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Rocket Companies Announces Second Quarter 2024 Results

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2 years ago

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Generated Q2’24 total revenue, net of $1.3 billion and adjusted revenue of $1.2 billion. Adjusted revenue exceeded the high end of guidance range and increased year-over-year for the fourth straight quarterReported Q2’24 GAAP net income of $178 million, or $0.01 per GAAP diluted earnings per share and adjusted net income of $121 million, or $0.06 per adjusted diluted earnings per shareDelivered Q2’24 adjusted EBITDA of $225 million, increasing year-over-year for the fifth straight quarter

DETROIT, Aug. 1, 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 second quarter ended June 30, 2024.

“Our team achieved impressive results in Q2. We, again, grew our purchase market share year-over-year by making continuous improvements across our processes, teams, marketing, and technology. We also delivered year-over-year top-line growth for the fourth straight quarter and expanded profitability for the fifth quarter in a row,” said Varun Krishna, CEO and Director of Rocket Companies. “We consider ourselves the most optimistic company in America. Every day, Rocket makes 30-year bets on people who make 30-year bets on themselves. With our AI-fueled homeownership strategy, and by helping our clients overcome obstacles to achieve their dreams, we are making the homeownership experience easier and more accessible for all.”

Second Quarter 2024 Financial Summary 1

ROCKET COMPANIES
($ in millions, except per share amounts)

Q2-24

Q2-23

YTD 24

YTD 23

(Unaudited)

(Unaudited)

Total revenue, net

$                1,301

$                1,236

$                2,684

$                1,902

Total expenses

$                1,109

$                1,098

$                2,194

$                2,180

GAAP Net income (loss)

$                   178

$                   139

$                   469

$                  (272)

Adjusted revenue

$                1,228

$                1,002

$                2,391

$                1,884

Adjusted net income (loss)

$                   121

$                    (33)

$                   205

$                  (144)

Adjusted EBITDA

$                   225

$                     18

$                   399

$                    (61)

GAAP diluted earnings (loss) per share

$                   0.01

$                   0.05

$                   0.13

$                 (0.11)

Adjusted diluted earnings (loss) per share

$                   0.06

$                 (0.02)

$                   0.10

$                 (0.07)

 

($ in millions)

Q2-24

Q2-23

YTD 24

YTD 23

Select Metrics

(Unaudited)

(Unaudited)

Closed loan origination volume

$          24,662

$          22,330

$          44,867

$          39,260

Gain on sale margin

2.99 %

2.67 %

3.05 %

2.54 %

Net rate lock volume

$          25,050

$          22,244

$          47,412

$          41,779

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 throughout this
document may not foot due to rounding.

Second Quarter 2024 Financial Highlights

Generated total revenue, net of $1.3 billion and GAAP net income of $178 million, or $0.01 per diluted share. Generated total adjusted revenue of $1.2 billion and adjusted net income of $121 million, or adjusted earnings of $0.06 per diluted share.Rocket Mortgage generated $24.7 billion in closed loan origination volume, a 10.4% increase over the same period of the prior year.Gain on sale margin was 2.99%, an increase of 32 bps over the same period of the prior year.Total liquidity was $8.6 billion, as of June 30, 2024, which includes $1.3 billion of cash on the balance sheet, and $1.9 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 $534.6 billion or 2.6 million loans serviced as of June 30, 2024. The portfolio generates approximately $1.4 billion of recurring servicing fee income on an annualized basis. We acquired mortgage servicing right (“MSR”) portfolios in the quarter, for total consideration of $315 million. The MSR acquisitions added $20.8 billion of unpaid principal balance of loans with a blended weighted average coupon higher than our current portfolio, providing a compelling refinance opportunity when rates decline.

