Redfin Reports Fourth Quarter and Full Year 2024 Financial Results
Redfin (NASDAQ: RDFN) reported its Q4 and full-year 2024 financial results, showing mixed performance. Q4 revenue increased 12% year-over-year to $244.3 million, with gross profit up 12% to $81.9 million. However, the company posted a net loss of $36.4 million in Q4, wider than the $22.9 million loss in Q4 2023.
For full-year 2024, revenue grew 7% to $1,043.0 million, while net loss expanded to $164.8 million from $130.0 million in 2023. The company achieved a mortgage attach rate of 27% and maintained its position as the #1 brokerage website with 7x the traffic of competitors. The agent count grew 14% year-over-year to 1,927 in Q4.
Looking ahead to Q1 2025, Redfin expects revenue between $214-225 million and projects a net loss between $83-94 million. The company plans to increase advertising by 38% while targeting full-year adjusted-EBITDA profitability.
Redfin (NASDAQ: RDFN) ha riportato i risultati finanziari per il quarto trimestre e l'intero anno 2024, mostrando una performance mista. Le entrate del Q4 sono aumentate del 12% rispetto all'anno precedente, raggiungendo i 244,3 milioni di dollari, con un utile lordo in crescita del 12% a 81,9 milioni di dollari. Tuttavia, l'azienda ha registrato una perdita netta di 36,4 milioni di dollari nel Q4, più ampia rispetto alla perdita di 22,9 milioni di dollari nel Q4 2023.
Per l'intero anno 2024, le entrate sono cresciute del 7% a 1.043,0 milioni di dollari, mentre la perdita netta è aumentata a 164,8 milioni di dollari rispetto ai 130,0 milioni di dollari nel 2023. L'azienda ha raggiunto un tasso di attacco dei mutui del 27% e ha mantenuto la sua posizione come sito web di intermediazione numero 1 con 7 volte il traffico dei concorrenti. Il numero di agenti è aumentato del 14% anno su anno, raggiungendo 1.927 nel Q4.
Guardando al Q1 2025, Redfin prevede entrate tra i 214 e i 225 milioni di dollari e proietta una perdita netta tra gli 83 e i 94 milioni di dollari. L'azienda prevede di aumentare la pubblicità del 38% puntando alla redditività dell'EBITDA rettificato per l'intero anno.
Redfin (NASDAQ: RDFN) informó sobre sus resultados financieros del cuarto trimestre y del año completo 2024, mostrando un rendimiento mixto. Los ingresos del Q4 aumentaron un 12% interanual, alcanzando los 244,3 millones de dólares, con un beneficio bruto también en aumento del 12% a 81,9 millones de dólares. Sin embargo, la compañía reportó una pérdida neta de 36,4 millones de dólares en el Q4, mayor que la pérdida de 22,9 millones de dólares en el Q4 de 2023.
Para el año completo 2024, los ingresos crecieron un 7% a 1.043,0 millones de dólares, mientras que la pérdida neta se amplió a 164,8 millones de dólares desde los 130,0 millones de dólares en 2023. La compañía logró un tasa de vinculación de hipotecas del 27% y mantuvo su posición como el sitio web de corretaje número 1 con 7 veces más tráfico que sus competidores. El número de agentes creció un 14% interanual, alcanzando los 1.927 en el Q4.
De cara al Q1 2025, Redfin espera ingresos entre 214 y 225 millones de dólares y proyecta una pérdida neta entre 83 y 94 millones de dólares. La compañía planea aumentar la publicidad en un 38%, mientras apunta a la rentabilidad del EBITDA ajustado para el año completo.
레드핀 (NASDAQ: RDFN)은 2024년 4분기 및 연간 재무 결과를 발표하며 혼합된 성과를 보였습니다. 4분기 매출은 전년 대비 12% 증가하여 2억 4,430만 달러에 달했으며, 총 이익은 12% 증가하여 8,190만 달러에 이르렀습니다. 그러나 회사는 4분기에 3,640만 달러의 순손실을 기록하였으며, 이는 2023년 4분기의 2,290만 달러 손실보다 더 큰 수치입니다.
2024년 전체 연도에 대해 매출은 7% 증가하여 10억 4,300만 달러에 달했으며, 순손실은 2023년의 1억 3,000만 달러에서 1억 6,480만 달러로 확대되었습니다. 회사는 모기지 부착률 27%를 달성하였고, 경쟁사보다 7배 더 많은 트래픽을 기록하며 1위 중개 웹사이트로 자리잡았습니다. 에이전트 수는 전년 대비 14% 증가하여 4분기에는 1,927명에 달했습니다.
