DETROIT, Nov. 27, 2024 /PRNewswire/ -- Rocket Companies (NYSE: RKT) ("Rocket Companies" or the "Company"), the Detroit-based fintech platform company including mortgage, real estate and other financial services businesses, today announced that Chief Financial Officer and Treasurer Brian Brown will participate in a fireside chat at the 2024 Goldman Sachs U.S. Financial Services Conference on Tuesday, December 10, at 1:40 p.m. ET.A live webcast of the event will be available on the "Events & Presentations" se ...

Key TakeawaysRocket Companies had a big revenue miss and issued weak guidance as mortgage rates remain high.CEO Varun Krishna said even though the Federal Reserve cut interest rates, they didn't come down for home loans.CFO Brian Brown explained that Rocket expects the mortgage market in the current quarter to be smaller than it was in the third quarter. Rocket Companies (RKT) shares tumbled 10% Wednesday, a day after the online financial platform badly missed revenue estimates and gave soft guidance as the ...

For the quarter ended September 2024, Rocket Companies (RKT) reported revenue of $646.95 million, down 46.2% over the same period last year. EPS came in at $0.08, compared to $0.00 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $1.22 billion, representing a surprise of -47.16%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.08.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall S ...

| --- | --- | --- | --- | --- | --- | |-----------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | Investor Presentation | | | | | | | NOVEMBER 2024 | | | | | | DISCLAIMER This presentation contains and related discussions may contain "forward-looking statements" within the meaning of U.S. federal securities laws. Forward-looking statements include information concerning possible or assumed future results of operations, Rocket Companies, Inc.'s (the "Company" ...

Rocket Companies, Inc. (NYSE:RKT) Q3 2024 Earnings Conference Call November 12, 2024 4:30 PM ET Company Participants Sharon Ng - Head, IR Varun Krishna - CEO Brian Brown - CFO Conference Call Participants Jeff Adelson - Morgan Stanley Ryan Nash - Goldman Sachs Mark DeVries - Deutsche Bank Derek Sommers - Jefferies Doug Harter - UBS Operator Thank you for standing by, and welcome to the Rocket Companies Third Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background ...

Rocket Companies (RKT) came out with quarterly earnings of $0.08 per share, in line with the Zacks Consensus Estimate. This compares to break-even earnings per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this company would post earnings of $0.05 per share when it actually produced earnings of $0.06, delivering a surprise of 20%.Over the last four quarters, the company has surpassed consensus EPS estimates three times.Rocket Companies, which belong ...