Second Quarter 2024 Company Highlights

We expanded purchase share year-over-year through numerous optimizations in our processes, teams, marketing, and technology capabilities.Rocket Mortgage was named #1 in the nation in J.D. Power’s 2024 study for client satisfaction in mortgage servicing, the 10th year Rocket Mortgage has earned the accolade. J.D. Power surveyed more than 11,000 American homeowners to determine the rankings. J.D. Power has ranked Rocket Mortgage #1 in client satisfaction for primary mortgage origination and mortgage servicing a total of 22 times – the most of any mortgage lender.Our home equity loan product continues to resonate strongly with clients, offering a compelling solution to tap into home equity without impacting the lower rate on a client’s first lien mortgage. In Q2 2024, home equity loan volume more than doubled compared to the same period last year, setting a new record. During the quarter, we enhanced the speed and efficiency of our home equity loan process through the launch of an Automated Valuation Model (AVM). AVM represents a major upgrade, providing a cost-efficient digital alternative to traditional in-person appraisals. This innovation allows us to deliver cash from home equity loans in as little as 7 business days, meeting our clients’ needs with unprecedented speed and accuracy.We expanded our AI-powered live chat, the preferred asynchronous mode of communication for both new and older generations, across the client journey. With chat, we quickly and accurately gauge client intent upfront, and provide personalized solutions at scale. This has resulted in higher satisfaction for both clients and team members, as well as significantly higher conversion rates. Recent data shows that clients using chat have conversion rates three times higher compared to those who didn’t leverage chat.We expanded the roll out of Rocket Logic Assistant, our AI-powered personal assistant, to our entire banking team. Rocket Logic Assistant transcribes client calls and automatically completes mortgage applications in real-time, super-charging our bankers’ productivity and reducing fatigue. Rocket Logic Assistant seamlessly generates more than 300,000 detailed transcripts weekly from outbound calls.In June, we launched MSR audit automation, an upgraded workflow system that streamlines the loan onboarding process and drives efficiency at scale. With this new system, our capital markets team can now complete MSR audits in half the time. This enhancement allows us to onboard MSR portfolios more quickly, efficiently, and accurately, which is essential as we expand our portfolio.In May, Rocket Companies appointed Shawn Malhotra as its first Chief Technology Officer. In this role, Malhotra will oversee the development and implementation of technology across the entire Rocket Companies ecosystem, including AI development, Data Science, Product Engineering, Technology Operations and Information Security – among other areas. Previously, Malhotra held a variety of technology leadership roles at Thomson Reuters.We will hold our first Investor Day on September 10, 2024, in downtown Detroit. The event will feature presentations and engagement opportunities with Rocket Companies’ leadership, immersive demo experiences, and a tour of downtown Detroit and our Company. The event will be held in person, and a webcast will be available on our Investor Relations website.

Rocket Corporate Responsibility: For-More-Than-Profit

In June, we published our 2023 ESG report, which highlights Rocket’s commitment to being a For-More-Than-Profit organization and our commitment to our clients, communities and team members. The report can be found on the Social Impact tab of our Investor Relations website.Rocket Mortgage held its sixth annual Rocket Mortgage Classic event from June 25 to June 30, 2024 at the Detroit Golf Club. Since 2019, the Rocket Mortgage Classic has raised over $8.4 million for local charitable organizations, including $4.3 million for the “Changing the Course” initiative to connect Detroit residents to high-speed internet, digital devices and digital literacy training.Rocket Community Fund, a partner company, announced a $320,000 investment in Black Tech Saturdays, an organization that aims to promote diversity and inclusion in the tech industry through workshops, training programs and community outreach in Detroit. In June, Rocket Community Fund collaborated with Microsoft, Black Tech Saturdays and Sistah’s Reachin’ Out to host AI Explained, an event focused on raising awareness of generative AI and its benefits for nonprofits and small business owners.Rocket Community Fund, National Black Empowerment Council (NBEC), and Goodwill of North Georgia today announced the launch of the Homeownership Wealth Initiative, a pilot program offering comprehensive financial education and homeownership guidance for Atlanta residents.

Third Quarter 2024 Outlook2

In Q3 2024, we expect adjusted revenue between $1.15 billion to $1.3 billion.

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)

Q2-24

Q2-23

YTD 24

YTD 23

(Unaudited)

(Unaudited)

Sold loan volume

$                     13,032

$                       12,446

$                        22,081

$                        21,257

Sold loan gain on sale margin

4.14 %

3.67 %

4.19 %

3.69 %

Total revenue, net

$                          981

$                         1,023

$                          2,075

$                          1,521

Adjusted revenue

$                          909

$                            789

$                          1,782

$                          1,502

Contribution margin

$                          375

$                            259

$                             718

$                             468

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)

Q2-24

Q2-23

YTD 24

YTD 23

(Unaudited)

(Unaudited)

Sold loan volume

$                       11,296

$                         9,571

$                         19,064

$                         16,155

Sold loan gain on sale margin

1.59 %

0.93 %

1.57 %

0.89 %

Total revenue, net

$                            188

$                            122

$                              358

$                              211

Adjusted revenue

$                            188

$                            122

$                              358

$                              211

Contribution margin

$                            126

$                              56

$                              241

$                                79

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-Q for more information.

Balance Sheet and Liquidity

Total available cash was $3.2 billion as of June 30, 2024, which includes $1.3 billion of cash and cash equivalents, and $1.9 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 $8.6 billion as of June 30, 2024.

BALANCE SHEET HIGHLIGHTS
($ in millions)

June 30, 2024

December 31, 2023

(Unaudited)

Cash and cash equivalents

$                          1,309

$                        1,108

Mortgage servicing rights, at fair value

$                          7,163

$                        6,440

Funding facilities

$                          7,022

$                        3,367

Other financing facilities and debt

$                          4,171

$                        4,237

Total equity

$                          8,814

$                        8,302

Second Quarter Earnings Call

Rocket Companies will host a live conference call at 4:30 p.m. ET on August 1, 2024 to discuss its results for the quarter ended June 30, 2024. 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.

