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10-Q Filing

UWM HOLDINGS CORP CIK: 1783398 Q1 2021
Filing Information
Form Type 10-Q
Accession Number 0001783398-21-000046
Period End Date 20210331
Filing Date 20210513
Fiscal Year 2021
Fiscal Period Q1
XBRL Instance ghivu-20210331_htm.xml
Filing Contents
Balance Sheet 63 line items
Line Item Tag Value Unit Period
Related party operating lease right-of-use asset RelatedPartyOperatingLeaseAssets $92.57M USD Point-in-time
Related party operating lease right-of-use asset RelatedPartyOperatingLeaseAssets $87.44M USD Point-in-time
Related party finance lease right-of-use asset FinanceLeaseRightOfUseAssetAfterAccumulatedAmortizationRelatedParty - USD Point-in-time
Related party finance lease right-of-use asset FinanceLeaseRightOfUseAssetAfterAccumulatedAmortizationRelatedParty $29.19M USD Point-in-time
Related party operating lease liabilities RelatedPartyOperatingLeaseLiabilities $98.73M USD Point-in-time
Related party operating lease liabilities RelatedPartyOperatingLeaseLiabilities $104.01M USD Point-in-time
Related party finance lease liability FinanceLeaseLiabilityRelatedParty $29.24M USD Point-in-time
Related party finance lease liability FinanceLeaseLiabilityRelatedParty - USD Point-in-time
Preferred stock, par value (in usd per share) PreferredStockParOrStatedValuePerShare $0.00 USD Point-in-time
Preferred stock, shares authorized PreferredStockSharesAuthorized 100.00M shares Point-in-time
Preferred stock, shares outstanding PreferredStockSharesOutstanding 0.00 shares Point-in-time
Preferred stock, shares issued PreferredStockSharesIssued 0.00 shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $1.59B USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $1.22B USD Point-in-time
Mortgage loans at fair value MortgagesHeldForSaleFairValueDisclosure $7.92B USD Point-in-time
Mortgage loans at fair value MortgagesHeldForSaleFairValueDisclosure $5.50B USD Point-in-time
Derivative assets DerivativeAssets $61.07M USD Point-in-time
Derivative assets DerivativeAssets $113.17M USD Point-in-time
Accounts receivable, net AccountsReceivableNet $549.38M USD Point-in-time
Accounts receivable, net AccountsReceivableNet $253.60M USD Point-in-time
Mortgage servicing rights - fair value as of March 31, 2021; amortized cost as of December 31, 2020 (see Note 1 and Note 5) ServicingAsset $2.30B USD Point-in-time
Mortgage servicing rights - fair value as of March 31, 2021; amortized cost as of December 31, 2020 (see Note 1 and Note 5) ServicingAsset $1.76B USD Point-in-time
Premises and equipment, net PropertyPlantAndEquipmentNet $111.96M USD Point-in-time
Premises and equipment, net PropertyPlantAndEquipmentNet $107.57M USD Point-in-time
Operating lease right-of-use asset, net (includes $87,440 and $92,571 with related parties) OperatingLeaseRightOfUseAsset $93.10M USD Point-in-time
Operating lease right-of-use asset, net (includes $87,440 and $92,571 with related parties) OperatingLeaseRightOfUseAsset $87.90M USD Point-in-time
Finance lease right-of-use asset (includes $29,192 and $0 with related parties) FinanceLeaseRightOfUseAsset $22.93M USD Point-in-time
Finance lease right-of-use asset (includes $29,192 and $0 with related parties) FinanceLeaseRightOfUseAsset $54.46M USD Point-in-time
Other assets OtherAssets $57.99M USD Point-in-time
Other assets OtherAssets $59.39M USD Point-in-time
Total assets Assets $11.49B USD Point-in-time
Total assets Assets $10.37B USD Point-in-time
Warehouse lines of credit WarehouseLinesOfCreditFacility $4.82B USD Point-in-time
Warehouse lines of credit WarehouseLinesOfCreditFacility $6.94B USD Point-in-time
Accounts payable and accrued expenses AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $1.19B USD Point-in-time
Accounts payable and accrued expenses AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $847.75M USD Point-in-time
Accrued dividends payable DividendsPayableCurrentAndNoncurrent $160.52M USD Point-in-time
Accrued dividends payable DividendsPayableCurrentAndNoncurrent - USD Point-in-time
Derivative liabilities DerivativeLiabilities $55.48M USD Point-in-time
Derivative liabilities DerivativeLiabilities $66.24M USD Point-in-time
Equipment note payable EquipmentNotePayable $26.53M USD Point-in-time
Equipment note payable EquipmentNotePayable $25.42M USD Point-in-time
Operating lines of credit LineOfCredit $400.00M USD Point-in-time
Operating lines of credit LineOfCredit $320.30M USD Point-in-time
Senior notes SeniorNotes $789.87M USD Point-in-time
Senior notes SeniorNotes $789.32M USD Point-in-time
Operating lease liability (includes $98,733 and $104,006 with related parties) OperatingLeaseLiability $104.53M USD Point-in-time
