Rocket Companies Inc (RKT) 2023 Q2 法說會逐字稿

Hello. My name is Chris, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Rocket Companies, Inc. Second Quarter 2023 Earnings Call. (Operator Instructions) Sharon Ng, Vice President of Investor Relations. You may begin.

你好。我叫克里斯，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 Rocket Companies, Inc. 2023 年第二季度收益電話會議。 （操作員指示）Sharon Ng，投資者關係副總裁。你可以開始了。

Good afternoon, everyone, and thank you for joining us for Rocket Companies earnings call covering the second quarter 2023. With us this afternoon, are Rocket Companies Director and Interim CEO, Bill Emerson; our President and COO, Bob Walters; and our Chief Financial Officer, Brian Brown. Earlier today, we issued our second quarter earnings release, which is available on our website at rocketcompanies.com under Investor Info. Also available on our website is an investor presentation.

大家下午好，感謝您參加 Rocket Companies 2023 年第二季度財報電話會議。今天下午與我們一起參加的有 Rocket Companies 董事兼臨時首席執行官 Bill Emerson；我們的總裁兼首席運營官鮑勃·沃爾特斯 (Bob Walters)；以及我們的首席財務官布萊恩·布朗。今天早些時候，我們發布了第二季度收益報告，可在我們的網站 Rocketcompanies.com 的“投資者信息”下查看。我們的網站上還提供投資者介紹。

Before I turn things over to Bill, let me quickly go over our disclaimers. On today's call, we provide you with information regarding our second quarter 2023 performance as well as our financial outlook. This conference call includes forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from the expectations and the assumptions we mentioned today. We encourage you to consider the risk factors contained in our SEC filings for a detailed discussion of these risks and uncertainties. We undertake no obligation to update these statements as a result of new information or further events, except as required by law. This call is being broadcast online and is accessible on our Investor Relations website. A recording of the call will be posted later today.

在我把事情交給比爾之前，讓我快速回顧一下我們的免責聲明。在今天的電話會議上，我們向您提供有關 2023 年第二季度業績以及財務前景的信息。本次電話會議包含前瞻性陳述。這些陳述存在風險和不確定性，可能導致實際結果與我們今天提到的預期和假設存在重大差異。我們鼓勵您考慮我們向 SEC 提交的文件中包含的風險因素，以便詳細討論這些風險和不確定性。我們不承擔因新信息或進一步事件而更新這些聲明的義務，除非法律要求。此次電話會議正在網上直播，您可以在我們的投資者關係網站上訪問。通話錄音將於今天晚些時候發布。

Our commentary today will also include non-GAAP financial measures. Reconciliations between GAAP and non-GAAP metrics for our reported results can also be found in our earnings release issued earlier today as well as in our filings with the SEC. And with that, I'll turn things over to Bill Emerson to get us started. Bill?

我們今天的評論還將包括非公認會計準則財務指標。我們報告的業績的 GAAP 和非 GAAP 指標之間的調節也可以在我們今天早些時候發布的收益報告以及我們向 SEC 提交的文件中找到。接下來，我將把事情交給 Bill Emerson 來幫助我們開始。賬單？

Thanks, Sharon. Good afternoon, and welcome to the Rocket Companies Earnings Call for the second quarter of 2023. At Rocket, we are dedicated to serving our clients through innovation and we're focused on delivering the best experience to them on every step of their homeownership journey. On behalf of the Board, I'm excited to announce the appointment of Varun Krishna as Rocket Companies new CEO. Varun, who is currently the Executive Vice President and General Manager of Intuit Consumer Group working on products like TurboTax and TurboTax Live, brings a wealth of FinTech leadership experience that will be instrumental in driving Rocket's future success. I look forward to working with Varun in the months ahead to ensure a smooth transition.

謝謝，莎倫。下午好，歡迎參加 Rocket Companies 2023 年第二季度財報電話會議。在 Rocket，我們致力於通過創新為客戶提供服務，我們專注於為他們的購房之旅的每一步提供最佳體驗。我代表董事會很高興地宣布任命 Varun Krishna 為 Rocket Companies 新任首席執行官。 Varun 目前擔任 Intuit Consumer Group 執行副總裁兼總經理，致力於 TurboTax 和 TurboTax Live 等產品，他帶來了豐富的金融科技領導經驗，這將有助於推動 Rocket 未來的成功。我期待著在未來幾個月與 Varun 合作，以確保順利過渡。

Before we go any further, I'd like to pause and take a moment to thank our team members for their passion and commitment that drives our achievements. This hasn't been an easy time in our industry and we have made crucial but difficult decisions to better align resources with the needs of our business in today's mortgage market. As part of our ongoing company-wide focus on efficiency, we recently implemented a voluntary career transition program in July, along with other prioritization and cost reduction measures. Brian will share more details on that in a bit.

在我們繼續討論之前，我想暫停一下，花點時間感謝我們的團隊成員，感謝他們的熱情和承諾，正是他們推動了我們的成就。對於我們的行業來說，這並不是一個輕鬆的時期，我們做出了關鍵但困難的決定，以便更好地調整資源，以滿足當今抵押貸款市場的業務需求。作為我們全公司範圍內持續關注效率的一部分，我們最近於 7 月實施了一項自願職業過渡計劃，以及其他優先順序和降低成本的措施。布萊恩將稍後分享更多細節。

Now turning to our Q2 results. We reported strong results in the second quarter. Adjusted revenue came in at $1 billion, above the high point of our guidance range, reflecting continued momentum over the past 3 quarters. We also achieved positive adjusted EBITDA of $18 million and GAAP net income of $139 million and GAAP diluted EPS of $0.05, reflecting both our strong execution and ongoing focus on operating an efficient company. We are also very pleased to see our purchase market share grow on both a year-over-year and quarter-over-quarter basis. Our focus on servicing clients through innovation in this challenging market is working.

現在轉向我們第二季度的業績。我們在第二季度報告了強勁的業績。調整後收入為 10 億美元，高於我們指導範圍的高點，反映出過去 3 個季度的持續增長勢頭。我們還實現了1800 萬美元的正調整EBITDA、1.39 億美元的GAAP 淨利潤和1.39 億美元的GAAP 淨利潤，以及0.05 美元的GAAP 攤薄後每股收益，反映出我們強大的執行力和對運營高效公司的持續關注。我們也很高興看到我們的採購市場份額同比和環比增長。在這個充滿挑戰的市場中，我們致力於通過創新為客戶提供服務，這一點正在發揮作用。

Now I'd like to share some thoughts on the current market. We remain encouraged by the fact that consumer demand for homes continues to be robust, and we're seeing a healthy purchase pipeline. People just want to buy homes. That said, at the macro level, the inventory and affordability challenges consumers experienced in the first quarter persists. According to the National Association of Realtors, May 2023 home inventory is roughly 1/4 that of May of 2007. Let that sink in for a second. While there are no quick fixes to low inventory and affordability issues in the industry, we see these market challenges as an opportunity to offer innovative solutions to help our clients during this time.

現在我想分享一下對當前市場的一些想法。消費者對房屋的需求持續強勁，並且我們看到健康的購買渠道，這一事實仍然令我們感到鼓舞。人們只是想買房。儘管如此，從宏觀層面來看，消費者在第一季度經歷的庫存和承受能力挑戰仍然存在。根據全國房地產經紀人協會的數據，2023 年 5 月的房屋庫存大約是 2007 年 5 月的 1/4。讓我們先理解這一點。雖然行業中的低庫存和負擔能力問題沒有快速解決方案，但我們將這些市場挑戰視為在此期間提供創新解決方案以幫助客戶的機會。

For example, our Buy Plus and One Plus initiative, which will talk more about in a few minutes, help increase access to homeownership and address home affordability challenges. These unique products, along with our focus on delivering a great client experience, have driven the growth we've seen in purchase approval letters, which are up nearly 20% in the second quarter of 2023 compared to the first quarter, far outpacing historical trends. We believe the increases we're seeing in this important metric are the result of the investments we've made in the purchase experience for both our clients and real estate agents that work with them. In the 4 months since launch, our Buy Plus initiative has resonated strongly with first-time homebuyers, home sellers and real estate agents. This unique rocket exclusive collaboration between Rocket Mortgage, the largest retail mortgage company in the United States, and Rocket Homes, our 50-state home search platform and real estate agent referral network, has far surpassed our initial expectations on lead generation.