Condensed Consolidated Statements of Income (Loss)
($ In Thousands, Except Per Share Amounts)

Three Months Ended June 30,

Six Months Ended June 30,

2024

2023

2024

2023

(Unaudited)

(Unaudited)

Revenue

Gain on sale of loans

Gain on sale of loans excluding fair value of
originated MSRs, net

$                      413,011

$                      279,629

$                889,440

$               544,632

Fair value of originated MSRs

345,545

314,840

568,342

519,400

Gain on sale of loans, net

758,556

594,469

1,457,782

1,064,032

Loan servicing income

Servicing fee income

354,677

343,591

700,423

709,976

Change in fair value of MSRs

(112,941)

42,377

(56,433)

(355,902)

Loan servicing income, net

241,736

385,968

643,990

354,074

Interest income

Interest income

112,415

80,757

201,395

147,501

Interest expense on funding facilities

(81,293)

(59,512)

(132,736)

(94,624)

Interest income, net

31,122

21,245

68,659

52,877

Other income

269,308

234,545

514,007

431,312

Total revenue, net

1,300,722

1,236,227

2,684,438

1,902,295

Expenses

Salaries, commissions and team member
benefits

553,420

579,139

1,094,516

1,182,914

General and administrative expenses

232,952

200,425

469,617

395,815

Marketing and advertising expenses

210,937

218,843

417,233

400,447

Depreciation and amortization

28,009

25,357

55,026

56,042

Interest and amortization expense on non-
funding debt

38,364

38,334

76,729

76,667

Other expenses

44,998

35,759

80,905

68,027

Total expenses

1,108,680

1,097,857

2,194,026

2,179,912

Income (loss) before income taxes

192,042

138,370

490,412

(277,617)

(Provision for) benefit from income taxes

(14,117)

782

(21,773)

5,286

Net income (loss)

177,925

139,152

468,639

(272,331)

Net (income) loss attributable to non-
controlling interest

(176,630)

(131,714)

(451,129)

261,246

Net income (loss) attributable to Rocket
Companies

$                          1,295

$                           7,438

$                  17,510

$                (11,085)

Earnings (loss) per share of Class A
common stock

Basic

$                            0.01

$                             0.06

$                       0.13

$                    (0.09)

Diluted

$                            0.01

$                             0.05

$                       0.13

$                    (0.11)

Weighted average shares outstanding

Basic

139,647,845

126,740,748

138,319,794

125,742,282

Diluted

139,647,845

1,979,450,651

138,319,794

1,977,148,197

 

Condensed Consolidated Balance Sheets
($ In Thousands)

June 30,
2024

December 31,
2023

Assets

(Unaudited)

Cash and cash equivalents

$                   1,309,494

$                    1,108,466

Restricted cash

27,764

28,366

Mortgage loans held for sale, at fair value

9,486,922

6,542,232

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

170,381

132,870

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

7,162,690

6,439,787

Notes receivable and due from affiliates

14,325

19,530

Property and equipment, net

233,257

250,856

Deferred tax asset, net

528,104

550,149

Lease right of use assets

314,683

347,696

Forward commitments, at fair value

13,025

26,614

Loans subject to repurchase right from Ginnie Mae

1,945,022

1,533,387

Goodwill and intangible assets, net

1,239,819

1,236,765

Other assets

1,203,228

1,015,022

Total assets

$                 23,648,714

$                  19,231,740

Liabilities and equity

Liabilities:

Funding facilities

$                   7,022,439

$                    3,367,383

Other financing facilities and debt:

Senior Notes, net

4,036,187

4,033,448

Early buy out facility

134,615

203,208

Accounts payable

205,949

171,350

Lease liabilities

356,050

393,882

Forward commitments, at fair value

8,508

142,988

Investor reserves

94,362

92,389

Notes payable and due to affiliates

31,743

31,006

Tax receivable agreement liability

584,695

584,695

Loans subject to repurchase right from Ginnie Mae

1,945,022

1,533,387

Other liabilities

415,223

376,294

Total liabilities

$                 14,834,793

$                  10,930,030

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

357,610

340,532

Retained earnings

300,958

284,296

Accumulated other comprehensive income

85

52

Non-controlling interest

8,155,248

7,676,810

Total equity

8,813,921

8,301,710

Total liabilities and equity

$                 23,648,714

$                  19,231,740

 

 

 

Summary Segment Results for the Three and Six Months Ended June 30, 2024 and 2023
($ in millions)
(Unaudited)

Three Months Ended June 30, 2024

Direct to

 Consumer

Partner

 Network

Segments Total

All Other

Total

Total U.S. GAAP Revenue, net

$                    981

$                    188

$                 1,169

$                 132

$                 1,301

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

(73)

—

(73)

—

(73)

Adjusted revenue

$                    909

$                    188

$                 1,097

$                 132

$                 1,228

Less: Directly attributable expenses

534

62

596

89

684

Contribution margin (1)

$                    375

$                    126

$                    501

$                    43

$                    544

Three Months Ended June 30, 2023

Direct to
Consumer

Partner Network

Segments Total

All Other

Total

Total U.S. GAAP Revenue, net

$                 1,023

$                     122

$                 1,146

$                    90

$                 1,236

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

(235)

—

(235)

—

(235)

Adjusted revenue

$                     789

$                     122

$                     911

$                    90

$                 1,002

Less: Directly attributable expenses

529

66

596

70

665

Contribution margin (1)

