Anzeige
Mehr »
Login
Samstag, 13.04.2024 Börsentäglich über 12.000 News von 689 internationalen Medien
Spezial: Montag letzte Chance vor großer Verkündung?
Anzeige

Indizes

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Aktien

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Xetra-Orderbuch

Fonds

Kurs

%

Devisen

Kurs

%

Rohstoffe

Kurs

%

Themen

Kurs

%

Erweiterte Suche

WKN: A2P9R6 | ISIN: US77311W1018 | Ticker-Symbol:
NASDAQ
12.04.24
21:59 Uhr
12,240 US-Dollar
-0,150
-1,21 %
1-Jahres-Chart
ROCKET COMPANIES INC Chart 1 Jahr
5-Tage-Chart
ROCKET COMPANIES INC 5-Tage-Chart
PR Newswire
148 Leser
Artikel bewerten:
(0)

Rocket Companies, Inc.: Rocket Companies Announces Fourth Quarter and Full Year 2023 Results

  • Generated Q4'23 net revenue of $694 million and adjusted revenue of $885 million. Adjusted revenue exceeded the high end of guidance range, and year-over-year growth accelerated for a second quarter in a row
  • Reported full year 2023 net revenue and adjusted revenue of $3.8 billion
  • Reduced cost structure by nearly 20% in 2023, following a nearly 25% cost reduction in 2022
  • Reported Q4'23 GAAP net loss of $233 million, or $(0.09) per GAAP diluted loss per share and adjusted net loss of $6 million or $0.00 per adjusted diluted loss per share
  • Delivered adjusted EBITDA profitability for the full year and in Q4'23, for the third quarter in a row

DETROIT, Feb. 22, 2024 /PRNewswire/ -- Rocket Companies, Inc. (NYSE: RKT) ("Rocket Companies" or the "Company"), the Detroit -based fintech platform company including mortgage, real estate and personal finance businesses, today announced results for the fourth quarter and full year ended December 31, 2023.

"I'm proud of our team members for consistent execution amid one of the most challenging years for mortgage originations in three decades. We demonstrated accelerating year-over-year revenue growth in the quarter, and positive adjusted EBITDA for the third quarter in a row. We once again made strides in market share, as our purchase and refinance share grew by double-digits in 2023," said Varun Krishna, CEO and director of Rocket Companies. "We enter 2024 with momentum and Rocket is well-positioned to fulfill its strategy of AI-fueled home ownership. AI is being deployed across the organization to deliver industry-best client experiences, with the aim to achieve scaled growth in market share, revenue, and profitability."

Fourth Quarter 2023 Financial Summary1


ROCKET COMPANIES

($ in millions, except per share amounts)










Q4-23


Q4-22


FY 23


FY 22


(Unaudited)


(Unaudited)

Total Revenue, net

$ 694


$ 481


$ 3,799


$ 5,838

Total Expenses

$ 937


$ 986


$ 4,202


$ 5,097

GAAP Net (Loss) Income

$ (233)


$ (493)


$ (390)


$ 700









Adjusted Revenue

$ 885


$ 683


$ 3,770


$ 4,628

Adjusted Net Loss

$ (6)


$ (197)


$ (143)


$ (137)

Adjusted EBITDA

$ 55


$ (204)


$ 67


$ 59









GAAP Diluted (Loss) Earnings Per Share

$ (0.09)


$ (0.14)


$ (0.15)


$ 0.28

Adjusted Diluted Loss Per Share

$ 0.00


$ (0.10)


$ (0.07)


$ (0.07)

($ in millions)












Q4-23


Q4-22


FY 23


FY 22

Select Metrics


(Unaudited)


(Unaudited)

Closed loan origination volume


$ 17,261


$ 19,030


$ 78,712


$ 133,129

Gain on sale margin


2.68 %


2.17 %


2.63 %


2.82 %

Net rate lock volume


$ 16,055


$ 15,012


$ 78,649


$ 117,757






























1 "GAAP" stands for Generally Accepted Accounting Principles in the U.S. Please see the sections of this document titled "Non-GAAP Financial Measures" and "GAAP to non-GAAP Reconciliations" for more information on the Company's non-GAAP measures and its share count. Certain figures in the tables throughout this document may not foot due to rounding.

