And then finally, as we go through that waterfall, as profitable as we are, there are times when returning capital to shareholders is the right thing to do. I was hoping you could address just how you think about your positioning in the wholesale channel, how you think about your differentiation from others maybe in terms of execution, speed, pricing, platform, you kind of you name it, and how that benefits your mortgage partners. Or is this more kind of episodic whenever you see opportunities in your stock or a bit too much excess capital? Your line is open. Power awards a few times here, but we think that really separates us from others that may be in a similar situation. Leveraging the home for family and work and all of those things, all things bode very well for homeownership, and so we imagine that will continue. The reaction from those in the real estate community has been overwhelming. First, I want to congratulate our team on being named the No. Matt Roswell -- RBC Capital Markets -- Analyst. And are you generating a third-party business there? This marks our 11th straight year being named to the top of the list. And when you think about the lifetime value of the client, more opportunity to help them with a refinance, more opportunity to help them with a purchase, more opportunity to help them with other products, such as auto or personal loans. We have a strong feeling about the value of our organization. [Operator instructions] Please be advised that today's conference is being recorded. So we've talked about some of the more recent rollouts. And in Q3, our gain-on-sale margins exceeded our expectations and remained elevated by historical standards, so our margins have remained elevated for longer than expected. These companies join others, including Allstate and Liberty Mutual, in helping provide a digital solution to lenders looking to confirm the presence of an insurance policy in real time, eliminating the need to manually call to confirm, a process that is deceptively tedious. Recently, we hosted Tech Con, our in-house technology conference for all Rocket Companies technologists, drawing more than 4,000 of the brightest minds in the industry. Homeownership is back to kind of pre-crisis levels. These figures reflect the strong underlying cash generation of the company and our recent issuance of $2 billion in senior notes at substantially lower interest rates than the notes they refinanced. But maybe you can talk a little bit about where you are seeing success, and how we should think about the trajectory on that initial purchase volume and how that can contribute to the lifetime value, particularly if you're able to maintain those high retention rates. View More Analyst Ratings for RKT DETROIT, Oct. 19, 2020 Rocket Companies (RKT), Inc., a Detroit-based holding company consisting of tech-driven real estate, mortgage and financial services businesses including Rocket Mortgage, Rocket Homes and Rocket Auto today announced the Company will issue its third quarter 2020 earnings on November 10, 2020. A lot of our decisions around verifications of assets or verification of employment, verification of insurance is now done using automated systems. Yeah. Overall, we are extremely proud of our long-term track record of delivering profitable growth at scale and our record performance in the quarter and year to date. Today, home means so much more. I think when we think of Rocket Companies and our focus on helping consumers with some of the most exciting experiences they have in their life, whether it's buying home or refinancing their home or buying a car, we think we're uniquely positioned. Market data powered by FactSet and Web Financial Group. [Operator instructions] I will now turn the call over to the company. Retention at these levels drive substantial lifetime value advantages for the company. In the third quarter, we delivered a record performance with $89 billion of closed loan volume, representing a 122% increase year over year. I've seen a lot of positive response from both the broker community in Canada. I'm sure you were watching the television, listening to radio and going online as much as I was, and it was hard to see an ad that wasn't related to the election. What Is an Earnings Report? I think you made some comments that you're seeing some success there. The most anticipated earnings releases scheduled for Monday, January 11, 2021 AZZ (AZZ), Commercial Metals (CMC), SYNNEX (SNX), Simulations Plus (SLP), Limoneira (LMNR), Kura Sushi USA (KRUS) Earnings Whispers' Calendar is the most trusted source for earnings dates - confirmed directly with the company. And as you look out over the next few quarters based on what you're seeing today, just any sense for how long you think we can continue to operate with these elevated spreads? Insider Monkey. Rocket Mortgage Q3 Earnings Echo Commitment To Innovation, Democratization Of Homeownership. It's