Operating lease liability (includes $98,733 and $104,006 with related parties) OperatingLeaseLiability $99.19M USD Point-in-time
Finance lease liability (includes $29,241 and $0 with related parties) FinanceLeaseLiability $54.87M USD Point-in-time
Finance lease liability (includes $29,241 and $0 with related parties) FinanceLeaseLiability $23.13M USD Point-in-time
Total liabilities Liabilities $7.59B USD Point-in-time
Total liabilities Liabilities $9.12B USD Point-in-time
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of March 31, 2021 PreferredStockValue - USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital - USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $24.84M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $2.35B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $113.08M USD Point-in-time
Non-controlling interest MinorityInterest $2.66B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.78B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.37B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest - USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $10.37B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $11.49B USD Point-in-time
Income Statement 45 line items
Line Item Tag Value Unit Period
Loan production income GainLossOnSalesOfLoansNet $1.07B USD 1 Quarter
Loan production income GainLossOnSalesOfLoansNet $404.21M USD 1 Quarter
Loan servicing income ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets $50.10M USD 1 Quarter
Loan servicing income ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets $123.79M USD 1 Quarter
Change in fair value of mortgage servicing rights (see Note 5) ChangeInFairValueOfMortgageServicingRights - USD 1 Quarter
Change in fair value of mortgage servicing rights (see Note 5) ChangeInFairValueOfMortgageServicingRights $-59.26M USD 1 Quarter
Gain (loss) on sale of mortgage servicing rights GainLossOnSaleOfMortgageServicingRights $-50.22M USD 1 Quarter
Gain (loss) on sale of mortgage servicing rights GainLossOnSaleOfMortgageServicingRights $4.76M USD 1 Quarter
Interest income InterestAndFeeIncomeLoansAndLeases $51.37M USD 1 Quarter
Interest income InterestAndFeeIncomeLoansAndLeases $45.91M USD 1 Quarter
Total revenue, net Revenues $1.19B USD 1 Quarter
Total revenue, net Revenues $455.46M USD 1 Quarter
Salaries, commissions and benefits LaborAndRelatedExpense $213.06M USD 1 Quarter
Salaries, commissions and benefits LaborAndRelatedExpense $121.78M USD 1 Quarter
Direct loan production costs DirectLoanProductionCosts $13.16M USD 1 Quarter
Direct loan production costs DirectLoanProductionCosts $12.55M USD 1 Quarter
Marketing, travel, and entertainment TravelAndEntertainmentExpense $10.49M USD 1 Quarter
Marketing, travel, and entertainment TravelAndEntertainmentExpense $7.43M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $2.65M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $7.29M USD 1 Quarter
Servicing costs ServicingCosts $13.32M USD 1 Quarter
Servicing costs ServicingCosts $20.51M USD 1 Quarter
Amortization, impairment and pay-offs of mortgage servicing rights (see Note 5) AmortizationImpairmentAndPayoffsOfMortgageServicingRights $218.75M USD 1 Quarter
Amortization, impairment and pay-offs of mortgage servicing rights (see Note 5) AmortizationImpairmentAndPayoffsOfMortgageServicingRights - USD 1 Quarter
General and administrative OtherGeneralAndAdministrativeExpense $15.58M USD 1 Quarter
General and administrative OtherGeneralAndAdministrativeExpense $16.78M USD 1 Quarter
Interest expense InterestExpense $43.04M USD 1 Quarter
Interest expense InterestExpense $52.99M USD 1 Quarter
Other (income)/expense OtherNonoperatingIncomeExpense $17.30M USD 1 Quarter
Other (income)/expense OtherNonoperatingIncomeExpense - USD 1 Quarter
Total expenses OperatingExpenses $316.98M USD 1 Quarter
Total expenses OperatingExpenses $435.11M USD 1 Quarter
Earnings before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $872.89M USD 1 Quarter
Earnings before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $20.35M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit - USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $12.89M USD 1 Quarter
Net income ProfitLoss $20.35M USD 1 Quarter
Net income ProfitLoss $183.76M USD Point-in-time
Net income ProfitLoss $860.00M USD 1 Quarter
Net income attributable to non-controlling interests NetIncomeLossAttributableToNoncontrollingInterest $812.02M USD 1 Quarter
Net income attributable to UWM Holdings Corporation NetIncomeLoss $47.98M USD 1 Quarter