Fourth Quarter and Full Year 2023 Financial Highlights

During the fourth quarter of 2023:

  • Generated total revenue, net of $694 million and GAAP net loss of $233 million, or a loss of 9 cents per diluted share. Generated total adjusted revenue of $885 million and adjusted net loss of $6 million, or an adjusted loss of 0 cents per diluted share.
  • Rocket Mortgage generated $17 billion in mortgage origination closed loan volume.
  • Gain on sale margin was 2.68%, a 51 bps increase over the same period the prior year.
  • Total liquidity was approximately $9.0 billion, as of December 31, 2023, which includes $1.1 billion of cash on the balance sheet, and $2.5 billion of corporate cash used to self-fund loan originations, $3.4 billion of undrawn lines of credit, and $2.0 billion of undrawn MSR lines of credit.
  • Servicing portfolio unpaid principal balance, which includes subserviced loans, was $509 billion at December 31, 2023. As of December 31, 2023, our servicing portfolio includes nearly 2.5 million loans serviced. The portfolio generates approximately $1.4 billion of recurring servicing fee income on an annualized basis.

During the full year of 2023:

  • Generated total revenue, net of $3.8 billion and GAAP net loss of $390 million, or a loss of 15 cents per diluted share. Generated total adjusted revenue of $3.8 billion and adjusted net loss of $143 million, or an adjusted loss of 7 cents per diluted share.
  • Rocket Mortgage generated $78.7 billion in mortgage origination closed loan volume and gain on sale margin of 2.63%.
  • Purchase market share grew by 14%, and refinance market share grew by 10% from 2022 to 2023.
  • We executed a disciplined and prudent approach to cost management. After cutting nearly 25% of our cost base in 2022, we further reduced expenses in 2023 by nearly 20%, through technology-led productivity gains, prioritization efforts and organizational right-sizing.
  • Rocket Mortgage net client retention rate was 97% for the 12 months ended December 31, 2023. There is a strong correlation between this metric and client lifetime value. We believe our net client retention rate is unmatched among mortgage companies and on par with some of the best performing subscription business models in the world.

Company Highlights

  • Automation and AI are helping to deliver higher accuracy and operational efficiency at scale in mortgage underwriting. In December, nearly two-thirds of income verifications were automated without an underwriter needing to intervene, a 5-fold improvement compared to 15 months prior. This technology has been extended to our broker partners, to further complement the offerings we provide to help them grow their business with Rocket.
  • In 2023, we facilitated 3.1 million servicing client interactions. Our servicing calls and chats are increasingly powered by AI, providing clients with smart, conversational, self-service experiences 24/7. Approximately 70% of our servicing calls and chats are self-serve without the need of team member assistance, with escalation to team members reserved for instances requiring the human touch. We have seen a continuing trend of lower call volume in servicing, as our AI-powered digital experiences become the preferred choice for our clients.
  • Home equity loans, ONE+ and BUY+ were innovative products that we introduced in 2023 which have resonated strongly with new and existing clients. Notably, the vast majority of clients who came to us through home equity loans, ONE+ or BUY+ were new clients who did not already have a loan with us. These innovative solutions, along with our purchase and refinance products, attract new clients to the Rocket ecosystem, allowing us to deliver great client service not only for the first time, but for their entire lives as homeowners.
  • In January and February, Rocket received numerous accolades across multiple industry outlets. Rocket Mortgage and Rocket Homes were honored on the HousingWire Tech 100 list in the Mortgage and Real Estate categories. Rocket Mortgage also received recognition from USA Today, Motley Fool and Nerdwallet.
  • In December, Rocket Money was the #1 app for daily downloads in the Apple App Store Finance category and reached #6 in the top iOS charts. Rocket Money also received recognition across numerous media outlets, including Business Insider, Bankrate and ZDNet. Rocket Money empowers consumers to take control of their financial future, amassing more than 5 million members and saving consumers $1 billion of cash over the last five years.
  • Rocket Homes launched its iOS app in Apple CarPlay and Apple Vision Pro, enabling consumers to use new modalities such as voice and virtual reality to search and discover their next dream home. In December, Rocket Homes launched an iOS app for Apple CarPlay, bringing the home search and discovery experience to the infotainment screens of cars, trucks and SUVs. In February, Rocket Homes launched the first home search app available for Apple Vision Pro, delivering an immersive experience that blends physical and virtual worlds to view and tour homes.
  • On January 4, 2024, the Company announced that Jonathan Mildenhall was named the first Chief Marketing Officer (CMO) of Rocket Companies. Mildenhall, previously CMO at Airbnb, and prior to that spent eight years at The Coca-Cola Company, brings 35 years of experience building best-in-class, iconic consumer brands. In this new role, Mildenhall will be responsible for reimagining the Rocket brand and creating a unified voice for businesses under the Rocket Companies umbrella.
  • The Board of Directors of Rocket Companies, upon the recommendation of the Nominating and Governance Committee of the Board, voted to expand the Board to nine directors and fill the newly created vacancies by appointing Varun Krishna, the Company's Chief Executive Officer, and Alex Rampell, on December 21, 2023 and February 1, 2024, respectively. Rampell currently serves as General Partner at Andreessen Horowitz and serves on the boards of several Andreessen Horowitz portfolio companies.