Financial Performance - Q3 2024 total revenue was $647 million, with adjusted revenue of $1.323 billion, exceeding guidance[1] - GAAP net loss for Q3 2024 was $481 million, or $0.19 per diluted share, while adjusted net income was $166 million, or $0.08 per diluted share[1][6] - Adjusted EBITDA reached $286 million, the highest in two years, reflecting a strong operational performance[1][2] - Total revenue for Q3-24 reached $177 million, a 50% increase compared to $118 million in Q3-23[29] - Contribution margin for Q3-24 was $112 million, significantly higher than $58 million in Q3-23, reflecting improved profitability[29] - Total U.S. GAAP Revenue for Q3 2024 was $647 million, a decrease of 46% from $1,203 million in Q3 2023[36] - Adjusted revenue for Q3 2024 was $1,323 million, up 32% from $1,002 million in Q3 2023[37] - Contribution margin for Q3 2024 was $622 million, compared to $367 million in Q3 2023, reflecting an increase of 69%[36] - Total U.S. GAAP Revenue for the nine months ended September 30, 2024, was $3,331 million, a decrease of 8% from $3,105 million in the same period of 2023[36] - Adjusted revenue for the nine months ended September 30, 2024, was $3,714 million, an increase of 29% from $2,886 million in the same period of 2023[37] - Adjusted net income for Q3 2024 was $166 million, compared to $7 million in Q3 2023[38] - Adjusted diluted earnings per share for Q3 2024 was $0.08, compared to $0.00 in Q3 2023[43] Loan Origination and Servicing - Closed loan origination volume was $28.5 billion, a 28% increase year-over-year, and net rate lock volume was $29.8 billion, a 43% increase[6][7] - The servicing portfolio's unpaid principal balance was $546.1 billion, generating approximately $1.5 billion in annual recurring servicing fee income[8] - The company acquired MSR portfolios totaling $311 million, adding $22.4 billion in unpaid principal balance, representing a 15% increase from the 2023 year-end balance[9] - Sold loan volume for Q3-24 was $12,405 million, up 20.7% from $10,278 million in Q3-23[29] Liquidity and Assets - Total liquidity as of September 30, 2024, was $8.3 billion, including $1.2 billion in cash[7] - Total available cash as of September 30, 2024, was $3.0 billion, with total liquidity position at $8.3 billion[30] - Funding facilities increased to $8,499 million as of September 30, 2024, compared to $3,367 million at the end of 2023[35] - Total assets as of September 30, 2024, were $25,118 million, up from $19,231 million at the end of 2023[35] Market Position and Ratings - Fitch Ratings upgraded Rocket Mortgage to 'BBB-', marking it as the first non-bank mortgage company to achieve an investment-grade rating from a major credit rating agency in nearly two decades[12] - Rocket Companies has been ranked 1 in client satisfaction for primary mortgage origination and mortgage servicing by J.D. Power a total of 22 times[56] Future Outlook - In Q4 2024, the company expects adjusted revenue between $1.05 billion to $1.2 billion[25] - Forward-looking statements reflect management's expectations but are subject to risks and uncertainties that could materially affect future results[54] Non-GAAP Financial Measures - Adjusted revenue is defined as total revenues net of the change in fair value of mortgage servicing rights (MSRs) due to valuation assumptions, net of hedges[48] - Adjusted net income (loss) excludes share-based compensation expense and the change in fair value of MSRs, resulting in a clearer view of operational performance[48] - Adjusted EBITDA includes interest expense on funding facilities, reflecting direct costs driven by loan origination volume[49] - The company does not provide a quantitative reconciliation of adjusted revenue to GAAP measures due to the unpredictability of future uncertainties[53] - The definitions of non-GAAP financial measures allow for the addition of certain cash and non-cash charges, but these measures have limitations and should not be viewed in isolation[51] - The company emphasizes that its non-GAAP financial measures do not represent discretionary cash available for business growth or obligations[52] Operational Performance - The change in fair value of MSRs due to valuation assumptions for Q3 2024 was $676 million, compared to a loss of $201 million in Q3 2023[38] - The effective income tax rate for the three and nine months ended September 30, 2024, was 24.40%[39] - Rocket Companies operates various brands including Rocket Mortgage, Rocket Homes, and Rocket Loans, enhancing its fintech platform presence[55] - The company processes over 65 million call logs annually and manages 10 petabytes of data, positioning itself as a leader in AI-fueled homeownership[56]

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 September 30, 2024 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: 001-39432 Rocket Companies, Inc. (Exact name of registrant as specified in its charter) Delawar ...

Generated Q3'24 total revenue of $647 million and adjusted revenue of $1.323 billion. Adjusted revenue exceeded the high end of our guidance range Reported Q3'24 GAAP net loss of $481 million, or $0.19 GAAP diluted loss per share and adjusted net income of $166 million, or $0.08 adjusted diluted earnings per share Delivered Q3'24 adjusted EBITDA of $286 million, the highest in two yearsDETROIT, Nov. 12, 2024 /PRNewswire/ -- Rocket Companies, Inc. (NYSE: RKT) ("Rocket Companies" or the "Company"), the Detro ...

DETROIT, Oct. 29, 2024 /PRNewswire/ -- Rocket Companies, Inc. (NYSE: RKT) ("Rocket Companies" or the "Company"), the Detroit-based fintech platform company including mortgage, real estate and other financial services businesses, today announced that the Company will issue its third quarter 2024 earnings on November 12, 2024. Leadership will host a conference call to discuss results at 4:30 p.m. ET on that date and a press release detailing the Company's results will be issued prior to the call. A live webca ...