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UWM (UWMC) - 2024 Q4 - Annual Results
UWMCUWM (UWMC)2025-02-26 14:06

Financial Performance - Full Year 2024 loan origination volume reached 139.4billion,a28.8139.4 billion, a 28.8% increase from 108.3 billion in 2023[4] - Fourth Quarter 2024 net income was 40.6million,comparedtoanetlossof40.6 million, compared to a net loss of 461.0 million in Q4 2023[4] - Adjusted net income for Q4 2024 was 33,040,000,comparedto33,040,000, compared to 23,334,000 in Q3 2024 and a loss of 361,002,000inQ42023[25]−NetincomefortheyearendedDecember31,2024,was361,002,000 in Q4 2023[25] - Net income for the year ended December 31, 2024, was 329,375,000, compared to a net loss of 69,782,000inthepreviousyear[36]−ThecompanyreportedadilutedadjustedEPSof69,782,000 in the previous year[36] - The company reported a diluted adjusted EPS of 0.01 for Q4 2024, compared to a loss of 0.23inQ42023[25]−BasicearningspershareforClassAcommonstockwas0.23 in Q4 2023[25] - Basic earnings per share for Class A common stock was 0.06, recovering from a loss of 0.06inthepreviousquarter[42]RevenueandIncome−TotalrevenueforthethreemonthsendedDecember31,2024,was0.06 in the previous quarter[42] Revenue and Income - Total revenue for the three months ended December 31, 2024, was 560,207,000, an increase from 526,434,000inthepreviousquarter[36]−LoanproductionincomeforthethreemonthsendedDecember31,2024,was526,434,000 in the previous quarter[36] - Loan production income for the three months ended December 31, 2024, was 407,229,000, up from 225,436,000inthesameperiodlastyear[36]−Loanproductionincomereached225,436,000 in the same period last year[36] - Loan production income reached 407,229, up from 465,548inthepriorquarter,whileloanservicingincomeincreasedto465,548 in the prior quarter, while loan servicing income increased to 173,300 from 134,753[42]AssetsandLiabilities−TotalassetsasofDecember31,2024,reached134,753[42] Assets and Liabilities - Total assets as of December 31, 2024, reached 15,671,116,000, an increase from 11,871,854,000ayearearlier[40]−Totalliabilitiesincreasedto11,871,854,000 a year earlier[40] - Total liabilities increased to 13,617,268,000 as of December 31, 2024, from 9,397,183,000ayearprior[40]−Thecompany′stotalassetsgrewto9,397,183,000 a year prior[40] - The company's total assets grew to 15,671,116,000 as of December 31, 2024, compared to 11,871,854,000ayearearlier[34]LiquidityandDebt−TheCompanyendedQ42024withapproximately11,871,854,000 a year earlier[34] Liquidity and Debt - The Company ended Q4 2024 with approximately 2.5 billion in available liquidity, including 507.3millionincash[4]−Totalnon−fundingdebtincreasedto507.3 million in cash[4] - Total non-funding debt increased to 3,401,066,000 in Q4 2024 from 2,410,714,000inQ32024,withadebt−to−equityratioof1.66[28]−Thecompany’scashandcashequivalents,includingrestrictedcash,were2,410,714,000 in Q3 2024, with a debt-to-equity ratio of 1.66[28] - The company’s cash and cash equivalents, including restricted cash, were 507,339,000 as of December 31, 2024, compared to 497,468,000ayearearlier[40]CustomerSatisfactionandProductDevelopment−TheCompanyachievedaNetPromoterScore(NPS)of+82.5,indicatingstrongcustomersatisfaction[12]−NewproductTRACLitewasintroducedtoofferalow−costtitleoption,potentiallysavingborrowersthousandsofdollarsperloan[9]FutureOutlook−TheCompanyanticipatesfirstquarter2025productiontobeintherangeof497,468,000 a year earlier[40] Customer Satisfaction and Product Development - The Company achieved a Net Promoter Score (NPS) of +82.5, indicating strong customer satisfaction[12] - New product TRAC Lite was introduced to offer a low-cost title option, potentially saving borrowers thousands of dollars per loan[9] Future Outlook - The Company anticipates first quarter 2025 production to be in the range of 28 to 35billion,withgainmarginbetween90to115basispoints[16]−UWMHoldingsCorporationanticipatesgrowthopportunitiesin2025,particularlyinthebrokerchannelandoperationalprofitability[29]−Thecompanyplanstocontinueinvestingintechnologyandinnovationtoenhanceclientexperienceandmaintainmarketleadership[29]−UWMremainsthelargesthomemortgagelenderintheU.S.,focusingonconformingandgovernmentloansacrossallstates[31]−Thecompanyhasastrongcommitmenttomaintainingitspositioninthemarketdespitepotentialrisksfrommacroeconomicconditionsandregulatorychanges[29]Expenses−Salaries,commissions,andbenefitsexpensesforthethreemonthsendedDecember31,2024,were35 billion, with gain margin between 90 to 115 basis points[16] - UWM Holdings Corporation anticipates growth opportunities in 2025, particularly in the broker channel and operational profitability[29] - The company plans to continue investing in technology and innovation to enhance client experience and maintain market leadership[29] - UWM remains the largest home mortgage lender in the U.S., focusing on conforming and government loans across all states[31] - The company has a strong commitment to maintaining its position in the market despite potential risks from macroeconomic conditions and regulatory changes[29] Expenses - Salaries, commissions, and benefits expenses for the three months ended December 31, 2024, were 193,155,000, compared to 142,515,000inthesameperiodlastyear[36]−Totalexpensesforthequarterwere142,515,000 in the same period last year[36] - Total expenses for the quarter were 517,875, an increase from $494,145 in the prior quarter[42]