Rocket Companies Inc (RKT) 2025 Q2 法說會逐字稿

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Rocket Companies Inc., second quarter 2025 earnings call. (Operator Instructions)

您好，感謝您的支持。我叫蒂芬妮，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Rocket Companies Inc. 2025 年第二季財報電話會議。（操作員指示）

I would now like to turn the call over to Sharon Ng, Head of Investor Relations. Please go ahead.

現在我想將電話轉給投資者關係主管 Sharon Ng。請繼續。

Good afternoon, everyone, and thank you for joining us for Rocket Companies earnings call covering the second quarter of 2025. With us this afternoon are Rocket Companies' CEO, Varun Krishna; and our CFO, Brian Brown. Earlier today, we issued our second quarter earnings release, which is available on our website at rocketcompanies.com under investor info. Also available on our website is an investor presentation.

大家下午好，感謝您參加 Rocket Companies 2025 年第二季財報電話會議。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，我們發布了第二季度收益報告，您可以在我們網站 rocketcompanies.com 的投資者資訊欄位下查看。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, the recent Up-C collapse and acquisition of Redfin and the anticipated acquisition of Mr. Cooper.

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、最近 Up-C 倒閉和對 Redfin 的收購以及預期對 Cooper 先生的收購等。

These statements are subject to risks and uncertainties that could cause actual results to differ materially from the expectations and the assumptions we mentioned today. We encourage you to consider the risk factors contained in our SEC filings for a detailed discussion of these risks and uncertainties.

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 in our filings with the SEC.

我們今天的評論還將包括非公認會計準則財務指標。我們報告結果的 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。

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

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 our second quarter 2025 earnings call. There is a lot happening at Rocket these days. And today, I'm going to share our progress in a few key areas. First, I will recap our outstanding second quarter performance and the current market landscape. Next, I'll share a couple of execution wins from the quarter. And finally, I'll update you on the Redfin acquisition post close and what lies ahead.

大家下午好，感謝您參加我們的 2025 年第二季財報電話會議。最近 Rocket 發生了很多事。今天，我將分享我們在幾個關鍵領域的進展。首先，我將回顧我們第二季的出色業績和當前的市場狀況。接下來，我將分享本季的幾場執行勝利。最後，我將向您介紹 Redfin 收購完成後的情況以及未來的發展。

Let's start with the numbers. This was a very strong quarter for us. We demonstrated rock solid execution on the business as we close the Redfin transaction and made progress on the integration of both Redfin and Mr. Cooper. Adjusted revenue reached $1,340 million, above the high end of our guidance.

讓我們從數字開始。對我們來說這是一個非常強勁的季度。我們在完成 Redfin 交易以及 Redfin 和 Cooper 先生的整合方面取得了進展，展示了堅如磐石的業務執行。調整後營收達到 13.4 億美元，高於我們預期的最高值。

Net rate lock volume increased by 13% year over year. We served over 100,000 origination clients, representing a 19% year over year increase with the growth of home equity loans being a key driver.

淨利率鎖定量較去年同期成長13%。我們為超過 10 萬名發起客戶提供服務，年增 19%，其中房屋淨值貸款的成長是主要推動力。

Adjusted EBITDA was $172 million, representing a solid 13% margin and adjusted diluted EPS of $0.04. Given the Redfin transaction closed on July 1, Redfin's financials are not included in the second quarter results.

調整後息稅折舊攤提前利潤 (EBITDA) 為 1.72 億美元，利潤率高達 13%，調整後稀釋每股收益為 0.04 美元。鑑於 Redfin 交易已於 7 月 1 日完成，Redfin 的財務數據未計入第二季業績。

I'm especially proud that we delivered these results in a tough housing market. Last quarter, we mentioned a delayed spring home buying season, and that's exactly what played out. April was particularly challenging for the industry and set the tone for a slow-forming season.

我對我們能在艱難的房地產市場中取得這些成績感到特別自豪。上個季度，我們提到春季購屋季節推遲，事實也確實如此。四月對於該行業來說尤其具有挑戰性，並為緩慢形成的季節定下了基調。

June existing home sales came in 2.7% lower than May at an annualized pace of $3.9 million, more than 20% below pre-pandemic levels. This is a new normal. And while affordability remains a key challenge, we see signs of optimism.

6 月現房銷售量較 5 月下降 2.7%，折合成年率為 390 萬美元，比疫情前的水準低 20% 以上。這是一個新常態。儘管負擔能力仍然是一個關鍵挑戰，但我們看到了樂觀的跡象。

Consumer sentiment has recovered from the low point in April. Home price growth is beginning to slow. We're seeing prices soften in some areas, all signals that the market is slowly shifting in favor of buyers. With this backdrop, our second quarter performance was driven by the strength of our team's execution. Purchase volume increased month over month from April to June, supported by our affordability programs, including ONE+ RocketRentRewards and a host of seasonal promotions.

消費者信心已從4月的低點回升。房價成長開始放緩。我們看到一些地區的價格正在走軟，所有跡像都顯示市場慢慢轉向有利於買家。在這樣的背景下，我們第二季的業績是由我們團隊的執行力所推動的。由於我們的經濟實惠計劃（包括 ONE+ RocketRentRewards 和一系列季節性促銷活動）的支持，從 4 月到 6 月，購買量逐月增加。

We saw particularly strong growth in refinance volume quarter over quarter and year over year. During this time, we helped clients take full advantage when the 30-year mortgage rate dipped briefly to 6.6%. Most notably, home equity loan volume nearly doubled year over year, once again hitting a new record for units and volume.

我們發現再融資量較上季和年比均出現尤為強勁的成長。在此期間，當 30 年期抵押貸款利率短暫降至 6.6% 時，我們幫助客戶充分利用了這個機會。最值得注意的是，房屋淨值貸款額比去年同期幾乎翻了一番，再次創下貸款單位和貸款額的新高。

Home equity loans, which help homeowners have record levels of home equity without impacting their first lien continues to attract new customers to Rocket, making up nearly half of all home equity loan clients.

房屋淨值貸款可以幫助房主在不影響其第一留置權的情況下獲得創紀錄的房屋淨值，該貸款繼續吸引新客戶加入 Rocket，佔所有房屋淨值貸款客戶的近一半。

In summary, one word to describe the quarter's results, execution. We focused on acquiring clients efficiently, delighting them, recapturing them for their next loan and earning the right to be their lender for life in line with our core strategy.

總而言之，用一個字來描述本季的業績，那就是執行力。我們專注於有效率地獲取客戶、取悅客戶、重新獲得他們的下一筆貸款並根據我們的核心策略贏得成為他們終身貸款人的權利。

Next, let's turn to our execution wins. Since I became CEO, I have consistently communicated how AI is transforming our business. This quarter, I'd like to share a few more examples of how our momentum in this space is accelerating.

接下來，讓我們來談談我們的執行勝利。自從我擔任執行長以來，我一直在傳達人工智慧如何改變我們的業務。本季度，我想分享更多例子來說明我們在這個領域的發展勢頭如何加速。

Let's start with our bankers. The greatest value our bankers bring is their empathy, helping clients achieve homeownership and building strong relationships with real estate agents. To enable our bankers to provide 10 star service to even more clients and agents, we've built an AI-powered communication platform that handles dialing, texting, follow-ups and chat, which are fully automating administrative tasks.

讓我們從銀行家開始吧。我們的銀行家帶來的最大價值是他們的同理心，幫助客戶實現房屋所有權並與房地產經紀人建立牢固的關係。為了讓我們的銀行家能夠為更多客戶和代理商提供十星級服務，我們建立了一個由人工智慧驅動的通訊平台，可以處理撥號、發送簡訊、跟進和聊天，從而完全自動化管理任務。

Recent enhancements we've made now dynamically prioritized the client follow-up pipeline for our refinance bankers and offer AI recommended next steps and text messages to streamline communication. As a result, daily refinance client follow-ups have increased by nearly 20%.

我們最近的改進現在動態地為我們的再融資銀行家優先安排客戶跟進管道，並提供人工智慧推薦的後續步驟和簡訊以簡化溝通。結果，每日再融資客戶跟進量增加了近 20%。

On the operations side, agentic AI is transforming underwriting beyond traditional automation. Agentic AI breaks down complex manual processes into actionable steps that AI agents can handle autonomously. We are now launching new solutions in days instead of months. The Rocket agentic AI is powered by a technology called Model Context Protocol, or MCP.

在營運方面，代理人工智慧正在改變核保方式，超越傳統的自動化。Agentic AI 將複雜的手動流程分解為 AI 代理程式可以自主處理的可操作步驟。我們現在可以在幾天內而不是幾個月內推出新的解決方案。Rocket 代理 AI 由一種稱為模型上下文協定 (MCP) 的技術提供支援。

MCP turns our tech stack into a dynamic interconnected system. Unlike siloed AI tools, MCP enables intelligent agents to access company-wide data instantly through deep integration with legacy systems and our years of technology investment.

MCP 將我們的技術堆疊轉變為一個動態互連的系統。與孤立的 AI 工具不同，MCP 透過與遺留系統的深度整合以及我們多年的技術投資，使智慧代理能夠即時存取全公司的資料。

An example of agentic AI at work is the reviewing of earnest money deposits or EMD. Managing EMDs used to require tedious manual work for tracking, validation and reconciliation. Today, agentic AI verifies EMD documentation and traces funds automatically bringing only exceptions to underwriters.

代理人工智慧在工作中的一個例子是審查定金或 EMD。管理 EMD 過去需要繁瑣的手動工作來進行追蹤、驗證和核對。如今，agentic AI 可以驗證 EMD 檔案並自動追蹤資金，僅向承銷商提供例外情況。

This technology now processes EMD for over 80% of purchase agreements and is estimated to save our operations team nearly 20,000 hours annually. The key result is that clients move through the process faster with fewer delays.

