Financial Data and Key Metrics Changes - The company reported a total production of $22.3 billion, which is at the high end of guidance, with $19.2 billion coming from purchase volume, marking a record for first-quarter production [8][12] - Gain margin improved to 92 basis points, up from 51 basis points in the previous quarter, indicating strong control over business operations [9][12] - A net loss of $139 million was reported, primarily due to a fair value markdown of over $337 million related to the MSR portfolio, but operationally, the company made money [14][16] Business Line Data and Key Metrics Changes - The company achieved a significant increase in purchase volume, which is a key focus area, reflecting the strength of its business model in a challenging market [8][12] - The operational performance was strong, with total expenses declining nearly $50 million, or 19%, compared to the first quarter of 2022, contributing to improved core operational performance [16][18] Market Data and Key Metrics Changes - The company maintained a dominant market share, reportedly growing from 32% to 55% in the wholesale channel, indicating strong competitive positioning [42][44] - The overall mortgage market is smaller than in previous years, but the company is well-prepared for future growth, expecting to double its business volume over the next couple of years [51][52] Company Strategy and Development Direction - The company is focused on innovation and growth, emphasizing the importance of the broker community and the launch of new products to support this channel [21][22] - The company plans to continue investing in technology and client relations to enhance its market share and operational efficiency [20][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current challenging mortgage market, highlighting the importance of scale efficiencies and technology investments [7][21] - The outlook for the second quarter is optimistic, with expected production between $23 billion and $30 billion and margins in the range of 75 to 100 basis points [24][36] Other Important Information - The company announced a quarterly dividend of $0.10 for the 10th consecutive quarter, reflecting its commitment to rewarding shareholders [23] - The company has enhanced its liquidity, with total liquidity increasing to approximately $2.9 billion as of March 31, 2023, an increase of about $800 million from the end of the previous year [19][20] Q&A Session Summary Question: What is the outlook for margins in the current environment? - Management indicated that margins are expected to remain in the range of 75 to 100 basis points, reflecting control over pricing and market conditions [27][31] Question: How impactful would a drop in mortgage rates be on business volumes? - A drop of 100 basis points could potentially double business volumes and increase margins, leading to significant profitability [35][36] Question: What is the outlook for market share as the company moves away from programs like Game On? - Management believes that even without Game On, market share will remain strong, with expectations of maintaining a 40%-45% range in the wholesale channel [42][44] Question: How does the company view its MSR portfolio and potential sales? - The company is opportunistic regarding MSR sales, with a current portfolio estimated around $300 billion, and does not foresee a need to sell unless favorable conditions arise [61][62] Question: What strategies are in place to manage interest rate risk? - The company employs a risk-free approach to managing its pipeline and utilizes self-warehousing to mitigate interest expenses [65][68] Question: What drove the decrease in G&A expenses this quarter? - Management highlighted effective cost management strategies, including vendor negotiations, rather than layoffs, contributing to the decrease in G&A expenses [71][73]

Financial Performance - For Q1 2023, the company originated $22.3 billion in residential mortgage loans, a decrease of $16.5 billion, or 42%, from $38.8 billion in Q1 2022[126] - The company reported a net loss of $138.6 million in Q1 2023, a decrease of $591.9 million, or 130.6%, compared to a net income of $453.3 million in Q1 2022[126] - Adjusted EBITDA for Q1 2023 was $141.0 million, compared to $128.4 million in Q1 2022, reflecting an increase of 9.9%[126] - Total revenue for Q1 2023 was $161.3 million, a significant decline from $821.8 million in Q1 2022[133] - Loan production income decreased to $205.4 million in Q1 2023 from $383.9 million in Q1 2022, representing a decline of 46.5%[133] - Loan servicing income increased to $218.6 million in Q1 2023 from $198.6 million in Q1 2022, an increase of 10.1%[133] - The change in fair value of mortgage servicing rights for Q1 2023 was a loss of $337.3 million, compared to a gain of $172.0 