Rocket Companies Inc (RKT) 2024 Q4 法說會逐字稿

Hello and welcome to the Rocket Companies Inc., fourth quarter and full year 2024 earnings conference call.

您好，歡迎參加 Rocket Companies Inc. 2024 年第四季和全年財報電話會議。

(Operator Instructions) I would now like to turn the call over to Sharon Ng, Head of Investor Relations.

（操作員指示）現在，我想將電話轉給投資者關係主管 Sharon Ng。

You may begin.

你可以開始了。

Good afternoon, everyone, and thank you for joining us for Rocket Company's earnings call covering the fourth quarter and full year 2024.

大家下午好，感謝您參加 Rocket Company 的 2024 年第四季和全年財報電話會議。

With us this afternoon are Rocket Company's CEO, Varun Krishna; and our CFO, Brian Brown.

今天下午與我們一起的有 Rocket Company 的首席執行官 Varun Krishna；以及我們的財務長 Brian Brown。

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

今天早些時候，我們發布了第四季度和全年收益報告，您可以在我們網站 rocketcompanies.com 的「投資者資訊」欄位下查看。

Also available on our website is an investor presentation.

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.

在我將事情交給 Varun 之前，請允許我快速回顧我們的免責聲明。

On today's call, we provide you with information regarding our fourth-quarter and full-year 2024 performance as well as our financial outlook.

在今天的電話會議上，我們向您提供有關我們第四季度和 2024 年全年業績以及財務前景的資訊。

This conference call includes forward-looking statements.

本次電話會議包含前瞻性陳述。

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.

這些聲明受風險和不確定性的影響，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。

We encourage you to consider the risk factors contained in our SEC filings for a detailed discussion of these risks and uncertainties.

我們鼓勵您考慮我們的美國證券交易委員會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。

We undertake no obligation to update these statements as a result of new information or further events, except as required by law.

除非法律要求，我們不承擔因新資訊或其他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.

本次電話會議將在線上播出，您可以在我們的投資者關係網站上查閱。

The recording of the call will be posted later today.

通話記錄將於今天稍晚發布。

Our commentary today will also include non-GAAP financial measures.

我們今天的評論還將包括非公認會計準則財務指標。

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.

我們報告的結果中 GAAP 指標和非 GAAP 指標之間的對帳可以在我們今天早些時候發布的收益報告以及我們向美國證券交易委員會提交的文件中找到。

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

現在，我將把事情交給 Varun Krishna 來開始。

Varun?

瓦倫？

Good afternoon, everyone, and welcome to Rocket Company's fourth-quarter and full-year 2024 earnings call.

大家下午好，歡迎參加 Rocket Company 2024 年第四季和全年財報電話會議。

Today I'll walk through three main topics: our performance over the past quarter and full year, our key investments in progress, and lastly, I'll comment a little bit on where we're headed looking forward.

今天，我將討論三個主要主題：我們過去一個季度和全年的表現、我們在進展中的關鍵投資，最後，我將稍微評論一下我們未來的發展方向。

Reflecting on my first full year as CEO, I joined Rocket for the immense potential to build a legacy, one that's still unfolding and one that will transform homeownership forever.

回顧我擔任執行長的第一年，我加入 Rocket 是因為它具有巨大的潛力，可以創造輝煌，這一輝煌至今仍在延續，並將永遠改變房屋所有權。

Over the past year, we kick started this journey by executing a strategic evolution, realigning our resources, and sharpening our focus on homeownership.

在過去的一年裡，我們透過執行策略變革、重新調整資源和加強對房屋所有權的關注，開啟了這趟旅程。

This transformation is powered by the dedication and passion of our team members.

這一轉變得益於我們團隊成員的奉獻和熱情。

They are our heart, our mind, and our spirit, spearheading change, redefining possibility, and manifesting a better way to serve the homeowners of today and tomorrow.

它們是我們的心、我們的思想和我們的精神，引領變革，重新定義可能性，並體現出更好的方式來服務現在和未來的房主。

In service to this, we're executing with velocity to realize our ambition of helping everyone home.

為此，我們正在迅速行動，實現幫助每個人回家的願望。

We see this in our financial results, and I'd like to start by calling out just a few highlights.

我們在財務結果中看到了這一點，我想先指出幾個亮點。

We closed the year with very strong momentum.

我們以非常強勁的勢頭結束了這一年。

In Q4, we generated $1.2 billion in adjusted revenue at the high end of our guidance range, representing growth of 34% year over year.

第四季度，我們的調整後營收達到 12 億美元，處於預期範圍的高位，年增 34%。

Adjusted EPS was $0.04 per share.

調整後每股收益為 0.04 美元。

Our full-year 2024 results reflect the same strong execution.

我們的 2024 年全年業績也展現出同樣強勁的執行力。

Adjusted revenue for the year was $4.9 billion, a 30% year over year increase.

全年調整後營收為 49 億美元，年增 30%。

Our focus on efficiency drove significant operating leverage, resulting in 18% adjusted EBITDA margin, up from 2% the year prior, and adjusted EPS came in at $0.23.

我們對效率的關注推動了顯著的經營槓桿，導致調整後的 EBITDA 利潤率從去年的 2% 上升至 18%，調整後的每股盈餘達到 0.23 美元。

While our financial results speak for themselves, the true impact lies in the 365,000 clients we've helped achieve homeownership or leverage their home equity.

雖然我們的財務表現不言而喻，但真正的影響在於我們幫助 365,000 名客戶實現了房屋所有權或利用了他們的房屋淨值。

Behind every number is a life changing moment, the excitement of a new homeowner, opening the door to their first home, or a family finding stability.

每個數字背後都是一個改變生活的時刻，一個新房主的興奮之情，打開他們第一套房子的門，或一個家庭找到穩定。

Personally, this, the lasting impact of home ownership, is what truly matters.

就我個人而言，房屋所有權的持久影響才是真正重要的。

Our financial performance was driven by profitable market share growth, our North Star metric.

我們的財務表現是由獲利的市佔率成長，也就是我們的北極星指標所驅動。

Purchase remains our focus for growth, with no single player holding more than a single digit market share.

購買仍然是我們成長的重點，沒有任何一個參與者的市場份額超過個位數。

We grew our purchase share year over year through focused innovation and execution, improving every part of our business, and we are investing strategically to accelerate this growth.

我們透過專注的創新和執行，改善業務的每個部分，逐年增加我們的購買份額，並且我們正在進行策略性投資以加速這一成長。

So what lies behind these numbers?

那麼這些數字背後隱藏著什麼呢？

It starts with what we call the Rocket Superstack, the platform advantage that fuels our growth and scale.

它始於我們所說的 Rocket Superstack，它是推動我們成長和規模的平台優勢。

It's built on four key layers: our end-to-end ecosystem, proprietary AI-driven technology, a seamless multi-channel experience, and the strength of our iconic brand.

它建立在四個關鍵層面：我們的端到端生態系統、專有的人工智慧驅動技術、無縫的多通路體驗以及我們標誌性品牌的實力。

We continue to make progress on each layer, and I'd like to unpack some examples.

我們在每一層都不斷取得進展，我想解釋一些例子。

Our ecosystem is the foundation of what makes Rocket unique, and its heart is our origination and servicing flywheel.

我們的生態系統是 Rocket 獨特之處的基礎，它的核心是我們的起源和服務飛輪。

The scale of both sides feed into and amplifies the other, allowing us to grow in nonlinear ways.

雙方的規模相互影響、相互放大，讓我們以非線性的方式成長。

When we help clients become homeowners, it's just the beginning of our relationship.

當我們幫助客戶成為房主時，這只是我們關係的開始。

Whether it starts with mortgage origination or servicing, every client interaction, whether answering a buyer's chat inquiry about affordability or providing immediate assistance after a natural disaster, is a chance to strengthen that relationship.

無論是從發放抵押貸款還是提供服務開始，每一次客戶互動，無論是回答買家關於負擔能力的聊天詢問，還是在自然災害後提供緊急援助，都是加強這種關係的機會。

So we don't view our servicing portfolio as just a recurring cash flow asset.

因此，我們不將我們的服務組合視為僅僅經常性現金流資產。

Each loan represents an opportunity to help a single mother own her first home or assist a family in paying for their child's college tuition or a hospital bill.

每筆貸款都代表著一個機會，可以幫助一位單親媽媽擁有自己的第一套房子，或幫助一個家庭支付孩子的大學學費或醫院帳單。

This is what client first mentality means, and it's what drives our industry leading recapture rates, with clients returning to us at a rate 3 times higher than the industry average.

這就是客戶至上的理念，這也是我們業界領先回頭率的推動力，客戶回頭率是業界平均的三倍。

In fact, 40% of our servicing clients have completed an origination transaction with us two or more times.

事實上，我們 40％ 的服務客戶已經與我們完成了兩次或兩次以上的發起交易。

Beyond our differentiated client approach, we've built a leading origination business with over 40 years of expertise.

除了我們差異化的客戶方法之外，我們還憑藉40多年的專業知識建立了領先的發起業務。

Scaling in both servicing and mortgage origination requires immense activation energy, not to mention a substantial ongoing investment in operational excellence and the continuous refinement of thousands and thousands of details over time at scale in 50 states.

擴大服務和抵押貸款發放規模需要巨大的激活能量，更不用說對卓越運營的持續大量投資以及在 50 個州大規模持續改進成千上萬個細節。

This creates a durable competitive advantage with our origination servicing flywheel serving as a foundational pillar of our long-term growth strategy.

這創造了持久的競爭優勢，我們的起源服務飛輪成為我們長期成長策略的基礎支柱。

We've strategically expanded our servicing portfolio through self-origination, bulk acquisitions, and key partnerships.

我們透過自主發起、批量收購和關鍵合作，策略性地擴展了我們的服務組合。

By the end of 2024, our portfolio reached $593 billion in unpaid principal balance, a 17% increase, while also welcoming 308,000 new servicing clients and bringing our total to $2.8 million.

到 2024 年底，我們的投資組合未償還本金餘額達到 5,930 億美元，成長 17%，同時也迎來 308,000 名新服務客戶，使我們的投資組合總額達到 280 萬美元。

As our servicing capabilities grow, so does our origination business.

隨著我們的服務能力不斷增強，我們的發起業務也不斷成長。

With housing affordability being the biggest challenge for many first-time buyers, we are committed to innovating and delivering solutions that provide real relief.

對於許多首次購屋者來說，住房負擔能力是最大的挑戰，我們致力於創新並提供真正能夠緩解住房壓力的解決方案。

Our ONE+, 1% down, and Welcome Home RateBreak helped us more than double the volume of affordability products in 2024 compared to 2023.

我們的 ONE+、1% 首付和 Welcome Home RateBreak 幫助我們在 2024 年將平價產品的數量增加了一倍以上，而 2023 年則不然。

Welcome Home RateBreak lowers interest rates for eligible home buyers by 2% in the first year and 1% in the second, and in February, we expanded the program to offer a 1% rate reduction in year one to an even broader group, making homeownership more accessible and affordable.