這項技術目前已處理超過 80% 的採購協議的 EMD，預計每年可為我們的營運團隊節省近 20,000 小時。關鍵的結果是客戶能夠更快地完成整個流程，並且延遲更少。

Let's turn to our clients. AI-powered chat and fully digital refinance options are redefining what it means to have a seamless and fully digital experience. Our agentic chat capabilities continue to be up-leveled. The power of chat lies in its ability to meet clients where they are, providing an experience they love, enabling us to scale efficiently and operating around the clock. This approach is reshaping client engagement.

讓我們轉向我們的客戶。人工智慧聊天和全數位再融資選項正在重新定義無縫和全數位化體驗的含義。我們的代理聊天功能不斷提升。聊天的強大之處在於它能夠隨時隨地與客戶會面，提供他們喜愛的體驗，使我們能夠高效擴展並全天候運作。這種方法正在重塑客戶參與度。

More than 80% of clients now choose to continue their application through chat with over 10% of leads arriving outside traditional business hours. What's more? Clients who begin their journey in AI chat convert at 3 times higher rates for purchase applications and 2.5 times higher for refinance applications compared to those who don't use chat.

目前，超過 80% 的客戶選擇透過聊天繼續申請，其中超過 10% 的潛在客戶是在傳統工作時間以外獲得的。還有什麼？與不使用聊天的客戶相比，在 AI 聊天中開始旅程的客戶購買申請的轉換率高出 3 倍，再融資申請的轉換率高出 2.5 倍。

We've expanded agentic's chat capabilities to collect essential income, property, asset and credit information upfront. This accelerates client qualification and enables seamless handoffs to our bankers with AI supplying complete context and handling the administrative work behind the scenes.

我們擴展了 agentic 的聊天功能，以便提前收集必要的收入、財產、資產和信用資訊。這加速了客戶資格認證，並實現了與銀行家的無縫交接，而人工智慧則提供了完整的背景資訊並處理幕後的行政工作。

We've taken a big step forward by launching a fully digital refinance experience. Clients are now able to complete a digital refinance from application to rate lock in under 30 minutes, entirely online at any time of day even outside of traditional business hours.

我們透過推出全數位再融資體驗邁出了一大步。客戶現在可以在 30 分鐘內完成從申請到利率鎖定的數位再融資，即使在傳統營業時間之外，也可以在一天中的任何時間完全在線上完成。

From pulling credit and selecting a product in rate to completing the application, receiving automated approval updates, uploading documents, e-signing and even scheduling the closing. Now all happen seamlessly online. And if clients need support, a banker is just one click away.

從獲取信用和選擇產品到完成申請、接收自動批准更新、上傳文件、電子簽名甚至安排結束。現在一切都可以在線上無縫進行。如果客戶需要支持，只需點擊一下即可聯絡銀行家。

Looking ahead, we're focused on making the process even faster and more frictionless aiming for completion in under 10 minutes and making refinancing as simple as pressing a refi button on any mortgage we service.

展望未來，我們致力於使流程更快、更順暢，目標是在 10 分鐘內完成，並使再融資變得像在我們服務的任何抵押貸款上按下再融資按鈕一樣簡單。

All of these examples show how AI has led to higher team member productivity and expanded capacity while elevating client experiences. We put our AI-powered capacity to the test when we run seasonal promotions that spike daily volume 2 times to 3 times.

所有這些例子都顯示人工智慧如何提高團隊成員的生產力和擴大產能，同時提升客戶體驗。當我們進行季節性促銷活動時，我們的每日交易量將激增 2 到 3 倍，這對我們的人工智慧能力進行了測試。

We manage the surge without adding a single team member demonstrating our ability to flex and scale operations in response to market activities such as rate drops while maintaining efficiency and client satisfaction. I believe we are building a foundation for infinite capacity at Rocket, where our growth is supercharged by AI and human capacity is no longer a limiting factor.

我們在沒有增加任何團隊成員的情況下應對了激增的需求，展示了我們根據市場活動（例如利率下降）靈活調整和擴大營運的能力，同時保持了效率和客戶滿意度。我相信我們正在為 Rocket 建立無限容量的基礎，我們的成長將由人工智慧推動，而人類的能力不再是限制因素。

Okay. Now let's turn to Redfin. Rocket and Redfin together represent a redefinition of the category. Redfin gives Rocket a new foothold in purchase and takes our presence in local markets to another level. Relationships with 50 million consumers every month reflect a deep connection with demand right at the top of the funnel and creates new purchase opportunities from both directions from Redfin to Rocket and Rocket to Redfin.

好的。現在讓我們來看看 Redfin。Rocket 和 Redfin 共同代表了該類別的重新定義。Redfin 為 Rocket 在採購領域提供了新的立足點，並將我們在本地市場的存在提升到了一個新的水平。每月與 5000 萬消費者建立的關係反映了與漏斗頂端需求的深度聯繫，並從 Redfin 到 Rocket 以及從 Rocket 到 Redfin 的兩個方向創造了新的購買機會。

Despite the early days, integration has moved at a rapid pace. Within our first month, we executed a comprehensive brand update designed to bring a unified look to our digital presence. Today, Redfin's digital pages carry the unified Redfin powered by Rocket co-brand. We also made home buying easier by introducing prequalification buttons on every home listing allowing clients to take action seamlessly.

儘管還處於早期階段，但整合進展迅速。在第一個月內，我們進行了全面的品牌更新，旨在為我們的數位形象帶來統一的外觀。如今，Redfin 的數位頁面採用統一的 Redfin powered by Rocket 聯合品牌。我們還在每個房屋清單上引入了資格預審按鈕，讓客戶能夠無縫地採取行動，從而使購房變得更加容易。

In addition, we introduced Rocket preferred pricing, giving qualified clients who finance with Rocket Mortgage and work with a Redfin agent, a 1 point rate reduction in their first year or up to $6,000 in closing credits. This delivers meaningful dollars to buyers and helps make homeownership more attainable.

此外，我們還推出了 Rocket 優惠價格，為透過 Rocket Mortgage 融資並與 Redfin 代理商合作的合格客戶提供第一年 1 個百分點的利率折扣或高達 6,000 美元的結算信用額度。這為買家帶來了可觀的收入，並有助於使購房變得更加容易。

On the product side, we expanded our lending portfolio to address more specialized needs. Super jumbo loans and nonqualified mortgage products are now available, supporting clients with unique financial profiles. These solutions extend not just to Redfin clients but to our retail bankers and our mortgage broker partners as well. Empowering more professionals to serve a much wider array of buyers.

在產品方面，我們擴大了貸款組合以滿足更專業的需求。超級巨額貸款和非合格抵押貸款產品現已推出，為具有獨特財務狀況的客戶提供支援。這些解決方案不僅適用於 Redfin 客戶，也適用於我們的零售銀行家和抵押貸款經紀合作夥伴。讓更多的專業人員能夠為更廣泛的買家提供服務。

Additionally, we added nearly 150 Bay Equity loan officers to our retail banking force this quarter, further expanding our presence in local markets. Our momentum is strong, and our team remains focused on execution. We're already seeing some exciting early results.

此外，本季我們為零售銀行業務增加了近 150 名 Bay Equity 貸款人員，進一步擴大了我們在當地市場的影響力。我們的勢頭強勁，我們的團隊仍然專注於執行。我們已經看到了一些令人興奮的早期成果。

Our very first Redfin client closed on a home in Colorado in just 10 days. And since July 1, we've seen over 65 Redfin clients closed on their dream home with Rocket Mortgage. Plus, in the first three weeks, there's been a nice jump at the top of the funnel.

我們的第一位 Redfin 客戶僅用 10 天就在科羅拉多州買了一棟房子。自 7 月 1 日以來，我們已經看到超過 65 位 Redfin 客戶透過 Rocket Mortgage 購買了他們夢想中的房子。此外，在前三週內，漏斗頂部出現了良好的成長。

Nearly 200,000 people have clicked on the get prequalified button within Redfin, indicating interest in home financing. Of those users with Redfin account 23% became a contactable lead at Rocket and 12% of all users who enter the funnel go on to start an application, taking a significant step towards homeownership.

近 20 萬人點擊了 Redfin 中的「取得預審資格」按鈕，表示對住房融資感興趣。在擁有 Redfin 帳戶的用戶中，有 23% 成為 Rocket 的可聯繫潛在客戶，進入管道的所有用戶中有 12% 繼續啟動申請，向擁有房屋邁出了重要一步。

Now I have spent most of my career working on consumer fintech conversion funnels and seeing such a positive response for a V1 that's not optimized is very promising. In addition, 7,000 agent referrals have been sent to Rocket Mortgage.

現在，我的大部分職業生涯都在研究消費者金融科技轉換管道，看到未經優化的 V1 獲得如此積極的回應是非常令人鼓舞的。此外，已有 7,000 份代理商推薦寄送給 Rocket Mortgage。

What's even better is that clients preferred from Rocket to Redfin are 30% more likely than those from other channels to upgrade to verified approval letters which is the strongest sign that they're moving toward closing.

更好的是，從 Rocket 到 Redfin 的首選客戶比從其他管道升級到經過驗證的批准信的可能性高出 30%，這是他們正在走向成交的最強烈信號。

These results, while early, highlight the art of the possible when the Redfin and Rocket platforms are fully connected. Together, we're meeting our clients at their moment of intent in providing a seamless experience from home search to financing fundamentally changing the way homes are bought, sold and financed.

這些結果雖然還處於早期階段，但卻凸顯了 Redfin 和 Rocket 平台完全連結後所能實現的可能性。我們攜手在客戶意向時刻與他們會面，提供從房屋搜尋到融資的無縫體驗，從根本上改變房屋的購買、出售和融資方式。

In summary, we had a very productive quarter, balancing short- and long-term execution, and I also want to thank our teams for their speed, discipline and heart. A huge shout-out also to our servicing team for winning our 11th J.D. Power Award for servicing earlier this month.

