Rocket Companies Q1 net income $291M vs loss; revenue $1.38B, adjusted EBITDA $174M

Rocket Companies, Inc.

2024-Q1 EPS reported $0.11

GAAP net income of $291M ($0.11 diluted EPS) vs loss of $411M ($0.16 loss per share) in Q1 2023.
Total revenue, net of $1.384B, more than double year-ago $666M; adjusted revenue $1.163B exceeded guidance high end.
Adjusted EBITDA of $174M, highest in two years, compared to loss of $79M in Q1 2023.
Closed loan origination volume $20.2B, up 19% YoY; gain-on-sale margin improved to 3.11% from 2.39%.
CEO Varun Krishna cited accelerated top-line growth and expanded purchase and refinance market share.

item 2.02 item 7.01 item 9.01

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 first quarter ended March 31, 2024 results: revenue $1,384, net income $291 million, EPS $0.11 per GAAP diluted earnings per share.

Period: first quarter ended March 31, 2024
Revenue: $1,384
Net income: $291 million
EPS: $0.11 per GAAP diluted earnings per share
Result: reported results

Exact text from the filing

our mission to help everyone home.” First Quarter 2024 Financial Summary 1 ROCKET COMPANIES ($ in millions, except per share amounts) Q1-24 Q1-23 (Unaudited) Total revenue, net $ 1,384 $ 666 Total expenses $ 1,085 $ 1,082 GAAP net income (loss) $ 291 $ (411) Adjusted revenue $ 1,163 $ 882 Adjusted net income (loss) $ 84 $ (111) Adjusted EBITDA $ 174 $ (79) GAAP

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Earnings Releases SEC 8-K Item 2.02 confidence 0.98

Rocket Companies, Inc. reported Q1'24 results: revenue $1.4 billion, net income $291 million, EPS $0.11 per GAAP diluted earnings per share.

Period: Q1'24
Revenue: $1.4 billion
Net income: $291 million
EPS: $0.11 per GAAP diluted earnings per share
Result: reported results

Exact text from the filing

Generated Q1'24 total revenue, net of $1.4 billion and adjusted revenue of $1.2 billion. Adjusted revenue exceeded the high end of guidance range, and year-over-year growth accelerated for the third quarter in a row • Reported Q1'24 GAAP net income of $291 million, or $0.11 per GAAP diluted earnings per share and adjusted net income of $84 million, or $0.04 per adjusted diluted earnings per share • Delivered Q1'24 adjusted EBITDA of $174 million, the highest adjusted EBITDA in two years

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Source: SEC EDGAR

accession 0001805284-24-000061

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