UWM Holdings Corporation (UWMC) came out with quarterly earnings of $0.04 per share, missing the Zacks Consensus Estimate of $0.06 per share. This compares to earnings of $0.11 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -33.33%. A quarter ago, it was expected that this company would post earnings of $0.04 per share when it actually produced break-even earnings, delivering a surprise of -100%. Over the last four quarters, ...

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 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 March 31, 2024 UWM HOLDINGS CORPORATION (Exact name of registrant as specified in its c ...

UWM Holdings Corporation (NYSE:UWMC) Q1 2024 Earnings Conference Call May 9, 2024 10:00 AM ET Company Participants Blake Kolo - Chief Business Officer and Head-Investor Relations Mat Ishbia - Chairman and Chief Executive Officer Andrew Hubacker - Chief Financial Officer Conference Call Participants Kyle Joseph - Jefferies Eric Hagen - BTIG Doug Harter - UBS Bose George - KBW Brad Capuzzi - Piper Sandler Operator Good morning. My name is Crysta and I will be your conference operator today. At this time, I wo ...

For the quarter ended March 2024, UWM Holdings Corporation (UWMC) reported revenue of $569.96 million, up 253.4% over the same period last year. EPS came in at $0.00, compared to -$0.07 in the year-ago quarter.The reported revenue represents a surprise of +22.13% over the Zacks Consensus Estimate of $466.69 million. With the consensus EPS estimate being $0.04, the EPS surprise was -100.00%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compar ...

UWM Holdings Corporation (UWMC) reported break-even quarterly earnings per share versus the Zacks Consensus Estimate of $0.04. This compares to loss of $0.07 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -100%. A quarter ago, it was expected that this company would post earnings of $0.03 per share when it actually produced a loss of $0.23, delivering a surprise of -866.67%.Over the last four quarters, the company has surpass ...