總而言之，我們度過了一個非常有成效的季度，平衡了短期和長期執行，我還要感謝我們團隊的速度、紀律和熱情。我們也要向我們的服務團隊致以最崇高的敬意，感謝他們在本月初榮獲第 11 屆 J.D. Power 服務獎。

This recognition is a testament to our enduring commitment to loving, protecting and amazing our clients. It is this dedication that underpins our industry-leading recapture rate and will be forced multiplied with Mr. Cooper.

這項認可證明了我們始終致力於關懷、保護和感動我們的客戶。正是這種奉獻精神支撐了我們行業領先的回收率，並將與庫柏先生一起倍增。

Looking ahead, our teams are fully engaged in the integration work needed to realize the full potential of our integrated homeownership platform. We are delivering on our milestones and remain on track to close the Mr. Cooper transaction in Q4.

展望未來，我們的團隊將全力投入實現綜合房屋所有權平台全部潛力所需的整合工作。我們正在實現我們的里程碑，並預計在第四季度完成庫柏先生的交易。

At Rocket, we live by an You'll see it when you believe it. As we bring Rocket, Redfin and soon Mr. Cooper together under one roof, we are building a homeownership experience that is simpler, faster and more affordable. And we're building a stronger company with an all-weather business model that thrives in any market and interest rate environment.

在 Rocket，我們秉持著「當您相信它時，您就會看到它」的理念。隨著我們將 Rocket、Redfin 以及即將推出的 Mr. Cooper 整合到一起，我們正在創造一種更簡單、更快捷、更實惠的購屋體驗。我們正在打造一家更強大的公司，採用全天候業務模式，在任何市場和利率環境下都能蓬勃發展。

We are positioning Rocket to be in a category of its own. A business with a significantly larger lead funnel, a massive data lake and AI-powered capacity with a client acquisition cost to lifetime value model unseen in this industry. All designed to eliminate waste from the system, lower cost for consumers and create a more frictionless experience. The pieces are coming together, and we are working relentlessly to make this vision a reality we believe.

我們將 Rocket 定位為一個獨立的類別。該企業擁有顯著更大的潛在客戶管道、龐大的資料湖和人工智慧驅動的容量，其客戶獲取成本與終身價值模型在該行業是前所未見的。所有這些設計都是為了消除系統中的浪費，降低消費者成本並創造更順暢的體驗。我們相信，各個部分正在整合在一起，我們正在不懈地努力，使這個願景成為現實。

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. It's been a really busy and productive quarter to say the least. We drove strong execution while taking steps to integrate transformative acquisitions and balance short and long-term objectives. We pride ourselves on allocating our resources with financial discipline and concurrently making bold investments in our future. We clearly demonstrated this in the second quarter.

謝謝你，瓦倫，大家午安。至少可以說，這是一個非常忙碌且富有成效的季度。我們推動了強有力的執行，同時採取措施整合變革性收購並平衡短期和長期目標。我們很自豪能夠按照財務紀律分配資源，同時對未來進行大膽投資。我們在第二季度清楚地證明了這一點。

Today, I will highlight our second quarter performance, provide an update on the integration planning with Redfin and Mr. Cooper and discuss the cost actions we took to drive higher operational leverage. I'll conclude with our outlook for the third quarter.

今天，我將重點介紹我們第二季的業績，介紹與 Redfin 和 Cooper 先生的整合計劃的最新情況，並討論我們為提高營運槓桿而採取的成本行動。最後，我將對第三季做出展望。

Let's start with our financial performance. First, I want to echo Varun's remarks about how proud we are of the team's performance in the second quarter. We demonstrated strong execution in a volatile quarter that got off to a really slow start. All the while, we closed the Redfin transaction on July 1 and are working very hard towards the close of the Mr. Cooper transaction in Q4 of this year.

讓我們從財務表現開始。首先，我想同意瓦倫的評論，我們對球隊在第二節的表現感到非常自豪。在這個起步緩慢、動盪不安的季度裡，我們展現了強大的執行力。同時，我們於 7 月 1 日完成了 Redfin 交易，並正在努力在今年第四季完成 Mr. Cooper 交易。

This quarter's execution was truly a team effort. From a top line standpoint, adjusted revenue reached $1,340 million, beating the high end of our guidance range and achieving 9% year over year growth. Net rate lock volume exceeded $28 billion, an increase of 13% over the same period.

本季的執行確實是一個團隊的努力。從營收角度來看，調整後收入達到 13.4 億美元，超過了我們預期範圍的上限，實現了 9% 的年增長。淨利率鎖定量超過280億美元，年增13%。

Our gain on sale margin for Q2 was healthy at 280 basis points in line with our average over the past 12 months. On an adjusted EBITDA basis, we delivered $172 million or a 13% adjusted EBITDA margin. We reported adjusted net income of $75 million and adjusted diluted EPS came in at $0.04.

我們第二季的銷售利潤率收益為 280 個基點，與過去 12 個月的平均值一致，表現健康。在調整後的 EBITDA 基礎上，我們實現了 1.72 億美元或 13% 的調整後 EBITDA 利潤率。我們報告調整後的淨收入為 7500 萬美元，調整後的稀釋每股收益為 0.04 美元。

We delivered these results despite ongoing market headwinds. As we noted last quarter, extreme volatility in April delayed the start of the spring home buying season. While purchase season was indeed slow forming and the market conditions remain challenging, we were right alongside our clients, supporting them with our affordability solutions like ONE+ and RocketRentRewards.

儘管市場持續面臨阻力，我們仍然取得了這些表現。正如我們上個季度所指出的，四月份的極端波動推遲了春季購屋季節的開始。雖然購買季節確實進展緩慢，市場條件仍然充滿挑戰，但我們始終與客戶並肩作戰，透過 ONE+ 和 RocketRentRewards 等經濟實惠的解決方案為他們提供支援。

As a result, our purchase volume grew sequentially from April to June. Refinance volume was also a bright spot with home equity loans doubling year over year. The market is gradually rebalancing in favor of homebuyers. In 11 of the 50 largest US metro areas including several in Texas, Florida and California, home prices are softening and the income needed to purchase a home is declining.

因此，我們的採購量從4月到6月連續成長。再融資量也是一個亮點，房屋淨值貸款年增了一倍。市場逐漸恢復平衡，有利於購屋者。在美國 50 個最大的都會區中，包括德州、佛羅裡達州和加州的幾個都會區在內的 11 個都會區，房價正在走軟，購買房屋所需的收入正在下降。

Home price growth is moderating, inventories expanding by double digits year over year and affordability is improving, albeit with elevated 30-year fixed mortgage rates. After years of constrained supply and rising prices, buyers are finally starting to gain more leverage in the market.

儘管 30 年期固定抵押貸款利率上升，但房價成長正在放緩，庫存年增兩位數，負擔能力正在改善。經過多年的供應緊張和價格上漲，買家終於開始在市場上獲得更多的影響力。

Now let's turn to Redfin. The acquisition is already enhancing our platform and expanding our reach and strengthening our position in the purchase market. Redfin brings direct access to 50 million monthly consumers and deep relationships with real estate agents across the country.

現在讓我們來看看 Redfin。此次收購已經增強了我們的平台，擴大了我們的業務範圍，並加強了我們在採購市場中的地位。Redfin 可直接接觸每月 5,000 萬消費者，並與全國各地的房地產經紀人建立深厚的關係。

Together, we're significantly growing our top of funnel and fueling purchase lead generation from both brands. Our combined 14 petabyte data lake also enhances our AI capabilities, enabling more personalized experiences at scale.

透過共同努力，我們正在大幅擴大我們的銷售漏斗頂端，並推動兩個品牌的購買線索的產生。我們合併後的 14PB 資料湖也增強了我們的 AI 能力，從而能夠大規模實現更個人化的體驗。

As I shared, when we announced the acquisition of Redfin in March, we expect $200 million in total synergies. That's $140 million on the expense side and $60 million in revenue. On revenue synergies, it's early, but we are encouraged by the results we're seeing so far.

正如我所說，當我們在三月宣布收購 Redfin 時，我們預計總協同效應將達到 2 億美元。其中支出為 1.4 億美元，收入為 6,000 萬美元。就收入協同效應而言，現在還為時過早，但我們對目前看到的結果感到鼓舞。

Varun highlighted the surge in leads and higher conversion rates we're already seeing from Rocket and Redfin's cross-pollination of leads, agent referrals and mortgage applications. This early momentum is exciting and points to tremendous growth potential ahead.

Varun 強調了我們從 Rocket 和 Redfin 的潛在客戶、代理商推薦和抵押貸款申請交叉整合中看到的潛在客戶激增和轉換率提高。這種早期勢頭令人興奮，並預示著未來巨大的成長潛力。

On the expense side, we have line of sight into the target synergies and have already started to take actions in the first four weeks since closing. We'll plan to provide more details in future quarters. Regarding Mr. Cooper, the integration planning is in full force, and our teams are meeting and collaborating closely. We remain on track to close the Mr. Cooper transaction in Q4.

在費用方面，我們已經看到了目標協同效應，並且已經在交易結束後的前四週開始採取行動。我們計劃在未來幾季提供更多細節。關於庫柏先生，整合計畫正在全力進行，我們的團隊正在會面並密切合作。我們仍有望在第四季完成庫柏先生的交易。

Now let's cover our capital position. It provides a competitive advantage, a robust funding profile and the flexibility to invest in our business over the short and long term. In June, we successfully issued $4 billion in unsecured bonds to refinance Mr. Cooper's debt upon change of control. This transaction was nearly 3 times oversubscribed with strong participation from a diverse investor base, including significant demand from investment-grade funds, signaling confidence in our credit profile.