Welcome Home RateBreak 計劃在第一年為符合條件的購房者降低 2% 的利率，在第二年降低 1% 的利率。

This month we launched RocketRentRewards , helping renters turn monthly payments into a path to home ownership.

本月，我們推出了 RocketRentRewards，幫助租戶將每月的付款轉變為擁有房屋的途徑。

Many of the 44 million renters in the US feel shut out of the housing market, and Rocket Rent Rewards completely changes that.

美國 4,400 萬租屋者中的許多人感到被排除在房屋市場之外，而 Rocket Rent Rewards 徹底改變了這一現狀。

Eligible renters can enjoy a promotional credit of up to 10% of their annual rent, which is a meaningful boost, with the average two-bedroom rent at $1800 per month or $22,000 per year.

符合資格的租屋者可以享受高達其年租金 10% 的促銷抵免，這是一個很有意義的提升，平均兩房租金為每月 1800 美元或每年 22,000 美元。

Both Welcome Home RateBreak and RocketRentRewards are available through our retail bankers and wholesale broker partners.

Welcome Home RateBreak 和 RocketRentRewards 均可透過我們的零售銀行和批發經紀合作夥伴取得。

Next, let's talk about technology.

接下來我們來談談科技。

Technology is the bedrock of our investment strategy, and it's at the very heart of our organization as well.

科技是我們投資策略的基石，也是我們組織的核心。

It's what allows us to create magic to help our team members work smarter, and in turn serve our clients and partners better.

它使我們能夠創造奇蹟，幫助我們的團隊成員更聰明地工作，進而更好地服務我們的客戶和合作夥伴。

So let me share a few quick examples.

讓我分享幾個簡單的例子。

I'll start by highlighting Navigator, our AI-powered workflow platform, which has become a force multiplier for our team members, streamlining workflows, cutting tasks from hours to seconds, and usage has doubled quarter over quarter.

首先我要重點介紹我們的人工智慧工作流程平台 Navigator，它已經成為我們團隊成員的力量倍增器，簡化了工作流程，將任務時間從幾小時縮短到幾秒鐘，並且使用率逐季度翻了一番。

We have over a third of our team members now leveraging it.

我們團隊中超過三分之一的成員現在正在利用它。

Without writing a single line of code, these teams have built more than 600 custom apps already, enabling fast, efficient development that boosts productivity and enhances client service.

這些團隊無需編寫一行程式碼，就已經建立了 600 多個客製化應用程序，實現了快速、高效的開發，從而提高了生產力並增強了客戶服務。

Rocket Logic, our AI-powered loan origination system, is transforming both how we serve clients on the front end and how we underwrite loans on the back end.

Rocket Logic 是我們的人工智慧貸款發放系統，它正在改變我們在前端為客戶提供服務的方式以及在後端承銷貸款的方式。

Over the past year, we've revolutionized the banker experience, equipping them with AI tools that make every client interaction more personalized and impactful.

在過去的一年裡，我們徹底改變了銀行家的體驗，為他們配備了人工智慧工具，使每次客戶互動更加個人化和有影響力。

Rocket Logic Assistant automates paperwork, follow-ups, and documentation, acting as every banker's personal AI.

Rocket Logic Assistant 可以自動處理文書工作、後續工作和文檔，充當每個銀行家的個人人工智慧。

And Rocket Logic-Synopsis serves as a rich client repository, instantly providing insights so bankers can tailor each and every interaction.

Rocket Logic-Synopsis 是一個豐富的客戶端儲存庫，可即時提供見解，以便銀行家可以自訂每一次互動。

Beyond just the client interactions, Rocket Logic is transforming underwriting by replacing tedious manual reviews with AI-powered automation.

除了客戶互動之外，Rocket Logic 還透過以人工智慧自動化取代繁瑣的人工審核，從而改變核保流程。

In 2024, we more than doubled automation rates for appraisal and asset verification, streamlining key steps while maintaining accuracy.

2024 年，我們將評估和資產驗證的自動化率提高了一倍以上，簡化了關鍵步驟，同時保持了準確性。

Now we're expanding this automation across both retail and wholesale channels to drive even greater efficiency.

現在，我們正在將這種自動化擴展到零售和批發管道，以提高效率。

The impact is clear.

其影響是顯而易見的。

In Q4 2024, our bankers and operations teams served 54% more clients than the year before.

2024 年第四季度，我們的銀行家和營運團隊服務的客戶比前一年增加了 54%。

Over the year, AI-driven automation and mortgage qualification alone saved 1 million hours of team member time, driving $40 million in efficiency gains.

一年來，光是人工智慧驅動的自動化和抵押貸款資格就節省了團隊成員 100 萬小時的時間，帶來了 4,000 萬美元的效率提升。

Building on this momentum, we are expanding Rocket Logic's capabilities to our wholesale broker partners in the coming months, bringing the power of this amazing AI-driven efficiency to even more of the industry.

基於這一勢頭，我們將在未來幾個月內將 Rocket Logic 的功能擴展到我們的批發經紀合作夥伴，將這種驚人的人工智慧驅動效率的力量帶給更多的產業。

In our experience layer, we are revolutionizing the American home buying journey through a seamless AI powered digital experience.

在我們的體驗層，我們正在透過無縫的人工智慧數位體驗徹底改變美國人的購屋之旅。

We are so proud to introduce the all new rocket.com and our Rocket mobile apps, offering a homeownership platform that seamlessly integrates home search, financing, and mortgage servicing into a single beautiful experience.

我們非常自豪地推出全新的 rocket.com 和 Rocket 行動應用程序，提供房屋所有權平台，將房屋搜尋、融資和抵押貸款服務無縫集成為一個美好的體驗。

We've seen more than a sevenfold search in clients starting mortgage applications directly from home listing pages on rocket.com compared to the previous Rocket Homes experience already.

與先前的 Rocket Homes 體驗相比，我們發現直接從 rocket.com 的房屋清單頁面開始抵押貸款申請的客戶搜尋量增加了七倍多。

Now, unlike other home search sites which cater to more casual browsers, we built rocket.com meticulously after studying what truly works for serious homebuyers.

現在，與其他迎合更休閒瀏覽者的房屋搜尋網站不同，我們在研究了真正適合認真購房者的產品後，精心打造了 rocket.com。

We've streamlined the process with smart filters like commute time and unique photo viewing, allowing effortless exploration with a clean and ad-free design.

我們透過通勤時間和獨特的照片查看等智慧過濾器簡化了流程，讓使用者能夠透過簡潔、無廣告的設計輕鬆進行探索。

Rocket.com also features our proprietary AI-powered chat assistant on every page and always-on expert in local real estate and mortgages trained on millions of home listings and transcripts, terabytes of housing data, and mortgage regulations across all 50 states.

Rocket.com 還在每一頁上配備了我們專有的人工智慧聊天助手，以及本地房地產和抵押貸款方面的專家，他們接受過數百萬房屋清單和記錄、數 TB 的住房數據以及全美 50 個州的抵押貸款法規的培訓。

It provides instant data-driven insights to home buyers.

它為購屋者提供即時數據驅動的見解。

So when buyers ask, is this house priced correctly, they receive immediate meaningful answers backed by real data they can trust.

因此，當買家詢問這套房子的定價是否正確時，他們會立即得到有可信真實數據支持的有意義的答案。

The assistant also connects buyers directly to bankers and agents, even taking mortgage applications and updating approval letters.

該助理還將買家直接與銀行家和代理商聯繫起來，甚至接受抵押貸款申請和更新批准信。

It effectively put a buy button on every home in America and create a site that is truly alive.

它有效地在美國的每個家庭上放置了一個購買按鈕並創建了一個真正充滿活力的網站。

Last but certainly not least is unleashing what we believe is the untapped explosive power of our brand.

最後但同樣重要的一點是釋放我們認為尚未開發的品牌爆發力。

A trusted brand is one of the most powerful drivers of decision making.

值得信賴的品牌是決策最有力的驅動因素之一。

It creates an emotional connection that makes a lasting impression.

它建立起一種情感聯繫，給人留下了持久的印象。

And when done right, it speaks not just to logic, but to the heart, and to an irrational level of emotion, especially when it comes to something as important as homeownership.

如果處理得當，它不僅能觸動邏輯，還能打動人心，觸動非理性的情感，尤其是當涉及到像房屋所有權這樣重要的事情時。

Under Jonathan's leadership, we have deliberately and strategically evolved our approach to marketing and positioning the Rocket brand with a fresh look and a deeper purpose.

在喬納森的領導下，我們刻意而有策略地改變了我們的行銷方式，並以全新的面貌和更深層的目的定位 Rocket 品牌。

At this year's Super Bowl, we introduced Own the Dream, our core creative idea, through a commercial set to John Denver's Take Me Home Country Roads.

在今年的超級盃上，我們透過約翰丹佛的《鄉村路帶我回家》廣告介紹了我們的核心創意理念「擁有夢想」。

In a historic, never been done before moment, the experience seamlessly transitioned from a television ad to a live stadium as 65,000 fans at the Superdome joined in a full stadium singalong.

這是一個歷史性的、前所未有的時刻，體驗從電視廣告無縫過渡到現場體育場，超級穹頂體育場的 65,000 名球迷一起加入了整個體育場的齊唱。

It was an unforgettable experience, proving the power of music and the dream of homeownership, and securing Rocket's place in Super Bowl advertising history.

這是一次令人難忘的經歷，證明了音樂的力量和擁有房屋的夢想，並鞏固了火箭隊在超級盃廣告史上的地位。

The impact was immediate.

其影響是立竿見影的。

Traffic to our digital platforms surged, and according to the Harris Poll, Rocket's brand awareness increased by 9 points in familiarity and 6 points in consideration, the largest lift of any brand measured.

我們的數位平台的流量激增，根據哈里斯民意調查，Rocket 的品牌知名度在熟悉度上增加了 9 點，在考慮度上增加了 6 點，是所有受測品牌中提升幅度最大的。

Our brand refresh is the first step in an ambitious journey to solidify Rocket as the leader in homeownership and make it one of America's most culturally relevant brands.

我們的品牌更新是我們雄心勃勃的旅程的第一步，旨在鞏固 Rocket 的房屋所有權領先地位，並使其成為美國最具文化相關性的品牌之一。

This investment has two key objectives.

這項投資有兩個主要目標。

First, we're investing to elevate Rocket into a true household name.

首先，我們的投資是讓 Rocket 成為真正家喻戶曉的品牌。

While we're already the most recognized player in mortgage, we believe that Rocket should be a brand that people know, trust, and connect with throughout the homeownership experience, and we are making the investments to make that a reality.

雖然我們已經是抵押貸款領域最知名的參與者，但我們相信 Rocket 應該是一個人們在整個房屋所有權體驗中熟知、信任和聯繫的品牌，我們正在進行投資以使其成為現實。

Our Own the Dream, core creative idea, reinforces the belief that everyone deserves a shot at the American dream.

「我們擁有夢想」這個核心創意強化了每個人都值得擁有實現美國夢的機會的信念。

Designed for longevity, this concept celebrates the modern diverse vision of home ownership, while unifying our messaging across all platforms.

