale of Units in initial public offering	`ProceedsFromIssuanceInitialPublicOffering`	$425.00M	USD	Point-in-time
Proceeds from sale of Units in initial public offering	`ProceedsFromIssuanceInitialPublicOffering`	$425.00M	USD	1 Quarter
Proceeds from sale of Private Placement Warrants to Sponsor	`ProceedsFromIssuanceOfWarrants`	$10.50M	USD	1 Quarter
Proceeds from notes and advances payable related party	`ProceedsFromRelatedPartyDebt`	$150.00K	USD	1 Quarter
Repayment of notes and advances payable related party	`RepaymentsOfRelatedPartyDebt`	$300.00K	USD	1 Quarter
Payment of underwriters discounts and commissions	`PaymentOfUnderwritingDiscountsAndCommissions`	$8.50M	USD	1 Quarter
Payment of accrued offering costs	`PaymentsOfStockIssuanceCosts`	$399.37K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$426.45M	USD	1 Quarter
Increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.11M	USD	1 Quarter
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.12K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.11M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.12K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.11M	USD	Point-in-time
Deferred underwriting compensation	`DeferredUnderwritingCompensation`	$14.88M	USD	1 Quarter
Cash paid for income and state franchise taxes	`IncomeTaxesPaid`	$1.83K	USD	1 Quarter
Deferred offering costs charged to paid-in capital	`DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction`	$411.37K	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-14.00K	USD	Point-in-time
Proceeds from initial public offering of Units on January 28, 2020 at $10.00 per Unit	`StockIssuedDuringPeriodValueNewIssues`	$425.00M	USD	1 Quarter
Class A subject to possible redemption, shares	`TemporaryEquitySharesIssued`	40.68M	shares	Point-in-time
Class A subject to possible redemption, shares	`TemporaryEquitySharesIssued`	0.00	shares	Point-in-time
Sale of 5,250,000 Private Placement Warrants to Sponsor on January 27, 2020 at $2.00 per Private Placement Warrant	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$10.50M	USD	1 Quarter
Class A common stock subject to possible redemption, redemption price	`TemporaryEquityRedemptionPricePerShare`	$10.00	USD	Point-in-time
Class A common stock subject to possible redemption, redemption price	`TemporaryEquityRedemptionPricePerShare`	$10.00	USD	Point-in-time
Underwriters discounts	`AdjustmentsToAdditionalPaidInCapitalUnderwritersDiscounts`	$8.50M	USD	1 Quarter
Offering costs charged to additional paid-in capital	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$810.74K	USD	1 Quarter
Deferred underwriting compensation	`AdjustmentsToAdditionalPaidInCapitalDeferredUnderwritingCompensation`	$14.88M	USD	1 Quarter
Class A common stock subject to possible redemption; 40,681,707 shares at a redemption price of $10.00	`TemporaryEquitySubjectToPossibleRedemptionValue`	$406.82M	USD	1 Quarter
Net income	`NetIncomeLoss`	$516.83K	USD	1 Quarter
Net income	`NetIncomeLoss`	$516.83K	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-14.00K	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.