Rocket Companies Inc (RKT) 2024 Q1 法說會逐字稿

Thank you for standing by. My name is Jay, and I will be your conference operator today. At this time, I would like to welcome everyone to the Rocket Companies, Inc. First Quarter 2024 Earnings Call. (Operator Instructions).

謝謝你的支持。我叫 Jay，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. 2024 年第一季財報電話會議。 （操作員說明）。

I would now like to turn the conference over to Sharon Ng, Head of Investor Relations. You may begin.

我現在想將會議交給投資者關係主管 Sharon Ng。你可以開始了。

Good afternoon, everyone, and thank you for joining us for Rocket Companies Earnings Conference Call covering the first quarter of 2024. 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 2024 年第一季財報電話會議。和我們的財務長布萊恩·布朗。

Earlier today, we issued our first quarter 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，我們發布了第一季財報，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 first quarter 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一季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 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.

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。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，除非法律要求。

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？

Thank you, Sharon. Good afternoon, everyone, and thank you for joining the Rocket Companies Earnings Call for the First Quarter of 2024.

謝謝你，莎倫。大家下午好，感謝您參加 Rocket Companies 2024 年第一季財報電話會議。

This is my third earnings call since joining the company in September. As I reflect on the last 8 months, I am filled with gratitude to be part of a company with a clear and noble mission of helping everyone home. Never has this mission been more important, more relevant than it is right now. I am so proud of what our team has achieved together in this short time, and it's evident you're only at the beginning of our journey.

這是我自九月加入公司以來的第三次財報電話會議。回顧過去 8 個月，我對自己成為一家有著幫助每個人回家這一明確而崇高使命的公司的一員充滿感激之情。這項使命從未像現在這樣重要、有意義。我對我們的團隊在這麼短的時間內共同取得的成就感到非常自豪，很明顯，我們的旅程才剛剛開始。

As an organization, we are driven to execute and win and our determination is absolute. We're playing both the short and the long game, gaining momentum and achieving success, while strategically planning and executing for the long term, and this has already led to some impressive results for Rocket.

作為一個組織，我們致力於執行並取得勝利，我們的決心是絕對的。我們同時兼顧短期和長期，獲得動力並取得成功，同時進行長期策略規劃和執行，這已經為 Rocket 帶來了一些令人印象深刻的成果。

Let's start with our Q1 business results where our Rocket blasted off as we entered the new year. I'll start by sharing just a few of the highlights that I'm especially proud of from the first quarter. We reported $0.04 of adjusted diluted EPS and delivered adjusted revenue of $1.163 billion in the first quarter, once again, far exceeding the high end of our guidance range. In addition, we returned to double-digit adjusted EBITDA margin.

讓我們從第一季的業務表現開始，我們的火箭在進入新的一年時升空了。首先，我將分享第一季中令我特別自豪的一些亮點。我們公佈的第一季調整後稀釋每股收益為 0.04 美元，調整後收入為 11.63 億美元，再次遠遠超出了我們指導範圍的上限。此外，我們恢復了兩位數的調整後 EBITDA 利潤率。

Alongside these solid results, we also continued to capture market share. In Q1, both purchase and refinance market share expanded showing double-digit percentage growth on a year-over-year basis. Our analysis shows that we took that market share from large industry players and big banks in particular.

除了這些堅實的業績外，我們還繼續佔領市場份額。第一季度，購買和再融資市場佔有率均擴大，較去年同期呈現兩位數百分比成長。我們的分析表明，我們從大型行業參與者尤其是大型銀行中奪取了這一市場份額。

Market share growth while maintaining healthy gain on sale margins is our North Star metric, and it's a yardstick that objectively measures our performance compared to the rest of the industry, independent of the inevitable ebbs and flows in the market. While we cannot control market movements, we can direct our efforts to delivering world-class service for our clients and focus on growing our share.

市場佔有率成長的同時維持銷售利潤的健康成長是我們的北極星指標，它是一個客觀衡量我們與行業其他公司相比業績的標準，不受市場不可避免的潮起潮落的影響。雖然我們無法控制市場趨勢，但我們可以努力為客戶提供世界級的服務，並專注於擴大我們的份額。

We are currently the #2 player in purchase, excluding correspondent lending, and we won't stop there as we continue our upward march. With our strategy and capabilities, we believe we can and will continue to grow market share in both purchase and refinance and drive consolidation in this fragmented winner-takes-all market.

目前，我們在購買方面排名第二，不包括代理貸款，而且我們不會就此止步，因為我們將繼續向上發展。憑藉我們的策略和能力，我們相信我們能夠並將繼續增加購買和再融資方面的市場份額，並推動這個分散的贏家通吃市場的整合。

I'd like to drill deeper into a few areas of our business that outperformed in Q1. Our home equity loan product has continued to expand significantly as we've seen volume grow more than 3.5x from Q1 of 2023 to Q1 this year. Since our launch, just under 2 years ago, Rocket is now among the top players across the entire home equity loan market. This achievement underscores the strength of our capital markets infrastructure and our team's ability to introduce and quickly scale innovative products that resonate with our clients.

我想更深入地了解我們在第一季表現出色的業務領域。我們的房屋淨值貸款產品持續大幅擴張，數量從 2023 年第一季到今年第一季成長了 3.5 倍以上。自推出以來不到兩年，Rocket 現在已躋身整個房屋淨值貸款市場的頂級參與者之列。這項成就凸顯了我們資本市場基礎設施​​的實力以及我們團隊推出和快速擴展與客戶產生共鳴的創新產品的能力。

Home equity loans are particularly relevant in today's market, as they present a great option for clients looking to tap into their home equity, whether to fund remodeling projects, consolidate debt or pay for a life event without affecting a favorable rate on their primary mortgage. Home equity loans close 7 days faster than our traditional refinance transactions, and importantly, they provide us with a springboard to consolidate a client's first and second lien mortgages when interest rates decline in the future.

房屋淨值貸款在當今市場尤其重要，因為它們為希望利用房屋淨值的客戶提供了一個絕佳的選擇，無論是為改造項目提供資金、合併債務還是支付生活大事，而不會影響其主要抵押貸款的優惠利率。房屋淨值貸款比我們傳統的再融資交易快 7 天，重要的是，它們為我們提供了一個跳板，以便在未來利率下降時鞏固客戶的第一和第二留置權抵押貸款。

Servicing is a key part of our business that enables us to play offense and defense at the same time. We acquired 4 MSR portfolios in March and April at a weighted average coupon well above that of our existing book. Rocket's recapture rate of service loans is more than 2x the industry average, which is why we see our servicing portfolio as such a strategic asset. It represents a future origination opportunity on nearly 2.5 million clients without additional marketing costs while paying a recurring cash flow until the next transaction. These are just a few examples of where strategic thinking and solid execution have driven tangible business results and outcomes.

服務是我們業務的關鍵部分，使我們能夠同時進攻和防守。我們在 3 月和 4 月以遠高於我們現有帳簿的加權平均票息收購了 4 個 MSR 投資組合。 Rocket 的服務貸款回收率是行業平均水平的 2 倍以上，這就是為什麼我們將我們的服務組合視為戰略資產。它為近 250 萬客戶提供了未來的創始機會，無需額外的行銷成本，同時支付下一次交易之前的經常性現金流。這些只是策略思維和紮實執行推動實際業務成果和成果的幾個例子。

Now let's shift forward. I'd like to transition and talk about some of the trends and themes that we're seeing at the industry level. Despite recent market volatility, we are steadfast in our belief that there is tremendous opportunity ahead for Rocket. In fact, when we widen the aperture, we believe Rocket is well-positioned to capitalize on the current trends shaping the industry over the long run.

現在讓我們向前移動。我想談談我們在行業層面看到的一些趨勢和主題。儘管最近市場波動較大，但我們堅信 Rocket 未來蘊藏著巨大的機會。事實上，當我們擴大視野時，我們相信 Rocket 處於有利位置，可以利用當前塑造產業長期的趨勢。

Let me take just a minute to unpack 3 market-changing dynamics that create a perfect storm for Rocket to ride, execute and win. First, let's dive into industry capacity. Undoubtedly, the most challenging market conditions in 4 decades have catalyzed industry consolidation and capacity rationalization over the past couple of years. Mortgage employment has declined by 36% from its peak in April 2021, resulting in nearly 150,000 loan officers and mortgage brokers exiting the industry. The months to come are expected to put further pressure on smaller players already struggling with capacity and liquidity.

讓我花一分鐘時間來解析 3 個改變市場的動力，這些動力為 Rocket 創造了一場完美的風暴，以推動、執行和獲勝。首先，讓我們深入了解一下產業產能。毫無疑問，過去幾年來，四十年來最具挑戰性的市場條件促進了行業整合和產能合理化。抵押貸款就業人數較 2021 年 4 月的峰值下降了 36%，導致近 15 萬名信貸員和抵押貸款經紀人退出該行業。預計未來幾個月將給已經在產能和流動性方面陷入困境的小型企業帶來進一步的壓力。

Secondly, if we look at banks, we can clearly see there has been a secular trend of banks feeding mortgage origination market share since the global financial crisis. In fact, their share has declined by nearly half from roughly 75% in 2008 to approximately 40% according to the most recently available data. Even still, banks hold top positions and comprise 6 of the top 20 spots in the industry rankings.

其次，如果我們看一下銀行，我們可以清楚地看到，自全球金融危機以來，銀行不斷擴大抵押貸款發放市場份額已成為一種長期趨勢。事實上，根據最新數據，他們的份額已下降近一半，從 2008 年的約 75% 降至約 40%。即便如此，銀行仍佔據領先地位，並在行業排名前 20 名中佔了 6 個席位。

In recent years, banks have faced profitability challenges with their mortgage operations made more apparent against the backdrop of difficult market conditions. Looking ahead, Basel III capital requirements, which placed a higher risk weighting on mortgage capital, are likely to further deter banks from expanding their home lending operations. In fact, we believe many banks are reevaluating their mortgage lending operations altogether.

近年來，銀行的獲利能力面臨挑戰，在市場情況嚴峻的背景下，抵押貸款業務的挑戰更加明顯。展望未來，巴塞爾協議 III 的資本要求對抵押貸款資本賦予了更高的風險權重，可能會進一步阻止銀行擴大房屋貸款業務。事實上，我們相信許多銀行正在重新評估其抵押貸款業務。

Lastly, the landmark National Association of Realtors Settlement has the potential to upend the home buying and selling realtor commission model that has remained unchanged for nearly 100 years. The traditional home buying and selling experience is fragmented, inefficient, costly and ripe for disruption. This settlement has the opportunity to change the home value equation and to pave the way for a better experience for both buyers and sellers of homes.

