Rocket Companies Inc (RKT) 2023 Q4 法說會逐字稿

Good afternoon. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to the Rocket Companies Fourth Quarter and Full Year 2023 Earnings Conference Call. (Operator Instructions)

午安.我叫羅布，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加火箭公司 2023 年第四季和全年財報電話會議。 （操作員說明）

Sharon Ng, Head of Investor Relations, you may begin your conference.

投資人關係主管 Sharon Ng，您可以開始會議了。

Good afternoon, everyone, and thank you for joining us for Rocket Companies' earnings call covering the fourth quarter and full year 2023. With us this afternoon are Rocket Companies' CEO, Varun Krishna; and our CFO, Brian Brown.

大家下午好，感謝您參加 Rocket Companies 涵蓋 2023 年第四季和全年的財報電話會議。今天下午與我們一起參加的是 Rocket Companies 執行長 Varun Krishna；和我們的財務長布萊恩·布朗。

Earlier today, we issued our fourth quarter and full year earnings release, which is available on our website at rocketcompanies.com under Investor Info. Also available on our website is an investor presentation.

今天早些時候，我們發布了第四季度和全年收益報告，可在我們的網站 Rocketcompanies.com 的「投資者資訊」下查看。我們的網站上也提供投資者介紹。

Before I turn things over to Varun, let me quickly go over our disclaimers. On today's call, we provide you with information regarding our fourth quarter and full year 2023 performance as well as our financial outlook.

在我把事情交給瓦倫之前，讓我快速回顧一下我們的免責聲明。在今天的電話會議上，我們向您提供有關我們第四季度和 2023 年全年業績以及財務前景的資訊。

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 assumptions we mention 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.

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有重大差異。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。除法律要求外，我們不承擔因新資訊或進一步事件而更新這些聲明的義務。

This call is being broadcast online and is accessible on our Investor Relations website. A recording of the call will be posted later today.

此次電話會議正在線上直播，您可以在我們的投資者關係網站上存取。通話錄音將於今天稍晚發布。

Our commentary today will also include non-GAAP financial measures. Reconciliations between GAAP and non-GAAP metrics for our reported results can be found in our earnings release issued earlier today as well as in our filings with the SEC.

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。

And with that, I'll turn things over to Varun Krishna to get us started. Varun?

接下來，我會將事情交給瓦倫·克里希納 (Varun Krishna) 來幫助我們開始。瓦倫？

Thanks, Sharon. Good afternoon, everyone, and thank you for joining the Rocket Companies' Earnings Call for the Fourth Quarter and Full Year 2023.

謝謝，莎倫。大家下午好，感謝您參加 Rocket Companies 2023 年第四季和全年財報電話會議。

Reflecting back on the last year, today, I'll talk about how our consistent execution drove exceptional results for the quarter and the year, especially given the backdrop of the market. I am so eager to share with you how we are positioning Rocket to operate with greater clarity, focus and velocity and how we will achieve growth and profitability at scale through our AI-fueled homeownership strategy.

今天，回顧去年，我將談談我們一貫的執行力如何推動本季和全年的出色業績，特別是在市場背景下。我非常渴望與您分享我們如何將 Rocket 定位為更清晰、更專注和更快地運營，以及我們將如何透過人工智慧驅動的住房擁有策略實現大規模增長和盈利。

I'd like to begin on more of a personal note. It's hard to believe it's been nearly 6 months since I joined Rocket Companies, and time certainly flies when you're on a rocket ship. I continue to be inspired by our team members whose talent, energy and grit are the lifeblood of our company. I am so confident about our future and the collective impact we will make as a team, and the best part is that our journey is just beginning.

我想先談談個人的看法。很難相信我加入 Rocket Companies 已經過去近 6 個月了，當你在火箭船上時，時間確實過得很快。我繼續受到我們團隊成員的啟發，他們的才華、活力和勇氣是我們公司的命脈。我對我們的未來以及我們作為一個團隊將產生的集體影響充滿信心，最棒的是我們的旅程才剛開始。

Now we delivered strong fourth quarter and full year results against the backdrop of extreme market challenges as the industry faced persistent constraints in affordability and inventory.

現在，在極端市場挑戰的背景下，由於該行業面臨承受能力和庫存的持續限制，我們實現了強勁的第四季度和全年業績。

In Q4, we reported adjusted revenue of $885 million, representing an increase of 30% when compared to Q4 of 2022, and the second consecutive quarter that we've accelerated top line growth on a year-over-year basis. Now adjusted revenue in the quarter was $85 million above the top end of our guidance range.

第四季度，我們公佈的調整後營收為 8.85 億美元，與 2022 年第四季相比成長了 30%，這也是我們連續第二季實現營收年比加速成長。目前，該季度調整後的收入比我們指導範圍的上限高出 8500 萬美元。

We reported positive adjusted EBITDA for the third quarter in a row despite some of the most difficult industry conditions in 3 decades.

儘管業界面臨三十年來最困難的情況，但我們連續第三季公佈調整後 EBITDA 為正數。

Now in 2023, we delivered $3.8 billion in adjusted revenue, and I'm proud to share that we grew market share in both purchase and refinance annually.

到 2023 年，我們實現了 38 億美元的調整後收入，我很自豪地告訴大家，我們在購買和再融資方面的市場份額每年都在增長。

Purchase market share grew by 14% and refinance market share grew by 10% from 2022 to 2023.

2022 年至 2023 年，購買市佔率成長了 14%，再融資市佔率成長了 10%。

It's worth emphasizing that we delivered positive adjusted EBITDA for the year which is largely a function of two factors: one, a strong top line; and two, our commitment to operational efficiency. And as you'll hear Brian discuss in more detail shortly, we made significant reductions to our cost base over the past 2 years, and we took difficult yet necessary actions to rightsize the company. This has helped us prioritize and focus on what we do best and what matters most.

值得強調的是，我們今年實現了正的調整後 EBITDA，這主要取決於兩個因素：一是強勁的營收；二是強勁的營收。第二，我們對營運效率的承諾。正如您很快就會聽到 Brian 更詳細地討論的那樣，我們在過去兩年中大幅削減了成本基礎，並採取了困難但必要的行動來調整公司規模。這幫助我們優先考慮並專注於我們最擅長和最重要的事情。

Now as we look back at our 2023 results, there are a lot of great accomplishments to be proud of, but we are even more excited about the opportunities that lie ahead. We repositioned our organization in 2023, and we entered 2024 reinvigorated with momentum, clarity and a lean competitive edge. We are poised to deliver revenue growth, market share growth and further operational efficiency.

現在，當我們回顧 2023 年的業績時，有很多值得自豪的偉大成就，但我們對未來的機會更加興奮。我們在 2023 年重新定位了我們的組織，進入 2024 年時，我們以動力、清晰度和精益競爭優勢重新煥發活力。我們準備實現收入成長、市場份額成長和進一步的營運效率。

Now I'd like to take a moment to recap what the leadership team and I have been focused on recently and how it will position us for success in the future.

現在，我想花點時間回顧我和領導團隊最近的重點，以及它將如何幫助我們在未來取得成功。

Now embracing transformation is an essential part of any big journey. Now a few months ago, I collaborated closely with our leadership team to write the next chapter of Rocket's story together. We look inward. We spent thousands of hours engaging in a rigorous process of research, interviews, analysis, introspection and debate. We dove deep to review the state of our business, our competitive strengths, and we identified our gaps as well as our opportunities. The outcome of this effort was a clear strategy to enable AI-fueled homeownership and a comprehensive blueprint that brings clarity and focus to our entire organization. By leveraging AI, we will transform an industry that is ripe for innovation, establishing Rocket as the premier choice for clients and partners, including local real estate agents, mortgage brokers and financial institutions.

現在，擁抱轉型是任何重大旅程的重要組成部分。幾個月前，我與我們的領導團隊密切合作，共同繪製火箭故事的下一個篇章。我們向內看。我們花了數千個小時進行嚴格的研究、訪談、分析、反省和辯論過程。我們深入審查了我們的業務狀況和競爭優勢，並確定了我們的差距和機會。這項工作的成果是製定了一個明確的策略，以實現人工智慧驅動的住房所有權，以及一個全面的藍圖，為我們整個組織帶來清晰度和重點。透過利用人工智慧，我們將改變一個創新成熟的行業，使 Rocket 成為客戶和合作夥伴（包括當地房地產經紀人、抵押貸款經紀人和金融機構）的首選。

With a clear north star, we then took bold steps to simplify our organizational structure, and we aligned our resources to our strategic priorities. We recently reviewed our full list of priorities and significantly narrowed the focus, reducing it by more than 80%. This allowed us to reallocate resources to areas where we wanted to double-down while simultaneously streamlining our operational execution.

有了明確的北極星，我們採取了大膽的步驟來簡化我們的組織結構，並將我們的資源與我們的策略重點結合起來。我們最近審查了完整的優先事項列表，並顯著縮小了關注範圍，將其減少了 80% 以上。這使我們能夠將資源重新分配到我們想要加倍努力的領域，同時簡化我們的營運執行。

Our goal is to focus intently on the things that matter the most to our clients and to do them better and faster than anyone else. I am personally committed to maintaining transparency regarding our progress, the cornerstone of which is providing visibility into how we are tracking against our goals and delivering on our commitments, which is what we internally refer to as having a high say-do ratio.