Rocket Corporate Responsibility: For-More-Than-Profit

  • The Rocket Mortgage Classic recently announced that it raised $1.6 million to support local Detroit nonprofit organizations through the 2023 tournament. Since 2019, the Rocket Mortgage Classic has invested more than $8.4 million into local charitable organizations, including $4.3 million in contributions to the event's landmark "Changing the Course" initiative to connect Detroit residents to high-speed internet, digital devices and digital training. The Rocket Mortgage Classic was also named the recipient of the PGA TOUR's "Fair Way Award" for the second time. The award recognizes tournaments that excel at diversity, inclusion and social responsibility programs promoting equity, fairness, respect and openness in the local community.
  • In October, the Rocket Community Fund, a partner company, along with Detroit Mayor Mike Duggan and the United Community Housing Coalition announced that 104 Detroit families were able to become homeowners through the Make It Home program in 2023, bringing the program's total to 1,500 families that have avoided tax foreclosure-related displacement since the program's launch in 2017. Make It Home enables eligible Detroiters occupying tax-foreclosed houses to become homeowners, rather than face eviction.
  • In December, the Rocket Community Fund and the Legal Aid Society of Cleveland announced a $1.3 million investment to create the Cleveland Eviction Defense Fund. This strategic partnership combats housing instability and displacement by providing comprehensive legal representation, advocacy and emergency rental assistance to Cleveland residents. The Rocket Community Fund's commitment to rental assistance is based, in part, on findings from Neighbor to Neighbor, the organization's flagship community outreach and engagement program.

First Quarter 2024 Outlook2

In Q1 2024, we expect adjusted revenue of between $925 million to $1,075 million.

2 Please see the section of this document titled "Non-GAAP Financial Measures" for more information.

Direct to Consumer

In the Direct to Consumer segment, clients have the ability to interact with the Rocket Mortgage app and/or with the Company's mortgage bankers. The Company markets to potential clients in this segment through various brand campaigns and performance marketing channels. The Direct to Consumer segment derives revenue from originating, closing, selling and servicing predominantly agency-conforming loans, which are pooled and sold to the secondary market. The segment also includes title insurance, appraisals and settlement services complementing the Company's end-to-end mortgage origination experience. Servicing activities are fully allocated to the Direct to Consumer segment and are viewed as an extension of the client experience. Servicing enables Rocket Mortgage to establish and maintain long term relationships with our clients, through multiple touchpoints at regular engagement intervals.

DIRECT TO CONSUMER3

($ in millions)










Q4-23


Q4-22


FY 23


FY 22


(Unaudited)


(Unaudited)

Sold loan volume

$ 10,360


$ 11,919


$ 43,598


$ 84,142

Sold loan gain on sale margin

4.04 %


4.03 %


3.86 %


4.14 %

Revenue, net

$ 484


$ 325


$ 2,989


$ 4,780

Adjusted Revenue

$ 675


$ 527


$ 2,960


$ 3,569

Contribution margin

$ 264


$ 46


$ 1,036


$ 1,051

Partner Network

The Rocket Professional platform supports our Partner Network segment, where we leverage our superior client service and widely recognized brand to grow marketing and influencer relationships, and our mortgage broker partnerships through Rocket Pro TPO ("third party origination"). Our marketing partnerships consist of well-known consumer-focused companies that find value in our award-winning client experience and want to offer their clients mortgage solutions with our trusted, widely recognized brand. These organizations connect their clients directly to us through marketing channels and a referral process. Our influencer partnerships are typically with companies that employ licensed mortgage professionals that find value in our client experience, technology and efficient mortgage process, where mortgages may not be their primary offering. We also enable clients to start the mortgage process through the Rocket platform in the way that works best for them, including through a local mortgage broker.