around some of the technology advantages that you have that have taken clearly years and lots of investment to build up. Quarter (USD) Sep 20 Jun 20; Revenue: Cost of revenue: Operating income: Operating margin: Net income: Net profit margin: Cash on hand: Change in cash: Diluted EPS: Financial data from company earnings reports. Will you be leaning more heavily into the broker channel? Well, the progress is going very well. Also, when we look at the clients that could save a substantial amount of money here in this environment, and we're still in a situation, I believe, where 70% of the folks out there, it makes sense to refinance. The consensus earnings estimate was $1.03 per share on revenue of $4.3 billion. Lastly, the company's board of directors approved a $1 billion share repurchase program effective today. Although rate and term refinancing activity has been very high in 2020, we have historically had a balanced mix of originations. Other Ticker Details RKT Company Name Rocket Companies Earnings Call Date 10-11-2020 Time (ET) 16:30 Fiscal Quarter Q3 Fiscal Year 2020 One thing I wanted to make sure that I did clarify here, I wasn't sure earlier the question regarding the share repurchase plan, if the question was regarding the or D shares. The Rocket Mortgage platform is particularly powerful for first-time homebuyers who can receive loan approvals within minutes. “We think growth momentum should continue for the foreseeable future given cyclical tailwinds, RKT’s market-leading client retention rates, expansion of the partner network (volumes skewed toward purchase market), and continued growth in the direct to consumer channel,” Kupferberg wrote. So when we think about that space, we're really focusing on all of those things that we can do to continue to grow it and also differentiate ourselves from kind of the traditional players in that space. Or you want to push that to a different time? In addition to our board, he also serves as an independent board member for Tyson Foods, McGraw-Hill Education, Little League Baseball and several others. So I think as I mentioned that the demand that we're seeing now will continue to probably have a nice upward impact on those margins, relative to the sort of historical levels that we have seen into the upcoming years. © 2021 Benzinga.com. And maybe Jay, in particular, when you look at that 92%, kind of how did -- what goes through your mind in terms of the different ways that you can look to take advantage of that and increase the lifetime value of those customers? There are no upcoming events for RKT. “Rocket continues to win in the marketplace with a combination of technology & customer service, benefiting from industry leading retention rates (now ~4.5x industry averages),” Chiodo wrote. The scale and efficiency of our platform continues to drive substantial earnings power. And then on the -- back on the share repurchase authorization, is this something that you intend to use on a regular basis? Your line is open. It also allows the realization to drive referral business into our platform. As we show in today's press release, our net client retention rate has consistently been above 90% over the past few years. You actually -- you are one step ahead of me there and mentioned the realtor.com, which I know you mentioned in your prepared remarks as well, but it does seem to have a tilt toward the purchase market, obviously. And I believe Julie referenced this as we think about the investments that we've made here in the last 12 months, $500 million when it comes to our now nearly 3,000 technologists and the platform that we've been building. Some aspects that might be more challenging to replicate could take years to do, whether it be some of your direct connections that you've built out on a proprietary basis or some of the partners you work with like Finicity. And maybe one for Julie, I don't want her to feel left out here. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. I can just answer I know that the D shares are not eligible for repurchase. And so the real estate agent, the mortgage approval, Amrock's title business, Nexsys and the closing, the eClosing platforms that we've built, this is just a great way for us to wrap that all together and create a very unique and best-in-class experience for our clients and for realtor.com clients. Related Link: JPMorgan Upgrades Rocket Companies, Predicts Rotation To Credit-Sensitive Stocks. We've become the household name when it comes to thinking about a great high-quality mortgage or now real estate experience, spending nearly, what, $900 million, close to $1 billion in marketing. That's really helpful. Can you maybe just talk about -- you talked a little bit about cash out refis as part of originations. Rocket Companies, Inc. (NYSE: RKT) ("Rocket Companies" or the "Company"), a Detroit-based holding company consisting of tech-driven real estate, mortgage and … Yeah. In