現在讓我們來介紹一下我們的資本狀況。它提供了競爭優勢、強勁的資金狀況以及短期和長期投資我們業務的靈活性。6 月份，我們成功發行了 40 億美元無擔保債券，為庫柏先生在控制權變更後的債務進行再融資。這筆交易獲得了近三倍的超額認購，來自不同投資者群體的積極參與，其中包括投資級基金的大量需求，這表明了對我們信用狀況的信心。

If in the unlikely case, the Mr. Cooper transaction doesn't close, the debt is extinguished and the cash is returned to investors. Additionally, subsequent to June 30, we repaid approximately $250 million of the Redfin term loan debt in connection with the change of control provisions, an outcome that also enabled us to further streamline our capital structure. Taken together, these actions position us well for a successful close and integration with Mr. Cooper in Q4.

如果在不太可能的情況下，庫柏先生的交易沒有完成，債務將被消除，現金將返還給投資者。此外，6 月 30 日之後，我們根據控制權變更條款償還了約 2.5 億美元的 Redfin 定期貸款債務，這一結果也使我們能夠進一步簡化資本結構。綜合起來，這些舉措使我們在第四季度與 Cooper 先生成功完成交易並實現整合。

As of June 30, inclusive of the $4 billion in unsecured bonds related to Mr. Cooper, we held $6 billion in available cash and $7.6 billion in mortgage servicing rights, totaling $13.6 billion in balance sheet value.

截至 6 月 30 日，包括與庫柏先生相關的 40 億美元無擔保債券在內，我們持有 60 億美元的可用現金和 76 億美元的抵押貸款服務權，資產負債表總價值為 136 億美元。

Total liquidity stood at $9.1 billion, including $5.1 billion of cash on the balance sheet, $0.9 billion in corporate cash to self-fund originations, $1.1 billion in undrawn lines of credit and $2 billion in undrawn MSR credit facilities.

總流動資金為 91 億美元，包括資產負債表上的 51 億美元現金、9 億美元用於自籌資金的企業現金、11 億美元未提取的信用額度和 20 億美元未提取的 MSR 信貸額度。

Before I discuss our third quarter outlook, I'd like to take a moment to focus on a very important topic, operational efficiency. We take a very disciplined approach to expense management and capital allocation, which are foundational to how we operate.

在討論第三季的展望之前，我想花點時間討論一個非常重要的主題，即營運效率。我們對費用管理和資本配置採取非常嚴謹的方法，這是我們營運的基礎。

These principles guide every decision we make as we scale and optimize across search, origination and servicing with the customer always front and center. We recently took further actions to streamline our operations. In the second quarter, we completed the shutdown of Rocket Mortgage Canada.

這些原則指導著我們在擴展和優化搜尋、發起和服務時所做的每一個決定，並始終將客戶放在第一位。我們最近採取了進一步的措施來簡化我們的營運。第二季度，我們完成了Rocket Mortgage Canada的關閉。

Also in July, we initiated the wind down of the Rocket Visa Signature Card program. While there will be a financial benefit from these decisions, our primary objective is to sharpen our focus and double down on our homeownership platform and our mission to help everyone home.

此外，在 7 月份，我們啟動了 Rocket Visa Signature Card 計畫的逐步結束。雖然這些決定會帶來經濟利益，但我們的主要目標是集中精力，加倍努力實現我們的房屋所有權平台和幫助每個人擁有住房的使命。

Beyond discontinuing these two business lines, earlier this month, we restructured G&A teams that support the mortgage origination business. These changes were a result of our investments in AI and automation, which have allowed us to reduce redundant roles and retire legacy workflows.

除了停止這兩條業務線之外，本月早些時候，我們還重組了支持抵押貸款發放業務的 G&A 團隊。這些變化是我們對人工智慧和自動化投資的結果，這使我們能夠減少冗餘角色並淘汰遺留的工作流程。

We expect these actions to collectively deliver approximately $80 million in annualized savings, the majority of which will be recognized on a full quarter run rate basis starting in Q4. It's also worth emphasizing that these efficiencies are separate from the synergies previously announced as part of the Redfin and Mr. Cooper transactions.

我們預計這些措施將合計帶來約 8,000 萬美元的年度化節省，其中大部分將從第四季度開始以全季運行率確認。另外值得強調的是，這些效率與先前宣布的 Redfin 和 Mr. Cooper 交易的協同效應是分開的。

As we look ahead to the third quarter, we're cautiously optimistic about the summer home buying season as the market continues to shift in favor of buyers. While we know that the home buying season typically slows around Labor Day, as kids return to school and family settled down, our current approval letter pipeline indicates that the summer home buying season will be extended with strong activity continuing through the third quarter. This trend is reflected in our sequential month over month growth in approval letters over the past couple of months, bucking the typical seasonal slowdown we see this time of year.

展望第三季度，我們對夏季購屋季持謹慎樂觀的態度，因為市場將繼續轉向有利於買家的方向。雖然我們知道，隨著孩子們返校和家人安頓下來，購房季節通常會在勞動節前後放緩，但我們目前的批准信函管道表明，夏季購房季節將延長，強勁的活動將持續到第三季度。這一趨勢反映在過去幾個月批准函數量的逐月增長上，逆轉了我們每年這個時候所看到的典型的季節性放緩。

This is the first quarter that will be incorporating Redfin into our guidance. For the third quarter, inclusive of Redfin we expect adjusted revenue to be between $1,600 million and $1,750 million. On a Rocket stand-alone basis, we expect adjusted revenue to be in the range of $1,325 million to $1,475 million.

這是將 Redfin 納入我們指引範圍的第一個季度。對於第三季度，包括 Redfin 在內，我們預計調整後的營收將在 16 億美元至 17.5 億美元之間。就 Rocket 的獨立業務而言，我們預計調整後的收入將在 13.25 億美元至 14.75 億美元之間。

Now with regard to expenses, let me walk you through a couple of the key cost drivers expected in the third quarter. On a consolidated basis, including Redfin and nonrecurring items, we expect total expenses to increase by approximately $335 million compared to the second quarter.

現在關於費用，讓我向您介紹一下預計第三季的幾個主要成本驅動因素。在合併基礎上，包括 Redfin 和非經常性項目，我們預計總支出將比第二季增加約 3.35 億美元。

Importantly, this projected increase is based on revenue at the midpoint of our guidance. It reflects $275 million in Redfin related costs and $90 million in nonrecurring items partially offset by a reduction in Rocket stand-alone expenses.

重要的是，這一預計的增長是基於我們指導中點的收入。它反映了 2.75 億美元的 Redfin 相關成本和 9000 萬美元的非經常性項目，但部分被 Rocket 獨立費用的減少所抵消。

The decline in Rocket's stand-alone expense reflects the planned step-down in brand marketing, as we transition out of the upfront investment phase of our brand restage. We are now operating in a more optimized run rate while continuing to build on the elevated brand awareness established early this year.

Rocket 獨立費用的下降反映了我們計劃減少品牌行銷支出，因為我們已經走出了品牌重塑的前期投資階段。我們現在正以更優化的運行率運營，同時繼續鞏固今年年初建立的品牌知名度。

The $90 million increase in nonrecurring items relates to the Redfin and Mr. Cooper transactions. Of that, $30 million reflects severance and transaction costs, which will be classified as onetime expenses. The remaining $60 million reflects interest expense incurred from refinancing Mr. Cooper's debt ahead of closing. Post close, the newly issued bonds will substitute Mr. Cooper's existing debt and the associated interest expense.

非經常性項目增加 9000 萬美元與 Redfin 和 Mr. Cooper 交易有關。其中，3,000 萬美元為遣散費和交易成本，將歸類為一次性費用。剩餘的 6000 萬美元反映了在交易完成之前為庫柏先生的債務再融資所產生的利息費用。收盤後，新發行的債券將取代庫柏先生現有的債務和相關利息費用。

Last, to reiterate, the internal cost actions, including the reduction in headcount at Rocket, paired with the wind down of the Rocket Mortgage Canada and credit card businesses are expected to yield $80 million in annualized savings. Due to the timing of these actions, there will only be minimal impact in the third quarter, and the full run rate savings are expected to be realized in the fourth quarter.

最後，重申一下，內部成本行動，包括減少 Rocket 的員工人數，加上關閉 Rocket Mortgage Canada 和信用卡業務，預計將帶來 8000 萬美元的年度節省。由於這些措施的實施時間，在第三季僅會產生很小的影響，預計全部運行成本節省將在第四季度實現。

In summary, our results in the second quarter show the impact of our execution and focus as we continue to deliver value for our clients, team members and stakeholders. We are even more excited by what we can achieve going forward with the combined strength of Rocket, Redfin and soon Mr. Cooper.

總而言之，我們第二季的業績顯示了我們的執行力和專注力的影響，我們將繼續為客戶、團隊成員和利害關係人創造價值。我們對 Rocket、Redfin 以及即將成立的 Mr. Cooper 的聯合實力未來能夠取得的成就感到更加興奮。

We are building an integrated homeownership platform the industry has never seen, one that delivers modern, seamless and more affordable homeownership experiences and one with an all-weather business that is both resilient and thrives across market conditions. We will continue to prioritize operational efficiency, move with speed and agility and execute with focus on our mission to help everyone home.

我們正在建立一個業界前所未有的綜合房屋所有權平台，該平台可提供現代、無縫且更實惠的房屋所有權體驗，並且擁有全天候業務，既有彈性又能在市場條件下蓬勃發展。我們將繼續優先考慮營運效率，快速且靈活地行動，並專注於幫助每個人回家的使命。

Operator, we're now ready to open it up for questions.