[Q1 2024 Financial & Operational Highlights](index=1&type=section&id=UWM%20Holdings%20Corporation%20Announces%20First%20Quarter%202024%20Results) UWM Holdings Corporation announced strong first quarter 2024 results, highlighting a return to profitability and increased loan origination [Overall Performance Summary](index=1&type=section&id=First%20Quarter%202024%20Highlights) UWM Holdings returned to profitability in Q1 2024 with $180.5 million net income, driven by increased loan origination and strong purchase volume Q1 2024 Key Performance Indicators | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | **Net Income (Loss) (in millions of dollars)** | $180.5 | ($461.0) | ($138.6) | | **Loan Origination Volume (in billions of dollars)** | $27.6 | $24.4 | $22.3 | | **Purchase Volume (in billions of dollars)** | $22.1 | $20.7 | $19.2 | | **Total Gain Margin (in basis points)** | 108 | 92 | 92 | | **Diluted EPS (in dollars)** | $0.09 | ($0.29) | ($0.13) | - CEO Mat Ishbia noted that the company's strategy and investments are yielding positive results, with **strengthening volume and margin**, achieving impressive purchase volume despite industry concerns[2](index=2&type=chunk) - The company concluded Q1 2024 with approximately **$2.9 billion in available liquidity**, including **$605.6 million in cash** and **$2.3 billion in available borrowing capacity**[4](index=4&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) This section details UWM Holdings' financial results, including key income statement and balance sheet metrics, and mortgage servicing rights performance [Key Financial Metrics](index=2&type=section&id=Production%20and%20Income%20Statement%20Highlights) Loan origination volume increased to $27.6 billion in Q1 2024, with total gain margin improving to 1.08%, resulting in a net income of $180.5 million Production and Income Statement Highlights (Q1 2024 vs. Q4 2023 & Q1 2023) | Metric (in thousands, except per share/bps) | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Loan origination volume (in thousands of dollars) | $27,630,535 | $24,372,436 | $22,335,014 | | Total gain margin (in %) | 1.08% | 0.92% | 0.92% | | Net income (loss) (in thousands of dollars) | $180,531 | $(460,956) | $(138,613) | | Diluted earnings (loss) per share (in dollars) | $0.09 | $(0.29) | $(0.13) | | Adjusted EBITDA (in thousands of dollars) | $101,490 | $99,566 | $140,994 | [Balance Sheet Highlights](index=2&type=section&id=Balance%20Sheet%20Highlights%20as%20of%20Period-end) As of March 31, 2024, total assets increased to $12.8 billion, cash improved to $605.6 million, and the non-funding debt to equity ratio decreased to 0.94 Balance Sheet Highlights (as of period-end, in thousands) | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Cash and cash equivalents (in thousands of dollars) | $605,639 | $497,468 | $740,063 | | Mortgage servicing rights (in thousands of dollars) | $3,191,803 | $4,026,136 | $3,974,870 | | Total assets (in thousands of dollars) | $12,797,334 | $11,871,854 | $10,947,716 | | Total equity (in thousands of dollars) | $2,457,058 | $2,474,671 | $2,874,542 | | Non-funding debt to equity | 0.94 | 1.16 | 0.91 | [Mortgage Servicing Rights (MSRs)](index=2&type=section&id=Mortgage%20Servicing%20Rights) The MSR portfolio's unpaid principal balance decreased to $229.7 billion in Q1 2024, while its weighted average interest rate increased to 4.58% MSR Portfolio Details (as of period-end) | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Unpaid principal balance (in billions of dollars) | $229.7 | $299.5 | $297.9 | | Weighted average interest rate (in %) | 4.58% | 4.43% | 3.66% | | Weighted average age (in months) | 22 | 21 | 18 | [Business & Product Updates](index=2&type=section&id=Business%20%26%20Product%20Updates) This section highlights UWM's new product initiatives and the composition of its loan origination volume by product type [Product Initiatives](index=2&type=section&id=First%20Quarter%20Business%20and%20Product%20Highlights) UWM launched new products and tools in Q1 2024, including 'Mortgage Matchup', 'Refi 100', and an expanded '1% Down' program, while covering credit report costs for brokers - Launched 'Mortgage Matchup', a new version of FindAMortgageBroker.com, to educate homebuyers and connect them with independent mortgage brokers[10](index=10&type=chunk) - Introduced 'Refi 100', a **100-basis point pricing incentive** on conventional rate and term refinances to help brokers create refinance opportunities[10](index=10&type=chunk) - Expanded the '1% Down' program, where UWM contributes an additional **2% (up to $4,000)** towards the down payment for income-qualified borrowers[10](index=10&type=chunk) - Began covering the cost of hard credit report pulls for its broker partners to combat rising out-of-pocket expenses for brokers[10](index=10&type=chunk) [Origination Mix](index=3&type=section&id=Product%20and%20Investor%20Mix%20-%20Unpaid%20Principal%20Balance%20of%20Originations) In Q1 2024, purchase loans comprised the majority of originations at $22.1 billion, with refinance volume also significantly increasing to $5.5 billion across all loan types Origination Mix by Product (in thousands) | Category | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | **Total Purchase (in thousands of dollars)** | **$22,121,429** | **$20,681,456** | **$19,245,796** | |    Conventional (in thousands of dollars) | $12,160,107 | $12,033,818 | $12,969,966 | |    Government (in thousands of dollars) | $7,567,925 | $6,805,530 | $5,623,050 | |    Jumbo and other (in thousands of dollars) | $2,393,397 | $1,842,108 | $652,780 | | **Total Refinance (in thousands of dollars)** | **$5,509,106** | **$3,690,980** | **$3,089,218** | |    Conventional (in thousands of dollars) | $1,716,281 | $1,386,645 | $1,869,911 | |    Government (in thousands of dollars) | $2,657,541 | $1,389,884 | $941,775 | |    Jumbo and other (in thousands of dollars) | $1,135,284 | $914,451 | $277,532 | | **Total Originations (in thousands of dollars)** | **$27,630,535** | **$24,372,436** | **$22,335,014** | [Outlook & Dividends](index=3&type=section&id=Outlook%20%26%20Dividends) This section provides UWM's financial outlook for Q2 2024, including projected production volume and gain margin, alongside its consistent dividend declaration [Q2 2024 Outlook](index=3&type=section&id=Second%20Quarter%202024%20Outlook) UWM projects Q2 2024 loan production volume between $28 billion and $35 billion, with an expected gain margin of 85 to 110 basis points - The company projects Q2 2024 production volume to be between **$28 billion and $35 billion**[12](index=12&type=chunk) - The expected gain margin for Q2 2024 is anticipated to be in the range of **85 to 110 basis points**[12](index=12&type=chunk) [Dividend Declaration](index=3&type=section&id=Dividend) For the fourteenth consecutive quarter, the company declared a cash dividend of $0.10 per share, payable on July 11, 2024 - For the **14th consecutive quarter**, the Board of Directors declared a cash dividend of **$0.10 per share** on outstanding Class A common stock[13](index=13&type=chunk) - The dividend is payable on **July 11, 2024**, to stockholders of record at the close of business on **June 20, 2024**[13](index=13&type=chunk) [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) This section defines and reconciles UWM's non-GAAP financial metrics, including Adjusted Net Income, Adjusted EBITDA, and Non-funding debt, to provide a clearer view of operational performance [Definition of Non-GAAP