最後，具有里程碑意義的全國房地產經紀人協會結算有可能顛覆近 100 年來一直保持不變的房屋買賣房地產經紀人佣金模式。傳統的房屋買賣體驗分散、效率低、成本高昂且容易被顛覆。和解有機會改變房屋價值方程式，並為房屋買家和賣家提供更好的體驗鋪平道路。

Rocket strategy capitalizes on these 3 seismic ships. We have a fortress balance sheet that gives us the flexibility to not only survive, but to thrive through the inevitable ups and downs of the market. While others are buying for survival, we are strategically investing in top-tier talent, cutting-edge technology and the enhancement of our brand to build a durable and growing business for the long term.

火箭戰略充分利用了這 3 艘地震船。我們擁有堅固的資產負債表，使我們不僅能夠靈活生存，而且能夠在市場不可避免的起伏中蓬勃發展。當其他人為了生存而購買時，我們正在策略性地投資於頂級人才、尖端技術和增強我們的品牌，以建立長期持久且不斷增長的業務。

Our comprehensive suite of integrated end-to-end services squarely addresses every aspect of the home buying opportunity from every side of the equation. We are poised to lead and revolutionize how homes are bought, sold and financed.

我們全面的整合端到端服務套件從各個方面直接解決購屋機會的各個方面。我們準備好引領和徹底改變房屋的購買、銷售和融資方式。

As I shared earlier, at Rocket, our mission is to help everyone home. This is our grand challenge. We stand for every aspect of the homeownership journey from buying, selling and listing homes to purchase, refinance and servicing. That is what help everyone home means. We aim to transform the homeownership experience end to end, and our market opportunity is the entirety of the homeownership category.

正如我之前分享的，在 Rocket，我們的使命是幫助每個人回家。這是我們的重大挑戰。我們代表房屋所有權過程的各個方面，從購買、出售和掛牌房屋到購買、再融資和維修。這就是幫助每個人回家的意義。我們的目標是端到端地改變住房擁有體驗，我們的市場機會是整個住房擁有類別。

The foundation that underpins this mission is a strategy that we call AI-fueled homeownership. That means we are committed to delivering industry-leading experiences powered by AI, benefiting our clients, mortgage brokers, real estate agents, financial institution partners and our team members alike. In a short amount of time, Rocket has already positioned itself as the industry leader in AI, continually pioneering client experiences that are unmatched by others.

支撐這項使命的基礎是我們稱之為人工智慧推動的住房所有權的策略。這意味著我們致力於提供由人工智慧支援的行業領先體驗，使我們的客戶、抵押貸款經紀人、房地產經紀人、金融機構合作夥伴和我們的團隊成員受益。在很短的時間內，Rocket 就已經將自己定​​位為人工智慧領域的產業領導者，並不斷開創其他公司無法比擬的客戶體驗。

Let me just share a handful of recent examples of how our innovation is accelerating. Our Rocket Homes team recently launched Explore Spaces visual search, the first of its kind in the industry. This innovation enables users to discover their next stream home by displaying photos based on features that are important to them such as kitchens with marble countertops or backyards with lush lawns. This is made possible by leveraging computer vision AI for image recognition and processing. This technology enables listing images to be quickly identified in text descriptions to be automatically generated, removing the need for manually tagging or writing content from scratch. Since launch, we've seen some very compelling early stocks. Users who engage with the Explore Spaces experience spend almost twice as long on the site per visit, and they returned 6x more often.

讓我分享一些最近我們的創新如何加速的例子。我們的 Rocket Homes 團隊最近推出了 Explore Spaces 視覺搜索，這是業界首創。這項創新使用戶能夠根據對他們重要的功能（例如帶有大理石檯面的廚房或帶有茂密草坪的後院）顯示照片來發現他們的下一個流家庭。這是透過利用電腦視覺人工智慧進行影像辨識和處理來實現的。該技術可以在自動生成的文字描述中快速識別清單圖像，從而無需手動標記或從頭開始編寫內容。自推出以來，我們已經看到了一些非常引人注目的早期股票。參與「探索空間」體驗的用戶每次造訪在網站上花費的時間幾乎是原來的兩倍，返回的頻率增加了 6 倍。

As part of the Explore Spaces experience, Rocket Homes also launched auditory search, which makes home search inclusive and accessible for the nearly 10% of the U.S. population that experiences visual impairment. AI automatically generates detailed captions for each photo that can actually be read aloud through AI-powered voice transcription.

作為探索空間體驗的一部分，Rocket Homes 還推出了聽覺搜索，這使得家庭搜索具有包容性，可供近 10% 有視力障礙的美國人口使用。人工智慧會自動為每張照片產生詳細的說明文字，這些說明文字實際上可以透過人工智慧驅動的語音轉錄大聲朗讀。

Continuing our incredible pace of innovation, just last week, we launched a new pilot that uses voice-based generative AI to allow clients to update their verified approval letter simply by using their voice. Typically, when a client needs to modify their approval letter to make an offer on a house, a need that has only increased in today's dynamic and competitive home buying environment, they have to call their mortgage banker who then makes modification. Our bankers and underwriters handle those adjustment requests nearly 300,000 times a year. This is an incredibly manual process, which can take hours or days and not only takes our bankers away from prospecting for new business, but it is prone to errors and delays.

繼續我們令人難以置信的創新步伐，就在上週，我們推出了一項新的試點，該試點使用基於語音的生成人工智慧，讓客戶只需使用語音即可更新其經過驗證的批准函。通常，當客戶需要修改他們的批准函以提出房屋報價時（在當今動態和競爭激烈的購房環境中這種需求只會增加），他們必須致電抵押貸款銀行家，然後由銀行家進行修改。我們的銀行家和承銷商每年處理這些調整請求近 30 萬次。這是一個令人難以置信的手動流程，可能需要數小時或數天的時間，不僅讓我們的銀行家無法尋找新業務，而且很容易出現錯誤和延誤。

In an industry-first, our clients can use natural language to easily make modifications over the phone in just a minute. And their realtors are kept up to date through automated notifications 24 hours a day, 7 days a week. This new feature is great for clients because the speed gives them an extra edge to make winning offers in their dream home. Every second counts in a competitive market. It's great for realtors to be kept in the loop and great for our bankers who can use time previously spent on this administrative task to work with more clients.

我們的客戶可以使用自然語言在一分鐘內透過電話輕鬆進行修改，這在業界尚屬首次。他們的房地產經紀人透過每週 7 天、每天 24 小時的自動通知來了解最新情況。這項新功能對客戶來說非常有用，因為速度給了他們額外的優勢，可以在他們的夢想家園中贏得報價。在競爭激烈的市場中，每一秒都至關重要。對於房地產經紀人來說，了解情況非常好，對於我們的銀行家來說也非常好，他們可以利用以前花在這項管理任務上的時間來與更多客戶合作。

This is just one of many industry-first client-facing features in our pipeline that leverage AI to deliver great experiences. No matter the modality, whether through chat, phone, our website or our mobile app. There are many use cases for AI, but the most significant and immediately impactful application at our company is supercharging our team members. AI eliminates the drudgery of burdensome time-consuming manual tasks so that our team members can spend more time on making human connections and producing higher-value work. Ultimately, with AI, we are driving operational efficiency, speed, accuracy and personalization at massive scale.

這只是我們管道中眾多領先業界的面向客戶的功能之一，這些功能利用人工智慧來提供出色的體驗。無論何種方式，無論是透過聊天、電話、我們的網站或我們的行動應用程式。人工智慧有許多用例，但在我們公司最重要、最有直接影響力的應用是為我們的團隊成員提供強大的支援。人工智慧消除了繁重、耗時的手動任務的苦差事，使我們的團隊成員可以將更多時間花在建立人際關係和創造更高價值的工作上。最終，透過人工智慧，我們正在大規模提高營運效率、速度、準確性和個人化。

Rocket Logic, our proprietary patented AI technology platform and where the majority of our engineering resources are directed, powers both our client-facing interactions and back-end processing. Rocket Logic continues to add new capabilities and expand full automation of mundane tasks, bringing up team member capacity to serve many more clients and drive growth.

Rocket Logic 是我們專有的專利人工智慧技術平台，我們的大部分工程資源都集中在該平台上，為我們面向客戶的互動和後端處理提供支援。 Rocket Logic 不斷增加新功能並擴展日常任務的完全自動化，提高團隊成員的能力來服務更多客戶並推動成長。

Rocket Logic utilizes collaborative intelligence to help our team members complete work more seamlessly. Here are just a few recent additions to our Rocket Logic platform. Rocket Logic Assistant, which seamlessly and accurately follows the conversation with a client in real time, populates hundreds of crucial application fields hands-free. We believe we have the best mortgage bankers in the business, and now we're providing them with the tools to be even more productive. As a result, they're able to devote their time and full attention to where it matters most to our clients.

Rocket Logic 利用協作智慧幫助我們的團隊成員更無縫地完成工作。以下是我們的 Rocket Logic 平台最近新增的一些內容。 Rocket Logic Assistant 可以無縫、準確地即時追蹤與客戶的對話，無需動手即可填充數百個關鍵應用領域。我們相信我們擁有業內最優秀的抵押貸款銀行家，現在我們為他們提供提高生產力的工具。因此，他們能夠將時間和全部精力投入到對客戶最重要的事情上。

Rocket Logic Docs, our intelligent document processing platform automates document upload, classification, loan association and field extraction, enabling fast and accurate processing at scale like never before. Rocket Logic Docs automatically identifies nearly 70% of the more than 1.5 million documents we received monthly resulting in a savings of more than 5,000 hours of manual work for our underwriters in February 2024 alone. Of the 4.3 million data points extracted from documents, including W-2s and bank statements in February, nearly 90% were automatically processed, saving an additional 4,000 hours of manual work for our team members. And we're continuously building upon and adding new capabilities to Rocket Logic.

Rocket Logic Docs 是我們的智慧型文件處理平台，可自動執行文件上傳、分類、貸款關聯和欄位擷取，從而實現前所未有的快速、準確的大規模處理。 Rocket Logic Docs 自動識別了我們每月收到的超過 150 萬份文件中的近 70%，僅在 2024 年 2 月就為我們的承銷商節省了 5,000 多個小時的手動工作時間。從 2 月的 W-2 和銀行對帳單等文件中提取的 430 萬個數據點中，近 90% 得到了自動處理，為我們的團隊成員額外節省了 4,000 小時的手動工作時間。我們不斷為 Rocket Logic 建造並添加新功能。

Just last month, we announced Rocket Logic Synopsis. A new feature used by our client-facing team members across mortgage banking, TPO, mortgage operations and servicing. Each year, our teams participate in 65 million calls with our clients, and Synopsis works behind the scenes, transcribing and tagging client interactions, logging client preferences for communication method, time to be contacted, call purpose, sentiments and more.