PARTNER NETWORK3

($ in millions)










Q4-23


Q4-22


FY 23


FY 22


(Unaudited)


(Unaudited)

Sold loan volume

$ 8,460


$ 9,132


$ 34,893


$ 60,499

Sold loan gain on sale margin

1.16 %


0.95 %


1.05 %


1.05 %

Revenue, net

$ 110


$ 71


$ 439


$ 639

Adjusted Revenue

$ 110


$ 71


$ 439


$ 639

Contribution margin

$ 61


$ 12


$ 198


$ 276









3 We measure the performance of the Direct to Consumer and Partner Network segments primarily on a contribution margin basis. Contribution margin is intended to measure the direct profitability of each segment and is calculated as Adjusted Revenue less directly attributable expenses. Directly attributable expenses include salaries, commissions and team member benefits, general and administrative expenses, and other expenses, such as direct servicing costs and origination costs. A loan is considered "sold" when it is sold to investors on the secondary market. See "Summary Segment Results" section later in this document and the footnote on "Segments" in the "Notes to Consolidated Financial Statements" in the Company's forthcoming filing on Form 10-K for more information.

Balance Sheet and Liquidity

Total available cash was $3.6 billion as of December 31, 2023, which includes $1.1 billion of cash and cash equivalents, and $2.5 billion of corporate cash used to self-fund loan originations. Additionally, we have access to $3.4 billion of undrawn lines of credit, and $2.0 billion of undrawn MSR lines of credit from financing facilities, for a total liquidity position of $9.0 billion as of December 31, 2023.

BALANCE SHEET HIGHLIGHTS

($ in millions)






December 31, 2023


December 31, 2022


(Unaudited)



Cash and cash equivalents

$ 1,108


$ 722

Mortgage servicing rights ("MSRs"), at fair value

$ 6,440


$ 6,947

Funding facilities

$ 3,367


$ 3,549

Other financing facilities and debt

$ 4,237


$ 4,701

Total equity

$ 8,302


$ 8,476

Fourth Quarter and Full Year Earnings Call

Rocket Companies will host a live conference call at 4:30 p.m. ET on February 22, 2024 to discuss its results for the quarter ended December 31, 2023. A live webcast of the event will be available online by clicking on the "Investor Info" section of our website. The webcast will also be available via rocketcompanies.com.

A replay of the webcast will be available on the Investor Relations site following the conclusion of the event.

Consolidated Statements of Income (Loss)

($ In Thousands, Except Per Share Amounts)






Three Months Ended December 31,


Years Ended December 31,


2023


2022


2023


2022


(Unaudited)


(Unaudited)



Revenue








Gain on sale of loans








Gain (loss) on sale of loans excluding fair value of
MSRs, net

$ 187,832


$ (7,498)


$ 973,960


$ 1,166,770

Fair value of originated MSRs

242,305


288,281


1,092,332


1,970,647

Gain on sale of loans, net

430,137


280,783


2,066,292


3,137,417

Loan servicing (loss) income








Servicing fee income

347,743


370,633


1,401,780


1,458,637

Change in fair value of MSRs

(357,845)


(407,126)


(700,982)


185,036

Loan servicing (loss) income, net

(10,102)


(36,493)


700,798


1,643,673

Interest income








Interest income

86,079


85,101


327,448


350,591

Interest expense on funding facilities

(44,905)


(35,812)


(206,588)


(166,388)

Interest income, net

41,174


49,289


120,860


184,203

Other income

232,597


187,213


911,319


873,200

Total revenue, net

693,806


480,792


3,799,269


5,838,493

Expenses








Salaries, commissions and team member benefits

484,793


519,024


2,257,291


2,797,868

General and administrative expenses

207,651


196,342


802,865


906,195

Marketing and advertising expenses

142,823


175,413


736,676


945,694

Depreciation and amortization

26,593


23,987


110,271


94,020

Interest and amortization expense on non-funding
debt

38,365


38,333


153,386


153,596

Other expenses

36,486


33,111


141,677


199,209

Total expenses

936,711


986,210


4,202,166


5,096,582

(Loss) income before income taxes

(242,905)


(505,418)


(402,897)


741,911

Benefit from (provision for) income taxes

10,211


12,763


12,817


(41,978)

Net (loss) income

(232,694)


(492,655)


(390,080)


699,933

Net loss (income) attributable to non-controlling
interest

222,059


475,039


374,566


(653,512)

