Rocket Companies Inc (RKT) 2025 Q1 法說會逐字稿

Thank you for standing by, and welcome to the Rocket Companies first quarter 2025 earnings conference call. (Operator Instructions) I'd now like to turn the call over to Sharon Ng, Head of Investor Relations. You may begin.

感謝您的支持，歡迎參加 Rocket Companies 2025 年第一季財報電話會議。（操作員指示）現在我想將電話轉給投資者關係主管 Sharon Ng。你可以開始了。

Good afternoon, everyone, and thank you for joining us for Rocket Companies' earnings call covering the first quarter of 2025. With us this afternoon are Rocket Companies' CEO, Varun Krishna; and our CFO, Brian Brown. 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.

大家下午好，感謝大家參加 Rocket Companies 2025 年第一季財報電話會議。今天下午與我們一起的有 Rocket Companies 的首席執行官 Varun Krishna 和我們的財務長 Brian Brown。今天早些時候，我們發布了第一季財報，您可以在我們網站 rocketcompanies.com 的「投資者資訊」欄位下查閱。我們的網站上也提供了一份投資者介紹。

Before I turn things over to Varun, let me quickly go over our disclaimers. This conference call includes forward-looking statements about, among other matters, expected operating and financial results, strategic initiatives and the anticipated Up-C collapse and acquisitions of Redfin and Mr. Cooper. These statements are subject to risks and uncertainties, which 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.

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。本次電話會議包括前瞻性陳述，其中包括預期營運和財務表現、策略性舉措以及預期的 Up-C 倒閉和 Redfin 和 Cooper 先生的收購等。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。我們鼓勵您考慮我們向美國證券交易委員會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。

We undertake no obligation to update these statements as a result of new information or further events, except as required by law. This call is being broadcast online and is accessible on our Investor Relations website. A recording of the call will be posted later today.

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。這次電話會議正在線上播出，您可以透過我們的投資者關係網站存取。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 our filings with the SEC. And with that, I'll turn things over to Varun Krishna to get us started. Varun?

我們今天的評論還將包括非公認會計準則財務指標。我們報告結果的 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。接下來，我將把工作交給 Varun Krishna 來帶領我們開始。瓦倫？

Good afternoon, everybody, and thank you for joining us on Rocket's First Quarter 2025 Earnings Call. In today's call, I'm going to focus in on three areas. First, I'd like to talk about what we're seeing in the current market landscape. With that backdrop, I'm going to spend a few minutes recapping our strong Q1 performance, and lastly, share some examples of what we're delivering for team members, broker partners and clients, including our plans for the future with Redfin and Mr. Cooper.

大家下午好，感謝您參加 Rocket 2025 年第一季財報電話會議。在今天的電話會議中，我將重點放在三個方面。首先，我想談談我們所看到的當前市場狀況。在此背景下，我將花幾分鐘時間回顧我們強勁的第一季業績，最後分享一些我們為團隊成員、經紀合作夥伴和客戶提供的服務的例子，包括我們與 Redfin 和 Mr. Cooper 的未來計劃。

Let's start with the housing market, which kicked off on a positive note to start the year. Housing inventory rose 25%, moving from 3.2 to just over 4 months of supply year-over-year, offering relief to buyers facing tight options. 30-year fixed mortgage rates also declined from 7% in January to around 6.6% in March, briefly improving affordability and sparking refinance activity.

讓我們先從房地產市場說起，今年房地產市場開局良好。房屋庫存增加了 25%，年比供應量從 3.2 個月增加到 4 個月多一點，為面臨選擇緊張的買家提供了緩解。 30 年期固定抵押貸款利率也從 1 月的 7% 下降到 3 月的 6.6% 左右，短暫提高了負擔能力並引發了再融資活動。

Now shifting into spring, April was a little unusual. It actually marked a sharp reversal in early year momentum, and that's for a few reasons. Following global tariff announcements, the stock and bond markets reacted with volatility and the 10-year treasury yield fluctuated sharply. Mortgage rates climbed back to nearly 7% during the month. And at the same time, consumer sentiment, which was already softening, continued to decline.

現在已經進入春季，四月有點不尋常。這實際上標誌著年初勢頭的急劇逆轉，原因有幾個。全球關稅公告發布後，股市、債市均出現波動，10年期公債殖利率大幅波動。當月抵押貸款利率回升至近7%。同時，原本就疲軟的消費者信心持續下降。

According to Redfin, nearly one in four Americans are now delaying major purchases, including buying a home. Now spring typically brings increased activity, and you usually see purchase applications in the industry rising between March and April. And what's unusual is that the impact of all of these dynamics compounded, and we saw weekly purchase applications actually decline by double digits throughout April, which the industry hasn't experienced since 2009 during the great financial crisis.

據 Redfin 稱，目前近四分之一的美國人正在推遲購買大件商品，包括購買房屋。現在，春季通常會帶來更多的活動，你通常會看到 3 月至 4 月期間該行業的採購申請會增加。不同尋常的是，所有這些動態因素的影響都加劇了，我們發現整個 4 月每週的購買申請量實際上下降了兩位數，這是自 2009 年金融危機以來該行業從未經歷過的。

While these short-term headwinds are shaping consumer behavior certainly, it also reinforces our conviction for who we are and where we're going. In this environment, an integrated homeownership platform becomes an essential pursuit. Whether clients are searching, financing or servicing their homes, we believe Rocket must be built to meet them where they are and take them where they need to go and providing more value across the entire chain is the best way to both grow our share and enable a better experience.

雖然這些短期不利因素確實影響了消費者的行為，但它也加強了我們對自己是誰以及我們要去哪裡的信念。在這種環境下，綜合房屋所有權平台成為一項必不可少的追求。無論客戶是在尋找、融資還是提供房屋服務，我們都相信 Rocket 必須能夠滿足他們的需求，並將他們帶到他們需要去的地方，並且在整個鏈條中提供更多價值是擴大我們的份額和提供更好體驗的最佳方式。

Now a strong platform can only reach its full potential with great teams behind it, a team that delivers in the short term while staying focused on the long game, a team that trusts each other in the trenches that fights to win every inch. That's how shorter-term execution creates long-term growth. And so execution is really the determining factor, and that comes down to one thing, the quality of your team. And in Q1, I am so proud of my Rocket team because they demonstrated exactly that.

現在，一個強大的平台只有在擁有優秀團隊的支持下才能充分發揮其潛力，一支能夠在短期內實現目標同時又著眼於長遠目標的團隊，一支在戰壕中相互信任、為贏得每一點勝利而戰的團隊。這就是短期執行創造長期成長的方式。因此，執行力才是真正的決定性因素，而這又取決於一件事，那就是團隊的素質。在第一季度，我為我的 Rocket 團隊感到非常自豪，因為他們確實證明了這一點。

We reported $1.3 billion in adjusted revenue at the high end of our guidance and $0.04 in adjusted diluted EPS. These results were fueled by the strength of our platform and the grit and determination of our team members. March, in particular, was a clear high point. It was our strongest March in 3 years across multiple fronts. We served 21% more origination clients than in March of 2023 and reduced turn times by 14%.

我們報告的調整後營收為 13 億美元，處於預期的高位，調整後稀釋每股收益為 0.04 美元。這些成果得益於我們平台的強大以及我們團隊成員的勇氣和決心。尤其是三月，顯然是一個高潮。這是我們三年來在多個方面表現最強勁的三月。與 2023 年 3 月相比，我們服務的發起客戶增加了 21%，週轉時間減少了 14%。

Even more impressively, on a per production team member basis, we serve nearly 50% more clients compared to March of 2023. That's also AI in action plain and simple. It is supercharging our team members, it is unlocking capacity, and it is simply enabling us to serve more clients in better ways than ever before.

更令人印象深刻的是，以每個生產團隊成員計算，與 2023 年 3 月相比，我們服務的客戶增加了近 50%。這也是簡單又實際的人工智慧。它為我們的團隊成員提供了強大的動力，釋放了他們的能力，並使我們能夠以比以往更好的方式為更多的客戶提供服務。

Lastly, we announced two strategic acquisitions that will transform Rocket's next chapter and the future of homeownership. And of course, I'll share more on that in just a minute. So let's unpack our execution and let's turn to the impact we delivered to team members, mortgage broker partners and clients this quarter.

最後，我們宣布了兩項策略性收購，這將改變 Rocket 的下一篇章和房屋所有權的未來。當然，我稍後會分享更多相關內容。因此，讓我們來分析一下我們的執行情況，並看看本季我們為團隊成員、抵押貸款經紀合作夥伴和客戶帶來的影響。

Homeownership is fundamentally a human business. It's built on trust, connection and empathy, which are human qualities. Our value proposition is to empower team members with the right tools, support mortgage brokers, real estate agents and enterprise partners and deliver exceptional emotional experiences to our clients. That, in a nutshell, is the power of the Rocket platform.

