$UWMC
UWM Holdings Corp

2020 Q2 Form 10-Q Financial Statement

#000156459020038356 Filed on August 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2020 Q1 2019 Q4
Revenue $830.6M $455.5M $395.0M
YoY Change
Cost Of Revenue $23.30M $25.90M $18.80M
YoY Change
Gross Profit $807.4M $429.6M $376.2M
YoY Change
Gross Profit Margin 97.2% 94.32% 95.24%
Selling, General & Admin $164.4M $144.8M $168.3M
YoY Change
% of Gross Profit 20.36% 33.71% 44.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $72.70M $79.70M $55.60M
YoY Change
% of Gross Profit 9.0% 18.55% 14.78%
Operating Expenses $290.4M $435.1M $182.2M
YoY Change
Operating Profit -$234.8K -$5.507M $194.0M
YoY Change 2231.5%
Interest Expense $30.03M $43.04M -$45.10M
YoY Change
% of Operating Profit -23.25%
Other Income/Expense, Net $0.00 $0.00
YoY Change
Pretax Income $540.2M $20.35M $148.9M
YoY Change 3060.57%
Income Tax $750.0K $0.00 $0.00
% Of Pretax Income 0.14% 0.0% 0.0%
Net Earnings -$48.56K $516.8K $148.9M
YoY Change 0.0%
Net Earnings / Revenue -0.01% 0.11% 37.7%
Basic Earnings Per Share
Diluted Earnings Per Share $5.233M $196.9K $1.444M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2020 Q1 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $541.7K $1.107M $1.120K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses $320.9K $390.0K
Receivables
Other Receivables
Total Short-Term Assets $862.6K $1.497M $412.5K
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $426.1M $425.9M $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $862.6K $1.497M $412.5K
Total Long-Term Assets $426.1M $425.9M $0.00
Total Assets $426.9M $427.4M $412.5K
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $274.7K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $279.0K $624.2K $426.5K
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $279.0K $624.2K $426.5K
Total Long-Term Liabilities
Total Liabilities $15.15M $15.56M $426.5K
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings $429.3K $477.8K -$39.00K
YoY Change
Common Stock $4.569M $4.521M $23.85K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.000M $5.000M -$14.00K
YoY Change
Total Liabilities & Shareholders Equity $426.9M $427.4M $412.5K
YoY Change

Cashflow Statement

Concept 2020 Q2 2020 Q1 2019 Q4
OPERATING ACTIVITIES
Net Income -$48.56K $516.8K $148.9M
YoY Change 0.0%
Depreciation, Depletion And Amortization $72.70M $79.70M $55.60M
YoY Change
Cash From Operating Activities -$636.1M -$1.382B
YoY Change
INVESTING ACTIVITIES
Capital Expenditures $13.79M -$1.700M
YoY Change
Acquisitions
YoY Change
Other Investing Activities $246.2M $23.20M
YoY Change
Cash From Investing Activities $232.5M $21.50M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $326.6M 1.243B
YoY Change
NET CHANGE
Cash From Operating Activities -$636.1M -1.382B
Cash From Investing Activities $232.5M 21.50M
Cash From Financing Activities $326.6M 1.243B
Net Change In Cash -$77.08M -117.6M
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$636.1M -$1.382B
Capital Expenditures $13.79M -$1.700M
Free Cash Flow -$649.9M -$1.380B
YoY Change