就在上個月，我們發行了《Rocket Logic Synopsis》。這是我們面向客戶的抵押貸款銀行、TPO、抵押貸款營運和服務團隊成員使用的新功能。每年，我們的團隊都會與客戶進行 6500 萬次通話，Synopsis 在幕後工作，記錄和標記客戶互動，記錄客戶對溝通方式的偏好、聯繫時間、通話目的、情緒等。

The key to AI is continuous training of models with recursive feedback loops and data. We are organizing this invaluable data to construct unified client profiles in a centralized repository. From this repository, we train models to gain deeper insights and analytics to personalize all future interactions with our clients. The ultimate objective is to deliver industry-best client experiences that translates into better conversion rates and higher client lifetime value and to just get continuously better and better at it.

人工智慧的關鍵是透過遞歸回饋循環和資料持續訓練模型。我們正在組織這些寶貴的數據，以便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，從而個性化未來與客戶的所有互動。最終目標是提供業界最佳的客戶體驗，轉化為更好的轉換率和更高的客戶終身價值，並不斷變得越來越好。

Rocket Logic's automation has already reduced the number of times a team member interacts with a loan by nearly 25% year-over-year. This, in turn, has shaved several days off the time it takes Rocket's clients to close on a home purchase, reducing turn times by 25% from August 2022 to February 2024. These efficiencies are key in helping Rocket close loans nearly 2.5x faster than the industry average.

Rocket Logic 的自動化已經使團隊成員與貸款互動的次數比去年同期減少了近 25%。這反過來又使Rocket 的客戶完成購房所需的時間縮短了幾天，從2022 年8 月到2024 年2 月，週轉時間縮短了25%。倍的關鍵。

Great companies succeed with exceptional execution. At Rocket, we are driving better and faster execution across the board, and it's only going to continue and get even better from here. We are excited to share more examples of how AI is being deployed and the value it brings to our core businesses. We've recently solidified our road map and established objectives and key results to support our AI-driven homeownership strategy, and prioritize key strategic objectives. Consequently, we're operating with a heightened sense of focus and accountability.

偉大的公司透過卓越的執行力取得成功。在 Rocket，我們正在全面推動更好、更快的執行，並且只會繼續下去，並從這裡變得更好。我們很高興分享更多有關如何部署人工智慧及其為我們的核心業務帶來的價值的範例。我們最近鞏固了我們的路線圖，並製定了目標和關鍵成果，以支持我們的人工智慧驅動的房屋所有權策略，並優先考慮關鍵策略目標。因此，我們在營運時具有高度的專注感和責任感。

Through this process, we've also streamlined how we interact internally and significantly reduced the number of meetings we conduct while sharpening the focus of those that we do have. As a result, I'm excited that our engineers are spending less time in meetings and roughly 30% more time coding and creating great experiences for our clients. In fact, just last month, I attended our Hack Week event, and I was just blown away. It was an amazing experience that highlighted our incredibly talented technology team members working rapidly to build that next game-changing innovation. From this Hack Week, dozens of the best ideas have gone from ideation to production in a matter of weeks.

透過這個過程，我們也簡化了內部互動方式，並顯著減少了我們舉行的會議數量，同時集中了我們現有會議的重點。因此，我很高興我們的工程師花在會議上的時間減少了，而編碼和為客戶創造出色體驗的時間增加了大約 30%。事實上，就在上個月，我參加了我們的駭客週活動，我被震撼了。這是一次令人驚嘆的經歷，突顯了我們才華橫溢的技術團隊成員快速工作，打造下一個改變遊戲規則的創新。從這次黑客週開始，數十個最佳創意在短短幾週內就從構思變成了生產。

In closing, we are laser-focused on our mission to help everyone home, and we are executing with velocity. We believe we're in the perfect position to take advantage of the opportunities presented by multiple once-in-a-generation tailwinds and we are poised to transform the home buying category, building upon our established refinance and servicing business and also continuing to grow and take share in purchase. All of this is underpinned by AI which enables us to accelerate our pace of execution and grow our market share, revenue and profitability at scale.

最後，我們全神貫注於幫助每個人回家的使命，我們正在快速執行。我們相信，我們處於完美的位置，可以充分利用多個千載難逢的機會所帶來的機遇，並且我們已準備好改變購房類別，以我們既定的再融資和服務業務為基礎，並繼續增長並獲得購買份額。所有這一切都以人工智慧為基礎，人工智慧使我們能夠加快執行速度，並大規模擴大我們的市場份額、收入和獲利能力。

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.

謝謝瓦倫，大家下午好。

On today's call, I'll cover our strong financial results for the first quarter of 2024, including achieving another quarter of profitable market share growth. I'll share some insights on the tangible value we are seeing from leveraging AI to drive efficiency, velocity and accuracy across our business, and I'll close with our perspectives on the current market environment and outlook for the second quarter.

在今天的電話會議上，我將介紹我們 2024 年第一季的強勁財務業績，包括實現另一個季度的獲利市場份額成長。我將分享一些關於我們利用人工智慧來提高整個業務的效率、速度和準確性所看到的有形價值的見解，最後我將闡述我們對當前市場環境和第二季前景的看法。

But before I get started, on a personal note, I'm approaching my 10-year anniversary with Rocket, and I have never been more excited about the course we are charting ahead. As Varun mentioned, we have the strategy and resources necessary to capitalize on a once-in-a-generation tailwind in this huge fragmented home-buying space. We are executing with speed, and we are incredibly well-positioned to be the leader in home ownership.

但在我開始之前，就我個人而言，我與 Rocket 的 10 週年紀念日即將到來，我對我們未來規劃的路線感到前所未有的興奮。正如瓦倫所提到的，我們擁有必要的策略和資源，可以在這個巨大的分散的購屋空間中利用千載難逢的順風車。我們正在快速執行，並且我們處於令人難以置信的有利位置，可以成為房屋所有權領域的領導者。

Over the past few months, we have realigned the entire company around our strategy of AI-fueled home ownership. The energy and engagement from our team members have been electric. And I'm confident we are going to accomplish great things together as we execute on our mission to help everyone home.

在過去的幾個月裡，我們圍繞著人工智慧推動的置業策略重新調整了整個公司。我們團隊成員的精力和參與度都非常高。我相信，當我們執行幫助每個人回家的使命時，我們將共同完成偉大的事情。

Turning to the first quarter. We once again achieved strong results. We gained market share, accelerated revenue growth and achieved our highest profitability in 2 years. We delivered these results against a backdrop of higher for longer interest rates in a mortgage market that remains well below historical levels. Our exceptional performance is a testament to the hard work and focused execution of our team members.

轉向第一季。我們再次取得了驕人的成績。我們獲得了市場份額，加速了收入成長，並實現了兩年來的最高獲利能力。我們在抵押貸款市場長期利率較高且仍遠低於歷史水準的背景下得出了這些結果。我們卓越的表現證明了團隊成員的辛勤工作和專注執行。

Diving further into Q1 results, we generated $22.4 billion in net rate lock volume and $20.2 billion in closed loan volume. Once again, we have made significant strides in both refinance and purchase market share, delivering meaningful growth on both fronts during the period. Our differentiated solutions like our home equity loan product, attracting new refinance clients who want to access the equity in their home while preserving an already low rate on their existing mortgage.

進一步研究第一季的業績，我們產生了 224 億美元的淨利率鎖定量和 202 億美元的已結貸款量。我們再次在再融資和購買市場份額方面取得了重大進展，在此期間在這兩個方面都實現了有意義的成長。我們的差異化解決方案（例如房屋淨值貸款產品）吸引了新的再融資客戶，他們希望獲得房屋淨值，同時保持現有抵押貸款已經很低的利率。

And then from a purchase perspective, Rocket's integrated end-to-end ecosystem across real estate and mortgage makes for unbeatable offerings like our Buy Plus program, which is directly geared towards addressing the historic affordability challenges that today's buyers face. Like home equity loans, the majority of Buy Plus clients are new to Rocket, and helped drive our purchase market share gains over the past year while continuing to organically grow our servicing portfolio.

然後從購買的角度來看，Rocket 跨房地產和抵押貸款的整合端到端生態系統提供了無與倫比的產品，例如我們的Buy Plus 計劃，該計劃直接致力於解決當今買家面臨的歷史性負擔能力挑戰。與房屋淨值貸款一樣，大多數 Buy Plus 客戶都是 Rocket 的新客戶，他們在過去一年中幫助推動了我們購買市場份額的成長，同時繼續有機增長我們的服務組合。

Looking at industry forecasts and other more real-time data sources, the total industry volume was roughly flat on a year-over-year basis in the first quarter. By comparison, our first quarter loan volume was up 19% on a year-over-year basis.

從產業預測和其他更即時的數據來源來看，第一季產業總量年比大致持平。相比之下，我們第一季的貸款量年增 19%。

Turning to revenue. We generated adjusted revenue of $1.163 billion in the first quarter, well above the high end of our guidance range. This represents a 32% increase from the first quarter of 2023 and marks the third consecutive quarter of accelerating growth year-over-year.

轉向收入。第一季調整後營收為 11.63 億美元，遠高於我們指引範圍的上限。這比 2023 年第一季成長了 32%，標誌著連續第三個季度同比加速成長。

Gain on sale margin for the first quarter was 311 basis points, which compares favorably to the 268 basis points in Q4 and the 239 basis points in the first quarter of 2023. This upward trend in gain on sale margins over the past year has been driven in part by capacity continuing to come out of the system. I'll elaborate further on gain on sale margins in a moment.

第一季銷售利潤率成長 311 個基點，優於第四季的 268 個基點和 2023 年第一季的 239 個基點。繼續流出的容量。稍後我將進一步詳細闡述銷售利潤率。

In addition to posting strong top line growth, we also meaningfully increased profitability. Adjusted EBITDA was $174 million, an improvement of more than $250 million from the first quarter of last year. Adjusted diluted EPS came in at $0.04 per share in the first quarter.

除了實現強勁的收入成長外，我們還顯著提高了獲利能力。調整後 EBITDA 為 1.74 億美元，比去年第一季增加了 2.5 億美元以上。第一季調整後攤薄每股收益為 0.04 美元。

While we are pleased to return to double-digit adjusted EBITDA margin in the first quarter, this is only a glimmer of Rocket's true earnings potential. The past few years have been a tale of peaks and valleys in the market. We have done the difficult but necessary work to rightsize the company and respond to market realities. More importantly, though, with our robust financial profile, we have continued to invest heavily in crucial areas such as talent and technology to seize the future market opportunities.

