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Rocket Companies Announces Fourth Quarter and Full Year 2023 Results

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Generated Q4’23 net revenue of $694 million and adjusted revenue of $885 million. Adjusted revenue exceeded the high end of guidance range, and year-over-year growth accelerated for a second quarter in a rowReported full year 2023 net revenue and adjusted revenue of $3.8 billionReduced cost structure by nearly 20% in 2023, following a nearly 25% cost reduction in 2022Reported Q4’23 GAAP net loss of $233 million, or $(0.09) per GAAP diluted loss per share and adjusted net loss of $6 million or $0.00 per adjusted diluted loss per shareDelivered adjusted EBITDA profitability for the full year and in Q4’23, for the third quarter in a row

DETROIT, Feb. 22, 2024 /PRNewswire/ — Rocket Companies, Inc. (NYSE: RKT) (“Rocket Companies” or the “Company”), the Detroit-based fintech platform company including mortgage, real estate and personal finance businesses,  today announced results for the fourth quarter and full year ended December 31, 2023.

“I’m proud of our team members for consistent execution amid one of the most challenging years for mortgage originations in three decades. We demonstrated accelerating year-over-year revenue growth in the quarter, and positive adjusted EBITDA for the third quarter in a row. We once again made strides in market share, as our purchase and refinance share grew by double-digits in 2023,” said Varun Krishna, CEO and director of Rocket Companies. “We enter 2024 with momentum and Rocket is well-positioned to fulfill its strategy of AI-fueled home ownership. AI is being deployed across the organization to deliver industry-best client experiences, with the aim to achieve scaled growth in market share, revenue, and profitability.”

Fourth Quarter 2023 Financial Summary1

ROCKET COMPANIES

($ in millions, except per share amounts)

Q4-23

Q4-22

FY 23

FY 22

(Unaudited)

(Unaudited)

Total Revenue, net

$         694

$         481

$     3,799

$    5,838

Total Expenses

$         937

$         986

$     4,202

$    5,097

GAAP Net (Loss) Income

$        (233)

$       (493)

$       (390)

$       700

Adjusted Revenue

$         885

$        683

$     3,770

$     4,628

Adjusted Net Loss

$            (6)

$       (197)

$       (143)

$       (137)

Adjusted EBITDA

$           55

$       (204)

$          67

$          59

GAAP Diluted (Loss) Earnings Per Share

$       (0.09)

$      (0.14)

$      (0.15)

$      0.28

Adjusted Diluted Loss Per Share

$        0.00

$      (0.10)

$      (0.07)

$     (0.07)

 

($ in millions)

Q4-23

Q4-22

FY 23

FY 22

Select Metrics

(Unaudited)

(Unaudited)

Closed loan origination volume

$        17,261

$        19,030

$        78,712

$      133,129

Gain on sale margin

2.68 %

2.17 %

2.63 %

2.82 %

Net rate lock volume

$        16,055

$        15,012

$        78,649

$      117,757

1 “GAAP” stands for Generally Accepted Accounting Principles in the U.S. Please see the sections of this document titled “Non-GAAP Financial Measures” and “GAAP to non-GAAP Reconciliations” for more information on the Company’s non-GAAP measures and its share count. Certain figures in the tables throughout this document may not foot due to rounding.

 

Fourth Quarter and Full Year 2023 Financial Highlights

During the fourth quarter of 2023:

Generated total revenue, net of $694 million and GAAP net loss of $233 million, or a loss of 9 cents per diluted share. Generated total adjusted revenue of $885 million and adjusted net loss of $6 million, or an adjusted loss of 0 cents per diluted share.
 Rocket Mortgage generated $17 billion in mortgage origination closed loan volume.
 Gain on sale margin was 2.68%, a 51 bps increase over the same period the prior year.
 Total liquidity was approximately $9.0 billion, as of December 31, 2023, which includes $1.1 billion of cash on the balance sheet, and $2.5 billion of corporate cash used to self-fund loan originations, $3.4 billion of undrawn lines of credit, and $2.0 billion of undrawn MSR lines of credit.
 Servicing portfolio unpaid principal balance, which includes subserviced loans, was $509 billion at December 31, 2023. As of December 31, 2023, our servicing portfolio includes nearly 2.5 million loans serviced. The portfolio generates approximately $1.4 billion of recurring servicing fee income on an annualized basis.

During the full year of 2023:

Generated total revenue, net of $3.8 billion and GAAP net loss of $390 million, or a loss of 15 cents per diluted share. Generated total adjusted revenue of $3.8 billion and adjusted net loss of $143 million, or an adjusted loss of 7 cents per diluted share.
 Rocket Mortgage generated $78.7 billion in mortgage origination closed loan volume and gain on sale margin of 2.63%.
 Purchase market share grew by 14%, and refinance market share grew by 10% from 2022 to 2023.
 We executed a disciplined and prudent approach to cost management. After cutting nearly 25% of our cost base in 2022, we further reduced expenses in 2023 by nearly 20%, through technology-led productivity gains, prioritization efforts and organizational right-sizing.
 Rocket Mortgage net client retention rate was 97% for the 12 months ended December 31, 2023. There is a strong correlation between this metric and client lifetime value. We believe our net client retention rate is unmatched among mortgage companies and on par with some of the best performing subscription business models in the world.