Net (loss) income attributable to Rocket Companies

$ (10,635)


$ (17,616)


$ (15,514)


$ 46,421









(Loss) earnings per share of Class A common stock:








Basic

$ (0.08)


$ (0.14)


$ (0.12)


$ 0.39

Diluted

$ (0.09)


$ (0.14)


$ (0.15)


$ 0.28









Weighted average shares outstanding








Basic

133,597,434


121,751,798


128,641,762


120,577,548

Diluted

1,987,457,044


121,751,798


1,980,523,690


1,971,620,573

Consolidated Balance Sheets

($ In Thousands)






December 31,
2023


December 31,
2022

Assets

(Unaudited)



Cash and cash equivalents

$ 1,108,466


$ 722,293

Restricted cash

28,366


66,806

Mortgage loans held for sale, at fair value

6,542,232


7,343,475

Interest rate lock commitments ("IRLCs"), at fair value

132,870


90,635

Mortgage servicing rights ("MSRs"), at fair value

6,439,787


6,946,940

Notes receivable and due from affiliates

19,530


10,796

Property and equipment, net

250,856


274,192

Deferred tax asset, net

550,149


537,963

Lease right of use assets

347,696


366,189

Forward commitments, at fair value

26,614


22,444

Loans subject to repurchase right from Ginnie Mae

1,533,387


1,642,392

Goodwill and intangible assets, net

1,236,765


1,258,928

Other assets

1,015,022


799,159

Total assets

$ 19,231,740


$ 20,082,212

Liabilities and equity




Liabilities:




Funding facilities

$ 3,367,383


$ 3,548,699

Other financing facilities and debt:




Senior Notes, net

4,033,448


4,027,970

Early buy out facility

203,208


672,882

Accounts payable

171,350


116,331

Lease liabilities

393,882


422,769

Forward commitments, at fair value

142,988


25,117

Investor reserves

92,389


110,147

Notes payable and due to affiliates

31,006


33,463

Tax receivable agreement liability

584,695


613,693

Loans subject to repurchase right from Ginnie Mae

1,533,387


1,642,392

Other liabilities

376,294


393,200

Total liabilities

$ 10,930,030


$ 11,606,663

Equity




Class A common stock

$ 1


$ 1

Class B common stock

-


-

Class C common stock

-


-

Class D common stock

19


19

Additional paid-in capital

340,532


276,221

Retained earnings

284,296


300,394

Accumulated other comprehensive income

52


69

Non-controlling interest

7,676,810


7,898,845

Total equity

8,301,710


8,475,549

Total liabilities and equity

$ 19,231,740


$ 20,082,212

Summary Segment Results for the Years Ended December 31, 2023 and 2022,

($ in millions)

(Unaudited)











Three Months Ended December 31, 2023

Direct to

Consumer


Partner

Network


Segments Total


All Other


Total

Total U.S. GAAP Revenue, net

$ 484


$ 110


$ 594


$ 100


$ 694

Change in fair value of MSRs due to valuation
assumptions, net of hedges

191


-


191


-


191

Adjusted Revenue

$ 675


$ 110


$ 784


$ 100


$ 885

Less: Directly attributable expenses

410


49


459


85


544

Contribution margin (1)

$ 264


$ 61


$ 325


$ 15


$ 340











Three Months Ended December 31, 2022

Direct to
Consumer


Partner Network


Segments Total


All Other


Total

Total U.S. GAAP Revenue, net

$ 325


$ 71


$ 396


$ 84


$ 481

Change in fair value of MSRs due to valuation
assumptions, net of hedges

202


-


202


-


202

Adjusted Revenue

$ 527


$ 71


$ 598


$ 84


$ 683

Less: Directly attributable expenses

480


60


540


54


594

Contribution margin (1)

$ 46


$ 12


$ 58


$ 31


$ 89











Years Ended December 31, 2023

Direct to
Consumer


Partner Network


Segments Total


All Other


Total

Total U.S. GAAP Revenue, net

$ 2,989


$ 439


$ 3,428


$ 371


$ 3,799

Change in fair value of MSRs due to valuation
assumptions, net of hedges

(29)


-


(29)


-


(29)

Adjusted Revenue

$ 2,960


$ 439


$ 3,399


$ 371


$ 3,770

Less: Directly attributable expenses

1,924


240


2,165


328


2,492

Contribution margin (1)