我們的目標是專注於對客戶最重要的事情，並比其他人做得更好、更快。我個人致力於保持我們進展的透明度，其基石是讓人們了解我們如何追蹤我們的目標並兌現我們的承諾，這就是我們內部所說的高說做率。

Now we have incredible talent here at Rocket, and we will continue to build a team that drives our success. We've realigned our organization with key leaders stepping into expanded roles. We also welcomed new talent to propel us forward. In January, Alex Rampell joined our Board. Alex is a partner at Andreessen Horowitz and is one of the world's leading experts in AI and fintech. In addition, Jonathan Mildenhall, the former CMO at Airbnb, whom Forbes has listed as 1 of the 10 most influential CMOs in the world, recently joined our leadership team as the first ever Chief Marketing Officer for Rocket Companies. We're investing in world-class talent here at Rocket, and we're playing to win.

現在，Rocket 擁有令人難以置信的人才，我們將繼續打造一支推動我們成功的團隊。我們對我們的組織進行了重組，關鍵領導者的角色得到了擴展。我們也歡迎新的人才來推動我們前進。一月份，Alex Rampell 加入我們的董事會。 Alex 是 Andreessen Horowitz 的合夥人，也是全球領先的人工智慧和金融科技專家之一。此外，Airbnb 前CMO 喬納森·米爾登霍爾(Jonathan Mildenhall) 最近加入了我們的領導團隊，成為Rocket Companies 的首位首席營銷官，他被《福布斯》列為全球10 位最具影響力的CMO 之一。我們在 Rocket 投資世界一流的人才，我們的目標是贏得勝利。

Now our entire company is united behind a common vision and strategy, and we are executing at full speed. Earlier this month at Little Caesars Arena right here in Detroit, we held our first all-company meeting since our IPO. More than 14,000 team members attended, and the energy and the level of engagement were simply off the charts.

現在，我們整個公司團結在一個共同的願景和策略下，並且正在全速執行。本月早些時候，我們在底特律的小凱撒競技場舉行了首次公開募股以來的第一次全公司會議。超過 14,000 名團隊成員參加了會議，他們的精力和參與程度簡直是史無前例的。

The main focus of our all-company meeting was heavily geared toward artificial intelligence and the opportunity it presents for Rocket. With AI, we are rewriting the rules of the game and structurally and fundamentally changing how this industry operates.

我們全公司會議的主要焦點是人工智慧及其為 Rocket 帶來的機會。借助人工智慧，我們正在改寫遊戲規則，並從結構和根本上改變這個行業的運作方式。

Our mortgage origination has long been associated with inefficient up and down hiring cycles. Because of that, scaled profitability has been notoriously difficult to achieve in the mortgage industry because that volatility and cyclicality have made it challenging to adequately plan ahead and invest for the future. The industry has traditionally staffed up rapidly to handle higher volume in upmarkets, only to reduce staff and respond to down-markets. So those who don't manage capacity or liquidity effectively may be acquired or exit the industry altogether. And in 2023 alone, we saw this. We saw the industry with 62 M&A transactions, exits and bankruptcies, and recent data shows that capacity is down nearly 35% from the peak.

長期以來，我們的抵押貸款發放一直與低效率的上下招聘週期聯繫在一起。正因為如此，抵押貸款行業的規模化獲利能力一直難以實現，因為波動性和週期性使得充分提前規劃和投資未來具有挑戰性。傳統上，該行業會迅速增加人員來應對高端市場的更高銷量，但最終只是為了減少員工並應對低端市場。因此，那些不能有效管理產能或流動性的公司可能會被收購或完全退出該行業。僅在 2023 年，我們就看到了這一點。我們看到該產業有62起併購交易、退出和破產，最近的數據顯示產能較高峰下降了近35%。

We believe AI will shape the future of the home-buying industry and Rocket leading the way. Technology is the answer to better client experiences and capacity management in our industry. We aim to redefine the home-buying experience through AI and deliver market share growth, scaled revenue growth and profitability. I will share with you that automation and AI are being aggressively deployed across Rocket, helping us to deliver better client experiences at scale across the entire home-buying process.

我們相信人工智慧將塑造購屋產業的未來，而 Rocket 則處於領先地位。科技是我們行業中更好的客戶體驗和容量管理的答案。我們的目標是透過人工智慧重新定義購屋體驗，並實現市場份額成長、規模收入成長和獲利能力。我將與您分享的是，自動化和人工智慧正在 Rocket 中積極部署，幫助我們在整個購房過程中大規模提供更好的客戶體驗。

Now I'm going to share three examples of how AI is driving impact today across mortgage banking, underwriting and servicing.

現在，我將分享三個例子，說明人工智慧如何在當今的抵押貸款銀行、核保和服務領域產生影響。

Purchasing a home can be an overwhelming process, which is why, at Rocket, we excel in blending personalized service with cutting-edge technology. Now AI lets computers do what they do best while allowing our team members to focus on what they do best: fostering relationships and connecting with our clients.

購屋可能是一個艱鉅的過程，這就是為什麼在 Rocket，我們擅長將個人化服務與尖端技術結合。現在，人工智慧可以讓電腦做他們最擅長的事情，同時讓我們的團隊成員專注於他們最擅長的事情：培養關係並與客戶建立聯繫。

So if you take, for example, our mortgage bankers, these team members play a crucial role because they guide clients through the entire mortgage journey. In Q4, we piloted an AI virtual assistant with 325 mortgage bankers or outbound client calls. Now previously, these bankers juggled note-taking, filling out applications, remembering regulatory requirements, all the while talking to our clients. What the AI assistant does is it seamlessly and accurately automatically transcribes, summarizes and populate hundreds of crucial application fields hands-free, in real time. So our bankers are more productive than they've ever been and they can now focus on what they do best, with AI handling the rest.

因此，如果您以我們的抵押貸款銀行家為例，這些團隊成員發揮著至關重要的作用，因為他們指導客戶完成整個抵押貸款流程。在第四季度，我們與 325 名抵押貸款銀行家或外撥客戶電話一起試用了人工智慧虛擬助理。以前，這些銀行家在與客戶交談的同時，還要一邊做筆記、填寫申請、記住監管要求。人工智慧助理的角色是免持、即時、無縫、準確地自動轉錄、總結和填充數百個關鍵應用領域。因此，我們的銀行家比以往任何時候都更有生產力，他們現在可以專注於自己最擅長的事情，而人工智慧則會處理其餘的事情。

Now the initial response from this pilot has been overwhelmingly positive, and we're already seeing signs of dramatically faster turn times. We're excited to roll this technology out to our broader banking force to deliver a better client experience through the millions of calls that we make in a given year.

現在，該試點計畫的初步反應非常積極，我們已經看到週轉時間顯著加快的跡象。我們很高興能夠將這項技術推廣到更廣泛的銀行隊伍，透過我們在一年內撥打的數百萬個電話來提供更好的客戶體驗。

Now switching gears, in underwriting, automation and AI are helping to deliver higher accuracy and operational efficiency at scale. An underwriting decision typically requires the gathering and verification of thousands of data fields, which are drawn from disparate resources and formats to populate key categories of income, assets, collateral, property and the credit profile.

現在，核保、自動化和人工智慧正在轉變，有助於大規模提供更高的準確性和營運效率。承保決策通常需要收集和驗證數千個資料字段，這些資料字段取自不同的資源和格式，以填充收入、資產、抵押品、財產和信用狀況等關鍵類別。

Now income verification is one of the critical inputs to an underwriting decision and also a very complex process that takes regulatory requirement, documentation accuracy, employment types and unstandardized data format into consideration. So in December, nearly 2/3 of income verification were automated without an underwriter needing to intervene. This provided a fivefold improvement compared to just 15 months prior here at Rocket. So thus far, our automated income verification has posted 0 audit findings, which is also highly impactful as income verification issues are amongst the top reasons behind GSE repurchase request.

現在，收入核實是核保決策的關鍵輸入之一，也是一個非常複雜的過程，需要考慮監管要求、文件準確性、就業類型和非標準化資料格式。因此，在 12 月份，近 2/3 的收入驗證是自動化的，無需承銷商幹預。與 15 個月前在 Rocket 相比，這提供了五倍的改進。到目前為止，我們的自動收入驗證已發布 0 項審計結果，這也具有很大的影響力，因為收入驗證問題是 GSE 回購請求背後的首要原因之一。

I'm also excited to share that we've recently rolled out this great income verification technology to our mortgage broker partners, further enriching the offerings we provide to help them thrive.

我還很高興與大家分享，我們最近向抵押貸款經紀人合作夥伴推出了這項出色的收入驗證技術，進一步豐富了我們提供的產品，幫助他們蓬勃發展。

Now imagine applying these advances in automation at scale across all underwriting categories as we continue to take market share and grow. Now in 2021, a record year for mortgage origination, when we processed 4x the number of applications than we did in 2023, we demonstrated that our technology could scale up even when the industry was constrained by capacity.

現在想像一下，隨著我們繼續佔據市場份額並不斷增長，在所有承保類別中大規模應用這些自動化進步。現在，2021 年是抵押貸款發放創紀錄的一年，我們處理的申請數量比 2023 年增加了 4 倍，我們證明，即使行業受到容量限制，我們的技術也可以擴展。

Today, we're in an even better position to drive operating leverage through automation and AI. We've made significant advances in automating income verification and then we're tackling asset verification next. Now AI is also enhancing our client interactions at scale across devices, whether our clients are reaching us by phone, by computer or by mobile app.