Company Highlights

Automation and AI are helping to deliver higher accuracy and operational efficiency at scale in mortgage underwriting. In December, nearly two-thirds of income verifications were automated without an underwriter needing to intervene, a 5-fold improvement compared to 15 months prior. This technology has been extended to our broker partners, to further complement the offerings we provide to help them grow their business with Rocket.
 In 2023, we facilitated 3.1 million servicing client interactions. Our servicing calls and chats are increasingly powered by AI, providing clients with smart, conversational, self-service experiences 24/7. Approximately 70% of our servicing calls and chats are self-serve without the need of team member assistance, with escalation to team members reserved for instances requiring the human touch. We have seen a continuing trend of lower call volume in servicing, as our AI-powered digital experiences become the preferred choice for our clients.
 Home equity loans, ONE+ and BUY+ were innovative products that we introduced in 2023 which have resonated strongly with new and existing clients. Notably, the vast majority of clients who came to us through home equity loans, ONE+ or BUY+ were new clients who did not already have a loan with us. These innovative solutions, along with our purchase and refinance products, attract new clients to the Rocket ecosystem, allowing us to deliver great client service not only for the first time, but for their entire lives as homeowners.
 In January and February, Rocket received numerous accolades across multiple industry outlets. Rocket Mortgage and Rocket Homes were honored on the HousingWire Tech 100 list in the Mortgage and Real Estate categories. Rocket Mortgage also received recognition from USA Today, Motley Fool and Nerdwallet.
 In December, Rocket Money was the #1 app for daily downloads in the Apple App Store Finance category and reached #6 in the top iOS charts. Rocket Money also received recognition across numerous media outlets, including Business Insider, Bankrate and ZDNet. Rocket Money empowers consumers to take control of their financial future, amassing more than 5 million members and saving consumers $1 billion of cash over the last five years.
 Rocket Homes launched its iOS app in Apple CarPlay and Apple Vision Pro, enabling consumers to use new modalities such as voice and virtual reality to search and discover their next dream home. In December, Rocket Homes launched an iOS app for Apple CarPlay, bringing the home search and discovery experience to the infotainment screens of cars, trucks and SUVs. In February, Rocket Homes launched the first home search app available for Apple Vision Pro, delivering an immersive experience that blends physical and virtual worlds to view and tour homes.
 On January 4, 2024, the Company announced that Jonathan Mildenhall was named the first Chief Marketing Officer (CMO) of Rocket Companies. Mildenhall, previously CMO at Airbnb, and prior to that spent eight years at The Coca-Cola Company, brings 35 years of experience building best-in-class, iconic consumer brands. In this new role, Mildenhall will be responsible for reimagining the Rocket brand and creating a unified voice for businesses under the Rocket Companies umbrella.
 The Board of Directors of Rocket Companies, upon the recommendation of the Nominating and Governance Committee of the Board, voted to expand the Board to nine directors and fill the newly created vacancies by appointing Varun Krishna, the Company’s Chief Executive Officer, and Alex Rampell, on December 21, 2023 and February 1, 2024, respectively. Rampell currently serves as General Partner at Andreessen Horowitz and serves on the boards of several Andreessen Horowitz portfolio companies.

Rocket Corporate Responsibility: For-More-Than-Profit

The Rocket Mortgage Classic recently announced that it raised $1.6 million to support local Detroit nonprofit organizations through the 2023 tournament. Since 2019, the Rocket Mortgage Classic has invested more than $8.4 million into local charitable organizations, including $4.3 million in contributions to the event’s landmark “Changing the Course” initiative to connect Detroit residents to high-speed internet, digital devices and digital training. The Rocket Mortgage Classic was also named the recipient of the PGA TOUR’s “Fair Way Award” for the second time. The award recognizes tournaments that excel at diversity, inclusion and social responsibility programs promoting equity, fairness, respect and openness in the local community.
 In October, the Rocket Community Fund, a partner company, along with Detroit Mayor Mike Duggan and the United Community Housing Coalition announced that 104 Detroit families were able to become homeowners through the Make It Home program in 2023, bringing the program’s total to 1,500 families that have avoided tax foreclosure-related displacement since the program’s launch in 2017. Make It Home enables eligible Detroiters occupying tax-foreclosed houses to become homeowners, rather than face eviction.
 In December, the Rocket Community Fund and the Legal Aid Society of Cleveland announced a $1.3 million investment to create the Cleveland Eviction Defense Fund. This strategic partnership combats housing instability and displacement by providing comprehensive legal representation, advocacy and emergency rental assistance to Cleveland residents. The Rocket Community Fund’s commitment to rental assistance is based, in part, on findings from Neighbor to Neighbor, the organization’s flagship community outreach and engagement program.

First Quarter 2024 Outlook2

In Q1 2024, we expect adjusted revenue of between $925 million to $1,075 million.

2 Please see the section of this document titled “Non-GAAP Financial Measures” for more information.

Direct to Consumer

In the Direct to Consumer segment, clients have the ability to interact with the Rocket Mortgage app and/or with the Company’s mortgage bankers. The Company markets to potential clients in this segment through various brand campaigns and performance marketing channels. The Direct to Consumer segment derives revenue from originating, closing, selling and servicing predominantly agency-conforming loans, which are pooled and sold to the secondary market. The segment also includes title insurance, appraisals and settlement services complementing the Company’s end-to-end mortgage origination experience. Servicing activities are fully allocated to the Direct to Consumer segment and are viewed as an extension of the client experience. Servicing enables Rocket Mortgage to establish and maintain long term relationships with our clients, through multiple touchpoints at regular engagement intervals.

DIRECT TO CONSUMER3

($ in millions)

Q4-23

Q4-22

FY 23

FY 22

(Unaudited)

(Unaudited)

Sold loan volume

$                      10,360

$                        11,919

$                        43,598

$                        84,142

Sold loan gain on sale margin

4.04 %

4.03 %

3.86 %

4.14 %

Revenue, net

$                            484

$                              325

$                          2,989

$                          4,780

Adjusted Revenue

$                            675

$                              527

$                          2,960

$                          3,569

Contribution margin

$                            264

$                                46

$                          1,036

$                          1,051

 

Partner Network

The Rocket Professional platform supports our Partner Network segment, where we leverage our superior client service and widely recognized brand to grow marketing and influencer relationships, and our mortgage broker partnerships through Rocket Pro TPO (“third party origination”). Our marketing partnerships consist of well-known consumer-focused companies that find value in our award-winning client experience and want to offer their clients mortgage solutions with our trusted, widely recognized brand. These organizations connect their clients directly to us through marketing channels and a referral process. Our influencer partnerships are typically with companies that employ licensed mortgage professionals that find value in our client experience, technology and efficient mortgage process, where mortgages may not be their primary offering. We also enable clients to start the mortgage process through the Rocket platform in the way that works best for them, including through a local mortgage broker.

PARTNER NETWORK3

($ in millions)

Q4-23

Q4-22

FY 23

FY 22

(Unaudited)

(Unaudited)

Sold loan volume

$                            8,460

$                            9,132

$                         34,893

$                         60,499

Sold loan gain on sale margin

1.16 %

0.95 %

1.05 %

1.05 %

Revenue, net

$                               110

$                                 71

$                              439

$                              639

Adjusted Revenue

$                               110

$                                 71

$                              439

$                              639

Contribution margin

$                                 61

$                                 12

$                              198

$                              276

3 We measure the performance of the Direct to Consumer and Partner Network segments primarily on a contribution margin basis. Contribution margin is intended to measure the direct profitability of each segment and is calculated as Adjusted Revenue less directly attributable expenses. Directly attributable expenses include salaries, commissions and team member benefits, general and administrative expenses, and other expenses, such as direct servicing costs and origination costs. A loan is considered “sold” when it is sold to investors on the secondary market. See “Summary Segment Results” section later in this document and the footnote on “Segments” in the “Notes to Consolidated Financial Statements” in the Company’s forthcoming filing on Form 10-K for more information.

 

Balance Sheet and Liquidity

Total available cash was $3.6 billion as of December 31, 2023, which includes $1.1 billion of cash and cash equivalents, and $2.5 billion of corporate cash used to self-fund loan originations. Additionally, we have access to $3.4 billion of undrawn lines of credit, and $2.0 billion of undrawn MSR lines of credit from financing facilities, for a total liquidity position of $9.0 billion as of December 31, 2023.