million in Q1 2022[133] - Total expenses for Q1 2023 were $300.9 million, down from $364.5 million in Q1 2022, a decrease of 17.5%[133] - Salaries, commissions, and benefits decreased to $121.0 million in Q1 2023 from $160.6 million in Q1 2022, a reduction of 24.6%[133] - Interest income for Q1 2023 was $74.6 million, compared to $67.4 million in Q1 2022, an increase of 10.7%[133] Loan Origination and Servicing - Total loan origination volume declined by $16.5 billion, or 42%, from $38.8 billion in Q1 2022 to $22.3 billion in Q1 2023, primarily due to lower refinance volume[135] - Loan servicing income increased to $218.6 million in Q1 2023, up $20.0 million, or 10.1%, from $198.6 million in Q1 2022, driven by higher average servicing fees[136] - Servicing costs decreased by $10.3 million, or 21.9%, from $47.2 million in Q1 2022 to $36.9 million in Q1 2023, due to lower loss mitigation expenses[137] - The weighted average servicing fee as of period end increased to 0.2785% in Q1 2023 from 0.2587% in Q1 2022[136] - The average loan amount remained stable at $362 in Q1 2023, compared to $363 in Q1 2022, while the weighted average loan-to-value ratio increased to 83.51% from 75.07%[134] Cash Flow and Financing Activities - Net cash provided by operating activities was $1.99 billion for Q1 2023, a decrease from $11.75 billion in Q1 2022[183] - Net cash provided by investing activities increased to $644.4 million in Q1 2023 from $610.5 million in Q1 2022, driven by higher proceeds from sales of MSRs and excess servicing cash flows[184] - Net cash used in financing activities was $2.60 billion in Q1 2023, down from $12.19 billion in Q1 2022, primarily due to decreased net repayments under warehouse lines of credit[185] - The company declared a dividend of $0.10 per share of Class A Common Stock, totaling $9.3 million, and a distribution of $150.2 million from Holdings LLC to SFS Corp.[187] Debt and Borrowing - As of March 31, 2023, the total advanced against the company's warehouse facilities was $4,259.8 million, with $400 million committed[160] - The company had $250 million outstanding under the MSR Facility as of March 31, 2023, which provides up to $1.5 billion of uncommitted borrowing capacity[171] - The company also had $250 million outstanding under the GNMA MSR facility, which offers up to $500 million of uncommitted borrowing capacity as of March 31, 2023[174] - The 2025 Senior Notes issued by the company amount to $800 million with a 5.500% interest rate, due November 15, 2025[163] - The 2029 Senior Notes issued by the company total $700 million with a 5.500% interest rate, due April 15, 2029[166] - The 2027 Senior Notes issued by the company are $500 million with a 5.750% interest rate, due June 15, 2027[168] - The company was in compliance with all financial covenants under its warehouse facilities as of March 31, 2023[162] Risk Management - The company utilizes forward agency or Ginnie Mae To Be Announced (TBA) securities as its primary hedge instrument to manage interest rate risk[201] - The company assesses market risk using a sensitivity analysis based on hypothetical changes in interest rates, with limitations in extrapolating results to actual performance[202] - The company is subject to credit risk from borrowers' defaults, which is mitigated through stringent underwriting standards and strong fraud detection tools[204] - The company manages counterparty risk by selecting financially strong counterparties and spreading risk among multiple entities[205] - The company incurred no losses due to nonperformance by any of its counterparties during the three months ended March 31, 2023, or March 31, 2022[206] Market Conditions - The fair value of mortgage servicing rights (MSRs) generally increases in rising interest rate environments, while it decreases in declining interest rate environments, impacting expected cash flows[200] - As of March 31, 2023, a 25 basis point increase in interest rates would result in a total change in assets of $1,522 thousand, while a decrease would lead to a total change of $(17,578) thousand[203] - The weighted average FICO score for originated loans as of March 31, 2023, was 737, slightly down from 741 in the same period in 2022[204] - Interest rate lock commitments for fixed rates amounted to $9.26 billion as of March 31, 2023, compared to $5.35 billion at the end of 2022[191] - The blended average pullthrough rate was 75% as of March 31, 2023, down from 77% at the end of 2022[190] - In Q1 2023, the company sold excess servicing cash flows on certain agency loans for proceeds of approximately $305.5 million[176]

