2021 Q1 Form 10-Q Financial Statement

#000178339821000046 Filed on May 13, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $1.190B $455.5M
YoY Change 161.25%
Cost Of Revenue $33.70M $25.90M
YoY Change 30.12%
Gross Profit $1.216B $429.6M
YoY Change 182.94%
Gross Profit Margin 102.15% 94.32%
Selling, General & Admin $240.3M $144.8M
YoY Change 65.95%
% of Gross Profit 19.77% 33.71%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.400M $79.70M
YoY Change -90.72%
% of Gross Profit 0.61% 18.55%
Operating Expenses $317.0M $435.1M
YoY Change -27.15%
Operating Profit $898.5M -$5.507M
YoY Change -16415.98% 2231.5%
Interest Expense $52.99M $43.04M
YoY Change 23.12%
% of Operating Profit 5.9%
Other Income/Expense, Net $17.30M $0.00
YoY Change
Pretax Income $872.9M $20.35M
YoY Change 4189.6% 3060.57%
Income Tax $12.89M $0.00
% Of Pretax Income 1.48% 0.0%
Net Earnings $47.99M $516.8K
YoY Change 9184.57% 0.0%
Net Earnings / Revenue 4.03% 0.11%
Basic Earnings Per Share $0.47
Diluted Earnings Per Share $0.33 $196.9K
COMMON SHARES
Basic Shares Outstanding 103.1M shares
Diluted Shares Outstanding 1.605B shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.593B
YoY Change
Cash & Equivalents $1.593B $1.107M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses $390.0K
Receivables $317.0M
Other Receivables $165.0M
Total Short-Term Assets $2.075B $1.497M
YoY Change 138533.98%
LONG-TERM ASSETS
Property, Plant & Equipment $112.0M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $8.298B $425.9M
YoY Change 1848.35%
TOTAL ASSETS
Total Short-Term Assets $2.075B $1.497M
Total Long-Term Assets $8.298B $425.9M
Total Assets $10.37B $427.4M
YoY Change 2327.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.185B
YoY Change
Accrued Expenses $260.0M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.445B $624.2K
YoY Change 231379.26%
LONG-TERM LIABILITIES
Long-Term Debt $6.094B
YoY Change
Other Long-Term Liabilities $55.00M
YoY Change
Total Long-Term Liabilities $6.149B
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.445B $624.2K
Total Long-Term Liabilities $6.149B
Total Liabilities $7.595B $15.56M
YoY Change 48711.63%
SHAREHOLDERS EQUITY
Retained Earnings $113.1M $477.8K
YoY Change 23565.25%
Common Stock $4.521M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $113.0M $5.000M
YoY Change
Total Liabilities & Shareholders Equity $10.37B $427.4M
YoY Change 2327.05%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $47.99M $516.8K
YoY Change 9184.57% 0.0%
Depreciation, Depletion And Amortization $7.400M $79.70M
YoY Change -90.72%
Cash From Operating Activities $2.637B -$636.1M
YoY Change -514.57%
INVESTING ACTIVITIES
Capital Expenditures $9.815M $13.79M
YoY Change -28.83%
Acquisitions
YoY Change
Other Investing Activities $2.600M $246.2M
YoY Change -98.94%
Cash From Investing Activities -$7.233M $232.5M
YoY Change -103.11%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$2.261B $326.6M
YoY Change -792.36%
NET CHANGE
Cash From Operating Activities $2.637B -$636.1M
Cash From Investing Activities -$7.233M $232.5M
Cash From Financing Activities -$2.261B $326.6M
Net Change In Cash $368.8M -$77.08M
YoY Change -578.52%
FREE CASH FLOW
Cash From Operating Activities $2.637B -$636.1M
Capital Expenditures $9.815M $13.79M
Free Cash Flow $2.627B -$649.9M
YoY Change -504.26%

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CY2021Q1 ghivu Costs Incurred Related To Business Combination Investing Activity
CostsIncurredRelatedToBusinessCombinationInvestingActivity
11260000 USD
CY2020Q1 ghivu Costs Incurred Related To Business Combination Investing Activity
CostsIncurredRelatedToBusinessCombinationInvestingActivity
0 USD
CY2021Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
453000 USD
CY2020Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 USD
CY2021Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
1557000 USD
CY2020Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
1443000 USD
CY2021Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
79700000 USD
CY2020Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
366895000 USD
CY2021Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 USD
CY2020Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
271174000 USD
CY2021Q1 us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
1102914000 USD
CY2020Q1 us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