接線員，我們現在可以開始回答問題了。

(Operator Instructions)

（操作員指示）

Lucas Haimes, Goldman Sachs.

高盛的盧卡斯·海姆斯。

Hey, good evening, Varun. Good evening, Brian. I wanted to ask about your outlook for 3Q and the rest of 2025. On costs, what do you view as the core run rate from here in 3Q and beyond? And how are you thinking about the pacing of revenue growth and expenses from here?

嘿，晚上好，瓦倫。晚上好，布萊恩。我想問一下您對第三季以及 2025 年剩餘時間的展望。關於成本，您認為從現在起第三季及以後的核心運行率是多少？您如何看待今後收入成長和支出的步伐？

Hey Lucas, I'm going to start by just talking a little bit about the outlook, and then I think, Brian, you can jump in on anything related to cost and our guide. So let me start by just taking you back to our last quarter. We were on the same call, we were talking about the home buying season.

嘿，盧卡斯，我首先要稍微談談前景，然後我想，布萊恩，你可以談談任何與成本和我們的指南相關的內容。首先讓我回顧一下我們上個季度的情況。我們在同一個電話中討論了購屋季節。

And what we shared was at that point, it was going to be a slower forming season, but that momentum would build up over time. So ultimately, that basically leads to a longer spring home buying season, and that's pretty much what we've seen play out this quarter.

我們在那時分享的是，這將是一個形成速度較慢的季節，但隨著時間的推移，這種勢頭會逐漸增強。因此，最終，這基本上會導致春季購房季節延長，而這正是我們本季看到的情況。

April was pretty abnormal. There's a lot of volatility. You had tariffs, you had rates dipping and climbing, you had consumer sentiment dropping. And so in general, affordability was a little bit challenged. And so in terms of the start of the season, it was a little bit laggy, But as we look ahead, we're definitely seeing signals that suggest momentum.

四月相當不正常。存在很大的波動性。有關稅，有利率下降和上升，有消費者信心下降。因此，總體而言，負擔能力受到了一些挑戰。因此，就賽季開始而言，情況有點滯後，但展望未來，我們肯定會看到表明勢頭強勁的信號。

And I'll give you two interesting stats that absolutely come from Redfin. The first one is around nationwide home price growth, and that's actually been in half year over year. So it's gone from 6.9% to about 3.4%. The other thing is that in about 11 major markets, Redfin has actually seen home prices come down.

我將向您提供兩個絕對來自 Redfin 的有趣數據。第一個是關於全國房價成長情況，實際上這是同比上半年的成長。所以它從 6.9% 下降到了 3.4% 左右。另一件事是，在約 11 個主要市場中，Redfin 實際上已經看到房價下降。

And so the good news is that the market is starting to shift in favor of buyers, and that's a great signal that the purchase season will extend. So it's a great opportunity for buyers who have been on the sidelines, and we expect that demand to extend. We expect it to carry through the traditional Labor Day drop-off. And again, that gives us optimism.

因此，好消息是市場開始轉向有利於買家，這是一個購買季節將延長的好訊號。因此，對於一直觀望的買家來說，這是一個很好的機會，我們預計這種需求將會擴大。我們預計它將延續勞動節期間的傳統下降趨勢。這又給了我們樂觀的感覺。

And you see that optimism and confidence reflected in our outlook and our guide, and our guide is up 6% year over year. And so maybe, Brian, you can unpack a little further in terms of guide and expense.

您可以看到，我們的前景和指南反映出這種樂觀和信心，我們的指南同比增長了 6%。因此，布萊恩，也許您可以從指南和費用方面進一步闡述。

Yeah, sure. Thanks, Lucas. Appreciate the question. First, just to start, I want to double down that Q2 was a really strong performance quarter. Very proud of the team. As Varun said, it got off to a very choppy start. But the good news is the start of the third quarter really picked up where we ended the second quarter. So that momentum is continuing.

是的，當然。謝謝，盧卡斯。感謝你的提問。首先，我要強調的是，第二季的業績確實非常強勁。我為這個團隊感到非常自豪。正如瓦倫所說，事情一開始就非常不順利。但好消息是，第三季的開始確實比第二季結束時有所回升。所以這種勢頭還在持續。

And when we look at the pre-approval pipeline on the purchase side, as we said in our prepared remarks, it's our belief that the home buying season is going to continue on. It was slow forming to Varun's point, and it likely will continue past the traditional September Labor Day holiday.

當我們查看購買方面的預先批准管道時，正如我們在準備好的評論中所說的那樣，我們相信購房季節將會持續下去。正如瓦倫所言，這一趨勢正在緩慢形成，並且很可能持續到傳統的九月勞動節假期之後。

And so that's all baked into the guidance. And then just a reminder for the group that this guide does include Redfin for the first time, and we talked about the $270 million that's baked in there. So if I take a step back and I look at the guide for the quarter, I see $1.6 billion to $1.75 billion, $270 million of that's Redfin. So to Varun's point, if I take out Redfin, we're up 6% year over year and 4% quarter over quarter. If I look at the MBA forecast quarter over quarter, they're looking at flat, for example.

這些都已納入指導之中。然後提醒大家，本指南首次包含了 Redfin，我們討論了其中包含的 2.7 億美元。因此，如果我退一步看看本季的指南，我會看到 16 億美元到 17.5 億美元，其中 2.7 億美元來自 Redfin。所以正如 Varun 所說，如果我拿出 Redfin，我們的年增長率為 6%，季度成長率為 4%。例如，如果我逐季度查看 MBA 預測，他們看到的是持平。

So -- we think that it's a really strong guide. We think that it shows another quarter of growth. And just -- I'll leave you with just a little bit of commentary on volume and margins. We believe that margins will be relatively consistent with Q2. So that means that the revenue growth on their RKT stand-alone basis is really coming from production and coming from share gains.

所以——我們認為這是一個非常有力的指南。我們認為這顯示出又一個季度的成長。我只是對交易量和利潤率做一點評論。我們相信利潤率將與第二季相對一致。所以這意味著他們的 RKT 獨立收入成長實際上來自生產和份額成長。

On the expense side of the house, look, operational excellence, financial rigor, that's what we do. That's in our DNA. And I think this quarter was a really nice example of that execution. Looking forward, remember that this quarter, it also includes Redfin on the expense side of the house. So -- and we said in the prepared remarks on the consolidated basis, we expect Q3 expenses to be up about of $335 million.

在費用方面，你看，卓越的運營，嚴謹的財務，這就是我們所做的。這就是我們的 DNA。我認為本季就是這項執行的一個很好的例子。展望未來，請記住本季還包括房屋費用方面的 Redfin。因此，我們在合併報表的準備好的評論中表示，我們預計第三季的支出將增加約 3.35 億美元。

That includes that $275 million of estimated Redfin expenses. But I think there's a couple of other things I want to point out. One, it also includes an estimate of $30 million less in the Rocket Mortgage marketing, and that's due to the brand spend, the brand restage that we talked a lot about in the first half of the year, starting to work and roll off and the brand spend starting to return to more traditional levels. I talked a lot about that last quarter.

其中包括 Redfin 預計的 2.75 億美元支出。但我認為還有其他幾點我想指出。首先，它還包括 Rocket Mortgage 行銷費用預計減少 3000 萬美元，這是由於品牌支出、我們在上半年多次討論的品牌重塑開始發揮作用並開始實施，品牌支出開始恢復到更傳統的水平。上個季度我談了很多這個話題。

And then we got to think through the onetime cost, too. So we're estimating about $120 million of nonrecurring expenses in Q3. That's $90 million more than last quarter. And as I said in the prepared remarks, that's about $30 million in severance and onetime costs associated with Cooper and Redfin transactions, the Up-C-collapse.

然後我們還必須考慮一次性成本。因此，我們估計第三季的非經常性支出約為 1.2 億美元。這比上一季增加了 9000 萬美元。正如我在準備好的演講中所說，這涉及 Cooper 和 Redfin 交易（Up-C-collapse）相關的約 3000 萬美元遣散費和一次性成本。

And then there's about $60 million of estimated interest expense, and that's associated with that $4 billion bond issuance that we did, which will be used to pay down Cooper unsecured debt upon close.

然後還有大約 6000 萬美元的估計利息支出，這與我們發行的 40 億美元債券有關，這筆錢將用於在交易結束後償還 Cooper 的無擔保債務。

But finally, as I said in my prepared remarks, we also did take significant actions during the quarter to streamline our business and narrow our focus. And that included a headcount reduction in July across some of our G&A teams and the Rocket companies proper and the wind-down of two businesses, which was Rocket Mortgage Canada and the credit card business.

但最後，正如我在準備好的發言中所說，我們在本季也確實採取了重大行動來精簡我們的業務並縮小我們的關注範圍。其中包括 7 月部分 G&A 團隊和 Rocket 公司本身的員工數量減少，以及兩項業務的關閉，即 Rocket Mortgage Canada 和信用卡業務。

And the combined impact of those two wind downs as well as the headcount reduction is about $80 million on an annualized basis. We won't fully realize that to the fourth quarter, but I did want to point it out here.

這兩次裁員以及裁員的綜合影響力按年率計算約為 8000 萬美元。到第四季度我們才會完全實現這一點，但我確實想在這裡指出這一點。

And the last point, you may be thinking about the Rocket Mortgage Canada business and the credit card wind down, there is a small financial benefit from winding down those businesses as they were operating at a slight loss. But really, the most important reason is the lack of product market fit and the fact that we're just obsessing about narrowing our focus and doubling down on the homeownership platform.

最後一點，您可能正在考慮 Rocket Mortgage Canada 業務和信用卡業務的結束，由於這些業務的營運略有虧損，因此結束這些業務會帶來少量財務收益。但實際上，最重要的原因是缺乏產品市場契合度，以及我們只是沉迷於縮小關注範圍並加倍投入房屋所有權平台。

Great. Thank you for the color.