2025년 1분기를 바라보며, 레드핀은 매출을 2억 1,400만 달러에서 2억 2,500만 달러 사이로 예상하고 있으며, 순손실은 8,300만 달러에서 9,400만 달러 사이로 예측하고 있습니다. 회사는 광고를 38% 증가시킬 계획이며, 연간 조정 EBITDA 수익성을 목표로 하고 있습니다.
Redfin (NASDAQ: RDFN) a annoncé ses résultats financiers du quatrième trimestre et de l'année complète 2024, montrant une performance mitigée. Les revenus du Q4 ont augmenté de 12% par rapport à l'année précédente pour atteindre 244,3 millions de dollars, avec un bénéfice brut en hausse de 12% à 81,9 millions de dollars. Cependant, l'entreprise a enregistré une perte nette de 36,4 millions de dollars au Q4, plus importante que la perte de 22,9 millions de dollars au Q4 2023.
Pour l'année 2024, les revenus ont augmenté de 7% pour atteindre 1.043,0 millions de dollars, tandis que la perte nette s'est élargie à 164,8 millions de dollars contre 130,0 millions de dollars en 2023. L'entreprise a atteint un taux d'attachement des prêts hypothécaires de 27% et a maintenu sa position de site de courtage numéro 1 avec 7 fois le trafic de ses concurrents. Le nombre d'agents a augmenté de 14% d'une année sur l'autre, atteignant 1.927 au Q4.
En regardant vers le Q1 2025, Redfin prévoit des revenus compris entre 214 et 225 millions de dollars et projette une perte nette comprise entre 83 et 94 millions de dollars. L'entreprise prévoit d'augmenter la publicité de 38% tout en visant la rentabilité de l'EBITDA ajusté pour l'année complète.
Redfin (NASDAQ: RDFN) hat seine finanziellen Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht, die eine gemischte Leistung zeigen. Die Einnahmen im Q4 stiegen im Jahresvergleich um 12% auf 244,3 Millionen Dollar, während der Bruttogewinn um 12% auf 81,9 Millionen Dollar zunahm. Das Unternehmen verzeichnete jedoch einen Nettoverlust von 36,4 Millionen Dollar im Q4, was größer ist als der Verlust von 22,9 Millionen Dollar im Q4 2023.
Für das gesamte Jahr 2024 wuchsen die Einnahmen um 7% auf 1.043,0 Millionen Dollar, während der Nettoverlust auf 164,8 Millionen Dollar von 130,0 Millionen Dollar im Jahr 2023 anstieg. Das Unternehmen erreichte eine Hypothekenanbindungsrate von 27% und behauptete sich als die Nummer 1 der Makler-Websites mit dem 7-fachen Verkehr im Vergleich zu den Wettbewerbern. Die Anzahl der Agenten stieg im Jahresvergleich um 14% auf 1.927 im Q4.
Für das erste Quartal 2025 erwartet Redfin Einnahmen zwischen 214 und 225 Millionen Dollar und prognostiziert einen Nettoverlust zwischen 83 und 94 Millionen Dollar. Das Unternehmen plant, die Werbung um 38% zu erhöhen, während es auf die Rentabilität des bereinigten EBITDA für das gesamte Jahr abzielt.
- Q4 revenue increased 12% YoY to $244.3M
- Agent count up 14% YoY to 1,927
- Mortgage attach rate improved to 27% from 24%
- Loyalty sales increased to 38% from 36%
- Adjusted EBITDA improved to $2.9M from -$13.5M in Q4
- Q4 net loss widened to $36.4M from $22.9M YoY
- Full-year net loss increased to $164.8M from $130.0M
- Real estate services margin declined to 21.9% from 22.5%
- Q1 2025 guidance projects revenue decline up to 5%
- Expected Q1 2025 net loss of $83-94M
Insights
Redfin's Q4 2024 results demonstrate measured progress in a transformation year, with revenue increasing 12% year-over-year to $244.3 million and full-year revenue climbing 7% to $1.04 billion. The company achieved a significant milestone with positive Q4 adjusted EBITDA of $2.9 million, a substantial improvement from the
The company's strategic pivot to the commission-based Redfin Next model is showing early traction. While this transition incurred one-time costs, it has driven a 25% increase in agent headcount over six months and improved new agent performance metrics. This structural shift aligns Redfin's compensation model more closely with traditional brokerages while maintaining their technology advantages and lower commission rates.