$ 1,036


$ 198


$ 1,234


$ 44


$ 1,278











Years Ended December 31, 2022

Direct to
Consumer


Partner Network


Segments Total


All Other


Total

Total U.S. GAAP Revenue, net

$ 4,780


$ 639


$ 5,419


$ 420


$ 5,838

Change in fair value of MSRs due to valuation
assumptions, net of hedges

(1,211)


-


(1,211)


-


(1,211)

Adjusted Revenue

$ 3,569


$ 639


$ 4,208


$ 420


$ 4,628

Less: Directly attributable expenses

2,518


362


2,880


359


3,239

Contribution margin (1)

$ 1,051


$ 276


$ 1,327


$ 61


$ 1,388





















(1)

We measure the performance of the segments primarily on a contribution margin basis. Contribution margin is intended to measure the direct profitability of each segment and is calculated as Adjusted Revenue less directly attributable expenses. Adjusted Revenue is a non-GAAP financial measure described below. Directly attributable expenses include salaries, commissions and team member benefits, general and administrative expenses, marketing and advertising expenses and other expenses, such as direct servicing costs and origination costs.

GAAP to non-GAAP Reconciliations


Adjusted Revenue Reconciliation

($ in millions)






Three Months Ended December 31,


Years Ended December 31,


2023


2022


2023


2022


(Unaudited)


(Unaudited)

Total revenue, net

$ 694


$ 481


$ 3,799


$ 5,838

Change in fair value of MSRs due to
valuation assumptions (net of
hedges) (1)

191


202


(29)


(1,211)

Adjusted Revenue

$ 885


$ 683


$ 3,770


$ 4,628









(1)

Reflects changes in assumptions including discount rates and prepayment speed assumptions, mostly due to changes in market interest rates, and the effects of contractual prepayment protection associated with sales or purchases of MSRs.

Adjusted Net Loss Reconciliation

($ in millions)





Three Months Ended
December 31,

Years Ended

December 31,


2023


2022


2023


2022


(Unaudited)

(Unaudited)

Net (loss) income attributable to Rocket Companies

$ (11)


$ (18)


$ (16)


$ 46

Net (loss) income impact from pro forma conversion of Class D
common shares to Class A common shares (1)

(222)


(474)


(373)


656

Adjustment to the benefit from (provision for) income tax (2)

49


120


85


(139)

Tax-effected net (loss) income (2)

(183)


(372)


(303)


563

Share-based compensation expense (3)

35


48


177


234

Change in fair value of MSRs due to valuation assumptions (net of
hedges) (4)

191


202


(29)


(1,211)

Career transition program (5)

-


-


51


81

Change in Tax receivable agreement liability (6)

7


(10)


7


(34)

Tax impact of adjustments (7)

(57)


(65)


(50)


226

Other tax adjustments (8)

1


1


4


4

Adjusted Net Loss

$ (6)


$ (197)


$ (143)


$ (137)









(1)

Reflects net (loss) income to Class A common stock from pro forma exchange and conversion of corresponding shares of our Class D common shares held by non-controlling interest holders as of December 31, 2023 and 2022.



(2)

Rocket Companies is subject to U.S. Federal income taxes, in addition to state, local and Canadian taxes with respect to its allocable share of any net taxable (loss) income of Holdings. The Adjustment to the benefit from (provision for) income tax reflects the difference between (a) the income tax computed using the effective tax rates below applied to the (loss) income before income taxes assuming Rocket Companies, Inc. owns 100% of the non-voting common interest units of Holdings and (b) the (benefit from) provision for income taxes. The effective income tax rate was 24.47% and 24.40% for the three months and year ended December 31, 2023, respectively, and 26.31% and 24.29% for three months and year ended December 31, 2022, respectively.



(3)

The years ended December 31, 2023 and 2022 amounts exclude the impact of the career transition program.



(4)

Reflects changes in assumptions including discount rates and prepayment speed assumptions, mostly due to changes in market interest rates, and the effects of contractual prepayment protection associated with sales or purchases of MSRs.



(5)

Reflects net expenses associated with compensation packages, healthcare coverage, career transition services, and accelerated vesting of certain equity awards.



(6)

Reflects changes in estimates of tax rates and other variables of the Tax receivable agreement liability.



(7)

Tax impact of adjustments gives effect to the income tax related to share-based compensation expense, the change in fair value of MSRs due to valuation assumptions, career transition program, and the change in Tax receivable agreement liability, at the effective tax rates for each period.



