Rocket Companies, Inc. (NYSE:RKT) Q2 2022 Earnings Conference Call August 4, 2022 4:30 PM ET

Company Participants

Sharon Ng – Vice President-Investor Relations

Jay Farner – Chief Executive Officer

Julie Booth – Chief Financial Officer

Conference Call Participants

Ryan Nash – Goldman Sachs

Kevin Barker – Piper Sandler

Doug Harter – Credit Suisse

Blake Netter – Morgan Stanley

Mihir Bhatia – Bank of America

Mark DeVries – Barclays

Arren Cyganovich – Citi

Operator

Good morning. My name is Joseph and I will be your conference operator today. At this time I would like to welcome everyone to the Rocket Companies' Second Quarter 2022 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.

Sharon Ng, Vice President of Investor Relations, you may begin your conference.

Sharon Ng

Good afternoon, everyone, and thank you for joining us for Rocket Companies' earnings call covering the second quarter of 2022. With us this afternoon are Rocket Companies' CEO, Jay Farner; our CFO, Julie Booth; and our President and COO, Bob Walters.

Before I turn things over to Jay, let me quickly go over our disclaimers. On today's call, we will provide you with the information regarding our second quarter 2022 performance as well as our financial outlook. This conference call includes forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from the expectations and the assumptions we mentioned today.

We encourage you to consider the risk factors contained in our SEC filings for a detailed discussion of these risks and uncertainties. We undertake no obligation to update these statements as a result of new information or further events, except as required by law. This call is being broadcast online and is accessible on our IR website. A recording of the call will be available later today. Our commentary today will also include non-GAAP financial measures. Reconciliations between GAAP and non-GAAP metrics for our reported results can also be found in our earnings release issued earlier today as well as in our filings with the SEC.

And with that, I'll turn things over to Jay Farner to get us started. Jay?

Jay Farner

Thank you, Sharon. Good afternoon and welcome to the Rocket Companies' earnings call for the second quarter of 2022. On today's call, I'll share how Rocket is leading during this time of rapid change in the mortgage market and how we're investing in Rocket's future. I'll discuss the transformation of our Rocket services and engagement platform and strengthening of our offerings in both purchase and cash out refinance mortgage products. The mortgage industry has shifted rapidly and is facing challenging times. Volatility and interest rates and declining consumer sentiment have contributed to overall uncertainty about the economy. In this time of flux, we have taken proactive steps to optimize our core mortgage operations by improving lead capture and allocation, launching new products, signing new partnerships and aligning our resources internally.