the past, we have typically seen primary secondary spreads normalize within a month or two. We consider a loan funded when it is sold to investors on the secondary market. [Operator instructions] Our next question comes from the line of Arren Cyganovich from Citi. So I just want to clarify that the share repurchase plan applies to both A and D shares. And as I referenced before, millennials are very focused on homeownership, moving from urban areas. Yeah, sure. Yeah. Hey, good afternoon. We currently expect closed loan volume of between $88 billion and $93 billion or an increase of 73% to 83%, compared to $50.8 billion in the fourth quarter of 2019. Rocket Companies Inc (NYSE: RKT) shares fell about 3.3% on Wednesday after the company reported a record third quarter on Tuesday afternoon. All of these processes get better with scale, strengthening our competitive lead and reinforcing the Rocket Companies' flywheel. The guidance that Julie will share with you today cements us among the most profitable fintech companies in the world, and we're not stopping there. And so just things are going as planned, and we continue to develop out that technology. And so we were able to offer 10,000 purchase leads to our TPO partners here as we rolled out the new Rocket Pro platform, and we'll be able to continue to do that. View real-time stock prices and stock quotes for a full financial overview. Consider this: Our incremental volume in the third quarter is so large that it, alone, would have made us the second-largest retail mortgage lender in the nation. And I was wondering if you could just expand on that partnership in terms of the potential relative to some of your other large brand name partners like State Farm? So that's two trillion, give or take, which would be 500 billion, north of just about 40-or-so billion a month. Now we look at 213 billion in the same nine-month period in 2020. But there's nothing, in particular, that we're looking at in Q4 that is, I think, of note as we think ahead here, so nothing really special to comment on as we look ahead. Was there anything this quarter as you think about the spend there and the timing maybe into spring selling '21? We are seeing the strongest growth among our most digitally engaged clients. How much of that is being driven by channel mix expectations versus competition? Yeah. This one, in particular, is special to us, however. Your line is open. And with that, I'll turn things over to Jay Farner to get us started. I am curious how that works with the combination of the A and D shares? Application volume through our self-serve digital experience has grown significantly faster than overall volume year to date. Power awards in the last 11 years. DETROIT, Oct. 19, 2020 Rocket Companies (RKT), Inc., a Detroit-based holding company consisting of tech-driven real estate, mortgage and financial services businesses including Rocket Mortgage, Rocket Homes and Rocket Auto today announced the Company will issue its third quarter 2020 earnings on November 10, 2020. That is not something that we have disclosed in the past. RKT announced Q3 earnings. For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the earnings release that we issued today, as well as risks described in filings with the SEC, particularly in the section of these documents titled Risk Factors. Also, when we think about the client service we're providing, and I referenced J.D. Rocket Companies, Inc. (NYSE:RKT) Q3 2020 Earnings Conference Call November 10, 2020 4:30 PM ET. Approximately 40 basis points of the change resulted from differences in channel and product mix, particularly the strong growth of our Partner Network volume during the quarter. To illustrate just how massive our scale is, the company has been consistently profitable on an annual basis, having generated double-digit GAAP pre-tax income margins every year from 2015 through 2019. Rocket Cos. Inc. analyst estimates, including RKT earnings per share estimates and analyst recommendations. Third Quarter Earnings Call Rocket Companies will host a live conference call at 4:30 p.m. OK. And so if mortgage or home isn't the initial purchase, a loan or auto may be. Rocket Companies Inc Cl A (RKT) reported 3rd Quarter September 2020 earnings of $1.20 per share on revenue of $4.6 billion. This metric reflects the high lifetime value of our portfolio. Stock Advisor launched in February of 2002. Your final question comes from the line of Henry Coffey from Wedbush. Client retention is another key differentiator of the Rocket Companies' ecosystem. We are excited to share the results of another very strong quarter with you. That's probably a question, Julie, you want to field that? Gold Flora Teams Up With Stately Brands To Boost Cal... OpenGov Partners With Fyllo To Launch Cannabis Licen... Privacy Policy / Do Not Sell My Personal Data. This trend accelerated earlier this year and continued through the third