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10-Q Filing

UWM HOLDINGS CORP CIK: 1783398 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0001783398-23-000023
Period End Date 20230331
Filing Date 20230510
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance uwmc-20230331_htm.xml
Filing Contents
Balance Sheet 76 line items
Line Item Tag Value Unit Period
Related party operating lease right-of-use asset RelatedPartyOperatingLeaseAssets $102.32M USD Point-in-time
Related party operating lease right-of-use asset RelatedPartyOperatingLeaseAssets $101.15M USD Point-in-time
Related party finance lease right-of-use asset FinanceLeaseRightOfUseAssetAfterAccumulatedAmortizationRelatedParty $26.35M USD Point-in-time
Related party finance lease right-of-use asset FinanceLeaseRightOfUseAssetAfterAccumulatedAmortizationRelatedParty $26.87M USD Point-in-time
Related party operating lease liabilities RelatedPartyOperatingLeaseLiabilities $108.23M USD Point-in-time
Related party operating lease liabilities RelatedPartyOperatingLeaseLiabilities $109.47M USD Point-in-time
Related party finance lease liability FinanceLeaseLiabilityRelatedParty $27.86M USD Point-in-time
Related party finance lease liability FinanceLeaseLiabilityRelatedParty $27.46M USD Point-in-time
Preferred stock, par value (in usd per share) PreferredStockParOrStatedValuePerShare $0.00 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 authorized PreferredStockSharesAuthorized 100.00M shares 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
Preferred stock, shares outstanding PreferredStockSharesOutstanding 0.00 shares Point-in-time
Preferred stock, shares outstanding PreferredStockSharesOutstanding 0.00 shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $704.90M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $740.06M USD Point-in-time
Mortgage loans at fair value MortgagesHeldForSaleFairValueDisclosure $7.13B USD Point-in-time
Mortgage loans at fair value MortgagesHeldForSaleFairValueDisclosure $4.80B USD Point-in-time
Derivative assets DerivativeAssets $82.87M USD Point-in-time
Derivative assets DerivativeAssets $61.14M USD Point-in-time
Investment securities at fair value, pledged RetainedInterest $113.29M USD Point-in-time
Investment securities at fair value, pledged RetainedInterest $114.28M USD Point-in-time
Accounts receivable, net AccountsReceivableNet $383.15M USD Point-in-time
Accounts receivable, net AccountsReceivableNet $433.75M USD Point-in-time
Mortgage servicing rights ServicingAsset $4.45B USD Point-in-time
Mortgage servicing rights ServicingAsset $3.97B USD Point-in-time
Premises and equipment, net PropertyPlantAndEquipmentNet $152.48M USD Point-in-time
Premises and equipment, net PropertyPlantAndEquipmentNet $152.43M USD Point-in-time
Operating lease right-of-use asset, net (includes $101,146 and $102,322 with related parties) OperatingLeaseRightOfUseAsset $104.18M USD Point-in-time
Operating lease right-of-use asset, net (includes $101,146 and $102,322 with related parties) OperatingLeaseRightOfUseAsset $102.92M USD Point-in-time
Finance lease right-of-use asset (includes $26,351 and $26,867 with related parties) FinanceLeaseRightOfUseAsset $38.32M USD Point-in-time
Finance lease right-of-use asset (includes $26,351 and $26,867 with related parties) FinanceLeaseRightOfUseAsset $42.22M USD Point-in-time
Loans eligible for repurchase from Ginnie Mae LoansReceivableFairValueDisclosure $345.49M USD Point-in-time
Loans eligible for repurchase from Ginnie Mae LoansReceivableFairValueDisclosure $440.77M USD Point-in-time
Other assets OtherAssets $88.92M USD Point-in-time
Other assets OtherAssets $83.83M USD Point-in-time
Total assets Assets $10.95B USD Point-in-time
Total assets Assets $13.60B USD Point-in-time
Warehouse lines of credit WarehouseLinesOfCreditFacility $6.44B USD Point-in-time
Warehouse lines of credit WarehouseLinesOfCreditFacility $4.26B USD Point-in-time
Derivative liabilities DerivativeLiabilities $62.74M USD Point-in-time
Derivative liabilities DerivativeLiabilities $49.75M USD Point-in-time
Secured lines of credit LineOfCredit $500.00M USD Point-in-time
Secured lines of credit LineOfCredit $750.00M USD Point-in-time
Borrowings against investment securities SecuredDebt $101.34M USD Point-in-time
Borrowings against investment securities SecuredDebt $101.34M USD Point-in-time
Accounts payable, accrued expenses and other AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $439.72M USD Point-in-time
Accounts payable, accrued expenses and other AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $416.82M USD Point-in-time