(8)

Represents tax benefits due to the amortization of intangible assets and other tax attributes resulting from the purchase of Holdings units, net of payment obligations under Tax Receivable Agreement.

Adjusted Diluted Weighted Average Shares Outstanding Reconciliation

($ in millions, except per share amounts)






Three Months Ended
December 31,


Years Ended

December 31,


2023


2022


2023


2022


(Unaudited)


(Unaudited)

Diluted weighted average Class A Common shares outstanding

1,987,457,044


121,751,798


1,980,523,690


1,971,620,573

Assumed pro forma conversion of Class D shares (1)

-


1,848,879,483


-


-

Adjusted diluted weighted average shares outstanding

1,987,457,044


1,970,631,281


1,980,523,690


1,971,620,573









Adjusted Net Loss

$ (6)


$ (197)


$ (143)


$ (137)

Adjusted Diluted Loss Per Share

$ 0.00


$ (0.10)


$ (0.07)


$ (0.07)









(1)

Reflects the pro forma exchange and conversion of non-dilutive Class D common stock to Class A common stock. For the years ended December 31, 2023 and 2022 and the three months ended December 31, 2023, Class D common shares were dilutive and are included in the diluted weighted average Class A common shares outstanding in the table above. For the three months ended December, 31, 2022, Class D common shares were anti-dilutive and therefore included in the pro forma conversion of Class D shares in the table above.

Adjusted EBITDA Reconciliation

($ in millions)






Three Months Ended
December 31,


Years Ended

December 31,


2023


2022


2023


2022


(Unaudited)


(Unaudited)

Net (loss) income

$ (233)


$ (493)


$ (390)


$ 700

Interest and amortization expense on non-funding debt

38


38


153


154

(Benefit from) provision for income taxes

(10)


(13)


(13)


42

Depreciation and amortization

27


24


110


94

Share-based compensation expense (1)

35


48


177


234

Change in fair value of MSRs due to valuation assumptions (net of
hedges) (2)

191


202


(29)


(1,211)

Career transition program (3)

-


-


51


81

Change in Tax receivable agreement liability (4)

7


(10)


7


(34)

Adjusted EBITDA

$ 55


$ (204)


$ 67


$ 59









(1)

The years ended December 31, 2023 and 2022 amounts exclude the impact of the career transition program.

(2)

Reflects changes in assumptions including discount rates and prepayment speed assumptions, mostly due to changes in market interest rates, and the effects of contractual prepayment protection associated with sales or purchases of MSRs.

(3)

Reflects net expenses associated with compensation packages, healthcare coverage, career transition services, and accelerated vesting of certain equity awards.

(4)

Reflects changes in estimates of tax rates and other variables of the Tax receivable agreement liability.

Non-GAAP Financial Measures

To provide investors with information in addition to our results as determined by GAAP, we disclose Adjusted Revenue, Adjusted Net Income (Loss), Adjusted Diluted Earnings (Loss) Per Share and Adjusted EBITDA (collectively "our non-GAAP financial measures") as non-GAAP measures. We believe that the presentation of our non-GAAP financial measures provides useful information to investors regarding our results of operations because each measure assists both investors and management in analyzing and benchmarking the performance and value of our business. Our non-GAAP financial measures are not calculated in accordance with GAAP and should not be considered as a substitute for Total revenue, net, Net income (loss), or any other operating performance measure calculated in accordance with GAAP. Other companies may define non-GAAP financial measures differently, and as a result, our measures of our non-GAAP financial measures may not be directly comparable to those of other companies. Our non-GAAP financial measures provide indicators of performance that are not affected by fluctuations in certain costs or other items. Accordingly, management believes that these measurements are useful for comparing general operating performance from period to period, and management relies on these measures for planning and forecasting of future periods. Additionally, these measures allow management to compare our results with those of other companies that have different financing and capital structures.

We define "Adjusted Revenue" as total revenues net of the change in fair value of mortgage servicing rights ("MSRs") due to valuation assumptions (net of hedges). We define "Adjusted Net Income (Loss)" as tax-effected earnings (losses) before share-based compensation expense, the change in fair value of MSRs due to valuation assumptions (net of hedges), career transition program, change in Tax receivable agreement liability, and the tax effects of those adjustments as applicable. We define "Adjusted Diluted Earnings (Loss) Per Share" as Adjusted Net Income (Loss) divided by the diluted weighted average number of Class A common stock outstanding for the applicable period, which assumes the pro forma exchange and conversion of all outstanding Class D common stock for Class A common stock. We define "Adjusted EBITDA" as earnings (losses) before interest and amortization expense on non-funding debt, income tax, depreciation and amortization, share-based compensation expense, change in fair value of MSRs due to valuation assumptions (net of hedges), career transition program, and change in Tax receivable agreement liability.