這個概念專為長久使用而設計，頌揚了現代多元化的房屋所有權願景，同時在所有平台上統一了我們的訊息傳遞方式。

Second, we have a significant opportunity to expand our reach and connect with key growth audiences.

其次，我們有重大機會來擴大我們的影響力並與關鍵成長受眾建立聯繫。

America's demographics are shifting.

美國的人口結構正在改變。

The average first time buyer is now 38, nearly a decade older than just 10 years ago.

目前首次購屋者的平均年齡為 38 歲，比十年前大了近 10 歲。

And by 2030, 56% of first-time buyers will be Hispanic, while single female buyers will outnumber males 2 to 1.

到 2030 年，首次購屋者中 56% 將是西班牙裔，而單身女性購屋者的數量將是男性的 2 倍。

So to serve this next generation of homeowners, Rocket's brand must be inclusive, dynamic, and reflective of today's ambitious and diverse America.

因此，為了服務下一代房主，Rocket 的品牌必須具有包容性、活力，並反映當今雄心勃勃、多元化的美國。

If there's one message I hope sticks with you today, it is simply this: we are shaping the future of home ownership, modern, personalized, centered around the client.

如果今天我希望你們能記住一個訊息，那就是：我們正在塑造房屋所有權的未來，現代化、個人化、以客戶為中心。

We're eliminating the hurdles that have made home buying complicated for decades.

我們正在消除幾十年來阻礙購屋變得複雜的障礙。

We are replacing them with a seamless, intuitive experience that is unmistakably Rocket.

我們正在用一種無縫、直觀的、無疑是 Rocket 的體驗來取代它們。

2024 was a foundational year for the next chapter of Rocket, and we're carrying that momentum into '25 with a simple purpose: to help more people achieve home ownership.

2024 年是 Rocket 開啟新篇章的基礎之年，我們將帶著這種勢頭進入 2025 年，目的很簡單：幫助更多人實現住房所有權。

The opportunity ahead is immense, and we're investing and executing with urgency to seize it.

未來的機會是巨大的，我們正在緊急投資和執行以抓住它。

So we're dreaming big, we're executing bigger, and I couldn't be prouder of what we've built or more excited about what's ahead.

因此，我們胸懷大志，行動更大，我對我們所取得的成就感到無比自豪，對未來充滿期待。

Thank you, and with that, I will turn it over to Brian.

謝謝，現在我將把麥克風交給 Brian。

Thank you, Varun, and good afternoon, everyone.

謝謝你，瓦倫，大家午安。

On this call, I'll review our strong fourth-quarter and full-year performance, highlight key achievements from 2024, and share our outlook for the first quarter.

在這次電話會議上，我將回顧我們強勁的第四季和全年業績，強調 2024 年的主要成就，並分享我們對第一季的展望。

I'm incredibly proud of our financial results and the exceptional execution by our team.

我對我們的財務表現和團隊的出色表現感到無比自豪。

Looking back at 2024, two things stand out: strong top and bottom-line growth and discipline capital allocation across every layer of our Superstack, our key competitive advantage.

回顧 2024 年，有兩件事特別突出：強勁的營收和利潤成長，以及我們 Superstack 每一層的嚴格資本配置，這是我們的主要競爭優勢。

We are building a company that will shape the future of homeownership.

我們正在創建一家能夠塑造房屋所有權未來的公司。

I couldn't be more excited for what's ahead.

我對未來感到無比興奮。

Our strong execution translated into impressive financial performance.

我們的強大執行力轉化為令人印象深刻的財務表現。

For the fourth quarter, adjusted revenue reached $1.2 billion, which was at the high end of our guidance range.

第四季度，調整後的營收達到 12 億美元，處於我們預期範圍的高點。

This represents a 34% increase from the same quarter last year and marks our sixth consecutive quarter of year-over-year adjusted revenue growth.

這比去年同期成長了 34%，這也是我們連續第六個季度實現調整後營收年增。

We generated $24 billion in net rate lock volume, up 47% year over year.

我們產生了 240 億美元的淨利率鎖定量，年增 47%。

We reported adjusted net income of $85 million or $0.04 of adjusted diluted EPS.

我們報告調整後的淨收入為 8500 萬美元，或調整後的稀釋每股收益為 0.04 美元。

For the full year 2024, adjusted revenue grew 30% to $4.9 billion, with net rate lock volume increasing 28% to $101 billion.

2024 年全年，調整後營收成長 30% 至 49 億美元，淨利率鎖定量成長 28% 至 1,010 億美元。

Our gain on sale margin increased to 295 basis points, up 32 basis points from 2023, driven by growth in both the direct-to-consumer and partner network channels.

我們的銷售利潤率收益增加至 295 個基點，比 2023 年增加 32 個基點，這得益於直接面向消費者和合作夥伴網路通路的成長。

We delivered an 18% adjusted EBITDA margin, significantly expanding from just 2% the prior year.

我們實現了 18% 的調整後 EBITDA 利潤率，較前一年的 2% 大幅提升。

Adjusted diluted EPS came in at $0.23. This profitability expansion was fueled by revenue growth, disciplined expense management, and AI-driven efficiency gains.

調整後稀釋每股收益為 0.23 美元。獲利能力的擴大得益於收入成長、嚴格的費用管理和人工智慧驅動的效率提升。

Key achievements across origination, servicing, and AI powered our 2024 success.

在發起、服務和人工智慧方面取得的關鍵成就助力了我們在 2024 年的成功。

First, origination volume grew nearly 30% year over year, driven by both purchase and home equity loan growth.

首先，受購屋貸款和房屋淨值貸款成長的推動，貸款發放量較去年同期成長近 30%。

Purchase remains our biggest opportunity with no player holding more than single digit market share.

由於沒有任何一家公司的市佔率超過個位數，購買仍然是我們最大的機會。

Over the past year, we intensified our focus like never before and grew purchase market share by 8%.

在過去的一年裡，我們前所未有地加強了關注度，購買市佔率成長了 8%。

Our success was driven by a deliberate strategic approach.

我們的成功源自於深思熟慮的策略方針。

We launched innovative home buying products like ONE+ and Welcome Home RateBreak, which resonated with home buyers in a challenging market.

我們推出了 ONE+ 和 Welcome Home RateBreak 等創新購屋產品，在充滿挑戰的市場中引起了購屋者的共鳴。

In fact, mortgage volume associated with affordability products doubled year over year.

事實上，與可負擔產品相關的抵押貸款金額比去年同期增長了一倍。

We also strengthen our relationships with our Rocket Pro wholesale partners, reinforcing our commitment to their growth.

我們也加強了與 Rocket Pro 批發合作夥伴的關係，強化了我們對其發展的承諾。

By providing choice, industry leading products and advanced technology, we are empowering them to thrive while driving our own purchase growth.

透過提供選擇、領先業界的產品和先進的技術，我們在推動我們自身購買成長的同時，也幫助他們蓬勃發展。

In the fourth quarter, the strategic focus led to double digit gains in wholesale market share and broker wallet share year over year.

第四季度，策略重點推動批發市場份額和經紀人錢包份額較去年同期實現兩位數成長。

Our home equity product continued to shine with volume more than doubling year over year, further solidifying our position as the nation's largest originator of closed and second mortgages.

我們的房屋淨值產品繼續表現出色，交易量同比增長一倍以上，進一步鞏固了我們作為全國最大的封閉式和二次抵押貸款發起人的地位。

Homeowners increasingly turn to this solution to tap into record high equity while preserving their low existing rates on their first lien mortgage.

越來越多的房主採用這種解決方案來利用創紀錄的高資產淨值，同時保持其第一留置權抵押貸款的現有低利率。

Notably, over half of these home equity clients were new to the Rocket ecosystem, creating a strong pipeline of future refinance opportunities as rates decline.

值得注意的是，超過一半的房屋淨值客戶都是 Rocket 生態系統的新客戶，隨著利率下降，他們將創造強大的未來再融資機會。

This success highlights the strength of our innovative products, targeted marketing, and capital market expertise reinforced by nine successful securitization deals in 2024.

這項成功凸顯了我們的創新產品、有針對性的行銷和資本市場專業知識的實力，而 2024 年九筆成功的證券化交易進一步鞏固了我們的實力。

The second major area of growth has been the expansion of our origination servicing flywheel.

第二個主要的成長領域是我們的起源服務飛輪的擴展。

By the end of 2024, our servicing portfolio grew to $593 billion in unpaid principal balance, a 17% increase over 2023.

到 2024 年底，我們的服務組合未償還本金餘額將成長至 5,930 億美元，比 2023 年成長 17%。

This growth was primarily driven by our inorganic strategy which added $77 billion in UPB.

這一成長主要得益於我們的無機策略，該策略為 UPB 帶來了 770 億美元的收益。

During the year, we generated $1.5 billion in recurring servicing cash revenue.

本年度，我們創造了 15 億美元的經常性服務現金收入。

More importantly, we expanded our portfolio to 2.8 million loans, adding 308,000 new clients this year, each representing an opportunity to earn the right to be their lender for life.

更重要的是，我們將貸款組合擴大到 280 萬筆，今年增加了 308,000 名新客戶，每個客戶都代表著獲得終身貸款人權利的機會。

As Varun outlined, expanding our servicing portfolio is a critical part of our long-term growth strategy.

正如 Varun 所概述的，擴大我們的服務組合是我們長期成長策略的關鍵部分。

Our industry leading recapture rates are built on a singular focus, delivering an exceptional client experience at every interaction.

我們行業領先的回收率建立在單一焦點之上，在每次互動中提供卓越的客戶體驗。

No matter how a client enters our ecosystem, our goal is the same: serve them as homeowners for life.

無論客戶如何進入我們的生態系統，我們的目標都是相同的：為他們提供終身房主服務。

Finally, AI is delivering tangible, transformative results across our organization, enhancing our ability to scale and driving operating leverage in our business.

最後，人工智慧正在為整個組織帶來切實的變革性成果，增強我們的擴展能力並推動業務的營運槓桿。

For example, Rocket Logic Docs, our intelligent document processing platform, has been crucial in efficiently onboarding servicing portfolios.

例如，我們的智慧文件處理平台 Rocket Logic Docs 對於高效引入服務組合起到了至關重要的作用。

In December alone, this platform automatically classified over 21 million documents, nearly 5 times the volume from June and requiring no additional staffing.

光是在12月份，該平台就自動分類了超過2,100萬份文件，幾乎是6月份的5倍，而且無需額外配備人員。

This proprietary technology positions us for continued growth in our servicing portfolio.

這項專有技術使我們的服務組合能夠持續成長。

In 2024, we unlocked over 1 million team member hours through AI automation with benefits that continue to compound.

2024 年，我們透過人工智慧自動化釋放了超過 100 萬個團隊成員的工作時間，而且收益還在持續累積。

AI powered tools enabled bankers and operations team members to serve 54% more clients year over year in Q4.

人工智慧工具使銀行家和營運團隊成員在第四季度服務的客戶數量比去年同期增加了 54%。

AI is fundamentally transforming the experiences of our clients, team members, and partners, and the results are real.