Accrued distributions and dividends payable DividendsPayableCurrentAndNoncurrent $159.52M USD Point-in-time
Accrued distributions and dividends payable DividendsPayableCurrentAndNoncurrent $159.47M USD Point-in-time
Senior notes SeniorNotes $1.99B USD Point-in-time
Senior notes SeniorNotes $1.98B USD Point-in-time
Operating lease liability (includes $108,234 and $109,473 with related parties) OperatingLeaseLiability $110.01M USD Point-in-time
Operating lease liability (includes $108,234 and $109,473 with related parties) OperatingLeaseLiability $111.33M USD Point-in-time
Finance lease liability (includes $27,460 and $27,857 with related parties) FinanceLeaseLiability $43.51M USD Point-in-time
Finance lease liability (includes $27,460 and $27,857 with related parties) FinanceLeaseLiability $36.81M USD Point-in-time
Loans eligible for repurchase from Ginnie Mae LoansPayableFairValueDisclosure $345.49M USD Point-in-time
Loans eligible for repurchase from Ginnie Mae LoansPayableFairValueDisclosure $440.77M USD Point-in-time
Total liabilities Liabilities $10.43B USD Point-in-time
Total liabilities Liabilities $8.07B USD Point-in-time
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of March 31, 2023 or December 31, 2022 PreferredStockValue - USD Point-in-time
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of March 31, 2023 or December 31, 2022 PreferredStockValue - USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $903.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $1.04M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $122.14M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $142.50M USD Point-in-time
Non-controlling interest MinorityInterest $3.03B USD Point-in-time
Non-controlling interest MinorityInterest $2.75B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.17B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.17B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.87B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.17B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $13.60B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $10.95B USD Point-in-time
Income Statement 46 line items
Line Item Tag Value Unit Period
Loan production income GainLossOnSalesOfLoansNet $205.42M USD 1 Quarter
Loan production income GainLossOnSalesOfLoansNet $383.87M USD 1 Quarter
Loan servicing income ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets $198.56M USD 1 Quarter
Loan servicing income ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets $218.56M USD 1 Quarter
Change in fair value of mortgage servicing rights ChangeInFairValueOfMortgageServicingRights $171.96M USD 1 Quarter
Change in fair value of mortgage servicing rights ChangeInFairValueOfMortgageServicingRights $-337.29M USD 1 Quarter
Interest income InterestAndFeeIncomeLoansAndLeases $74.58M USD 1 Quarter
Interest income InterestAndFeeIncomeLoansAndLeases $67.39M USD 1 Quarter
Total revenue, net Revenues $821.79M USD 1 Quarter
Total revenue, net Revenues $161.27M USD 1 Quarter
Salaries, commissions and benefits LaborAndRelatedExpense $160.61M USD 1 Quarter
Salaries, commissions and benefits LaborAndRelatedExpense $121.00M USD 1 Quarter
Direct loan production costs DirectLoanProductionCosts $16.48M USD 1 Quarter
Direct loan production costs DirectLoanProductionCosts $26.72M USD 1 Quarter
Marketing, travel, and entertainment TravelAndEntertainmentExpense $17.21M USD 1 Quarter
Marketing, travel, and entertainment TravelAndEntertainmentExpense $12.84M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $11.67M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $10.91M USD 1 Quarter
General and administrative OtherGeneralAndAdministrativeExpense $34.62M USD 1 Quarter
General and administrative OtherGeneralAndAdministrativeExpense $38.32M USD 1 Quarter
Servicing costs ServicingCosts $47.18M USD 1 Quarter
Servicing costs ServicingCosts $36.86M USD 1 Quarter
Interest expense InterestExpense $60.37M USD 1 Quarter
Interest expense InterestExpense $63.28M USD 1 Quarter
Other expense/(income) OtherNonoperatingIncomeExpense $-7.50M USD 1 Quarter
Other expense/(income) OtherNonoperatingIncomeExpense $241.00K USD 1 Quarter
Total expenses OperatingExpenses $300.89M USD 1 Quarter
Total expenses OperatingExpenses $364.46M USD 1 Quarter
Earnings (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-139.62M USD 1 Quarter
Earnings (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $457.33M USD 1 Quarter
(Benefit) provision for income taxes IncomeTaxExpenseBenefit $-1.00M USD 1 Quarter