The
However, investors should note concerning signals in the Q1 2025 guidance, which projects revenue between -5% and 0% year-over-year and continued substantial losses of
The
Redfin's path to sustainable profitability now depends on successfully scaling their agent force while maintaining margin discipline and effectively deploying their increased advertising budget to drive market share gains in what appears to be a gradually improving housing market environment.
Fourth Quarter 2024
Fourth quarter revenue was
Net loss was
Adjusted EBITDA was
Full Year 2024
Full year revenue was
Total net loss was
Adjusted EBITDA loss was
“After recording our fourth straight quarter of revenue growth, with profits improving year-over-year in every business segment, we’re headed into 2025 with more demand, and a bigger and better sales force,” said Redfin CEO Glenn Kelman. “We incurred one-time costs from the transition to paying Redfin agents entirely on commissions, but our agent census is now
Fourth Quarter and Full Year Highlights
- #1 brokerage website for 2024, with 7x the traffic of our next closest brokerage competitor.
-
Our agents and partners helped approximately 61,000 customers buy or sell a home in 2024, resulting in a market share of
0.76% ofU.S. existing home sales. -
Achieved mortgage attach rate (excluding cash transactions) of
27% for 2024, up from24% in 2023.1 -
Maintained momentum in loyalty sales, with
38% of sales coming from loyalty customers in the fourth quarter, compared to36% in the fourth quarter of 2023. - Welcomed 399 new Redfin agents in the fourth quarter following the nationwide expansion of Redfin Next. Redfin Next continues to attract high-quality talent and help existing Redfin agents thrive.
-
Average lead agents of 1,927 in the fourth quarter, up
14% compared to the fourth quarter of 2023 and marking Redfin’s third straight quarter of sequential agent growth. -
Increased participation in Redfin Teams, with more than 250 active teams nationwide and
31% of Redfin agents now belonging to a team. The program has improved agent performance in our pilot markets, including a13% lift in the number of web contacts who go on to close with Redfin within 90 days.
(1) Attach rate reflects total closed loans for Redfin buy-side customers divided by Redfin buy-side transactions with a mortgage (excluding cash transactions) for the period. We previously reported only the inclusive attach rate (includes cash transactions in the denominator), which was
Business Outlook
The following forward-looking statements reflect Redfin's expectations as of February 27, 2025, and are subject to substantial uncertainty.
For the first quarter of 2025 we expect:
-
Total revenue between
$214 million $225 million 0% compared to the first quarter of 2024. Included within total revenue are real estate services revenue between$126 million $131 million $49 million $51 million $27 million $30 million $8 million $4 million -
Total net loss is expected to be between
$94 million $83 million $40 million $21 million $24 million $15 million $9 million $6 million $39 million $32 million
Conference Call
Redfin will webcast a conference call to discuss the results at 1:30 p.m. Pacific Time today. The webcast will be open to the public at http://investors.redfin.com. The webcast will remain available on the investor relations website for at least three months following the conference call.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws, including our future operating results, as described under Business Outlook. We believe our expectations related to these forward-looking statements are reasonable, but actual results may turn out to be materially different. For factors that could cause actual results to differ materially from the forward-looking statements in this press release, please see the risks and uncertainties identified under the heading "Risk Factors" in our annual report for the year ended December 31, 2024, which is available on our Investor Relations website at http://investors.redfin.com and on the SEC website at www.sec.gov. All forward-looking statements reflect our beliefs and assumptions only as of the date of this press release. We undertake no obligation to update forward-looking statements to reflect future events or circumstances.