偉大的。謝謝你的顏色。

Bose George, KBW.

博斯喬治，KBW。

Hey, good afternoon. Actually, historically, you guys obviously didn't hedge your MSR given the very high recapture rates. But just given that the recapture rates on the Cooper MSR will be lower just given the -- a lot of that is acquired, et cetera. Just what are your thoughts about the hedge strategy on a combined basis going forward?

嘿，下午好。實際上，從歷史上看，鑑於非常高的回收率，你們顯然沒有對沖 MSR。但是，鑑於 Cooper MSR 的回收率會較低，因為 — — 其中許多都是被收購的，等等。您對未來綜合避險策略有何看法？

Yeah. Thanks for the question, Bose. So as it relates -- first I'll start with your -- answer your question directly on the Cooper side, but I do want to talk a little bit about just the Rocket proper side and the hedge there, too. So -- as it relates to Cooper side, the plan is to continue hedging, the combined portfolio. Cooper does a really nice job of that.

是的。謝謝你的提問，Bose。因此，就其相關內容而言——首先我將從您的問題開始——直接從 Cooper 方面回答您的問題，但我也想稍微談談 Rocket 本身以及那裡的對沖。因此——就 Cooper 方面而言，計劃是繼續對沖合併後的投資組合。庫柏在這方面做得非常出色。

I think they target around 70% coverage. So if you're thinking about, hey, it's the day after close, I don't expect any change there. And the reason for that is because we have to prove to ourselves that these recapture synergies are going to come in.

我認為他們的目標是覆蓋率達到 70% 左右。所以，如果你想想，嘿，這是收盤後的第二天，我預計不會有任何變化。原因在於我們必須向自己證明這些重新奪回的綜效將會產生。

And as we start having more data and real information, we will continue to reevaluate that. Because to your point, real natural hedge between the MSR value fluctuations and the recapture business.

隨著我們開始獲得更多數據和真實信息，我們將繼續重新評估這一點。因為正如您所說，MSR 價值波動和回收業務之間存在真正的自然對沖。

But on the Rocket side, we haven't hedged, I want to point that out. And we primarily hedge the MSR assets that we plan to sell. So it's been more of a temporary halt hedge. But as we continue to evaluate our strategy, we did layer on a hedge during the quarter, really around that float assumption.

但就火箭隊而言，我們還沒有採取對沖措施，我想指出這一點。我們主要對計劃出售的 MSR 資產進行對沖。因此，這更像是一種暫時的止損對沖。但隨著我們繼續評估我們的策略，我們確實在本季度圍繞浮動假設進行了分層對沖。

And that's to preserve the flow earnings component of the MSR value, particularly on those lower note rates that are unlikely to pay off anytime soon. So you'll see that in the financials when we file the Q. We're being very thoughtful about it. But that slot earnings assumption, which is based on the short-term side of the curve, we did put a hedge on to try to preserve that.

這是為了保留 MSR 價值的流動收益部分，特別是對於那些不太可能很快獲得回報的較低票據利率。因此，當我們提交 Q 時，您會在財務報表中看到這一點。我們對此非常認真。但是，我們確實對基於曲線短期的時段收益假設進行了對沖，以試圖保留它。

Okay. Great. Thanks for the details.

好的。偉大的。謝謝你的詳細資料。

Mark DeVries, Deutsche Bank.

德意志銀行的馬克‧德弗里斯。

Thanks. I appreciate all the comments you made on Redfin. Just wondering if there are any other thoughts you'd want to share about what you've learned post-closing of that deal. And how you're feeling about the synergy guidance?

謝謝。我感謝您對 Redfin 發表的所有評論。我只是想知道您是否還有其他想法想分享您在完成這筆交易後了解到的情況。您對協同指導有何感想？

Yeah, absolutely. I'll start by just sharing what we're seeing and some context around why we're so excited about the deal. And then, Brian, maybe you can comment further as well. Let me just start with why Redfin. And I think it's important just to really internalize that this is all about our strategy around purchase.

是的，絕對是如此。首先，我將分享我們所看到的情況以及我們對這筆交易如此興奮的原因。然後，布萊恩，也許你也可以進一步評論。我先來解釋為什麼要選 Redfin。我認為，真正內化這一點很重要，即這一切都與我們圍繞購買的策略有關。

And purchase is something that we have declared as a company-level imperative. We think purchase is a durable bet for the long-term growth of the company. And what's interesting about purchase is that there are a few things around the purchase funnel that really make it interesting and complex. The lead flow is expensive. It takes a long time to nurture relationships with the client.

我們已將採購宣佈為公司層級的當務之急。我們認為收購對於公司的長期成長來說是一項持久的賭注。購買的有趣之處在於，購買漏斗周圍有一些事情確實使其變得有趣和複雜。線索流動成本昂貴。與客戶建立關係需要很長時間。

You need deep relationships with clients. You need relationships with realtors. You also have this kind of local dynamic where every market is a little bit different. And this is really why the connection with Redfin is so powerful because Redfin essentially solves all of those channels. This is a company with relationships with 50 million consumers at the top of the funnel.

您需要與客戶建立深厚的關係。您需要與房地產經紀人建立關係。你也會發現這種本地動態，每個市場都略有不同。這就是為什麼與 Redfin 的連接如此強大的原因，因為 Redfin 基本上解決了所有這些頻道問題。這是一家與漏斗頂端的 5,000 萬消費者建立了關係的公司。

Most of those consumers are daily active users that use a mobile app. Redfin is incredibly connected, right, with the local ecosystem, thousands of local agents. And what's also interesting is of all of the US home buyers that are purchasing a home this coming year, nearly one in four at some point are going to touch the Redfin platform during their search and real estate journey.

大多數消費者都是使用行動應用程式的日常活躍用戶。Redfin 與當地生態系統以及數千名當地代理商有著密切的聯繫。同樣有趣的是，在即將到來的一年購買房屋的所有美國購屋者中，近四分之一的人會在搜尋和購買房地產的過程中接觸 Redfin 平台。

The other thing is that Redfin is just beloved, right? It's a very trusted brand with high awareness, high affinity. And so those are the reasons that we love this integration, and we love this company. But in terms of the actual integration, I do want to share that I'm so proud of just the amount of work that was completed before and after close, leading us to just be integration ready on day one. I'm super proud of the team.

另一件事是，Redfin 很受喜愛，對嗎？這是一個非常值得信賴的品牌，知名度高，親和力強。這就是我們喜歡這種整合、喜歡這家公司的原因。但就實際整合而言，我確實想分享的是，我對在整合前後完成的工作量感到非常自豪，這使得我們在第一天就做好了整合的準備。我為這個團隊感到非常自豪。

On day one, we had co-branding, Redfin powered by Rocket. On day one, we had launched prequalification buttons on every home listing page. On day one, we launched a preferred pricing bundle, saving consumers' money. On day one, we had the ability for realtors to refer to Rocket as well as the ability to create demand from Rocket to Redfin as well. And we're seeing some awesome early data.

第一天，我們就推出了由 Rocket 提供支援的聯名品牌 Redfin。第一天，我們在每個房屋清單頁面上都推出了資格預審按鈕。第一天，我們就推出了優惠價格套餐，為消費者省錢。從第一天起，我們就有能力讓房地產經紀人推薦 Rocket，同時也有能力創造從 Rocket 到 Redfin 的需求。我們看到了一些非常棒的早期數據。

We're seeing that the quality of traffic is very high. In fact, clients that were actually referring from Rocket to Redfin are 30% more likely to upgrade to what we call a valve or a verified approval letter. And that really matters. And what's important is that verified approvals are the strongest indicators of conversion and purchase. So it is early days, but I would say that we're very pleased with the integration.

我們看到流量品質非常高。事實上，從 Rocket 轉介到 Redfin 的客戶升級到我們所謂的「閥門」或「已驗證的批准函」的可能性要高出 30%。這確實很重要。重要的是，經過驗證的批准是轉換和購買的最強指標。雖然現在還處於早期階段，但我想說的是，我們對這次整合感到非常滿意。

The last thing I would say before I ask Brian, if there's anything you would want to add, is that -- it's all about culture. Brian and I actually were out in Seattle last week with our leadership team. We were meeting with Glenn Kelman and his leadership team. And just the energy and momentum of these companies is so inspiring. You can see the solar, you can see the culture of the companies that's already becoming very deeply connected.

在我問布萊恩您是否還有什麼要補充之前，我想說的最後一件事是——這一切都與文化有關。事實上，布萊恩和我上週與我們的領導團隊一起去了西雅圖。我們正在與 Glenn Kelman 和他的領導團隊會面。這些公司的活力和發展勢頭令人鼓舞。你可以看到太陽能，你可以看到已經緊密連結在一起的公司文化。

And what I look at is a very healthy sign is that you just can't see where one company ends and the other company begins. So this is just the beginning, but we're very excited about the progress. Brian, is there anything you would add in terms of synergies or financial standpoint?

而我看到的一個非常健康的跡像是，你無法看到一家公司在哪裡結束，另一家公司在哪裡開始。這只是個開始，但我們對進展感到非常興奮。布萊恩，從綜效或財務角度來看，您還有什麼要補充的嗎？

Yeah, sure. Mark, it's good to hear from you. So just as a reminder for the group, we set upon announcement that we expect $200 million in synergies, $60 million of that was revenue, $140 million of it was expensed. And to Varun's point, it's early days. We're only four weeks in, but I agree it's exceeding our expectations, particularly on the demand and the lead creation side.