(Benefit) provision for income taxes IncomeTaxExpenseBenefit $4.04M USD 1 Quarter
Net (loss) income ProfitLoss $-138.61M USD 1 Quarter
Net (loss) income ProfitLoss $453.29M USD 1 Quarter
Net (loss) income attributable to non-controlling interests NetIncomeLossAttributableToNoncontrollingInterest $-126.67M USD 1 Quarter
Net (loss) income attributable to non-controlling interests NetIncomeLossAttributableToNoncontrollingInterest $431.36M USD 1 Quarter
Net (loss) income attributable to UWM Holdings Corporation NetIncomeLoss $21.93M USD 1 Quarter
Net (loss) income attributable to UWM Holdings Corporation NetIncomeLoss $-11.94M USD 1 Quarter
Basic (in usd per share) EarningsPerShareBasic $-0.13 USD 1 Quarter
Basic (in usd per share) EarningsPerShareBasic $0.24 USD 1 Quarter
Diluted (in usd per share) EarningsPerShareDiluted $-0.13 USD 1 Quarter
Diluted (in usd per share) EarningsPerShareDiluted $0.22 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 92.92M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 92.21M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 92.92M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 1.59B shares 1 Quarter
Cash Flow Statement 68 line items
Line Item Tag Value Unit Period
Net Income (Loss) ProfitLoss $-138.61M USD 1 Quarter
Net Income (Loss) ProfitLoss $453.29M USD 1 Quarter
Reserve for representations and warranties ReserveForRepresentationsAndWarranties $7.53M USD 1 Quarter
Reserve for representations and warranties ReserveForRepresentationsAndWarranties $7.76M USD 1 Quarter
Capitalization of mortgage servicing rights MortgageServicingRightsCapitalized $645.44M USD 1 Quarter
Capitalization of mortgage servicing rights MortgageServicingRightsCapitalized $525.40M USD 1 Quarter
Change in fair value of mortgage servicing rights ChangeInFairValueOfMortgageServicingRights $171.96M USD 1 Quarter
Change in fair value of mortgage servicing rights ChangeInFairValueOfMortgageServicingRights $-337.29M USD 1 Quarter
Depreciation & amortization DepreciationDepletionAndAmortization $12.65M USD 1 Quarter
Depreciation & amortization DepreciationDepletionAndAmortization $11.91M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $2.48M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $1.83M USD 1 Quarter
(Increase) decrease in fair value of investment securities ChangeInFairValueOfRetainedInterest $2.60M USD 1 Quarter
(Increase) decrease in fair value of investment securities ChangeInFairValueOfRetainedInterest $-10.93M USD 1 Quarter
Increase (decrease) in fair value of warrants liability FairValueAdjustmentOfWarrants $2.10M USD 1 Quarter
Increase (decrease) in fair value of warrants liability FairValueAdjustmentOfWarrants $-4.13M USD 1 Quarter
Mortgage loans at fair value IncreaseDecreaseInMortgageLoansHeldForSale $-12.27B USD 1 Quarter
Mortgage loans at fair value IncreaseDecreaseInMortgageLoansHeldForSale $-2.33B USD 1 Quarter
Derivative assets IncreaseDecreaseInDerivativeAssets $174.58M USD 1 Quarter
Derivative assets IncreaseDecreaseInDerivativeAssets $-21.73M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $27.82M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $173.09M USD 1 Quarter
Derivative liabilities IncreaseDecreaseInDerivativeLiabilities $78.69M USD 1 Quarter
Derivative liabilities IncreaseDecreaseInDerivativeLiabilities $12.99M USD 1 Quarter
Other liabilities IncreaseDecreaseInOtherOperatingLiabilities $-44.13M USD 1 Quarter
Other liabilities IncreaseDecreaseInOtherOperatingLiabilities $91.39M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $11.75B USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $1.99B USD 1 Quarter
Purchases of premises and equipment PaymentsToAcquirePropertyPlantAndEquipment $6.10M USD 1 Quarter
Purchases of premises and equipment PaymentsToAcquirePropertyPlantAndEquipment $7.95M USD 1 Quarter
Net proceeds from sale of mortgage servicing rights ProceedsFromSaleOfMortgageServicingRightsMSR $613.53M USD 1 Quarter
Net proceeds from sale of mortgage servicing rights ProceedsFromSaleOfMortgageServicingRightsMSR $650.71M USD 1 Quarter
Proceeds from principal payments on investment securities ProceedsFromCollectionOfRetainedInterestInSecuritizedReceivables $3.07M USD 1 Quarter
Proceeds from principal payments on investment securities ProceedsFromCollectionOfRetainedInterestInSecuritizedReceivables $1.61M USD 1 Quarter
Net cash provided by investing activities NetCashProvidedByUsedInInvestingActivities $610.50M USD 1 Quarter
Net cash provided by investing activities NetCashProvidedByUsedInInvestingActivities $644.37M USD 1 Quarter
