RocketCos. Inc., the Detroit-based FinTech platform company that includes Rocket Mortgage, Rocket Homes, Truebill and Rocket Auto, announced its results for the full year and the fourth quarter of 2021.
“Rocket made significant achievements in 2021 as we continued to execute on our mission to take the friction out of life’s complex moments. Rocket Mortgage had its best year ever in terms of overall originations, with $351 billion in originations, while setting a new home buying volume record,” says Jay Farner, Vice President and CEO of Rocket Cos. The addition of Truebill, expanding the services we offer to help clients manage the entire their financial life.
“Rocket continues to leverage our platform to grow and scale in real estate, mortgage and financial services. I am also pleased to report that the Board of Directors has approved a special dividend of $1.01 per share. Since our IPO, Rocket has returned $4.5 billion to shareholders through dividends and share buybacks, while remaining well capitalized and investing in a disciplined manner to generate long-term shareholder value. .
During 2021, Rocket Mortgage generated total, net revenue of $12.9 billion and adjusted revenue of $12.4 billion, which represents growth of 155% and 110% compared to 2019, respectively.
In addition, the company generated $351.2 billion in closed mortgage volume and a gain on sales margin of 3.13%. The volume of loans closed in 2021 was a new record for the company, up 10% from 2020 levels and a 142% increase from 2019 levels.
The platform generated net income of $6.1 billion, which exceeded 2019 net income by 577%, and adjusted net income of $4.5 billion in 2021, 236% above levels. 2019. Net profit margin was 47% for 2021, compared to 18% in 2019. Adjusted net profit margin was 37% in 2021, compared to 23% in 2019.
It achieved adjusted EBITDA of $6.2 billion in 2021, up 210% from 2019 levels. Adjusted EBITDA margin was 50% for 2021, compared to 34% for 2019, demonstrating the platform scalability.
“Rocket continues to leverage our platform to grow and scale in real estate, mortgage and financial services. I am also pleased to report that the Board of Directors has approved a special dividend of $1.01 per share,” said Farner. “Since our IPO, Rocket has returned $4.5 billion to shareholders through dividends and share buybacks, while remaining well capitalized and investing in a disciplined manner to generate long-term value for shareholders. shareholders.”
During the fourth quarter (Q4) of 2021, Rocket Cos. generated total net revenue of $2.6 billion and adjusted revenue of $2.4 billion, representing growth of 36% and 33% over the fourth quarter of 2019, respectively .
Rocket Mortgage generated $75.9 billion in closed mortgage volume and a sales margin gain of 2.8%. The volume of closed loans increased by 49% compared to the fourth quarter of 2019.
Net profit of $865 million was generated, which exceeded net profit in the fourth quarter of 2019 by 15%, and adjusted net profit of $637 million in the fourth quarter of 2021, which was 23% higher than the fourth quarter. quarter of 2019. Net profit margin was 33% for the fourth quarter, compared to 40% in Q4 2019. Adjusted net profit margin was 26% in Q4, compared to 28% in Q4 2019.
The companies achieved adjusted EBITDA of $883 million, up 19% from fourth quarter 2019 levels. Adjusted EBITDA margin was 36%, compared to 41% in fourth quarter 2019.
In December 2021, Rocket Cos. completed the acquisition of Truebill, a personal finance app that helps customers manage their entire financial lives, for $1.275 billion in consideration. Truebill is preferred among customers looking to live their best financial lives by managing subscriptions, improving credit scores, tracking expenses, and building budgets in one easy-to-use app.
This acquisition accelerates Rocket Cos.’ declared mission to help customers in difficult times. Truebill’s annualized recurring revenue base surpassed $100 million in December 2021, more than double the run rate on an annualized basis.