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than
Redfin-F
Redfin Corporation and Subsidiaries Consolidated Balance Sheets (in thousands, except share and per share amounts, unaudited) |
|||||||
|
December 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Assets |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
124,743 |
|
|
$ |
149,759 |
|
Restricted cash |
|
229 |
|
|
|
1,241 |
|
Short-term investments |
|
— |
|
|
|
41,952 |
|
Accounts receivable, net of allowances for credit losses of |
|
48,730 |
|
|
|
51,738 |
|
Loans held for sale |
|
152,426 |
|
|
|
159,587 |
|
Prepaid expenses |
|
26,853 |
|
|
|
33,296 |
|
Other current assets |
|
22,457 |
|
|
|
7,472 |
|
Total current assets |
|
375,438 |
|
|
|
445,045 |
|
Property and equipment, net |
|
41,302 |
|
|
|
46,431 |
|
Right-of-use assets, net |
|
23,713 |
|
|
|
31,763 |
|
Mortgage servicing rights, at fair value |
|
2,736 |
|
|
|
32,171 |
|
Long-term investments |
|
— |
|
|
|
3,149 |
|
Goodwill |
|
461,349 |
|
|
|
461,349 |
|
Intangible assets, net |
|
99,543 |
|
|
|
123,284 |
|
Other assets, noncurrent |
|
8,376 |
|
|
|
10,456 |
|
Total assets |
$ |
1,012,457 |
|
|
$ |
1,153,648 |
|
Liabilities, mezzanine equity, and stockholders' (deficit) equity |
|
|
|
||||
Current liabilities |
|
|
|
||||
Accounts payable |
$ |
16,847 |
|
|
$ |
10,507 |
|
Accrued and other liabilities |
|
82,709 |
|
|
|
90,360 |
|
Warehouse credit facilities |
|
146,629 |
|
|
|
151,964 |
|
Convertible senior notes, net |
|
73,516 |
|
|
|
— |
|
Lease liabilities |
|
12,862 |
|
|
|
15,609 |
|
Total current liabilities |
|
332,563 |
|
|
|
268,440 |
|
Lease liabilities, noncurrent |
|
19,855 |
|
|
|
29,084 |
|
Convertible senior notes, net, noncurrent |
|
498,691 |
|
|
|
688,737 |
|
Term loan |
|
243,344 |
|
|
|
124,416 |
|
Deferred tax liabilities |
|
672 |
|
|
|
264 |
|
Total liabilities |
|
1,095,125 |
|
|
|
1,110,941 |
|
Series A convertible preferred stock—par value |
|
— |
|
|
|
39,959 |
|
Stockholders’ (deficit) equity |
|
|
|
||||
Common stock—par value |
|
126 |
|
|
|
117 |
|
Additional paid-in capital |
|
905,506 |
|
|
|
826,146 |
|
Accumulated other comprehensive loss |
|
(166 |
) |
|
|
(182 |
) |
Accumulated deficit |
|
(988,134 |
) |
|
|
(823,333 |
) |
Total stockholders’ (deficit) equity |
|
(82,668 |
) |
|
|
2,748 |
|
Total liabilities, mezzanine equity, and stockholders’ (deficit) equity |
$ |
1,012,457 |
|
|
$ |
1,153,648 |
|
Redfin Corporation and Subsidiaries Consolidated Statements of Comprehensive Loss (in thousands, except share and per share amounts, unaudited) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
|
244,282 |
|
|
|
218,077 |
|
|
|
1,042,979 |
|
|
|
976,672 |
|
Cost of revenue(1) |
|
162,342 |
|
|
|
144,926 |
|
|
|
678,778 |
|
|
|
646,853 |
|
Gross profit |
|
81,940 |
|
|
|
73,151 |
|
|
|
364,201 |
|
|
|
329,819 |
|
Operating expenses |
|
|
|
|
|
|
|
||||||||
Technology and development(1) |
|
34,951 |
|
|
|
44,098 |
|
|
|
163,927 |
|
|
|
183,294 |
|
Marketing(1) |
|
22,157 |
|
|
|
20,332 |
|
|
|
114,481 |
|
|
|
117,863 |
|
General and administrative(1) |
|
53,998 |
|
|
|
52,206 |
|
|
|
235,364 |
|
|
|
238,790 |
|
Restructuring and reorganization |
|
952 |
|
|
|
768 |
|
|
|
5,684 |
|
|
|
7,927 |
|
Total operating expenses |
|
112,058 |
|
|
|
117,404 |
|
|
|
519,456 |
|
|
|
547,874 |
|
Loss from continuing operations |
|
(30,118 |
) |
|
|
(44,253 |
) |
|
|
(155,255 |
) |
|
|
(218,055 |
) |
Interest income |
|
1,216 |
|
|
|
2,362 |
|
|
|