是的，當然。馬克，很高興收到你的來信。因此，提醒一下集團，我們在公告中表示，我們預計綜效將達到 2 億美元，其中 6,000 萬美元為收入，1.4 億美元為費用。正如 Varun 所說，現在還為時過早。我們只進行了四周，但我同意它超出了我們的預期，特別是在需求和領先創造方面。

So I'll probably reserve the right to comment more on revenue over the next couple of quarters since it's early days. And then on the expense side, look, we have direct line of sight into the $140 million. We've already started taking significant actions in July.

因此，由於現在還為時過早，我可能會保留對未來幾季的收入發表更多評論的權利。然後在支出方面，你看，我們直接看到了 1.4 億美元。我們從七月就已經開始採取重大行動。

And those actions are completely separate and distinct and the other things I mentioned at Rocket. So if I had to summarize it, we feel really good about achieving and dare I say, even exceeding our expectations on both the revenue and expense side of the synergy house.

這些行動和我在 Rocket 上提到的其他事情是完全獨立且不同的。因此，如果我必須總結一下的話，我們對實現協同效應所取得的成果感到非常高興，我敢說，甚至超出了我們對收入和支出方面的預期。

Great. Thank you.

偉大的。謝謝。

Ryan McKeveny, Zelman.

瑞安·麥克凱文尼，澤爾曼。

Hey, thanks, Varun and Brian. Congrats on the quarter. Thanks for all the detail, as always. On the purchase side and also a bit of a tangential follow-up on the risk and topic, really encouraging commentary on the initial traction with the pre-approval button.

嘿，謝謝，Varun 和 Brian。恭喜本季取得佳績。一如既往，感謝您提供的所有詳細資訊。在購買方面，以及對風險和主題的一些切線跟進，真正鼓勵對預先批准按鈕的初步吸引力進行評論。

You called out the expansion of the local market presence. I guess one thing we've seen over time in the residential broker space is that the number of real estate agents can really influence market share at a brokerage.

您呼籲擴大本地市場影響力。我想，我們在住宅經紀領域長期看到的一件事是，房地產經紀人的數量確實會影響經紀公司的市場份額。

So with Redfin sitting at about 2,200 agents, I'm curious, as you and the team with Glenn strategize on the business, should we expect the agent count side of Redfin to potentially meaningfully expand or at least directionally continue expanding as it has been over the last year?

因此，Redfin 擁有約 2,200 名代理商，我很好奇，當您和 Glenn 的團隊制定業務策略時，我們是否應該預期 Redfin 的代理商數量可能會大幅增加，或者至少會像去年一樣繼續定向擴張？

And then secondarily and kind of bigger picture on purchase. We're about a year removed from Investor Day. So I'm just curious if you can kind of refresh on conviction levels in the multiyear purchase market share targets that you laid out at that time? Thank you very much.

其次，是關於購買的更大圖景。距離投資者日已經過去大約一年了。所以我只是好奇，您是否可以重新審視一下您當時制定的多年購買市場份額目標的信心水平？非常感謝。

Thank you so much for the question. I would just start maybe with the second part of the question and just frame up our holistic purchase strategy. So purchase obviously is a major strategic area of focus for us as a company. It's a massive market. It's incredibly inefficient.

非常感謝您的提問。我可能只是從問題的第二部分開始，然後制定我們的整體採購策略。因此，採購顯然是我們公司關注的一個主要策略領域。這是一個巨大的市場。效率極低。

It's fragmented, it's expensive and it's full of friction. And so for us, it's imperative that we fix it, right? We really want to represent that as a future platform for growth. And we think there's a huge opportunity for transformation here. And so I just want to recap our building blocks that are ultimately focused on building a durable strategy around purchase.

它是碎片化的、昂貴的並且充滿摩擦。所以對我們來說，解決這個問題是當務之急，對嗎？我們確實希望將其作為未來成長的平台。我們認為這裡存在著巨大的轉型機會。因此，我只想重述我們的基石，最終重點是圍繞購買建立持久的策略。

The first piece of that, as we've already talked about, is Redfin. Redfin essentially provides an incredibly efficient, high-quality top of funnel experience. It will connect us to more consumers, more realtors and it really will allow us to build an efficient lead nurturing pipeline for purchase.

正如我們已經討論過的，其中第一個部分是 Redfin。Redfin 本質上提供了極其高效、高品質的漏斗頂端體驗。它將把我們與更多的消費者、更多的房地產經紀人聯繫起來，並真正讓我們建立一個高效的購買線索培育管道。

The second is servicing. In particular, what we call recapture. And as we know Rocket already has leading recapture rate, that's because we deliver an amazing servicing experience. And so when you think about the addition of Mr. Cooper, it essentially supercharges our recapture flywheel, which is essential to our purchase growth strategy because it will allow us to serve more purchased clients by essentially becoming their lender for life through servicing and then recapturing their next loan and creating a great rocket experience.

二是服務到位。特別是我們所說的重新奪回。我們知道 Rocket 已經擁有領先的回收率，這是因為我們提供了出色的服務體驗。因此，當您想到庫柏先生的加入時，它實際上增強了我們的重新奪回飛輪，這對於我們的購買成長策略至關重要，因為它將使我們能夠透過服務成為他們的終身貸方，然後重新獲得他們的下一筆貸款並創造出色的火箭體驗，從而為更多購買客戶提供服務。

The third thing I would also call out is our wholesale strategy with respect to broker mean wholesale is a critical part of our purchase engine. This is a space that we're definitely doubling down on. We're now live on the ARIVE platform. We're seeing great momentum there in terms of wallet share, which is growing quarter over quarter and year over year. And we're also launching a lot of new innovation in the broker space.

我還要指出的第三件事是我們的批發策略，經紀人批發是我們採購引擎的關鍵部分。這是一個我們肯定會加倍投入的領域。我們現在已經登陸 ARIVE 平台。我們看到錢包份額呈現強勁成長勢頭，逐季、逐年成長。我們也在經紀領域推出了許多新創新。

We have more compensation flexibility. We have better pricing technology, and we have improved processes for pulling and working with more credit options. So those are the key building blocks for us to grow and scale and purchase.

我們的薪酬更加彈性。我們擁有更好的定價技術，並且我們改進了提取和處理更多信用選擇的流程。所以這些都是我們成長、擴大規模、購買的關鍵基石。

In terms of the agent piece, one thing -- two things that I would highlight are, one is Redfin has an in-house agent network that also has an extensive partner network of thousands of agents. The second thing that I would highlight is that we're bringing together the Rocket Homes agent network together with the Redfin agent network as well. And so that allows us to achieve more synthetic scale.

就代理商而言，我想強調兩件事：一是 Redfin 擁有內部代理商網絡，同時還擁有由數千名代理商組成的廣泛合作夥伴網絡。我要強調的第二件事是，我們將 Rocket Homes 代理商網路與 Redfin 代理商網路整合在一起。這樣，我們就能實現更大的綜合規模。

And then the third thing I would highlight is that the key thing that we also have with the Redfin experience is really the traffic. It's the relationships with 50 million consumers at the top of the funnel, and the ability to connect directly with those consumers in addition to having the agent network as well.

然後我要強調的第三件事是，我們在 Redfin 體驗中遇到的關鍵因素實際上是流量。它與漏斗頂端的 5000 萬消費者建立了關係，並且除了擁有代理網絡之外還能夠直接與這些消費者建立聯繫。

And those are the reasons that we really believe that we have a scalable strategy around purchase. And we are on track to hit our goals, and we're feeling great about the progress.

這就是我們真正相信我們擁有可擴展的採購策略的原因。我們正朝著目標前進，我們對所取得的進展感到非常滿意。

That's very helpful. Thank you.

這非常有幫助。謝謝。

Jeff Adelson, Morgan Stanley.

摩根士丹利的傑夫·阿德爾森。

Hey, good evening, Varun. Good evening, Brian. Thanks for taking my questions. I was hoping we could maybe just talk quickly about Mr. Cooper. I know the deal is still not closed yet, but now that another several months has gone by. I'm just curious whether you still think those synergies are on track.

嘿，晚上好，瓦倫。晚上好，布萊恩。感謝您回答我的問題。我希望我們能快速談論庫柏先生。我知道交易尚未完成，但現在又過去了幾個月。我只是好奇您是否仍然認為這些協同效應正在順利進行。

And maybe you could comment a little bit on if you've done any more work or incremental work into whether you think that, that 65 recapture assumption could be conserved the correct number, et cetera? Thank you.

也許您可以稍微評論一下，如果您做了更多工作或增量工作，您是否認為 65 次重新捕獲假設可以保留正確的數字，等等？謝謝。

Yeah. Thanks for the question, Jeff. I'll start just by talking about the context and progress that we're making on the deal, and then I'll ask Brian to jump in as well. But let me just start by talking about why Mr. Cooper and Rocket makes sense.

是的。謝謝你的提問，傑夫。我將首先談論我們在這筆交易的背景和進展，然後我會請布萊恩也加入。但首先讓我來談談為什麼庫柏先生和火箭是有意義的。

And at the heart of it is just our ability to build lifetime value, long-term relationships with clients, and that's essentially what servicing represents, right? The ability to serve a client for the entirety of their loan experience.

其核心是我們與客戶建立終身價值和長期關係的能力，而這本質上就是服務所代表的，對嗎？能夠為客戶提供整個貸款過程中的服務。

And our thesis is that if we do a good job with that, we earn the right to recapture them for a new loan, which is core to our strategy. And ultimately, if we do that right, we end up reducing the cost of acquisition, which allows us to pass on more value, more savings directly to the client.

我們的論點是，如果我們做好這項工作，我們就有權收回這些貸款並發放新貸款，而這正是我們策略的核心。最終，如果我們做得正確，我們最終會降低收購成本，這使我們能夠將更多的價值、更多的節省直接轉嫁給客戶。

Now I would say in terms of our progress towards closing, we're very pleased with the progress. We are on track for a Q4 close. We've received HSR approval. We're advancing with state-level regulators, with the GSEs and of course, with FHFA. It is a large complex transaction, but the process is moving as expected. And the teams from both organizations are collaborating very closely, and it is our number one priority across the company. Brian, is there anything you would want to add?