人工智慧正在從根本上改變我們的客戶、團隊成員和合作夥伴的體驗，而且其成果是真實的。

Our massive data lake, early adoption, and deep AI expertise have positioned us far ahead of our peers, and we believe the GAAP will only widen from here.

我們龐大的資料湖、早期採用和深厚的人工智慧專業知識使我們遠遠領先於同行，我們相信 GAAP 只會從現在開始擴大。

As Varun shared, we are reimagining every task, every process, and every team member role through AI supercharging efficiency, speed, and accuracy.

正如 Varun 所說，我們正在透過 AI 增強效率、速度和準確性來重新構想每項任務、每個流程和每個團隊成員的角色。

Our momentum in 2024 lays the foundation for even greater opportunities in 2025.

我們在 2024 年取得的進展為 2025 年更大的機會奠定了基礎。

To strengthen our leadership and shape the future of homeownership, we're making strategic investments in three key areas marketing, servicing, and technology.

為了加強我們的領導地位並塑造房屋所有權的未來，我們正在對行銷、服務和技術三個關鍵領域進行策略性投資。

First, in marketing, we're making bold moves to elevate the Rocket brand and engage the next generation of home buyers.

首先，在行銷方面，我們正在採取大膽措施提升 Rocket 品牌並吸引下一代購屋者。

Our previous brand strategy was successful, but as the consumer landscape has evolved, it was time for a refresh.

我們之前的品牌策略是成功的，但隨著消費者格局的變化，是時候進行更新了。

Rocket is the most recognized mortgage brand, yet today it doesn't stack up against some of the more prestigious brands outside of our category, leaving room to grow.

Rocket 是最知名的抵押貸款品牌，但目前它還無法與我們類別之外的一些更負盛名的品牌相抗衡，因此仍有成長空間。

In fact, our unaided awareness prior to the brand restage was just 12%, and the engagement among mortgage borrowers was only 17%.

事實上，在品牌重塑之前，我們的獨立認知度僅為 12%，抵押貸款借款人的參與度僅為 17%。

Even among those familiar with Rocket, many didn't see us as a brand that represented them.

即使是熟悉 Rocket 的人，也有很多人不認為我們是代表他們的品牌。

We weren't fully connecting with the growth audiences driving the future of homeownership, female, Hispanic, and aging first-time home buyers.

我們尚未與推動未來房屋所有權的成長受眾、女性、西班牙裔和年長的首次購屋者充分建立聯繫。

Our brand must resonate with their aspirations today and in the years ahead.

我們的品牌必須與他們當前和未來的願望產生共鳴。

We launched our brand restage in Own the Dream core creative idea at the Super Bowl, one of the biggest stages, alongside the debut of rocket.com, our all-in-one homeownership platform.

我們在最大的舞台之一超級盃上重新推出了「Own the Dream」核心創意品牌，同時推出了我們的一體化房屋所有權平台 rocket.com。

These moves are already accelerating brand awareness and expanding our reach.

這些舉措已經加速了品牌知名度並擴大了我們的影響力。

Our Own the Dream core creative idea is an asset that we believe stands the test of time, continuously delivering value and forging authentic connections with the next generation of Rocket clients.

我們相信，我們「Own the Dream」核心創意是一項資產，經得起時間的考驗，能夠持續創造價值，並與下一代 Rocket 客戶建立真正的聯繫。

We've made a full-scale shift towards an integrated approach across brand performance and product marketing.

我們已經全面轉向跨品牌表現和產品行銷的綜合方法。

This investment cements Rocket is America's homeownership platform with a brand that reflects our vision, mission, and unwavering commitment to helping millions achieve home ownership.

這項投資鞏固了 Rocket 的美國房屋所有權平台，其品牌反映了我們的願景、使命和幫助數百萬人實現房屋所有權的堅定承諾。

Second, we're accelerating our origination servicing flywheel, building on 2024 success in bulk acquisitions and strategic partnerships.

其次，我們正在加速我們的發起服務飛輪，以 2024 年批量收購和策略合作夥伴關係的成功為基礎。

This is a strategic growth area where Rocket holds a clear advantage, leveraging both our industry leading recapture rates and our scale across origination and servicing.

這是一個策略性成長領域，Rocket 在其中具有明顯的優勢，既能利用我們行業領先的回收率，又能利用我們在發起和服務方面的規模。

We will sustain market leading recapture rates by sticking to what works, delivering exceptional client experience at every touch point.

我們將堅持有效的方法，在每個接觸點提供卓越的客戶體驗，保持市場領先的回收率。

Our approach blends the human touch with AI-driven enhancements, creating frictionless modern experiences on rocket.com and our digital apps.

我們的方法將人性化與人工智慧驅動的增強功能相結合，在 rocket.com 和我們的數位應用程式上創造出順暢的現代體驗。

We will remain highly selective when deploying capital to acquire MSR portfolios, ensuring every investment aligns with our long-term strategic vision.

在部署資本收購 MSR 投資組合時，我們將保持高度選擇性，確保每項投資都符合我們的長期策略願景。

Additionally, we see tremendous potential to expand through partnerships, like our collaboration with Annaly while using AI and automation to streamline onboarding and operations.

此外，我們看到透過合作擴展的巨大潛力，例如我們與 Annaly 的合作，同時使用人工智慧和自動化來簡化入職和營運。

Finally, we will continue to double down on AI and automation to supercharge our team members and transform how we operate.

最後，我們將繼續增加對人工智慧和自動化的投入，以增​​強我們團隊成員的能力並改變我們的營運方式。

This builds on decades of technology investment in our comprehensive data platform.

這是建立在我們數十年來對綜合數據平台的技術投資之上的。

AI is already unlocking business value by enhancing team member efficiency.

人工智慧已經透過提高團隊成員的效率來釋放商業價值。

Empowering 14,000 team members with AI allows us to iterate faster, work smarter, and achieve more with the same resources.

透過為 14,000 名團隊成員提供 AI 能力，我們可以更快地進行迭代、更聰明地工作，並使用相同的資源取得更多成就。

Looking ahead, we believe AI will enhance every aspect of Rocket: from boosting conversion rates through greater personalization to making mortgage manufacturing more efficient, all while preserving the human touch that defines our client experience.

展望未來，我們相信人工智慧將增強 Rocket 的各個方面：從透過更大的個人化來提高轉換率到使抵押貸款製造更加高效，同時保留定義客戶體驗的人性化風格。

Our technological advantage and our expanded reach across retail, wholesale, enterprise partnerships, and servicing positions us to capture a significantly larger share of the market.

我們的技術優勢以及在零售、批發、企業合作夥伴和服務領域的不斷擴大的影響力使我們能夠佔據更大的市場份額。

From a capacity standpoint, today we believe we can originate $150 billion in volume while keeping our fixed costs flat.

從產能角度來看，今天我們相信我們可以在保持固定成本平穩的情況下實現 1500 億美元的交易量。

Our investments in marketing, servicing, and AI are setting the foundation for long-term growth and market leadership.

我們在行銷、服務和人工智慧方面的投資為長期成長和市場領導地位奠定了基礎。

Our financial strength allows us to invest aggressively while competitors pull back.

我們的財務實力使我們能夠在競爭對手撤退時積極投資。

We ended the year with $2.9 billion in available cash and $7.6 billion in mortgage servicing rights, a combined $10.5 billion of value on our balance sheet.

截至年底，我們的可用現金為 29 億美元，抵押貸款服務權為 76 億美元，資產負債表上的總價值為 105 億美元。

Our $2.9 billion in available cash includes $1.3 billion on the balance sheet and $1.6 billion in corporate cash used to self-fund loan originations.

我們的 29 億美元可用現金包括資產負債表上的 13 億美元和用於自籌貸款發放資金的 16 億美元公司現金。

As of December 31, total liquidity stood at approximately $8.2 billion including available cash and undrawn lines of credit.

截至 12 月 31 日，包括可用現金和未提取的信用額度在內的總流動資金約為 82 億美元。

This financial flexibility allows us to make bold strategic investments at pivotal moments, something we've done consistently throughout our history.

這種財務靈活性使我們能夠在關鍵時刻進行大膽的策略投資，這是我們在整個歷史中一貫做的事情。

With AI transforming our industry, Rocket is positioned to lead the next chapter and seize opportunities ahead.

隨著人工智慧改變我們的產業，Rocket 已準備好引領下一章並抓住未來的機會。

Now let me turn to our outlook for the first quarter.

現在我來談談我們對第一季的展望。

We expect adjusted revenue to be in the range of $1.175 billion to $1.325 billion.

我們預計調整後的營收將在 11.75 億美元至 13.25 億美元之間。

The midpoint of this range represents roughly 7% year-over-year growth and our expectation of continued market share gains.

該範圍的中間點代表著大約 7% 的同比增長和我們對市場份額持續增長的預期。

We expect total expenses in the first quarter to increase by $100 million on a year-over-year basis.

我們預計第一季的總支出將年增 1 億美元。

There are three items driving this.

有三個因素推動了這個現象。

We expect variable cost to increase as a result of higher production year over year.

我們預計，由於產量逐年增加，變動成本也會增加。

Turning to marketing, Rocket Money spent additional advertising dollars to drive record consumer growth in the month of January.

在行銷方面，Rocket Money 投入了額外的廣告費用來推動 1 月創紀錄的消費者成長。

And finally, as many of you saw, we launched our brand restage and core creative idea at the Super Bowl.

最後，正如大家所看到的，我們在超級盃上推出了我們的品牌重塑和核心創意。

Aside from these three items, we expect our expenses to be relatively flat year over year.

除這三項之外，我們預計我們的支出將比去年同期相對持平。

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

與往常一樣，我們的前瞻性指引是基於我們目前對四分位距可見度的展望。

As we look ahead, we're entering a defining moment in Rocket's journey.

展望未來，我們正進入火箭隊旅程的決定性時刻。

Throughout our history, we've consistently maintained a strong capital position while making strategic long-term investments.

在我們的歷史上，我們在進行策略性長期投資的同時，始終保持著強大的資本地位。

This approach has given us the resilience to navigate market cycles and the ability to seize opportunities others simply cannot.

這種方法使我們能夠適應市場週期，並能夠抓住其他人無法抓住的機會。

Today we are writing a new chapter, one defined by bold strategic moves.

今天，我們正在書寫新的篇章，這一篇章以大膽的策略舉措為特徵。

We're investing decisively in our future, pursuing ambitious goals, and accelerating execution, all while keeping our focus on creating sustainable long-term shareholder value.

我們正在果斷投資未來，追求雄心勃勃的目標並加快執行，同時專注於創造可持續的長期股東價值。

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

現在，我們準備將其交還給接線員以回答問題。

(Operator Instructions) Jeff Adelson, Morgan Stanley.

（操作員指示） 摩根士丹利的傑夫·阿德爾森。

Hey, good evening, thanks for taking my question.

嘿，晚上好，感謝您回答我的問題。

So I just wanted to unpack the first quarter revenue guide a little bit.