Basic (in usd per share) EarningsPerShareBasic $0.47 USD 1 Quarter
Diluted (in usd per share) EarningsPerShareDiluted $0.33 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 103.10M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 1.61B shares 1 Quarter
Cash Flow Statement 75 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $20.35M USD 1 Quarter
Net income ProfitLoss $183.76M USD Point-in-time
Net income ProfitLoss $860.00M USD 1 Quarter
(Gain)/loss on sale of mortgage servicing rights GainLossOnSaleOfMortgageServicingRights $-50.22M USD 1 Quarter
(Gain)/loss on sale of mortgage servicing rights GainLossOnSaleOfMortgageServicingRights $4.76M USD 1 Quarter
Reserve for representations and warranties ReserveForRepresentationsAndWarranties $9.82M USD 1 Quarter
Reserve for representations and warranties ReserveForRepresentationsAndWarranties $7.39M USD 1 Quarter
Capitalization of mortgage servicing rights MortgageServicingRightsCapitalized $463.83M USD 1 Quarter
Capitalization of mortgage servicing rights MortgageServicingRightsCapitalized $599.39M USD 1 Quarter
Amortization and pay-offs of mortgage servicing rights AmortizationAndPayoffsOfMortgageServicingRights $76.38M USD 1 Quarter
Amortization and pay-offs of mortgage servicing rights AmortizationAndPayoffsOfMortgageServicingRights - USD 1 Quarter
Impairment on mortgage servicing rights, net MortgageServicingRightsMSRImpairmentRecovery - USD 1 Quarter
Impairment on mortgage servicing rights, net MortgageServicingRightsMSRImpairmentRecovery $142.38M USD 1 Quarter
Change in fair value of mortgage servicing rights (see Note 5) ChangeInFairValueOfMortgageServicingRights - USD 1 Quarter
Change in fair value of mortgage servicing rights (see Note 5) ChangeInFairValueOfMortgageServicingRights $-59.26M USD 1 Quarter
Depreciation and amortization of premises and equipment DepreciationAndAmortizationOfPremisesAndEquipment $4.45M USD 1 Quarter
Depreciation and amortization of premises and equipment DepreciationAndAmortizationOfPremisesAndEquipment $2.65M USD 1 Quarter
Senior notes issuance cost amortization AmortizationOfFinancingCosts $549.00K USD 1 Quarter
Senior notes issuance cost amortization AmortizationOfFinancingCosts - USD 1 Quarter
Amortization of finance lease right-of-use assets AmortizationOfFinanceLeaseRightOfUseAssets $689.00K USD 1 Quarter
Amortization of finance lease right-of-use assets AmortizationOfFinanceLeaseRightOfUseAssets $2.98M USD 1 Quarter
(Decrease)/increase in fair value of warrants liability FairValueAdjustmentOfWarrants $-17.30M USD 1 Quarter
(Decrease)/increase in fair value of warrants liability FairValueAdjustmentOfWarrants - USD 1 Quarter
Mortgage loans at fair value IncreaseDecreaseInMortgageLoansHeldForSale $126.59M USD 1 Quarter
Mortgage loans at fair value IncreaseDecreaseInMortgageLoansHeldForSale $-2.41B USD 1 Quarter
Accounts receivable, net IncreaseDecreaseInAccountsReceivable $303.88M USD 1 Quarter
Accounts receivable, net IncreaseDecreaseInAccountsReceivable $648.74M USD 1 Quarter
Derivative assets IncreaseDecreaseInDerivativeAssets $286.52M USD 1 Quarter
Derivative assets IncreaseDecreaseInDerivativeAssets $52.10M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $6.05M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $394.00K USD 1 Quarter
Accounts payable and accrued expenses IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $296.25M USD 1 Quarter
Accounts payable and accrued expenses IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $275.29M USD 1 Quarter
Derivative liabilities IncreaseDecreaseInDerivativeLiabilities $299.35M USD 1 Quarter
Derivative liabilities IncreaseDecreaseInDerivativeLiabilities $-10.76M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $2.64B USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $-636.09M USD 1 Quarter
Purchases of premises and equipment PaymentsToAcquirePropertyPlantAndEquipment $9.81M USD 1 Quarter
Purchases of premises and equipment PaymentsToAcquirePropertyPlantAndEquipment $13.79M USD 1 Quarter
Proceeds from sale of mortgage servicing rights ProceedsFromSaleOfMortgageServicingRightsMSR $2.58M USD 1 Quarter
Proceeds from sale of mortgage servicing rights ProceedsFromSaleOfMortgageServicingRightsMSR $246.25M USD 1 Quarter
Net cash (used in) provided by investing activities NetCashProvidedByUsedInInvestingActivities $-7.23M USD 1 Quarter
Net cash (used in) provided by investing activities NetCashProvidedByUsedInInvestingActivities $232.46M USD 1 Quarter
Net borrowings under warehouse lines of credit ProceedsFromBorrowingsUnderWarehouseLinesOfCreditNet $-2.12B USD 1 Quarter