例如，我們的“Buy Plus”和“One Plus”計劃將在幾分鐘內詳細討論，有助於增加獲得住房的機會並解決住房負擔能力的挑戰。這些獨特的產品，加上我們對提供卓越客戶體驗的專注，推動了採購批准函的增長，與第一季度相比，2023 年第二季度的採購批准函增長了近20%，遠遠超過了歷史趨勢。我們相信，這一重要指標的增長是我們在客戶和與其合作的房地產經紀人的購買體驗方面進行投資的結果。自推出以來的 4 個月內，我們的 Buy Plus 計劃引起了首次購房者、房屋賣家和房地產經紀人的強烈共鳴。美國最大的零售抵押貸款公司 Rocket Mortgage 與我們覆蓋 50 個州的房屋搜索平台和房地產經紀人推薦網絡 Rocket Homes 之間的這種獨特的火箭獨家合作遠遠超出了我們對潛在客戶開發的最初預期。

With Buy Plus, purchase clients can save thousands of dollars in upfront costs if they work with the Rocket Homes partner real estate agent and obtained financing with Rocket Mortgage. The homeowner can further increase their savings by buying, selling and financing through Rocket. Real estate agents are excited about working with Rocket and with high intent clients, and these initiatives have proven that out as we've seen agent referrals continue to trend higher.

通過 Buy Plus，購買客戶如果與 Rocket Homes 合作夥伴房地產經紀人合作並通過 Rocket Mortgage 獲得融資，可以節省數千美元的前期成本。房主可以通過Rocket進行購買、出售和融資，進一步增加儲蓄。房地產經紀人對與 Rocket 和高意向客戶合作感到興奮，這些舉措已經證明了這一點，因為我們看到經紀人推薦繼續呈上升趨勢。

In May, we also introduced One Plus, a new 1% down home loan program that aims to increase access to homeownership for millions of low to moderate income Americans. One Plus is available to homebuyers purchasing single-family homes, including manufactured homes, whose income is equal to or less than 80% of their area median income. Open clients with financial wellness and home buying readiness is just as important as providing an excellent experience for those who are ready to purchase now. This is why we laid the groundwork for our client engagement program in 2022, which includes Rocket Money, Rocket Rewards, Rocket Visa Signature Card and the home buying plan. Solutions such as home buying plan, our guided digital experience that keeps our clients on track as they prepare for purchase and Rocket Rewards, our loyalty program, which gives our clients tangible value for staying engage with Rocket, are crucial, particularly as clients in today's environment are confronted with a much longer home-buying cycle compared to historical periods.

5 月份，我們還推出了 OnePlus，這是一項新的 1% 首付住房貸款計劃，旨在增加數百萬中低收入美國人獲得住房的機會。購買單戶住宅（包括活動房屋）且其收入等於或低於其所在地區收入中位數 80% 的購房者可以享受 OnePlus 優惠。擁有財務健康和購房準備的開放客戶與為現在準備購房的客戶提供卓越的體驗同樣重要。這就是為什麼我們為 2022 年的客戶參與計劃奠定了基礎，其中包括 Rocket Money、Rocket Rewards、Rocket Visa Signature Card 和購房計劃。購房計劃等解決方案至關重要，特別是對於當今的客戶來說，這些解決方案至關重要，我們的引導式數字體驗使我們的客戶在準備購買時保持在正軌上，而火箭獎勵是我們的忠誠度計劃，它為我們的客戶提供了與Rocket 保持接觸的切實價值。與歷史時期相比，我們面臨著更長的購房週期。

And as we have shared previously, our client engagement program can meaningfully change our business model, broadening Rocket's acquisition channels, lowering client acquisition costs and lifting conversion through the data insights we get.

正如我們之前分享的，我們的客戶參與計劃可以有意義地改變我們的業務模式，拓寬 Rocket 的獲取渠道，降低客戶獲取成本並通過我們獲得的數據洞察提高轉化率。

Rocket Visa Signature cardholders began accruing Rocket Reward points in the second quarter on purchases. Rocket Rewards also expanded the activities eligible for banking points to home search, including adding a home to a favorites list and saving a home search alert on Rocket Homes. We are already observing a meaningfully higher conversion rate from lead to close among mortgage clients who are rewards members compared to those who are not. As we expand the activities for clients to accrue points across the Rocket ecosystem, we believe we have an opportunity to gain valuable insights, personalize our offering and further lift our conversion. We are further encouraged by this progress when we consider the large and growing number of Rocket accounts. As of June 30, the number of Rocket accounts grew to $29.3 million, an increase of nearly $2 million from the prior quarter, with Rocket Money continuing to lead the way. Rocket Account gives us valuable signals of home buying readiness and intent and we believe Rocket Account holders are more open to transacting with Rocket now and in the future.

Rocket Visa Signature 持卡人在第二季度開始通過購物累積 Rocket Reward 積分。 Rocket Rewards 還將符合銀行積分資格的活動擴展到房屋搜索，包括將房屋添加到收藏夾列表中以及在 Rocket Homes 上保存房屋搜索提醒。我們已經觀察到，與非獎勵會員相比，獎勵會員抵押貸款客戶從潛在客戶到成交的轉化率明顯更高。隨著我們擴大客戶在整個 Rocket 生態系統中累積積分的活動，我們相信我們有機會獲得有價值的見解、個性化我們的產品並進一步提高我們的轉化率。當我們考慮到 Rocket 帳戶數量龐大且不斷增長時，我們對這一進展感到進一步鼓舞。截至 6 月 30 日，Rocket 賬戶數量增至 2930 萬美元，較上一季度增加近 200 萬美元，其中 Rocket Money 繼續保持領先地位。 Rocket 賬戶為我們提供了購房準備和意圖的寶貴信號，我們相信 Rocket 賬戶持有者現在和將來更願意與 Rocket 進行交易。

Finally, I'd like to acknowledge a recent achievement that is a symbol of our enduring commitment to the client experience. This last week, Rocket Mortgage was named the #1 in the nation in J.D. Power's 2023 study for client satisfaction and mortgage servicing. The ninth year Rocket Mortgage has earned the accolade. Rocket is among a short list of companies with a comprehensive home buying ecosystem who can offer a breadth of products and services from financial wellness, personal loans, and home search to first lien mortgages, home equity loans, servicing and title and closing. In the 2 months since I've been back at the company, one thing is abundantly clear. Rocket has a tremendous opportunity in the large and fragmented mortgage market, and we're changing the game. We're upending the traditional mortgage business model by diversifying client acquisition channels, lowering client acquisition costs, and engaging our clients throughout their lifetime, thereby lifting conversion from lead to close. We are dedicated to growing the business by significantly elevating the client experience through our comprehensive ecosystem.

最後，我要感謝最近取得的一項成就，它像徵著我們對客戶體驗的持久承諾。上週，Rocket Mortgage 在 J.D. Power 2023 年客戶滿意度和抵押貸款服務研究中被評為全國第一。火箭抵押貸款已連續第九年獲得這一殊榮。 Rocket 是少數擁有全面購房生態系統的公司之一，這些公司可以提供廣泛的產品和服務，從財務健康、個人貸款、房屋搜索到第一留置權抵押貸款、房屋淨值貸款、服務以及產權和交割。回到公司兩個月來，有一件事非常清楚。 Rocket 在龐大且分散的抵押貸款市場中擁有巨大的機會，而我們正在改變遊戲規則。我們正在顛覆傳統的抵押貸款業務模式，通過多樣化客戶獲取渠道、降低客戶獲取成本並在客戶的整個生命週期中吸引客戶，從而提高從潛在客戶到成交的轉化率。我們致力於通過我們全面的生態系統顯著提升客戶體驗來發展業務。

With that, I'll turn it over to Brian.

有了這個，我會把它交給布萊恩。

Thank you, Bill, and good afternoon, everyone. On today's call, I'll cover our financial results for the second quarter and our outlook for the third quarter. I will also discuss our innovative offerings and how we help our clients in this challenging market, and I'll provide an update on our ongoing efficiency efforts.

謝謝比爾，大家下午好。在今天的電話會議上，我將介紹我們第二季度的財務業績和第三季度的前景。我還將討論我們的創新產品以及我們如何在這個充滿挑戰的市場中幫助客戶，並且我將提供有關我們正在進行的效率工作的最新信息。

In the second quarter, we were profitable on an adjusted EBITDA and GAAP net income basis. And once again, we exceeded the top end of our guidance range. We are pleased to see that our purchase focus initiatives are working. Rocket gained purchase market share in the quarter, both year-over-year and quarter-over-quarter. Our client-first approach and the efforts we have taken to run a leaner business are paying off. Rocket reported strong second quarter results, reflecting sequential growth in volume, revenue and profitability. In Q2, we generated adjusted revenue just north of $1 billion, surpassing the high end of our guidance range. Adjusted revenue is now up in consecutive quarters since Q4 of last year, with Q2 up 14% from Q1 and up 47% from Q4.