如今，我們處於更有利的地位，可以透過自動化和人工智慧來提高營運槓桿。我們在自動化收入驗證方面取得了重大進展，接下來我們將解決資產驗證問題。現在，人工智慧也正在大規模地增強我們跨裝置的客戶交互，無論我們的客戶是透過電話、電腦還是行動應用程式與我們聯繫。

So take servicing, for example, in 2023, we facilitated 3.1 million client interactions, with payment and escrow questions topping the list. Our servicing calls and chats are increasingly powered by AI, providing clients with smart, conversational, self-service experiences 24 hours a day, 7 days a week. Approximately 70% of our servicing calls and chats are fully self-serve without the need of team member assistance, with interactions only escalating to team members where the human touch is required. We've seen a continued trend of lower call volume in servicing as our AI-powered digital experiences become the preferred choice for our clients.

以服務為例，2023 年，我們促成了 310 萬次客戶互動，其中支付和託管問題位居榜首。我們的服務電話和聊天越來越多地由人工智慧提供支持，每週 7 天、每天 24 小時為客戶提供智慧、對話式、自助服務體驗。我們大約 70% 的服務電話和聊天都是完全自助服務，不需要團隊成員的協助，只有在需要人際接觸的情況下才會升級到團隊成員。隨著我們的人工智慧驅動的數位體驗成為客戶的首選，我們看到服務呼叫量持續下降的趨勢。

And we're not just handling interactions, we're actually turning them into actionable insights. With AI's assistance, we're transcribing and tagging these servicing interactions, organizing this invaluable data to construct unified client profile in a centralized repository. From this repository, we train models to gain deeper insights and analytics. Our next objective is to expand this initiative to other areas of the business which ensures that AI continues to drive enhanced client experiences and operational efficiency across the board.

我們不僅處理交互，而且實際上將它們轉化為可行的見解。在人工智慧的幫助下，我們正在轉錄和標記這些服務交互，組織這些寶貴的資料以在集中儲存庫中建立統一的客戶檔案。從這個儲存庫中，我們訓練模型以獲得更深入的見解和分析。我們的下一個目標是將此舉措擴展到其他業務領域，確保人工智慧持續全面提升客戶體驗和營運效率。

With these examples, the consistent themes I hope to convey are, first, to harness the power of our data and artificial intelligence; second, to simplify and automate; and to, third, unlock team member productivity and deliver better client experiences through speed, certainty and value. The efficiency gains when deployed at full scale will be an absolute game changer for our organization as we will be able to serve many more clients without adding to our fixed cost structure. So really just scratching the surface here, there's so much more impact that generative AI can bring, and we're incredibly well positioned to capitalize on the opportunity and lead the industry.

透過這些例子，我希望傳達的一致主題是：首先，利用我們的數據和人工智慧的力量；第二，簡化和自動化；第三，透過速度、確定性和價值，釋放團隊成員的生產力並提供更好的客戶體驗。全面部署時的效率提升將徹底改變我們組織的遊戲規則，因為我們將能夠在不增加固定成本結構的情況下為更多客戶提供服務。所以，這裡真的只是觸及表面，生成式人工智慧可以帶來更多的影響，而且我們處於非常有利的位置，可以利用這個機會並引領產業。

I am so honored to be a part of this next chapter in Rocket's story. Looking ahead to the coming year, I'm confident in our team, our capabilities and our mindset. We look forward to sharing our progress with you on future earnings calls and during our first Investor Day later this year when our senior leaders will present on how we're executing our strategic priorities to enable AI-fueled homeownership.

我很榮幸能夠成為火箭故事下一章的一部分。展望來年，我對我們的團隊、我們的能力和我們的心態充滿信心。我們期待在未來的財報電話會議以及今年稍後的首次投資者日期間與您分享我們的進展，屆時我們的高級領導將介紹我們如何執行我們的戰略重點，以實現人工智能驅動的住房所有權。

And with that, I will turn it over to Brian.

有了這個，我會把它交給布萊恩。

Thank you, Varun, and good afternoon, everyone. On today's call, I'll cover our strong financial results for the fourth quarter and the full year 2023. I'll share how our AI-fueled homeownership strategy positions us for success this year and into the future. I'll conclude by sharing our outlook for the first quarter of 2024.

謝謝瓦倫，大家下午好。在今天的電話會議上，我將介紹我們第四季度和 2023 年全年的強勁財務業績。我將分享我們的人工智慧推動的住房擁有策略如何幫助我們在今年和未來取得成功。最後，我將分享我們對 2024 年第一季的展望。

In 2023, Rocket again made significant strides in market share growth, gaining share on a year-over-year basis in both purchase and refinance. More specifically, we grew purchase market share by 14% and refinance market share by 10% from 2022 to 2023. I am incredibly proud of what we accomplished in the face of an extremely challenging mortgage market. It's a testament to our grit and tenacity.

2023 年，Rocket 在市佔率成長方面再次取得重大進展，在購買和再融資方面的市佔率均較去年同期成長。更具體地說，從2022 年到2023 年，我們的購買市場份額增長了14%，再融資市場份額增長了10%。面對極具挑戰性的抵押貸款市場，我對我們所取得的成就感到無比自豪。這是我們勇氣和毅力的證明。

In my 10 years at Rocket, I've never been more excited about what's to come. Through the ups and downs of mortgage cycles, we have continued to invest in our data and technology foundation. And now with AI, Rocket will change this industry.

在 Rocket 的 10 年裡，我從未對即將發生的事情感到如此興奮。經歷了抵押貸款週期的起起落落，我們持續投資於我們的數據和技術基礎。現在有了人工智慧，Rocket 將改變這個產業。

As Varun shared, we are unlocking capacity at scale through higher team member productivity and delivering a better client experience. We have made material progress in increasing scale and capacity in 2023, and we expect those gains to accelerate into 2024. Said differently, we believe we can keep our fixed costs relatively flat while originating significantly higher volumes.

正如 Varun 所分享的那樣，我們正在透過提高團隊成員的生產力並提供更好的客戶體驗來大規模釋放容量。 2023 年，我們在擴大規模和產能方面取得了實質進展，我們預計這些進展將加速到 2024 年。換句話說，我們相信我們可以保持固定成本相對穩定，同時大幅提高產量。

Turning to the full year results. We delivered $79 billion in closed loan volume and $3.8 billion in adjusted revenue in 2023.

轉向全年業績。 2023 年，我們交付了 790 億美元的已結貸款金額和 38 億美元的調整後收入。

After cutting roughly 1/4 of our cost base in 2022, we further reduced expenses in 2023 by nearly 20%.

在 2022 年削減約 1/4 的成本基礎後，我們在 2023 年進一步削減了近 20% 的開支。

We are operating with greater clarity, and we're laser-focused on prioritizing the most important work that will deliver the highest impact. In 2023, we took action to pivot or sunset projects that were not meeting our expectations, such as Rocket Auto and Rocket Solar.

我們的運作更加清晰，我們專注於優先考慮能夠產生最大影響的最重要的工作。 2023 年，我們對未達到預期的項目進行了調整或取消，例如 Rocket Auto 和 Rocket Solar。

More recently, after conducting a review of our entire portfolio of projects, we cut the list by more than 80%, which helped reduce cost, but more importantly, it freed up resources to work on the core business.

最近，在對整個專案組合進行審查後，我們將清單削減了 80% 以上，這有助於降低成本，但更重要的是，它釋放了資源來開展核心業務。

Despite the persistent macro challenges in 2023, for the full year, we delivered $67 million in adjusted EBITDA. We reported an adjusted diluted loss of $0.07 per share in a GAAP diluted loss of $0.15 per share.

儘管 2023 年面臨持續的宏觀挑戰，但我們全年的調整後 EBITDA 實現了 6,700 萬美元。我們公佈的調整後攤薄虧損為每股 0.07 美元，而 GAAP 攤薄虧損為每股 0.15 美元。

Now let's dive into our strong fourth quarter results. We generated adjusted revenue of $885 million, well above the high end of our guidance range. The $885 million of adjusted revenue represents a 30% increase from the fourth quarter of 2022 and marks the second consecutive quarter of year-over-year growth.

現在讓我們深入了解我們強勁的第四季業績。我們的調整後收入為 8.85 億美元，遠高於我們指導範圍的上限。調整後營收為 8.85 億美元，較 2022 年第四季成長 30%，標誌著連續第二季年增。

Our performance in the quarter was primarily driven by stronger-than-anticipated purchase and refinance volume and gain on sale margin as we continue to see capacity come out of the industry. We delivered these achievements in what was one of the worst quarters for mortgage originations in recent history.

我們本季的業績主要受到強於預期的購買和再融資量以及銷售利潤率成長的推動，因為我們繼續看到該行業的產能成長。我們在最近歷史上抵押貸款發放最糟糕的季度之一取得了這些成就。

Gain on sale margin for the quarter was 268 basis points, up nearly 25% from 217 basis points in the fourth quarter of last year.

本季銷售利潤率成長 268 個基點，比去年第四季的 217 個基點成長近 25%。

Net rate lock volume for the quarter was $16 billion.

本季淨利率鎖定量為 160 億美元。

We generated $55 million of adjusted EBITDA, a year-over-year improvement of more than $250 million from Q4 2022, and this marks the third quarter in a row that we've reported positive adjusted EBITDA.