雖然我們很高興第一季調整後的 EBITDA 利潤率恢復到兩位數，但這只是 Rocket 真正獲利潛力的一小部分。過去幾年市場經歷了高峰和低谷。我們已經完成了困難但必要的工作來調整公司規模並應對市場現實。但更重要的是，憑藉我們穩健的財務狀況，我們繼續在人才和技術等關鍵領域進行大量投資，以抓住未來的市場機會。

Now let's take a look at our operating expenses. Total expenses in the first quarter were $1.085 billion, roughly flat year-over-year, which is particularly notable when compared to the 32% increase in adjusted revenue over the same period. Thanks to the operational efficiency measures we implemented last year, we realized full quarter cost savings in Q1, which we then chose to direct towards ROI-driven performance marketing spend to drive the additional production. We also incurred higher variable costs related to higher volumes, which included industry-wide credit cost increases.

現在讓我們來看看我們的營運費用。第一季的總支出為 10.85 億美元，與去年同期基本持平，與同期調整後收入 32% 的成長相比，這一點尤其引人注目。由於我們去年實施的營運效率措施，我們在第一季實現了整個季度的成本節省，然後我們選擇將其直接用於投資回報率驅動的績效行銷支出，以推動額外的生產。我們也因產量增加而產生了更高的變動成本，其中包括全行業信貸成本的增加。

Earlier, you heard Varun talk about how AI is powering great client experiences and unlocking team member productivity. I'd like to share even more perspective on how AI is bringing tangible business value through enhanced operational efficiency, velocity and accuracy at scale. The most apparent and significant value add that I've seen is augmenting team member capacity through operational efficiency. With AI, we are unlocking significant productivity by supercharging our team members in the most critical functions.

早些時候，您聽到 Varun 談論人工智慧如何為卓越的客戶體驗提供支援並釋放團隊成員的生產力。我想就人工智慧如何透過大規模提高營運效率、速度和準確性來帶來切實的商業價值分享更多觀點。我見過的最明顯、最重要的增值是透過營運效率來增強團隊成員的能力。借助人工智慧，我們可以在最關鍵的職能上增強團隊成員的能力，從而顯著提高生產力。

Take our team member-intensive areas such as mortgage banking, operations and servicing, which make up the majority of our total team members. Every day, team members in these areas are using AI tools to handle routine tasks, such as Rocket Logic Synopsis to transcribe calls, Rocket Logic Assistant to populate mortgage applications and Rocket Logic Docs to classify documents and extract data fields. With AI handling this work, our team members have more time to provide tailored advice and engage in higher-value conversations with our clients. Rocket Logic is reducing manual tasks by nearly 25% year-over-year, directly translating into tangible operational efficiencies.

以我們團隊成員密集的領域為例，例如抵押貸款銀行、營運和服務，這些領域構成了我們團隊成員的大部分。這些領域的團隊成員每天都在使用人工智慧工具來處理日常任務​​，例如使用 Rocket Logic Synopsis 來轉錄通話、使用 Rocket Logic Assistant 來填充抵押貸款申請以及使用 Rocket Logic Docs 來對文件進行分類和提取資料欄位。透過人工智慧處理這項工作，我們的團隊成員有更多時間提供量身定制的建議並與客戶進行更高價值的對話。 Rocket Logic 的手動任務年減了近 25%，直接轉化為實際的營運效率。

With AI, we are also serving our clients with greater velocity. Rocket Logic's automation has shaved days off of our purchase turn times, improving closing time by 25% from August 2022 to February 2024. Turn times are an important factor. First and foremost, because the more quickly we can close a loan, the better experience we can offer clients, especially in a competitive home-buying market.

借助人工智慧，我們還可以更快地為客戶提供服務。 Rocket Logic 的自動化技術縮短了我們的採購週轉時間，從 2022 年 8 月到 2024 年 2 月，結帳時間縮短了 25%。首先也是最重要的，因為我們越快結束貸款，我們就能為客戶提供更好的體驗，尤其是在競爭激烈的購屋市場。

AI is also helping us reduce risk and strengthen compliance by driving never-before-seen accuracy. For example, income verification is a critical step in the underwriting process. And income verification issues are among the top reasons behind GSE repurchase requests. AI is helping to drive significantly higher accuracy rates, which has the potential to reduce financial losses on previously originated loans repurchased from the GSEs.

人工智慧也透過提高前所未有的準確性來幫助我們降低風險並加強合規性。例如，收入核實是核保過程中的關鍵步驟。收入核實問題是 GSE 回購請求背後的首要原因之一。人工智慧正在幫助大幅提高準確率，這有可能減少先前從政府支持企業回購的貸款的財務損失。

Turning to our balance sheet. Rocket's strong financial position continues to be a strategic advantage. Amidst the shifting industry landscape, our financial position increasingly serves as a competitive moat, affording us the flexibility to be opportunistic when others may be fighting just to stay alive. Our financial profile allows us to continue investing in top talent as well as technology and AI capabilities to build a durable business to position our organization for growth.

轉向我們的資產負債表。火箭強大的財務狀況仍然是一項戰略優勢。在不斷變化的行業格局中，我們的財務狀況日益成為競爭的護城河，使我們能夠在其他人為生存而奮鬥時靈活地抓住機會。我們的財務狀況使我們能夠繼續投資頂尖人才以及技術和人工智慧能力，以建立持久的業務，使我們的組織成長。

Looking ahead, our robust liquidity will be an even greater advantage as new capital requirements begin to take effect in the industry. With respect to the FHFA liquidity 2.0 requirements, that went into effect in late 2023 and Ginnie Mae's new risk-based capital standards that to take effect later this year, Rocket is well in excess of both of the capital and liquidity levels. This is a regulatory requirement that many of our competitors are actively having to manage rather than being able to invest in technology and programs that will deliver long-term growth.

展望未來，隨著新的資本要求開始在產業生效，我們強勁的流動性將成為更大的優勢。就 2023 年底生效的 FHFA 流動性 2.0 要求以及將於今年稍後生效的吉利美新的基於風險的資本標準而言，Rocket 遠遠超過了資本和流動性水平。這是我們的許多競爭對手必須積極管理的監管要求，而不是能夠投資於能夠實現長期成長的技術和計劃。

We ended the first quarter with $3.5 billion of available cash and $6.7 billion of mortgage servicing rights. Together, these assets represent a total of approximately $10.2 billion of value on our balance sheet. Our $3.5 billion of available cash consists of $900 million of cash on the balance sheet, an additional $2.6 billion of corporate cash used to self-fund loan originations. Total liquidity stood at approximately $8.9 billion as of March 31, including available cash, undrawn lines of credit in our undrawn MSR lines.

第一季末，我們擁有 35 億美元的可用現金和 67 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 102 億美元。我們 35 億美元的可用現金包括資產負債表上的 9 億美元現金，另外 26 億美元的企業現金用於自籌貸款。截至 3 月 31 日，流動性總額約為 89 億美元，包括可用現金、我們未提取的 MSR 額度中的未提取信用額度。

As of March 31st, our mortgage servicing portfolio included nearly 2.5 million loans, that's $511 billion of unpaid principal balance. Our net client retention rate in the first quarter was 96%, which continues to be multiples higher than the industry average. Retention rate serves as a key metric engaging client satisfaction and is the primary indicator of client lifetime value. We also drive significant recurring revenue from mortgage servicing. During the first quarter, we generated $346 million of cash revenue from our servicing book, which represents approximately $1.4 billion on an annualized basis.

截至 3 月 31 日，我們的抵押貸款服務組合包括近 250 萬筆貸款，即未付本金餘額 5,110 億美元。第一季我們的淨客戶保留率為 96%，持續高於行業平均。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。我們也從抵押貸款服務中獲得可觀的經常性收入。第一季度，我們從服務帳簿產生了 3.46 億美元的現金收入，以年化計算約為 14 億美元。

Servicing is a strategic area of growth and we see strong synergy between our Servicing portfolio and our Origination business. With our industry-leading recapture rate, we take a different approach to servicing than others, viewing it through the lens of client lifetime value.

服務是一個策略性成長領域，我們看到我們的服務產品組合和我們的起源業務之間存在著強大的協同作用。憑藉著業界領先的回收率，我們採取與其他公司不同的服務方法，從客戶終身價值的角度來看待它。

In March and April, we acquired over $8 billion of unpaid principal balance with a blended weighted average note rate above that of our current portfolio. These higher note rate MSRs enable us to capitalize on our industry-leading recapture rate and set us up for future refinance opportunities.

3 月和 4 月，我們收購了超過 80 億美元的未付本金餘額，混合加權平均票據利率高於我們目前投資組合的利率。這些更高的票據利率 MSR 使我們能夠利用業界領先的回收率，並為我們未來的再融資機會做好準備。

Turning to our outlook for the second quarter. Our guidance on today's call is based on trends we've observed quarter-to-date and 1 month of actual performance. April is typically the lowest month of the quarter from a volume perspective and market conditions in April were challenging. The 10-year treasury yield has increased roughly 70 basis points since the start of the year in response to persistent inflation and strong macroeconomic data. Despite some gradual improvements, home inventory levels remain well below their historical average, while higher mortgage rates further compound affordability challenges.

轉向我們對第二季的展望。我們對今天電話會議的指導是基於我們觀察到的季度至今和 1 個月實際業績的趨勢。從成交量的角度來看，四月份通常是本季最低的月份，四月份的市場狀況充滿挑戰。由於持續的通膨和強勁的宏觀經濟數據，自今年年初以來，10年期公債殖利率已上漲約70個基點。儘管逐步改善，但房屋庫存水平仍遠低於歷史平均水平，而抵押貸款利率上升進一步加劇了負擔能力的挑戰。

The traditional spring purchase season is off to a slow start. Across the industry, 2024 has turned in the worst March and April for purchase applications in the last 30 years. Despite the challenging rate and inventory environment, our Q2 guidance reflects our expectation of higher volume and positions us to take share again in the second quarter. It's worth noting that our strong gain on sale margins in Q1 benefited from 2 market-driven factors that may not reoccur. One factor was a lower interest rate environment when compared to Q2. Another factor was our extremely strong execution in the securitization markets for our home equity loan product. Therefore, our expectation is that the second quarter gain on sale margins will return to levels closer to those observed in the second half of last year.