177000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2260958000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
326557000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
368826000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-77076000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1223837000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
133283000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1592663000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
56207000 USD
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
36077000 USD
CY2020Q1 us-gaap Interest Paid Net
InterestPaidNet
41762000 USD
CY2021Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-28300000 USD
CY2021Q1 us-gaap Other Income
OtherIncome
17300000 USD
CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
Use of EstimatesThe preparation of condensed consolidated financial statements in conformity with GAAP requires 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 condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
CY2021Q1 ghivu Tax Receivable Agreement Liability
TaxReceivableAgreementLiability
1900000 USD
CY2021Q1 us-gaap Loans Receivable Held For Sale Net Not Part Of Disposal Group
LoansReceivableHeldForSaleNetNotPartOfDisposalGroup
5446652000 USD
CY2020Q4 ghivu Mortgage Loans Fair Value Adjustment
MortgageLoansFairValueAdjustment
194552000 USD
CY2020Q4 us-gaap Loans Receivable Held For Sale Net Not Part Of Disposal Group
LoansReceivableHeldForSaleNetNotPartOfDisposalGroup
7620014000 USD
CY2021Q1 us-gaap Receivable With Imputed Interest Premium
ReceivableWithImputedInterestPremium
56235000 USD
CY2020Q4 us-gaap Receivable With Imputed Interest Premium
ReceivableWithImputedInterestPremium
101949000 USD
CY2021Q1 ghivu Mortgage Loans Fair Value Adjustment
MortgageLoansFairValueAdjustment
384000 USD
CY2021Q1 us-gaap Mortgages Held For Sale Fair Value Disclosure
MortgagesHeldForSaleFairValueDisclosure
5503271000 USD
CY2020Q4 us-gaap Mortgages Held For Sale Fair Value Disclosure
MortgagesHeldForSaleFairValueDisclosure
7916515000 USD
CY2021Q1 ghivu Interest Rate Lock Commitment Pull Through Rate
InterestRateLockCommitmentPullThroughRate
0.90
CY2020 ghivu Interest Rate Lock Commitment Pull Through Rate
InterestRateLockCommitmentPullThroughRate
0.92
CY2021Q1 us-gaap Derivative Assets
DerivativeAssets
113168000 USD
CY2021Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
55479000 USD
CY2020Q4 us-gaap Derivative Assets
DerivativeAssets
61072000 USD
CY2020Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
66237000 USD
CY2021Q1 ghivu Interest Rate Lock Commitment Pull Through Rate
InterestRateLockCommitmentPullThroughRate
0.90
CY2020 ghivu Interest Rate Lock Commitment Pull Through Rate
InterestRateLockCommitmentPullThroughRate
0.92
CY2021Q1 ghivu Pair Offs Receivable
PairOffsReceivable
165853000 USD
CY2020Q4 ghivu Pair Offs Receivable
PairOffsReceivable
438000 USD
CY2021Q1 ghivu Warehouse After Deadline Funding
WarehouseAfterDeadlineFunding
151536000 USD
CY2020Q4 ghivu Warehouse After Deadline Funding
WarehouseAfterDeadlineFunding
3642000 USD
CY2021Q1 ghivu Servicing Fee Receivables
ServicingFeeReceivables
72598000 USD
CY2020Q4 ghivu Servicing Fee Receivables
ServicingFeeReceivables
55838000 USD
CY2021Q1 us-gaap Due From Officers Or Stockholders
DueFromOfficersOrStockholders
69061000 USD
CY2020Q4 us-gaap Due From Officers Or Stockholders
DueFromOfficersOrStockholders
100478000 USD
CY2021Q1 ghivu Servicing Advances
ServicingAdvances
67742000 USD
CY2020Q4 ghivu Servicing Advances
ServicingAdvances
60053000 USD
CY2021Q1 us-gaap Due From Related Parties
DueFromRelatedParties
21026000 USD
CY2020Q4 us-gaap Due From Related Parties
DueFromRelatedParties
33663000 USD
CY2021Q1 us-gaap Notes Receivable Related Parties
NotesReceivableRelatedParties
2242000 USD
CY2020Q4 us-gaap Notes Receivable Related Parties
NotesReceivableRelatedParties
28000 USD
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
677000 USD
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
540000 USD
CY2021Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
549381000 USD
CY2020Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
253600000 USD
CY2021Q1 us-gaap Contractually Specified Servicing Fees Amount
ContractuallySpecifiedServicingFeesAmount
122306000 USD
CY2020Q1 us-gaap Contractually Specified Servicing Fees Amount