第二季度，我們在調整後的 EBITDA 和 GAAP 淨利潤基礎上實現盈利。我們再一次超出了指導範圍的上限。我們很高興看到我們的採購重點計劃正在發揮作用。無論是同比還是環比，Rocket 在本季度的採購市場份額均有所增加。我們以客戶為先的方針以及我們為運營精簡業務所做的努力正在取得回報。 Rocket 公佈了強勁的第二季度業績，反映出銷量、收入和盈利能力的連續增長。第二季度，我們調整後的收入略高於 10 億美元，超過了我們指導範圍的上限。自去年第四季度以來，調整後收入連續幾個季度增長，其中第二季度較第一季度增長 14%，較第四季度增長 47%。

Turning to profitability. We have made significant strides over the last year to improve our profitability profile even in what has been a historically depressed market. In the second quarter, we returned to positive adjusted EBITDA. Q2 adjusted EBITDA of $18 million improved considerably relative to losses of $79 million and $204 million in Q1 and Q4, respectively. We reported GAAP diluted EPS of $0.05 and an adjusted diluted EPS loss of $0.02 per share. We're encouraged by the improving trend in our results, and we're excited to be back in a position of growth and profitability.

轉向盈利能力。去年，即使在歷史低迷的市場中，我們也取得了重大進展，以改善我們的盈利能力。第二季度，我們恢復了正調整後的 EBITDA。第二季度調整後 EBITDA 為 1800 萬美元，相對於第一季度和第四季度分別虧損 7900 萬美元和 2.04 億美元，大幅改善。我們公佈的 GAAP 攤薄每股收益為 0.05 美元，調整後攤薄每股收益虧損為 0.02 美元。我們對業績的改善趨勢感到鼓舞，並且很高興能夠重新恢復增長和盈利能力。

We have been diligent in prioritizing our resources, focusing on operational efficiency and trimming our cost structure. Our efforts to streamline our costs have been ongoing and span across expense categories, including our recently executed voluntary career transition plan in addition to other third-party related cost reduction efforts. As I've shared before, we invest with discipline and track our progress closely. We are constantly evaluating and making capital allocation and prioritization decisions and we take action to pivot or sunset projects that are not meeting our expectations.

我們一直努力確定資源的優先順序，注重運營效率並削減成本結構。我們一直在努力簡化成本，並涵蓋各個費用類別，包括我們最近執行的自願職業轉型計劃以及其他第三方相關的成本削減工作。正如我之前所分享的，我們按紀律進行投資並密切跟踪我們的進展。我們不斷評估和製定資本分配和優先級決策，並採取行動調整或取消不符合我們預期的項目。

For example, most recently, we pivoted from investing in a sales platform for solar to only offering solar financing through the Rocket Loans platform. We also recently wound down Rocket Auto operations. As a result of these actions, we anticipate cost savings in the range of $150 million to $200 million on an annualized basis with the full quarter of cost savings set to begin in the fourth quarter. In addition, we expect to incur a onetime charge of approximately $50 million to $60 million related to the voluntary career transition program, primarily in the third quarter.

例如，最近，我們從投資太陽能銷售平台轉向僅通過火箭貸款平台提供太陽能融資。我們最近還結束了 Rocket Auto 的運營。通過這些行動，我們預計每年可節省 1.5 億至 2 億美元的成本，整個季度的成本節省將於第四季度開始。此外，我們預計將產生約 5000 萬至 6000 萬美元的與自願職業過渡計劃相關的一次性費用，主要是在第三季度。

Looking at current market conditions, we continue to see healthy client purchase demand. People want to buy homes. That said, inventory and affordability challenges are resulting in a much longer homebuying process than we've seen historically. For example, one of the things we monitor internally is the amount of time between when a client shows intent to transact and when they actually find and purchase a home. A measure that we refer to as approval letter to application. This metric has been steadily increasing since February of this year and has recently hit a record high. This is not surprising when you consider that in May, inventory was at its lowest level in 2 decades according to the National Association of Realtors.

從目前的市場狀況來看，我們繼續看到健康的客戶購買需求。人們想買房。也就是說，庫存和負擔能力的挑戰導致購房過程比我們歷史上看到的要長得多。例如，我們內部監控的一件事是客戶表現出交易意向與他們實際找到併購買房屋之間的時間間隔。我們將這一措施稱為申請批准函。該指標自今年二月以來一直穩步增長，最近創下歷史新高。根據全國房地產經紀人協會的數據，考慮到 5 月份庫存處於 20 年來的最低水平，這一點並不奇怪。

We're helping our clients stay on track while navigating the longer home buying life cycle in an inventory-constrained market with products like our home buying plan, which provides a guided digital experience to help prepare for home purchase. For those even earlier in their journey, Rocket Money helps clients improve their credit score, budget and reach their savings goals. We're giving our clients tangible benefits to stay with Rocket throughout the process with programs such as Rocket Rewards, our loyalty program, whereby clients can grow rewards through engagement across the Rocket ecosystem.

我們正在幫助我們的客戶保持正軌，同時在庫存有限的市場中度過更長的購房生命週期，我們的購房計劃等產品提供了指導性的數字體驗，以幫助準備購房。對於那些處於旅程早期的人來說，Rocket Money 可以幫助客戶提高信用評分、預算並實現儲蓄目標。我們通過 Rocket Rewards（我們的忠誠度計劃）等計劃，為客戶在整個過程中與 Rocket 保持聯繫提供切實的好處，客戶可以通過整個 Rocket 生態系統的參與來獲得獎勵。

We're addressing affordability concerns and expanding accessibility to homeownership through recent initiatives such as Buy Plus. With Buy Plus, purchase clients can save thousands of dollars in upfront costs if they work with the Rocket Homes partner real estate agent and obtain financing with Rocket Mortgage. This is something that only Rocket can offer scale through our integrated real estate and mortgage experience. In addition, because of our ability to capture the economics from both the real estate side and the mortgage side of the transaction, Rocket is uniquely positioned to provide consumers with meaningful savings on their closing costs.

我們正在通過最近的Buy Plus 等舉措解決負擔能力問題並擴大購房的可及性。通過 Buy Plus，購買客戶如果與 Rocket Homes 合作夥伴房地產經紀人合作並通過 Rocket Mortgage 獲得融資，可以節省數千美元的前期成本。只有 Rocket 才能通過我們綜合的房地產和抵押貸款經驗來實現這一目標。此外，由於我們能夠從交易的房地產方面和抵押貸款方面獲取經濟學信息，Rocket 具有獨特的優勢，可以為消費者節省大量的成交成本。

With this increased engagement, we're gathering valuable signals and insights, enabling us to personalize our offerings across financial wellness, home search, personal loan, first lien mortgages, home equity loans and more, regardless of where the client is in their home buying journey or when they are ready to transact. Our scale and unique approach to client acquisition, engagement and lead conversion continues to distinguish us from other mortgage lenders, particularly in this challenging fragmented market. From a capital allocation perspective, we have always prioritized maintaining a well-capitalized balance sheet with substantial liquidity capable of navigating different market cycles, while remaining opportunistic. Rocket's financial strength continues to be an important strategic advantage for us, especially in today's market.

隨著參與度的增加，我們正在收集有價值的信號和見解，使我們能夠在財務健康、房屋搜索、個人貸款、第一留置權抵押貸款、房屋淨值貸款等方面個性化我們的產品，無論客戶在哪裡購房旅程或當他們準備好進行交易時。我們的規模和獨特的客戶獲取、參與和潛在客戶轉換方法繼續使我們有別於其他抵押貸款機構，特別是在這個充滿挑戰的分散市場中。從資本配置的角度來看，我們始終優先考慮維持資本充足的資產負債表，擁有充足的流動性，能夠適應不同的市場週期，同時保持機會主義。 Rocket 的財務實力仍然是我們的重要戰略優勢，尤其是在當今的市場上。

We closed the second quarter with $3.8 billion of available cash and $6.4 billion of mortgage servicing rights. Together, these assets represent a total of $10.2 billion of value on our balance sheet. Our $3.8 billion of available cash consists of $883 million of cash on the balance sheet and an additional $2.9 billion of corporate cash used to self-fund loan originations. Total liquidity stood at approximately $8.6 billion as of June 30, including available cash plus undrawn lines of credit and our undrawn MSR lines. As of June 30, our mortgage servicing portfolio included more than 2.4 million loans serviced with approximately $500 billion in unpaid principal balance. Q2 unpaid principal balance was lower compared to Q1 due to the sale of MSRs in the quarter.

