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 ...

Detroit-based Rocket Mortgage will manage a portion of Annaly's serviced clients DETROIT, Oct. 1, 2024 /PRNewswire/ -- Rocket Mortgage, the nation's largest mortgage lender and a part of Rocket Companies (NYSE: RKT), and Annaly Capital Management, Inc. (NYSE: NLY) ("Annaly"), the world's largest residential mortgage real estate investment trust, today announced the companies have entered into a subservicing agreement. Under the relationship, Rocket will handle all servicing and recapture activities for a po ...

Industry tailwind often creates an opportunity for growth and valuation expansion for companies prepared to take advantage of the situation. Such a tailwind is brewing for Rocket Companies (NYSE: RKT ) in the form of I am a young private investor seeking to find advice and knowledge through my journey in Seeking Alpha. I primarily focus on growth companies and the disruptive future they may bring. Through the rise of technological capabilities, I believe that the world will undergo a massive transition in t ...

Markets will always have a reason to keep the market going, and always come up with reasons as to why a stock might be falling, whether these reasons are valid or not. Today, investors need to cut out the noise as volatility starts to hit the S&P 500 and other baskets of stocks, especially the ones that carry the most potential tail risk for a new rally based on fundamental reasons as well as technical. Rocket Companies Today RKT Rocket Companies $18.46 -0.40 (-2.12%) 52-Week Range $7.17 ▼ $21.28 P/E Ratio ...

DETROIT, Sept. 10, 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, will host its first Investor Day today at 9:00 a.m. ET in Detroit and via a live webcast. During the event, the executive leadership team will present the Company's AI-fueled homeownership strategy and financial priorities to deliver shareholder value over the long-term. "I am look ...

Sogorka, a former Business Unit President at Black Knight and CEO of mortgage technology firms Sagent and Cloudvirga, named General Manager of Rocket Mortgage's unit serving mortgage brokers Click here to download high resolution headshot DETROIT, Sept. 3, 2024 /PRNewswire/ -- Rocket Companies (NYSE: RKT) today announced it has named Dan Sogorka as General Manager of Rocket Pro Third Party Origination (TPO), the mortgage broker business of Rocket Mortgage, effective September 3. Dan Sogorka, a former Busine ...

DETROIT, Aug. 26, 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 host its first Investor Day on Tuesday, September 10, 2024 starting at 9:00 a.m. ET in Detroit, Michigan. The event will feature presentations and engagement opportunities with Rocket Companies' leadership, immersive demo experiences and a tour ...