Rocket Companies Inc
For the period ended Mar 31, 2024. Filed May 7, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 7, 2024
RKT$14.45-4.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Cash Flows
($ In Thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Operating activities | ||
| Net income (loss) | $290,714 | $(411,483) |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
| Depreciation and amortization | 27,017 | 30,685 |
| Provision for (benefit from) deferred income taxes | 3,907 | (8,505) |
| Origination of MSRs | (222,797) | (204,560) |
| Change in fair value of MSRs, net | (52,525) | 397,681 |
| Gain on sale of loans excluding fair value of MSRs, net | (476,429) | (265,003) |
| Disbursements of mortgage loans held for sale | (19,739,707) | (16,785,731) |
| Disbursements of non-mortgage loans held for sale | (36,599) | (32,838) |
| Change in fair value of non-mortgage loans held for sale | 1,956 | 348 |
| Proceeds from sale of loans held for sale | 17,168,741 | 15,970,958 |
| Share-based compensation expense | 30,997 | 51,960 |
| Change in assets and liabilities | ||
| Due from affiliates | 956 | 2,722 |
| Other assets | (20,142) | (10,989) |
| Accounts payable | 17,688 | 18,708 |
| Due to affiliates | 324 | (3,187) |
| Other liabilities | (6,823) | (82,071) |
| Total adjustments | $(3,303,436) | $(919,822) |
| Net cash used in operating activities | $(3,012,722) | $(1,331,305) |
| Investing activities | ||
| Proceeds from sale of MSRs | $56,707 | $81,539 |
| Net purchase of MSRs | (17,364) | (3,285) |
| Decrease in mortgage loans held for investment | 10,144 | 3,190 |
| Purchases of investment securities, available for sale | — | (5,472) |
| Sales of investment securities, available for sale | — | 6,479 |
| Purchase and other additions of property and equipment, net of disposals | (14,027) | (18,210) |
| Net cash provided by investing activities | $35,460 | $64,241 |
| Financing activities | ||
| Net borrowings on funding facilities | $2,778,069 | $1,687,335 |
| Net payments on early buy out facility | (31,460) | (249,051) |
| Net (payments) borrowings on notes payable from unconsolidated affiliates | (5) | 174 |
| Stock issuance | 5,403 | 6,122 |
| Taxes withheld on team members' restricted share award vesting | (16,562) | (6,994) |
| Distributions to other unit holders (members of Holdings) | (1,944) | (1,938) |
| Net cash provided by financing activities | $2,733,501 | $1,435,648 |
| Effects of exchange rate changes on cash and cash equivalents | 314 | 7 |
| Net (decrease) increase in cash and cash equivalents and restricted cash | (243,447) | 168,591 |
| Cash and cash equivalents and restricted cash, beginning of period | 1,136,832 | 789,099 |
| Cash and cash equivalents and restricted cash, end of period | $893,385 | $957,690 |
| Non-cash activities | ||
| Loans transferred to other real estate owned | $1,248 | $726 |
| Supplemental disclosures | ||
| Cash paid for interest on related party borrowings | $429 | $424 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.