從根本上來說，房屋所有權是人類的事。它建立在信任、連結和同理心的基礎上，這些都是人類的品質。我們的價值主張是為團隊成員提供正確的工具，支援抵押貸款經紀人、房地產經紀人和企業合作夥伴，並為我們的客戶提供非凡的情感體驗。簡而言之，這就是 Rocket 平台的強大之處。

There are many, many examples this quarter on how we've been bringing this to life, and I want to share a few of them with you. I'll start with our team members. Productivity is one of the most powerful levers we have to grow capacity without increasing fixed costs. Highly manual specialized tasks can be one of the biggest costs and bottlenecks for us to scale. Take one simple but common example in housing, identifying the responsible party for the transfer tax payment.

本季有很多例子可以說明我們如何實現這一目標，我想與大家分享其中的一些。我先從我們的團隊成員開始。生產力是我們在不增加固定成本的情況下提高產能的最強大的槓桿之一。高度手動的專業化任務可能是我們擴展的最大成本和瓶頸之一。舉一個簡單但常見的住房例子，確定轉讓稅支付的責任方。

When done manually, it's a time-consuming, error-prone process that requires combing through 20 to 30 pages of purchase agreements and counter offers per purchase transaction. So in March, we launched an Agentic AI tool to fully automate this task. The impact was immediate, an estimated 50% reduction in remediation costs and projected savings of over $1 million in 2025 alone. What's more, we went from idea to deployment within weeks, accelerating business value without needing a heavy lift from engineering teams and dependencies.

如果手動完成，這是一個耗時且容易出錯的過程，每次購買交易都需要梳理 20 到 30 頁的購買協議和還價。因此，我們在三月推出了 Agentic AI 工具來完全自動化這項任務。其效果是立竿見影的，預計修復成本將減少 50%，僅 2025 年就可節省 100 多萬美元。更重要的是，我們在幾週內就從構思變成了部署，加速了業務價值的提升，而無需工程團隊和依賴關係的大量支援。

Agentic AI is the next evolution beyond rule-based automation. It allows us to break down complex workflows into steps that AI agents can execute from end-to-end using targeted prompts and leveraging tools automatically. We've already identified more than a dozen additional use cases across underwriting and vendor functions, including title ordering, HOA reviews and debt verifications, all aimed at unlocking capacity and accelerating cycle times.

Agentic AI 是超越基於規則的自動化的下一個發展階段。它使我們能夠將複雜的工作流程分解為 AI 代理可以使用有針對性的提示和利用工具自動端到端執行的步驟。我們已經在承保和供應商職能中發現了十多個額外的用例，包括所有權訂購、HOA 審查和債務驗證，所有這些用例都旨在釋放容量並加快週期時間。

Let me share one more meaningful example of how innovation is directly emerging from our team members. Client calls remain one of the most critical touch points in our business. It's when our bankers connect with clients to help guide one of the most important financial decisions of their lives. Our retail bankers and banking leaders identified an opportunity to enhance call evaluation and coaching using our internal Navigator AI platform and Rocket Logic - Synopsys, our call analysis platform, they prototyped the tool to analyze client calls without writing a single line of code. Within days, our engineers integrated the tool into Rocket Logic, bringing a frontline idea into production with speed.

讓我再分享一個有意義的例子，說明創新是如何直接從我們的團隊成員中產生的。客戶電話仍然是我們業務中最關鍵的接觸點之一。我們的銀行家與客戶聯繫，幫助他們做出一生中最重要的財務決策之一。我們的零售銀行家和銀行領導發現了一個機會，可以利用我們的內部 Navigator AI 平台和 Rocket Logic - Synopsys（我們的呼叫分析平台）來加強呼叫評估和指導，他們製作了原型工具來分析客戶呼叫，而無需編寫任何程式碼。幾天之內，我們的工程師就將工具整合到 Rocket Logic 中，快速地將前沿理念投入生產。

Previously, banking leaders spent about 30 minutes manually reviewing each call to identify these coaching moments. This new tool automates that process, analyzing every single spoken word, categorizing calls by skill, product and client behavior and servicing the most relevant coaching opportunities all in real time. This is game changing. Review time has been reduced by more than 80%, allowing leaders to scale from just one to two reviews per banker per month to 10 times that volume. This efficiency frees up time for more complex client scenarios and more advanced coaching.

以前，銀行領導需要花費大約 30 分鐘的時間手動審查每通電話，以確定這些指導時刻。這個新工具可以自動化這個過程，分析每個口語單詞，根據技能、產品和客戶行為對呼叫進行分類，並即時提供最相關的指導機會。這是改變遊戲規則的。審查時間減少了 80% 以上，使領導者能夠將每個銀行家每月的審查量從一到兩次擴大到十倍。這種效率可以節省更多時間來應對更複雜的客戶場景和更高級的指導。

Coaching and feedback now happen through a faster reinforcing feedback loop, which amplifies performance and productivity across the entire team.

現在，指導和回饋透過更快的強化回饋循環進行，從而提高了整個團隊的績效和生產力。

Bankers are also using the tool independently, reviewing their own calls, identifying their own improvement areas and making self-driven real-time adjustments. With more than 100,000 calls now handled each day, the ability to improve even a single interaction at scale has transformational impact. It's the kind of leverage that turns every one of our 3,000 bankers into a super-banker. So these are just a few examples of how we're unlocking capacity and executing faster across the company. AI is handling the time-intensive work and accelerating our ability to learn, adapt and deliver even faster for our clients.

銀行家們也在獨立使用該工具，審查自己的通話，確定自己的改進領域並進行自主的即時調整。現在每天要處理的電話超過 100,000 個，即使只是大規模改善一次互動的能力也會產生變革性的影響。這種槓桿作用將我們 3,000 名銀行家中的每一個都變成了超級銀行家。這些只是我們如何釋放產能並在整個公司範圍內加快執行速度的幾個例子。人工智慧正在處理耗時的工作，並加速我們學習、適應和為客戶提供更快交付的能力。

Let's shift gears and turn now to our mortgage broker partners. Our Rocket Pro channel stands for choice and flexibility. Over the last few months, we've delivered improvements that remove friction and make it easier than ever to partner with Rocket. In March, we rolled out a redesigned Rocket Pro dashboard, making it easier to navigate, servicing more relevant insights and increasing transparency throughout the mortgage process. One standout feature was the native integration of Pathfinder, our searchable broker knowledge base directly into this dashboard.

現在讓我們轉換話題，轉向我們的抵押貸款經紀合作夥伴。我們的 Rocket Pro 頻道代表選擇和靈活性。在過去的幾個月裡，我們做出了一些改進，消除了摩擦，使與 Rocket 的合作變得比以往任何時候都更容易。三月份，我們推出了重新設計的 Rocket Pro 儀表板，使其更易於導航、提供更相關的見解並提高整個抵押貸款流程的透明度。一個突出的功能是將 Pathfinder（我們的可搜尋經紀人知識庫）直接整合到此儀表板中。

The brokers now have instant access to policies, processes and product-specific requirements right where they work and usage has increased 30% since the dashboard launched.

經紀人現在可以在工作地點即時存取政策、流程和產品特定要求，自儀表板推出以來，使用率增加了 30%。

We also launched a new loan condition summary view showing what's outstanding, what's ready for underwriting and providing direct links to take immediate action. At the end of April, Rocket Pro also went live on the ARIVE platform, a loan origination and wholesale marketplace. Rocket's pricing and products are now fully integrated into a platform that brokers use every single day. The response was immediate and enthusiastic. Within days, more than 9,000 pricing calls were initiated, including activity from over 300 brokers engaging with Rocket Pro for the first time.

我們也推出了新的貸款狀況摘要視圖，顯示哪些是未償還的，哪些是準備承保的，並提供立即採取行動的直接連結。4 月底，Rocket Pro 也在貸款發放和批發市場 ARIVE 平台上線。Rocket 的定價和產品現已完全整合到經紀人每天使用的平台中。大家的反應非常迅速且熱烈。幾天之內，發起的定價電話就超過 9,000 個，其中包括 300 多家首次與 Rocket Pro 合作的經紀人。

We're doubling down to help our mortgage broker partners succeed by making it easier than ever to work with Rocket and thrive within our vibrant ecosystem.

我們正在加倍努力，讓我們的抵押貸款經紀合作夥伴能夠比以往更輕鬆地與 Rocket 合作並在我們充滿活力的生態系統中蓬勃發展，從而取得成功。

So let's now move to how we're serving clients. Q1 was a quarter where we helped more clients through innovative affordability programs. In February, we launched RentRewards, our first-to-market program designed to support renters in their transition to owning a home. Eligible clients can receive a promotional credit of 10% of their annual rent up to $5,000, directly addressing a key affordability barrier and making homeownership more accessible for first-time buyers. In March, we backed RentRewards with a product marketing campaign leveraging our Own the Dream core creative idea.