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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1.       Organization and Business Operations</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Organization and General</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:7.69%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gores Holdings IV, Inc. (the “Company”) was incorporated in Delaware on June 12, 2019. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar Business Combination with one or more businesses (the “Business Combination”). The Company has neither engaged in any operations nor generated any operating revenue to date. The Company’s management has broad discretion with respect to the Business Combination. The Company’s Sponsor is Gores Holdings IV Sponsor, LLC, a Delaware limited liability company (the “Sponsor”). The Company has selected December 31<sup style="font-size:85%;line-height:120%;vertical-align:top">st</sup> as its fiscal year-end.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:7.69%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At June 30, 2020, the Company had not commenced any operations. All activity for the period from June 12, 2019 (inception) through June 30, 2020 relates to the Company’s formation and initial public offering (“Public Offering”) described below. The Company completed the Public Offering on January 28, 2020 (the “IPO Closing Date”). The Company will not generate any operating revenues until after the completion of its Business Combination, at the earliest. Subsequent to the Public Offering, the Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Public Offering and the sale of the Private Placement Warrants (as defined below) held in the Trust Account (as defined below).</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Financing</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:7.69%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Upon the closing of the Public Offering and the sale of the Private Placement Warrants, an aggregate of $425,000,000 was placed in a Trust Account with Continental Stock Transfer &amp; Trust Company acting as trustee (the “Trust Account”).</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:7.69%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> The Company intends to finance a Business Combination with the net proceeds from its $425,000,000 Public Offering and its sale of $10,500,000 of Private Placement Warrants.     </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Trust Account</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:7.69%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Funds held in the Trust Account can be invested only in U.S. government treasury bills with a maturity of one hundred and eighty five (185) days or less or in money market funds meeting certain conditions under Rule 2a‑7 under the Investment Company Act of 1940, as amended, that invest only in direct U.S. government obligations. As of June 30, 2020, the Trust Account consisted of cash and money market funds.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:7.69%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company’s amended and restated certificate of incorporation provides that, other than the withdrawal of interest to fund regulatory compliance requirements and other costs related thereto (a “Regulatory Withdrawal”), subject to an annual limit of $1,100,000, for a maximum 24 months and/or additional amounts necessary to pay franchise and income taxes, if any, none of the funds held in trust will be released until the earliest of: (i) the completion of the Business Combination; or (ii) the redemption of any public shares of common stock properly tendered in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation to modify the substance or timing of the Company’s obligation to redeem 100% of such public shares of common stock if the Company does not complete the Business Combination within 24 months from the closing of the Public Offering; or (iii) the redemption of 100% of the public shares of common stock if the Company is unable to complete a Business Combination within 24 months from the closing of the Public Offering, subject to the requirements of law and stock exchange rules.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;"><span style="font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Business Combination</span></p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:7.69%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Public Offering, although substantially all of the net proceeds of the Public Offering are intended to be generally applied toward consummating a Business Combination. The Business Combination must be with one or more target businesses that together have an aggregate fair market value of at least 80% of the assets held in the Trust Account (less any deferred underwriting commissions and taxes payable on interest income earned) at the time of the Company signing a definitive agreement in connection with the Business Combination. Furthermore, there is no assurance that the Company will be able to successfully effect a Business Combination.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:7.69%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company, after signing a definitive agreement for a Business Combination, will either (i) seek stockholder approval of the Business Combination at a meeting called for such purpose in connection with which stockholders may seek to redeem their shares, regardless of whether they vote for or against the Business Combination, for cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the Business Combination, including interest income but less taxes payable, or (ii) provide stockholders with the opportunity to sell their shares to the Company by means of a tender offer (and thereby avoid the need for a stockholder vote) for an amount in cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the Business Combination, including interest income but less taxes payable. The decision as to whether the Company will seek stockholder approval of the Business Combination or will allow stockholders to sell their shares in a tender offer will be made by the Company, solely in its discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would otherwise require the Company to seek stockholder approval, unless a vote is required by law or under NASDAQ rules. If the Company seeks stockholder approval, it will complete its Business Combination only if a majority of the outstanding shares of common stock voted are voted in favor of the Business Combination. Currently, the Company will not redeem its public shares of common stock in an amount that would cause its net tangible assets to be less than $5,000,001. In such case, the Company would not proceed with the redemption of its public shares of common stock and the related Business Combination, and instead may search for an alternate Business Combination.