8-K
filed August 3, 2023, 7:59 PM ET
ticker RKT
CIK 0001805284
earnings
confidence high
sentiment neutral
materiality 0.75
Rocket Companies, Inc. (RKT): restructuring charge — Varun Krishna named CEO; Q2 adjusted revenue beats high-end guidance, net income $139M
Rocket Companies, Inc.
2023-Q2 EPS reported
-$0.11
- Varun Krishna (former Intuit exec) appointed CEO effective Sept 5; Bill Emerson becomes President/COO, Bob Walters retires.
- Q2 net revenue $1.236B; adjusted revenue $1.002B (exceeded guidance high). GAAP net income $139M ($0.05 diluted EPS).
- Anticipated annualized cost savings of $150M-$200M through prioritization and cost reduction measures.
- Voluntary career transition program committed July 28; expects $50M-$60M charge primarily in Q3 2023.
- Adjusted EBITDA $18M (vs -$27M YoY); adjusted net loss $33M.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
Rocket Companies, Inc. reported the quarter ended June 30, 2023 results: revenue $1.236 billion, net income $139 million, EPS $0.05 per diluted share.
- Period
- the quarter ended June 30, 2023
- Revenue
- $1.236 billion
- Net income
- $139 million
- EPS
- $0.05 per diluted share
- Result
- reported results
Exact text from the filing
Generated Q2'23 net revenue of $1.236 billion and adjusted revenue of $1.002 billion.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Bob Walters departed as President and Chief Operating Officer at Rocket Companies, Inc..
- Action
- retire
- Role
- President and Chief Operating Officer
Exact text from the filing
Mr. Emerson will replace Bob Walters, who has notified the Company of his intent to retire from his roles at the Company, effective on the Transition Effective Date.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Bill Emerson was appointed as President and Chief Operating Officer at Rocket Companies, Inc..
- Action
- appointed
- Role
- President and Chief Operating Officer
Exact text from the filing
Mr. Krishna will replace Bill Emerson, who will cease to be the Company’s interim Chief Executive Officer and who will become the Company’s President and Chief Operating Officer on the Transition Effective Date.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Varun Krishna was appointed as Chief Executive Officer at Rocket Companies, Inc..
- Action
- appointed
- Role
- Chief Executive Officer
Exact text from the filing
On July 28, 2023, the Board of Directors of the Company appointed Varun Krishna as Chief Executive Officer, effective September 5, 2023 (the “Transition Effective Date”).
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
Rocket Companies, Inc. announced a restructuring with charges of $50 to $60 million dollars.
- Type
- restructuring
- Charge
- $50 to $60 million dollars
Exact text from the filing
On July 28, 2023, the Company committed to a voluntary career transition program that was offered to certain eligible team members. The voluntary career transition program includes a compensation package, healthcare coverage, career transition services, and accelerated vesting of certain equity awards, if applicable. The Company expects to incur a non-recurring charge and make cash payments of $50 to $60 million dollars primarily in the third quarter of 2023, which is the period that the eligible team members accept their offers.
View on SEC.gov
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