第二季度末，我們擁有 38 億美元的可用現金和 64 億美元的抵押貸款服務權。這些資產在我們的資產負債表上的總價值為 102 億美元。我們的 38 億美元可用現金包括資產負債表上的 8.83 億美元現金和用於自籌貸款的額外 29 億美元企業現金。截至 6 月 30 日，流動性總額約為 86 億美元，包括可用現金加上未提取的信貸額度和我們未提取的 MSR 額度。截至 6 月 30 日，我們的抵押貸款服務組合包括超過 240 萬筆貸款，未付本金餘額約為 5000 億美元。由於本季度出售了 MSR，第二季度未付本金餘額低於第一季度。

We also drive considerable recurring revenue from mortgage servicing. During the second quarter, we generated $343 million of cash revenue from our servicing book, which represents approximately $1.4 billion on an annualized basis. Net client retention remained over 90% in the second quarter, well above the industry average.

我們還從抵押貸款服務中獲得可觀的經常性收入。第二季度，我們從服務賬簿中產生了 3.43 億美元的現金收入，按年化計算約為 14 億美元。第二季度淨客戶保留率仍保持在90%以上，遠高於行業平均水平。

Moving on to our outlook for the third quarter. We expect adjusted revenue to be in the range of $850 million to $1 billion. This guidance takes into account current market conditions, including challenges presented by the historically low housing inventory levels. We expect Q3 expenses to be roughly flat compared to Q2, excluding the $50 million to $60 million in onetime charges. As we have consistently demonstrated over the last 18 months, we are committed to operating an efficient business with continued focus on profitability. As always, our forward-looking guidance is based on our current outlook and visibility. Despite the continued uncertainty at the macro level, we are very well positioned in the current environment. We remain focused on serving our clients and investing with the discipline to drive long-term growth and shareholder value.

繼續我們對第三季度的展望。我們預計調整後的收入將在 8.5 億美元至 10 億美元之間。該指南考慮到了當前的市場狀況，包括歷史低水平住房庫存水平帶來的挑戰。我們預計第三季度的支出與第二季度大致持平，不包括 5000 萬至 6000 萬美元的一次性費用。正如我們在過去 18 個月中不斷證明的那樣，我們致力於運營高效的業務，並持續關注盈利能力。一如既往，我們的前瞻性指導基於我們當前的前景和可見性。儘管宏觀層面仍然存在不確定性，但我們在當前環境中處於有利地位。我們仍然專注於為客戶提供服務並按照紀律進行投資，以推動長期增長和股東價值。

Before we turn the call over to the operator, I'd like to share with you that our 2022 ESG report can be found on the social impact tab of our Investor Relations website. Our second ESG report highlights Rocket's for more than profit philosophy and approach and the positive impact Rocket has made on our community and our environment.

在我們將電話轉交給運營商之前，我想與您分享的是，我們的 2022 年 ESG 報告可以在我們投資者關係網站的社會影響選項卡上找到。我們的第二份 ESG 報告強調了 Rocket 的不僅僅是盈利理念和方法，以及 Rocket 對我們的社區和環境產生的積極影響。

With that, we're ready to turn it back over to the operator for questions.

這樣，我們就可以將其轉回給操作員詢問問題了。

(Operator Instructions) The first question is from Kevin Barker with Piper Sandler.

（操作員說明）第一個問題來自 Kevin Barker 和 Piper Sandler。

First of all, I'd like to thank -- congratulate Bob Walter for his retirement. I also like to dig into what happened with the CEO search process and try to understand any color you can provide on the background on the search process and -- one of the reasons why Varun was chosen to become the next CEO starting in September?

首先，我要感謝——祝賀鮑勃·沃爾特退休。我還想深入研究 CEO 搜尋過程中發生的情況，並嘗試了解您可以提供的關於搜尋過程背景的任何信息，以及 — Varun 被選為 9 月份開始的下一任 CEO 的原因之一？

Sure, Kevin. Thanks for the question. This is Bill. And thanks for acknowledging Bob. So obviously, we went through an extensive search, that search process started back in February. As soon as we announced that I was the interim CEO because we were diligent about wanting to make sure that we could find someone. We employed a national search firm. And as you can imagine, with a job like this, we've got quite a bit of response and a number of great candidates that we have the opportunity as a Board [to bet].

當然，凱文。謝謝你的提問。這是比爾。感謝您對鮑勃的認可。顯然，我們進行了廣泛的搜索，搜索過程早在二月份就開始了。當我們宣布我擔任臨時首席執行官時，我們非常努力地想確保能夠找到合適的人選。我們聘請了一家全國性的獵頭公司。正如你可以想像的那樣，有了這樣的工作，我們得到了相當多的回應和一些優秀的候選人，我們有機會作為董事會[打賭]。

And in going through that process, we were looking for somebody who had great business acumen, somebody who had consumer product skill sets, somebody who was really good with people, and as we have the chance to evaluate Varun and all of the other candidates that we looked at, he clearly rose to the top as far as someone that would be able to come in here and paint a great strategic vision for the organization. Someone who had alignment with us in the FinTech space and the abilities that we have and the things that we're looking to do as it relates to expanding our business and our platform and our ecosystem. So as we went through that process, it was not surprising to see that the Board was unanimous in making the decision to bring Varun on Board.

在整個過程中，我們正在尋找具有出色商業頭腦的人，具有消費產品技能的人，真正善於與人相處的人，並且因為我們有機會評估瓦倫和所有其他候選人，我們看到，他顯然已經晉升為能夠來到這裡並為組織描繪偉大戰略願景的人。在金融科技領域與我們保持一致的人以及我們擁有的能力以及我們希望做的事情，因為這與擴展我們的業務、我們的平台和我們的生態系統有關。因此，當我們經歷這個過程時，董事會一致決定讓 Varun 加入董事會也就不足為奇了。

Great. And then just shifting gears, you obviously put a lot of focus on attracting new originations, particularly in the origination -- particularly in the purchase market. I was hoping you could provide a little more color behind some of the progress that you've made with these initiatives, particularly Rocket Rewards, the inflation buster and then the new programs you guys announced in May as well?

偉大的。然後只是換檔，你顯然把很多注意力放在吸引新的起源上，特別是在起源上——尤其是在購買市場上。我希望你們能在這些舉措所取得的一些進展背後提供更多的信息，特別是火箭獎勵、通貨膨脹剋星，以及你們在五月份宣布的新計劃？

Yes, sure. I'm sure Brian will have some thoughts on this as well. But you're talking about Buy Plus, One Plus, 2 programs that we rolled out here in the second quarter. Inflation buster was last year. And so -- when you think about the problems in the market today, all kinds of inventory challenges, right? I mean, we just talked about the fact that inventory levels are 1/4 of what they were in 2007, which was the last time we went to a great recession. I mean the inventory levels are incredibly low. People want to buy, but it's really hard. So our Buy Plus program gives people the opportunity to save money on the transaction, especially if they're working with us from a mortgage perspective, but also because of Rocket Homes, if they're able to work with both us and Rocket Homes, it's real money that they can save on the transaction.

是的，當然。我相信布萊恩也會對此有一些想法。但你談論的是我們在第二季度推出的 Buy Plus、One Plus 2 計劃。通貨膨脹的剋星是去年。因此，當您思考當今市場的問題時，各種庫存挑戰，對吧？我的意思是，我們剛剛談到了這樣一個事實：庫存水平僅為 2007 年的 1/4，那是我們上次經歷嚴重衰退的時候。我的意思是庫存水平非常低。人們想買，但真的很難。因此，我們的 Buy Plus 計劃讓人們有機會在交易中省錢，特別是如果他們從抵押貸款的角度與我們合作，但也因為 Rocket Homes，如果他們能夠與我們和 Rocket Homes 合作，他們可以在交易中節省真正的錢。

And I think that really gave us an opportunity to drive lead flow that we hadn't seen in the second quarter and allowed us to grow our market share, not only year-over-year but quarter-over-quarter as well, which are very, very important metrics that we keep an eye on. So we're excited about what the way that worked. We're looking forward to that continuing as we move forward.

我認為這確實給了我們一個機會來推動我們在第二季度沒有看到的潛在客戶流量，並使我們能夠增加我們的市場份額，不僅是同比增長，而且是環比增長。我們密切關注的非常非常重要的指標。因此，我們對這種有效方式感到興奮。我們期待著這種情況在我們前進的過程中繼續下去。

Yes. The only other thing I'd add, Bill, is exactly what you said that these products are designed for this market. The 2 challenges are affordability and inventory and Buy Plus is a good example of an innovative product. Just to dive a little deeper into the metrics, it's exceeded our expectations on driving traffic to our sites. Consumer engagement on the product is beating all of our internal metrics. The real challenge is just getting people into homes with the inventory levels that Bill just discussed.