Metrics](index=3&type=section&id=Definition%20of%20Non-GAAP%20Metrics) UWM defines non-GAAP metrics like Adjusted Net Income, Adjusted EBITDA, and Non-funding debt to provide a clearer view of operational performance by adjusting for specific non-cash or non-operational items - **Adjusted Net Income (Loss)** is defined as pre-tax income with an adjusted income tax provision to reflect a 100% economic interest ownership structure for comparison purposes[16](index=16&type=chunk) - **Adjusted EBITDA** is defined as earnings before interest on non-funding debt, taxes, depreciation, amortization, stock-based compensation, and several non-cash or non-realized fair value adjustments[17](index=17&type=chunk)[18](index=18&type=chunk) - **Non-funding debt** is defined as the total of senior notes, lines of credit, and other borrowings not directly tied to funding loan originations[19](index=19&type=chunk) [Reconciliation of Non-GAAP Metrics](index=5&type=section&id=Reconciliation%20of%20Non-GAAP%20Metrics) This section provides detailed reconciliations of non-GAAP metrics, showing Q1 2024 Adjusted Net Income at $141.1 million, Adjusted EBITDA at $101.5 million, and total non-funding debt at $2.31 billion Adjusted Net Income (Loss) Reconciliation (in thousands) | Description | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Earnings (loss) before income taxes (in thousands of dollars) | $184,264 | $(468,408) | $(139,616) | | Adjusted income tax (provision) benefit (in thousands of dollars) | $(43,143) | $107,406 | $32,991 | | **Adjusted net income (loss) (in thousands of dollars)** | **$141,121** | **$(361,002)** | **$(106,625)** | Adjusted EBITDA Reconciliation (in thousands) | Description | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Net income (loss) (in thousands of dollars) | $180,531 | $(460,956) | $(138,613) | | *Plus/minus various adjustments* | ... | ... | ... | | **Adjusted EBITDA (in thousands of dollars)** | **$101,490** | **$99,566** | **$140,994** | Non-funding Debt Reconciliation (in thousands) | Description | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Total non-funding debt (in thousands of dollars) | $2,311,850 | $2,862,759 | $2,623,962 | | Total equity (in thousands of dollars) | $2,457,058 | $2,474,671 | $2,874,542 | | **Non-funding debt to equity** | **0.94** | **1.16** | **0.91** | [Consolidated Financial Statements](index=8&type=section&id=Consolidated%20Financial%20Statements) This section presents UWM's consolidated balance sheets and statements of operations, detailing assets, liabilities, equity, revenues, and net income for the reported periods [Consolidated Balance Sheets](index=8&type=section&id=UWM%20HOLDINGS%20CORPORATION%20CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2024, total assets increased to $12.8 billion, driven by higher mortgage loans at fair value, while total liabilities rose to $10.3 billion and total equity slightly decreased Consolidated Balance Sheet Summary (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total assets (in thousands of dollars)** | **$12,797,334** | **$11,871,854** | | Cash and cash equivalents (in thousands of dollars) | $605,639 | $497,468 | | Mortgage loans at fair value (in thousands of dollars) | $7,338,135 | $5,449,884 | | Mortgage servicing rights (in thousands of dollars) | $3,191,803 | $4,026,136 | | **Total liabilities (in thousands of dollars)** | **$10,340,276** | **$9,397,183** | | Warehouse lines of credit (in thousands of dollars) | $6,681,917 | $4,902,090 | | Senior notes (in thousands of dollars) | $1,989,250 | $1,988,267 | | **Total equity (in thousands of dollars)** | **$2,457,058** | **$2,474,671** | [Consolidated Statements of Operations](index=9&type=section&id=UWM%20HOLDINGS%20CORPORATION%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) UWM reported total net revenue of $570.0 million in Q1 2024, a significant recovery driven by higher loan production income, resulting in a net income of $180.5 million Consolidated Statement of Operations (in thousands) | Account | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Loan production income (in thousands of dollars) | $298,954 | $225,436 | $205,424 | | Change in fair value of MSRs (in thousands of dollars) | $(15,563) | $(634,418) | $(337,287) | | **Total revenue, net (in thousands of dollars)** | **$569,956** | **$(114,583)** | **$161,274** | | Total expenses (in thousands of dollars) | $385,692 | $353,825 | $300,890 | | **Net income (loss) (in thousands of dollars)** | **$180,531** | **$(460,956)** | **$(138,613)** | | Net income (loss) attributable to UWMC (in thousands of dollars) | $8,730 | $(27,078) | $(11,941) | [Supplementary Information](index=3&type=section&id=Supplementary%20Information) This section provides additional details including conference call information, cautionary notes on forward-looking statements, company overview, and historical quarterly financial data [Conference Call Information](index=3&type=section&id=Earnings%20Conference%20Call%20Details) A conference call to discuss Q1 2024 results was scheduled for May 9, 2024, at 10:00 AM ET, with webcast and replay available on the investor relations website - A conference call to review Q1 2024 results was scheduled for **Thursday, May 9, 2024, at 10:00 AM ET**[14](index=14&type=chunk) [Forward-Looking Statements](index=6&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section cautions that forward-looking statements are subject to risks and uncertainties, including macroeconomic conditions, interest rate changes, and reliance on secondary markets, which may cause actual results to differ materially - Forward-looking statements cover expectations for **Q2 2024 production and margin**, market share growth, and benefits from technology investments[24](index=24&type=chunk) - Identified risks include dependence on U.S. residential real estate market conditions, interest rate changes from U.S. monetary policy, reliance on warehouse facilities, and ability to sell loans in the secondary market[24](index=24&type=chunk) [About UWM](index=7&type=section&id=About%20UWM%20Holdings%20Corporation%20and%20United%20Wholesale%20Mortgage) UWM Holdings Corporation is the parent of United Wholesale Mortgage (UWM), the nation's largest home mortgage lender, operating exclusively through the wholesale channel for nine consecutive years - **UWM is the largest home mortgage lender and purchase lender in the nation**[26](index=26&type=chunk) - The company operates exclusively through the **wholesale channel**, partnering with the independent mortgage broker community across all 50 states and D.C.[26](index=26&type=chunk) [Historical Quarterly Data (Addendum)](index=11&type=section&id=Addendum%20to%20Exhibit%2099.1) This addendum provides historical consolidated balance sheets and statements of operations for the five quarters ending March 31, 2024, enabling analysis of quarterly financial trends Historical Quarterly Total Assets and Equity (in thousands) | Date | Total Assets | Total Equity | | :--- | :--- | :--- | | Mar 31, 2024 | $12,797,334 | $2,457,058 | | Dec 31, 2023 | $11,871,854 | $2,474,671 | | Sep 30, 2023 | $12,204,137 | $3,092,111 | | Jun 30, 2023 | $12,425,919 | $2,947,122 | | Mar 31, 2023 | $10,947,716 | $2,874,542 | Historical Quarterly Revenue and Net Income (in thousands) | Quarter Ended | Total Revenue, Net | Net Income (Loss) | | :--- | :--- | :--- | | Mar 31, 2024 | $569,956 | $180,531 | | Dec 31, 2023 | $(114,583) | $(460,956) | | Sep 30, 2023 | $677,116 | $300,993 | | Jun 30, 2023 | $587,520 | $228,794 | | Mar 31, 2023 | $161,274 | $(138,613) |