BALANCE SHEET HIGHLIGHTS

($ in millions)

December 31, 2023

December 31, 2022

(Unaudited)

Cash and cash equivalents

$                          1,108

$                           722

Mortgage servicing rights (“MSRs”), at fair value

$                          6,440

$                        6,947

Funding facilities

$                          3,367

$                        3,549

Other financing facilities and debt

$                          4,237

$                        4,701

Total equity

$                          8,302

$                        8,476

 

Fourth Quarter and Full Year Earnings Call

Rocket Companies will host a live conference call at 4:30 p.m. ET on February 22, 2024 to discuss its results for the quarter ended December 31, 2023. A live webcast of the event will be available online by clicking on the “Investor Info” section of our website. The webcast will also be available via rocketcompanies.com.

A replay of the webcast will be available on the Investor Relations site following the conclusion of the event.

Consolidated Statements of Income (Loss)

($ In Thousands, Except Per Share Amounts)

Three Months Ended December 31,

Years Ended December 31,

2023

2022

2023

2022

(Unaudited)

(Unaudited)

Revenue

Gain on sale of loans

Gain (loss) on sale of loans excluding fair value of
MSRs, net

$                187,832

$                  (7,498)

$                973,960

$            1,166,770

Fair value of originated MSRs

242,305

288,281

1,092,332

1,970,647

Gain on sale of loans, net

430,137

280,783

2,066,292

3,137,417

Loan servicing (loss) income

Servicing fee income

347,743

370,633

1,401,780

1,458,637

Change in fair value of MSRs

(357,845)

(407,126)

(700,982)

185,036

Loan servicing (loss) income, net

(10,102)

(36,493)

700,798

1,643,673

Interest income

Interest income

86,079

85,101

327,448

350,591

Interest expense on funding facilities

(44,905)

(35,812)

(206,588)

(166,388)

Interest income, net

41,174

49,289

120,860

184,203

Other income

232,597

187,213

911,319

873,200

Total revenue, net

693,806

480,792

3,799,269

5,838,493

Expenses

Salaries, commissions and team member benefits

484,793

519,024

2,257,291

2,797,868

General and administrative expenses

207,651

196,342

802,865

906,195

Marketing and advertising expenses

142,823

175,413

736,676

945,694

Depreciation and amortization

26,593

23,987

110,271

94,020

Interest and amortization expense on non-funding
debt

38,365

38,333

153,386

153,596

Other expenses

36,486

33,111

141,677

199,209

Total expenses

936,711

986,210

4,202,166

5,096,582

(Loss) income before income taxes

(242,905)

(505,418)

(402,897)

741,911

Benefit from (provision for) income taxes

10,211

12,763

12,817

(41,978)

Net (loss) income

(232,694)

(492,655)

(390,080)

699,933

Net loss (income) attributable to non-controlling
interest

222,059

475,039

374,566

(653,512)

Net (loss) income attributable to Rocket Companies

$                (10,635)

$                (17,616)

$                (15,514)

$                  46,421

(Loss) earnings per share of Class A common stock:

Basic

$                     (0.08)

$                    (0.14)

$                     (0.12)

$                      0.39

Diluted

$                     (0.09)

$                    (0.14)

$                     (0.15)

$                      0.28

Weighted average shares outstanding

Basic

133,597,434

121,751,798

128,641,762

120,577,548

Diluted

1,987,457,044

121,751,798

1,980,523,690

1,971,620,573

 

Consolidated Balance Sheets

($ In Thousands)

December 31,
2023

December 31,
2022

Assets

(Unaudited)

Cash and cash equivalents

$               1,108,466

$                   722,293

Restricted cash

28,366

66,806

Mortgage loans held for sale, at fair value

6,542,232

7,343,475

Interest rate lock commitments (“IRLCs”), at fair value

132,870

90,635

Mortgage servicing rights (“MSRs”), at fair value

6,439,787

6,946,940

Notes receivable and due from affiliates

19,530

10,796

Property and equipment, net

250,856

274,192

Deferred tax asset, net

550,149

537,963

Lease right of use assets

347,696

366,189

Forward commitments, at fair value

26,614

22,444

Loans subject to repurchase right from Ginnie Mae

1,533,387

1,642,392

Goodwill and intangible assets, net

1,236,765

1,258,928

Other assets

1,015,022

799,159

Total assets

$             19,231,740

$              20,082,212

Liabilities and equity

Liabilities:

Funding facilities

$               3,367,383

$                3,548,699

Other financing facilities and debt:

Senior Notes, net

4,033,448

4,027,970

Early buy out facility

203,208

672,882

Accounts payable

171,350

116,331

Lease liabilities

393,882

422,769

Forward commitments, at fair value

142,988

25,117

Investor reserves

92,389

110,147

Notes payable and due to affiliates

31,006

33,463

Tax receivable agreement liability

584,695

613,693

Loans subject to repurchase right from Ginnie Mae

1,533,387

1,642,392

Other liabilities

376,294

393,200

Total liabilities

$             10,930,030

$              11,606,663

Equity

Class A common stock

$                              1

$                              1

Class B common stock

—

—

Class C common stock

—

—

Class D common stock

19

19

Additional paid-in capital

340,532

276,221

Retained earnings

284,296

300,394

Accumulated other comprehensive income

52

69

Non-controlling interest

7,676,810

7,898,845

Total equity

8,301,710

8,475,549

Total liabilities and equity

$             19,231,740

$              20,082,212

 

Summary Segment Results for the Years Ended December 31, 2023 and 2022,

($ in millions)

(Unaudited)

Three Months Ended December 31, 2023

Direct to

 Consumer

Partner

 Network

Segments Total

All Other

Total

Total U.S. GAAP Revenue, net

$                    484

$                    110

$                    594

$                 100

$                    694

Change in fair value of MSRs due to valuation
      assumptions, net of hedges

191

—

191

—

191

Adjusted Revenue

$                    675

$                    110

$                    784

$                 100

$                    885

Less: Directly attributable expenses

410

49

459

85

544

Contribution margin (1)

$                    264

$                      61

$                    325

$                    15

$                    340

Three Months Ended December 31, 2022

Direct to
Consumer

Partner Network

Segments Total

All Other

Total

Total U.S. GAAP Revenue, net

$                     325

$                       71

$                     396

$                    84

$                    481

Change in fair value of MSRs due to valuation
      assumptions, net of hedges

202

—

202

—

202

Adjusted Revenue

$                     527

$                       71

$                     598

$                    84

$                    683

Less: Directly attributable expenses

480

60

540

54

594

Contribution margin (1)