所以我只是想稍微解釋一下第一季的營收指南。

Brian, you mentioned the 7% of the midpoint.

布萊恩，你提到了中點的 7%。

I know it seems like it's flat of 12% sequentially as well.

我知道它看起來也與上一季持平，為 12%。

Can you just unpack the drivers of this forecast as it relates to the gain on sale, the origination volumes, and other.

您能否解釋一下該預測的驅動因素，因為它與銷售收益、發起量和其他因素有關。

And then as we think about the rest of 2025, market expectations and forecasts that sort of come in in recent months, I think we're now looking for 15% growth versus the prior 30%.

然後，當我們考慮 2025 年的剩餘時間時，根據最近幾個月出現的市場預期和預測，我認為我們現在預期的成長率為 15%，而先前的成長率為 30%。

How are you thinking about your growth outlook for the rest of the year and what kind of progress do you think you're going to be able to make on your market share goals?

您如何看待今年剩餘時間的成長前景？

Thank you.

謝謝。

Jeff, thanks for the question.

傑夫，謝謝你的提問。

I want to start by maybe unpacking the macro view on the year, and then we'll jump down into our guide and I'll ask Brian to comment on that a little further.

我想先解析今年的宏觀情況，然後我們將進入指南，我會請布萊恩對此做進一步的評論。

I think if I were to use one word just to describe how we feel about the year and our market outlook, the word is optimism.

我想，如果用一個詞來描述我們對今年和市場前景的感受，這個詞就是樂觀。

We think '25 will be better than '24.

我們認為‘25年將會比‘24年更好。

I think the big question is just how much better and what the pace of recovery we'll really look at.

我認為最大的問題是我們真正關注的復甦程度和速度。

There are a few things that I would just sort of explain in terms of the underlying factors.

我想從根本因素的角度來解釋一些事情。

I think first, obviously you take into consideration inflation, which is running a little bit higher.

我認為首先，顯然你要考慮到通貨膨脹，而通貨膨脹正在略微上升。

Obviously, the impact of things like tariffs is still relatively unknown.

顯然，關稅等因素的影響仍相對未知。

But if you really click down into the housing industry, you start to see some pretty interesting green shoots.

但如果你真正深入了解房地產行業，你會發現一些相當有趣的復甦跡象。

You're seeing more inventory; you're seeing more home selling at or below list.

您會看到更多的庫存；你會看到越來越多的房屋以標價或低於標價的價格出售。

You're seeing equity at an all-time high of $35 trillion.

你會看到股權價值達到了 35 兆美元的歷史最高水準。

You're seeing new listings increase.

您會看到新上市商品的數量正在增加。

In fact, in January that was up 13%.

事實上，1 月這一數字上漲了 13%。

That's the biggest in three years, so that's really good.

這是三年來最大的一次，所以這真的很好。

So you put all that together and when you look at the forecast, that leads you to believe that there's going to be a higher market for the mortgage industry.

所以，如果你把所有這些因素放在一起並查看預測，你會相信抵押貸款行業的市場將會更加繁榮。

I believe, the forecasts expect that 25% originations will be around $1.9 trillion.

我相信，預測預計25%的發起額將達到1.9兆美元左右。

And the good news is that's up like 10% to 15% from 2024.

好消息是，到 2024 年，這一數字將增加 10% 至 15%。

And then internally, the biggest thing that we look at is just our own execution.

從內部來看，我們關注的最重要的事情就是我們自己的執行力。

And this past year I think is a good example that we can grow our share in any market, and we view that as a source of strength.

我認為過去的一年就是一個很好的例子，我們可以在任何市場擴大我們的份額，並且我們將此視為力量的來源。

And if that market is bigger, then obviously we like that even more.

如果這個市場更大，那麼我們顯然會更喜歡。

So we're positive on the market, we're positive on our execution, and in totality, that's the reason for our optimism for 2025.

因此，我們對市場持樂觀態度，對我們的執行力持樂觀態度，總的來說，這就是我們對 2025 年充滿樂觀的原因。

And with that context, Brian, maybe you can jump in and talk about the quarter and specifically our guide.

基於此，布萊恩，您或許可以插話談談本季的情況，特別是我們的指南。

Yeah, sure, thanks, Varun.

是的，當然，謝謝，Varun。

Hey Jeff, good to hear from you.

嘿，傑夫，很高興收到你的來信。

So let me start with talking a little bit about the quarter, and then I'll try to unpack the guide.

因此，讓我先簡單談談本季的情況，然後我將嘗試解讀這份指南。

But if you think about the first order, January is always a tough month for mortgages for the industry, and this January was no exception.

但如果你考慮一下第一筆訂單，那麼一月對於抵押貸款行業來說總是一個艱難的月份，今年一月也不例外。

But here's the good news.

但這有個好消息。

We saw a really nice rebound in February, sort of up to the moment in this call.

截至本次電話會議為止，我們在二月看到了非常好的反彈。

And February has actually started to exceed our expectations, which is great.

而二月的情況其實已經開始超出我們的預期，這很好。

And then as I look ahead to March, we're also seeing some positive signs, particularly in the home buying space.

展望三月，我們也看到一些正面的跡象，特別是在購屋領域。

As we come into 2025, our own internal purchase pipeline is up 10% over the prior year.

進入 2025 年，我們自己的內部採購管道將比前一年增加 10%。

So that feels really good.

感覺真的很好。

And then if I break that down a little bit further for you, our purchase pipeline is measured in different ways, but one thing we look at is VALs or verified approval letters.

然後，如果我為您進一步分解一下，我們的採購管道以不同的方式衡量，但我們關注的一件事是 VAL 或經過驗證的批准函。

Those are fully underwritten clients ready to buy, and those are really high intent clients.

這些都是已經完全承保並準備購買的客戶，而且都是真正有購買意願的客戶。

The percentage of VALs of the total pipeline is also up.

VAL 在整個管道中所佔的百分比也上升了。

So some really nice green shoots leading into March.

因此，三月會出現一些非常漂亮的綠芽。

So to your point, Jeff, the guide is about 7% year-over-year, up 7% at the mid and 14% at the high end.

傑夫，正如你所說，指導價是同比增長約 7%，中間值增長 7%，高端增長 14%。

But one thing that's important to note is that's really driven by value increases year-over-year.

但需要注意的一點是，這實際上是由價值逐年成長所推動的。

We expect gain on sale margins in the first quarter to be relatively consistent with gain on sale margins of fourth quarter, which is also a good sign.

我們預期第一季的銷售利潤率增益將與第四季的銷售利潤率增益相對一致，這也是一個好兆頭。

But if I take you back to Q1 of last year, we did have some elevated gain on sale margins.

但如果我回顧去年第一季，我們的銷售利潤率確實有所提高。

I think it was about 311 basis points due to some discrete items.

我認為由於一些離散項目，其變化幅度約為 311 個基點。

So it's a really positive guide because we're keeping gain on sale margins consistent with Q4 but also foreshadowing that volume will be quite a bit higher.

因此，這是一個非常積極的指引，因為我們保持銷售利潤率與第四季度保持一致，同時也預示著銷售量將會大幅成長。

So just in summary from my perspective, it's a great start to the year.

所以總而言之，從我的角度來看，這是今年的一個好開始。

It sets up 2025 for a better year than 2024, both from a top line and profitability perspective.

無論從營收或獲利角度來看，2025 年都將比 2024 年表現更好。

I would just add just one more point on guidance, especially when you look at forecasters and potentially many others, typically you are predicting that the industry.

我只想就指導再補充一點，特別是當你查看預測者和其他可能的許多其他人時，通常你會預測該行業。

When you look at Q4 to Q1, but it's actually going to be down anywhere from 20% to 24%.

當您將第四季度與第一季進行比較時，您會發現它實際上會下降 20% 到 24%。

And so, when you look at our guide, Q4 to Q1 is actually up.

因此，當您查看我們的指南時，您會發現第四季度相對於第一季實際上是上升的。

And it just gives you an indication of our resilience and strength and just the objective to be able to take share really in any market.

這只是顯示了我們的韌性和實力，以及能夠在任何市場真正佔據份額的目標。

Ryan McKeveny, Zelman.

瑞安·麥克凱文尼，澤爾曼。

Hey afternoon, thank you, and nice job on the quarter.

嘿，下午好，謝謝你，本季你做得很好。

So Brian, that was really useful color on some of the February and early March dynamics.

所以 Brian，這對於二月和三月初的一些動態確實很有用。

Another question around the topic of maybe early indicators.

另一個問題可能與早期指標有關。

I guess with the brand reach with the launch of rocket.com, obviously, Rocket Homes, the search piece had been out there and presumably maybe the simplicity of rocket.com, draws more traffic, just integrates better with the brand and the various products.

我想隨著 rocket.com 的推出，品牌的影響力也會隨之擴大，顯然，Rocket Homes 等搜尋功能已經存在，或許是因為 rocket.com 的簡潔性，吸引了更多的流量，能夠更好地與品牌和各種產品進行整合。

I guess any early indications or signals that you're seeing from the relaunch specifically, whether it's in terms of application activity happening through the sites and the connections with the consumer on the site or connections to mortgage brokers connections to real estate agent partners?

我想您從重新啟動中看到了什麼早期跡像或信號，無論是透過網站進行的申請活動、與網站上的消費者的聯繫，還是與抵押貸款經紀人和房地產經紀人合作夥伴的聯繫？

Anything you can share there?

有可以分享的東西嗎？

I know it's very early, but that would be useful.

我知道現在還為時過早，但這很有用。

Thank you.

謝謝。

Thank you, Ryan.

謝謝你，瑞安。

Great to hear from you.

很高興收到您的來信。

I want to start maybe if I just talk a little bit about the high-level strategy with both our brand restage, marketing in general and rocket.com, and then we'll go into some of the more details of how we're tracking ROI on an ongoing basis.

首先我想先簡單談談我們的品牌重塑、整體行銷和 rocket.com 的高層策略，然後我們再詳細談談我們如何持續追蹤投資報酬率 (ROI)。

I think just stepping back, I think the most important thing to just sort of share is that today, ironically, we're the biggest and most recognizable brand in space.

我認為退一步來說，我認為最重要的事情是今天諷刺的是，我們是太空領域中最大、最知名的品牌。

And despite that, our unaided awareness metrics are nowhere near what a brand could be.

儘管如此，我們的裸眼知名度指標仍遠不及品牌應有的水準。

And so, when you look at a brand that's at 12% unaided awareness, which is where we are today, we have a lot of opportunity to grow.

因此，當您看到一個品牌的無提示認知度為 12%（這就是我們今天的水平）時，我們就有很大的成長機會。

And that to us really stuck out as a big opportunity to increase the efficiency of our full funnel.

對我們來說，這確實是一個提高整個通路效率的巨大機會。

So what we've done here is very intentional, very strategic.

因此，我們在這裡所做的是非常有意圖、非常有策略的。

We have a new core creative idea, Own the Dream, and we have a durable approach to marketing that.

我們有一個新的核心創意——擁有夢想，我們有一個持久的方法來行銷它。

We have a durable client segmentation.