Financial Data and Key Metrics Changes - The company closed $24.4 billion in production for the fourth quarter, with $20.7 billion coming from purchased loans, achieving a gain margin of 92 basis points, which is within guidance [8] - Pre-tax earnings for the fourth quarter were $39.2 million, and for the full year, they reached $253.7 million, both showing significant increases from 2022 [8] - Adjusted EBITDA for 2023 was $478.3 million compared to $282.4 million in 2022, with Q4 adjusted EBITDA at $99.6 million compared to $60.4 million in Q4 2022 [39] Business Line Data and Key Metrics Changes - The company reported almost $94 billion in purchase originations for 2023, with $20.7 billion in the fourth quarter, marking the best purchase year ever [17] - The company is focusing on the broker channel, which is growing, and is now competing for approximately 2.5 out of 10 loans, with expectations to reach 3 out of 10 loans in the future [18] Market Data and Key Metrics Changes - The broker channel's market share is approaching 23%, with expectations for continued growth [50] - The company has maintained a strong position in the market despite higher interest rates, indicating resilience in the purchase business [20] Company Strategy and Development Direction - The company is committed to investing in technology to provide brokers with a competitive advantage, focusing on speed, price, and process [36] - The company aims to dominate the purchase business and reward shareholders with consistent dividends, maintaining a $0.10 per share dividend for the 13th consecutive quarter [37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that 2024 will be a better year for the housing and mortgage industry, with expectations for higher volume and margins [19] - The company believes it is uniquely positioned to take advantage of lower rates and increased housing inventory and demand over the next 6 to 18 months [12] Other Important Information - The company has not laid off any employees in its 38-year history and has grown its team by about 15% since the beginning of 2023 [13] - The company maintains a liquidity position of approximately $2.2 billion, which is a significant increase from previous years [40] Q&A Session Summary Question: What is the activity level quarter-to-date and its implications for the spring season? - Management indicated a strong start to the year, with guidance for higher production and margins compared to the previous year [25] Question: How low do interest rates need to go to spur a material refi event? - Management suggested that rates need to drop to around 5.75 to 6.25 for significant refi activity to occur [30] Question: What is the outlook for the MSR portfolio? - Management confirmed targeting an MSR portfolio around $300 billion and discussed the importance of not hedging the MSR portfolio historically [6][91] Question: How does the company view the impact of real estate agent lawsuits on the broker channel? - Management believes that changes in the market can create opportunities for resilient brokers and real estate agents [60] Question: What has been the uptake of the Refi 100 initiative? - Management noted that pricing initiatives are focused on long-term growth and have contributed to increased business despite higher margins [65]