是的。比爾，我要補充的唯一一件事就是您所說的這些產品是為這個市場設計的。兩個挑戰是負擔能力和庫存，Buy Plus 是創新產品的一個很好的例子。為了更深入地了解這些指標，它超出了我們對增加網站流量的預期。消費者對產品的參與度超過了我們所有的內部指標。真正的挑戰是讓人們進入具有比爾剛才討論的庫存水平的房屋。

Yes. It's obviously a challenging environment and a lot of these programs are relatively new. Are you able to provide just some metrics behind some of the incremental market share that you've taken, particularly around the purchase market?

是的。這顯然是一個充滿挑戰的環境，而且很多項目都相對較新。您是否能夠提供您所佔據的一些增量市場份額背後的一些指標，特別是在購買市場方面？

Yes. The way I'd comment on that, Kevin, is I think we've talked about this before. But it's a challenge to report market share just if you use the industry forecast. And when I say the industry forecast, I mean, the MBA and Fannie. And we know that because, one, there's -- it's like any other forecast. It's usually not correct, but the actuals change frequently and get updated. So this is how we look at it. We look at securitization data, which is, of course, publicly available, and you can get your hands on that. And that shows us taking purchase market share quarter-over-quarter and year-over-year. Now that's about 70% of the overall mortgage market, but it's a great sample size in a great indication.

是的。凱文，我對此的評論是，我認為我們之前已經討論過這個問題。但如果僅使用行業預測來報告市場份額是一個挑戰。當我說行業預測時，我指的是 MBA 和房利美。我們知道這一點，因為，第一，這就像任何其他預測一樣。它通常不正確，但實際情況經常變化並更新。這就是我們的看法。我們會查看證券化數據，這些數據當然是公開的，您可以掌握這些數據。這表明我們在季度環比和同比上都佔據了購買市場份額。現在這大約佔整個抵押貸款市場的 70%，但這是一個很好的樣本量，具有很好的指示意義。

We also look at other sources like Optimal Blue and CoreLogic data and that helps us get more real-time information and up to date, again, maybe not capturing the entire market. But when you look at every source and even if you do the math on Fannie and MBA, they all point in 1 direction, which is us taking share in the purchase market.

我們還查看其他來源，例如 Optimal Blue 和 CoreLogic 數據，這有助於我們獲得更多實時信息和最新信息，但也許無法佔領整個市場。但當你查看每一個來源時，即使你對房利美和 MBA 進行數學計算，它們都指向一個方向，那就是我們在購買市場中佔據份額。

The next question is from Ryan Nash with Goldman Sachs.

下一個問題來自高盛的瑞安·納什。

Maybe I'll start off looking at the current quarter's results and digging into a little bit on the third quarter guide. So results came in just above the high end of the expectations. Can you maybe just talk about what you saw throughout the quarter on the competitive side that led to the better results? And then when you think about the 3Q guide, maybe just talk a little bit about what's driving the sequential decline at the midpoint of the range? Obviously, there's some seasonality with the spring selling in the second quarter. But maybe just flesh out some of the moving pieces in terms of volumes and margins? And is there some conservatism similar to what we saw in the second quarter? And I have a follow-up.

也許我會首先查看當前季度的業績，並深入研究第三季度的指南。因此，結果略高於預期的上限。您能否談談整個季度在競爭方面所看到的導致更好結果的情況？然後，當您考慮第三季度指南時，也許只需談談是什麼推動了該範圍中點的連續下降？顯然，第二季度的春季銷售存在一定的季節性。但也許只是在數量和利潤方面充實一些移動部分？是否存在與我們在第二季度看到的類似的保守主義？我有一個後續行動。

Yes. Thanks, Ryan. I'll take the first shot. But let me start with the Q2 performance. And even just -- I'll talk about the revenue beat, which is obviously exciting. But let me just take a step back and say, we're very pleased with the execution in the second quarter. Profitable on an adjusted EBITDA basis, profitable on a GAAP basis, this isn't a backdrop of a market that shrunk over 60%, almost overnight. So we're very -- this is an execution quarter from the leadership team and our team members, and we're very proud of that. And here's the good news. The profitability was driven by an increase in revenue in the second quarter. And that makes 3 quarters of back-to-back increases on the revenue side, on the gain on sale margin side. And the outperformance was really simple. It was driven by purchase. We talked about some of these Buy Plus metrics. They're absolutely resonating with consumers. And then we've got a little cooperation from margins as well. The margin print is very healthy. So that drove the outperformance.

是的。謝謝，瑞安。我會打第一槍。但讓我從第二季度的表現開始。甚至只是 - 我會談論收入增長，這顯然是令人興奮的。但讓我退一步說，我們對第二季度的執行情況感到非常滿意。按調整後 EBITDA 計算盈利，按 GAAP 計算盈利，這並不是市場幾乎在一夜之間萎縮超過 60% 的背景。所以我們非常——這是領導團隊和團隊成員執行力的一個季度，我們對此感到非常自豪。這是好消息。盈利能力受到第二季度收入增長的推動。這使得收入方面和銷售利潤方面的收益連續三個季度增長。表現出色其實很簡單。這是由購買​​驅動的。我們討論了其中一些“購買+”指標。他們絕對能引起消費者的共鳴。然後我們也得到了一些來自邊緣的合作。邊距打印非常健康。這推動了表現出色。

And then as we think about Q3, I can tell you, we're 1/3 of the way through the quarter as we sit here and talk to you today and the trends are very consistent, particularly on the purchase side with what we saw in Q2. So that's the good news. The challenge comes back to the inventory levels. If you want to believe that Q3 is going to be a healthy purchase quarter, you need to believe that Homes are going to sell, and you need to believe that inventory is going to come online. So the guide is consistent with Q2, $850 million to $1 billion. We're very confident in our execution and our internal performance, but the inventory levels do give us pause as we look into the third quarter.

然後，當我們考慮第三季度時，我可以告訴你，當我們今天坐在這裡與大家交談時，我們已經完成了本季度的1/3，趨勢非常一致，特別是在購買方面與我們所看到的情況一致在第二季度。這就是好消息。挑戰又回到了庫存水平。如果您想相信第三季度將是一個健康的購買季度，您需要相信房屋將會出售，並且您需要相信庫存將會上線。因此，該指南與第二季度一致，為 8.5 億美元至 10 億美元。我們對我們的執行力和內部績效非常有信心，但在我們展望第三季度時，庫存水平確實讓我們猶豫不決。

Got it. And then maybe as a follow-up. You talked about expenses being flat next quarter, but then you also talked about the $150 million to $200 million of cost saves that you bring on. Can you maybe just talk about -- over how much of that is going to be in the run rate for the second quarter over -- and over what time frame you see it making it in? Does this lead to absolute expenses declining over time? And Brian, you talked about the progress you made on revenues and improving, getting to positive adjusted EBITDA, does this cost saving initiative that you're putting in allow you to move back to sustained profitability?

知道了。然後也許作為後續行動。您談到下個季度的支出將持平，但您也談到了您帶來的 1.5 億至 2 億美元的成本節省。您能否談談——其中有多少將包含在第二季度的運行率中——以及您認為它會在什麼時間範圍內實現？這是否會導致絕對費用隨著時間的推移而下降？ Brian，您談到了您在收入和改善方面取得的進展，實現正調整 EBITDA，您實施的這項成本節約計劃是否能讓您恢復持續盈利？

Yes. So I want to be clear that the cost savings that we're talking about, the $150 million to $200 million, we'll really start seeing the effects of those in the fourth quarter. They're executed in the third quarter. They'll work their way through the system. There might be a small benefit in the third quarter, but they'll sort of be a full quarter of realization in that fourth quarter, which, again, just to touch on the profitability metric, again, this is the $18 million in EBITDA and the $140 million in positive GAAP income is before any of these cost savings take effect.