Net repayments under warehouse lines of credit ProceedsFromPaymentsForBorrowingsUnderWarehouseLinesOfCreditNet $-11.88B USD 1 Quarter
Net repayments under warehouse lines of credit ProceedsFromPaymentsForBorrowingsUnderWarehouseLinesOfCreditNet $-2.18B USD 1 Quarter
Repayments of finance lease liabilities FinanceLeasePrincipalPayments $6.69M USD 1 Quarter
Repayments of finance lease liabilities FinanceLeasePrincipalPayments $4.22M USD 1 Quarter
Repayments under equipment notes payable RepaymentsOfNotesPayable $226.00K USD 1 Quarter
Repayments under equipment notes payable RepaymentsOfNotesPayable $505.00K USD 1 Quarter
Borrowings under lines of credit ProceedsFromLinesOfCredit - USD 1 Quarter
Borrowings under lines of credit ProceedsFromLinesOfCredit $500.00M USD 1 Quarter
Repayments under lines of credit RepaymentsOfLinesOfCredit $750.00M USD 1 Quarter
Repayments under lines of credit RepaymentsOfLinesOfCredit - USD 1 Quarter
Dividends paid to Class A common stockholders PaymentsOfDividends $9.26M USD 1 Quarter
Dividends paid to Class A common stockholders PaymentsOfDividends $9.17M USD 1 Quarter
Member distributions paid to SFS Corp. PaymentsOfDistributionsToAffiliates $300.44M USD 1 Quarter
Member distributions paid to SFS Corp. PaymentsOfDistributionsToAffiliates $150.21M USD 1 Quarter
Proceeds from (Payments for) Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities - USD 1 Quarter
Proceeds from (Payments for) Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities $-1.31M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-2.60B USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-12.19B USD 1 Quarter
INCREASE IN CASH AND CASH EQUIVALENTS CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $35.16M USD 1 Quarter
INCREASE IN CASH AND CASH EQUIVALENTS CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $170.09M USD 1 Quarter
CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $731.09M USD Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $901.17M USD Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $704.90M USD Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $740.06M USD Point-in-time
CASH AND CASH EQUIVALENTS, END OF THE PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $731.09M USD Point-in-time
CASH AND CASH EQUIVALENTS, END OF THE PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $901.17M USD Point-in-time
CASH AND CASH EQUIVALENTS, END OF THE PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $704.90M USD Point-in-time
CASH AND CASH EQUIVALENTS, END OF THE PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $740.06M USD Point-in-time
Cash paid for interest InterestPaidNet $63.32M USD 1 Quarter
Cash paid for interest InterestPaidNet $37.92M USD 1 Quarter
Cash received for taxes IncomeTaxesPaidNet $-124.00K USD 1 Quarter
Cash received for taxes IncomeTaxesPaidNet - USD 1 Quarter
Stockholders Equity 16 line items
Line Item Tag Value Unit Period
Balance at beginning of period StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.17B USD Point-in-time
Balance at beginning of period StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.17B USD Point-in-time
Balance at beginning of period StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.87B USD Point-in-time
Balance at beginning of period StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.17B USD Point-in-time
Net Income (Loss) ProfitLoss $-138.61M USD 1 Quarter
Net Income (Loss) ProfitLoss $453.29M USD 1 Quarter
Class A common stock dividends DividendsCommonStock $9.31M USD 1 Quarter
Class A common stock dividends DividendsCommonStock $9.25M USD 1 Quarter
Member distributions to SFS Corp. MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $150.21M USD 1 Quarter
Member distributions to SFS Corp. MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $450.62M USD 1 Quarter
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $1.83M USD 1 Quarter
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $2.29M USD 1 Quarter
Balance at end of period StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.17B USD Point-in-time
Balance at end of period StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.17B USD Point-in-time
Balance at end of period StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.87B USD Point-in-time
Balance at end of period StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.17B USD Point-in-time

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

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