$                       46

$                       12

$                       58

$                    31

$                      89

Years Ended December 31, 2023

Direct to
Consumer

Partner Network

Segments Total

All Other

Total

Total U.S. GAAP Revenue, net

$                 2,989

$                    439

$                 3,428

$                    371

$                 3,799

Change in fair value of MSRs due to valuation
      assumptions, net of hedges

(29)

—

(29)

—

(29)

Adjusted Revenue

$                 2,960

$                    439

$                 3,399

$                    371

$                 3,770

Less: Directly attributable expenses

1,924

240

2,165

328

2,492

Contribution margin (1)

$                 1,036

$                    198

$                 1,234

$                      44

$                 1,278

Years Ended December 31, 2022

Direct to
Consumer

Partner Network

Segments Total

All Other

Total

Total U.S. GAAP Revenue, net

$                 4,780

$                    639

$                 5,419

$                    420

$                 5,838

Change in fair value of MSRs due to valuation
      assumptions, net of hedges

(1,211)

—

(1,211)

—

(1,211)

Adjusted Revenue

$                 3,569

$                    639

$                 4,208

$                    420

$                 4,628

Less: Directly attributable expenses

2,518

362

2,880

359

3,239

Contribution margin (1)

$                 1,051

$                    276

$                 1,327

$                      61

$                 1,388

(1)

We measure the performance of the segments primarily on a contribution margin basis. Contribution margin is intended to measure the direct profitability of each segment and is calculated as Adjusted Revenue less directly attributable expenses. Adjusted Revenue is a non-GAAP financial measure described below. Directly attributable expenses include salaries, commissions and team member benefits, general and administrative expenses, marketing and advertising expenses and other expenses, such as direct servicing costs and origination costs.

 

GAAP to non-GAAP Reconciliations

Adjusted Revenue Reconciliation 

($ in millions)

Three Months Ended December 31,

Years Ended December 31,

2023

2022

2023

2022

(Unaudited)

(Unaudited)

Total revenue, net

$                               694

$                               481

$                            3,799

$                            5,838

Change in fair value of MSRs due to
valuation assumptions (net of
hedges) (1)

191

202

(29)

(1,211)

Adjusted Revenue

$                               885

$                               683

$                            3,770

$                            4,628

(1)

Reflects changes in assumptions including discount rates and prepayment speed assumptions, mostly due to changes in market interest rates, and the effects of contractual prepayment protection associated with sales or purchases of MSRs.

 

Adjusted Net Loss Reconciliation

($ in millions)

Three Months Ended
December 31,

Years Ended

 December 31,

2023

2022

2023

2022

(Unaudited)

(Unaudited)

Net (loss) income attributable to Rocket Companies

$              (11)

$              (18)

$               (16)

$                 46

Net (loss) income impact from pro forma conversion of Class D
common shares to Class A common shares (1)

(222)

(474)

(373)

656

Adjustment to the benefit from (provision for) income tax (2)

49

120

85

(139)

Tax-effected net (loss) income (2)

(183)

(372)

(303)

563

Share-based compensation expense (3)

35

48

177

234

Change in fair value of MSRs due to valuation assumptions (net of
hedges) (4)

191

202

(29)

(1,211)

Career transition program (5)

—

—

51

81

Change in Tax receivable agreement liability (6)

7

(10)

7

(34)

Tax impact of adjustments (7)

(57)

(65)

(50)

226

Other tax adjustments (8)

1

1

4

4

Adjusted Net Loss

$                (6)

$            (197)

$            (143)

$             (137)

(1)

Reflects net (loss) income to Class A common stock from pro forma exchange and conversion of corresponding shares of our Class D common shares held by non-controlling interest holders as of December 31, 2023 and 2022.

(2)

Rocket Companies is subject to U.S. Federal income taxes, in addition to state, local and Canadian taxes with respect to its allocable share of any net taxable (loss) income of Holdings. The Adjustment to the benefit from (provision for) income tax reflects the difference between (a) the income tax computed using the effective tax rates below applied to the (loss) income before income taxes assuming Rocket Companies, Inc. owns 100% of the non-voting common interest units of Holdings and (b) the (benefit from) provision for income taxes. The effective income tax rate was 24.47% and 24.40% for the three months and year ended December 31, 2023, respectively, and 26.31% and 24.29% for three months and year ended December 31, 2022, respectively.

(3)

The years ended December 31, 2023 and 2022 amounts exclude the impact of the career transition program.

(4)

Reflects changes in assumptions including discount rates and prepayment speed assumptions, mostly due to changes in market interest rates, and the effects of contractual prepayment protection associated with sales or purchases of MSRs.

(5)

Reflects net expenses associated with compensation packages, healthcare coverage, career transition services, and accelerated vesting of certain equity awards.

(6)

Reflects changes in estimates of tax rates and other variables of the Tax receivable agreement liability.

(7)

Tax impact of adjustments gives effect to the income tax related to share-based compensation expense, the change in fair value of MSRs due to valuation assumptions, career transition program, and the change in Tax receivable agreement liability, at the effective tax rates for each period.

(8)

Represents tax benefits due to the amortization of intangible assets and other tax attributes resulting from the purchase of Holdings units, net of payment obligations under Tax Receivable Agreement.

 

Adjusted Diluted Weighted Average Shares Outstanding Reconciliation 

($ in millions, except per share amounts)

Three Months Ended
December 31,

Years Ended

 December 31,

2023

2022

2023

2022

(Unaudited)

(Unaudited)

Diluted weighted average Class A Common shares outstanding

1,987,457,044

121,751,798

1,980,523,690

1,971,620,573

Assumed pro forma conversion of Class D shares (1)

—

1,848,879,483

—

—

Adjusted diluted weighted average shares outstanding

1,987,457,044

1,970,631,281

1,980,523,690

1,971,620,573

Adjusted Net Loss

$                  (6)

$                (197)

$               (143)

$                (137)

Adjusted Diluted Loss Per Share

$               0.00

$               (0.10)

$              (0.07)

$               (0.07)

(1)

Reflects the pro forma exchange and conversion of non-dilutive Class D common stock to Class A common stock. For the years ended December 31, 2023 and 2022 and the three months ended December 31, 2023, Class D common shares were dilutive and are included in the diluted weighted average Class A common shares outstanding in the table above. For the three months ended December, 31, 2022, Class D common shares were anti-dilutive and therefore included in the pro forma conversion of Class D shares in the table above.

 

Adjusted EBITDA Reconciliation 

($ in millions)

Three Months Ended
December 31,

Years Ended

 December 31,

2023

2022

2023

2022

(Unaudited)

(Unaudited)

Net (loss) income

$               (233)

$                (493)

$               (390)

$                 700

Interest and amortization expense on non-funding debt

38

38

153

154

(Benefit from) provision for income taxes

(10)

(13)

(13)

42

Depreciation and amortization

27

24

110

94

Share-based compensation expense (1)

35

48

177

234

Change in fair value of MSRs due to valuation assumptions (net of
hedges) (2)

191

202

(29)

(1,211)

Career transition program (3)

—

—

51

81

Change in Tax receivable agreement liability (4)

7

(10)

7

(34)

Adjusted EBITDA

$                    55

$                (204)

$                    67

$                    59

(1)

The years ended December 31, 2023 and 2022 amounts exclude the impact of the career transition program.