quarter. Well, the realtor.com partnership represents yet another example of us integrating our platform into their experience. The buyback's maybe half of the shares that are kind of currently trading. And so our ability to leverage our leadership across those areas, both real estate Rocket Homes, Rocket Auto and Rocket Loans, is going very well. Change Q3-20 vs Q3-19. Stay up to date with lastest Earnings Announcements for Rocket Companies, Inc. from Zacks Investment Research And then I guess to build on that, one of the key things that we look at is how quickly can you get people into the Rocket ecosystem. And so we feel really good about where our gain-on-sale margins and volumes are heading here into the fourth quarter. Turning to our balance sheet. That leaves more time for mortgage bankers to help other homebuyers, and the agent can focus on showing and closing houses with their clients. I'm extremely proud of our 22,000-plus team members whose dedication and drive have helped deliver the results we will share with you today. View the Latest Analyst Ratings. We anticipate that we'll share more information in the new year. And I know you guys are pretty consistent with your marketing spend. Learn more. Voices From The Street: Morgan Stanley analyst James Faucette said Rocket is so far delivering on its long-term goals. RKT Upcoming Earnings (Q4): Earnings Date: November 10, 2020 Consensus EPS: Premium: Currently no data available. And I guess based on where you're running, I think you're above 7.5% year to date, maybe closer to 8% in the quarter, although I know you don't manage to any one individual quarter. JinkoSolar has not formally confirmed its next earnings publication date, but the company's estimated earnings date is Friday, March 12th, 2021 based off prior year's report dates. Yeah. But now that we're public, another way for us to help, of course, shareholders is to repurchase our shares. ET on November 10, 2020 to discuss its results for the quarter ended September 30, 2020. Is that contributing much to earnings? Just kind of a second question, it's not really related. Bank of America has a Buy rating and $27 target. Before I turn things over to Jay Farner, I will read our disclaimers. Rocket Companies reports Q3 EPS 54c, consensus $1.09 11/10/20 ... FDA user fee goal date of 12/29 for arbaclofen 07/09/20 Osmotica Pharmaceuticals receives FDA approval for Upneeq. Credit Suisse has a Neutral rating and $27 target. Our data science teams are now generating organic lead flow at higher conversion rates than paid marketing channels. Credit Suisse analyst Timothy Chiodo is bullish on Rocket’s underlying business but is concerned about the impact of rising competition and rising interest rates in the long-term. It's -- the area is ripe for disruption. PR Newswire-5.34%. But when we think about 2021, we're looking at businesses that will see substantial growth. So definitely not looking for specific guidance on volumes or gain-on-sale margins for next year but just hoping you can maybe elaborate on the puts and takes to the gain-on-sale margins. All rights reserved. Retention at these levels has never been seen in the mortgage business and rivals any subscription-based model across industries, including cable, streaming and wireless services. While we don't give guidance on our expenses going into the fourth quarter, certainly we will see the variable expenses vary every quarter with production. And so from a technology perspective, from an operations perspective, the platform is performing incredibly well. Yeah. So -- and as we look ahead into Q4, margins are still strong by historical standards, and they're continuing to stay elevated. OK. And then looking at the marketing spend, it grew as a percent of revenue. Cumulative Growth of a $10,000 Investment in Stock Advisor, Rocket Companies, Inc. (RKT) Q3 2020 Earnings Call Transcript @themotleyfool #stocks $RKT, 1 Financial Stock That Has a Killer Advantage, Copyright, Trademark and Patent Information. I'm wondering if we could start with the new retention metric that you highlighted and maybe you can just spend a minute or two helping us understand how you look at that and how that's different than the other retention metrics you've used in the past. A … Thanks for the question. Third Quarter Earnings Call. Power yesterday. After we originate a loan, we maintain monthly touch points with our clients and generate recurring revenue by processing their payments and servicing their loan over its lifetime. OK. And then a bigger-picture question, how are the efforts going into sort of the non-mortgage loans going? But I will share with you, as we think about the broader ecosystem, Rocket Homes plays a critical role in providing to our mortgage clients the homes that can afford the equity that they have in their home and even getting them what we call Rocket ready or verified approval. $1.00 to $1.31--Past