是的。因此，我想澄清的是，我們正在談論的 1.5 億至 2 億美元的成本節省，我們將在第四季度真正開始看到這些效果。他們在第三季度被處決。他們將通過系統進行工作。第三季度可能會帶來一些小收益，但它們將在第四季度實現整個季度的收益，這只是為了觸及盈利指標，再次，這是 1800 萬美元的 EBITDA 和1.4 億美元的GAAP 正收入是在這些成本節省生效之前。

But if you think about what we've done, and we've said this before, but we're committed to running an efficient business and looking over the cost structure has to be a part of that. Just as a quick reminder for the group. Last year, we took out $3 billion of cost, over 40% of the cost structure came out. This round was really about focusing on efficiency and focusing on prioritization. Those two things we've committed to and we know how important they are, and they can make or break a business. So these are the result of being efficient in terms of how we think about our team structure and our organizational structure and our prioritization. So this $150 million to $200 million range should start being a full effect in the fourth quarter and of course, if you just pro forma that and layer that on to the Q2 profitability results, they would have been even better had these cost savings been in place.

但如果你想想我們所做的事情，我們之前已經說過，但我們致力於運營高效的業務，並且審查成本結構必須成為其中的一部分。只是作為對小組的快速提醒。去年我們拿出了30億美元的成本，超過40%的成本結構都出來了。這一輪實際上是關注效率和優先級。我們已經致力於這兩件事，我們知道它們有多重要，它們可以成就一個企業，也可以毀掉一個企業。因此，這些都是我們高效思考團隊結構、組織結構和優先順序的結果。因此，這個1.5 億美元到2 億美元的範圍應該會在第四季度開始產生全面影響，當然，如果你只是預估這一點並將其疊加到第二季度的盈利結果上，如果這些成本節省能夠體現出來，情況會更好。地方。

The next question is from Kyle Joseph with Jefferies.

下一個問題是凱爾·約瑟夫和杰弗里斯提出的。

One more on the expenses. On the $150 million to $200 million of savings, does that factor in the changes you guys made in solar and auto that you addressed on the call?

再說一說費用。關於 1.5 億至 2 億美元的節省，這是否考慮到了你們在電話會議中提到的在太陽能和汽車領域所做的改變？

Yes, that was part of it, for sure. That's what I was alluding to on the prioritization front. There are certain things that, like Bill mentioned, Buy Plus, Rocket Rewards, things that are working that we'll continue to double down on and invest in, then there's some other things such as the solar sales arm in the Rocket Auto business, which were good things at the time and showed some success, but aren't meeting our return threshold. So part of that is inclusive of winding down those businesses.

是的，這當然是其中的一部分。這就是我在優先順序方面提到的內容。有些事情，就像比爾提到的那樣，Buy Plus、火箭獎勵，這些正在發揮作用的事情我們將繼續加倍努力和投資，然後還有其他一些事情，例如火箭汽車業務中的太陽能銷售部門，這在當時是件好事，並取得了一些成功，但沒有達到我們的退貨門檻。因此，其中一部分包括關閉這些業務。

Got it. And then just one quick follow-up on the -- in terms of margin kind of by channel, if you could give us a sense, is 2Q kind of a good run rate at this point where you've had enough supply come out of the industry that we're kind of getting towards an equilibrium in terms of supply and demand? Or just any sort of outlook by channel on your margins?

知道了。然後，就按渠道的利潤率而言，如果您能給我們一種感覺，那麼就快速跟進一下，在這一點上，第二季度的運行率是否良好，您已經有足夠的供應了我們的行業在供需方面正在趨於平衡嗎？或者只是對您的利潤率進行任何形式的展望？

Yes. The way I'd answer it is both channels performed well. Gain on sale margins are now up for 3 quarters in a row. There's no question that, that's a component of capacity coming out and competition easing. But I would go on to just say that they're still well below historical norms. So there's still room to grow there for sure. Capacity has come out of the system. Competition is eased a bit but we're not all the way through that, in our view. Some of that will depend on where mortgage volumes fall out, of course. But if you just look at the amount of mortgages being produced in the second quarter, there's still more capacity that can come out and gain on sale margins are an indication of that, still below historical norms. But yes, the sequential improvement is definitely a positive sign.

是的。我的回答是兩個渠道都表現良好。銷售利潤率現已連續三個季度增長。毫無疑問，這是產能釋放和競爭緩解的一個組成部分。但我想繼續說，它們仍然遠低於歷史標準。因此，那里肯定還有增長空間。系統容量已耗盡。競爭有所緩和，但我們認為，我們還沒有完全渡過難關。當然，其中一些取決於抵押貸款數量的下降。但如果你只看第二季度產生的抵押貸款數量，就會發現仍然有更多的產能釋放，銷售利潤率的增長也表明了這一點，但仍低於歷史正常水平。但是，是的，連續的改善絕對是一個積極的信號。

The next question is from Ryan McKeveny with Zelman & Associates.

下一個問題來自 Zelman & Associates 的 Ryan McKeveny。

Nice job on the quarter. So you've hit on the purchase dynamics, which is helpful and good to see. I guess, looking forward, the midpoint of the adjusted revenue, as you referenced, was referenced previously, down a bit from the 2Q results. I guess maybe help us think about the guidance in relation to the comments you made about purchase. I believe you said pre-approvals were much stronger than historical in 2Q, maybe up 20%. I guess that sounded to me like that was an indication -- kind of a leading indicator of what's happening in 2Q that may lead into 3Q. So maybe if you could just square that dynamic with the guidance would be helpful.

本季度工作做得很好。所以你已經發現了購買動態，這很有幫助，而且很高興看到。我想，展望未來，正如您所提到的，調整後收入的中點是之前提到的，比第二季度的結果略有下降。我想也許可以幫助我們考慮與您對購買的評論相關的指導。我相信你說過第二季度的預批准比歷史水平要強得多，可能增長了 20%。我想這對我來說聽起來像是一個跡象——一種第二季度發生的事情的領先指標，可能會導致第三季度。因此，如果您能夠將這種動態與指導結合起來，也許會有所幫助。

Yes, I'm happy to take that. I mean, the guidance, if you look forward to the third quarter, I mean, similar guidance in the second quarter and the third quarter typically is not going to be a purchase -- as heavy purchase season just normally than the second quarter. So -- we actually think that's a pretty good guide. And what Brian talked about is the length of time it's actually taking now to make it all the way through the process. So the fact that our fee approval letters are up, it's a great indicator and we look forward to that making its way through our pipeline in the next 3 to 6 months. But it's taking much longer for a client to be able to think about getting a home, going through the process, finding at the home, finding a mortgage, negotiating the deal, everything associated with that is just extended. So I think that bodes well for what the third and the fourth quarter can look like. We still have to deal with the fact that the third quarter is typically and historically a little bit less robust as it comes to the purchase market.

是的，我很樂意接受。我的意思是，如果你期待第三季度，我的意思是，第二季度和第三季度的類似指導通常不會是購買——因為購買季節通常比第二季度要多。所以——我們實際上認為這是一個非常好的指南。布萊恩談到的是現在完成整個過程實際需要的時間長度。因此，我們的費用批准函已增加，這是一個很好的指標，我們期待在未來 3 到 6 個月內通過我們的管道。但客戶要花更長的時間才能考慮買房、完成整個流程、找到房子、找到抵押貸款、談判交易，與此相關的一切都被延長了。所以我認為這對於第三季度和第四季度的情況來說是個好兆頭。我們仍然必鬚麵對這樣一個事實，即從歷史上看，第三季度的購買市場通常不太強勁。

That's helpful. That makes sense. And then second question on Buy Plus and Sell Plus. So you called out the strong consumer engagement there. I guess can you dig in a bit on the reception from real estate agents? It seems like it's a very compelling offering not just to consumers but also to your partner agents with Rocket Homes. So yes, any thoughts there just high level on the reception of agents? And is that program helping drive interest maybe more generally from real estate agents out there to partner with you either on the mortgage side or with Rocket Homes?

這很有幫助。這就說得通了。然後是關於“Buy Plus”和“Sell Plus”的第二個問題。所以你提到了那裡消費者的強烈參與度。我想你能深入了解一下房地產經紀人的接待情況嗎？這似乎是一個非常有吸引力的產品，不僅對消費者來說，而且對 Rocket Homes 的合作夥伴代理商來說也是如此。那麼，是的，高層對代理商的接待有什麼想法嗎？該計劃是否有助於激發房地產經紀人在抵押貸款方面或與 Rocket Homes 合作的興趣？

Yes, that's a great question. I mean we believe it is. We believe -- we're seeing referral numbers to Rocket Homes up significantly. So that indicates to us that realtors are interested in what we have to offer and passing that on to their client, right? At the end of the day, you know that realtors care deeply about what happens for their client and how well they can be treated through the process. So I mean we have been excited to see that increase. I know Rocket Homes has been happy to see it. So it seems like to us that the real estate community is reacting positively to this particular program.