Net borrowings under warehouse lines of credit ProceedsFromBorrowingsUnderWarehouseLinesOfCreditNet $233.10M USD 1 Quarter
Repayments of finance lease liabilities FinanceLeasePrincipalPayments $2.86M USD 1 Quarter
Repayments of finance lease liabilities FinanceLeasePrincipalPayments $640.00K USD 1 Quarter
Proceeds from business combination transaction ProceedsFromBusinessCombinationInvestingActivity - USD 1 Quarter
Proceeds from business combination transaction ProceedsFromBusinessCombinationInvestingActivity $895.13M USD 1 Quarter
Costs incurred related to business combination transaction CostsIncurredRelatedToBusinessCombinationInvestingActivity - USD 1 Quarter
Costs incurred related to business combination transaction CostsIncurredRelatedToBusinessCombinationInvestingActivity $11.26M USD 1 Quarter
Borrowings under equipment notes payable ProceedsFromNotesPayable - USD 1 Quarter
Borrowings under equipment notes payable ProceedsFromNotesPayable $453.00K USD 1 Quarter
Repayments under equipment notes payable RepaymentsOfNotesPayable $1.56M USD 1 Quarter
Repayments under equipment notes payable RepaymentsOfNotesPayable $1.44M USD 1 Quarter
Borrowings under operating lines of credit ProceedsFromLinesOfCredit $79.70M USD 1 Quarter
Borrowings under operating lines of credit ProceedsFromLinesOfCredit $366.89M USD 1 Quarter
Repayments under operating lines of credit RepaymentsOfLinesOfCredit - USD 1 Quarter
Repayments under operating lines of credit RepaymentsOfLinesOfCredit $271.17M USD 1 Quarter
Member distributions PaymentsOfDistributionsToAffiliates $177.00K USD 1 Quarter
Member distributions PaymentsOfDistributionsToAffiliates $1.10B USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $-2.26B USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $326.56M USD 1 Quarter
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-77.08M USD 1 Quarter
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $368.83M USD 1 Quarter
CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $1.22B USD Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $56.21M USD Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $1.59B USD Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $133.28M USD Point-in-time
CASH AND CASH EQUIVALENTS, END OF THE PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $1.22B USD Point-in-time
CASH AND CASH EQUIVALENTS, END OF THE PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $56.21M USD Point-in-time
CASH AND CASH EQUIVALENTS, END OF THE PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $1.59B USD Point-in-time
CASH AND CASH EQUIVALENTS, END OF THE PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $133.28M USD Point-in-time
Cash paid for interest InterestPaidNet $36.08M USD 1 Quarter
Cash paid for interest InterestPaidNet $41.76M USD 1 Quarter
Stockholders Equity 20 line items
Line Item Tag Value Unit Period
Balance at beginning of period MembersEquity $2.37B USD Point-in-time
Balance at beginning of period MembersEquity $661.32M USD Point-in-time
Balance at beginning of period MembersEquity $681.50M USD Point-in-time
Net income ProfitLoss $20.35M USD 1 Quarter
Net income ProfitLoss $183.76M USD Point-in-time
Net income ProfitLoss $860.00M USD 1 Quarter
Member distributions PartnersCapitalAccountDistributions $177.00K USD 1 Quarter
Member distributions PartnersCapitalAccountDistributions $1.10B USD Point-in-time
Balance at end of period MembersEquity $2.37B USD Point-in-time
Balance at end of period MembersEquity $661.32M USD Point-in-time
Balance at end of period MembersEquity $681.50M USD Point-in-time
Balance at beginning of period StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.78B USD Point-in-time
Balance at beginning of period StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.37B USD Point-in-time
Balance at beginning of period StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest - USD Point-in-time
Opening net assets of Gores Holdings IV, Inc. acquired NetAssetsAcquired $75.38M USD 1 Quarter
Dividend declared February 3, 2021 and payable April 6, 2021 DividendsCommonStock $160.52M USD 1 Quarter
Member distributions to SFS Corp. post business combination transaction MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $2.91M USD 1 Quarter
Balance at end of period StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.78B USD Point-in-time
Balance at end of period StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.37B USD Point-in-time
Balance at end of period StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest - USD Point-in-time

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

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