Rocket Companies Inc - Ordinary Shares Class A

Strong Financial Performance: Rocket Companies reported Q4 2024 adjusted revenue of $1.2 billion (up 34% YoY) and full-year revenue of $4.9 billion (up 30% YoY). Adjusted EPS for Q4 was $0.04 and for the full year was $0.23, reflecting substantial profitability improvement with an adjusted EBITDA margin of 18% (up from 2% the previous year).

Optimistic 2025 Outlook: The company forecasts adjusted revenue for Q1 2025 in the range of $1.175 billion to $1.325 billion (approx. 7% YoY growth), driven by an expected increase in mortgage origination volumes. Brian Brown stated that even with industry expectations of a 20-24% drop from Q4 to Q1, Rocket anticipates a sequential revenue increase, signaling resilience and market share gains.

Market Share Growth and Innovative Products: Rocket Companies gained 8% in purchase market share, attributing success to innovative offerings like the ONE+ program and Welcome Home RateBreak. Their home equity product also saw significant growth, doubling YoY, with strong potential for future refinancing opportunities as rates decline.