Financial Data and Key Metrics Changes - UWM Holdings Corporation reported a strong performance in 2022, achieving a total production volume of over $127 billion and nearly $1 billion in profit despite a challenging mortgage market [30][31] - The fourth quarter production volume was $25.1 billion, with $21.7 billion coming from purchase loans, marking a significant increase in market share to 54% in the broker channel, up from 41% in the previous quarter [31][32] - The company experienced a loss of $62.5 million in the fourth quarter, primarily due to a $151 million decrease in the fair value of mortgage servicing rights (MSRs), but operational profitability remained strong with a gain margin of 51 basis points [33][34] Business Line Data and Key Metrics Changes - The core purchase business showed a year-over-year increase in origination volume, indicating strong demand in the purchase market [36] - UWM's servicing portfolio remained robust, with a total unpaid principal balance (UPB) of approximately $312 billion at the end of 2022, maintaining high asset quality and low delinquencies [36][37] Market Data and Key Metrics Changes - The broker channel is projected to grow, with expectations that it could reach 30% to 33% of the overall market by 2025 or 2026, with UWM aiming for over 40% market share within that channel [22][43] - UWM's market share in the overall mortgage market is approximately 11% [11][22] Company Strategy and Development Direction - UWM is committed to investing in technology and supporting mortgage brokers, emphasizing the importance of the broker channel for consumer loans [9][10] - The company plans to continue its "Game On" strategy, which aims to enhance broker relationships and market presence, while maintaining competitive pricing [44][68] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in UWM's ability to thrive in a higher interest rate environment, stating that the best mortgage companies will continue to separate from the competition [3][9] - The company anticipates production in Q1 2023 to be between $16 billion and $23 billion, with margins expected to remain in the range of 75 to 100 basis points [19][34] Other Important Information - UWM has maintained a consistent dividend of $0.10 per share for nine consecutive quarters, reflecting strong financial health [30] - The company has never laid off a team member in its 37-year history, highlighting its commitment to employee retention [9] Q&A Session Summary Question: What are the limitations of offering interest rate buy-downs if rates continue to rise? - Management noted that buy-downs have been successful and will remain viable options for borrowers, helping to address affordability challenges [46] Question: How does UWM view its market share trends as it pulls back from the "Game On" initiative? - Management indicated that while they do not expect to maintain the current 54% market share indefinitely, they believe the broker channel will continue to grow and UWM will retain a significant share [68] Question: Are there any increases in delinquency or servicing costs due to rising rates? - Management reported no significant impact on delinquencies or servicing costs, maintaining a low delinquency rate and high credit quality [74] Question: What impact does acquiring an NBA franchise have on UWM's business? - Management stated that the acquisition of the Phoenix Suns and Mercury will have no negative impact on UWM and may even enhance its visibility and platform in the market [76][80]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission file number 001-39189 UWM HOLDINGS CORPORATION (Exact name of registrant as specified in its charter) Delaware 84-212 ...

UWM Holdings Corporation (NYSE:UWMC) Q3 2022 Earnings Conference Call November 4, 2022 10:00 AM ET Company Representatives Mat Ishbia - Chairman, Chief Executive Officer Andrew Hubacker - Senior VP, Chief Accounting Officer, Interim Principal Financial Officer Blake Kolo - Chief Business Officer, Head of Investor Relations Conference Call Participants Doug Harter - Credit Suisse Jay McCanless - Wedbush Securities Bose George - KBW James Faucette - Morgan Stanley Kyle Joseph - Jefferies Courtney Bahlman - Ba ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission file number 001-39189 UWM HOLDINGS CORPORATION (Exact name of registrant as specified in i ...

UWM Holdings Corporation (NYSE:UWMC) Q2 2022 Earnings Conference Call August 9, 2022 10:00 AM ET Company Participants Blake Kolo - Chief Business Officer and Head of IR Mat Ishbia - Chairman and CEO Andrew Hubacker - Senior VP and Chief Accounting Officer and Interim Principal Financial Officer. Conference Call Participants Bose George - KBW Kevin Barker - Piper Sandler Doug Harter - Credit Suisse Eric Hagen - BTIG James Faucette - Morgan Stanley Steve DeLaney - JMP Securities Jay McCanless - Wedbush Kyle J ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission file number 001-39189 UWM HOLDINGS CORPORATION (Exact name of registrant as specified in its ch ...