(2)

Reflects changes in assumptions including discount rates and prepayment speed assumptions, mostly due to changes in market interest rates, and the effects of contractual prepayment protection associated with sales or purchases of MSRs.

(3)

Reflects net expenses associated with compensation packages, healthcare coverage, career transition services, and accelerated vesting of certain equity awards.

(4)

Reflects changes in estimates of tax rates and other variables of the Tax receivable agreement liability.

 

Non-GAAP Financial Measures 

To provide investors with information in addition to our results as determined by GAAP, we disclose Adjusted Revenue, Adjusted Net Income (Loss), Adjusted Diluted Earnings (Loss) Per Share and Adjusted EBITDA (collectively “our non-GAAP financial measures”) as non-GAAP measures. We believe that the presentation of our non-GAAP financial measures provides useful information to investors regarding our results of operations because each measure assists both investors and management in analyzing and benchmarking the performance and value of our business. Our non-GAAP financial measures are not calculated in accordance with GAAP and should not be considered as a substitute for Total revenue, net, Net income (loss), or any other operating performance measure calculated in accordance with GAAP. Other companies may define non-GAAP financial measures differently, and as a result, our measures of our non-GAAP financial measures may not be directly comparable to those of other companies. Our non-GAAP financial measures provide indicators of performance that are not affected by fluctuations in certain costs or other items. Accordingly, management believes that these measurements are useful for comparing general operating performance from period to period, and management relies on these measures for planning and forecasting of future periods. Additionally, these measures allow management to compare our results with those of other companies that have different financing and capital structures.

We define “Adjusted Revenue” as total revenues net of the change in fair value of mortgage servicing rights (“MSRs”) due to valuation assumptions (net of hedges). We define “Adjusted Net Income (Loss)” as tax-effected earnings (losses) before share-based compensation expense, the change in fair value of MSRs due to valuation assumptions (net of hedges), career transition program, change in Tax receivable agreement liability, and the tax effects of those adjustments as applicable. We define “Adjusted Diluted Earnings (Loss) Per Share” as Adjusted Net Income (Loss) divided by the diluted weighted average number of Class A common stock outstanding for the applicable period, which assumes the pro forma exchange and conversion of all outstanding Class D common stock for Class A common stock. We define “Adjusted EBITDA” as earnings (losses) before interest and amortization expense on non-funding debt, income tax, depreciation and amortization, share-based compensation expense, change in fair value of MSRs due to valuation assumptions (net of hedges), career transition program, and change in Tax receivable agreement liability.

We exclude from each of our non-GAAP financial measures the change in fair value of MSRs due to valuation assumptions (net of hedges) as this represents a non-cash non-realized adjustment to our total revenues, reflecting changes in assumptions including discount rates and prepayment speed assumptions, mostly due to changes in market interest rates, which is not indicative of our performance or results of operation. We also exclude effects of contractual prepayment protection associated with sales of MSRs. Adjusted EBITDA includes Interest expense on funding facilities, which are recorded as a component of Interest income, net, as these expenses are a direct cost driven by loan origination volume. By contrast, interest and amortization expense on non-funding debt is a function of our capital structure and is therefore excluded from Adjusted EBITDA.

Our definitions of each of our non-GAAP financial measures allow us to add back certain cash and non-cash charges, and deduct certain gains that are included in calculating Total revenue, net, Net income (loss) attributable to Rocket Companies or Net income (loss). However, these expenses and gains vary greatly, and are difficult to predict. From time to time in the future, we may include or exclude other items if we believe that doing so is consistent with the goal of providing useful information to investors.

Although we use our non-GAAP financial measures to assess the performance of our business, such use is limited because they do not include certain material costs necessary to operate our business. Our non-GAAP financial measures can represent the effect of long-term strategies as opposed to short-term results. Our presentation of our non-GAAP financial measures should not be construed as an indication that our future results will be unaffected by unusual or nonrecurring items. Our non-GAAP financial measures have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. Because of these limitations, our non-GAAP financial measures should not be considered as measures of discretionary cash available to us to invest in the growth of our business or as measures of cash that will be available to us to meet our obligations.

For financial outlook information, the Company is not providing a quantitative reconciliation of Adjusted Revenue to the most directly comparable GAAP measure because the GAAP measure cannot be reliably estimated and the reconciliation cannot be performed without unreasonable effort due to their dependence on future uncertainties and adjusting items that the Company cannot reasonably predict at this time but which may be material.

Forward Looking Statements

Some of the statements contained in this document are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are generally identified by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and, in each case, their negative or other various or comparable terminology. These forward-looking statements reflect our views with respect to future events as of the date of this document and are based on our management’s current expectations, estimates, forecasts, projections, assumptions, beliefs and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to, the risk factors that are described under the section titled “Risk Factors” in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the Securities and Exchange Commission (“SEC”). These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document and in our SEC filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

About Rocket Companies

Founded in 1985, Rocket Companies (NYSE: RKT) is a Detroit-based fintech platform company including personal finance and consumer technology brands Rocket Mortgage, Rocket Homes, Amrock, Rocket Money, Rocket Loans, Rocket Mortgage Canada, Lendesk, Core Digital Media and Rocket Connections.

The Company helps clients achieve the goal of home ownership and financial freedom through industry-leading client experiences powered by its simple, fast and trusted digital solutions. J.D. Power has ranked Rocket Mortgage #1 in client satisfaction for both primary mortgage origination and servicing a total of 21 times.

For more information, please visit our Corporate Website or Investor Relations Website.

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SOURCE Rocket Companies, Inc.

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Thermaltake Black Friday and Cyber Monday Sale Offers Savings of Up to 250 Dollars on Gaming PCs and 35 Percent on PC Cases Starting November 21

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2 minutes ago

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November 14, 2024

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Shop Exclusive Deals on Gaming Desktops, PC Cases, Coolers, and Power Supplies at Amazon, Best Buy, Newegg, and Thermaltake website for a Limited Time Through December 2

WALNUT, Calif., Nov. 14, 2024 /PRNewswire-PRWeb/ — Thermaltake, a global leader in PC gaming hardware, is excited to announce its highly anticipated Black Friday and Cyber Monday sales event, running from November 21 to December 2, 2024. Just in time for the holiday season, this event offers exclusive discounts on around 60 top-rated gaming products, including savings of up to 35 percent on PC cases and up to 250 dollars off select gaming desktops. Customers can also take advantage of additional deals on cooling solutions, power supplies, and accessories. 
Highlighting this promotion are flagship prebuilt gaming desktops powered by the latest Intel® Core processors and NVIDIA® GeForce RTX™ 40 series graphics cards, premium PC cases, cooling fans, and AIO liquid coolers. These unbeatable offers will be available through major online retailers, including Amazon, Best Buy, Newegg, and Thermaltake Website, providing gamers and enthusiasts the perfect opportunity to upgrade their setups with high-performance, reliable gear just in time for the holidays.