我們實現了 5,500 萬美元的調整後 EBITDA，比 2022 年第四季同比增長超過 2.5 億美元，這標誌著我們連續第三個季度報告調整後 EBITDA 為正值。

Adjusted EPS for the quarter was breakeven.

本季調整後每股盈餘達到損益平衡。

On our last earnings call, we committed to a further reduction in total expenses in the fourth quarter of $50 million to $100 million. Excluding the $51 million onetime charge in the third quarter, we came in at the top end of the range, reducing total expenses by approximately $100 million in the fourth quarter compared to the third quarter.

在上次財報電話會議上，我們承諾將第四季的總支出進一步削減 5,000 萬至 1 億美元。除去第三季 5,100 萬美元的一次性費用，我們處於該範圍的頂端，與第三季相比，第四季的總費用減少了約 1 億美元。

Our innovative products were also a key driver of our success in the period. Our home equity loan product continued to resonate with clients as we saw volume more than triple in the fourth quarter compared to the first quarter. This product offers a solution for clients who may want to tap into their homes' equity without impacting the lower rate on their first lien mortgage. It also provides us with a great opportunity for a refinance transaction because when rates move lower, we will have the opportunity to consolidate the client's first and second lien mortgages.

我們的創新產品也是我們在此期間成功的關鍵驅動力。我們的房屋淨值貸款產品持續引起客戶的共鳴，第四季的交易量是第一季的三倍多。該產品為那些可能希望在不影響第一留置權抵押貸款較低利率的情況下利用其房屋淨值的客戶提供了一個解決方案。它還為我們提供了再融資交易的絕佳機會，因為當利率下降時，我們將有機會合併客戶的第一和第二留置權抵押貸款。

Home equity loans, ONE+ and BUY+ are unique products that have resonated strongly with both existing and new clients. Notably, the vast majority of our clients who came to us through these products were new clients who did not already have a loan with us. These innovative solutions helped us attract new clients into the Rocket ecosystem where they can experience our award-winning service for the first time and many times thereafter throughout their lives as homeowners.

房屋淨值貸款、ONE+ 和 BUY+ 是獨特的產品，在現有和新客戶中引起了強烈反響。值得注意的是，透過這些產品找到我們的絕大多數客戶都是尚未向我們提供貸款的新客戶。這些創新解決方案幫助我們吸引新客戶進入 Rocket 生態系統，他們可以在作為房主的一生中第一次以及此後多次體驗我們屢獲殊榮的服務。

From a capital perspective, Rocket's strong balance sheet and substantial liquidity continued to serve as a major competitive advantage. Our financial strength provides us with flexibility and optionality that most of our competitors simply do not have.

從資本角度來看，Rocket強大的資產負債表和大量的流動性持續成為主要的競爭優勢。我們的財務實力為我們提供了大多數競爭對手所不具備的靈活性和選擇性。

We ended the fourth quarter with $3.6 billion of available cash and $6.4 billion of mortgage servicing rights. Together, these assets represent a total of approximately $10 billion of value on our balance sheet.

截至第四季末，我們擁有 36 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約為 100 億美元。

Our $3.6 billion of available cash consists of $1.1 billion of cash on the balance sheet and an additional $2.5 billion of corporate cash used to self-fund loan originations. Total liquidity stood at approximately $9 billion as of December 31, including available cash plus undrawn lines of credit, plus our undrawn MSR lines.

我們的 36 億美元可用現金包括資產負債表上的 11 億美元現金和用於自籌貸款的額外 25 億美元企業現金。截至 12 月 31 日，總流動性約為 90 億美元，包括可用現金加上未提取的信貸額度，加上我們未提取的 MSR 額度。

Our servicing portfolio is a key strategic asset and one where we have delivered award-winning service to our clients. J.D. Power has recognized Rocket Mortgage as being the best servicer in 9 of the last 10 years. We've notched these repeated wins by delivering amazing service. We meet our clients where they are, augmenting the human touch with technology to provide confidence and peace of mind.

我們的服務組合是一項重要的策略資產，也是我們為客戶提供屢獲殊榮的服務的資產。 J.D. Power 在過去 10 年中有 9 年將 Rocket Mortgage 評為最佳服務商。我們透過提供卓越的服務屢獲殊榮。我們在客戶所在的地方與他們會面，用科技增強人情味，讓他們充滿信心、安心無憂。

As Varun mentioned, AI is driving impact across our organization, including servicing, where we are enabling better client experiences through AI-powered interactions and insights. As of December 31, our mortgage servicing portfolio included nearly 2.5 million loans with $509 billion in unpaid principal balance.

正如 Varun 所提到的，人工智慧正在推動整個組織的影響，包括服務，我們透過人工智慧驅動的互動和洞察來實現更好的客戶體驗。截至 12 月 31 日，我們的抵押貸款服務組合包括近 250 萬筆貸款，未付本金餘額為 5,090 億美元。

Our net client retention rate in the fourth quarter was 97%, which continues to be multiples higher than the industry average. Retention rate serves as the key metric in gauging client satisfaction and is one of the primary indicators of client lifetime value.

第四季我們的淨客戶保留率為 97%，持續高於產業平均。保留率是衡量顧客滿意度的關鍵指標，也是顧客終身價值的主要指標之一。

We also drive significant recurring revenue from mortgage servicing. During the fourth quarter, we generated $348 million of cash revenue from our servicing book, which represents approximately $1.4 billion on an annualized basis.

我們也從抵押貸款服務中獲得可觀的經常性收入。第四季度，我們從服務帳簿產生了 3.48 億美元的現金收入，以年化計算約為 14 億美元。

Our industry-leading recapture rates, resulting in significant client lifetime value, allows us to be opportunistic with MSR acquisitions, and this will continue to be a focus of ours during 2024.

我們在業界領先的回收率帶來了巨大的客戶終身價值，使我們能夠在 MSR 收購中抓住機會，這將繼續成為我們 2024 年的重點。

Turning to our outlook for the first quarter of 2024. We expect adjusted revenue to be in the range of $0.925 billion to $1.075 billion, the midpoint of which would represent a 13% increase quarter-over-quarter. This sequential improvement demonstrates notable strength as the industry's typical seasonality calls for a double-digit decline in origination volume from the fourth quarter to the first quarter. On a like-for-like basis, the midpoint of our Q1 outlook implies year-over-year growth of 13.4%, building on the trend of year-over-year revenue growth we've achieved in each of the past 2 quarters.

談到我們對 2024 年第一季的展望。我們預計調整後的營收將在 9.25 億美元至 10.75 億美元之間，其中中位數將比上一季成長 13%。由於該行業典型的季節性要求從第四季度到第一季的發貨量出現兩位數的下降，這種連續的改善表明了顯著的優勢。在同類基礎上，我們第一季展望的中點意味著同比增長 13.4%，這是建立在我們過去兩個季度實現的同比收入增長趨勢的基礎上的。

Regarding operating expenses, we expect Q1 to be slightly lower compared to the same period last year due to savings realized from our operational efficiency efforts implemented in 2023. These savings will be partially offset by reinvestments in performance marketing leveraged by Rocket Mortgage and a seasonal Rocket Money campaign.

關於營運費用，我們預計第一季將略低於去年同期，因為我們在 2023 年實施的營運效率努力實現了節省。這些節省將被 Rocket Mortgage 和季節性 Rocket 所利用的績效行銷再投資部分抵消金錢運動。

As always, our forward-looking guidance is based on our current outlook and visibility.

一如既往，我們的前瞻性指導是基於我們當前的前景和可見性。

We are entering 2024 with momentum, and we are poised for growth. We are optimistic about market conditions improving from 2023. Industry forecasters expect the size of the mortgage origination market to grow by north of 30% in 2024. But regardless of what the market does, we expect to continue growing market share through our AI-fueled homeownership strategy and by driving scalable revenue growth and profitability.

我們正以強勁的勢頭進入 2024 年，並做好了成長的準備。我們對2023 年起市場狀況的改善持樂觀態度。產業預測人士預計，到2024 年，抵押貸款發放市場的規模將成長30% 以上。但無論市場如何變化，我們預計透過人工智慧推動的市場份額將繼續成長住房所有權策略並推動可擴展的收入成長和獲利能力。

As I mentioned earlier, I have never been more excited about Rocket's future and what we can accomplish. The opportunity is tremendous, and we are poised to continue taking share and be the leader in the homeownership category.

正如我之前提到的，我對 Rocket 的未來和我們能夠實現的目標從未如此興奮。機會是巨大的，我們準備好繼續佔據份額並成為住房擁有類別的領導者。

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) Your first question comes from the line of Kevin Barker from Piper Sandler.

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

I just wanted to follow up on the outlook. It seems like you're implying that you're going to take market share in the first quarter. Do you assume that that's going to continue throughout 2024 and accelerate revenue growth in '24 above the 30% growth that's implied from industry originations? And what I mean by that is, are you taking market share and then subsequently, the revenue growth will come with it?

我只是想跟進一下前景。您似乎在暗示您將在第一季佔據市場份額。您是否認為這種情況將持續到 2024 年，並加速 24 年收入成長超過產業起源所暗示的 30% 成長？我的意思是，你是否佔據了市場份額，然後收入成長就會隨之而來？

Okay. Can you guys hear me okay?

好的。你們聽得到我說話嗎？

Yes, I hear you.