6,348 |
|
|
|
10,532 |
|
Interest expense |
|
(8,283 |
) |
|
|
(4,233 |
) |
|
|
(27,780 |
) |
|
|
(9,524 |
) |
Income tax benefit (expense) |
|
905 |
|
|
|
(97 |
) |
|
|
530 |
|
|
|
(979 |
) |
Gain on extinguishment of convertible senior notes |
|
— |
|
|
|
25,171 |
|
|
|
12,000 |
|
|
|
94,019 |
|
Other expense, net |
|
(85 |
) |
|
|
(1,848 |
) |
|
|
(644 |
) |
|
|
(2,385 |
) |
Net loss from continuing operations |
|
(36,365 |
) |
|
|
(22,898 |
) |
|
|
(164,801 |
) |
|
|
(126,392 |
) |
Net loss from discontinued operations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,634 |
) |
Net loss |
$ |
(36,365 |
) |
|
$ |
(22,898 |
) |
|
$ |
(164,801 |
) |
|
$ |
(130,026 |
) |
|
|
|
|
|
|
|
|
||||||||
Dividends on convertible preferred stock |
|
(367 |
) |
|
|
(216 |
) |
|
|
(1,073 |
) |
|
|
(1,074 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss from continuing operations attributable to common stock—basic and diluted |
$ |
(36,732 |
) |
|
$ |
(23,114 |
) |
|
$ |
(165,874 |
) |
|
$ |
(127,466 |
) |
Net loss attributable to common stock—basic and diluted |
$ |
(36,732 |
) |
|
$ |
(23,114 |
) |
|
$ |
(165,874 |
) |
|
$ |
(131,100 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss from continuing operations per share attributable to common stock—basic and diluted |
$ |
(0.29 |
) |
|
$ |
(0.20 |
) |
|
$ |
(1.36 |
) |
|
$ |
(1.13 |
) |
Net loss per share attributable to common stock—basic and diluted |
$ |
(0.29 |
) |
|
$ |
(0.20 |
) |
|
$ |
(1.36 |
) |
|
$ |
(1.16 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted average shares of common stock—basic and diluted |
|
125,027,643 |
|
|
|
116,154,001 |
|
|
|
121,677,971 |
|
|
|
113,152,752 |
|
|
|
|
|
|
|
|
|
||||||||
Net loss |
$ |
(36,365 |
) |
|
$ |
(22,898 |
) |
|
$ |
(164,801 |
) |
|
$ |
(130,026 |
) |
Other comprehensive (loss) income |
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments |
|
(27 |
) |
|
|
2 |
|
|
|
(24 |
) |
|
|
(71 |
) |
Unrealized gain on available-for-sale securities |
|
— |
|
|
|
73 |
|
|
|
40 |
|
|
|
690 |
|
Comprehensive loss |
$ |
(36,392 |
) |
|
$ |
(22,823 |
) |
|
$ |
(164,785 |
) |
|
$ |
(129,407 |
) |
(1) Includes stock-based compensation as follows: |
|||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Cost of revenue |
$ |
2,577 |
|
$ |
2,741 |
|
$ |
11,180 |
|
$ |
12,914 |
Technology and development |
|
8,247 |
|
|
8,352 |
|
|
34,339 |
|
|
33,111 |
Marketing |
|
1,116 |
|
|
1,312 |
|
|
5,027 |
|
|
5,148 |
General and administrative |
|
5,277 |
|
|
3,148 |
|
|
20,613 |
|
|
19,528 |
Total |
$ |
17,217 |
|
$ |
15,553 |
|
$ |
71,159 |
|
$ |
70,701 |
Redfin Corporation and Subsidiaries Consolidated Statements of Cash Flows (in thousands, unaudited) |
|||||||
|
Year Ended December 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Operating Activities |
|
|
|
||||
Net loss |
$ |
(164,801 |
) |
|
$ |
(130,026 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
42,768 |
|
|
|
62,851 |
|
Stock-based compensation |
|
71,159 |
|
|
|
70,935 |
|
Amortization of debt discount and issuance costs |
|
3,116 |
|
|
|
3,620 |
|
Non-cash lease expense |
|
11,815 |
|
|
|
16,269 |
|
Impairment costs |
|
— |
|
|
|
1,948 |
|
Net (gain) loss on IRLCs, forward sales commitments, and loans held for sale |
|
(19 |
) |
|
|
(1,992 |
) |
Change in fair value of mortgage servicing rights, net |
|
(892 |
) |
|
|
3,198 |
|
Gain on extinguishment of convertible senior notes |
|
(12,000 |
) |
|
|
(94,019 |
) |
Other |
|
644 |
|
|
|
(2,113 |
