XML 21 R4.htm IDEA: XBRL DOCUMENT v3.22.1
Condensed Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Gain on sale of loans    
Gain on sale of loans excluding fair value of MSRs, net $ 687,170 $ 2,379,278
Fair value of originated MSRs 796,616 1,173,164
Gain on sale of loans, net 1,483,786 3,552,442
Loan servicing income    
Servicing fee income 366,214 292,361
Change in fair value of MSRs 454,380 200,555
Loan servicing income 820,594 492,916
Interest income    
Interest income 90,540 95,245
Interest expense on funding facilities (41,696) (67,844)
Interest income, net 48,844 27,401
Other income 317,372 466,112
Total revenue, net 2,670,596 4,538,871
Expenses    
Salaries, commissions and team member benefits 853,915 842,199
General and administrative expenses 275,857 291,419
Marketing and advertising expenses 328,058 320,843
Depreciation and amortization 21,042 15,304
Interest and amortization expense on non-funding debt 38,664 35,571
Other expenses 90,603 190,365
Total expenses 1,608,139 1,695,701
Income before income taxes 1,062,457 2,843,170
Provision for income taxes (25,849) (65,832)
Net income 1,036,608 2,777,338
Net income attributable to non-controlling interest (982,896) (2,653,636)
Net income attributable to Rocket Companies $ 53,712 $ 123,702
Earnings per share of Class A common stock    
Basic (in dollars per share) $ 0.44 $ 1.07
Diluted (in dollars per share) $ 0.40 $ 1.07
Weighted average shares outstanding    
Basic (shares) 122,691,728 115,673,524
Diluted (shares) 1,975,379,132 122,011,916
Comprehensive income    
Net income $ 1,036,608 $ 2,777,338
Cumulative translation adjustment 588 307
Unrealized loss on investment securities (1,495) (364)
Comprehensive income 1,035,701 2,777,281
Comprehensive income attributable to non-controlling interest (982,049) (2,653,586)
Comprehensive income attributable to Rocket Companies $ 53,652 $ 123,695