傳統的春季採購季節開始緩慢。就整個產業而言，2024 年的 3 月和 4 月是過去 30 年來採購申請最差的 3 月和 4 月。儘管利率和庫存環境充滿挑戰，但我們第二季的指導反映了我們對銷售增加的預期，並使我們能夠在第二季再次佔據市場份額。值得注意的是，我們第一季銷售利潤率的強勁成長得益於兩個可能不會再次出現的市場驅動因素。與第二季相比，一個因素是利率環境較低。另一個因素是我們在房屋淨值貸款產品的證券化市場上極為強大的執行力。因此，我們預計第二季銷售利潤率將恢復到接近去年下半年的水平。

In Q2, we expect adjusted revenue to be in the range of $1.075 billion to $1.225 billion. In summary, we are confident that we will drive top line growth, take share and our guidance reflects exactly this.

我們預計第二季調整後營收將在 10.75 億美元至 12.25 億美元之間。總而言之，我們有信心推動營收成長，搶佔市場份額，我們的指導恰恰反映了這一點。

Regarding operating expenses, we expect the second quarter to be roughly flat on a year-over-year basis, as the savings from last year's operational efficiency initiatives are expected to be mostly offset by increased variable costs related to higher volumes, which includes the industry-wide credit cost increases.

關於營運費用，我們預計第二季將與去年同期大致持平，因為去年營運效率措施帶來的節省預計將大部分被與銷售增加相關的可變成本增加所抵消，其中包括行業全範圍信貸成本增加。

As always, our forward-looking guidance is based on our current outlook and visibility, which should come across clearly from our remarks today is our conviction to grow purchase and transform the massive, fragmented homeownership category. Through our strategy and with our capabilities, we believe we are well-positioned to navigate and thrive regardless of market conditions. With AI, we are unlocking capacity and enhancing operational efficiency, velocity and accuracy. We are just getting started, and we're fired up to execute on our mission to help everyone home.

像往常一樣，我們的前瞻性指引是基於我們當前的前景和可見性，從我們今天的言論中應該清楚地看出，我們有信心增加購買量並改變龐大、分散的住房擁有類別。透過我們的策略和我們的能力，我們相信無論市場條件如何，我們都能夠順利發展並蓬勃發展。借助人工智慧，我們正在釋放容量並提高營運效率、速度和準確性。 我們才剛開始，我們滿懷熱情地執行我們的使命，幫助每個人回家。

With that, we are 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。

(Operator Instructions) Your first question comes from the line of Ryan Nash of Goldman Sachs.

（操作員說明）您的第一個問題來自高盛的 Ryan Nash。

So I wanted to dig a little bit further into the outlook across a handful of areas, the originations, revenues and profitability. Maybe to just sort of dig into each of them, Brian, you give a little bit of color on 2Q saying continued market share gains, revenues. Obviously, we had the guide, and this is the first quarter I think we had net income profitability. So can you maybe just talk about how you think all of these things together will evolve into the outlook for '24, given you guys are obviously talking about growing originations, the industry might end up being relatively steady. How do you see all these things working together and now we're back to a sustained level of profitability?

因此，我想進一步深入研究幾個領域的前景、起源、收入和獲利能力。也許只是為了深入研究其中每一個，布萊恩，你對第二季度的市場份額和收入進行了一些說明。顯然，我們有指南，我認為這是我們淨利潤的第一季。那麼，您能否談談您認為所有這些事情將如何演變為 24 世紀的前景，鑑於您顯然正在談論不斷增長的起源，該行業最終可能會相對穩定。您如何看待所有這些因素共同作用，現在我們又回到了持續的獲利水準？

Yes. Ryan, thank you for the question. I'll start, and then I'll ask Brian to jump in if there's anything that he would add. And I think the first thing I would just say is it's a tough market out there. You've got rates that are kind of moving a little bit in the wrong direction. You've got MBA data that's showing that mortgage applications are lower than expected. But when you step back from that, we firmly believe that the dynamics of the market are going to be favorable to Rocket. And that's regardless of the size of the market, whether it's a $1.5 trillion TAM or a $2 trillion TAM.

是的。瑞安，謝謝你的提問。我先開始，然後我會請 Brian 插話，看看他有沒有什麼要補充的。我想我要說的第一件事是，這是一個艱難的市場。利率有點往錯誤的方向移動。 MBA 數據顯示抵押貸款申請低於預期。但當你退一步看時，我們堅信市場動態將對 Rocket 有利。這與市場規模無關，無論是 1.5 兆美元的 TAM 還是 2 兆美元的 TAM。

And I want to just highlight a few indicators that reinforce my confidence in this. I think the first one is just our focus and track record. When you look at the TAM, regardless of what it is, and you sort of throw in real estate and financial services, that's a $5 trillion TAM. And we have proven that we have the ability to take share in any market purely as a function of our execution and persistence.

我想強調一些增強我對此信心的指標。我認為第一個只是我們的重點和業績記錄。當你查看 TAM 時，無論它是什麼，再加上房地產和金融服務，那就是 5 兆美元的 TAM。我們已經證明，我們有能力在任何市場上佔據份額，這純粹取決於我們的執行力和堅持。

The second thing I'd highlight is just you've got so many tailwinds that are going to be benefiting Rocket that may be headwinds for industry, whether that's the rate environment that's putting pressure on smaller players, whether it's the capacity that's coming out of the industry, whether it's things like Basel III, disruptive dynamics like the recent NAR ruling that are going to create new opportunities to redefine the experience. These are all things that are tailwinds for Rocket that may be headwinds for the broader industry.

我要強調的第二件事是，你有如此多的順風因素，這將使火箭受益，這可能對行業來說是逆風，無論是對較小參與者施加壓力的利率環境，還是來自該公司的產能。這些都是火箭隊的順風車，但對更廣泛的行業來說可能是逆風車。

And then the third thing I'd highlight is just again, strategy and execution. We have assets that uniquely span the entirety of the homeownership journey. Purchase, refinance, servicing, personal finance, we're making significant investments in technology and talent. We've narrowed our focus. And so the bottom line is fortune really favors those who are built for storms, and there's tremendous share that's up for grabs, and that reflects our sort of tenacity in going after the market and playing to win and grow our share.

然後我要強調的第三件事是戰略和執行。我們擁有跨越整個購屋過程的獨特資產。購買、再融資、服務、個人理財，我們在技術和人才方面進行了大量投資。我們已經縮小了焦點。因此，最重要的是，命運確實眷顧那些為風暴而生的人，並且有巨大的份額可供爭奪，這反映了我們在追逐市場並努力贏得和擴大份額方面的頑強精神。

Brian, is there anything you would add?

布萊恩，你還有什麼要補充的嗎？

Yes. The only thing just to build on that, Ryan, when we look -- sit here today and we look at some of the industry forecasts, a few of them are triangulating around about $1.8 trillion, that feels high from what we've seen to Varun's point in terms of the rate moves. But regardless of that, we've shown, because the first quarter was also a challenged market, that we can drive significant profitability through our system and take share.

是的。 Ryan，當我們今天坐在這裡看一些行業預測時，唯一的事情就是以此為基礎，其中一些預測約為 1.8 兆美元，從我們所看到的情況來看，這感覺很高。關於利率變動的觀點。但無論如何，我們已經證明，由於第一季也是一個充滿挑戰的市場，我們可以透過我們的系統大幅提高獲利能力並佔領市場份額。

So to Varun's point, it's a really good case study into us doing -- executing on our strategies. And it's worth noting, too, that if rates are to stay higher for longer, and let's say it's not a $1.8 trillion market, it's something less than that, there's a view you can get to pretty easily that, that actually benefits us even more given our capitalization levels, given our liquidity and some of the investments we've made over the past few years in terms of technology to increase capacity. We think that actually bodes really well for us.

因此，對於瓦倫來說，這是一個非常好的案例研究，可以研究我們執行我們的策略的情況。另外值得注意的是，如果利率在較長時間內保持較高水平，假設這不是一個1.8 兆美元的市場，那麼這個市場的規模就小於這個數字，你可以很容易地得出這樣的觀點，這實際上對我們更有利考慮到我們的資本水準、流動性以及過去幾年我們在技術方面為提高產能而進行的一些投資。我們認為這對我們來說其實是個好兆頭。

Got it. If I can ask a follow-up sort of 2-part question on margins and market share? So first, maybe just thinking about market share, Varun, you outlined capacity rationalization, banks being secular share shutters. And then you talked about the national retailer settlement. Do you think these things in and of itself are enough to drive accelerating share growth for Rocket and how do you think about it over an intermediate time frame?

知道了。我是否可以提出有關利潤率和市場份額的後續問題，分為兩部分？因此，首先，也許只是考慮市場份額，瓦倫，您概述了產能合理化，銀行是長期份額百葉窗。然後你談到了全國零售商的和解。您認為這些事情本身是否足以推動 Rocket 的股票加速成長？

And I guess related to that, Brian, you talked about a couple of idiosyncratic factors that elevated the margin in the near term. But if I look today, margins are still below 2018, 2019 levels. And given these favorable dynamics, do you still see the opportunity for margins over an intermediate time frame to expand back to historical levels?

我想與此相關的是，布萊恩，你談到了一些短期內提高利潤率的特殊因素。但如果我今天看，利潤率仍低於 2018 年、2019 年的水準。鑑於這些有利的動態，您是否仍然認為利潤率在中期範圍內有機會擴大回歷史水平？

Yes. I mean I'll just cover a little bit on share and the NAR settlement. I think the first thing I would just say is there are 3 strategic levers that really come together in a durable way to enable our growth and share now and in the future. The first one is just innovation. We're betting big on AI experiences. We've simplified our funnel. We've got better personalization, more automation. The second thing is just our internal focus. We've streamlined our execution. We've got more dedicated autonomous teams with clear goals. So we've just improved our process.

是的。我的意思是我只簡單介紹一下股份和 NAR 和解。我想我要說的第一件事是，有 3 個策略槓桿真正以持久的方式結合在一起，以實現我們現在和未來的成長和分享。第一個就是創新。我們在人工智慧體驗上下了很大的賭注。我們簡化了我們的管道。我們擁有更好的個人化、更多的自動化。第二件事是我們的內在焦點。我們簡化了執行。我們擁有更專注、目標明確的自主團隊。所以我們剛剛改進了我們的流程。

The third thing is just our top of funnel. We're meeting clients where they are. We've improved performance marketing. We've got better optimizations to improve our creative, our lead flow. We've got better engagement with our servicing portfolio. We've got better search and engagement experiences to nurture relationships with Rocket Homes and Rocket Money. So the bottom line is, I mean, what you see is in our results, and you see it in the market dynamics. So we definitely see that as an accelerator. So to your question, my answer is yes.