是的，這是一個很好的問題。我的意思是我們相信是這樣。我們相信，我們看到 Rocket Homes 的推薦數量顯著增加。因此，這向我們表明房地產經紀人對我們提供的服務感興趣並將其傳遞給他們的客戶，對吧？歸根結底，您知道房地產經紀人非常關心他們的客戶會發生什麼，以及他們在整個過程中得到的待遇如何。所以我的意思是我們很高興看到這種增長。我知道火箭之家很高興看到它。因此，在我們看來，房地產界對這一特定計劃反應積極。

The next question is from Doug Harter with Credit Suisse.

下一個問題來自瑞士信貸銀行的道格·哈特 (Doug Harter)。

You mentioned that the MSR -- the servicing portfolio was down at then. I was just wondering how you're currently looking at the servicing portfolio and the split between lower coupon borrowers that have less incentive to refi and newer production, higher coupon mortgages that you can see an easier path towards refinancing?

您提到 MSR——當時的服務組合正在下降。我只是想知道您目前如何看待服務組合以及對再融資動力較小的低息貸款借款人和更新的生產、高息票抵押貸款之間的劃分，您可以看到更容易的再融資途徑？

Yes. Thanks, Doug. So our views on the MSR asset haven't changed. Of course our superpower there are the retention rates. And that's really where we exceed anyone else in this space. The asset is a great cash flow asset and obviously brings a little bit of volatility to the balance sheet. But overall, for us, it's a lifetime value equation. What I think you might be referring to, we did have some sales of servicing assets in the third quarter. The one I'll touch on, which is probably the more unique one for us is the sale of the excess strip. We did sell some excess strip off.

是的。謝謝，道格。所以我們對MSR資產的看法沒有改變。當然，我們的超能力是保留率。這確實是我們在這個領域超越其他任何人的地方。該資產是一項巨大的現金流資產，顯然會給資產負債錶帶來一點波動。但總的來說，對我們來說，這是一個終生價值方程式。我想您可能指的是，我們在第三季度確實出售了一些服務資產。我要談到的一項對我們來說可能是更獨特的一項是多餘鋼帶的出售。我們確實賣掉了一些多餘的脫衣。

If you think about our business, we take enough interest rate risk every single day by originating mortgages and servicing mortgages. So where we have an opportunity to unload a bit of that excess at a really nice exit multiple, that can make all the sense in the world for us. We'll trade that for cash. But the most important part is we'll retain the client and that client relationship through the primary servicing asset is obviously, again, our superpower. So that's probably what you saw come through in the third quarter, but no change in the overall strategies. We're a buyer of servicing asset every day by the loans that we originate. We do a lot of looking, the client demographics fit our profile, and we can make an LTV argument, we'll acquire that portfolio. In terms of clients or portfolios that we sell, again, it's really through that LTV lens. If there's inability to remarket to them or if there's another reason that we don't have the confidence in the recapture, those are the ones we'd look to trade.

如果您考慮一下我們的業務，我們每天都會通過發放抵押貸款和服務抵押貸款來承擔足夠的利率風險。因此，如果我們有機會以非常好的退出倍數拋售一些多餘的資金，這對我們來說就很有意義。我們將用它換取現金。但最重要的是，我們將留住客戶，而通過主要服務資產建立的客戶關係顯然又是我們的超級力量。這可能就是您在第三季度看到的情況，但總體策略沒有變化。我們每天都是通過我們發放的貸款購買服務資產的。我們做了很多尋找，客戶人口統計數據符合我們的概況，我們可以提出 LTV 論點，我們將獲得該投資組合。就我們銷售的客戶或投資組合而言，這實際上是通過 LTV 鏡頭進行的。如果無法向他們重新營銷，或者有其他原因導致我們對重新奪回沒有信心，那麼我們就會考慮交易這些人。

Is there any way you would -- can give us a breakdown, kind of by coupon? How much of your servicing portfolio would say be above a 5% coupon now or 6%, just to get a sense of what -- if rates came down a moderate amount, where you could start to see more refinance demand?

您有什麼辦法可以給我們提供詳細信息嗎？比如優惠券？您的服務組合中有多少現在的票息高於 5% 或 6%，只是為了了解一下——如果利率適度下降，您可以開始看到更多的再融資需求？

Yes, the financial disclosures always include a weighted average coupon. So you'll see that when we file the Q here. But I mean it's not a surprise that we've been servicing now for a long time in 2020 and 2021 with big origination years, that's going to be a big percentage of your book, and that's going to be lower coupon. But I think you bring up a good question because something I feel like folks do underestimate is, this year, there'll be $1.5 trillion or $1.7 trillion of mortgages produced and all those mortgages will be at a higher coupon. And at some point, all those mortgages will be back in the money. And people, I think, underestimate how much rates have to move to make that beneficial for the clients. So when you look at the weighted average coupon, of course, that's going to be low in the book, but we're originating mortgages every day at these prevailing rates and higher coupons that it only takes a few basis point move -- to be back in the money and make it beneficial for those clients.

是的，財務披露始終包括加權平均息票。所以當我們在這裡提交問題時您會看到這一點。但我的意思是，我們在 2020 年和 2021 年提供了很長一段時間的服務，這並不奇怪，這將是您圖書的很大一部分，而且優惠券會更低。但我認為你提出了一個很好的問題，因為我覺得人們確實低估了今年將產生 1.5 萬億或 1.7 萬億美元的抵押貸款，而所有這些抵押貸款的息票都將更高。到了某個時候，所有這些抵押貸款都會回到原來的狀態。我認為，人們低估了費率必須調整多少才能使客戶受益。因此，當你查看加權平均息票時，當然，這在賬面上會很低，但我們每天都以這些現行利率和更高的息票發放抵押貸款，只需要幾個基點的變動——就可以了。返還資金並使其對這些客戶有利。

The next question is from James Faucette with Morgan Stanley.

下一個問題來自摩根士丹利的 James Faucette。

Just a quick question on your prepared remarks. Inventories of existing homes are obviously there historically [low] versus 2007 was particularly striking. And from the lock-in effects -- but it seems like new homebuilders have been filling in the gap in many markets. What are you doing to capture too in that market? I didn't know you touched on it a little bit, but are there opportunities for Rocket to lean into the space and develop more expansive partnership with homebuilders.

關於您準備好的發言，請簡單提問一下。與 2007 年相比，現有房屋的庫存顯然處於歷史低位，尤其引人注目。從鎖定效應來看，新的住宅建築商似乎已經填補了許多市場的空白。您正在採取什麼措施來佔領該市場？我不知道你有沒有提到過這一點，但火箭是否有機會進入這個領域並與房屋建築商建立更廣泛的合作夥伴關係。

That's actually -- that's a great question. I mean we work with homebuilders on a regular basis. So we're constantly interacting with them. But again, as you know, that's a very long life cycle, right? When you start from scratch and signing a purchase agreement to building a home and the gestation period associated with that. I mean I remember what I used to do years ago, it was about 9 months, and these days, it's probably closer to 15 to 18 months, right? So while we are always encouraged by a little bit of increase in the new construction, it's still relatively small in the grand scheme of life and where it's been historically. So we're constantly working with builders on that, but that's not going to show any short-term positive impact for us from a closed loan perspective along the line.

這實際上是一個很好的問題。我的意思是我們定期與房屋建築商合作。所以我們不斷地與他們互動。但正如您所知，這是一個非常長的生命週期，對吧？當您從頭開始並簽署購買協議以建造房屋時以及與之相關的醞釀期。我的意思是，我記得幾年前我做過的事情，大約是 9 個月，而現在，可能接近 15 到 18 個月，對吧？因此，雖然我們總是對新建築的一點點增加感到鼓舞，但從宏偉的生活計劃和歷史來看，它仍然相對較小。因此，我們一直在與建築商合作，但從封閉貸款的角度來看，這不會對我們產生任何短期積極影響。

I think that's right, Bill. I mean we've been looking at those stats very closely, James, and it's a good question. But just keep in mind, the vast majority of homes that will be sold are still existing homes. So that's still where the biggest TAM is. And then also, keep in mind, eventually the market will be efficient, the homebuilders are doing great, and they're striking while the iron is hot, which is great for them. But existing home sales in every market still are going to be the lion's share of all home sales.

我認為這是對的，比爾。我的意思是，詹姆斯，我們一直在非常仔細地研究這些統計數據，這是一個很好的問題。但請記住，絕大多數將出售的房屋仍然是現有房屋。所以這仍然是最大的 TAM 所在。另外，請記住，最終市場將變得高效，房屋建築商做得很好，他們會趁熱打鐵，這對他們來說是件好事。但每個市場的現房銷售仍將佔所有房屋銷售的最大份額。

Great perspective there. And then I wanted to ask things a little bit, I don't know, it seems a little presumptive to be asking this question, given the expense that you've already made and newly announced plan. But where are you in terms of how much more you could cut if needed but still maintain kind of all the key things that make Rocket, Rocket. Just trying to get a sense for where the bottom may be or it could be, if necessary.