“Thanksgiving, Black Friday, and Cyber Monday have become a celebrated tradition for shoppers across the nation. Thermaltake is excited to be part of this festive season, offering an array of special deals as a token of appreciation to our valued customers and the gaming community,”

“Thanksgiving, Black Friday, and Cyber Monday have become a celebrated tradition for shoppers across the nation. Thermaltake is excited to be part of this festive season, offering an array of special deals as a token of appreciation to our valued customers and the gaming community,” said Michael Guo, Vice President of Thermaltake USA. “We invite every gamer to take advantage of these special offers. Our promotion, available through major e-tailers like Amazon, Best Buy, and Newegg, offers a great opportunity for enthusiasts to enhance their gaming experience.”

Gaming Desktop PC Special Deals:

Thermaltake LCGS Quartz i460 R4 Gaming Desktop (https://reurl.cc/adpnLG)
Now $799.99

Intel® Core™ i5-13400F processorNVIDIA® GeForce RTX™ 4060 graphics cardToughRAM DDR4 3600Mhz 16GB RGB memory1TB NVMe M.2 SSD600W 80+ Gold ATX 3.0 PSUWindow 11 Home preinstalled

Thermaltake Vista i350 R4 Gaming Desktop (https://reurl.cc/0dVp9k)
Now $699.99

Intel® Core™ i5-13400F processorNVIDIA® GeForce RTX™ 3050 graphics cardToughRAM DDR4 3600Mhz 16GB RGB memory1TB NVMe M.2 SSD600W 80+ Gold ATX 3.0 PSUWindow 11 Home preinstalled

PC Case Special Deals:

20% off Tower 300 Mid Tower Black Edition (https://reurl.cc/4dk1jV)
Now $119.99

Motherboard supports: Mini-ITX, Micro-ATXTempered glass panels for a panoramic viewPreinstalled 2 x CT140 ARGB fanRadiator supports: Up to 420mm radiatorOptional purchase items:3.9 inches LCD display screen kitHorizontal display enabled chassis stand kit

20% off View 380 TG ARGB ATX Mid Tower Black (https://reurl.cc/Nl5AQq)
Now $79.99

Compatible with Mini-ITX, Micro-ATX, and ATX motherboards.Front and side tempered glass panels with Dual-chamber chassis designGraphics card clearance: Up to 415mm length in maxPreinstalled 4 x 120mm ARGB fansLiquid cooler radiator supports:Up to 360mm radiator on the top240mm/280mm radiator on the sideUp to 360mm radiator on the bottom120mm radiator at the rearStorage supports: Up to 2 x 2.5″ SSDs or 3.5″ HDD in total

25% off View 270 Plus TG ARGB E-ATX Mid Tower Black (https://reurl.cc/dyd2nk)
Now $59.99

Compatible with Mini-ITX, Micro-ATX, ATX, and E-ATX motherboards.Front and side tempered glass panelsPreinstalled 3 x 120mm ARGB fansLiquid cooler radiator supports: Up to 360mm radiator on the topStorage supports: Up to 2 x 2.5″ SSDs or 2 x 3.5″ HDD in total

21% off View 170 TG ARGB M-ATX Mini Tower Black (https://reurl.cc/LlvmW9)
Now $54.99

Compatible with Mini-ITX and Micro-ATX motherboards.Front and side tempered glass panelsPreinstalled 3 x 120mm ARGB FansLiquid Cooler Radiator Supports:240mm/280mm radiator on the Top120mm radiator at the rearStorage supports: Up to 2 x 2.5″ SSDs or 2 x 3.5″ HDD in Total

35% off Thermaltake Level 20 RS Mid Tower Black (https://reurl.cc/VMGDMN)
Now $84.99

Compatible with Mini-ITX, Micro-ATX, and ATX motherboardPreinstalled 2 x 200mm ARGB FansLiquid cooler radiator supports:360mm/240mm/120mm at the front360mm/240mm/120mm on the top120mm at rareStorage supports: Up to 5 x 2.5″ SSDs, 3 x 3.5″ HDDsGraphics card clearance: Up to 400mm length in max

Power Supply Unit Special Deals:

31% off ToughPower GF3 ATX 3.0 80+ Gold 850W PSU (https://reurl.cc/8XroXb)
Now $89.99

PCIe Gen.5 ready and PCIe5 12VHPWR connector includedFully compatible with Intel® ATX 3.0 standardsUltra-quiet 135mm fluid dynamic bearing FanBuilt-in industrial-grade protection100% Japanese high-quality capacitors80 PLUS Gold certified and C6/C7 states ready

20% off Smart W3 ATX 3.1 80+ 500W PSU (https://reurl.cc/dyd2yk)
Now $39.99

PCIe 6+2PIN readyFully compatible with Intel® ATX 3.1 standardsDC to DC high amperage +12V rail designUltra-quiet 120mm fluid dynamic bearing fanBuilt-in Industrial-grade protection80 PLUS certified and C6/C7 states ready

Coolers Special Deals:

20% off TH240 ARGB Sync V2 CPU AIO Liquid Cooler (https://reurl.cc/E6qrgg)
Now $79.99

Compatible Sockets:Intel® LGA 2066/2011-3/2011/1700/1200/1156/1155/1151/1150AMD AM5/AM4/AM3+/AM3/AM2+/AM2/FM2/FM1240mm radiatorCT120 ARGB cooling fans sync with motherboard RGB software360-degree rotational waterblock cap.Copper waterblock base plate

25% off ASTRIA 600 ARGB CPU AIR Cooler (https://reurl.cc/7dZDK1)
Now $44.99

Compatible with Intel® LGA 1700 and AMD AM5 CPU socketDual-tower heat pipe design supports up to 265W TDPARGB fans and the top cover featuring meteor shower lighting effectsHigh-performance U-shape copper heat pipesAirflow: 65 CFM, static pressure: 2.56 mm-H2O, PWM500-1800RPM

33% off UX200 ARGB Sync CPU Air Cooler (https://reurl.cc/Klyb9p)
Now $19.99

Compatible with Intel® LGA 1700 and AMD AM5 CPU socket120mm 2000RPM high static pressure ARGB Sync PWM fanARGB Fan: Built-in 15 high-lumen addressable LEDs with 16.8 million colorsHigh-performance U-shape copper heat pipes