第三件事就是我們漏斗的頂部。我們正在與客戶會面。我們改進了績效行銷。我們進行了更好的優化來改善我們的創意和潛在客戶流程。我們更好地參與我們的服務組合。我們擁有更好的搜尋和參與體驗來培養與 Rocket Homes 和 Rocket Money 的關係。所以最重要的是，我的意思是，你在我們的結果中看到的是，你在市場動態中看到的。所以我們肯定將其視為加速器。所以對於你的問題，我的答案是肯定的。

And I think for the NAR settlement, the only thing I would just say is just -- it's been too long that the cost of buying and selling a home is too high and it's been too long that the transparency of the process has been opaque. And transparency in value is just what we believe, and it's what we've always believed in. And there are some folks in the industry that are going to fight this tooth and nail. There's others that are going to look past it and seize the opportunity. And we definitely choose to be the latter to the bigger picture, be on the consumer side and just leverage this to take cost and efficiency out of the -- take cost out of the equation, introduce efficiency into the equation and just create more value. So we've been experimenting this space already with things like Buy Plus and we're really going to continue to do so.

我認為對於 NAR 和解，我唯一要說的是——長期以來，買賣房屋的成本過高，而且過程的透明度一直不透明。價值的透明度正是我們所相信的，也是我們一直所相信的。還有其他人會忽略它並抓住機會。從更大的角度來看，我們肯定會選擇成為後者，站在消費者的一邊，利用這一點來降低成本和效率——將成本從等式中去除，將效率引入到等式中，從而創造更多價值。因此，我們已經在這個領域進行了諸如 Buy Plus 之類的試驗，我們真的會繼續這樣做。

Ryan, I can double-click on the -- your guide question, but we've shared this before. But of course, we take into account all the information we have really leading up to the call right here. It's worth pointing out that it's a 15% year-over-year improvement on adjusted revenue, if you take the midpoint of the range. I won't belabor the rate comments. But clearly, April has seen a different rate environment than what we saw in the first quarter.

瑞安，我可以雙擊您的指導問題，但我們之前已經分享過這個問題。但是，當然，我們會考慮我們在此處實際掌握的所有資訊。值得指出的是，如果採用該範圍的中點，調整後的收入將年增 15%。我不會詳細說明費率評論。但顯然，四月的利率環境與第一季不同。

As it relates to inventory, we are seeing modest improvement. We are seeing a little bit of an uptick in listings, but in our view, that's largely offset by some of these affordability challenges. But we want to be clear that the guide does assume volume is up in the second quarter from the first quarter, and we believe that, that's really from us continuing to take share. Our purchase pipeline remains very strong. Consumer demand for home buying is also very high. It's just the affordability aspect that we have to get over.

就庫存而言，我們看到了適度的改善。我們看到房源數量增加，但我們認為，這在很大程度上被一些負擔能力挑戰所抵消。但我們想明確的是，該指南確實假設第二季度的銷量較第一季增加，而且我們相信，這確實是因為我們繼續佔據份額。我們的採購管道仍然非常強勁。消費者的購屋需求也非常高。我們必須克服的只是負擔能力方面的問題。

And then to your point on gain on sale margins, we've said before that we generally expect gain on sale margins to continue to expand from last year's levels. And that is definitely proving out. There's no question about it. The 311 basis point print in Q1 is obviously extremely healthy. But that did exceed even our expectations. And that was really for 2 reasons, both which are positive. But the first is the closed and second product. The consumer demand for those closed and second is very high. But what we also found in the first quarter is the investment, the private space demand to buy the product given people that are chasing yields right now is also extremely high. So we just had better-than-expected secondary execution. All the secondary execution has been good, but this was especially rich.

關於銷售利潤率成長的問題，我們之前曾說過，我們通常預期銷售利潤率成長將繼續比去年的水平擴大。這確實得到了證明。毫無疑問。第一季的 311 個基點顯然非常健康。但這確實超出了我們的預期。這其實有兩個原因，兩個原因都是正面的。但第一個是封閉的，第二個是產品。消費者對那些封閉式和二次式的需求非常高。但我們在第一季也發現，考慮到目前追逐收益的人們​​，投資、購買該產品的私人空間需求也非常高。所以我們只是得到了比預期更好的二次執行。所有的二次執行都很好，但這次特別豐富。

So to your point, that's just something I wouldn't -- I can't count on for future quarters, though I do expect the demand for the product to be rich. And then the first quarter just had a -- even though rates were rising, the rate of change was a little bit less so what we saw in April. So the first quarter had a little bit better interest rate environment. So -- but nothing has changed in our view on gain on sale margins. We still -- we do believe there's expansion that's happening, and that's largely because of capacity coming out.

所以就你的觀點而言，這只是我不會做的事情——我不能指望未來幾季的情況，儘管我確實預計對該產品的需求會很豐富。然後第一季就出現了——儘管利率正在上升，但變化率還是比我們四月看到的要小一些。所以第一季的利率環境稍微好一點。所以，但我們對銷售利潤率成長的看法沒有任何改變。我們仍然相信擴張正在發生，這很大程度上是因為產能的釋放。

Your next question comes from the line of Jeff Adelson of Morgan Stanley.

你的下一個問題來自摩根士丹利的傑夫阿德爾森。

So just to maybe dig into the outlook a little bit for the second quarter. Is there any chance to the degree of conservatism built into the number? I mean this quarter, you'd beat a little bit on the outlook here. And Fannie still out there with the 40% sequential increase. I know you're kind of commenting that you think the $1.8 trillion is a little bit unrealistic at this point. I guess I'm just wondering is there some opportunity for upside to that number.

因此，我想稍微深入探討一下第二季的前景。這個數字是否有可能達到保守主義的程度？我的意思是，這個季度，你的前景會好一些。而房利美仍維持著 40% 的環比成長。我知道您的評論是您認為目前 1.8 兆美元有點不切實際。我想我只是想知道這個數字是否有上升的機會。

And then just in terms of the share gain, last year, you commented on, I think, the 14% and 10% increase in the gain, double-digit this quarter. Are you seeing a share gain accelerate as you kind of go into this quarter and the rest of the year? Or just how do you see that evolving?

然後就份額收益而言，去年您評論說，我認為本季收益增長了 14% 和 10%，達到了兩位數。隨著進入本季和今年剩餘時間，您是否看到股價上漲加速？或者您如何看待這種演變？

Yes. Let me start with the outlook and just to touch on the market view again. We're not trying to pin down a number, but the problem with those $1.8 trillion numbers is they're outdated, right? Even the published dates if you look at where rates were when they published and you look at the forward curve, we were just in a different spot. So the other interesting thing about the $1.8 trillion is you kind of 3 or 4 of them get there, but they all get there in different ways. To your point, Fannie has a big step-up, but MBA step-up is actually much less. So, I think, only like 16%. But the things that we're seeing in terms of real-time data, both macro and micro would tell us that, that's probably not as likely, though we do still think it will be a healthy market.

是的。讓我從前景開始，再次談談市場觀點。我們並不是想確定一個數字，但這些 1.8 兆美元的數字的問題是它們已經過時了，對吧？即使是公佈的日期，如果你看看公佈時的利率和遠期曲線，我們只是處於不同的位置。因此，關於 1.8 兆美元的另一個有趣的事情是，其中有 3 或 4 個人到達了那裡，但他們都以不同的方式到達那裡。就你的觀點而言，房利美的進步很大，但 MBA 的進步實際上要小得多。所以，我認為，只有 16%。但我們在宏觀和微觀的即時數據方面看到的情況會告訴我們，這可能不太可能，儘管我們仍然認為這將是一個健康的市場。

So the only way I could answer your question is we take all that into account. This quarter is always the quarter that will tell the story of home buying as we enter this home-buying season. But the data that Varun highlighted that we saw in April does give us a bit of pause, but we're still very bullish on being able to grow our volume in the second quarter, largely through taking share, which leads me to your next point. Yes, we are seeing an acceleration of share gains. Varun mentioned this in his prepared remarks, but the banks continue to see share for all practical purposes, most retail or other type of online lenders are really not doing anything in the client acquisition space. If clients are inbounding to them, they'll do loans, but they're not out there marketing or spending marketing dollars. And so that bodes really well for our ability to accelerate share gains.

所以我回答你問題的唯一方法就是我們考慮到所有這些。隨著我們進入購屋季節，本季始終是講述購屋故事的季度。但瓦倫強調的我們在四月看到的數據確實讓我們有點停頓，但我們仍然非常看好第二季度能夠增加我們的銷量，主要是透過佔據份額，這讓我想到了你的下一個觀點。是的，我們看到份額成長加速。瓦倫在他準備好的演講中提到了這一點，但銀行繼續看到出於所有實際目的的份額，大多數零售或其他類型的線上貸款機構實際上在客戶獲取領域中沒有做任何事情。如果客戶來找他們，他們會提供貸款，但他們不會進行行銷或花費行銷資金。因此，這對我們加速份額成長的能力來說是一個好兆頭。

And you guys have done a pretty good job with the home equity loan offering it sounds like. Just wondering if you had any early thoughts on Freddie's proposed program out there in the agency side for the second lien. Do you guys view this as a growth opportunity now that you could maybe do a little bit more of that business? Do you have any view of maybe how their program price is. ?How should we maybe be thinking of the trade-off of maybe less cash out refi, now the averages are really high right now, so maybe there's not as much of that, but how do we think of the trade-off of that versus moving some volume to doing more of this agency second lien program?

你們在房屋淨值貸款方面做得非常好，聽起來像是這樣。只是想知道您是否對房地美在代理機構方面提出的第二留置權計劃有任何早期想法。你們是否認為這是一個成長機會，現在你們可以做更多的業務了？您對他們的計劃價格有什麼看法嗎？ ？計劃？

Yes. Let me start, and I'm sure Varun will add, too. But I think on the proposal side, we'll see where that ends up. Generally, more liquidity is better in the mortgage space. So -- of course, we do support more liquidity. But I would say sort of different than others in the space. We kind of created this market. If you look at securitization data and you look at what we've done, we sort of made the closed and second market, at least for this go through. So finding the liquidity already.