我們有一個持久的客戶細分。

We've launched them all in the same month very intentionally, and we've launched that with an integration to a product, a digital product, which is rocket.com. And as we talked about, obviously, rocket.com is a little different.

我們特意在同一個月推出了所有這些產品，並將它們整合到一個產品中，這個產品是一個數位產品，即 rocket.com。正如我們所討論的，rocket.com 顯然有點不同。

We are competing for a specific type of traffic, high intent traffic, a more integrated experience with search, financing, servicing, and that's obviously seamless ad free and clean.

我們正在競爭一種特定類型的流量、高意圖流量、一種更整合的搜尋、融資、服務體驗，而且顯然是無縫的、無廣告的、乾淨的。

We've seen, I would say, very promising early results that has exceeded our expectations.

我想說，我們看到的早期結果非常有希望，超出了我們的預期。

We talked a little bit about the Harris Poll, but it is one of the most reputable surveys out there, and it shows that our brand lift rose 30%, which is a solid increase in familiarity in consideration.

我們討論了一些哈里斯民意調查，但它是最有信譽的調查之一，它顯示我們的品牌提升率上升了 30%，這意味著熟悉度有了穩步提升。

And when you look at things like rocket.com, it is significantly exceeding the expectation to Rocket Homes in terms of things like session length, time on page, and just the ability to connect to the conversion funnel, which it is sort of early days, and we'll continue to report on in more detail in the quarters to come.

當您查看 rocket.com 之類的東西時，您會發現它在會話長度、頁面停留時間以及連接轉換管道的能力等方面大大超出了 Rocket Homes 的預期，這還處於早期階段，我們將在未來幾個季度繼續提供更詳細的報告。

With that said, across both of these assets, we have a very rigorous plan on how we're going to track the ROI.

話雖如此，對於這兩項資產，我們都有一個非常嚴格的計劃來追蹤投資回報率。

And I would love for Brian to just expand on that a little further.

我希望 Brian 能夠進一步闡述這一點。

Sure.

當然。

Thanks, Varun.

謝謝，瓦倫。

Even just before I jump in it, I'll just give you one more reason to believe.

甚至在我開始之前，我都會再給你一個相信的理由。

And Ryan, one of the things that's true for us and it's true for many players in the space today is there's still a decent amount of traffic that comes from what I'll call affiliated sites or other brands, think about lead buy and forms like that.

瑞安，對我們來說和對當今該領域的許多參與者來說都是如此的一件事是，仍然有相當數量的流量來自我所說的附屬網站或其他品牌，想想領先購買和類似的形式。

And -- the problem with that, they can be a profitable source of client acquisition, but they're just not scalable, and they're tapped out in a lot of ways.

而問題在於，它們可以成為獲取客戶的有利來源，但它們不具備可擴展性，而且在許多方面都被挖掘殆盡。

And they also usually come with a much higher cost of acquisition.

而且它們通常還需要更高的收購成本。

And it's also not the best consumer experience.

這也不是最佳的消費者體驗。

The best consumer experience is coming and interacting with our digital properties and our brand in our super powerful loan officers.

最好的消費者體驗是來到我們超級強大的貸款人員那裡與我們的數位資產和品牌互動。

And if you're coming -- if there's a middleman in that process, it doesn't usually end up in the best NPS score.

如果你來的話——如果過程中有中間人，通常不會獲得最佳的 NPS 分數。

So -- but to Varun's point, in terms of the measurement and how we're thinking about it, I think the first thing I should part with is, you know in our world that no dollar gets a free pass.

所以 —— 但對於 Varun 的觀點，就衡量標準和我們如何看待它而言，我認為我應該首先說明的是，在我們的世界中，沒有一美元是可以免費通行的。

Every single dollar needs to be accounted for.

每一塊錢都需要記帳。

The question we get a lot is like, well, how do you measure the brand spend?

我們常被問到的問題是：那麼，如何衡量品牌支出？

And how should we think about that?

我們該如何看待這個問題？

And let me be clear, the North Star is client acquisition costs.

讓我明確一點，北極星是客戶獲取成本。

But it's not -- the right question to me is not necessarily how you measure the brand spend.

但事實並非如此——對我來說，正確的問題不一定是如何衡量品牌支出。

It's how brand and performance come together to drive positive ROI on your marketing spend.

這就是品牌和績效如何結合在一起，為您的行銷支出帶來積極的投資報酬率。

And over the years, I think we've proved we're pretty good at that.

多年來，我想我們已經證明我們在這方面做得相當好。

Today, I feel even better because we have very robust mixed media models, both internal proprietary models.

今天，我感覺更好了，因為我們擁有非常強大的混合媒體模型，包括內部專有模型。

We also leverage a lot of agency data.

我們也利用了大量代理數據。

We measure everything from traffic to trial to conversion and other attributes.

我們測量從流量到試用到轉換率和其他屬性的一切。

So I feel better today about the way to measure the ROI on the spend than I ever have, and we'll continue to do that throughout the year, and we'll continue to be very diligent.

因此，今天我對衡量支出投資回報率的方法比以往任何時候都感覺更好，我們將在全年繼續這樣做，並且我們將繼續非常勤奮。

That's very helpful.

這非常有幫助。

Thank you, guys.

謝謝你們。

And I guess, as a follow-up question on the expense side of things, I heard you on the commentary on 1Q and some of the kind of one-timers to think about.

我想，作為關於費用方面的後續問題，我聽到了您對第一季的評論以及一些需要考慮的一次性事件。

But if we can look backward at the fourth quarter, I believe the guidance was to be flattish, and it came in $50 million roughly better than that.

但如果我們回顧第四季度，我相信預期將持平，而且實際收入大約比預期高出 5,000 萬美元。

So I guess I'm curious, what drove the outperformance in 4Q?

所以我很好奇，是什麼推動了第四季的優異表現？

And I'm kind of wondering, is there anything on the AI or tech efficiencies that maybe drove some of that outperformance and seemingly those might be topics we could think about in the year ahead?

我有點好奇，人工智慧或技術效率方面是否有任何因素可能推動了這種優異表現，而這些似乎是我們未來一年可以考慮的話題？

Yeah.

是的。

Happy to answer it.

很高興回答。

So yeah, thanks for the call out on Q4.

是的，感謝您對 Q4 的關注。

One of the things Varun mentioned in his prepared remarks, which is so important as we compare Q4 to Q4, we were really 54% more efficient.

Varun 在他的準備好的演講中提到的一件事非常重要，因為我們將第四季度與第四季度進行比較，我們的效率確實提高了 54%。

Volume was up about 47%, head count was down a bit year-over-year.

與去年同期相比，交易量增加了約 47%，但員工數量略有下降。

And then really, to your point, Ryan, is the power of AI at work and the operating leverage that's in this business.

然後實際上，正如你所說，瑞安，這就是人工智慧在工作中的力量以及這個行業的營運槓桿。

If I just kind of take you back to our goal, what we've been talking about since the beginning is look, we -- the top line growth and the market share, that is absolutely what we believe we will achieve this year.

如果我只是帶你回到我們的目標，我們從一開始就一直在談論的是，看，我們的營收成長和市場份額，這絕對是我們相信今年將實現的目標。

Varun mentioned the market size being larger.

Varun 提到市場規模更大。

So now we just need to execute.

所以現在我們只需要執行。

But we want to do that by keeping our fixed cost structure flat and we want to drive operating leverage.

但我們希望透過保持固定成本結構平穩來做到這一點，並希望提高營運槓桿。

And we want to super power our team members to use cutting-edge technology and AI to be more efficient and gain capacity, and you could see that in 2024.

我們希望為我們的團隊成員提供超強的能力，使他們能夠使用尖端技術和人工智慧來提高效率和增強能力，你可以在 2024 年看到這一點。

Now of course, that comes with optionality.

當然，這具有可選性。

If that -- if we're building that capacity every single day and the market cooperates, we have the opportunity to react.

如果我們每天都在建立這種能力並且市場能夠配合，我們就有機會做出反應。

But as I look ahead to '25 to your original question, I don't expect anything to be different.

但當我展望25年並回答你最初的問題時，我並不認為會有什麼不同。

We'll be very disciplined on the expense side of the P&L.

我們將非常嚴格地控制損益表的費用方面。

You mentioned the one-timers in Q1, so I'll just touch on them while I have you here.

您提到了第一季中的一次性事件，因此趁您還在，我只想簡單談談它們。

But the first thing you got to consider is that if I can take you back to the revenue guide, it's up quite substantially year-over-year, and it's up on a gain on sale margin that's going to be more consistent with the fourth quarter.

但您首先要考慮的是，如果我可以帶您回​​顧收入指南，您會發現它同比大幅增長，並且銷售利潤率的增長將與第四季度更加一致。

So you have more volume and more variable costs that are going to come through.

因此，您將面臨更多的交易量和更多的變動成本。

The other thing that's worth noting is Rocket Money has a record January, and that's the big time for them when New Year's resolutions and people get their financial house. in order, there was about $10 million to $15 million of profitable marketing this year that they didn't have last year.

另一件值得注意的事情是 Rocket Money 1 月份的業績創下了紀錄，對他們來說，這是實現新年願望和實現財務目標的重要時刻。因此，今年他們的行銷獲利額約為 1,000 萬到 1,500 萬美元，而去年並沒有這麼多。

That acquisition has worked out extremely nicely.

這次收購結果非常順利。

And then finally, there's the $50 million in the brand stage that we talked about as well.

最後，我們也談到了品牌階段的 5,000 萬美元。

Ryan Nash, Goldman Sachs.

高盛的瑞安·納什（Ryan Nash）。

Hey, good afternoon, guys.

嘿，大家下午好。

Maybe just to follow up a little bit on the cost and just to put a bit of a finer point on it.

也許只是為了稍微追蹤一下成本，並對其進行更細緻的闡述。

When I think about it, Brian, you're talking about stable fixed costs, which makes sense, and you kind of outlined some of those other buckets.

布萊恩，當我想到這一點時，你正在談論穩定的固定成本，這是有道理的，而且你還概述了其他一些方面。

But sort of a two-part question.

但這個問題由兩個部分組成。

How much of [the $100 million] do you expect to have as recurring over the course of the year?

您預計今年將有多少 [ 這 1 億美元 ] 成為經常性支出？

Do you expect there to be incremental costs related to this?

您預計這會產生與此相關的增量成本嗎？

And if I look at the 1Q guide, obviously, one quarter doesn't make a trend, but revenue is up 7%, costs up in the high single digits.

如果我看一下第一季的指南，顯然，一個季度並不能形成一種趨勢，但收入增長了 7%，成本卻上漲了個位數。

How do we think about what is going to drive operating leverage over the course of the year?

我們如何看待一年內哪些因素將推動營業槓桿的上升？

Thank you.

謝謝。

Yeah.

是的。

Thanks, Ryan.

謝謝，瑞安。

So let me talk about the onetime expenses.

那麼讓我來談談一次性費用。

So there is the variable cost with the higher production year-over-year.

因此，隨著產量逐年增加，變動成本也隨之增加。

So I wouldn't consider that onetime.