現在讓我們來談談我們如何為客戶提供服務。第一季度，我們透過創新的可負擔性計畫幫助了更多客戶。今年 2 月，我們推出了 RentRewards，這是我們第一個上市計劃，旨在幫助租屋者過渡到擁有自己的房屋。符合資格的客戶可獲得相當於其年租金 10% 的促銷抵免，最高可達 5,000 美元，這直接解決了關鍵的負擔能力障礙，並使首次購房者更容易擁有住房。三月份，我們利用「擁有夢想」核心創意理念，為 RentRewards 開展了產品行銷活動。

Traffic to the RentRewards landing page surged with over 1 million consumers expressing interest in the program.

RentRewards 登陸頁面的流量激增，超過 100 萬消費者對該計劃表示了興趣。

We also introduced 1-0 Rate Break, a program that lowers the contract mortgage rates by 100 basis points in the first year, helping ease those upfront home buying costs. These programs are resonating with potential homebuyers, driving a double-digit increase in retail purchase clients with locked loans compared to the prior 90-day period before they launched.

我們還推出了「1-0 利率優惠」計劃，該計劃在第一年將合約抵押貸款利率降低 100 個基點，以幫助減輕購房前期成本。這些計劃引起了潛在購屋者的共鳴，與推出前的 90 天相比，鎖定貸款的零售購屋客戶數量實現了兩位數成長。

Let's take a step back and talk about the bigger picture. As we expand our reach and elevate the client experience, we're also making bigger moves to accelerate our vision of an integrated homeownership platform with the announced acquisitions of Redfin and Mr. Cooper. These acquisitions are fundamentally about three things: strengthening our business model, fueling our platform with data and ecosystem partners to power Rocket's AI, and building an elevated client experience. Rocket will have a balanced business model and a powerful springboard for growth.

讓我們退一步來談更大的圖景。隨著我們擴大業務範圍並提升客戶體驗，我們還將採取更大的舉措，透過宣布收購 Redfin 和 Mr. Cooper 來加速實現我們的綜合房屋所有權平台願景。這些收購從根本上來說是為了三件事：加強我們的商業模式，透過數據和生態系統合作夥伴為我們的平台提供動力以支援 Rocket 的人工智慧，以及打造更高級的客戶體驗。Rocket 將擁有均衡的商業模式和強大的成長跳板。

Servicing and origination will work in harmony across market cycles. And when rates rise, servicing values increase, and when rates fall, strong recapture delivers a steady flow of new originations. Rocket has a track record of growing share in a range of market environments. But together, this combination provides unmatched scale, more than 30 petabytes of proprietary data, thousands of real estate agents, tens of thousands of brokers and loan officers, nearly 0.5 million origination clients with over 800 financial institutions. This is an ecosystem designed for client success, professional empowerment and partner growth.

服務和發起將在整個市場週期中協調運作。當利率上升時，服務價值就會增加；當利率下降時，強勁的回收能力將帶來穩定的新貸款發放流。Rocket 在一系列市場環境中都擁有不斷增長的市場份額。但總體而言，這一組合提供了無與倫比的規模，超過 30PB 的專有數據、數千名房地產經紀人、數萬名經紀人和貸款人員、以及來自 800 多家金融機構的近 50 萬發起客戶。這是一個為客戶成功、專業授權和合作夥伴成長而設計的生態系統。

Best of all, is that clients win. Instead of a fragmented and costly process, they'll be able to search, buy, finance and manage their home in one modern, fully connected, beautiful end-to-end experience.

最重要的是，客戶獲勝。他們不再需要經歷分散且昂貴的流程，而是能夠透過一個現代化、完全互聯、美妙的端到端體驗來搜尋、購買、融資和管理他們的房屋。

Integration is a top priority for our leadership team right now. Over the past several weeks, we've been working closely with leaders at Redfin and Mr. Cooper, and we're more energized than ever. Integration is also a multifaceted process, and it is our top priority across the entire company. We share a culture of innovation and driving change through technology and a vision to build the future of homeownership.

整合是我們領導團隊目前的首要任務。在過去的幾周里，我們一直與 Redfin 和 Cooper 先生的領導密切合作，我們比以往任何時候都更有活力。整合也是一個多面向的過程，也是我們整個公司的首要任務。我們擁有共同的創新文化，透過科技推動變革，並致力於建立未來的房屋所有權。

To our future team members at Redfin and Mr. Cooper, I can't wait to welcome you to Rocket. We're excited to join forces and lead the future of homeownership together. We believe if 2024 was foundational, 2025 will be evolutionary on a path for 2026 to be revolutionary. We remain, as ever, relentlessly focused in the pursuit of our end goal to create an integrated homeownership platform.

對於 Redfin 和 Cooper 先生的未來團隊成員，我迫不及待地歡迎你們加入 Rocket。我們很高興能夠攜手並進，共同引領房屋所有權的未來。我們相信，如果 2024 年是基礎性的，那麼 2025 年將是進化之路，而 2026 年將是革命性的。我們一如既往地堅持不懈地致力於實現我們的最終目標：創建一個綜合的房屋所有權平台。

Thank you. And with that, I'll turn it over to Brian.

謝謝。現在，我將把發言權交給 Brian。

Thank you, Varun, and good afternoon, everyone. Today, I'll walk through our first quarter performance, second quarter outlook, and I'll provide an update on the integration planning for Redfin and Mr. Cooper. We delivered strong results in the first quarter, and they are a direct testament to our team's continued focus and execution. Adjusted revenue reached $1.3 billion, near the high end of our guidance range.

謝謝你，瓦倫，大家午安。今天，我將介紹我們第一季的業績、第二季的展望，並提供 Redfin 和 Cooper 先生的整合計劃的最新進展。我們在第一季取得了強勁的業績，這直接證明了我們團隊的持續專注和執行力。調整後營收達到 13 億美元，接近我們預期範圍的高端。

We generated $26 billion in net rate lock volume, a 17% increase year-over-year and an 11% quarter-over-quarter increase, driven by growth in refinance and continued momentum in our home equity loan offering, which posted yet another record quarter.

我們產生了 260 億美元的淨利率鎖定量，同比增長 17%，環比增長 11%，這得益於再融資的增長以及房屋淨值貸款供應的持續增長勢頭，這又創下了季度紀錄。

Gain on sale margin came in at 289 basis points in the first quarter compared to 311 basis points in the same period last year and 298 basis points in the prior quarter. Our Q1 gain on sale margin was consistent with our weighted average gain on sale margin over the last 12 months. On an adjusted EBITDA basis, we delivered $169 million or a 13% adjusted EBITDA margin. We also reported adjusted net income of $80 million and adjusted diluted EPS came in at $0.04. These results reflect our continued focus on driving growth and profitability while balancing deliberate investments with disciplined expense management.

第一季銷售利潤率為 289 個基點，而去年同期為 311 個基點，上一季為 298 個基點。我們第一季的銷售利潤率收益與過去 12 個月的加權平均銷售利潤率收益一致。在調整後的 EBITDA 基礎上，我們實現了 1.69 億美元或 13% 的調整後 EBITDA 利潤率。我們也報告了調整後淨利8000萬美元，調整後稀釋每股收益0.04美元。這些績效反映了我們持續專注於推動成長和獲利，同時在審慎的投資和嚴格的費用管理之間取得平衡。

From January through March, which is typically a seasonally low quarter, we saw momentum build month-over-month. The 30-year fixed mortgage rate declined from nearly 7% at the start of the year to around 6.6% at the end of the quarter. Our team quickly capitalized on that opportunity through disciplined execution and the strength of our scalable technology platform, and we helped even more homebuyers and homeowners move forward with confidence.

從一月到三月（通常是季節性的淡季），我們看到勢頭逐月增強。30 年期固定抵押貸款利率從年初的近 7% 下降至本季末的 6.6% 左右。我們的團隊透過嚴格的執行和可擴展技術平台的優勢迅速抓住了這個機會，並幫助更多的購屋者和房主充滿信心地前進。

March was highly productive and our second highest production month in three years, coming in just shy of last September when rates dipped below 6%. At the time, we anticipated that momentum to carry into April with the start of the spring home buying season, consistent with trends we've seen in prior years. Looking back, we now know that wasn't the case. Early April brought heightened equity and bond market volatility following the announcement of new tariffs. The S&P 500 initially dropped nearly 15% and the 10-year treasury surged to 4.6%.