IPOs. Is there anything as we kind of think about adjusted EBITDA? Rocket Companies, Inc. (RKT) CEO Jay Farner on Q3 2020 Results - Earnings Call Transcript Market Watch - 1 month ago Rocket Companies stock dips 2% on Q3 results This transition allows our partners to continue to meet the needs of their clients while also providing them with the ability to leverage the best-known brand in consumer lending with Rocket Mortgage. Good afternoon, Jay. Our exceptional brand marketing also continues to be a true differentiator in the industry. We believe this speaks to the strength of demand in the current environment, as you heard from Jay. Additionally, Amrock is implementing machine learning and ethical AI into its workflow through its proprietary title decision engine, or TDE. Your next question comes from the line of Rick Shane from J.P. Morgan. Date Event description Earnings per share actual Earnings estimate range Previous year's actual; November 10, 2020. John Micenko -- Susquehanna International Group -- Analyst. The company reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.12. And one of the key strengths of our platform, not only is the technology, the client base, the brand, but also the leadership. Your next question comes from the line of Matt Roswell from RBC. We've been partners with Intuit for a long period of time but really been working hand in hand to have a fully integrate the Rocket Mortgage experience in the Mint experience for their clients so they don't have to leave that app. In Q3, we added nearly $50 billion of year-over-year closed loan volume. OK. And then when -- unique situation. So they've largely been absorbed at this point and are fully priced into the margins. They reflect margin that is between maybe your traditional third party and direct to consumer, which is certainly beneficial and they leverage our brand. Thanks for the question. Hey, I wanted to revisit the buyback versus the special dividend, pretty thin float. As a reminder, we recognize revenue at the time when we lock the interest rate with our clients. We anticipate nearly 15,000 real estate professionals will sign up to use the platform by the end of the year, providing a significant touch point with one of the largest influencers in the home purchase life cycle. So, Jay, maybe to bring together a handful of things that you touched upon. In Q3, Rocket sees closed loan volume of $82 billion-$85 billion, or an increase of 105%-112% from a year ago. Homeownership is on the rise across the country, led by a new generation of first-time homebuyers. Rocket Companies, Inc. (RKT) CEO Jay Farner on Q3 2020 Results - Earnings Call Transcript Nov. 10, 2020 11:41 PM ET Rocket Companies, Inc. (RKT) 9 Comments 6 Likes SA Transcripts Before I turn things over to Julie, I wanted to announce an addition to our board of directors. We're very excited about the work that we're doing in Canada. 11/11/20. Rock-Tenn (Westrock) (RKT) Earnings Report: Q3 2015 Conference Call Transcript The following Rock-Tenn (Westrock) conference call took place on July 30, 2015, 09:00 AM ET. ET on November 10, 2020 to discuss its results for the quarter ended September 30, 2020. Anything into sort of local or municipal systems, anything along those lines would be much appreciated. We also, of course, saw increased media costs as we went into this quarter with the election. And I think as Julie gave her guidance for Q4, really what you're looking at if you back out a little bit of pressure we saw in October due to marketing spend for the election, which, of course, makes it a little bit more challenging for us from a marketing perspective and the fact that Q4 has four or five fewer, what I'll call, actionable business days, the day before Thanksgiving or the day before Christmas Eve which can be a bit more challenging. That's a critical component. Financial statements Chart RKT financial data. Rocket also announced a $1 billion share buyback program and guided for fourth-quarter closed loan volume of between $88 billion and $93 billion. Thanks to the hard work of the entire Rocket Companies team, we achieved another quarter of incredible results. For example, over the 12 months ended September 30, 2020, we leveraged more than $500 million invested in technology and our approximately 2,900 technology team members to further increase monthly loan production capacity and enhanced efficiency, including some of the enhancements Jay discussed. Rocket Mortgage Q3 Earnings Echoe Commit... 11/11/20 Detroit-based Rocket Companies Inc (NYSE: RKT ), home to Rocket Mortgage and Quicken Loans, the largest retail mortgage lender, reported a … So we're talking about millennials. “Still, the qtr does little to resolve key debates (especially as conditions may shift), and its buyback authorization is likely a less preferred path for capital return,” Faucette wrote in a note. 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