是的，我聽到了。

Okay. Thank you for your question. We ended 2023 strong. We're entering '24 with momentum, and that's reflected in both our results and our guide. And we look at many factors. When we think about the outlook for the year, we look at the forecast. We look at the CPI. We look at the 10-year treasury. We look at the Fed forward curve. We look at our own data. And most of the industry, we predict a 33% larger market, $2 trillion versus $1.5 trillion. We expect rates to drop in the second half of the year. And these are all tailwinds for Rocket. And so we're investing in growth, and we're playing to win.

好的。謝謝你的問題。我們以強勁的勢頭結束了 2023 年。我們正以強勁的勢頭進入 24 年，這在我們的業績和指南中都得到了體現。我們會考慮很多因素。當我們思考今年的前景時，我們會考慮預測。我們看CPI。我們來看看10年國庫券。我們來看看聯準會遠期曲線。我們查看自己的數據。對於大多數產業，我們預測市場規模將擴大 33%，達到 2 兆美元，而 1.5 兆美元。我們預計下半年利率將會下降。這些都是火箭隊的順風車。因此，我們正在投資於成長，我們正在為勝利而戰。

At the same time, when you think about the market share itself, the second part of your question, there are still multiple tailwinds as well. You have a lot of market consolidation with M&As and exits and bankruptcies. You have banks that are seeding market share and leaning back. You have Basel III, which is on the horizon. You also have industry capacity coming out. So when you put all these things together, I mean, we do expect to accelerate growth. It's a bit of a survival of the fittest dynamic, with winners taking most. We grew share double-digits in both purchase and refi, and we feel very good about our position in terms of our assets and our endurance, so we're confident on building on those gains.

同時，當你考慮市場佔有率本身（問題的第二部分）時，仍然存在多個有利因素。伴隨著併購、退出和破產，市場出現了許多整合。有些銀行正在擴大市場份額並有所後退。巴塞爾協議 III 即將到來。產業產能也正在顯現。因此，當你把所有這些事情放在一起時，我的意思是，我們確實期望加速成長。這有點像優勝劣汰，贏家拿走最多。我們在購買和再融資方面的份額都增長了兩位數，我們對我們在資產和耐力方面的地位感到非常滿意，因此我們有信心在這些收益的基礎上再接再厲。

Okay. And then just to follow up on some of your comments around AI. Obviously, you're embracing this wave that's happening within fintech and AI in general. Could you just maybe give us a little bit more depth or a little more color around why, the AI that you've developed or how far you've developed it, that is better than some of the biggest industry competitors? Given we've seen several other companies also look to embrace AI, maybe not at the scale, but maybe you can delve into why Rocket is different or at least well ahead of the rest of the industry.

好的。然後跟進您對人工智慧的一些評論。顯然，您正在擁抱金融科技和人工智慧領域正在發生的這一浪潮。您能否給我們更多的深度或更多的資訊來解釋為什麼您開發的人工智慧或您開發的人工智慧比一些最大的行業競爭對手更好？鑑於我們已經看到其他幾家公司也尋求擁抱人工智慧，也許規模不大，但也許你可以深入研究為什麼 Rocket 與眾不同，或者至少遠遠領先於行業其他公司。

Yes, absolutely. Look, I'd start by just saying that we believe that AI is going to be absolutely transformative to this industry and to fintech and tech in general. And we've made quite a bit of progress, but we're just still scratching the surface. And we're in the earliest of innings, but our progress is only going to accelerate with generative AI. It's a major area of investment across the board.

是的，一點沒錯。聽著，我首先要說的是，我們相信人工智慧將徹底改變這個產業以及整個金融科技和科技。我們已經取得了相當大的進展，但我們只是觸及表面。我們正處於最早的階段，但隨著生成式人工智慧的發展，我們的進步只會加速。這是全面投資的一個主要領域。

The biggest thing that I would say is AI is something that you have to have a right to win. And a right to win means you have to have the assets, you have to have capabilities, you have to have data, you have to have these ingredients to create the right recipe. So because of those ingredients that we have at scale, it's why we expect to be a benefactor.

我想說的最重要的一點是，人工智慧是你必須有權利獲勝的東西。獲勝的權利意味著你必須擁有資產，你必須有能力，你必須有數據，你必須擁有這些成分來創造正確的配方。因此，由於我們擁有規模化的這些成分，這就是我們期望成為捐助者的原因。

And I shared a couple of examples earlier on this call, three in particular, you're going to see us continue to show you more and more and more examples of how we're going to be differentiated, whether it's the 50 million call logs that we process every year, the thousands of attributes that we have on clients, how we use chat, how we use transcription, the 3.1 million clients that we engage with in servicing, document automation, appraisal review, hiring. So kind of across the board, we think we have a durable advantage because we have many of the ingredients that it takes to build one of the AI companies of the future.

我之前在這次電話會議上分享了幾個例子，特別是三個，你會看到我們繼續向你展示越來越多的例子，說明我們將如何脫穎而出，無論是 5000 萬條通話記錄我們每年處理的數據，我們擁有的客戶的數千個屬性，我們如何使用聊天，我們如何使用轉錄，我們在服務、文件自動化、評估審查、招聘方面與310 萬客戶打交道。總的來說，我們認為我們擁有持久的優勢，因為我們擁有打造未來人工智慧公司所需的許多要素。

And so those are just some examples, and you can expect to see many more as we continue to make progress on this journey but it is a major strategic imperative, and we're investing across the board.

這些只是一些例子，隨著我們在這趟旅程中繼續取得進展，您可以期待看到更多例子，但這是一項重大的策略要務，我們正在全面投資。

Your next question comes from the line of James Faucette from Morgan Stanley.

您的下一個問題來自摩根士丹利的 James Faucette。

Yes. This is Jeff Adelson on for James. I guess maybe I wanted to ask about some of the more recent focus from regulators on the nonbank oversight world, Yellen's making some comments about that oversight of nonbank mortgage lenders in the future. Then FSOC put out this framework for monitoring risk for nonbanks. I'm just curious if you could share your thoughts on how you're thinking about this. Have you been interacting with the regulators on this front yet? And maybe what could we be expecting to come here over the next year or 2 on this front?

是的。這是詹姆斯的傑夫·阿德爾森。我想也許我想詢問監管機構最近對非銀行監管領域的一些關注，耶倫對未來對非銀行抵押貸款機構的監管發表了一些評論。然後，FSOC 推出了這個框架來監控非銀行機構的風險。我只是好奇你是否可以分享你的想法。您在這方面與監管機構互動嗎？也許我們對未來一兩年在這方面能期待什麼？

Yes, Jeff, I'll take that one. Thanks for the question. Listen, I'll start by saying, of course, we're aware of the comments, and we're staying close. But I'll also add, it's never a good idea to speculate too much on these matters. We have a really active presence in D.C., and we're watching it closely.

是的，傑夫，我要那個。謝謝你的提問。聽著，我首先要說的是，我們當然知道這些評論，並且我們會保持密切聯繫。但我還要補充一點，對這些問題進行過多猜測從來都不是一個好主意。我們在華盛頓特區的業務非常活躍，並且正在密切關注。

But I guess if you think about it, from our perspective, we have an extremely strong balance sheet or a really strong capital profile and a ton of liquidity, I would say one of the strongest in the industry, if not the strongest. The way we look at it, we actually stand up pretty well to even some of the banking capital requirements. So it's something we'll pay close attention to. But in a lot of cases, new regulation like this could actually increase our competitive advantage and sometimes even increase the moat around this business.

但我想如果你考慮一下，從我們的角度來看，我們擁有極其強大的資產負債表或非常強大的資本狀況和大量的流動性，我會說我們是行業中最強的之一，即使不是最強的。從我們的角度來看，我們實際上甚至可以很好地滿足某些銀行資本要求。所以這是我們會密切關注的事情。但在許多情況下，像這樣的新監管實際上可以增加我們的競爭優勢，有時甚至可以增加圍繞該業務的護城河。

Understood. And just to maybe circle back on some of the comments around AI, generative AI. Lots of examples here, it sounds like, and initiatives you're kind of rolling through here. But do you have any early views at this point to maybe what kind of uplift to financial metrics might look like as a result of these initiatives, whether it be profitability, EBITDA margin, EPS growth?

明白了。或許我們可以回顧一下有關人力智慧、生成式人工智慧的一些評論。聽起來這裡有很多例子，以及你在這裡滾動的倡議。但目前您是否對這些舉措可能帶來的財務指標的提升有什麼初步看法，無論是獲利能力、EBITDA 利潤率還是每股盈餘成長？

Yes. Thank you for sharing. I mean look, I think fundamentally, the simple answer is we expect this to be a transformative implication across the board, whether it's helping us be more efficient and productive, driving top line growth as well as bottom line growth. It's a very natural technology to fit with every aspect of the homeownership journey, everything from home search to lead generation, to underwriting, to servicing, appraisals. And so the great thing about this is we feel like the sky is the limit. And so we have made it a strategic imperative to apply this at the top level at every aspect of the company. And so you can expect to see those gains be transformatively impacting every aspect of how we do business.

