Good afternoon. Welcome to the Rocket Companies' annual stockholder meeting. I'm Dan Gilbert, founder of the company and Chairman of the Board. This past year has marked a turning point for us. The acquisitions of Redfin and Mr. Cooper are not just deals; they are bold steps toward redefining the entire homeownership experience in America. These moves position Rocket as a powerful company built for scale, speed, and success in all market conditions and interest rate environments. We are aligning real estate, mortgage, and servicing into one integrated national platform. I'm proud of the team for all they have accomplished under some very challenging headwinds. Just as importantly, I'm grateful to you, our investors and shareholders, for your continued support of Rocket. With that, I'll turn it over to our CEO, Varun Krishna.
Thank you, Dan, and good afternoon, everyone. The 2025 Annual Meeting of Stockholders of Rocket Companies is hereby called to order. My name is Varun Krishna. I am the Chief Executive Officer and a Director of the company. It is my pleasure to welcome all of you to our 2025 Annual Meeting. I will act as Chair of this meeting. Tina John, our Corporate Secretary, will act as Secretary of the meeting. I'm pleased to introduce the continuing members of our board who are present virtually today, in addition to myself: Dan Gilbert, who you just heard from; Bill Emerson; Jennifer Gilbert; Jonathan Mariner; Alex Rampell; Matthew Rizik; and Suzanne Shank. We would like to say a special thanks to Nancy Tellem. Nancy has served on our board since Rocket became a public company and has been an invaluable contributor over the past five years.
We appreciate all that she has done for the company. Nancy is not standing for reelection at this year's annual meeting. Also with us today is Brian Brown, our Chief Financial Officer and Treasurer. Joseph Langlet, a partner at our independent accounting firm, Ernst & Young, is also present. We ask that everyone abide by the rules of conduct for the meeting, which are available on the virtual meeting website. The rules of conduct are designed to allow us to conduct an orderly meeting in fairness to all stockholders. Before we proceed any further, Tina will report on the notice of meeting and the existence of a quorum.
Thank you, Varun. All stockholders of record at the close of business on May 20, 2025, are entitled to vote at this meeting. I have the certified list of stockholders entitled to vote at this meeting and the affidavit of distribution establishing that notice of this meeting was duly given. A copy of the notice of meeting, proxy card, proxy statement, and affidavit of distribution will be filed in our corporate records with the minutes of this meeting. John Holewa of American Election Services has been appointed as Inspector of Elections for this meeting. Mr. Holewa has been sworn in, and a copy of his oath will also be filed in our corporate records. Holders of a majority of the voting power of all shares of Common Stock outstanding on the record date and entitled to vote are present by remote communication or represented by proxy at this meeting.
Therefore, a quorum is present, and this meeting is duly and lawfully convened. We may proceed with the business of the meeting.
Thank you, Tina. Voting for all proposals is now open. If you have already sent in your proxy card or voting instruction card or voted by Internet or telephone, your shares will be voted accordingly. You do not need to vote today unless you are voting for the first time or want to change your previous vote. Any stockholder who is logged on using your 16-digit control number and wants to vote during this meeting or wants to change a prior vote may do so now by using the voting buttons on the virtual meeting website. The polls will close after the presentation of the last proposal. Please submit any questions about the proposals set forth in the agenda in the field provided on the website.
We will answer questions related to the proposals in accordance with the Rules of Conduct of this meeting if they are received before voting is closed. After the polls close, we will announce the preliminary results of today's meeting. Following the conclusion of the formal business, I will give a business update. Next, we will respond to appropriate questions relevant to the Company from stockholders. Please submit any general questions in the field provided on the website at any time during the meeting. We have two matters to be acted upon today. At this meeting, you will be asked to: one, elect two Class II Directors to our Board for three-year terms, and two, ratify the appointment of Ernst & Young, LLP, as our Independent Registered Public Accounting firm for 2025.
The first proposal is the election of two Class II Directors to serve for a three-year term and until a successor has been duly elected or qualified, or until such Director's earlier resignation, retirement, or other termination of service. The Board has nominated Dan Gilbert and Alex Rampell. Since no stockholder has provided notice of Director nominations for this meeting, in accordance with our Bylaws, the nominations are closed. You can read a short biography of each nominee in the Company's Proxy Statement. In renominating these two individuals, the Board and the Nominating and Governance Committee chose Directors that the Board believes have an appropriate balance of skills, expertise, and experience. Together with the continuing Directors on the Board, this will ensure that the Board appropriately fulfills its oversight responsibilities and acts in the best interest of stockholders and the company.
For each of the two nominees, the Board recommends that you vote FOR. The second item of business is the ratification of Ernst & Young, LLP, to serve as our Independent Registered Public Accounting Firm for the year ending December 31st, 2025. For this proposal, the Board recommends that you vote FOR. Joseph Langlet of Ernst & Young is present at this meeting and available to respond to appropriate questions of stockholders. We will now pause for any questions from our stockholders on any of these proposals. Tina, have we received any questions?
No, no questions were received on the proposals.