Financial Data and Key Metrics Changes - UWM Holdings Corporation closed $38.8 billion in production for Q1 2022, a decrease of 21% compared to Q1 2021, but still demonstrating significant scale and growth [8][10] - The company reported a net income of $453.3 million for the quarter, translating to $0.22 per share, with a gain margin of 99 basis points [10][21] - The production of purchase volume reached $19.1 billion, marking the largest first quarter in the company's 36-year history [9] Business Line Data and Key Metrics Changes - The company experienced a 56% year-over-year growth in purchase volume, indicating strong performance in this segment [16] - The MSR (Mortgage Servicing Rights) book is highlighted as one of the best in the country, with a weighted average coupon (WAC) increasing to 3.04% from 2.94% [12] Market Data and Key Metrics Changes - The broker channel is growing, with 35,000 unique loan officers submitting loans to UWM in 2021, and expectations for increased participation in 2022 [14] - The company anticipates production for Q2 2022 to be between $26 billion and $33 billion, with a gain on sale margin projected at 75 to 90 basis points [23] Company Strategy and Development Direction - UWM's strategy focuses on the purchase market, leveraging broker expertise and technology to thrive in a rising rate environment [5][7] - The company aims to maintain its position as the number one purchase lender in America and eventually the number one overall lender [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to remain profitable in various market conditions, citing past experiences during similar market shifts [7][85] - The company plans to continue paying dividends, having done so for six consecutive quarters, reflecting strong cash flow and commitment to shareholders [21][100] Other Important Information - The company sold some MSRs amounting to $73 billion, generating liquidity of $872 million as of April 1 [21] - UWM's technology, particularly the BOLT underwriting platform, has seen a 50% adoption increase, enhancing productivity and cost efficiency [11] Q&A Session Summary Question: Gain on sale margin for the first quarter - Management indicated that they control their margins and do not expect them to fall below 75 basis points, despite competitive pressures [26][28] Question: Staffing and operating profitability - Management emphasized their culture and technology as key to maintaining profitability without reducing staff, unlike competitors [31][33] Question: Migration from retail to broker channel - Management noted the growth in loan officers migrating to the broker channel, with no specific external data sources available for tracking [34][39] Question: Capital allocation and liquidity - Management confirmed a strong cash position and plans to continue paying dividends while exploring opportunities for growth and investment [48][50] Question: Q2 gain on sale margin and pricing adjustments - Management stated that pricing adjustments would not impact their guidance and emphasized their focus on helping brokers succeed [65] Question: Operating earnings and dividend sustainability - Management expressed confidence in generating sufficient operating earnings to support the dividend, despite fluctuations in fair value marks [89][90] Question: Consideration of bringing servicing in-house - Management acknowledged discussions about bringing servicing in-house but indicated a focus on other growth opportunities [93]

[PART I - FINANCIAL INFORMATION](index=2&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Q1 2022 financial statements show significant asset and liability decreases, with net income declining due to lower loan production [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2022, total assets decreased significantly to **$11.0 billion** from **$22.5 billion** at year-end 2021 Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | 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 | | Mortgage servicing rights | $3,514,102 | $3,314,952 | | **Total assets** | **$10,990,953** | **$22,528,358** | | **Liabilities** | | | | Warehouse lines of credit | $4,076,829 | $15,954,938 | | Senior notes | $1,981,106 | $1,980,112 | | **Total liabilities** | **$7,824,711** | **$19,357,357** | | **Total equity** | **$3,166,242** | **$3,171,001** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2022 net income decreased **47.3%** to **$453.3 million** from **$860.0 million** in Q1 2021 Q1 2022 vs. Q1 2021 Statement of Operations (in thousands, except per share data) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Loan production income | $383,871 | $1,074,665 | | Loan servicing income | $198,565 | $123,789 | | Change in fair value of MSRs | $171,963 | $(59,259) | | **Total revenue, net** | **$821,794** | **$1,189,870** | | Total expenses | $364,462 | $316,979 | | **Net income** | **$453,287** | **$860,005** | | Net income attributable to UWMHC | $21,930 | $47,985 | | **Diluted EPS** | **$0.22** | **$0.33** | [Condensed Consolidated Statements of Changes in Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity) Total equity slightly decreased from **$3.171 billion** to **$3.166 billion** in Q1 2022, offset by distributions - Key changes in equity for Q1 2022 include net income of **$453.3 million**, distributions to SFS Corp. of **$450.6 million**, dividends of **$9.3 million**, and stock-based compensation expense of **$1.8 million**[14](index=14&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2022 net cash from operations significantly increased to **$11.75 billion** due to decreased mortgage loans Q1 2022 vs. Q1 2021 Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $11,751,763 | $2,637,017 | | Net cash provided by (used in) investing activities | $610,498 | $(7,233) | | Net cash used in financing