We exclude from each of our non-GAAP financial measures the change in fair value of MSRs due to valuation assumptions (net of hedges) as this represents a non-cash non-realized adjustment to our total revenues, reflecting changes in assumptions including discount rates and prepayment speed assumptions, mostly due to changes in market interest rates, which is not indicative of our performance or results of operation. We also exclude effects of contractual prepayment protection associated with sales of MSRs. Adjusted EBITDA includes Interest expense on funding facilities, which are recorded as a component of Interest income, net, as these expenses are a direct cost driven by loan origination volume. By contrast, interest and amortization expense on non-funding debt is a function of our capital structure and is therefore excluded from Adjusted EBITDA.

Our definitions of each of our non-GAAP financial measures allow us to add back certain cash and non-cash charges, and deduct certain gains that are included in calculating Total revenue, net, Net income (loss) attributable to Rocket Companies or Net income (loss). However, these expenses and gains vary greatly, and are difficult to predict. From time to time in the future, we may include or exclude other items if we believe that doing so is consistent with the goal of providing useful information to investors.

Although we use our non-GAAP financial measures to assess the performance of our business, such use is limited because they do not include certain material costs necessary to operate our business. Our non-GAAP financial measures can represent the effect of long-term strategies as opposed to short-term results. Our presentation of our non-GAAP financial measures should not be construed as an indication that our future results will be unaffected by unusual or nonrecurring items. Our non-GAAP financial measures have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. Because of these limitations, our non-GAAP financial measures should not be considered as measures of discretionary cash available to us to invest in the growth of our business or as measures of cash that will be available to us to meet our obligations.

For financial outlook information, the Company is not providing a quantitative reconciliation of Adjusted Revenue to the most directly comparable GAAP measure because the GAAP measure cannot be reliably estimated and the reconciliation cannot be performed without unreasonable effort due to their dependence on future uncertainties and adjusting items that the Company cannot reasonably predict at this time but which may be material.

Forward Looking Statements

Some of the statements contained in this document are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are generally identified by the use of words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and, in each case, their negative or other various or comparable terminology. These forward-looking statements reflect our views with respect to future events as of the date of this document and are based on our management's current expectations, estimates, forecasts, projections, assumptions, beliefs and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to, the risk factors that are described under the section titled "Risk Factors" in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the Securities and Exchange Commission ("SEC"). These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document and in our SEC filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

About Rocket Companies

Founded in 1985, Rocket Companies (NYSE: RKT) is a Detroit -based fintech platform company including personal finance and consumer technology brands Rocket Mortgage, Rocket Homes, Amrock, Rocket Money, Rocket Loans, Rocket Mortgage Canada, Lendesk, Core Digital Media and Rocket Connections.

The Company helps clients achieve the goal of home ownership and financial freedom through industry-leading client experiences powered by its simple, fast and trusted digital solutions. J.D. Power has ranked Rocket Mortgage #1 in client satisfaction for both primary mortgage origination and servicing a total of 21 times.

For more information, please visit our Corporate Website or Investor Relations Website.

SOURCE Rocket Companies, Inc.

Großer Dividenden-Report 2024 von Dr. Dennis Riedl
Der kostenlose Dividenden-Report zeigt ganz genau, wo Sie in diesem Jahr zuschlagen können. Das sind die Favoriten von Börsenprofi Dr. Dennis Riedl
Jetzt hier klicken
© 2024 PR Newswire
Werbehinweise: Die Billigung des Basisprospekts durch die BaFin ist nicht als ihre Befürwortung der angebotenen Wertpapiere zu verstehen. Wir empfehlen Interessenten und potenziellen Anlegern den Basisprospekt und die Endgültigen Bedingungen zu lesen, bevor sie eine Anlageentscheidung treffen, um sich möglichst umfassend zu informieren, insbesondere über die potenziellen Risiken und Chancen des Wertpapiers. Sie sind im Begriff, ein Produkt zu erwerben, das nicht einfach ist und schwer zu verstehen sein kann.