$                     259

$                       56

$                     316

$                    21

$                    336

Six Months Ended June 30, 2024

Direct to
Consumer

Partner Network

Segments Total

All Other

Total

Total U.S. GAAP Revenue, net

$                 2,075

$                    358

$                 2,433

$                    251

$                 2,684

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

(293)

—

(293)

—

(293)

Adjusted Revenue

$                 1,782

$                    358

$                 2,140

$                    251

$                 2,391

Less: Directly attributable expenses

1,064

117

1,181

178

1,359

Contribution margin (1)

$                    718

$                    241

$                    959

$                      73

$                 1,032

Six Months Ended June 30, 2023

Direct to
Consumer

Partner Network

Segments Total

All Other

Total

Total U.S. GAAP Revenue, net

$                 1,521

$                    211

$                 1,732

$                    170

$                 1,902

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

(18)

—

(18)

—

(18)

Adjusted Revenue

$                 1,502

$                    211

$                 1,713

$                    170

$                 1,884

Less: Directly attributable expenses

1,035

132

1,167

146

1,313

Contribution margin (1)

$                    468

$                      79

$                    547

$                      24

$                    571

(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 June 30,

Six Months Ended June 30,

2024

2023

2024

2023

(Unaudited)

(Unaudited)

Total revenue, net

$               1,301

$                1,236

$               2,684

$                1,902

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

(73)

(235)

(293)

(18)

Adjusted revenue

$               1,228

$                1,002

$               2,391

$                1,884

(1)

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

 

Adjusted Net Income (Loss) Reconciliation
($ in millions)

Three Months Ended June 30,

Six Months Ended June 30,

2024

2023

2024

2023

(Unaudited)

(Unaudited)

Net income (loss) attributable to Rocket Companies

$                        1

$                        7

$                     18

$                    (11)

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

177

132

452

(260)

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

(33)

(35)

(98)

62

Tax-effected net income (loss) (2)

145

105

371

(209)

Share-based compensation expense

39

51

70

103

Change in fair value of MSRs due to
valuation assumptions, net of hedges (3)

(73)

(235)

(293)

(18)

Tax impact of adjustments (4)

8

45

54

(20)

Other tax adjustments (5)

1

1

2

2

Adjusted net income (loss)

$                   121

$                    (33)

$                   205

$                 (144)

(1)

Reflects net income (loss) 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 June 30, 2024 and 2023.

(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 income (loss) of Holdings. The adjustment to the (provision for) benefit from income tax reflects the difference between (a) the income tax computed using the effective tax rates below applied to the income (loss) before income taxes assuming Rocket Companies, Inc. owns 100% of the non-voting common interest units of Holdings and (b) the provision for (benefit from) income taxes. The effective income tax rate was 24.40% for the three and six months ended June 30, 2024 and 24.29% for the three and six months ended June 30, 2023, respectively.

(3)

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

(4)

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

(5)

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 June 30,

Six Months Ended June 30,

2024

2023

2024

2023

(Unaudited)

(Unaudited)

Diluted weighted average Class A Common shares
outstanding

139,647,845

1,979,450,651

138,319,794

1,977,148,197

Assumed pro forma conversion of Class D shares (1)

1,848,879,483

—

1,848,879,483

—

Adjusted diluted weighted average shares
outstanding

1,988,527,328

1,979,450,651

1,987,199,277

1,977,148,197

Adjusted net income (loss)

$                  121

$                    (33)

$                   205

$                 (144)

Adjusted diluted earnings (loss) per share

$                 0.06

$                 (0.02)

$                  0.10

$                (0.07)

(1)

Reflects the pro forma exchange and conversion of anti-dilutive Class D common stock to Class A common stock for the three and six months ended June 30, 2024. For the three and six months ended June 30, 2023, Class D common shares were dilutive and are included in the Diluted weighted average Class A common shares outstanding in the table above.

 

Adjusted EBITDA Reconciliation
($ in millions)

Three Months Ended June 30,

Six Months Ended June 30,

2024

2023

2024

2023

(Unaudited)

(Unaudited)

Net  income (loss)

$                   178

$                   139

$                   469

$                 (272)

Interest and amortization expense on non-funding debt

38

38

77

77

Provision for (benefit from) income taxes

14

(1)

22

(5)

Depreciation and amortization

28

25

55

56

Share-based compensation expense

39

51

70

103

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

(73)

(235)

(293)

(18)

Adjusted EBITDA

$                   225

$                     18

$                   399

$                    (61)

(1)

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

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 revenue, 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 net income (loss) before share-based compensation expense, the change in fair value of MSRs due to valuation assumptions, net of hedges 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 adjusted diluted weighted average shares outstanding which includes diluted weighted average Class A common stock and the assumed pro forma exchange and conversion of Class D common stock outstanding for the applicable period presented. We define “Adjusted EBITDA” as net income (loss) before interest and amortization expense on non-funding debt, income tax, depreciation and amortization, share-based compensation expense, and change in fair value of MSRs due to valuation assumptions, net of hedges.

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 consisting of personal finance and consumer technology brands including Rocket Mortgage, Rocket Homes, Amrock Title and Settlement Services, Rocket Money and Rocket Loans.