ContractuallySpecifiedServicingFeesAmount
49120000 USD
CY2021Q1 ghivu Late And Ancillary Fee Income Generated By Servicing Financial Assets Amount
LateAndAncillaryFeeIncomeGeneratedByServicingFinancialAssetsAmount
1483000 USD
CY2020Q1 ghivu Late And Ancillary Fee Income Generated By Servicing Financial Assets Amount
LateAndAncillaryFeeIncomeGeneratedByServicingFinancialAssetsAmount
977000 USD
CY2021Q1 us-gaap Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets
123789000 USD
CY2020Q1 us-gaap Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets
50097000 USD
CY2021Q1 us-gaap Prepaid Insurance
PrepaidInsurance
30893000 USD
CY2020Q4 us-gaap Prepaid Insurance
PrepaidInsurance
35230000 USD
CY2021Q1 ghivu Prepaid It Service And Maintenance
PrepaidITServiceAndMaintenance
22041000 USD
CY2020Q4 ghivu Prepaid It Service And Maintenance
PrepaidITServiceAndMaintenance
19827000 USD
CY2021Q1 ghivu Commitment Fees
CommitmentFees
739000 USD
CY2020Q4 ghivu Commitment Fees
CommitmentFees
641000 USD
CY2021Q1 us-gaap Security Deposit
SecurityDeposit
475000 USD
CY2020Q4 us-gaap Security Deposit
SecurityDeposit
31000 USD
CY2021Q1 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
5245000 USD
CY2020Q4 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
2260000 USD
CY2021Q1 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
59393000 USD
CY2020Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
57989000 USD
CY2021Q1 us-gaap Line Of Credit
LineOfCredit
400000000 USD
CY2020Q4 us-gaap Line Of Credit
LineOfCredit
320300000 USD
CY2021Q1 us-gaap Senior Notes
SeniorNotes
789900000 USD
CY2020Q4 us-gaap Senior Notes
SeniorNotes
789300000 USD
CY2021Q1 ghivu Payments For Repurchase Of Loans
PaymentsForRepurchaseOfLoans
41600000 USD
CY2020Q1 ghivu Payments For Repurchase Of Loans
PaymentsForRepurchaseOfLoans
5900000 USD
CY2020Q4 ghivu Representation And Warranty Reserve
RepresentationAndWarrantyReserve
69542000 USD
CY2019Q4 ghivu Representation And Warranty Reserve
RepresentationAndWarrantyReserve
46322000 USD
CY2021Q1 ghivu Representation And Warranty Reserve Charged To Operations
RepresentationAndWarrantyReserveChargedToOperations
9818000 USD
CY2020Q1 ghivu Representation And Warranty Reserve Charged To Operations
RepresentationAndWarrantyReserveChargedToOperations
7390000 USD
CY2021Q1 ghivu Representation And Warranty Reserve Realized Gains Losses
RepresentationAndWarrantyReserveRealizedGainsLosses
-10063000 USD
CY2020Q1 ghivu Representation And Warranty Reserve Realized Gains Losses
RepresentationAndWarrantyReserveRealizedGainsLosses
-4497000 USD
CY2021Q1 ghivu Representation And Warranty Reserve
RepresentationAndWarrantyReserve
69297000 USD
CY2020Q1 ghivu Representation And Warranty Reserve
RepresentationAndWarrantyReserve
49215000 USD
CY2021Q1 ghivu Commitments To Extend Credit To Potential Borrowers
CommitmentsToExtendCreditToPotentialBorrowers
25600000000 USD
CY2021Q1 us-gaap Mortgages Held For Sale Fair Value Disclosure
MortgagesHeldForSaleFairValueDisclosure
5503271000 USD
CY2021Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
7916873000 USD
CY2021Q1 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
83736000 USD
CY2020Q4 us-gaap Mortgages Held For Sale Fair Value Disclosure
MortgagesHeldForSaleFairValueDisclosure
7916515000 USD
CY2020Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
7977587000 USD
CY2020Q4 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
66237000 USD
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0131
CY2021Q1 us-gaap Effective Income Tax Rate Reconciliation Minority Interest Income Expense
EffectiveIncomeTaxRateReconciliationMinorityInterestIncomeExpense
0.94
CY2021Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
0 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
0 USD
CY2021Q1 us-gaap Profit Loss
ProfitLoss
860005000 USD
CY2021Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
812020000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
47985000 USD
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
47985000 USD
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
524151000 USD
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
103104205 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1605173992 shares
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.47
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.33

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