現在我想說，就我們達成協議的進展而言，我們對此感到非常滿意。我們正按計畫完成第四季的收尾工作。我們已獲得 HSR 批准。我們正在與州級監管機構、政府支持企業以及聯邦住房金融局合作。這是一項大型複雜交易，但進程正在按預期進行。兩個組織的團隊正在密切合作，這是我們整個公司的首要任務。布萊恩，您還有什麼要補充的嗎？

Yeah. Thanks, Jeff. The only thing I would add is every day that we've made progress since the last update, we just keep building on the conviction around the synergy numbers. This is similar to the Redfin update other than the fact we're not closed here. I would say the line of sight on the expense side makes us feel really good.

是的。謝謝，傑夫。我唯一想補充的是，自上次更新以來，我們每天都在取得進展，我們只是不斷增強對協同數位的信心。這與 Redfin 更新類似，只是我們這裡沒有關閉。我想說，從費用來看，我們感覺非常好。

And the work that we're doing in terms of tearing apart the recapture only gives us more conviction. So as we sit here today, the only way I can probably answer that question is conviction continues to increase, and we're very confident in the numbers.

而我們在收復失地所做的工作只會讓我們更加確信這一點。所以今天我們坐在這裡，我能回答這個問題的唯一方法就是信念不斷增強，我們對這些數字非常有信心。

Okay. Great. And if I could just circle back on the Redfin, I appreciate all the color -- numbers you've provided thus far. I was just curious, do you have any early line of sight into how the attach rates that you highlighted in 2024 for Redfin? You mentioned the 27% on mortgage. 61% on title and escrow. Do you have any sort of update on how that's trended or how you performed on that since the deal closed?

好的。偉大的。如果我可以回到 Redfin，我會很感激您迄今為止提供的所有彩色數字。我只是好奇，您是否對您強調的 2024 年 Redfin 的附加率有任何早期預測？您提到抵押貸款佔 27%，產權和託管佔 61%。自交易完成以來，您是否有任何關於這一趨勢或您在這方面表現的最新消息？

Yeah, of course, I can give you an update on that. I mean I'll kind of take a step back. And if I look at Redfin's business model, again, to your point, it's early days, but we've seen a couple of really positive things. One has been an increase in traffic.

是的，當然，我可以向您提供最新情況。我的意思是我會退後一步。如果我再看一下 Redfin 的商業模式，正如您所說，現在還處於早期階段，但我們已經看到了一些非常積極的事情。一是交通量增加。

Obviously, this is an exciting time of year for home buyers and you're expecting to see activity, but some of the Redfin brand and performance marketing is clearly paying off, and we're starting to see some nice returns there.

顯然，對於購屋者來說，這是一年中令人興奮的時刻，您期待看到活動，但 Redfin 的一些品牌和績效行銷顯然正在獲得回報，我們開始看到一些不錯的回報。

So traffic is actually up, which is good. And then the second thing you mentioned, which is true is we are starting to see some exciting green shoots on the attach rate side. We had to take the time get the loan officers transition over, and that was really important, and we're happy to report we were successfully able to do that.

因此流量實際上是上升了，這是好事。然後，您提到的第二件事是真的，我們開始看到附加率方面出現一些令人興奮的綠芽。我們必須花時間讓貸款人員完成過渡，這非常重要，我們很高興地報告我們成功做到了這一點。

But the vast majority of the Bay Equity loan officers coming over to Rocket. And since that, and to Varun's point, we had a really good preplanning exercise. So we were able to do a lot of that on day one. We've seen the recapture rates actually improve from the historical Redfin recapture rates, which is obviously really good news for achieving those revenue synergies.

但絕大多數 Bay Equity 貸款人員都轉投了 Rocket。從那以後，正如 Varun 所說，我們進行了非常好的預先規劃。因此，我們在第一天就做了很多事。我們已經看到回收率實際上比 Redfin 的歷史回收率有所提高，這對於實現收入協同效應顯然是個好消息。

Okay. Great. Thank you guys.

好的。偉大的。謝謝你們。

Doug Harter, UBS.

瑞銀的道格·哈特。

Thanks. One of the pillars for market share growth that you laid out in Investor Day was MSR acquisitions. Obviously, a big part of the Coop transaction. But can you talk about your appetite to continue to acquire MSRs, both while waiting for the deal to close and after it closes?

謝謝。您在投資者日列出的市佔率成長支柱之一是 MSR 收購。顯然，這是 Coop 交易的很大一部分。但是，您能否談談在等待交易完成期間和交易完成之後繼續收購 MSR 的興趣？

Yeah. Thanks, Doug. Let me jump in there. So just a little market color. If I kind of look at the first half of this year compared to the first half of last year, overall transfers are down something like 30% last time I checked.

是的。謝謝，道格。讓我跳進去。所以只是有一點市場色彩。如果我將今年上半年與去年上半年進行比較，我發現整體轉帳額下降了約 30%。

So it's been more of a muted market. There's no question there on the supply side. On the demand side, of course, it's still high to quite high. So it's competitive, I guess, is a short way to say that. So -- if I think about our bidding strategy at Rocket, which we've talked about many times, the nice part for us is to the extent we see assets with high recapture potential, very interesting to us, and we'll continue to be active in that market.

因此，市場表現較低迷。就供應方面而言，沒有任何問題。當然，從需求方面來看，需求仍然很高甚至相當高。所以我想，它具有競爭力，這是一種簡短的說法。所以——如果我考慮我們在 Rocket 的競標策略（我們已經討論過很多次了），對我們來說好的部分是，我們看到具有高回收潛力的資產，這對我們來說非常有趣，我們將繼續活躍在該市場。

And as I think about the two companies, Rocket and Coop coming together, I'm also really excited one because it does put together a really competitive bid process, obviously, with our capital levels and our recapture abilities. But it's also nice because we have option value.

當我想到 Rocket 和 Coop 這兩家公司的合併時，我感到非常興奮，因為這確實構建了一個真正具有競爭力的競標流程，顯然，這得益於我們的資本水平和收回能力。但這也很好，因為我們有選擇價值。

And that option value really comes from the combined entities having a really good fulfilment engine for the servicing book through the Rocket organic growth, having a wholesale channel, a retail channel, a correspondent channel, even a co-issue channel.

而這種選擇權價值其實來自於合併後的實體，透過 Rocket 的有機成長，擁有一個真正良好的服務履行引擎，擁有批發通路、零售通路、通訊管道，甚至聯合發行管道。

So said differently, we don't have to be active in the ballpark. It allows us to be opportunistic and stick to really high expected return thresholds that if we can meet them, we'll be active and we'll bid at those levels.

換句話說，我們不必在球場上積極活躍。它使我們能夠抓住機會並堅持真正高的預期回報門檻，如果我們能夠達到這些門檻，我們就會積極主動並在這些水平上進行競價。

And if we can't, we don't have to be. So, so far this year, a bit muted just in terms of the general activity and what's coming to market. But no changes in the Rocket bid strategy, just maybe a little bit of change in less supply coming to the market.

如果我們不能，我們也沒有必要這麼做。因此，今年到目前為止，就整體活動和上市情況而言，情況有些低迷。但 Rocket 的競標策略沒有變化，只是進入市場的供應量可能略有減少。

I appreciate that. And then you highlighted some of the benefits of AI replacing legacy workflow. Can you talk about how much more potential is there? How you're thinking about how those impacts might impact the capacity of origination volumes? And just how we should think about the longer-term trajectory of core Rocket expenses?

我很感激。然後您強調了人工智慧取代傳統工作流程的一些好處。能談談還有多少潛力嗎？您如何看待這些影響可能會對起源容量產生什麼影響？那麼，我們該如何看待 Rocket 核心支出的長期走勢呢？

Yeah. Thanks, Doug. I mean I would say that I expect the longer-term trajectory to geometrically accelerate. We are -- we're building a platform where scale is basically no longer constrained by people or cost. Today, we easily handle $150 billion in originations without really any increase in fixed expenses.

是的。謝謝，道格。我的意思是，我預期長期軌跡將呈現幾何級數加速。我們正在建立一個平台，其規模基本上不再受到人員或成本的限制。今天，我們可以輕鬆處理 1500 億美元的業務，而固定支出實際上沒有任何增加。

And that's not theoretical. It's happening. The results are measurable. You can see it in our operations with the thousands of hours saved. You see it in our communication platform in telephony. You see it in the client experience with now more and more fully digital flows from start to finish.

這並不是理論上的。它正在發生。結果是可衡量的。您可以從我們的營運中看到我們節省了數千小時的時間。您可以在我們的電話通訊平台上看到它。您可以從客戶體驗中看到，現在從開始到結束的流程越來越完全數位化。

So I don't view this as just kind of automation. I view it as a structural advantage. And it's a better experience. It's changing the shape of our business model, and we're very excited about it. We think that this foundation is a foundation for infinite capacity. It's not sort of a pipe dream. It's very real, and we're just getting started. So I expect that our progress will accelerate geometrically.

所以我不認為這只是一種自動化。我認為這是一個結構性優勢。這是一種更好的體驗。它正在改變我們的商業模式，我們對此感到非常興奮。我們認為這個基礎是一個無限容量的基礎。這並非什麼白日夢。這是真實的，我們才剛開始。因此我預計我們的進步將會呈現幾何級數成長。

Great. Appreciate that, Varun.

偉大的。非常感謝，瓦倫。

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。

Thank you, everyone, for attending the call, and we look forward to seeing you next quarter.

感謝大家參加電話會議，我們期待下個季度與您見面。

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。