三月產量很高，是三年來產量第二高的月份，僅略低於去年九月的產量，當時產量曾跌破 6%。當時，我們預計隨著春季購屋季節的開始，這種勢頭將持續到四月份，這與我們前幾年看到的趨勢一致。回過頭來看，我們現在知道事實並非如此。四月初，隨著新關稅的公佈，股票和債券市場的波動加劇。標普 500 指數最初下跌近 15%，10 年期公債殖利率飆升至 4.6%。

While markets have since retraced much of that movement, the temporary spike in uncertainty caused many consumers to pause, resulting in a slower start to the home buying season.

儘管市場此後已回吐了大部分漲幅，但不確定性的暫時飆升導致許多消費者猶豫不決，導致購屋季節開始放緩。

In this time of market volatility, concerns about job security, retirement savings and overall affordability are weighing on consumers and leading many to delay significant purchases, including buying a home. You can see this behavior in the MBA purchase application data, which declined throughout April and ended the month at the lowest level since February. Now we are seeing early signs the housing market is gradually shifting in favor of homebuyers. On the supply side, inventory is building. Active home listings reached 960,000 in April, marking a 31% increase year-over-year.

在市場動盪時期，對工作保障、退休儲蓄和整體負擔能力的擔憂給消費者帶來壓力，導致許多人推遲購買大宗商品，包括購買房屋。您可以從 MBA 購買申請數據中看到這種行為，該數據在整個四月呈下降趨勢，並在月底達到自二月以來的最低水平。現在我們看到早期跡象表明房地產市場正在逐漸轉向有利於購屋者。在供應方面，庫存正在增加。4 月活躍房屋掛牌量達到 96 萬套，較去年同期成長 31%。

Homes are also staying on the market longer, which is contributing to moderating home price growth. Additionally, more sellers are offering concessions, helping to ease affordability pressures for buyers.

房屋在市場上停留的時間也更長，這有助於減緩房價上漲。此外，越來越多的賣家提供優惠，幫助緩解買家的負擔壓力。

The American dream of homeownership is very much alive, though potentially delayed this home buying season. Consumers continue to aspire to own homes, making it more important than ever to identify serious high-intent buyers and serve them through an integrated homeownership platform. While this spring home buying season has gotten off to a slow start, we believe we'll see an uptick, especially as markets are starting to stabilize.

美國人擁有住房的夢想依然存在，儘管這個購屋季節可能會被推遲。消費者仍然渴望擁有自己的房子，因此識別有意願的買家並透過綜合房屋所有權平台為他們提供服務比以往任何時候都更加重要。雖然今年春季購屋季節起步緩慢，但我們相信會看到上漲，特別是在市場開始穩定的情況下。

For the second quarter, we expect adjusted revenue to be in the range of $1.175 billion to $1.325 billion, with the midpoint of this range representing a 2% year-over-year growth. This outlook reflects what was a challenging April from both a margin and volume perspective and our expectation that May and June will perform sequentially better than April. We're already seeing this expected improvement in the week leading up to this call. We view this guidance as strong, yet achievable despite an uncertain market backdrop.

對於第二季度，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，該範圍的中位數代表同比增長 2%。這一前景反映出，從利潤率和銷售的角度來看，四月都充滿挑戰，我們預計五月和六月的表現將優於四月。在這次電話會議召開前的一週內，我們已經看到了預期的改善。儘管市場背景不確定，但我們認為這項指引是強勁且可實現的。

Moving on to the cost side. We anticipate total expenses in Q2 to remain consistent with Q1 as we continue to make investments in our brand restage and purchase product offerings. The key objective of this investment has been to evolve towards a fully integrated marketing strategy, aligning brand, product and performance marketing, and we're starting to see early signs of this working. From mid-February through April, total leads increased by nearly 10% compared to the prior year. More importantly, we saw a shift towards higher-quality organic traffic to Rocket-owned properties, which is driving stronger conversion.

繼續討論成本方面。我們預計第二季的總支出將與第一季保持一致，因為我們將繼續對品牌重塑和購買產品進行投資。這項投資的主要目標是發展完全整合的行銷策略，協調品牌、產品和績效行銷，我們已經開始看到這項措施取得成效的早期跡象。從二月中旬到四月，總銷售線索量與去年同期相比增加了近 10%。更重要的是，我們看到 Rocket 旗下資產的自然流量正向更高品質的方向轉變，這推動了更強勁的轉換。

In Q1, the number of verified approval letters increased by high single digits year-over-year. These verified approvals are a great way to identify high-intent clients who convert at a rate 2 times to 3 times higher than standard pre-approvals. As we see the halo effect of the brand restage take hold, we expect its impact, specifically elevated brand awareness and consideration to carry into the second half of the year and beyond. This will allow us to return to historical brand spend levels, which would be approximately $100 million lower than what we'll see in the first half of the year. In addition, our origination capacity gives us operating leverage and financial flexibility.

第一季度，已核實的核准函數量年增了高個位數。這些經過驗證的批准是識別高意向客戶的好方法，這些客戶的轉換率比標準預先批准高出 2 倍到 3 倍。隨著我們看到品牌重塑的光環效應逐漸顯現，我們預計其影響，特別是提升的品牌知名度和考慮度將持續到今年下半年及以後。這將使我們恢復到歷史品牌支出水平，比今年上半年的水平低約 1 億美元。此外，我們的發起能力為我們提供了經營槓桿和財務靈活性。

At our Investor Day in September of last year, we announced that we could support $150 billion in annual originations without adding $1 of fixed cost. That capacity number continues to grow every day and is now well north of $150 billion. AI and automation continue to significantly enhance productivity and provide levers to scale efficiently. If the housing market and rate environment doesn't cooperate, we have the ability to turn that excess capacity into cost savings in the second half of this year. That option value associated with this excess capacity is a luxury that we believe only Rocket has and is a direct result of the significant technology investments over the past decade.

在去年 9 月的投資者日上，我們宣布我們可以支持每年 1500 億美元的發行，而無需增加 1 美元的固定成本。這一產能數字每天都在成長，目前已遠超過 1,500 億美元。人工智慧和自動化繼續顯著提高生產力並提供有效擴展的槓桿。如果房地產市場和利率環境不配合，我們有能力在今年下半年將過剩產能轉化為成本節約。我們認為，與這種過剩產能相關的選擇權價值是一種奢侈，只有 Rocket 公司才擁有，而且這是過去十年大量技術投資的直接結果。

Now turning to the acquisitions. Our announced acquisitions of Redfin and Mr. Cooper bring together three iconic companies to build the most complete and connected platform in homeownership. Redfin brings real estate search and brokerage. Rocket delivers origination scale.

現在談談收購。我們宣布收購 Redfin 和 Mr. Cooper，將三家標誌性公司合併，打造最完整、最互聯的房屋所有權平台。Redfin 提供房地產搜尋和經紀服務。Rocket 交付起源規模。

Mr. Cooper contributes servicing strength. Together, they create an end-to-end platform built for efficiency, reach and client value. These acquisitions give us a durable all-weather business model with a diverse revenue base and a strong foundation for growth. They fuel our platform with data and AI, expand our ecosystem through key partnerships and enable us to deliver an elevated client experience.

Cooper先生貢獻服務權。他們共同創建了一個以提高效率、覆蓋範圍和客戶價值為目標的端到端平台。這些收購為我們提供了持久的全天候業務模式，具有多樣化的收入基礎和強勁的成長基礎。他們透過數據和人工智慧為我們的平台提供動力，透過關鍵合作夥伴關係擴展我們的生態系統，並使我們能夠提供更高級的客戶體驗。

The combination of Rocket, Redfin and Mr. Cooper provides a true super funnel with low customer acquisition costs, shared infrastructure and an end-to-end connectivity across the homeownership journey. Our collective teams across all three companies are already working hard, putting together detailed integration plans, including clear milestones. We've identified more than 35 integration work streams, formed several steering committees, and we're moving quickly and decisively to ensure we can start to realize synergy value after closing.

Rocket、Redfin 和 Mr. Cooper 的結合提供了一個真正的超級管道，具有低客戶獲取成本、共享基礎設施以及整個房屋所有權旅程的端到端連接。我們三家公司的團隊正在努力製定詳細的整合計劃，包括明確的里程碑。我們已經確定了 35 多個整合工作流程，組成了多個指導委員會，我們正在迅速果斷地採取行動，以確保我們能夠在交易結束後開始實現協同價值。

In parallel, we announced the collapse of our Up-C structure to simplify our corporate structure and make our tax obligations and financial statement reporting easier to understand. Following the completion of both all-stock transactions, Redfin and Mr. Cooper, we expect our Class A public float to increase from approximately 7% today to around 35%. Any of these moves would be meaningful on its own. Taken together, they reflect our ambition, our discipline and our readiness to lead the next chapter of homeownership.