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:7.69%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As a result of the foregoing redemption provisions, the public shares of common stock will be recorded at redemption amount and classified as temporary equity, in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic  480, “<span style="font-style:italic;">Distinguishing Liabilities from Equity</span>” (“ASC 480”) in subsequent periods.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:7.69%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company will have 24 months from the IPO Closing Date to complete its Business Combination. If the Company does not complete a Business Combination within this period of time, it shall (i) cease all operations except for the purposes of winding up; (ii) as promptly as reasonably possible, but not more than ten business days thereafter, redeem the public shares of common stock for a per share pro rata portion of the Trust Account, including interest income, but less taxes payable (less up to $100,000 of such net interest income to pay dissolution expenses) and (iii) as promptly as possible following such redemption, dissolve and liquidate the balance of the Company’s net assets to its remaining stockholders, as part of its plan of dissolution and liquidation. The Sponsor and the Company’s officers and directors have entered into a letter agreement with the Company, pursuant to which they waived their rights to participate in any redemption with respect to their Founder Shares (as defined below); however, if the Sponsor or any of the Company’s officers, directors or affiliates acquire public shares of common stock, they will be entitled to a pro rata share of the Trust Account in the event the Company does not complete a Business Combination within the required time period.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:7.69%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be less than the initial public offering price per Unit in the Public Offering.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;"><span style="font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Emerging Growth Company</span></p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:7.69%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.</p>
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8500000
us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
810743
ghiv Adjustments To Additional Paid In Capital Deferred Underwriting Compensation
AdjustmentsToAdditionalPaidInCapitalDeferredUnderwritingCompensation
14875000
CY2020Q2 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
40676852
CY2020Q2 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.00
ghiv Temporary Equity Subject To Possible Redemption Value
TemporaryEquitySubjectToPossibleRedemptionValue
406768520
us-gaap Net Income Loss
NetIncomeLoss
468268
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
5000003
us-gaap Profit Loss
ProfitLoss
468268
ghiv Increase Decrease In Accrual For State Franchise Taxes Current
IncreaseDecreaseInAccrualForStateFranchiseTaxesCurrent
98170
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
320924
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
300000
ghiv Payment Of Underwriting Discounts And Commissions
PaymentOfUnderwritingDiscountsAndCommissions
8500000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
399369
CY2020Q1 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
425000000
ghiv Regulatory Withdrawal Of Interest From Trust Account Annual Limit
RegulatoryWithdrawalOfInterestFromTrustAccountAnnualLimit
1100000
ghiv Regulatory Withdrawal Of Interest From Trust Account Maximum Period
RegulatoryWithdrawalOfInterestFromTrustAccountMaximumPeriod
P24M
CY2020Q2 ghiv Percentage Of Redemption If Business Combination Not Completed
PercentageOfRedemptionIfBusinessCombinationNotCompleted
1
ghiv Dissolution Expenses Maximum Allowed
DissolutionExpensesMaximumAllowed
100000
us-gaap Dilutive Securities
DilutiveSecurities
0
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:7.69%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution as well as the Trust Account, which at times, may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts.</p>
CY2020Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2020Q2 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
40676852
us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:7.69%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p>
CY2020Q2 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
426051648
CY2020Q2 ghiv Percentage Of Redemption If Business Combination Not Completed
PercentageOfRedemptionIfBusinessCombinationNotCompleted
1
CY2020Q2 ghiv Percentage Of Redemption If Business Combination Not Completed
PercentageOfRedemptionIfBusinessCombinationNotCompleted
1
ghiv Going Concern Description
GoingConcernDescription
If the Company does not complete its Business Combination by January 28, 2022, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the common stock sold as part of the units in the Public Offering, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of franchise and income taxes payable and less up to $100,000 of such net interest which may be distributed to the Company to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s Board of Directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.
CY2020Q2 ghiv Percentage Of Redemption If Business Combination Not Completed
PercentageOfRedemptionIfBusinessCombinationNotCompleted
1
ghiv Dissolution Expenses Maximum Allowed
DissolutionExpensesMaximumAllowed
100000
CY2020Q2 us-gaap Liabilities Current
LiabilitiesCurrent
278978
CY2019Q4 us-gaap Liabilities Current
LiabilitiesCurrent
426496
CY2020Q2 ghiv Working Capital
WorkingCapital
583665
CY2019Q4 ghiv Working Capital
WorkingCapital
-14002
CY2020Q1 ghiv Proceeds From Issuance Initial Public Offering Excluding Over Allotment
ProceedsFromIssuanceInitialPublicOfferingExcludingOverAllotment
425000000
CY2020Q2 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
14875000
ghiv Percentage Of Deferred Underwriting Discount
PercentageOfDeferredUnderwritingDiscount
0.0350
CY2020Q2 ghiv Deferred Underwriting Discount If Business Combination Not Completed
DeferredUnderwritingDiscountIfBusinessCombinationNotCompleted
0
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
0
CY2020Q2 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
0
CY2020Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
0
CY2020Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
220000000
CY2020Q2 ghiv Number Of Votes For Each Share
NumberOfVotesForEachShare
1
CY2020Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2020Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2020Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0

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