Cooling Fan Special Deal:

20% off CT120 EX ARGB Sync Cooling Fan 3-Fan Pack (https://reurl.cc/XROjQE)
Now $47.99

MagForce 2.0, a new magnetic connection design for optimized fan daisy-chaining9 addressable LEDs controlled by 5V motherboard sync softwareOptimized hydraulic fan bearing for reliable and silent operationAnti-vibration mounting system embedded

Availability

Thermaltake offers over 60 discounted items for the holiday season, including Black Friday and Cyber Monday, from November 21st to December 2nd. For more details on these exclusive deals, please visit the links below:

Amazon Special Deals: https://reurl.cc/vvyxmN Best Buy Special Deals: https://reurl.cc/A2E79jNewegg Special Deals: https://reurl.cc/oyN1vv Thermaltake Website Special Deals: https://thermaltakeusa.com/collections/sale

All Thermaltake pre-built gaming desktop PCs and PC DIY components are backed by the comprehensive Thermaltake USA warranty program, ensuring consumers with reliable performance and peace of mind through trusted warranty coverage. To learn more: https://support.thermaltake.com/csWarranty.aspx

About Thermaltake
Thermaltake Technology was established in 1999 and has been marketed worldwide under the Thermaltake brand name ever since. With the mission to “Deliver the perfect user experience,” Thermaltake has since become the leading brand in Gaming Computer Hardware: from chassis, power supply units, cooling systems, and memory modules to gaming PCs, gaming peripherals, and gaming furniture. Thermaltake is the leader in the PC DIY, Case Mod & Gaming Market and is the number one choice for Gamers, Modders & PC DIY Enthusiasts worldwide.

Official website: https://www.thermaltakeusa.com

Follow Thermaltake USA
Facebook: https://www.facebook.com/ThermaltakeNA
Instagram: https://www.instagram.com/thermaltake_NA/
Twitter: https://twitter.com/Thermaltake_NA
YouTube: https://www.youtube.com/c/ThermaltakeNorthAmerica
TikTok: https://www.tiktok.com/@thermaltakena

Media Contact

Andrew Ouyang, IDEE Creatives, 8182824968, andrewouyang@ideecreatives.com, www.ideecreatives.com

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SOURCE Thermaltake

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Agora Launches Smart Questionnaire to Simplify the Onboarding and Subscription Process For Real Estate Investors

Published

2 minutes ago

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November 14, 2024

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The new tool converts complex signature documents into personalized, interactive, and simple questionnaires.

NEW YORK, Nov. 14, 2024 /PRNewswire/ — Agora, a leading real estate investment management platform with offices in New York City and Tel Aviv, is announcing the launch of its Smart Questionnaire. This tool is designed to help real estate LPs complete subscription agreements, and ultimately empower GPs to raise capital faster. Agora’s Smart Questionnaire reduces the complexity of the subscription process, helping convert complex signature documents into simple, personalized interactive questionnaires.

What the Smart Questionnaire does:

Transforms Complex Documents: Converts subscription documents into simple, interactive questionnaires that investors can complete with ease.Personalizes Content for Investors: Allows GPs to create interactive, pre-filled questionnaires that are simple and efficient for LPs to complete.Facilitates Seamless Collaboration: Supports multi-user input, allowing LPs, GPs, family offices, and others to complete sections collaboratively.Supports Efficient Revisions: Allows investors to correct only the necessary fields without redoing the entire form, minimizing back-and-forth.Streamlines Key Processes: Simplifies creation and completion of subscription agreements, operating agreements, and limited partnership agreements, making onboarding faster and more user-friendly.

“Agora has cracked the code for investor onboarding with our Smart Questionnaire. The tool turns complex subscription agreements into digital, interactive questionnaires that investors can complete in a few clicks,” stated Lior Dolinski, Co-Founder and Chief Product Officer of Agora. “This solution not only simplifies the process for investors but also enhances collaboration between LPs and GPs, creating a smoother, more efficient experience for real estate investment firms.”

Agora’s Smart Questionnaire offers the opportunity to enhance investors’ experiences with personalized workflows, simplify and speed up onboarding and investor commitments, and make for easier collaboration – similar to many of its other tools designed specifically for real estate professionals. Further, the launch of the Smart Questionnaire comes shortly after the launch of Agora’s Report Builder, a first-of-its-kind tool that helps real estate professionals create custom reports for clients, such as distribution notices, quarterly reports, and more, and is similar to website-building tools such as Wix or Squarespace, incorporating drag-and-drop functionality and dynamic fields. Additionally, Agora also launched its Waterfall Tool, which helps professionals navigate waterfall distributions – a method of allocating capital gains or returns among investors.

Book a demo to learn more about Agora here: https://agorareal.com/

About Agora:
Agora, a fintech and SaaS company based in New York City and Tel Aviv, offers an innovative real estate investment management platform designed for modern real estate investment businesses. This comprehensive software solution combines technology, automation, and real estate expertise to streamline investment management. Agora transforms how firms raise and preserve capital, delivering a seamless, efficient experience for both managers and investors by automating back-office tasks, enhancing investor satisfaction, and providing advanced tools to optimize operational efficiency. Core services include investor portals, CRMs, data rooms, automated investor onboarding, and expert CPA for bookkeeping and tax management, giving clients comprehensive control over their financial operations. Additionally, Agora delivers powerful data insights, enabling clients to make informed, data-driven decisions across a wide range of asset classes, including multifamily, residential, industrial, office, agriculture, and debt and equity funds.

View original content to download multimedia:https://www.prnewswire.com/news-releases/agora-launches-smart-questionnaire-to-simplify-the-onboarding-and-subscription-process-for-real-estate-investors-302304705.html

SOURCE Agora Real Estate

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Millimeter Wave Technology Market is expected to generate a revenue of USD 14.8 Billion by 2031, Globally, at 9.5% CAGR: Verified Market Research®

Published

2 minutes ago

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November 14, 2024

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Verified Market Research® a leading provider of business intelligence and market analysis is thrilled to announce the release of its comprehensive and authoritative report on the, “Millimeter Wave Technology Market Size and Forecast.” This in-depth market research report is designed to provide industry leaders, decision-makers, and technology experts with critical insights into the expanding world of millimeter wave technology, emphasizing its pivotal role in future communication and industrial applications.

LEWES, Del., Nov. 14, 2024 /PRNewswire/ — The Global Millimeter Wave Technology Market Size is projected to grow at a CAGR of 9.5% from 2024 to 2031, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 2.6 Billion in 2024 and is expected to reach USD 14.8 Billion by the end of the forecast period.