所以我一次都不會考慮那件事。

That's just the cost of originating more loans.

這只是發放更多貸款的成本。

The Rocket money cost is really just taking advantage of some lower media costs in the month of January, which they actually refer to as their Q5, that's when they have their biggest growth month.

Rocket.com 的資金成本實際上只是利用了一月份較低的媒體成本，他們實際上將這一月份稱為 Q5，因為這是他們成長最快的月份。

So that's happening because they seize the opportunity and that growth is profitable.

這種情況之所以發生，是因為他們抓住了機遇，而且這種成長是有利可圖的。

But I think where you're probably heading, and I want to take a second and break it down is the brand restage, which is the $50 million left in that.

但我想你可能要花一點時間來分析一下品牌重塑，也就是剩下的 5,000 萬美元。

And here's -- let me kind of talk about what makes that up.

以下是——讓我來談談這是怎麼回事。

You have a few things.

你有幾件東西。

You have one, as you guys all hopefully saw the Super Bowl commercial.

你們有一個，因為你們都希望看到超級盃廣告。

And there's a couple of components of that, right?

其中有幾個組成部分，對嗎？

You have the media buy itself, you have the ad placement, you've done all the creative content, so there's that.

您已經購買了媒體，並投放了廣告，完成了所有創意內容，就是這樣。

But anytime you're going to do a brand restage, you have to achieve a sustained media plan and amplification, right?

但無論何時您要重塑品牌，您都必須實現持續的媒體計畫和擴大影響力，對嗎？

You don't do a Super Bowl commercial and then not continue your buy after that because you have to get your message across in a big way over multiple channels.

你不會在拍完超級盃廣告後就不再購買，因為你必須透過多種管道大力傳播你的訊息。

But for us, it's even more than that because if you think about when the Super Bowl is, it's the absolute perfect time to kick off purchase season itself.

但對我們來說，這甚至更重要，因為如果你想想超級盃的比賽時間，你會發現這絕對是開啟購買季節的最佳時機。

So when I think about our marketing spend and the brand side in general, it's almost always front-loaded to the first half of the year.

因此，當我考慮我們的行銷支出和品牌方面時，幾乎總是將其預先安排在上半年。

And when I think about what we spent this year, it's really a couple of things, it's doing the brand restage in the Super Bowl, which we don't do every year.

當我想到我們今年的花費時，我發現其實有幾件事要做，一是在超級盃上進行品牌重塑，而我們每年都不會這樣做。

So I'll kind of leave it to you to decide if you consider that onetime or not, but it's also getting ready for all the product marketing rollout things like rent rewards and things that we would be doing anyway aside from the brand restage.

因此，我會讓你自行決定是否一次性考慮這一點，但它也為所有產品行銷推廣做好了準備，例如租金獎勵以及除了品牌重塑之外我們還會做的事情。

And then of course, as it relates to the additional capacity that we have, we talked about the $150 billion that we're achieving today that just gives us a lot of optionality and flexibility in the cost structure.

當然，因為這與我們擁有的額外產能有關，我們談到了今天實現的 1500 億美元目標，這為我們的成本結構提供了很大的可選性和靈活性。

Got it.

知道了。

And maybe as my follow-up, and I did watch the Super Bowl as a die-hard Giant, but it was painful to watch.

也許作為我的後續，我確實作為一名鐵桿巨人球迷觀看了超級碗，但觀看比賽很痛苦。

But I do want to bring that up, Brian.

但我確實想提一下這一點，布萊恩。

I wasn't going to bring it up.

我本來不想提起這件事。

It's been a long two years.

這是漫長的兩年。

But maybe just as my follow-up question, when you guys think about the overall operating environment.

但也許就像我的後續問題一樣，當你們考慮整體營運環境時。

I think Varun mentioned the potential for 10% to 15% larger market.

我認為 Varun 提到了 10% 到 15% 更大市場的潛力。

When you think about the kind of backdrop in volatile rates, home affordability is still low, how do you -- when you think about the ability to drive market share gains across purchase and ref, how do you think about in this kind of environment where you're going to be able to see the greatest opportunities for market share gains?

當您考慮利率波動的背景、住房負擔能力仍然較低時，您如何看待推動購買和重新購買市場份額增長的能力，您如何看待在這種環境下您將能夠看到市場份額增長的最大機會？

Thank you.

謝謝。

I think I'll just focus in on the purchase side of the question because I think that's where a lot of our strategic focus is.

我認為我只專注於問題的購買方面，因為我認為這是我們的許多策略重點所在。

We grew purchase market share by 8% in '24, and that really came from really two big vectors.

我們的購買市佔率在24年成長了8％，這實際上來自於兩個主要因素。

We expanded our reach we simplified the process.

我們擴大了影響範圍並簡化了流程。

If I look at just what drove the success over this past year, I think the rebrand, launching the Own the Dream campaign, introducing rocket.com happened a little later, but we had success with ONE+ with Welcome Home RateBreak, we doubled the number of affordable products that we had in terms of volume in '24.

如果我回顧過去一年中推動我們取得成功的因素，我認為品牌重塑、推出「Own the Dream」活動、推出 rocket.com 等都發生得稍晚一些，但我們的 ONE+ 和 Welcome Home RateBreak 取得了成功，24 年我們平價產品的數量增加了一倍。

We also just focused on a lot of what we call inches internally.

我們也只是關注了很多我們內部所謂的「英吋」。

We ramped up our AI automation.

我們加強了人工智慧自動化。

We're serving more clients than we were before.

我們服務的客戶比以前更多了。

We built a more bespoke funnel.

我們建立了一個更客製化的漏斗。

We dedicated resourcing.

我們投入了專門的資源。

We focused on specific segments.

我們專注於特定的領域。

We tweaked our conversion flow.

我們調整了轉換流程。

And when you look ahead, I think we have a couple of really key building blocks that we think will help us accelerate that growth.

展望未來，我認為我們有幾個真正關鍵的基石可以幫助我們加速成長。

Obviously, the top of funnel expansion, as Brian said, we expect to get maximum ROI by front-loading some of those investments that will have ROI through the year.

顯然，正如 Brian 所說，在漏斗擴展的頂端，我們希望透過前期投入一些將在全年產生投資回報的投資來獲得最大的投資回報。

We are also optimizing the purchase funnel.

我們也正在優化購買管道。

So we have a significant opportunity to increase AI automation, targeted engagement, better lead nurturing, just to drive higher, what we call, lead-to-close conversion.

因此，我們有重大的機會提高人工智慧自動化程度、有針對性的參與度、更好地培育潛在客戶，從而提高所謂的「潛在客戶到成交」的轉換率。

We're doubling down on wholesale.

我們正在加倍加大批發業務。

We're extending the API capabilities of our Rocket Logic platform.

我們正在擴展 Rocket Logic 平台的 API 功能。

So we're going to enable over 25,000 of our amazing brokers and our ecosystem to be able to integrate with and get benefit from the capabilities of our internal technology platform.

因此，我們將使超過 25,000 名出色的經紀人和我們的生態系統能夠整合我們的內部技術平台的功能並從中受益。

We expect that to have a huge impact in cutting loan processing times for them by as much as 30%, if not greater.

我們預計此舉將產生巨大影響，幫助他們縮短貸款處理時間，幅度可達 30%，甚至更多。

And then we also have purchase recapture where we have expanded our portfolio by 17%.

然後我們也進行了購買回收，將我們的投資組合擴大了 17%。

We've added 300,000 new clients, but those clients are a strategic foundation for future growth and purchase via the servicing channel.

我們增加了 30 萬名新客戶，但這些客戶是未來成長和透過服務管道購買的策略基礎。

And so a lot of this, what I hope to convey is that we've got some fees in '24, but these are key investments that we expect to accelerate share growth in '25 as well.

因此，我希望傳達的是，我們在'24年收取了一些費用，但這些都是關鍵投資，我們預計這些投資也將在'25年加速份額增長。

Clear impact, clear benefit.

影響明確，效益明確。

And then growth kind of across all of the channels that we do business.

我們開展業務的所有管道都實現了成長。

Mark DeVries, Deutsche Bank.

德意志銀行的馬克‧德弗里斯 (Mark DeVries)。

Yes.

是的。

One more follow-up on the market share questions around purchase.

關於購買的市場份額問題還有一個後續問題。

Can you give us an indication of where you're seeing more of the market share gains, whether that's in direct-to-consumer or in the partner channels?

您能否告訴我們，您在哪些方面看到了更多的市場份額成長，無論是在直接面向消費者的管道還是在合作夥伴管道？

Yeah, sure.

是的，當然。

Happy to answer that, Mark.

很高興回答這個問題，馬克。

It came from both channels, which was probably the answer we could hope for.

它來自兩個管道，這或許就是我們所希望的答案。

The retail channel really benefited from top of the funnel growth and conversion as well as better retention, net retention from the servicing book on the purchase side of the house, of course.

零售通路確實受益於漏斗頂部的成長和轉化，以及更好的保留率，當然，也受益於購買方服務帳簿的淨保留率。

And then you can see the numbers on TPO, but we continue to do two exciting things there; take share and purchase but also increase what we call wallet share or the share of our existing brokers.

然後您可以看到 TPO 上的數字，但我們繼續在那裡做兩件令人興奮的事情；佔領市場份額併購買，同時也增加我們所謂的錢包份額或現有經紀人的份額。

So not only are we adding new partners and taking share that way, but just increasing the wallet share of our existing partners.

因此，我們不僅透過這種方式增加新的合作夥伴並佔據份額，而且還增加了現有合作夥伴的錢包份額。

Yes, I would just add to that.

是的，我只是想補充一點。

We view our cross-channel strategy as a strength.

我們將跨通路策略視為一種優勢。

It's sort of a continuum.

這是一種連續體。

And having multiple channels, we believe, is actually the key to accelerate growth because both of these channels are -- actually all three when you include partnerships, they have immense potential, and we are underpenetrated in all of them.

我們認為，擁有多種管道實際上是加速成長的關鍵，因為這兩個管道——實際上，如果加上合作夥伴關係，這三個管道都具有巨大的潛力，而我們在所有管道中的滲透率都還不夠。

And so that's why we're investing, and the strength of our platform is the benefits of the technology that we build in one channel naturally extends to serve the other channels as well, which is just a statement towards the capability of our platform.

這就是我們投資的原因，我們平台的優勢在於，我們在一個管道中建構的技術優勢自然也會延伸到為其他管道提供服務，這只是我們平台能力的一個體現。

And as we lean into AI further and further, we expect that innovation to have a force multiplier effect as we then are able to deploy that across different channels, train better models, have more data, build distribution, which is sort of a self-reinforcing opportunity for us to grow further.

隨著我們越來越依賴人工智慧，我們預期創新將產生力量倍增效應，因為我們能夠在不同的管道部署它，訓練更好的模型，獲得更多的數據，建立分銷，這對我們進一步發展來說是一種自我強化的機會。

Got it.

知道了。

Next question.

下一個問題。

Could you just discuss your preparedness to transition from closed-end second marketing to more of a cash out first lien refis if rates fall enough?