With more than 65 million call logs each year, 10 petabytes of data and a mission to Help Everyone Home, Rocket Companies is well positioned to be the destination for AI-fueled homeownership. Known for providing exceptional client experiences, J.D. Power has ranked Rocket Mortgage #1 in client satisfaction for primary mortgage origination and mortgage servicing a total of 22 times – the most of any mortgage lender.

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

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Newgen Software and the Asian Institute of Digital Finance Forge Strategic Partnership to Shape the Future of Enterprise AI

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November 10, 2026

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The collaboration will drive breakthrough AI research, innovation, and enterprise AI adoption across financial services sectors

SINGAPORE, Nov. 10, 2026 /PRNewswire/ — Newgen Software, a leader in intelligent enterprise orchestration, has signed a Memorandum of Understanding (MoU) with the Asian Institute of Digital Finance (AIDF) at the National University of Singapore to advance research, innovation, talent development, and industry engagement in Artificial Intelligence (AI), with a focus on enterprise AI innovation.

The strategic partnership marks a significant milestone in Newgen’s AI innovation journey and reinforces its commitment to advancing enterprise-ready AI. By bringing together AIDF’s research expertise, startup ecosystem, and education capabilities with Newgen’s enterprise technology, product engineering expertise, and industry experience, the collaboration aims to accelerate the translation of research into practical enterprise applications, technology solutions, and real-world industry use cases.

As organizations increasingly seek to harness AI to drive innovation, improve operational efficiency, and enhance decision-making, the partnership will focus on fostering practical AI innovation for enterprise and financial services environments. The collaboration is designed to help bridge the gap between cutting-edge research and real-world business applications, enabling organizations to unlock measurable value from emerging technologies.

The partnership also creates opportunities for deeper engagement between academia, industry, startups, and ecosystem stakeholders. Through collaborative initiatives and knowledge-sharing programs, Newgen and AIDF aim to strengthen innovation ecosystems, support capability building, and contribute to developing future-ready AI talent.

The collaboration is expected to facilitate the exchange of insights and exploration of emerging AI technologies that can help enterprises orchestrate processes, content, communications, and information more effectively. These efforts align closely with Newgen’s vision of helping organizations drive digital transformation through the NewgenONE Intelligent Enterprise Orchestration Platform, which brings together content, processes, communications, and AI to help organizations operate with greater agility and intelligence.

Under the MoU, Newgen and AIDF will collaborate across several strategic areas, including:

Joint research and development initiatives in areas of mutual interestTranslating research outcomes into enterprise-grade technologies, solutions, and industry use casesEngaging startups, industry partners, regulators, and ecosystem stakeholders through innovation-led initiativesSupporting capability building, education, professional development, and knowledge-sharing programsExploring additional areas of cooperation that advance AI innovation and industry transformation

On this collaboration, Pramod Kumar, CGO, Newgen Software, said, “The future of AI will not be defined by algorithms alone, but by how effectively cutting-edge research is translated into real-world outcomes. Our collaboration with AIDF brings together two complementary strengths: world-class research and deep enterprise expertise. This partnership reflects Newgen’s commitment to staying Ahead of What’s Ahead while helping organizations become truly intelligent enterprises.”

Professor Huang Ke Wei, Executive Director of AIDF, said, “The partnership with Newgen presents an exciting opportunity to strengthen the connection between academic research and industry application. The collaboration will help to advance research, innovation, talent development, and industry engagement in Artificial Intelligence, with a focus on enterprise and financial services applications.”

Balaji Chikrale, APAC Business Head, Newgen, highlighted that the collaboration with AIDF can contribute to Singapore’s digital economy by nurturing local talent, creating meaningful opportunities, strengthening industry–academia collaboration, and accelerating innovation in AI and emerging technologies.

As AI continues to reshape industries globally, the partnership will focus on fostering innovation at the intersection of research, technology, and business, while nurturing future talent and contributing to the broader AI ecosystem.

About Newgen Software

Newgen Software Orchestrates Intelligent Enterprises at scale. The NewgenONE Platform unifies content, processes, and communications into an orchestration layer where intelligence is embedded into how enterprises operate, with trust, governance, and control built in. Enterprises move beyond fragmented initiatives to continuously adaptive, production-ready operations. Decisions, workflows, and experiences evolve in real time, shaped by context, data, and embedded AI. Trusted by leading organizations worldwide, Newgen defines how modern enterprises operate, intelligently and at scale.

Newgen Software Orchestrates Intelligent Enterprises at scale | Newgen Software

About the Asian Institute of Digital Finance

The Asian Institute of Digital Finance (AIDF) is a university-level institute at the National University of Singapore (NUS), jointly founded by the Monetary Authority of Singapore (MAS), the National Research Foundation (NRF), and NUS. AIDF aims to be a thought leader, a FinTech knowledge hub, and an experimental site for developing digital financial technologies, as well as for nurturing current and future FinTech researchers and practitioners in Asia. For more information, please visit: https://www.aidf.nus.edu.sg/.