是的。讓我開始吧，我相信瓦倫也會補充。但我認為在提案方面，我們會看看結果如何。一般來說，抵押貸款領域的流動性越高越好。所以——當然，我們確實支持更多的流動性。但我想說的是與該領域的其他人有所不同。我們創造了這個市場。如果你看一下證券化數據，看看我們所做的事情，我們就建立了一個封閉的二級市場，至少在這方面是如此。所以已經找到了流動性。

As I mentioned, that was a big component of the gain on sale margins over performance, I guess, you could say, in the first quarter. So for us, we don't need to count or rely on a proposal like that. I'm not sure where that will end up. But generally, the more liquidity is better. What I'll say though is we've already developed a really nice program. We have a bunch of capital. We have underwriting standards that people are buying into. I'm not sure where Freddie will end up on that spectrum. But like all GSE products, they'll have pretty tight rules. I think private capital will still be important in closed and seconds.

正如我所提到的，我想，你可以說，這是第一季銷售利潤率相對於業績的成長的一個重要組成部分。所以對我們來說，我們不需要依賴或依賴這樣的提案。我不確定最終結果會如何。但一般來說，流動性越多越好。但我要說的是，我們已經開發了一個非常好的程式。我們有大量的資本。我們有人們正在接受的承保標準。我不確定弗雷迪最終會處於這個範圍的哪個位置。但與所有 GSE 產品一樣，它們也有相當嚴格的規則。我認為私人資本在封閉和秒內仍然會很重要。

The only thing I would just add is this is just a great example of how we're building products that are relevant for the current market, which is evidenced also just, by the way, with our history, I mean, whether it's Buy Plus, One Plus or Inflation Buster, anticipating our client's needs and meeting them where they are and solving a meaningful problem. I'm just very proud of our team for continuing to set the standard of being ahead of the curve.

我唯一要補充的是，這只是我們如何建立與當前市場相關的產品的一個很好的例子，順便說一句，我們的歷史也證明了這一點，我的意思是，無論是 Buy Plus 、一加或通膨剋星，預測客戶的需求並滿足他們的需求並解決有意義的問題。我為我們的團隊繼續樹立領先的標準感到非常自豪。

Your next question comes from the line of Mark DeVries of Deutsche Bank.

你的下一個問題來自德意志銀行的馬克‧德弗里斯。

Notwithstanding the efforts you've already made to rightsize your expense base, I was hoping to hear your updated thoughts on expense management, just given the latest backup in rates as well as any thoughts on product focus to help generate more revenue in an environment where rates remain higher for longer.

儘管您已經做出了調整費用基礎的努力，但我希望聽到您對費用管理的最新想法，只是考慮到最新的費率備份以及對產品重點的任何想法，以幫助在這樣的環境中創造更多收入利率在較長時間內維持在高水準。

Yes. Thank you for the question, Mark. I'll just start by saying that profitability and efficiency are 2 sides of the same coin, right? And they both matter significantly. Our main focus is market share and top line growth. And the way you do that smartly is you leverage your savings to invest in growth. That's going to happen through accelerated execution. That's going to happen through big swings on innovation. It's also going to happen through focus on efficiency, which is a constant strategic imperative.

是的。謝謝你的提問，馬克。我首先要說的是，獲利能力和效率是同一枚硬幣的兩面，對嗎？它們都很重要。我們的主要關注點是市場份額和營收成長。明智地做到這一點的方法是利用你的儲蓄來投資成長。這將透過加速執行來實現。這將透過創新的大幅波動來實現。這也將透過關注效率來實現，這是一項持續的策略要務。

The thing I'm excited about is our AI strategy is specifically designed to create and unlock operating leverage. So it will allow us to grow our capacity without increasing head count. And it will allow us to actually build our company and grow durably. So we don't look at this AI investment as a head count reducer. I mean that's not how you build a growth company durably. But the combination of being able to invest in technology and have an ongoing principle around efficiency is how we think we're going to create a durable flywheel. And of course, continuous investment in product innovation and create new-to-the-world offerings that will be able to create value for clients is something that represents our brand, who we are, who we've always been and who we will be.

讓我興奮的是我們的人工智慧策略是專門為創造和釋放營運槓桿而設計的。因此，這將使我們能夠在不增加員工人數的情況下擴大產能。它將使我們能夠真正建立我們的公司並持久發展。因此，我們不會將人工智慧投資視為減少員工人數的手段。我的意思是，這不是建立一家持久成長型公司的方式。但我們認為，將能夠投資技術和圍繞效率保持持續原則相結合，我們將創造出耐用的飛輪。當然，對產品創新的持續投資並創造能夠為客戶創造價值的全新產品，這代表了我們的品牌、我們是誰、我們一直是誰以及我們將是誰。

Anything, Brian, you would add?

布萊恩，你還有什麼要補充的嗎？

The only thing I would say, which is just piggybacking on what Varun said is it's -- at this point, it's a capacity gain, right? We've talked a lot about we did $79 billion in originations last year, and we believe we can put a significant more amount of capacity through the system. We're really starting to see these benefits come to fruition. So that's our focus right now. That capacity will be used either when rates go down and the TAM increases and/or if rates stay higher and it's more difficult and it accelerates our share gains, we think keeping that capacity, removing friction and serving more clients is, first and foremost, our focus right now. .

我唯一要說的是，這只是瓦倫所說的話——在這一點上，這是容量增益，對嗎？我們已經談了很多，去年我們的啟動資金達 790 億美元，我們相信我們可以透過這個系統投入更多的容量。我們確實開始看到這些好處得以實現。這就是我們現在的重點。當費率下降且TAM 增加時和/或費率保持較高且變得更加困難並且加速我們的份額增長時，將使用該容量，我們認為保持該容量，消除摩擦並為更多客戶提供服務是首要的，我們現在的焦點。 。

Okay. Great. Just one more for me. There's been a lot of talk about banks share in this environment. Just wondering if there's anything you could discuss with us about ongoing conversations you may be having with banks to either white label an origination offering or even a branded offering to help either take their share or help access their customer base.

好的。偉大的。只給我一個。在這種環境下，關於銀行股份的討論很多。只是想知道您是否可以與我們討論您可能正在與銀行進行的持續對話，以將原始產品或甚至品牌產品貼上白標，以幫助獲取他們的份額或幫助獲得他們的客戶群。

Yes. We can't comment on the specific conversations that we're having, but I would just say that, I mean, I think we see there's an opportunity to create value. And so those conversations are ongoing, and we'll share more as we make progress.

是的。我們無法評論我們正在進行的具體對話，但我只想說，我的意思是，我認為我們看到了創造價值的機會。因此，這些對話仍在繼續，隨著取得的進展，我們將分享更多資訊。

Yes. Mark, the thing we know is the banks were trying to really hard not to mortgages, and that was even before the Basel III standard. We don't know where it will end up. But we do, to Varun's point, can't comment specifically, but we think there's some interesting plays there.

是的。馬克，我們知道的是，銀行非常努力地不提供抵押貸款，甚至在巴塞爾協議 III 標準出台之前也是如此。我們不知道它最終會去哪裡。但就瓦倫的觀點而言，我們確實無法具體發表評論，但我們認為其中有一些有趣的戲劇。

Your next question comes from the line of Derek Sommers of Jefferies.

您的下一個問題來自 Jefferies 的 Derek Sommers。

On Rocket Logic, how should we think about the improvement to the origination side of the business there? I'm imagining it would marginally widen the top of the funnel through processing client leads faster and then drive some more meaningful improvement on funnel pull-through. Feel free to correct me if I'm thinking about that the wrong way.

對於Rocket Logic來說，我們應該如何思考那裡業務的起源端的改進？我想像它會透過更快地處理客戶線索來稍微拓寬漏斗的頂部，然後推動漏斗拉通方面的一些更有意義的改進。如果我的想法是錯誤的，請隨時糾正我。

Yes. No, thank you for the question, Derek. I'll just start by saying the reason that we're obsessed with AI is because it brings a number of transformative benefits to our business. And that's really grounded in the Rocket Logic platform and what it represents for the next chapter in the company. The first one is just efficiency. It allows us to serve more clients by simply just automating the mundane. And the second one is speed and velocity, just because our clients value speed and certainty, they have to be competitive. They have to be able to operate and execute offers and things like that at speed.

是的。不，謝謝你的提問，德瑞克。首先我要說的是，我們迷戀人工智慧的原因是它為我們的業務帶來了許多變革性的好處。這確實植根於 Rocket Logic 平台以及它代表公司的下一個篇章。第一個是效率。它使我們能夠透過簡單地自動化日常工作來服務更多的客戶。第二個是速度和速率，正因為我們的客戶重視速度和確定性，所以他們必須具有競爭力。他們必須能夠快速操作和執行報價之類的事情。

And then the third one is experience, just creating more personalization, more delight on what is a very emotional journey that millions of people go through when it comes to homeownership on every side of the equation. And with Rocket Logic, we're in the earliest days of this revolution, and I firmly believe the best is yet to come. And this is our AI platform. It is our most strategic imperative and we've dramatically increased our investment as well as the velocity with which we're launching futures every week.

第三個是體驗，只是創造更多的個人化，讓數百萬人在擁有住房時所經歷的一段非常情感化的旅程變得更加快樂。對於 Rocket Logic，我們正處於這場革命的初期，我堅信最好的尚未到來。這就是我們的人工智慧平台。這是我們最具戰略意義的當務之急，我們大幅增加了投資以及每週推出期貨的速度。

The platform is now extended to every part of the journey from the digital experience that clients interact with to how we interact on the phone with mortgage banking or client services to the way we manage documents and extraction to income verification to underwriting to servicing. And we've started to see some pretty awesome benefits. We've seen hours saved. That's a metric that we track. We were up to 170,000 hours per year. We've seen improvements in resolution times. Our first call resolution has improved by 10% with the Synopsis experience that we just announced a few days ago. And then ultimately, just turn times, right, 2.5x faster than industry.

該平台現已擴展到旅程的各個部分，從客戶互動的數位體驗，到我們如何在電話上與抵押貸款銀行或客戶服務互動，再到我們管理文件和提取的方式，再到收入驗證，再到承保和服務。我們已經開始看到一些非常棒的好處。我們已經看到節省了幾個小時。這是我們追蹤的一個指標。我們每年的工作時間高達 17 萬小時。我們已經看到解決時間的改進。隨著我們幾天前剛宣布的 Synopsis 體驗，我們的首次通話解決率提高了 10%。最終，週轉時間比行業快 2.5 倍，對吧。

And then last, but not least, accuracy, we've seen zero audit findings with our income verification experience. And so across the board, this platform is delivering a benefit to us, both in terms of the client experience that our end clients face, but also just supercharging our team members to be able to do more with less. And so we're very excited about this platform. We think it has tremendous benefits across the board, and we're just getting started.