The global market for millimeter wave technology is on a trajectory of substantial growth, driven by the surge in demand for high-speed, data-intensive communication networks, particularly in 5G and beyond. Our report offers a complete view of the market landscape, covering key segments, competitive dynamics, emerging trends, and the opportunities that lie ahead.

Key Insights and Opportunities:

Market Trends: Analysis of current trends driving the adoption of millimeter wave technology, including its increasing integration in telecommunications, automotive radar systems, and industrial automation.Technology Landscape: In-depth examination of advancements in millimeter wave components such as antennas, transceivers, and sensors that are reshaping the industry.Competitive Analysis: Insightful profiling of leading companies and their market strategies, innovation roadmaps, and R&D investments.Regional Insights: Comprehensive coverage of market dynamics in North America, Europe, Asia-Pacific, and other regions, highlighting the growth potential in developing and mature markets.Future Outlook: Forecasting market size, potential challenges, and opportunities to help businesses navigate this rapidly evolving sector.

This report is a crucial resource for professionals involved in the fields of telecommunications, semiconductor manufacturing, defense, and IoT (Internet of Things), providing actionable intelligence to drive informed strategic decisions. Companies seeking to stay ahead of the curve will find detailed competitor benchmarking, key investment pockets, and insights into technology partnerships that can lead to competitive advantages.

Why Industry Leaders Should Consider This Report:

Gain a clear understanding of the market’s growth drivers and restraints.Uncover new revenue streams in the dynamic millimeter wave technology space.Benchmark your position against industry competitors and recognize areas for improvement.Make data-driven investment decisions backed by a reliable forecast and detailed market analysis.

Stay ahead of the curve in the ever-evolving Millimeter Wave Technology Market. For more information or to request a sample copy of the report, please visit: https://www.verifiedmarketresearch.com/download-sample?rid=3287

Browse in-depth TOC on “Global Millimeter Wave Technology Market Size“

202 – Pages
126 – Tables
37 – Figures

Report Scope

REPORT ATTRIBUTES

DETAILS

STUDY PERIOD

2021-2031

GROWTH RATE

CAGR of 9.5% from 2024 to 2031

BASE YEAR FOR VALUATION

2024

HISTORICAL PERIOD

2021-2023

FORECAST PERIOD

2024-2031

QUANTITATIVE UNITS

Value in USD Billion

REPORT COVERAGE

Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis

SEGMENTS COVERED

ComponentFrequency BandProductLicense TypeEnd-User

 

REGIONS COVERED

North AmericaEuropeAsia PacificLatin AmericaMiddle East & Africa

 

KEY PLAYERS

Qualcomm Technologies, Inc., NEC Corporation, L3 Technologies, Inc.,, Millimeter Wave Products Inc.,, Keysight Technologies

CUSTOMIZATION

Report customization along with purchase available upon request

Global Millimeter Wave Technology Market Overview

Rising Demand for High-Speed Data Transmission: The increase in mobile data traffic and the expansion of 5G networks are driving the Millimeter Wave Technology Market. Rapid data transfer is essential for facilitating next-generation communication. This transition facilitates uninterrupted streaming, IoT integration, and smart city development, increasing investment in millimeter wave technologies, improving network efficacy, and creating a profitable market for telecoms companies.

Advancements in Automotive and Autonomous Technologies: The automotive and autonomous vehicle industries are progressively integrating millimeter wave technologies to improve radar and communication systems. These technologies provide accurate object identification, collision prevention, and lane guidance. As the automotive sector advances towards autonomous driving solutions, millimeter wave technology becomes crucial, facilitating market growth. Manufacturers and suppliers in automotive electronics are anticipated to witness significant demand growth.

Growth in Military and Defense Applications: Military and defense sectors are heavily investing in advanced millimeter wave technology for secure and high-speed communication, radar systems, and surveillance. Its superior bandwidth and low interference make it ideal for defense communications. The focus on modernizing defense capabilities in developed and developing nations is expected to drive market growth. Defense contractors and technology developers will find abundant opportunities in this evolving sector.

To Purchase a Comprehensive Report Analysis: https://www.verifiedmarketresearch.com/select-licence?rid=3287

High Infrastructure and Equipment Costs: Notwithstanding its benefits, the substantial initial expenses associated with millimeter wave technology infrastructure hinder widespread implementation. The establishment of network infrastructure and specialized equipment requires substantial expenditure, constraining market entry in price-sensitive areas. Companies must evaluate the advantages relative to the significant investment, which may impede market expansion for cost-sensitive sectors such as telecommunications and manufacturing.

Signal Attenuation Challenges: Millimeter wave signals are prone to attenuation, particularly when encountering obstructions like buildings, trees, or inclement weather. This constraint affects the efficacy of the device in densely populated or difficult areas. Mitigating signal loss necessitates increased network densification and the installation of repeaters, hence complicating deployment and escalating expenses. Service providers must devise strategies to alleviate these constraints for sustained market expansion.

Limited Availability of Spectrum: The Millimeter Wave Technology Market is hindered by the restricted availability of spectrum, essential for 5G and high-frequency applications. Regulatory constraints and rivalry for spectrum allotment among companies may impede expansion initiatives. Telecommunications companies and allied sectors encounter challenges in obtaining adequate spectrum to sustain their services, which may affect the velocity and magnitude of future installations.

Geographical Dominance

North America occupies a preeminent position in the Millimeter Wave Technology Market, propelled by early 5G implementation, substantial R&D investment, and a flourishing technological ecosystem. The involvement of critical stakeholders and a robust defense sector further enhances progress. This regional supremacy propels technological advancements and establishes global benchmarks, stimulating demand for millimeter wave solutions internationally. North America’s leadership encourages investment in other regions, enhancing total market growth.

Key Players

The “Global Millimeter Wave Technology Market” study report will provide a valuable insight with an emphasis on the global market.  The major players in the market are Qualcomm Technologies, Inc., NEC Corporation, L3 Technologies, Inc., Millimeter Wave Products Inc., Keysight Technologies.

Millimeter Wave Technology Market Segment Analysis

Based on the research, Verified Market Research has segmented the global Millimeter Wave Technology Market into Component, Frequency Band, Product, License Type, End-User and Geography.

Millimeter Wave Technology Market, by ComponentFrequency Sources & Related ComponentsCommunication & Networking ComponentsMillimeter Wave Technology Market, by Frequency Band24-57 GHz57-95 GH2Millimeter Wave Technology Market, by Vehicle TypeScanning SystemsRadar and Satellite Communication SystemsMillimeter Wave Technology Market, by License TypeLight LicensedUnlicensedMillimeter Wave Technology Market, by End UserCellular & TelecomConsumer & CommercialMillimeter Wave Technology Market, by GeographyNorth AmericaU.SCanadaMexicoEuropeGermanyFranceU.KRest of EuropeAsia PacificChinaJapanIndiaRest of Asia PacificROWMiddle East & AfricaLatin America

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