 

 

 

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Siemens to expand portfolio for semiconductor design and verification with the planned acquisition of Lauterbach

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November 10, 2026

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Planned acquisition will enable Siemens to integrate hardware-assisted verification with embedded software debug and trace technology into a single workflowCombined workflow to empower customers to identify hardware and software issues earlier, boost engineering productivity, and accelerate time-to-market

MUNICH, Nov. 10, 2026 /PRNewswire/ — Siemens has signed an agreement to acquire Lauterbach, a leading provider of debug and trace solutions for embedded software and complex system-on-chip (SoC) architectures. Lauterbach develops comprehensive, modular and extensible development and verification tools for microprocessors and embedded CPU cores in the form of hardware-assisted debuggers and real-time trace tools. The combination of Siemens’ and Lauterbach’s complementary technologies enables a unified view of chip and software behavior and helps customers more quickly identify errors arising from complex interactions between hardware and software during chip development. The results are faster time to revenue and higher product quality.

The planned acquisition represents another important step in further establishing Siemens’ position as one of the world’s leading electronic design automation (EDA) powerhouses. By adding industry-leading debugging technologies to its hardware-assisted verification solutions, Siemens is further extending its competitive edge. The planned combined solution will enable customers to develop and verify embedded software even earlier, and well before the physical chip is available.

By bringing together these previously separate workflows into a single solution Siemens aims to empower customers with a unified hardware/software view of how increasingly complex application-specific integrated circuit (ASIC) and system-on-a-chip (SoC) devices behave. This shift-left approach helps customers analyze hardware/software interactions at an early stage and significantly shortens the time-to-market for new software-defined products.

“With Lauterbach, we are further extending our industry-leading EDA portfolio for semiconductor design by bringing together our premier hardware-assisted verification portfolio with its industry-leading software debugging technologies. As semiconductors represent a core vertical for our technology strategy, this enables customers to test and optimize their products even before the actual chip is produced – significantly reducing development time,” said Cedrik Neike, Member of the Managing Board of Siemens AG and President Digital Industries.

“Lauterbach is a remarkable success story, written in Germany for the global semiconductor industry. We will build on the impressive legacy that founders Lothar and Stephan Lauterbach and their team have achieved over the past decades and are very pleased to welcome the Lauterbach group to Siemens. We are also delighted that Stephan Lauterbach and Thomas Ullmann will continue their work as part of Siemens following the closing of the transaction.”

Lauterbach and Siemens solutions are already used by numerous mutual customers. The increasing complexity of modern semiconductors and embedded software, driven by trends such as artificial intelligence, software-defined vehicles, Internet of Things (IoT), multi-core architectures, cybersecurity and functional safety, is leading to greater convergence between hardware and software development. On that basis, Siemens expects significant revenue synergies from the transaction.

Headquartered close to Munich, Germany, Lauterbach was co-founded by the brothers Lothar and Stephan Lauterbach beginning in 1979 to develop tools for microprocessor development in the form of hardware-assisted debuggers and real-time trace tools. Lauterbach employs around 170 people and serves more than 1,200 global customers across various industries, including leaders and innovators in automotive, semiconductors and telecommunications. In 2025, the company generated roughly € 60 million in revenues.

“The increasing convergence of hardware and software development is fundamentally changing the industry and our customers’ requirements,” said Stephan Lauterbach, CTO and co-founder of Lauterbach. “By combining our debug and trace technology with Siemens’ hardware-assisted verification capabilities, we are creating a powerful solution that provides developers with a unified hardware/software view of the behavior of increasingly complex ASIC and SoC devices in AI, high-performance computing, storage/hyperscale, automotive, communications and A&D applications. Our commitment to keeping our customers at the center of everything we do remains unchanged.”

The transaction is expected to close in the first half of 2027, subject to customary closing conditions and required regulatory approvals.

The financial terms of the transaction will not be disclosed.

This press release is available at https://sie.ag/28q5nA.

Siemens AG (Berlin and Munich) is a leading technology company focused on industry, infrastructure, mobility, and healthcare. The company’s purpose is to create technology to transform the everyday, for everyone. By combining the real and the digital worlds, Siemens empowers customers to accelerate their digital and sustainability transformations, making factories more efficient, cities more livable, and transportation more sustainable. A leader in industrial AI, Siemens leverages its deep domain know-how to apply AI – including generative AI – to real-world applications, making AI accessible and impactful for customers across diverse industries. Siemens also owns a majority stake in the publicly listed company Siemens Healthineers, a leading global medical technology provider pioneering breakthroughs in healthcare. For everyone. Everywhere. Sustainably.

In fiscal 2025, which ended on September 30, 2025, the Siemens Group generated revenue of €78.9 billion and net income of €10.4 billion. As of September 30, 2025, the company employed around 318,000 people worldwide on the basis of continuing operations. Further information is available on the Internet at www.siemens.com.