同時，我們宣布取消 Up-C 結構，以簡化公司結構，使我們的稅務義務和財務報表報告更易於理解。在完成 Redfin 和 Mr. Cooper 兩筆全股票交易後，我們預計 A 類公眾持股量將從目前的約 7% 增加到 35% 左右。任何一項舉措本身都是有意義的。總的來說，它們體現了我們的雄心壯志、我們的紀律以及我們引領房屋所有權新篇章的準備。

Finally, I want to highlight the strength of our balance sheet, which is a clear competitive advantage, especially in an uncertain market. As of March 31, we held $2.9 billion in available cash and $7.4 billion in mortgage servicing rights, totaling $10.3 billion in balance sheet value. Total liquidity stood at $8.1 billion. That includes $1.4 billion of cash on the balance sheet, $1.5 billion in corporate cash used to self-fund originations, $3.2 billion in undrawn lines of credit and $2 billion of undrawn MSR facilities.

最後，我想強調我們資產負債表的實力，這是一個明顯的競爭優勢，尤其是在不確定的市場。截至 3 月 31 日，我們持有 29 億美元的可用現金和 74 億美元的抵押貸款服務權，資產負債表總價值為 103 億美元。總流動資金為 81 億美元。其中包括資產負債表上的 14 億美元現金、用於自籌資金的企業現金 15 億美元、未提取的信用額度 32 億美元以及未提取的 MSR 信貸額度 20 億美元。

In April, we extended our existing $1.15 billion revolving credit facility, driven by strong demand and a positive outlook on our pending acquisitions, we successfully upsized the facility to $2.25 billion contingent on the transactions close. This enhanced capital and liquidity position, supported by a diverse roster of strong financial institutions positions us to invest strategically, stay agile and navigate market shifts with confidence.

4 月份，我們延長了現有的 11.5 億美元循環信貸額度，在強勁需求和對即將進行的收購的樂觀展望的推動下，我們成功地將信貸額度增加到 22.5 億美元，但取決於交易的完成情況。在眾多實力雄厚的金融機構的支持下，我們增強了資本和流動性，使我們能夠進行策略性投資、保持敏捷並自信地應對市場變化。

In closing, we are confident in the path ahead. This is a moment that demands readiness and resilience, and Rocket is built for both. We're showing up every day with urgency, clarity and discipline. And with Redfin and Mr. Cooper joining our platform, we'll be taking another step forward in redefining how Americans experience homeownership.

最後，我們對未來的道路充滿信心。這是一個需要準備和韌性的時刻，而 Rocket 就是為這兩點而打造的。我們每天都以緊迫感、清晰性和紀律性出現。隨著 Redfin 和 Mr. Cooper 加入我們的平台，我們將在重新定義美國人的房屋所有權體驗方面邁出新的一步。

To our future team members at Redfin and Mr. Cooper, we look forward to welcoming you to Rocket. We're excited to build together. Operator, we're now ready to turn it over for questions.

對於 Redfin 和 Cooper 先生的未來團隊成員，我們期待歡迎你們加入 Rocket。我們很高興能夠共同建設。接線員，我們現在可以開始提問了。

(Operator Instructions) Ryan Nash, Goldman Sachs.

（操作員指示）高盛的瑞安·納許。

Hey, good evening, Varun. Good evening, Brian. So maybe to kick it off, I'll ask both my questions upfront. First, I wanted to dig in on your outlook for 2025. So 1Q, we saw solid top line growth. Varun, you talked about some of the softness that we saw in April. Expenses were a little bit higher.

嘿，晚上好，瓦倫。晚上好，布萊恩。因此，為了開始，我會先提出這兩個問題。首先，我想深入了解您對 2025 年的展望。因此，第一季度，我們看到了穩健的營收成長。Varun，您談到了我們在四月看到的一些疲軟現象。費用稍微高一點。

But Brian, you talked about elevated brand investment that will come down. So lots of moving pieces in here. So -- and while I assume results are going to be messy given the potential of the closing of the transactions. But can you maybe just talk about how all of this factors into your 2025 outlook from both a revenue and an operating leverage perspective?

但是布萊恩，您談到了品牌投資的增加，而這種投資將會減少。這裡有很多活動部件。所以——儘管我認為考慮到交易結束的可能性，結果將會很混亂。但是，您能否從收入和經營槓桿的角度談談所有這些因素如何影響您的 2025 年展望？

And then just my second question, I'll throw it out there now. It's easy to see the strategic benefits of these deals. And when you think about the market share goals that you laid out, do you think these recent acquisitions increase those goals? Or do they accelerate the progress towards? Thank you.

然後就是我的第二個問題，我現在就提出來。這些交易的戰略利益顯而易見。當您考慮您所設定的市場佔有率目標時，您是否認為最近的收購會提高這些目標？還是他們加速了進程？謝謝。

Yes. Thank you for the question, Ryan. Why don't I start with just some comments on the outlook. Brian can touch on our guide and maybe a little bit on expenses as well. And then we'll talk about goals.

是的。謝謝你的提問，瑞安。我先來談談對前景的一些評論。布萊恩可以談談我們的指南，也許還可以談談一些費用。然後我們再討論目標。

And so I think the first thing I would just start with is that I think the pretty big change that I would highlight is just the market dynamics from Q1 to Q2 of this year. In Q1, we started with some pretty clear momentum. Inventory was up 25%. Rates have dropped from 7% to 6.5%. So you had this kind of reactivation of refi interest and you had more room to transact in affordability.

因此，我認為首先要強調的是，我認為相當大的變化就是今年第一季到第二季的市場動態。在第一季度，我們取得了相當明顯的進展。庫存增加了25%。利率已從7%降至6.5%。因此，您重新燃起了再融資的興趣，並且擁有更大的可負擔交易空間。

And I think as we went into April, just the start of Q2, there was just pretty much a sharp and somewhat unusual reversal. And I think it kind of started on Liberation Day with the announcement of the tariffs. There's a lot of volatility that followed that on April 2. You had the NASDAQ, the S&P that fell almost 13% in the days that followed. They rebounded 10% on the 9th.

我認為，當我們進入四月份，也就是第二季開始時，出現了一次相當急劇且有些不尋常的逆轉。我認為這件事是從解放日關稅宣布的時候開始的。4 月 2 日之後，市場出現了許多波動。那斯達克指數和標準普爾指數在隨後的幾天下跌了近 13%。9日又反彈了10%。

And then obviously, now there's more recovery. But the 10-year treasury dropped from 4.2% to 3.9%, only to spike back up to 4.58% on the 5th. And so you just have this compounding effect that just leads to consumer confidence dipping, and that's really the story of April. And the net of that is that consumers are obviously going to think about putting off things that are big, important long-term decisions. And so buying a home, selling a home, refinancing is the largest transaction that consumer is ever going to do.

顯然，現在復甦的勢頭進一步增強。但10年期公債殖利率從4.2%降至3.9%，但在5日又回升至4.58%。因此，這種複合效應會導致消費者信心下降，這就是四月的情況。最終結果是，消費者顯然會考慮延後那些重大的、長期的重要決策。因此，買房、賣房、再融資是消費者一生中最大的交易。

And so with that dynamic, what we saw is that -- and it makes sense that consumers are going to wait on the sidelines a little bit more than usual. And we do think it's a little more of a wait and see. Brian will talk about this, but looking at May and June, we've already started to see that coming back. And that's why we feel that our guide is also realistic, but also confident. And so speaking of the guide, Brian, maybe you can touch on the guide, our expenses and then we can close on just the goals.

因此，在這種動態下，我們看到的是——消費者將比平常多等待一段時間，這是有道理的。我們確實認為還需要再等等看。布萊恩將會談論這一點，但縱觀五月和六月，我們已經開始看到這種情況的回歸。這就是為什麼我們覺得我們的指南既現實又充滿信心。說到指南，布萊恩，也許您可以談談指南、我們的開支，然後我們就可以確定目標了。

Sure. Yes. Thanks, Ryan. I mean just real quick to double down on what Varun said around Q1, it really was a strong quarter for us. Really proud of the team.

當然。是的。謝謝，瑞安。我的意思是，很快就加倍強調 Varun 在第一季所說的話，這對我們來說確實是一個強勁的季度。真的為這個團隊感到驕傲。

We were up 11% on adjusted revenue on a year-over-year basis, 9% on a quarter-over-quarter basis. And then also just to reiterate, that April was a tough month to Varun's point. And it was tough from both a margin and a volume perspective. And if you need evidence of that, just look at the MBA application data, which week-over-week in April was trending in the wrong direction. So if I think about the guide, we're sitting here early May, and I'm looking at three months in the quarter, April is baked into that.