activities | $(12,192,175) | $(2,260,958) | | **Increase in cash and cash equivalents** | **$170,086** | **$368,826** | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, 'Up-C' structure, MSRs, debt, and related party transactions - The company operates under an 'Up-C' structure where UWM Holdings Corporation's only material asset is its approximate **5.8%** ownership of Class A Common Units in Holdings LLC, with the remaining **94.2%** held by SFS Corp. and presented as a non-controlling interest[22](index=22&type=chunk)[23](index=23&type=chunk)[76](index=76&type=chunk) - In Q1 2022, the company sold MSRs on loans with an aggregate UPB of approximately **$56.6 billion** for proceeds of about **$656.7 million**. The fair value of the total MSR portfolio was **$3.51 billion** as of March 31, 2022[48](index=48&type=chunk) - As of March 31, 2022, the company had **$4.08 billion** outstanding on its warehouse lines of credit and **$2.0 billion** in aggregate principal of senior unsecured notes. The company was in compliance with all debt covenants[53](index=53&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk) - The company declared a Q1 2022 dividend of **$0.10 per share** on Class A common stock, paid in April 2022. A subsequent dividend of **$0.10 per share** was declared for Q2 2022, payable in July 2022[111](index=111&type=chunk)[113](index=113&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes Q1 2022 loan origination volume and gain margin declines to rising interest rates and competition Key Operational and Financial Metrics (in billions/millions) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Total Loan Origination Volume | $38.8B | $49.1B | | Gain Margin | 99 bps | 219 bps | | Loan Production Income | $383.9M | $1,074.7M | | Net Income | $453.3M | $860.0M | | Adjusted EBITDA | $128.4M | $711.4M | - The decrease in loan production income was primarily driven by a **120 basis point** decline in gain margin and a **$10.3 billion (21%)** decrease in loan production volume compared to Q1 2021[138](index=138&type=chunk) - The company's primary sources of liquidity are borrowings under warehouse facilities and cash flow from operations, including the sale of loans[150](index=150&type=chunk)[151](index=151&type=chunk)[160](index=160&type=chunk) - The company has **$2.0 billion** in aggregate principal of senior unsecured notes with maturities in 2025, 2027, and 2029, and was in compliance with all related covenants[166](index=166&type=chunk)[168](index=168&type=chunk)[170](index=170&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, impacting MSRs and loan origination, naturally hedged by its servicing portfolio - The company is subject to interest rate risk, which impacts MSRs, IRLCs, and mortgage loans at fair value. Rising rates generally increase MSR value but decrease origination volume, creating a natural hedge[195](index=195&type=chunk)[197](index=197&type=chunk) Interest Rate Sensitivity Analysis as of March 31, 2022 (in thousands) | Change in Fair Value | Down 25 bps | Up 25 bps | | :--- | :--- | :--- | | Mortgage loans at fair value | $51,829 | $(53,179) | | MSRs | $(68,567) | $63,742 | | IRLCs (asset) | $111,146 | $(119,702) | | FLSCs (liability) | $(165,685) | $170,976 | - Credit risk is mitigated through stringent underwriting. For Q1 2022, originated loans had a weighted average FICO score of **741** and a loan-to-value ratio of **75.07%**[202](index=202&type=chunk) [Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls were effective as of March 31, 2022, with no material changes to internal controls - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2022[208](index=208&type=chunk) - No material changes to internal control over financial reporting occurred during the first quarter of 2022[209](index=209&type=chunk) [PART II - OTHER INFORMATION](index=46&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=46&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in several legal proceedings, including class action and antitrust lawsuits, with no material adverse effect expected - A class action lawsuit was filed by three independent mortgage brokers alleging unpaid origination fees. The company denies the claims and intends to defend the matter vigorously[212](index=212&type=chunk) - The Okavage Group filed an antitrust lawsuit alleging that UWM's policy to not work with brokers who also partner with two specific competitors is anticompetitive. A motion to dismiss is pending[213](index=213&type=chunk)[215](index=215&type=chunk) - A former employee filed a class action lawsuit alleging violations of the Fair Labor Standards Act for unpaid overtime. The case is currently stayed pending settlement discussions[216](index=216&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=48&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company has a **$300 million** share repurchase program, with no Q1 2022 repurchases, leaving **$218.4 million** available - No shares of Class A common stock were repurchased during Q1 2022[219](index=219&type=chunk) - As of March 31, 2022, **$218.4 million** remained available under the company's share repurchase program, which expires in May 2023[218](index=218&type=chunk)[219](index=219&type=chunk) [Other Information](index=48&type=section&id=Item%205.%20Other%20Information) The company amended its lease agreement with a related party owned by CEO Mat Ishbia to expand its corporate campus, approved by the Audit Committee - The company amended its lease agreement with a related party, an entity owned by CEO Mat Ishbia, to expand its corporate campus. The Audit Committee approved the transaction[220](index=220&type=chunk) [Exhibits](index=49&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including capital stock, lease amendment, CEO/CFO certifications, and XBRL data