UWM Holdings Corporation (UWMC) reported $-114.58 million in revenue for the quarter ended December 2023, representing a year-over-year decline of 137.9%. EPS of -$0.23 for the same period compares to $0.00 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $402.14 million, representing a surprise of -128.49%. The company delivered an EPS surprise of -866.67%, with the consensus EPS estimate being $0.03.While investors scrutinize revenue and earnings changes year-over-year and how t ...

PONTIAC, Mich.--(BUSINESS WIRE)--UWM Holdings Corporation (NYSE: UWMC) (the "Company"), the publicly traded indirect parent of United Wholesale Mortgage (“UWM”), today announced its results for the fourth quarter and full year ended December 31, 2023. Total loan origination volume for the fourth quarter 2023 was $24.4 billion, of which $20.7 billion was purchase volume. Total loan originations for full year 2023 were $108.3 billion, of which $93.9 billion was purchase volume. The Company reported 4Q23 net l ...

Exhibit 99.1 UWM Holdings Corporation Announces Fourth Quarter & Full Year 2023 Results Fourth Quarter Loan Origination Volume of $24.4 Billion, Including Purchase Volume of $20.7 Billion. PONTIAC, MI, February 28, 2024 - UWM Holdings Corporation (NYSE: UWMC) (the "Company"), the publicly traded indirect parent of United Wholesale Mortgage ("UWM"), today announced its results for the fourth quarter and full year ended December 31, 2023. Total loan origination volume for the fourth quarter 2023 was $24.4 bil ...