Lauterbach is a leading manufacturer of cutting-edge development tools for embedded systems, with more than 45 years of experience. It is an international, well-established company that serves customers all over the world, partners with all major semiconductor manufacturers and continues to grow steadily. At its headquarters in Hoehenkirchen near Munich, the engineering team develops and produces highly capable, specialized and easy-to-use development tools under the TRACE32® brand. Branch offices in the United Kingdom, Italy, France, Tunisia, on the East and West Coast of the United States, Japan and China, along with highly qualified sales and support engineers in many other countries, make Lauterbach’s full product range available worldwide.
For more information, please visit www.lauterbach.com.

Notes and forward-looking statements
This document contains statements related to our future business and financial performance and future events or developments involving Siemens that may constitute forward-looking statements. These statements may be identified by words such as “expect,” “look forward to,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project” or words of similar meaning. We may also make forward-looking statements in other reports, in prospectuses, in presentations, in material delivered to shareholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Siemens’ management, of which many are beyond Siemens’ control. These are subject to a number of risks, uncertainties and factors, including, but not limited to those described in disclosures, in particular in the chapter Report on expected developments and associated material opportunities and risks in the Combined Management Report of the Siemens Report (www.siemens.com/siemensreport), and in the Interim Group Management Report of the Half-year Financial Report (provided that it is already available for the current reporting year), which should be read in conjunction with the Combined Management Report. Should one or more of these risks or uncertainties materialize, should decrees, decisions, assessments or requirements of regulatory or governmental authorities deviate from our expectations, should events of force majeure, such as pandemics, unrest or acts of war, occur or should underlying expectations including future events occur at a later date or not at all or assumptions prove incorrect, actual results, performance or achievements of Siemens may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Siemens neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.

This document includes – in the applicable financial reporting framework not clearly defined – supplemental financial measures that are or may be alternative performance measures (non-GAAP-measures). These supplemental financial measures should not be viewed in isolation or as alternatives to measures of Siemens’ net assets and financial positions or results of operations as presented in accordance with the applicable financial reporting framework in its Consolidated Financial Statements. Other companies that report or describe similarly titled alternative performance measures may calculate them differently.

Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

 

 

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SOURCE Siemens

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Luxury Cruising Set to Surge, According to New Cruiseline.com and Shipmate Survey

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November 10, 2026

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New survey highlights traveler demand for luxury sailings in 2026 and beyond and the key factors driving booking decisions.

FORT LAUDERDALE, Fla., Nov. 10, 2026 /PRNewswire/ — What makes travelers choose luxury at sea? Cruiseline.com and Shipmate announced the findings of a luxury cruise survey, revealing key drivers behind traveler demand in the premium segment. Drawing insights from more than 1,400 participants, the study examined traveler booking habits, destination and brand preferences, as well as factors that could convince luxury cruise skeptics to set sail.

The results show that luxury cruising, once viewed as a niche for the ultra-wealthy, is quickly becoming a bucket-list goal for a much broader range of travelers. Nearly 81% of respondents have either previously taken a luxury cruise or are planning/considering one for the future, a signal that demand in this segment is growing.

Luxury Cruise History

Among all survey respondents, 39.3% said they have previously taken one or more luxury cruises. 37.2% have not yet been on a luxury cruise but are planning or considering a future luxury cruise, and 4.4% have never taken a luxury voyage but have a future cruise already booked. 19.1% of all survey takers said they have never taken a luxury cruise, nor are they interested in booking one in the future.

The luxury and upper-premium cruise lines respondents reported having previously sailed included Viking (29.5%), Oceania Cruises (27.6%), and Cunard (23%), followed by Regent Seven Seas Cruises (19.1%), Silversea Cruises (17.4%), and Azamara Cruises (17.3%).

Over half of respondents (51%) said their most recent luxury cruise was in 2026, with another 22.3% sailed in 2025, pointing to an active and engaged luxury cruiser base. Among travelers, 36.9% have previously taken 2-4 luxury cruises, and nearly a quarter of respondents (22.4%) reported taking nine or more luxury cruises in total. This suggests that once travelers experience luxury cruising, many become repeat customers.

When asked what factors most influenced their decision to book a luxury cruise, itinerary (39.8%) and amenities/inclusions (39.6%) ranked as the highest factors, while price was cited by 0.7% of respondents. Dining quality (69.8%), all-inclusive pricing (66.9%), and smaller, more intimate ships (61.5%) were the top draws these travelers reported they have to luxury cruising as a whole.

Future Luxury Cruises Booked

The survey respondents who reported they already have a future luxury cruise booked shared these travel preferences:

Number of Cruises Booked: 51% of this group have at least one luxury cruise already booked. Others have multiple sailings planned, with 24.4% reporting two cruises booked, 13.3% have four or more booked, and 11.3% have three luxury voyages booked.Which Cruise Line(s) Are They Sailing? Oceania Cruises (19.6%), Viking (18.9%), Regent Seven Seas Cruises (15.8%), Silversea Cruises (14.2%), and Explora Journeys (9.8%) were the five top luxury and upper-premium brands travelers reported they are booked to cruise.When Are They Booked to Sail? 73.7% will sail on a luxury cruise in 2027, and 38.7% reported they have a voyage still booked for 2026. Some travelers are planning in advance, with 38.7% booked to cruise in 2028, and 6.4% booked for 2029 or beyond.Where Will They Cruise To? The Mediterranean was the most popular already booked luxury cruise destination at 35.8%, followed by the Caribbean (31.2%) and Northern Europe (23.2%). 18.3% of survey takers are booked for a Transatlantic/Transpacific voyage, and 13.4% reported they will cruise in Asia.Who Will They Cruise With? The majority of travelers (81.9%) will be cruising with a spouse or partner, 17.6% will sail with friends/group, 12.5% are family travelers, and 6.9% will cruise solo.Additional Cruises Being Considered: Two-thirds of those with a booking (66.4%) said they are already planning more luxury cruises beyond their current reservation, while 27.2% reported they are currently unsure if they will book additional sailings.