是的。感謝你的分享。我的意思是，我認為從根本上來說，簡單的答案是我們期望這將成為全面的變革性影響，無論它是否幫助我們提高效率和生產力，推動營收成長和利潤成長。這是一種非常自然的技術，適合購房過程的各個方面，從房屋搜尋到潛在客戶開發，到承保，到服務和評估。所以這件事的偉大之處在於我們覺得天空才是極限。因此，我們將在公司各個方面的最高層應用這一點作為戰略要務。因此，您可以期待看到這些收益將對我們開展業務的各個方面產生變革性影響。

Yes, Jeff. And I would just say completely agree with what Varun said. And to be clear, going back to some of our prepared remarks, we did about $79 billion of mortgage production last year. And right now, today, we believe that we could put through the system a significantly higher amount of mortgage volume. And to Varun's point, we believe that will only accelerate in 2024 with some of our plans and future releases.

是的，傑夫。我只想說完全同意瓦倫所說的話。需要明確的是，回到我們準備好的一些言論，我們去年生產了約 790 億美元的抵押貸款。現在，今天，我們相信我們可以透過該系統提供大量的抵押貸款。對於 Varun 的觀點，我們相信，隨著我們的一些計劃和未來的發布，這種情況只會在 2024 年加速。

But if you think about it, there's kind of a couple of key roles in the mortgage business. One is a licensed loan officer. Another one is a licensed underwriter. And the ultimate goal is to increase the productivity of those roles because if you increase the productivity, you increase the capacity, but you also increase the velocity. And if you increase the velocity, that means faster turn times, and faster turn times mean better client experiences because if you're refinancing on a rate and term refinance, you're saving money faster. If you're getting cash out, you're getting your cash faster. If you're making a purchase offer, having faster turn times means, in a very competitive market, it makes your offer stronger because you can close faster. And by the way, to the extent that you can get loans off your balance sheet faster, it lowers your financing costs.

但如果你想一想，抵押貸款業務中有幾個關鍵角色。其中一位是持牌信貸員。另一種是持牌承銷商。最終目標是提高這些角色的生產力，因為如果提高生產力，就增加了容量，但同時也提高了速度。如果您提高速度，這意味著更快的周轉時間，更快的周轉時間意味著更好的客戶體驗，因為如果您按照利率和期限再融資進行再融資，您可以更快地省錢。如果您提取現金，您會更快獲得現金。如果您正在提出購買報價，那麼更快的周轉時間意味著，在競爭非常激烈的市場中，它會使您的報價更強大，因為您可以更快地完成交易。順便說一句，如果您可以更快地從資產負債表中獲得貸款，那麼它就會降低您的融資成本。

So we completely believe that these will translate into financial metrics. And frankly speaking, they already have through some of the investments in 2023.

因此，我們完全相信這些將轉化為財務指標。坦白說，他們已經在 2023 年完成了部分投資。

Your next question comes from the line of Christian DeGrasse from Goldman Sachs.

你的下一個問題來自高盛的克里斯蒂安·德格拉斯（Christian DeGrasse）。

Gain on sale margins hovered around the 2.7% levels for the past couple of quarters. It's moved off the lows, as you guys mentioned. So as you guys look at the competitive dynamics, the capacity coming out of mortgage, as you guys mentioned, then what could be a potential improving volume environment? How do you see margins trending from here over 2024?

過去幾季的銷售利潤率徘徊在 2.7% 左右。正如你們所提到的，它已經脫離了低點。因此，當你們關注競爭動態、抵押貸款的產能時，正如你們所提到的，那麼潛在的改善數量環境可能是什麼？您認為 2024 年利潤率趨勢如何？

Yes, Christian, thanks for the question. So yes, just to take a step back, I think it's important to look at what happened over 2023. To your point, there was sequential increase from Q1 to Q2 to Q3 and then, as you saw here in the release, a slight dip in Q4, but that dip was completely planned because we see that in Q4. And it wasn't down as much as we typically see in Q4. And that's really important.

是的，克里斯蒂安，謝謝你的提問。所以，是的，退後一步，我認為重要的是看看2023 年發生的事情。就您的觀點而言，從第一季度到第二季度再到第三季度出現了連續增長，然後，正如您在新聞稿中看到的那樣，略有下降在第四季度，但這種下降是完全計劃好的，因為我們在第四季度看到了這一點。而且它的下降幅度並不像我們通常在第四季度看到的那麼大。這真的很重要。

And then as we look ahead into the guide in Q1, the big component of that is strong gain on sale margins. There's no doubt about it. And when I say strong, I mean building on even the high point of last year, the Q3 number of 276 basis points. So I think your question is what are we seeing and why is that happening, and one component of it is absolutely capacity coming out of the system and price competitiveness seeing a little bit of relief. There's other components that go into gain on sale margins, too, like primary secondary spreads but absolutely, capacity is a big part of that. Varun mentioned in his prepared remarks, some of the more recent reports are 30% to 35% down. We're starting to see that come through the system now.

然後，當我們展望第一季的指南時，其中很大一部分是銷售利潤率的強勁成長。毫無疑問。當我說強勁時，我的意思是甚至以去年的高點為基礎，即第三季 276 個基點的數字。所以我認為你的問題是我們看到了什麼以及為什麼會發生這種情況，其中一個組成部分絕對是系統中的產能和價格競爭力有所緩解。還有其他因素也會影響銷售利潤，例如初級次級價差，但絕對來說，產能是其中的重要組成部分。 Varun 在他準備好的演講中提到，最近的一些報告下降了 30% 到 35%。我們現在開始看到這一點透過系統實現。

So look, we're not going to comment on exactly where we think gain on sale margins will be all of 2024, but I can say this is a great way to start the first quarter, being 2/3 of the way through, a great way to start the year with a lot of momentum around gain on sale margins.

所以看，我們不會確切地評論我們認為 2024 年銷售利潤率的增長將在哪裡，但我可以說，這是第一季開始的好方法，已經過去了 2/3，這是新年伊始的好方法，銷售利潤成長勢頭強勁。

And I'd like to follow up on expenses. I understand that the first quarter revenue guidance just points to a nice uplift and looks to be pretty strong. It also looks like expenses are guided to be up a decent step higher quarter-over-quarter, down year-over-year. Can you maybe just help contextualize some of the moving pieces you guys mentioned a little bit further? How much of that's being driven by a pickup in volume, the seasonal marketing campaign you guys have talked about, some of these investments in AI? And then maybe beyond that, strategically, how are you thinking about expenses throughout the year beyond the first quarter?

我想跟進一下費用。據我了解，第一季的營收指引只是顯示了良好的成長，而且看起來相當強勁。看起來支出預計將較上季大幅上升，年減。您能否幫助進一步了解你們提到的一些感人的作品？其中有多少是由銷售量的增加、你們談論的季節性行銷活動以及人工智慧方面的一些投資所推動的？也許除此之外，從戰略上講，您如何考慮第一季之後的全年支出？

Yes. I'll start and maybe ask Brian to chime in as well. I think the biggest thing I would share is that our primary focus is growth. And the reason for that is you have a $5 trillion home-buying TAM. You have an incredibly fragmented market. You have no player with more than double-digit market share. And that's a great place for us to be disruptive and drive growth, especially with AI.

是的。我會開始，也許也請布萊恩插話。我認為我要分享的最重要的事情是我們的首要關注點是成長。原因是您擁有 5 兆美元的購屋 TAM。你有一個極度分散的市場。你沒有市佔率超過兩位數的玩家。這對我們來說是一個顛覆性的、推動成長的好地方，尤其是在人工智慧方面。

So we're always looking for efficiency. We think we're in a good place. We're actually well capitalized, as Brian shared. But we're trying to invest our dollars in innovation, and we're trying to figure out ways that we can actually drive significantly more with the ingredients that we have. So part of that is where you see our increase in focus and prioritization. But we have a lot of share to take, and we want to invest our resources to win.

所以我們一直在追求效率。我們認為我們處於一個好的位置。正如布萊恩所說，我們實際上資本充足。但我們正在努力將資金投入創新上，並且正在努力找出方法，利用我們擁有的成分來真正推動更多的發展。因此，您可以看到我們的重點和優先順序增加。但我們有很多份額可以獲取，我們希望投入資源來贏得勝利。

And let me ask Brian if there's anything he would add.

讓我問布萊恩是否有什麼要補充的。

Yes. Thanks, Varun. I completely agree. And just even taking a step back on the expense front, 2023 was about doing the difficult but necessary work to rightsize the business, but it was also about narrowing our focus. We mentioned narrowing our priority list by roughly 80%. And if you think about what's left, it's really stuff that's a part of our core business and homeownership.

是的。謝謝，瓦倫。我完全同意。即使在費用方面退一步，2023 年也是要做困難但必要的工作來調整業務規模，但同時也需要縮小我們的關注範圍。我們提到將優先列表縮小約 80%。如果你想想剩下的東西，它確實是我們核心業務和住房所有權的一部分。

And then to Varun's point, we did something we don't believe others did. We still continue to invest through the down part of the cycle. And that's important because if you were going to start that now, it's much, much too late. And this is largely a big reason for some of this capacity gains that we've been talking about.

然後就瓦倫的觀點而言，我們做了一些我們不相信其他人做過的事情。我們仍然在周期的下行階段繼續投資。這很重要，因為如果你現在就開始，那就太晚了。這在很大程度上是我們一直在談論的產能成長的一個重要原因。

To answer your question more specifically, if you look at like Q1 of this year to Q1 of last year, there are a couple of things going on. Number one, Rocket Money had a really great first quarter of this year. That's their biggest customer acquisition month. They call it their Q5. They actually had a record quarter. So there was some performance marketing this year in Q1 that wasn't quite substantial last year. And then the other piece, and you mentioned it, is a difference in performance marketing. You mentioned the growth in the client acquisition. That's simply a math equation. We're going to spend that money when we like the returns. And starting off the first quarter with momentum, we're seeing some nice returns.