我們的調整後營收年增 11%，季增 9%。然後也要重申一下，對 Varun 來說，四月是一個艱難的月份。無論從利潤還是銷售的角度來看，這都是很困難的。如果你需要證據，只需看看 MBA 申請數據，4 月的數據與上週相比呈現了錯誤的方向。因此，如果我考慮指南，我們現在是五月初，我正在看本季的三個月，其中四月已經包含在內。

But to Varun's point, the good news is as we sit here in the first week of May, we've seen some rebound, particularly on the volume side. Margins have been a little bit slower. So in May and June, I'm assuming that those months get sequentially better than April. And at this point in time, it's our view that the home buying season has been a little slow to form, but we still think there's potential to end it really strong.

但正如瓦倫所說，好消息是，五月的第一周我們已經看到了一些反彈，特別是在交易量方面。利潤率成長有點慢。因此，我預計五月和六月的表現會比四月更好。目前，我們認為購屋旺季的形成有些緩慢，但我們仍然認為它有可能以強勁勢頭結束。

But before I let you go on this one, Ryan, just on the margin piece, I do expect Q2 margins to be lower than Q1 because of that April dip. As I said, they started to perform a little bit better. Volumes come back nicely, but I do expect margins to be a little slower. So at the end of the day, to Varun's point, we think it's a really strong guide. We think it's taking share into the second quarter and it's achievable.

但在讓你繼續討論這個問題之前，瑞安，僅就利潤率而言，我確實預計第二季度的利潤率將低於第一季度，因為四月份的利潤率有所下降。正如我所說，他們的表現開始變得更好一些。銷量回升良好，但我預期利潤率的成長會稍微慢一些。所以，最終，對於 Varun 的觀點，我們認為這是一個非常強大的指南。我們認為它將在第二季度佔據市場份額，而且這是可以實現的。

Let me touch a little bit on expenses on the second part of your question. I mean, first of all, the operational excellence of this company and the discipline around this is front and center. Of course, it's a top priority for Varun and I. The expenses in Q2, I do expect them to be flat with Q1, and that's largely because you're still seeing the elevated marketing investment. The thing about the marketing investments, we have the brand restage in Q1.

讓我稍微談談你問題的第二部分的費用問題。我的意思是，首先，這家公司的卓越運作和圍繞這一點的紀律是最重要的。當然，這對 Varun 和我來說是首要任務。我預計第二季的支出將與第一季持平，這主要是因為您仍然看到行銷投資在增加。關於行銷投資，我們在第一季對品牌進行了重新規劃。

But as you enter Q2, you're really getting into the product marketing and trying to capture the purchase season. So you'll still see that elevated in Q2, but maybe it makes sense for me to comment a little bit on the second half of the year. As we look past Q2, I do expect the marketing expense to come down quite substantially in the second half of the year. In fact, if I look at the second half of the year compared to the first half of the year, I can see marketing expenses being down near $100 million. And that's because you're starting to leverage off that brand restage and the halo.

但進入第二季後，您才真正進入產品行銷並試圖抓住購買季節。因此，您仍然會看到第二季度的數字有所上升，但也許我對下半年的情況發表一些評論是有意義的。展望第二季度，我確實預計下半年行銷費用將大幅下降。事實上，如果我將下半年與上半年進行比較，我可以看到行銷費用下降了近 1 億美元。這是因為您開始利用品牌重塑和光環。

You've built up significant awareness and consideration and you're leveraging that.

您已經建立了重要的意識和考慮，並且正在利用這一點。

And the only other thing I'll mention, Ryan, is when we think about capacity, I think that's another important aspect to think about in the expense envelope. We built up a lot of additional capacity. We commented on $150 billion during Investor Day, and that's only been growing daily. So we're going to watch the market closely, particularly over May and June, but we do have option value to take some of that capacity in the second half of the year and turn it into fixed cost savings in H2. So we'll monitor the market closely as we always do.

瑞安，我要提到的另一件事是，當我們考慮容量時，我認為這是費用範圍內需要考慮的另一個重要方面。我們建立了許多額外的產能。我們在投資者日期間評論了 1500 億美元，而且這個數字每天都在增加。因此，我們將密切關注市場，尤其是 5 月和 6 月的市場，但我們確實有選擇價值，可以在下半年利用部分產能，並將其轉化為下半年的固定成本節約。因此，我們將一如既往地密切關注市場。

As we said, we think the home buying season got delayed a bit with the volatility in April, but has potential to finish strong. But we do have potential to take some of the excess capacity and turn it into cost savings in H2.

正如我們所說，我們認為由於四月份的波動，購房季節有所延遲，但有可能強勁結束。但我們確實有潛力利用部分過剩產能，並在下半年將其轉化為成本節約。

Mark DuVries, Deutsche Bank.

德意志銀行的馬克‧杜弗里斯 (Mark DuVries)。

Ryan asked my question on expenses. So I'd like to ask about just your -- post merger with Mr. Cooper Group, your subservicing strategy going forward. Obviously, it's kind of a big part of their business. And we've seen at least one notable client defection since the deal was announced.

瑞安問了我關於費用的問題。因此，我想問您與 Cooper Group 合併後未來的服務策略。顯然，這是他們業務的重要組成部分。自從交易宣布以來，我們已經看到至少有一位客戶明顯流失。

Obviously, having subservicing with a company like Rocket, it's much more effective at recapturing maybe a greater threat. So I'm just -- how are you thinking about retention of subservicing agreements going forward and the ability to kind of grow that?

顯然，透過與 Rocket 這樣的公司合作進行分包服務，可以更有效地重新捕捉更大的威脅。所以我只是——您如何看待未來保留分包服務協議以及擴大該協議的能力？

Yes, Mark, let me touch on the first part of your question, and then Varun may have a comment or two. I can't comment on the COOP business. We do need to run as two independent companies right now. But I think there's two things I'd point you to. One is from the Rocket perspective, we fully support the subservicing business.

是的，馬克，讓我來談談你問題的第一部分，然後瓦倫可能會發表一兩條評論。我無法對 COOP 業務發表評論。我們現在確實需要作為兩家獨立的公司運作。但我認為有兩件事需要向你指出。一是從Rocket的角度來看，我們全力支持次級服務業務。

There's no question about that. What COOP's built and particularly being able to scale through subservicing is part of the aspect that's been very impressive to us. And if you go back to COOP's earnings call and look at some of the comments they make, they talk a lot about the fact that they have actually been increasing the pipeline on the subservicing business and haven't seen any material changes.

毫無疑問。COOP 的建構以及透過子服務進行擴展的能力是令我們印象深刻的部分。如果你回顧 COOP 的收益電話會議並看看他們所發表的一些評論，你會發現他們經常談論這樣一個事實：他們實際上一直在增加次級服務業務的管道，但並沒有看到任何實質性的變化。

So if I leave my comments to just post closing, we're very excited about that business. We fully support it. And we plan, as we said publicly, to completely honor the contractual provisions with those subservicers.

因此，如果我將我的評論留在結束時，我們對這項業務感到非常興奮。我們全力支持。正如我們公開表示的那樣，我們計劃完全履行與這些分包商簽訂的合約條款。

Okay, got it. Thank you.

好的，明白了。謝謝。

Doug Harter, UBS.

瑞銀的道格·哈特。

Thanks. Hoping you could talk about Rocket Pro. It seems like you kind of made some investments into technology and staff in that. Just what you're thinking on kind of near-term outlook there and ability to kind of narrow the gap in that channel?

謝謝。希望您能談談 Rocket Pro。看起來您在技術和人員方面做出了一些投資。您對近期前景有何看法？您是否有能力縮小該頻道的差距？

Thank you for the question, Doug. I'll start by just saying that we are extremely optimistic about our prospects in this space. And I think we have a huge opportunity to grow. And I think what you've seen from us over the past 18 to 20 months or so is just a strategy and execution that reflects that. So we've been on a journey to kind of retool how we think about the broker landscape. I think we obviously started with leadership hiring. Those leaders have been in place now for a few months and are driving faster execution. They're focusing on technology, scale, more strategic relevance. And our strategy is basically threefold.

謝謝你的提問，道格。首先我想說的是，我們對這領域的前景非常樂觀。我認為我們有巨大的發展機會。我認為，在過去 18 到 20 個月左右的時間裡，您從我們身上看到的只是反映這一點的策略和執行。因此，我們一直在努力重新審視我們對經紀人格局的看法。我認為我們顯然是從領導層招募開始的。這些領導人已經任職幾個月，並正在推動更快的執行。他們注重技術、規模和更具戰略意義的相關性。我們的策略基本上分為三個部分。

I think the first pillar is just the power of choice. We know that brokers are essential to the mortgage ecosystem, but we need to make sure that they're empowered with choice, that they're able to shop the entire market. And so choice is kind of our first pillar. The second is that we just we think today, this is a space that is not super powered by technology, and we think that there's a huge benefit that can be created there for the broker community. And so the technology that we're building internally, we're building that as a platform.

