Rocket Companies Inc
For the period ended Mar 31, 2024. Filed May 7, 2024.
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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
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Condensed Consolidated Statements of Income (Loss) and Comprehensive Income
Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)
($ In Thousands, Except Per Share Amounts)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Revenue | ||
| Gain on sale of loans | ||
| Gain on sale of loans excluding fair value of MSRs, net | $476,429 | $265,003 |
| Fair value of originated MSRs | 222,797 | 204,560 |
| Gain on sale of loans, net | 699,226 | 469,563 |
| Loan servicing income (loss) | ||
| Servicing fee income | 345,746 | 366,385 |
| Change in fair value of MSRs | 56,508 | (398,279) |
| Loan servicing income (loss), net | 402,254 | (31,894) |
| Interest income | ||
| Interest income | 88,980 | 66,744 |
| Interest expense on funding facilities | (51,443) | (35,112) |
| Interest income, net | 37,537 | 31,632 |
| Other income | 244,699 | 196,767 |
| Total revenue, net | 1,383,716 | 666,068 |
| Expenses | ||
| Salaries, commissions and team member benefits | 541,096 | 603,775 |
| General and administrative expenses | 236,665 | 195,390 |
| Marketing and advertising expenses | 206,296 | 181,604 |
| Depreciation and amortization | 27,017 | 30,685 |
| Interest and amortization expense on non-funding debt | 38,365 | 38,333 |
| Other expenses | 35,907 | 32,268 |
| Total expenses | 1,085,346 | 1,082,055 |
| Income (loss) before income taxes | 298,370 | (415,987) |
| (Provision for) benefit from income taxes | (7,656) | 4,504 |
| Net income (loss) | 290,714 | (411,483) |
| Net (income) loss attributable to non-controlling interest | (274,499) | 392,960 |
| Net income (loss) attributable to Rocket Companies | $16,215 | $(18,523) |
| Earnings (loss) per share of Class A common stock | ||
| Basic | $0.12 | $(0.15) |
| Diluted | $0.11 | $(0.16) |
| Weighted average shares outstanding | ||
| Basic | 136,991,743 | 124,732,722 |
| Diluted | 1,991,982,680 | 1,974,629,808 |
| Comprehensive income (loss) | ||
| Net income (loss) | $290,714 | $(411,483) |
| Cumulative translation adjustment | 314 | 7 |
| Unrealized loss on investment securities | — | (1,589) |
| Comprehensive income (loss) | 291,028 | (413,065) |
| Comprehensive (income) loss attributable to non-controlling interest | (274,792) | 394,441 |
| Comprehensive income (loss) attributable to Rocket Companies | $16,236 | $(18,624) |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.