那裡的視野很好。然後我想問一些事情，我不知道，考慮到你已經支付的費用和新宣布的計劃，問這個問題似乎有點假設。但是，如果需要的話，你可以削減多少，但仍然保留火箭的所有關鍵要素，你在哪裡？只是試圖了解底部可能在哪里或可能在哪裡（如果有必要）。

That's a great question. But I think at the end of the day, where we are right now and the work that we've gotten so we feel good about where we are from a cost structure. We're going to constantly look at it. We'll be efficient in evaluating our business. But we've done a lot of work to get to the place that we're at. And we feel pretty good about what the future looks like from that perspective.

這是一個很好的問題。但我認為歸根結底，我們現在所處的位置以及我們所做的工作使我們對成本結構的狀況感到滿意。我們將不斷地關注它。我們將有效地評估我們的業務。但我們已經做了很多工作才能到達現在的位置。從這個角度來看，我們對未來的前景感到非常滿意。

The next question is from Mihir Bhatia with Bank of America.

下一個問題來自美國銀行的 Mihir Bhatia。

Let me also add my congratulations to Bob on retirement. And I just have a 2-part question. I'll just ask both parts since they're related upfront. So you've talked a little bit about the -- I appreciate the comments on the product innovation, introduction of new programs and how that's helping drive purchase volume. But I was curious if you could comment a little bit more on just where the market share gains are coming from, where you're seeing them, in what channels, between the partner or the direct business, where that's coming from? And also relatedly, there's been some press reports about you all hiring local officers. Maybe talk a little bit about that. And just big picture, maybe, as the rate backdrop has gotten more challenging and has become more of a purchase-driven origination market, how is Rocket changing? What is staying -- similar to the last question, what is staying true to Rocket that grew into this juggernaut in the industry -- mortgage industry? And what has changed? How have you adapted? And what should we expect here over the next year or 2?

我還要祝賀鮑勃退休。我只有一個由兩部分組成的問題。我只會詢問這兩部分，因為它們是預先相關的。您已經談到了一些關於產品創新、新計劃的推出以及如何幫助推動購買量的評論，我對此表示讚賞。但我很好奇您是否可以對市場份額收益的來源進行更多評論，您在哪裡看到它們，通過什麼渠道，在合作夥伴或直接業務之間，它來自哪裡？與此相關的是，有一些媒體報導稱你們都僱用了當地官員。也許可以談談這個。就大局而言，也許，隨著利率背景變得更具挑戰性，並且變得更加由購買驅動的發起市場，Rocket 正在發生怎樣的變化？什麼是留下來——與上一個問題類似，對於在抵押貸款行業成長為行業巨頭的Rocket來說，什麼是保持忠誠？發生了什麼變化？你適應得怎麼樣了？未來一兩年我們應該期待什麼？

That's a mouthful right there. So what I would tell you is, I think we've seen growth in both channels. So it's not specific or exclusive to one or the other, and we're actually happy about the growth in both. As it relates to your question on local loan officers, we've had remote local loan officers for a long time in our organization. We've always tried to leverage talent where the talent exists. And we probably saw more of that during COVID, right, which opened up our eyes to a little bit of the fact that some folks can work from home and do a good job in a local market, that would add value to the organization. So our strategy going forward is the same. We're going to continue to push our direct-to-consumer business, and we've got our third-party origination channel.

那是一口。所以我想告訴你的是，我認為我們在這兩個渠道上都看到了增長。因此，它並不特定於其中之一，我們實際上對兩者的增長感到高興。由於這涉及到您關於當地信貸員的問題，我們組織中長期以來一直有遠程當地信貸員。我們一直努力在有人才的地方發揮人才的作用。在新冠疫情期間，我們可能看到了更多這樣的情況，對吧，這讓我們看到了一些事實，即有些人可以在家工作並在當地市場做好工作，這將為組織增加價值。所以我們未來的策略是相同的。我們將繼續推動我們的直接面向消費者的業務，並且我們已經有了第三方發起渠道。

I think we're -- as we look at our direct-to-consumer business, there's a way to get more local and more regional with that out of a centralized location that I think is beneficial to the interactions that we would have with realtors and builders. And that's something that we're constantly working on and evaluating. But I think what you're seeing is an organization that's committed to a direct-to-consumer model, the digitization of the process. I think the hiring of our new CEO indicates that in a big, big way because of his experience and where he's been. So we still look at this marketplace as a massive opportunity. It's still very fragmented, and there's still a lot to be accomplished by our organization even in a purchase heavy market.

我認為，當我們審視我們的直接面向消費者的業務時，有一種方法可以使集中位置變得更加本地化和區域化，我認為這有利於我們與房地產經紀人的互動和建設者。這是我們不斷努力和評估的事情。但我認為您所看到的是一個致力於直接面向消費者的模式，即流程的數字化的組織。我認為我們新任首席執行官的聘任在很大程度上表明了這一點，因為他的經驗和他所經歷過的事情。因此，我們仍然認為這個市場是一個巨大的機會。它仍然非常分散，即使在採購密集的市場中，我們的組織仍然有很多工作要做。

The next question is from Don Fandetti with Wells Fargo.

下一個問題來自富國銀行的 Don Fandetti。

There have been a lot of changes to bank regulation. I didn't know if there were any potential benefits to your business even if it's around the edges?

銀行監管發生了很多變化。我不知道即使處於邊緣，對您的業務是否有任何潛在的好處？

Well, I mean, I think there's a lot of talk about what's going on with banks as it relates to the SVB regional bank situation that took place. And I know there's some discussions about increased capital rules and things of that nature. But at this point, that stuff is still a proposed in rulemaking state. So it's really kind of hard to determine what that's going to look like in the marketplace. On one hand, if you see capital requirements go up, you've already started to see some regional banks that have pulled away from the warehouse lending space and that could bode poorly for a lot of our brethren in the industry for us. I mean we work with the largest financial institutions. So we don't see an impact there.

嗯，我的意思是，我認為有很多關於銀行發生的事情的討論，因為這與發生的 SVB 地區銀行的情況有關。我知道有一些關於增加資本規則和類似性質的事情的討論。但目前，這些內容仍處於規則制定階段。因此，很難確定它在市場上會是什麼樣子。一方面，如果你看到資本要求上升，你已經開始看到一些地區性銀行已經退出倉庫貸款領域，這對我們這個行業的許多兄弟來說可能是一個不好的兆頭。我的意思是我們與最大的金融機構合作。所以我們沒有看到那裡的影響。

But I think the [devil] is in the details, and we have to see where this -- where the new regulations and the new rules come out and how that might affect things. I mean on one hand, you could argue that by doing that, it might help the non-depository mortgage lender. On the other hand, until we really know the reality of life and what those rules are going to do, it's hard to say. It could ultimately have an impact on some of the non-depository space for folks who don't quite have the balance sheet that we have.

但我認為[魔鬼]在於細節，我們必須看看新法規和新規則在哪裡出台，以及這可能會如何影響事情。我的意思是，一方面，你可能會說，這樣做可能會對非存款抵押貸款機構有所幫助。另一方面，在我們真正了解生活的現實以及這些規則的作用之前，很難說。對於那些沒有我們這樣的資產負債表的人來說，它最終可能會對一些非存款空間產生影響。

That will conclude our question-and-answer session. I'll turn it over to Bill Emerson for any closing comments.

我們的問答環節就到此結束。我會將其轉交給比爾·愛默生以徵求結束意見。

So first of all, thank you all for joining us. And I just want to make sure that I state this for the record, how much we appreciate Bob Walters, all the work he's done for this organization over the last 26 years. His leadership. I've known Bob that entire time. And while I am very happy for him and the next steps that he's going to take, he will be missed at this organization greatly. So thank you, sir. I appreciate you, and thank you all for being on listening, asking questions and until next time.

首先，感謝大家加入我們。我只是想確保我將這一點記錄在案，我們非常感謝鮑勃·沃爾特斯，以及他在過去 26 年里為這個組織所做的所有工作。他的領導力。我一直就認識鮑勃。雖然我為他和他接下來要採取的步驟感到非常高興，但這個組織將非常想念他。所以謝謝你，先生。我感謝你們，也感謝你們大家的傾聽、提出問題，直到下次。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。