Intent to Book Future Luxury Cruises

Travelers who reported that they are in the process of planning and/or considering planning future luxury cruises shared these preferences:

Top Cruise Lines Intended to Book (could select multiple cruise lines): Viking (42.9%), Oceania Cruises (36.8%), and Silversea Cruises (31.3%) topped the list of brands under consideration for future bookings. Other lines being considered included Regent Seven Seas Cruises (25.4%), Cunard (21%), Seabourn (17.1%), Explora Journeys (16.8%), Windstar Cruises (11.3%), Crystal (9.3%), and Ritz-Carlton Yacht Collection (9.1%). Top Destinations Intended to Book (could select multiple destinations): The Mediterranean (40.2%), Northern Europe (31.9%), and the Caribbean (29.6%) were the three most popular cruise destinations under consideration for future luxury bookings. Other destinations under consideration include Transatantic/Transpacific cruises, Alaska, and the Panama Canal.When Are Travelers Considering Booking? For those planning future luxury voyages, 32.4% have 2028 as a projected sail year, 28.8% are planning to sail in 2027, and 16.5% are planning a luxury cruise sometime in 2029 or beyond. Meanwhile, 3.9% said they are making luxury cruise plans for 2026. An additional 18.4% said that they plan to make a future luxury booking, but are unsure of what year.Top Factors for Selecting Future Luxury Cruise: Price was reported as the top decision-making factor for selecting future luxury voyages, cited by 38.4% of respondents. 5.3% of survey takers planning a future cruise said itinerary was their main factor, followed by cruise line at 17.5%, and cruise ship at 6.3%.

“The demand for luxury cruises is thriving, as shown by the volume of secured bookings and reported intent to take future sailings,” said Jamie Cash, Chief Operating Officer of Cruiseline.com and Shipmate. “Travelers are exploring a wide array of luxury brands and destinations, and more are committing to voyages years in advance. As this segment grows over the next few years with the launch of new ships, more innovative itineraries, and even new brands entering the market, we can only expect that more travelers will choose a luxury cruise experience.”

Why Are Some Travelers Holding Back on Luxury Cruises?

What are the driving factors that some travelers have against luxury cruises? Among the 19.1% of respondents who have yet to take a luxury cruise and have no plans to book one in the future, price was the leading reason for hesitation, with 64% citing this as their main factor. Others cited not being the target audience (13.6%), a preference for other mainstream/premium cruise lines (10.8%), or a preference for larger cruise ships (7.4%).

To understand if any factors might make this group of travelers change their minds about luxury cruises, the following was reported:

48.9% said that having premium experiences (such as dining, gratuities, and beverages) included in fares might shift their perception of luxury cruising.When asked if any factors might tempt this group to try a luxury cruise, 78.4% said lower prices, 33.3% said a unique itinerary, 27.5% said included shore excursions, 15.7% reported pre-/post-cruise travel inclusions, and 9.6% said personalized service.13.6% of this group reported that no factors or inclusions could otherwise convince them to try a luxury cruise in the future.

The full luxury survey report and insights can be accessed on Cruiseline.com.

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About Cruiseline.com
Choosing the perfect cruise can feel overwhelming, but Cruiseline.com makes it easy. Whether you’re a first-time traveler or seasoned cruiser, you can discover your ideal getaway with the help of Cruiseline.com’s in-depth reviews, expert advice, powerful deal search tools, user-submitted photos, and a vibrant community passionate about all things cruising.

What sets Cruiseline.com apart? Verified reviews from community members, meaning real reviews by real people. Through a partnership with major cruise lines and travel agencies, Cruiseline.com gathers reviews from cruisers who have sailed on the ships they are reviewing. For more information, visit: Cruiseline.com. 

About Shipmate
Powered by Cruiseline.com, Shipmate is the number one cruise app with over 2 million downloads. Shipmate is the only cruise app that travelers can use before, during, and after a voyage. Features include customizable roll calls for meeting fellow cruisers, cruise countdowns, detailed deck plans, ship and port tips, ship trackers, and advanced deal-searching tools. With an active community sharing reviews, photos, and advice, Shipmate empowers cruisers to make the most of their journeys. To download and learn more about Shipmate, visit: Cruiseline.com/shipmate.

Media Contact
Brooke Franco
Public Relations & Community Manager, Cruiseline.com and Shipmate
bfranco@cruiseline.com / 877-958-7444 

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SOURCE Cruiseline.com

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