為了更具體地回答你的問題，如果你看看今年第一季到去年第一季度，你會發現有些事情正在發生。第一，Rocket Money 今年第一季的表現非常出色。這是他們獲得客戶最多的月份。他們稱之為 Q5。他們實際上經歷了創紀錄的季度。因此，今年第一季有一些去年沒有那麼大的效果行銷。您提到的另一件事是績效行銷的差異。您提到了客戶獲取的成長。這只是一個數學方程式。當我們喜歡回報時，我們就會花這筆錢。從第一季開始就勢頭強勁，我們看到了一些不錯的回報。

Your next question comes from the line of Kyle Joseph from Jefferies.

您的下一個問題來自傑富瑞 (Jefferies) 的凱爾約瑟夫 (Kyle Joseph)。

Just wanted to dig into expenses and profitability a little bit more. I just want to get a sense for how big Rocket Money has become as a percentage of marketing. Obviously, there's some seasonality to that business. And then just as we think about, obviously, there's some variability in your expenses tied to your originations, but how much does the AI initiative really impact the fixed versus kind of floating rate nature of your expense as originations hopefully ramp up?

只是想進一步了解費用和獲利能力。我只是想了解一下火箭資金在行銷中所佔的比例有多大。顯然，該業務存在一定的季節性。然後，正如我們所思考的，顯然，您的費用與您的起源相關，存在一些變化，但隨著起源有望增加，人工智慧計劃對您的固定費用與浮動利率性質的影響有多大？

Yes. Thank you for the question, Kyle. I'll just start with Rocket Money. And Rocket Money, obviously, is a part of our Personal Finance division, and the team has done a fantastic job. I believe they've grown almost twice the volume since the acquisition. This is an area, on a personal note, that I'm very passionate about given my background. The business has over 5 million members. They've saved our clients over $1 billion in savings. And quite frankly, it's the best personal finance app there is. We've seen impressive top line growth. I believe in December, they were the #1 app in the App Store in the finance category. And they're on track, as Brian said, for the best quarter ever.

是的。謝謝你的提問，凱爾。我將從火箭資金開始。顯然，Rocket Money 是我們個人理財部門的一部分，該團隊做得非常出色。我相信自收購以來，它們的銷量幾乎增長了一倍。就我個人而言，鑑於我的背景，這是我非常熱衷的領域。該企業擁有超過 500 萬會員。他們為我們的客戶節省了超過 10 億美元。坦白說，這是最好的個人理財應用程式。我們看到了令人印象深刻的收入成長。我相信在 12 月份，它們是 App Store 金融類別中排名第一的應用程式。正如布萊恩所說，他們正步入有史以來最好的季度。

And as we think about AI, the thing I would say before handing it over to Brian is this is really about supercharging everything we do around homeownership. It's about making sure that our team members can be orders of magnitude more productive, which is what we need when we're trying to go after a massive market and go after share. And so this is really about allowing us to do more with the same and to allow us to basically take share and grow in a market that's incredibly fragmented. And there are multiple places in which we're investing in AI across the board at every level of the organization, and so a huge strategic imperative for us.

當我們思考人工智慧時，在將其交給布萊恩之前我要說的是，這實際上是為了增強我們圍繞住房所有權所做的一切。這是為了確保我們的團隊成員的工作效率能夠提高幾個數量級，而這正是我們在努力追求巨大市場和份額時所需要的。因此，這實際上是為了讓我們能夠做更多的事情，讓我們基本上能夠在一個極度分散的市場中佔據份額並實現成長。我們在組織的各個層面全面投資人工智慧，這對我們來說是一項巨大的策略任務。

And I'll ask Brian to comment on some of the more specifics.

我會請布萊恩對一些更具體的細節發表評論。

Yes, Kyle. I mean just to jump in a little bit on your fixed versus variable. I want to be clear because we think we're in a really good spot on expense reductions after the past 2 years in those tough efforts. We focused, of course, mostly on the fixed expenses and we feel really good about that. I mean this business is a beautiful thing as volume and revenue is growing and operating leverage continues to expand. Again, we don't know exactly what will happen in 2024, but to Varun's earlier comments, most of the industry forecasters are predicting about a 30% to 35% increase. So if you slap something like that on the same fixed cost base, you really like the outcome.

是的，凱爾。我的意思是簡單介紹一下固定與變數。我想澄清的是，我們認為經過過去兩年的艱苦努力，我們在削減開支方面處於非常有利的位置。當然，我們主要關注固定費用，我們對此感覺非常好。我的意思是，隨著銷售和收入的成長以及營運槓桿的不斷擴大，這項業務是一件美好的事情。同樣，我們並不確切知道 2024 年會發生什麼，但根據 Varun 先前的評論，大多數行業預測者預測成長約為 30% 至 35%。因此，如果您在相同的固定成本基礎上進行類似的操作，您真的會喜歡結果。

The beauty of this business is once you cover those fixed costs, that next loan, a huge chunk of that drops to the bottom line. We still focus on, of course, the variable side and lowering that aspect of the business. But from a fixed cost side, we feel good about where we're at. We'll continue to monitor and watch the market and respond to conditions as any good business leader would. But as we sit today with a strong Q1 guide and a decent forecast from the market of what '24 could look like, we feel good.

這項業務的美妙之處在於，一旦你支付了這些固定成本，下一筆貸款，其中很大一部分就會下降到底線。當然，我們仍然關注可變方面並降低業務的這一方面。但從固定成本來看，我們對目前的狀況感覺良好。我們將像任何優秀的商業領袖一樣，繼續監控和觀察市場並對情況做出反應。但當我們今天看到強勁的第一季指引和市場對 24 世紀的良好預測時，我們感覺很好。

Your next question comes from the line of Don Fandetti from Wells Fargo.

您的下一個問題來自富國銀行的 Don Fandetti。

I guess on the capacity coming down in the industry, is the trend strong enough in your view that you can sort of get back to like the 300-plus basis point gain on sale margin ultimately? And it's Q1, I guess, will we see progression through the year? Is that kind of your sense where it's not just like a kind of peak in Q1 on the margin?

我想，就產業產能下降而言，您認為這一趨勢是否足夠強勁，以至於您最終可以恢復到銷售利潤率 300 多個基點的成長？我想現在是第一季度，我們會看到這一年的進展嗎？您認為這不僅僅是第一季的邊緣高峰嗎？

Thanks, Don. Yes, it's hard to say exactly what will happen in terms of the rest of '24 because obviously, there's a lot of factors like interest rates and things that go into that. But what I can say is we're sitting here 2/3 of the way through the first quarter, and we're building on the high point of last year, those Q3 gain on sale margins, so it feels good. Like we had mentioned earlier, we do believe the primary reason for that is capacity coming out of the system. We saw that through 2023, really elevated in the second half of 2023. And now we're starting to actually see it flow through in terms of pricing competitiveness.

謝謝，唐。是的，很難確切地說出 24 年剩下的時間會發生什麼，因為顯然，有很多因素，例如利率和與之相關的因素。但我可以說的是，第一季已經過去了 2/3，我們正在以去年的高點為基礎，第三季度的銷售利潤率有所增長，所以感覺很好。正如我們之前提到的，我們確實認為造成這種情況的主要原因是系統的容量。我們看到這一點一直持續到 2023 年，並在 2023 年下半年真正提升。現在我們開始真正看到它在定價競爭力方面的變化。

So it's hard to say exactly what will happen. But I'll tell you what, as we sit here in the first quarter, guiding up, and we sit here looking at the overall mortgage forecast, and it's both coming from volume increases and gain on sale margin increases, it feels pretty good to us.

所以很難確切地說會發生什麼事。但我要告訴你的是，當我們在第一季坐在這裡進行指導時，我們坐在這裡查看整體抵押貸款預測，它既來自數量的增加，又來自銷售利潤率的增加，感覺非常好我們。

Your next question comes from the line of Ryan McKeveny from Zelman & Associates.

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

Exciting times even with this macro. So I want to ask on Rocket Homes, always a lot of buzz around the online search portals. There's some new competitors. There's always a lot of innovation. Can you maybe talk to us about how you feel Rocket Homes is positioned within that online ecosystem? What's your view around the differentiation of your platform? And ultimately, maybe tie it to some of the long-term vision, either specific to the Rocket Homes business or even the interplay with purchase market share over time.

即使使用這個宏，也會令人興奮。所以我想問一下有關 Rocket Homes 的問題，在線搜尋入口網站上總是有很多熱門話題。有一些新的競爭對手。總是有很多創新。您能否與我們談談您對 Rocket Homes 在該線上生態系統中的定位有何看法？您對平台的差異化有何看法？最終，也許將其與一些長期願景聯繫起來，無論是特定於 Rocket Homes 業務，還是隨著時間的推移與購買市場份額的相互作用。

Yes. Thank you for the question, Ryan. I'll start by just saying that it's critical. And one of the reasons we have this amazing aspect of our company structure and organization is that home search is the first part of the journey. And it's no secret that hundreds of millions of consumers use home search apps multiple times daily because it's the starting point of the journey. And so that part of the experience is critical to drive a disruptive experience in purchase, which is why this is such an important part of our strategy.