最後但並非最不重要的一點是準確性，根據我們的收入核實經驗，我們發現審計結果為零。因此，總的來說，這個平台為我們帶來了好處，無論是在我們的最終客戶所面臨的客戶體驗方面，還是在增強我們的團隊成員的能力方面，他們能夠用更少的資源做更多的事情。所以我們對這個平台感到非常興奮。我們認為它具有全面的巨大好處，而我們才剛開始。

Great. And then just to pivot to the servicing portfolio acquisitions. Can you guys share -- shed any more light on those transactions? Were they coming from banks or nonbanks? And is there more supply this higher coupon product coming across your desk?

偉大的。然後轉向服務組合收購。你們能否分享更多有關這些交易的資訊？它們來自銀行還是非銀行機構？您的辦公桌上還有更多這種高優惠券產品的供應嗎？

Yes. I think -- let me just -- that's a fair question. Thank you. Let me take one step back just to talk about how we think about the servicing asset. It's clearly a strategic asset. We really like the returns. Even if you just look at the cash flows right now, you're generally looking at double-digit returns. And then, of course, for us, where you add in our industry-leading recapture, and that's what really starts getting exciting in the return game. And we've always known that if a client goes through our J.D. Power winning origination experience and then we service them that we will recapture very well. But what is awesome to see is we're starting to prove to ourselves that we can also recapture well when we acquire a portfolio of servicing.

是的。我認為——讓我來說——這是一個公平的問題。謝謝。讓我退一步談談我們對服務資產的看法。這顯然是一項策略資產。我們真的很喜歡回報。即使你現在只看現金流，你通常也會看到兩位數的回報。當然，對我們來說，如果你加入了我們領先業界的奪回能力，這就是回歸遊戲真正開始變得令人興奮的地方。我們一直都知道，如果客戶經歷了我們 J.D. Power 贏得的原創體驗，然後我們為他們提供服務，我們將很好地重新贏得客戶。但令人驚訝的是，我們開始向自己證明，當我們獲得服務組合時，我們也可以很好地重新奪回勝利。

Over the past couple of years, we've been doing that. It takes some time to prove out that hypothesis because you need data and information. And obviously, since the -- where rates have been, just the number of transactions might naturally be lower. But we're starting to have more and more confidence that on the acquired portfolios, our recapture rate will be very healthy as well.

在過去的幾年裡，我們一直在做這件事。證明這個假設需要一些時間，因為你需要數據和資訊。顯然，由於利率一直如此，交易數量自然可能會降低。但我們開始越來越有信心，在收購的投資組合中，我們的重新奪回率也將非常健康。

So to answer your question, what that means is that gives us even more confidence to be actively bidding in the market. To your point, we still are seeing supply a bit challenged. There is a lot of demand and a little bit of supply out there. So there are competitive bids. But here's the thing, and you kind of mentioned this in your question that is exciting for us, the asset that we're very interested in and bidding on is a different asset than some of the others in the space are. Some of the servicers that have come out with some pretty robust goals around growing their servicing portfolio are actually interested in the very low [WACC] stuff.

因此，回答你的問題，這意味著我們更有信心在市場上積極競價。就您的觀點而言，我們仍然看到供應面臨一些挑戰。那裡有大量的需求和少量的供應。因此存在有競爭力的投標。但事情是這樣的，你在問題中提到了這一點，這讓我們感到興奮，我們非常感興趣並競標的資產是與該領域其他一些資​​產不同的資產。一些圍繞擴大服務組合製定了相當穩健目標的服務商實際上對 [WACC] 非常低的東西感興趣。

For us, to your point, the higher WACC stuff is actually a bit more interesting to us if you think about the closed and second opportunity there, if you think about a potential cash-out opportunity there. So in the proof point being these 4 pools that we just bought, that strategy is really being deployed. So they're higher WACC than the current portfolio, and we really like our chances in terms of recapture. So it will be something we -- I think you can expect us to continue to focus on and be active in the space.

對我們來說，就你的觀點而言，如果你考慮那裡的封閉機會和第二次機會，如果你考慮那裡潛在的兌現機會，那麼更高的 WACC 東西實際上對我們更有趣。因此，我們剛剛購買的 4 個礦池就是證明，這項策略確實得到了部署。因此，它們的 WACC 高於目前的投資組合，而且我們真的很喜歡重新奪回的機會。所以這將是我們——我想你可以期待我們繼續關注並活躍在這個領域。

Your next question comes from the line of Brad Capuzzi of Piper Sandler.

您的下一個問題來自 Piper Sandler 的 Brad Capuzzi。

So you highlighted in your investor presentation, obviously, demonstrated in your results today, rocket's track record of continuing to grow market share. Kind of wanted to just hone in on your ability to grow purchase market share over the long term. I know there's been a lot of investment in tech and AI, along with the addition of other products. But with the mortgage market being inherently localized specifically for the purchase market, what are the steps you guys are taking to address this issue?

因此，您在投資者演講中強調了火箭持續增長市場份額的記錄，這在今天的業績中得到了體現。有點想磨練你長期增加購買市場佔有率的能力。我知道在技術和人工智慧以及其他產品方面進行了大量投資。但由於抵押貸款市場本質上是專門針對購買市場的本地化，你們正在採取哪些步驟來解決這個問題？

Yes, I think -- thank you for the question, Brad. I think the first thing I would just say is purchase is a strategic focus area for the company more than it's ever been in the past. And that comes down to how we've organized, how we've structured our teams, how we've dedicated resources and how we've just invested the time to really understand the nature of what it takes to win. That includes dedicated teams. It includes understanding the funnel. It includes also understanding the nature of just how you help clients with every aspect of the journey from searching from a home to building relationships with the realtor and broker to going through the process of making an offer. We have just dedicated significantly more focused toward than ever before. That's kind of the first thing.

是的，我想——謝謝你的提問，布拉德。我想我要說的第一件事是，採購比過去更成為公司的策略重點領域。這取決於我們如何組織、如何建立團隊、如何投入資源以及如何投入時間來真正了解獲勝所需的本質。其中包括專門的團隊。它包括了解漏斗。它還包括了解如何在整個旅程的各個方面幫助客戶的本質，從尋找房屋到與房地產經紀人和經紀人建立關係，再到完成報價過程。我們剛剛比以往任何時候都更加專注。這是第一件事。

I think the other thing I would just say is we've integrated our ecosystem assets like never before. The role of Rocket Money has never been more important. The role of our Home Search experience has never been more important. The role of our Servicing Portfolio and building engagement with our clients where we can collect data and we can help them with their next transaction has never been important. So this is -- it's a game of interest, but the interests are everywhere when you kind of think about all of them put together and they add up. And so when you put those interest together, you start to see that execution happen. And so there are bigger swings that we're thinking about when you think about the opportunity that AI actually affords us to take a giant leap forward. We're also obviously looking at both organic and inorganic opportunities. But we're serious about purchase, and you can expect to see us continue to invest and dedicate our focus on it and so we win.

我想我要說的另一件事是我們以前所未有的方式整合了我們的生態系統資產。火箭資金的作用從未如此重要。我們的家庭搜尋體驗的作用從未如此重要。我們的服務組合以及與客戶建立互動的作用從未如此重要，我們可以收集數據並幫助他們進行下一筆交易。所以這是——這是一個利益遊戲，但當你把所有的利益放在一起考慮時，利益無處不在。因此，當你將這些興趣放在一起時，你會開始看到執行的發生。因此，當你想到人工智慧實際上為我們提供了巨大飛躍的機會時，我們正在考慮更大的波動。顯然，我們也在尋找有機和無機的機會。但我們對購買是認真的，你可以期待看到我們繼續投資並專注於它，所以我們贏了。

And then just the last question for me. I mean, obviously, Rocket is one of the leaders in technology across the mortgage market. And with your continued adoption of AI, can you just discuss how your investments and capabilities differ from industry competitors? Is AI been a hot topic issue on recent calls from peers thus far?

然後是我的最後一個問題。我的意思是，顯然，Rocket 是整個抵押貸款市場的技術領導者之一。隨著您對人工智慧的不斷採用，您能否談談您的投資和能力與產業競爭對手有何不同？迄今為止，人工智慧是否一直是同業近期電話會議的熱門話題？

Yes. I mean I think the thing I would just say is there's a certain activation energy that's required to be successful in AI. You have to have a large number of clients that you can engage with. You have to have a lot of data that you can build models around. And then you have to have resources that you can invest to kind of train, build and sort of continue to sort of improve these experiences that they're better. So this is one of those where it's difficult to be successful in AI if you don't have data at scale, if you don't have large engineering resources, if you don't invest in data science, algorithmic intelligence, talent. And so I think for us, it is a strategic imperative at every layer of the company. It's where we've dedicated the vast number of our resources, and we're continuing to grow our investment both with internal and external talent.

是的。我的意思是，我想我想說的是，在人工智慧領域取得成功需要一定的激活能量。您必須擁有大量可以與之互動的客戶。您必須擁有大量可以圍繞其建立模型的資料。然後你必須擁有可以投資的資源來進行培訓、建立和繼續改進這些體驗，使其變得更好。因此，如果你沒有大規模的數據，如果你沒有大量的工程資源，如果你不投資數據科學、演算法智慧和人才，那麼這就是人工智慧領域很難取得成功的領域之一。所以我認為對我們來說，這是公司各個層面的策略要務。我們在此投入了大量資源，並將繼續增加對內部和外部人才的投資。

And so for us, I mean, a good example I would give is just adding Alex Rampell to our Board, who is the industry leader in both fintech and AI, that's an example of just where the level of investment that we're making, the thought leadership and just the focus is only going to be increasing. I'd also just share that we're hiring a new Chief Technology Officer that will be joining the company in days to come. And so we're serious about this. We're investing, and we're playing to win.

因此，對我們來說，我想舉的一個很好的例子就是將Alex Rampell 加入我們的董事會，他是金融科技和人工智慧領域的行業領導者，這就是我們正在進行的投資水平的一個例子，思想領導力和焦點只會越來越多。我還想告訴大家，我們正在招募一位新的技術官，他將在未來幾天加入公司。所以我們對此很認真。我們正在投資，我們正在為勝利而戰。

Thank you. That concludes the Q&A session. I will now turn the conference back over to Varun Krishna for closing remarks.

謝謝。問答環節到此結束。現在我將把會議轉交瓦倫·克里希納 (Varun Krishna) 致閉幕詞。

Well, thank you, everyone, for our great conversation today. We look forward to the next earnings call. We also invite you to our Investor Day later in the fall. We appreciate it.

好的，謝謝大家今天的精彩談話。我們期待下一次財報電話會議。我們也邀請您參加秋季晚些時候的投資者日。我們很感激。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。