UWM (US:UWMC)2025-02-26 14:06Financial Performance - Full Year 2024 loan origination volume reached $139.4 billion, a 28.8% increase from $108.3 billion in 2023[4] - Fourth Quarter 2024 net income was $40.6 million, compared to a net loss of $461.0 million in Q4 2023[4] - Adjusted net income for Q4 2024 was $33,040,000, compared to $23,334,000 in Q3 2024 and a loss of $361,002,000 in Q4 2023[25] - Net income for the year ended December 31, 2024, was $329,375,000, compared to a net loss of $69,782,000 in the previous year[36] - The company reported a diluted adjusted EPS of $0.01 for Q4 2024, compared to a loss of $0.23 in Q4 2023[25] - Basic earnings per share for Class A common stock was $0.06, recovering from a loss of $0.06 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 $526,434,000 in the previous quarter[36] - Loan production income for the three months ended December 31, 2024, was $407,229,000, up from $225,436,000 in the same period last year[36] - Loan production income reached $407,229, up from $465,548 in the prior quarter, while loan servicing income increased to $173,300 from $134,753[42] Assets and Liabilities - Total assets as of December 31, 2024, reached $15,671,116,000, an increase from $11,871,854,000 a year earlier[40] - Total liabilities increased to $13,617,268,000 as of December 31, 2024, from $9,397,183,000 a year prior[40] - The company's total assets grew to $15,671,116,000 as of December 31, 2024, compared to $11,871,854,000 a year earlier[34] Liquidity and Debt - The Company ended Q4 2024 with approximately $2.5 billion in available liquidity, including $507.3 million in cash[4] - Total non-funding debt increased to $3,401,066,000 in Q4 2024 from $2,410,714,000 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 $497,468,000 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 $35 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 $142,515,000 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]