我認為第一個支柱就是選擇的力量。我們知道經紀人對於抵押貸款生態系統至關重要，但我們需要確保他們有選擇權，並且能夠在整個市場上購物。因此，選擇是我們的第一支柱。第二，我們今天認為，這是一個尚未由技術強力驅動的領域，我們認為，它可以為經紀人社群創造巨大的利益。因此，我們內部建構的技術是作為一個平台建構的。

And so we're extending that capability to our brokers. That's why we provide things like best-in-class notifications, best-in-class models, insights, relevant offerings like RentRewards, which we just talked about, that's already exceeding expectations in early days. And that's why we're refreshing things like our broker dashboard. We're providing loan level editing just to give them more flexibility at their fingertips. And so a lot of the technology we built in-house, we think about our brokers as natural inheritance of that capability.

因此我們將這項能力擴展到我們的經紀人。這就是為什麼我們提供一流的通知、一流的模型、見解以及我們剛才談到的 RentRewards 等相關產品，這些產品在早期就已經超出了預期。這就是我們更新經紀人儀表板等功能的原因。我們提供貸款等級的編輯只是為了讓他們擁有更多的靈活性。因此，我們認為我們的經紀人自然繼承了我們內部開發的許多技術。

And then the last thing is we want to enable our brokers to just thrive for the long term. And that's not just with technology, but it's with like new innovative business models like servicing, for example. And so we want to basically create a world where a broker can compete and have the same value chain that we have on the retail side, and we just kind of continue that continuum and where they can service the loan, they can drive retention with the client. And so investments that we've made, including being on the ARIVE platform that we talked about earlier are just all in service to that. And so we want to empower brokers with choice.

最後一點是，我們希望我們的經紀人能夠長期繁榮發展。這不僅涉及技術，還涉及服務等新的創新商業模式。因此，我們希望基本上創建一個經紀人可以競爭並擁有與我們在零售方面相同的價值鏈的世界，我們只是延續這種連續性，他們可以提供貸款服務，他們可以提高客戶的保留率。因此，我們所做的投資，包括我們之前談到的 ARIVE 平台的投資，都是為了實現這一目標。因此，我們希望賦予經紀人選擇權。

We want to create the best technology and capabilities. We want to grow -- help them grow their business for life. We've made progress, and we do expect our momentum to accelerate in the coming months.

我們希望創造最好的技術和能力。我們希望成長——幫助他們終身發展他們的業務。我們已經取得了進展，我們確實預計我們的勢頭將在未來幾個月內加速。

Great. Thank you, Varun.

偉大的。謝謝你，瓦倫。

Bose George, KBW.

博斯喬治，KBW。

Hey, good afternoon. Just a follow-up on the earlier question on market share. Do you think you might explore other acquisitions, especially to grow purchase market share? And is the acquisition of distributed retail capacity something you could consider?

嘿，下午好。這只是對先前關於市場份額的問題的後續回答。您是否認為您可能會探索其他收購，特別是為了增加購買市場份額？您是否考慮收購分散式零售能力？

Yes. Thank you, Bose. I think what I would say right now is with the criticality of the integration that we have, we're absolutely focused on these two. I think we're super excited about these deals. They're directly in service to our long-term strategy.

是的。謝謝你，Bose。我想我現在要說的是，考慮到我們整合的重要性，我們絕對會關注這兩者。我認為我們對這些交易感到非常興奮。它們直接服務於我們的長期策略。

And we think that it's very relevant to our purchase strategy goals. And just to kind of recap that, we want to establish a top of funnel build relationships with clients that are searching for homes as well as with real estate agents and experts. And this is directly in service to that with Redfin. We want to build a broker strategy, as I obviously just talked about with the earlier question, and then we want to drive the recapture flywheel, which is really powered by servicing.

我們認為這與我們的採購策略目標非常相關。簡單回顧一下，我們希望與正在尋找住房的客戶以及房地產經紀人和專家建立頂層關係。這直接服務於 Redfin 的目標。我們希望建立一個經紀人策略，正如我剛才在回答之前的問題時所提到的那樣，然後我們希望推動重新捕獲飛輪，而這實際上是由服務驅動的。

And so we are knee-deep in integration preparation, and we're really excited and happy with how it's going. But this will be the primary focus for us just to make sure that we build these key pillars of our integration platform.

因此，我們正全力進行整合準備，我們對進展感到非常興奮和高興。但這將是我們關注的重點，以確保我們建立整合平台的這些關鍵支柱。

Yeah, okay, great. Thank you.

是的，好的，太好了。謝謝。

Jeff Adelson, Morgan Stanley.

摩根士丹利的傑夫·阿德爾森。

Hey, good afternoon. Thanks for taking my questions. Brian, you mentioned that your capacity is well north of $150 billion now. Just wondering if you could provide a little bit more color on how you kind of continue to grow that and where you think that might go over time? And anything you can provide us on numbers in terms of back half of the year on expense savings if mortgage volumes don't come through like you mentioned?

嘿，下午好。感謝您回答我的問題。布萊恩，您提到現在您的產能已遠遠超過 1500 億美元。我只是想知道您是否可以提供更多關於如何繼續發展這項業務以及您認為隨著時間的推移這項業務將如何發展的詳細資訊？如果抵押貸款額度沒有像您提到的那樣增長，您能向我們提供下半年費用節省方面的數字嗎？

Yes. Thanks for the question, Jeff. I think -- I'll start by just talking a little bit about the relevance of AI here. And then maybe, Brian, you can touch on capacity as it pertains to expenses and cost. The reality is, I mean, AI is such a clear strategic bet for us.

是的。謝謝你的提問，傑夫。我想——我首先會稍微談論一下人工智慧的相關性。然後，布萊恩，也許您可以談談與費用和成本相關的容量。事實上，人工智慧對我們來說是一個明確的戰略賭注。

And essentially, everything we're doing, including our recent two deal announcements in organic and our build strategy is all in service to that. And the reason for that is because we feel that this is the tool to create infinite capacity. And I use the term infinite capacity on purpose because we do think the capacity is limitless, and it can be expanded with significant growth potential.

本質上，我們所做的一切，包括我們最近宣布的兩筆有機交易以及我們的建設策略都是為了實現這一點。原因在於我們認為這是創造無限能力的工具。我特意使用了「無限容量」這個術語，因為我們確實認為容量是無限的，並且可以擴展並具有顯著的成長潛力。

And so we imagine a world where people are developing sort of superpowers in this space, especially in mortgage and homeownership, and they can do the work of an order of magnitude larger. And the examples of that just keep piling up. And I saw an example the other day that we call the Banker report card. It utilizes our Navigator AI, utilizes our Synopsys platform. And it was something that our bankers built for themselves that analyzes calls, it flags conversion opportunities, it delivers coaching and just makes them better.

因此，我們想像這樣一個世界：人們在這個領域，特別是在抵押貸款和房屋所有權方面，發展出某種超能力，他們可以做更大數量級的工作。這樣的例子還有很多。前幾天我看到了一個例子，我們稱之為「銀行家成績單」。它利用我們的 Navigator AI，利用我們的 Synopsys 平台。它是我們的銀行家為自己建造的，可以分析呼叫、標記轉換機會、提供指導並使其變得更好。

And so what's beautiful about this example to me is that it's self-created and self-perpetuating. It's people using technology to make themselves better. and that technology is becoming democratized.

所以對我來說，這個例子的美妙之處在於它是自我創造和自我延續的。人們利用科技讓自己變得更好，而且科技正在民主化。

And so what excites me is that this is now happening without writing code. And there's sort of the shift from what was a previous definition of AI of being sort of rule-based automation to something that's more agentic. It's something that can reason, it can act, it can adapt. And that just gives us a lot of optionality to be able to scale up without scaling costs or pull back without compromising throughput and keep our fixed costs operationally efficient and sort of avoid that yo-yo effect that happens in the industry because it's a big market, and we have significant aspirations for growth, and we need our team.

令我興奮的是，現在無需編寫程式碼就可以實現這一點。人工智慧的定義已經從以前的基於規則的自動化轉變為更具代理性的東西。它可以推理，可以行動，可以適應。這給了我們很大的選擇空間，讓我們能夠在不增加成本的情況下擴大規模，或者在不影響吞吐量的情況下縮減規模，並保持我們的固定成本高效運營，避免行業中出現的溜溜球效應，因為這是一個巨大的市場，我們對增長有著遠大的願望，我們需要我們的團隊。

Yes, that's right, Varun. And the only thing I'd add, Jeff, is two things. One is the -- to Varun's point, the velocity of increasing capacity is only increasing as well. So that number that we announced at September of last year has been growing daily, frankly speaking, because of some of the examples that Varun gave. And that just presents option value to us.