Thank you. The polls for each proposal are now closed. I will turn the meeting back to Tina to provide the preliminary voting results.
Thank you, Varun. The votes have been counted, and the preliminary report of the Inspector of Elections has been provided to me. Based on the preliminary vote totals, each of Dan Gilbert and Alex Rampell have been elected as a Class II Director, and the proposal to ratify the appointment of Ernst & Young, LLP, as our Independent Registered public accounting firm for 2025 has been approved. The Inspector of Elections will confirm the final vote, and we will file the Inspector's Report in our corporate records with the minutes of this meeting. In addition, we intend to include the final voting results in a Current Report on Form 8-K filed with the SEC within four business days.
The formal business to be conducted at this meeting is now complete, and the Annual Meeting is adjourned. Tina will now provide some further remarks, following which I will give a brief presentation, and we will conclude with a question-and-answer period.
Before Varun begins, I want to remind you that any person speaking on behalf of Rocket Companies may make forward-looking statements, which may include, among other things, statements about the previously announced collapse of our UPSI structure, the acquisition of Redfin Corporation, and the acquisition of Mr. Cooper Group, Inc. For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the risks described in our filings with the SEC, particularly in the section of these documents titled Risk Factors. For more information about the UPSI collapse, the Redfin acquisition, and the Mr. Cooper acquisition, please refer to our filings with the SEC. The commentary today may also include non-GAAP financial measures.
Reconciliations between GAAP and non-GAAP metrics can be found in our earnings releases, as well as in our filings with the SEC, all of which are available on our investor relations website at ir.rocketcompanies.com. I now turn the meeting back to Varun.
Thank you again for joining us today. Homeownership represents the American Dream, a symbol of stability, hope, and prosperity. Yet for far too long, the journey to homeownership has been unnecessarily complicated, fragmented, and outdated. At Rocket, we see these barriers as opportunities to reimagine what the path to home can be. Over the past 18 months, we have made significant progress on our mission to help everyone home, thanks to the passion and hard work of our team members. We are committed to building the future of homeownership and removing the friction that stands in the way. In 2024, we delivered strong financial performance. Adjusted revenue grew 30% to $4.9 billion, marking our sixth consecutive quarter of year-over-year growth. Net rate lock volume rose 28% to $101 billion, and adjusted EBITDA margin expanded from 2% to 18%.
With deliberate investments in data and technology, we've strengthened our efficiency and capacity. This drive for efficiency is powered by AI. In 2024 alone, automation unlocked over 1 million team member hours in mortgage underwriting, allowing us to serve more clients with faster turnaround and higher productivity. We now support more than $150 billion in annual origination volume without any increases in fixed costs. In 2024, we executed a comprehensive brand refresh, unifying the Rocket brand and debuting our own The Dream, core creative idea at the Super Bowl. These efforts are raising brand awareness and helping us connect with the growth audiences who represent the next generation of homebuyers in America. Looking ahead, the acquisitions of Mr. Cooper and Redfin will accelerate our strategy. It all starts with the client.
By combining home search, origination, and servicing, we aim to provide a faster, more seamless experience that delivers significant cost savings through lower transaction fees and competitive mortgage rates. From a business perspective, these acquisitions further diversify our business model and enable growth in any rate environment. These acquisitions also triple the size of our data lake, creating valuable signals which fuel our AI platform, allowing us to innovate on the bleeding edge. On the integration front, we have dedicated teams who have been working diligently across 35 workstreams to ensure a smooth transition. We remain on track to close the Redfin acquisition on July 1st and to close the Mr. Cooper acquisition in the fourth quarter. After both all stock transactions close, our Class A public float will increase from about 7% to around 35%.
Finally, we announced the collapse of our UPSI, which will simplify our corporate structure and make our tax obligations and financial reporting easier to understand. We are at a pivotal moment. We are on the precipice of an exciting new chapter, one that builds on the legacy of this great Company and sets us up for incredible growth. I could not be more excited for what's ahead and for the value that we will create for our clients, partners, team members, and shareholders. Thank you for your trust and support, for believing in Rocket, and for being a part of this journey. I will turn it back over to Tina for the general Q&A portion of today's meeting.
Thank you, Varun. We've received one question. The question is, where do you see growth opportunities over the next five years?
Thank you for the question. The biggest future growth opportunity that we see is really grounded in purchase and AI. When you think about what sits beneath that, there are a couple of big building blocks. The first is to continue to invest and build out our broker platform, third-party origination. The second is to strengthen the top of funnel and really establish more relationships with consumers that are searching for homes and connecting with realtors. The third is to drive recapture by serving clients in our servicing book with new mortgage products and offerings. Those three building blocks create a growth opportunity for us that is very focused in purchase and then driving innovation with AI.
Great. Thank you. We didn't receive any other questions.
Great. Thank you, everyone. The question-and-answer session is now closed, and our program for the 2025 Annual Meeting is concluded. I want to express my appreciation to the stockholders who attended this meeting, as well as those who submitted their proxies but were not able to join today. Thank you.