您能否討論一下，如果利率下降到足夠低，您是否準備好從封閉式二級行銷過渡到更多的現金優先留置權再融資？

And any feel for how much you really need to see rates fall from here before that becomes a more viable option?

您是否覺得，在成為更可行的選擇之前，利率需要下降多少？

Yeah.

是的。

Let me start, Mark, and then Varun might want to jump in too.

讓我先開始，馬克，然後瓦倫可能也想加入。

But at least it's our view, you can tell me if you think about it differently, that the close in second product has quite the extended life on it.

但至少這是我們的觀點，如果你有不同的看法，你可以告訴我，緊接著的產品的壽命會更長。

I mean even -- it just depends, right?

我的意思是——這取決於情況，對吧？

It depends on the consumer and the specific note rate of that consumer.

這取決於消費者以及該消費者的特定票據利率。

But if you're sitting on a 3.5% note rate, I think to close in second is exciting for many years to come, depending on your view on rates.

但如果你目前的票據利率為 3.5%，我認為在未來許多年內位居第二是令人興奮的，這取決於你對利率的看法。

If you're sitting on a 6.5% or 7%, maybe not so much.

如果你的利率為 6.5% 或 7%，那麼可能就沒那麼多了。

So just to be clear in our answer, we don't plan on slowing down on the marketing front for closed-end seconds.

因此，為了明確我們的答案，我們不打算因為封閉式的秒錶而放慢行銷方面的步伐。

I mean just a few things we talked about, but one, we've doubled the volume on that year-over-year.

我的意思是我們只談論了幾件事，但第一，我們在這一方面的業務量比去年同期增長了一倍。

But the most exciting part, at least from my seat, about the closed-end seconds is 50% of that volume comes from new clients.

但最令人興奮的是，至少從我的角度來看，封閉式秒錶交易量的 50% 來自新客戶。

And we get to board those on our servicing books and then potential consolidation of first and second lien if rates move.

我們會將這些債務納入我們的服務帳簿，然後如果利率變動，可能會合併第一和第二留置權。

Derek Sommers, Jefferies.

傑富瑞的德瑞克‧薩默斯 (Derek Sommers)。

How should we be framing the AI investments?

我們該如何規劃人工智慧投資？

Should we think about it as more of a way to improve expense efficiency through back-office automation or more of a productivity driver for mortgage bankers to drive top line growth and to be mindful of any time line for these benefits to be realized?

我們是否應該將其視為透過後台自動化來提高費用效率的一種方式，還是將其視為抵押貸款銀行家推動營業收入成長的生產力驅動因素，並留意實現這些好處的時間表？

Thank you for the question.

感謝您的提問。

I think the clear answer is that the beauty of AI is that impacts both top line growth and bottom line efficiency.

我認為明確的答案是，人工智慧的魅力在於它既影響營收成長，也影響獲利效率。

And for that reason, it is our most strategic imperative.

因此，這是我們最重要的戰略要務。

At the end of the day, our view of AI is quite simple.

總而言之，我們對人工智慧的看法非常簡單。

There's three things you have to do to win in an AI world, you got to invest in data, you have to have the best technology, you have to be able to do that at scale.

想要在人工智慧世界中獲勝，你必須做三件事：你必須投資數據，你必須擁有最好的技術，你必須能夠大規模地做到這一點。

So those are the areas that we've obviously focused on for the past five years.

所以這些顯然是我們過去五年來一直關注的領域。

It's why we spent over $500 million in creating that infrastructure.

這就是我們花費5億多美元創建該基礎設施的原因。

And it's starting to pay off, right?

現在開始有回報了，對吧？

It's changing the way we work.

它正在改變我們的工作方式。

To give you a few examples, we're scaling document processing.

舉幾個例子，我們正在擴展文件處理。

We're enabling client experiences.

我們正在增強客戶體驗。

We're creating more capacity.

我們正在創造更多的產能。

And we're nowhere near done.

我們還遠遠沒有完成。

You will continue to hear more and more quantifiable examples of how this is actually driving our business to improve both top and bottom line.

您將繼續聽到越來越多可量化的例子，說明這實際上是如何推動我們的業務提高營收和利潤的。

One example I would just share with you that is a more recent one is December of '24, we have a technology that we call Rocket Logic – Synopsis.

我想與大家分享一個較新的例子，那就是 1924 年 12 月，我們有一項稱之為 Rocket Logic – Synopsis 的技術。

And we developed a model that we call the fence sitter model.

我們發展了一個模型，我們稱之為「騎牆派模型」。

And what this model did is it went out and analyzed a bunch of data and it automatically identified 2,000 clients who had expressed price sensitivity that we're sitting on the fence.

這個模型的作用是，它分析了大量數據，並自動識別出 2,000 名對價格敏感的客戶，而我們對此持觀望態度。

And this is an example of a business that would have been lost, essentially a business that would have just left our ecosystem.

這是一個將會消失的企業的例子，本質上是一個將會離開我們生態系統的企業。

But the model triggered a notification.

但模型觸發了通知。

And as a result, we had our amazing mortgage banking team reengaged that population with personalization, with context, with data.

結果，我們出色的抵押貸款銀行團隊透過個人化、背景和數據重新吸引了這些客戶。

And as a result, they added $27 million in lock volume that would have been lost.

結果，他們增加了 2700 萬美元本來會損失的鎖定量。

Rocket Logic Documents, that's now classified 21 million documents.

Rocket Logic Documents 目前已密存 2,100 萬份文件。

That's 5 times more than 6 months prior, massively efficient.

這比六個月前增加了 5 倍，效率非常高。

We've saved our team members 1 million hours compared to '24.

與 24 年相比，我們為團隊成員節省了 100 萬小時。

So that's powerful stuff.

這真是強大的東西。

And I expect that this will increase in a nonlinear way because for Rocket, what's unique about this business is that it's sort of at the nexus of humanity and technology.

我預期這個數字將以非線性的方式成長，因為對 Rocket 來說，這項業務的獨特之處在於它處於人性與科技的結合點上。

The human touch is super central to the client experience, but the AI benefits are also real in terms of automation, simplification, personalization.

人性化對於客戶體驗至關重要，但人工智慧在自動化、簡化和個人化方面的優勢也是切實存在的。

So we expect this to impact efficiency, velocity and experience at scale.

因此，我們預計這將大規模影響效率、速度和體驗。

And ultimately, we will be able to serve more clients, serve them better and then -- and empower our team members to do even more.

最終，我們將能夠服務更多的客戶，為他們提供更好的服務，然後——並授權我們的團隊成員做更多的事情。

So plenty of room to grow, plenty of room to have more impact.

因此，還有足夠的成長空間，有足夠的產生更大影響的空間。

But also we're starting to see significant benefits from the investment that we've made already.

但我們也開始看到已進行的投資帶來的巨大收益。

Got it.

知道了。

And one more follow-up for me.

我還有最後一個後續問題。

How is transaction activity in the bulk MSR market shaping up to start the year?

今年年初散裝 MSR 市場交易活動如何？

And how much of a priority will capital allocation to acquiring these packages be for Rocket?

那麼，對於 Rocket 來說，收購這些資產的資本分配優先順序有多大呢？

Yeah.

是的。

Let me start, and Varun, feel free to jump in on this one, too.

讓我開始吧，Varun，你也可以加入。

But listen, I think if we look at what -- I think starting with 2024 is a good place to start.

但聽著，我認為如果我們看一下——我認為從 2024 年開始是一個很好的起點。

So we saw MSR volume, the actual trades in the market down a bit from the previous three years, and we still acquired north of $70 billion.

因此，我們看到 MSR 交易量，即市場的實際交易量比前三年略有下降，但我們仍然收購了 700 億美元以上的資金。

Now some of that was the subservicing relationship.

現在其中一些是次級服務關係。

But a big chunk of that, over $50 million, that was the bulk MSR acquisitions as well.

但其中很大一部分（超過 5,000 萬美元）也是用於大規模 MSR 收購。

So I think if you're basically saying, how do we look at it next year?

所以我認為如果你基本上想說，我們明年該如何看待它？

We're very bullish on it.

我們對此非常看好。

It's one of our biggest priorities.

這是我們的首要任務之一。

It's one of the best uses of capital that we can do.

這是我們能夠做到的最佳資本利用方式之一。

We can deploy.

我們可以部署。

The only question is how much will trade next year?

唯一的問題是明年的貿易量是多少？

That's the part that, of course, no one really knows.

當然，沒有人真正知道這一部分。

We would love to see the trade volume come back to more historical levels because we're going -- of course, you don't want to win all the bids that you make, you want to -- we are price sensitive, but we want to hit expected return levels.

我們希望看到交易量回到歷史水平，因為我們——當然，你不想贏得你提出的所有出價，你想——我們對價格敏感，但我們希望達到預期的回報水平。

But in terms of our activity and our willingness to be out there in the market, I expect it to be very high again.

但就我們的活動和我們進入市場的意願而言，我預計它會再次達到非常高的水平。

Doug Harter, UBS.

瑞銀的道格·哈特（Doug Harter）。

Sticking with the MSR strategy.

堅持MSR戰略。

Just wondering if you could share kind of how the acquired pools performed in kind of the September, October mini refi wave in terms of recapture compared to loans that came in through rocket.com?

我只是想知道，您是否可以分享一下，在 9 月和 10 月的小型再融資浪潮中，與透過 rocket.com 獲得的貸款相比，收購的資金池在回收方面的表現如何？

Yeah.

是的。

Thanks, Doug, for the question.

謝謝 Doug 提出這個問題。

Yeah.

是的。

I mean, listen, it was -- you have to look at the -- in the money of the pool when you're evaluating how well it performed.

我的意思是，聽著，當你評估它的表現如何時，你必須看看資金池裡的資金。

For the loans that were acquired, to your point, during that bit of a refi boom, which felt really good, by the way.

順便說一句，正如你所說，在再融資熱潮期間獲得的貸款感覺真的很好。

For the ones that were in the money, it was, if not right on top, just better than our expectations of where we would have planned to be at that rate environment.

對於那些價內資產，即使不是最好的，也比我們在該利率環境下計劃的水平要好。

Of course, our retention rates are very high, and you talked a lot about the difference between the retention rates on the organically generated clients versus the ones that we purchased.

當然，我們的保留率非常高，而且您談了很多關於有機生成的客戶與我們購買的客戶的保留率之間的差異。

And what makes us very excited about being in the market and purchasing more as we continue to sort of outperform our expectations on the inorganic acquisitions.

由於我們在無機收購方面的表現持續超出我們的預期，我們對進入市場併購買更多股票感到非常興奮。

This concludes the question-and-answer session.

問答環節到此結束。

I'll turn the call to CEO, Varun Krishna, for closing remarks.

我將請執行長 Varun Krishna 致最後總結。

Thank you, everyone, for listening to our call, and we look forward to seeing you next quarter.

感謝大家聆聽我們的電話會議，我們期待下個季度與您再次相見。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for joining.

感謝您的加入。

You may now disconnect.

您現在可以斷開連線。