是的，沒錯，瓦倫。傑夫，我唯一想補充的是兩件事。一是──正如 Varun 所說，產能增加的速度只會越來越快。坦白說，由於 Varun 舉的一些例子，我們去年 9 月宣布的數字每天都在增加。這對我們來說就是一種選擇價值。

Plan A is clearly to fill that with a little cooperation from the market and taking share. But that option value on Plan B does allow us to release some of that and take down the cost structure. So if I take you back to my prepared remarks, what we were foreshadowing is that we're going to watch the market over this next couple of quarters. April was challenging. We've seen some green shoots in the first week of May.

計劃 A 顯然是透過市場合作來填補這一空白並佔據市場份額。但 B 計劃的選擇權價值確實允許我們釋放其中的一部分並降低成本結構。因此，如果我回顧我準備好的發言，我們預示的是，我們將在接下來的幾個季度中關注市場。四月充滿挑戰。我們在五月的第一周看到了一些復甦的跡象。

There's no doubt about that. We still are very bullish on the home buying season, though it might be postponed or delayed off the gates. And we'll continue to monitor it, and we'll take action as needed. But being disciplined and being operationally effective is in our DNA.

毫無疑問。儘管購屋季可能會被推遲或延遲，但我們仍然對購屋季節非常樂觀。我們將繼續監控，並根據需要採取行動。但嚴守紀律和高效運作已融入我們的血液。

Okay. Great. And just my follow-up on the home equity product, can you just maybe contextualize how quickly that's been growing for you this past quarter and where that fits into your market share goals by 2027? Thanks.

好的。偉大的。我對房屋淨值產品還有疑問，您能否簡單介紹一下過去一個季度該產品的增長速度，以及該產品與您 2027 年的市場份額目標的契合度如何？謝謝。

Yes. I mean, I think you broke up a little bit there, Jeff. But I think if the question was how is the home equity loan product performing, it was another record quarter for it. We consistently have quarter-over-quarter growth. If you think about the market share opportunity there, regardless if rates are at 7% or if rates are at 6%, that product is still very attractive. So we think there's a really long runway there.

是的。我的意思是，我認為你們在那裡有點分手了，傑夫。但我認為，如果問題是房屋淨值貸款產品的表現如何，那麼這又是一個創紀錄的季度。我們持續保持季度環比增長。如果您考慮那裡的市場份額機會，無論利率是 7% 還是 6%，該產品仍然非常有吸引力。所以我們認為那裡有一條很長的跑道。

Mihir Bhatia, Bank of America.

米希爾·巴蒂亞，美國銀行。

Good afternoon and thank you for taking my question. I wanted to start by just talking a little bit about the channel. And I heard your comments about overall margins probably down a little bit in the second quarter. I don't know if you want to give us commentary at the channel level on that, but maybe at least talk a little bit about the competitive intensity you're seeing. And certainly, in 1Q, it looks like funded loan margins were lower in the partner channel. Anything specific to call out there?

下午好，感謝您回答我的問題。首先我想簡單談談這個頻道。我聽到您說第二季整體利潤率可能會略有下降。我不知道您是否想從通路層面對此發表評論，但至少可以談談您所看到的競爭強度。當然，在第一季度，合作夥伴通路的貸款利潤率似乎較低。有什麼特別需要注意的嗎？

Yes, Mihir, I'll take a stab at it. Thanks for the question. I mean I think there's -- let me start with the TPO space. If you think about pricing in the broker space, there's really been two periods this year where we've seen a more competitive landscape and pricing pressure. And I don't think either of them are surprising.

是的，Mihir，我會試試看。謝謝你的提問。我的意思是我認為——讓我從 TPO 空間開始。如果你考慮經紀領域的定價，那麼今年確實有兩個時期我們看到了更激烈的競爭格局和定價壓力。我認為它們都不足為奇。

One was just to start the year in January. We know that sometimes the wholesale space gets off to a little slower start coming out of the holidays, and there's still capacity built into the system and then you do see some price pressure, and that was what we saw in January, and then we saw that sort of come out of the system through February, March. And then the other period was what we've discussed, which was around April, where the other place you see some of that price pressure come is when you see volatility in the market. Consumers do take a step back, particularly in the home buying space, even when it comes to refinance and cash out, if rates are bouncing around, that does present some uncertainty. We still have capacity in the system.

一個是在一月開始新的一年。我們知道，有時假期結束後批發業務的起步會稍微慢一些，而且系統中仍然有容量，然後你就會看到一些價格壓力，這就是我們在一月份看到的情況，然後我們看到這種情況在二月、三月從系統中消失。然後另一個時期就是我們討論過的，大約在四月份，當市場出現波動時，你會看到價格壓力出現。消費者確實會退縮，特別是在購屋領域，即使涉及再融資和套現，如果利率波動，確實會帶來一些不確定性。我們的系統仍然有容量。

So you generally see price competitiveness increase. So that's what we saw. And like I said, I -- but as I get here into the first week of May, I've seen some of that come out of the system. On the retail side, on the direct-to-consumer, things have sort of followed that same trend, but relatively holding strong with Q1.

因此，您通常會看到價格競爭力增強。這就是我們所看到的。正如我所說的，我——但隨著進入五月的第一周，我已經看到一些問題從系統中顯現出來。在零售方面，在直接面向消費者方面，情況也遵循了同樣的趨勢，但第一季相對保持強勁。

Got it. And then maybe just switching back for a second to subservicing and -- and also maybe related to subservicing, just protection, the brokers when you are servicing loans on the broker channel. There's been a lot of talk just about that and about the potential for Rocket being a competitor, but also going to be doing subservicing, others may want to switch, et cetera. Maybe just take a couple of minutes to just talk about that. What kind of protections do MSR owners have in these typical subservicing arrangements and similarly for the brokers that work with Rocket? Thank you.

知道了。然後也許只是暫時切換回次級服務 - 也可能與次級服務有關，只是保護，當您在經紀人渠道上提供貸款服務時，經紀人。關於這一點已經有很多討論，關於 Rocket Internet 可能成為競爭對手，但也會提供次級服務，其他公司可能想要轉換，等等。也許只需要花幾分鐘來談論一下這個問題。在這些典型的轉售服務安排中，MSR 船東享有哪些保護？與 Rocket 合作的經紀人又享有哪些保護？謝謝。

Yes. I mean I think it's pretty simple. It's either you have a nonsolicit or I guess they put it in three buckets, Mihir. If you're speaking about doing subservicing and we announced the Annaly deal earlier, there's a way that Rocket can help them actually do the recapture. If you're an asset manager and you come to Rocket to do subservicing, you own the MSR, we're going to do the subservice.

是的。我的意思是我認為這很簡單。要么你有一個非招攬行為，要么我猜他們把它放在三個桶裡，米希爾。如果您談論的是進行次級服務，而我們之前宣布了 Annaly 交易，那麼 Rocket 可以透過某種方式幫助他們真正實現重新奪回。如果您是資產經理，而您來到 Rocket 進行子服務，您擁有 MSR，我們將進行子服務。

There's a really awesome opportunity because we can do the recapture, which protects that asset, extends the cash flows, and it's a win for the servicer and it's a win -- win for the own servicer and it's a win for Rocket. And then when you talk -- when you take it one step further into subservicing, similarly, you can either help the client do recapture or not, and we're open to both. But if you don't help the client recapture, then you're not going to solicit those clients or you're not going to be a subservicer for long. And our comments are that we support all three of those models. Obviously, Cooper does all three.

這是一個非常棒的機會，因為我們可以進行重新捕獲，從而保護資產，延長現金流，這對服務商來說是雙贏，對自己的服務商來說也是雙贏，對 Rocket 來說也是雙贏。然後，當您交談時 - 當您進一步進行次級服務時，同樣地，您可以幫助客戶重新獲得服務，也可以不幫助，我們對這兩種方式都持開放態度。但如果你不幫助客戶重新獲得客戶，那麼你就不會招攬這些客戶，或是你不會長期成為次級服務商。我們的評論是，我們支持所有這三種模式。顯然，庫柏做到了這三點。

Rocket does two of them today. We'll do three upon the close of the transaction, but we're very supportive of it, and that's one of the exciting things about this acquisition.

今天 Rocket 完成了其中兩項。交易結束後我們將進行三項收購，但我們對此非常支持，這是此次收購令人興奮的事情之一。

Thank you.

謝謝。

That concludes our question-and-answer session. I will now turn the call back over to Varun Krishna for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給 Varun Krishna 作結束語。

All right. Well, thank you, everyone, on the Rocket team for an awesome quarter, and thanks, everyone, for listening. We'll see you next quarter.

好的。好吧，感謝 Rocket 團隊的各位，感謝你們度過了一個精彩的季度，也感謝你們的聆聽。我們將於下個季度與您見面。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。