是的。謝謝你的提問，瑞安。我首先要說的是，這很關鍵。我們的公司結構和組織之所以如此令人驚奇，原因之一是家庭搜尋是旅程的第一部分。數億消費者每天多次使用家庭搜尋應用程序，這已不是什麼秘密，因為這是旅程的起點。因此，這部分體驗對於推動顛覆性的購買體驗至關重要，這就是為什麼這是我們策略的重要組成部分。

And I'm very proud of the Rocket Homes team because they continue to innovate past the bleeding edge. Two examples I will give you is the recent release that they launched with CarPlay, which allows you to have a local driving experience as you're driving around looking for homes. It's a very natural experience that is cultivated around home search. It's a way to build intent. It's the way to use location services, AI and data to really create a personalized experience that meets clients where they are. The second thing I would share is the team isn't stopping there. We just talked about a beta that we released with the new Apple Vision Pro that changes the game when it comes to things like spatial computing and being able to tour homes, publish listings and really using the next generation of virtual and augmented reality.

我為 Rocket Homes 團隊感到非常自豪，因為他們不斷創新，超越前沿。我給你舉兩個例子，他們最近推出了 CarPlay，它可以讓你在開車尋找房子時獲得當地的駕駛體驗。這是圍繞著家庭搜尋培養的一種非常自然的體驗。這是建立意圖的一種方式。這是使用位置服務、人工智慧和數據來真正創造個人化體驗的方式，以滿足客戶所在的位置。我要分享的第二件事是團隊並沒有就此止步。我們剛剛談到了與新的 Apple Vision Pro 一起發布的測試版，該測試版在空間運算以及能夠參觀房屋、發布清單以及真正使用下一代虛擬和擴增實境等方面改變了遊戲規則。

And so home search is a big, big part of our strategy because it's kind of the beginning point of the journey, of the purchase experience. And if we can build intent with clients and we can build readiness with a combination of assets like Rocket Homes, Rocket Money, leveraging technology, we can bring them into the home purchase journey in a way that's more personalized, that's more streamlined and ultimately drives speed, certainty and value. So it's a big part of our strategy. It's a big part of the top of the funnel. And the team has done a good job, and we're continuing to invest.

因此，房屋搜尋是我們策略的重要組成部分，因為它是旅程和購買體驗的起點。如果我們能夠與客戶建立意圖，並且能夠透過 Rocket Homes、Rocket Money 等資產組合和利用技術做好準備，我們就可以以更個人化、更簡化並最終推動的方式將他們帶入購屋之旅速度、確定性和價值。所以這是我們策略的重要組成部分。它是漏斗頂部的很大一部分。團隊做得很好，我們將繼續投資。

Varun, that's helpful. Second question, on the marketing side of things. I guess, big picture, you guys have always innovated there. You've been very prominent as a brand in this industry. I guess, anything you can share with us on how things evolve with Jonathan as CMO? What changes in terms of the focus? What remains the same? Any thoughts there?

瓦倫，這很有幫助。第二個問題，關於行銷方面。我想，從大局來看，你們一直在這方面進行創新。作為這個行業的品牌，你們一直都非常突出。我想，關於 Jonathan 作為首席行銷官，事情是如何發展的，您有什麼可以與我們分享的嗎？重點有哪些變化？什麼保持不變？有什麼想法嗎？

Yes. I mean I would start by just saying that the best is yet to come. We've hired a pretty kickass new CMO, and we have big, big plans for our brand. The great thing about Rocket is it already is a household brand but we're scratching the surface on what's possible. And so we're continuing to invest. I think we have big plans for the near future. And buckle up and stay tuned is what I would say.

是的。我的意思是，我首先要說的是，最好的還沒到來。我們聘請了一位非常出色的新首席行銷官，我們為我們的品牌制定了非常非常大的計劃。 Rocket 的優點在於它已經是一個家喻戶曉的品牌，但我們正在探索其可能性的表面。因此我們將繼續投資。我認為我們在不久的將來有宏偉的計劃。我想說的是，繫好安全帶，保持專注。

Our next question comes from the line of Doug Harter from UBS.

我們的下一個問題來自瑞銀集團 (UBS) 的 Doug Harter。

In prior quarters, or I think last quarter, you purchased MSR. Can you talk about where your appetite is today for using that as a potential customer acquisition channel?

在前幾個季度，或者我認為是上個季度，您購買了 MSR。您能談談您現在對將其用作潛在客戶獲取管道的興趣嗎？

Doug, it's Brian. Yes. Thanks. I'll take a shot at that. Servicing continues to be an important asset. It's a strategic asset for us. We really like the returns, of course. You're looking at double-digit returns just when you look at the cash flows alone. But as you know, when you add in the recapture rates, that's where the returns get really exciting.

道格，這是布萊恩。是的。謝謝。我會嘗試一下。服務仍然是一項重要資產。這對我們來說是一項策略資產。當然，我們真的很喜歡回報。當您僅查看現金流時，您會看到兩位數的回報。但如您所知，當您添加重新捕獲率時，回報就會變得非常令人興奮。

And just for the record, we think about the servicing asset a bit differently than some others in the space. We think we're pretty good at collecting the cash flows efficiently and a lot of that drops to the bottom line. But more importantly is building that lifetime relationship with the client and capturing that next mortgage transaction because we know that next mortgage transaction is worth more than almost all the actual cash flows that you're collecting combined.

鄭重聲明一下，我們對服務資產的看法與該領域的其他資產略有不同。我們認為我們非常擅長有效地收集現金流，而其中許多都下降到了底線。但更重要的是與客戶建立終身關係並捕獲下一筆抵押貸款交易，因為我們知道下一筆抵押貸款交易的價值超過了您所收集的幾乎所有實際現金流的總和。

So we have been active in the market. We have been actively bidding. In terms of supply, there is supply out there. I wouldn't call it great supply right now. The bids are fairly aggressive. You have players out there that have publicly stated that they need to grow the servicing portfolio. So of course, you see a lot of those players show up.

所以我們一直活躍在市場上。我們一直在積極投標。從供應來看，目前有供應。我現在不會稱其為大量供應。出價相當激進。有些玩家公開表示他們需要擴大服務組合。所以當然，你會看到很多這樣的球員出現。

In terms of us, the stuff that's interesting for us is a couple-fold. One, we like the higher note rates out there, the on-the-run production, because if rates or when rates were to drop, those clients are getting the money pretty fast and we'd love to take care of them and save them some money on their monthly payment. But it's also just about onboarding new clients to our servicing experience, which is J.D. Power, award-winning, and letting them experience the Rocket experience in taking care of them. It's a lifetime value lens. It's not just a servicing lens.

就我們而言，我們感興趣的東西有很多。第一，我們喜歡更高的紙幣利率，即時生產，因為如果利率或利率下降，這些客戶很快就會收到錢，我們很樂意照顧他們並拯救他們每月付款中的一些錢。但這只是為了讓新客戶體驗我們屢獲殊榮的 J.D. Power 服務體驗，並讓他們體驗 Rocket 的護理體驗。這是一款終生有價值的鏡頭。它不僅僅是一個維修鏡頭。

Great. And just to follow up on that last point. I mean, I guess, what are the steps that you can do to kind of increase your ability to kind of retain that customer versus if they might have more loyalties elsewhere versus the customer that kind of chose to come in with Rocket on the initial mortgage?

偉大的。只是為了跟進最後一點。我的意思是，我想，你可以採取哪些步驟來提高你留住該客戶的能力，而不是如果他們在其他地方可能比那些選擇在初始抵押貸款中使用 Rocket 的客戶有更多的忠誠度？

Yes. Well, it starts with a great onboarding experience. Switching servicers can be a difficult and painful experience, if you've ever had that happen to you. So it starts with a great onboarding experience. And it starts with a great servicing platform and a great product, making sure that you're building a relationship with the client and getting in front of them at the right time, without getting in front of them too often.

是的。嗯，一切都從良好的入職體驗開始。如果您曾經遇到過這種情況，那麼更換服務商可能是一次困難且痛苦的經歷。因此，一切都從良好的入職體驗開始。它始於一個出色的服務平台和一個出色的產品，確保您與客戶建立關係並在正確的時間與他們接觸，而不是過於頻繁地與他們接觸。

So if you think about our wheelhouse in terms of performance marketing, sharing a great experience in our brand with clients, there's no better way of doing it than when we have an excuse, at least on a monthly basis, to interact with them and show off some of the products and features that we have built into the experience.

因此，如果您考慮我們在績效行銷方面的能力，即與客戶分享我們品牌的良好體驗，那麼沒有比我們有藉口（至少每月一次）與他們互動並展示更好的方法了。我們已經融入體驗中的一些產品和功能。

And we have reached the end of our question-and-answer period. I will now turn the call back over to CEO, Varun Krishna, for some final closing remarks.

我們的問答期已經結束了。現在，我將把電話轉回給執行長瓦倫·克里希納 (Varun Krishna)，讓其發表最後的結束語。

Well, thank you, everyone, for joining our call, and we look forward to seeing you next quarter and just a special invite to come to our Investor Day, and stay tuned for details.

好吧，謝謝大家加入我們的電話會議，我們期待下個季度見到您，並特別邀請您參加我們的投資者日，請繼續關注詳細資訊。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。