) |
Change in assets and liabilities: |
|
|
|
||||
Accounts receivable, net |
|
2,864 |
|
|
|
3,286 |
|
Inventory |
|
— |
|
|
|
114,232 |
|
Prepaid expenses and other assets |
|
(8,229 |
) |
|
|
6,004 |
|
Accounts payable |
|
6,371 |
|
|
|
(1,323 |
) |
Accrued and other liabilities, deferred tax liabilities, and payroll tax liabilities, noncurrent |
|
(5,401 |
) |
|
|
(19,085 |
) |
Lease liabilities |
|
(15,682 |
) |
|
|
(18,998 |
) |
Origination of mortgage servicing rights |
|
(255 |
) |
|
|
(565 |
) |
Proceeds from sale of mortgage servicing rights |
|
30,582 |
|
|
|
1,457 |
|
Origination of loans held for sale |
|
(3,979,765 |
) |
|
|
(3,525,987 |
) |
Proceeds from sale of loans originated as held for sale |
|
3,985,418 |
|
|
|
3,567,066 |
|
Net cash (used in) provided by operating activities |
|
(32,307 |
) |
|
|
56,758 |
|
Investing activities |
|
|
|
||||
Purchases of property and equipment |
|
(11,209 |
) |
|
|
(12,056 |
) |
Purchases of investments |
|
— |
|
|
|
(76,866 |
) |
Sales of investments |
|
39,225 |
|
|
|
124,681 |
|
Maturities of investments |
|
6,395 |
|
|
|
61,723 |
|
Net cash provided by investing activities |
|
34,411 |
|
|
|
97,482 |
|
Financing activities |
|
|
|
||||
Redemption of convertible preferred stock, net of issuance costs |
|
(40,000 |
) |
|
|
— |
|
Payment of dividends on convertible preferred stock |
|
(367 |
) |
|
|
— |
|
Proceeds from the issuance of common stock pursuant to employee equity plans |
|
6,558 |
|
|
|
9,613 |
|
Tax payments related to net share settlements on restricted stock units |
|
(2,284 |
) |
|
|
(16,348 |
) |
Borrowings from warehouse credit facilities |
|
4,016,909 |
|
|
|
3,532,119 |
|
Repayments to warehouse credit facilities |
|
(4,022,245 |
) |
|
|
(3,570,664 |
) |
Principal payments under finance lease obligations |
|
(56 |
) |
|
|
(89 |
) |
Repurchases of convertible senior notes |
|
(106,953 |
) |
|
|
(241,808 |
) |
Repayments of convertible senior notes |
|
— |
|
|
|
(23,512 |
) |
Repayment of term loan principal |
|
(2,188 |
) |
|
|
(313 |
) |
Extinguishment of convertible senior notes associated with closing of term loan |
|
— |
|
|
|
(57,075 |
) |
Payments of debt issuance costs |
|
(2,482 |
) |
|
|
(2,338 |
) |
Proceeds from term loan |
|
125,000 |
|
|
|
125,000 |
|
Net cash used in financing activities |
|
(28,108 |
) |
|
|
(245,415 |
) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
|
(24 |
) |
|
|
(71 |
) |
Net change in cash, cash equivalents, and restricted cash |
|
(26,028 |
) |
|
|
(91,246 |
) |
Cash, cash equivalents, and restricted cash: |
|
|
|
||||
Beginning of period |
|
151,000 |
|
|
|
242,246 |
|
End of period |
$ |
124,972 |
|
|
$ |
151,000 |
|
Redfin Corporation and Subsidiaries Supplemental Financial Information and Business Metrics (unaudited) |
|||||||||||||||||||||||||||||||
|
Three Months Ended |
||||||||||||||||||||||||||||||
|
Dec. 31, 2024 |
|
Sep. 30, 2024 |
|
Jun. 30, 2024 |
|
Mar. 31, 2024 |
|
Dec. 31, 2023 |
|
Sep. 30, 2023 |
|
Jun. 30, 2023 |
|
Mar. 31, 2023 |
||||||||||||||||
Monthly average visitors (in thousands) |
|
42,680 |
|
|
|
49,413 |
|
|
|
51,619 |
|
|
|
48,803 |
|
|
|
43,861 |
|
|
|
51,309 |
|
|
|
52,308 |
|
|
|
50,440 |
|
Real estate services transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Brokerage |
|
11,441 |
|
|
|
13,324 |
|
|
|
14,178 |
|
|
|
10,039 |
|
|
|
10,152 |
|
|
|
13,075 |
|
|
|
13,716 |
|
|
|
10,301 |
|
Partner |
|
2,922 |
|
|
|
3,440 |
|
|
|
3,395 |
|
|
|
2,691 |
|
|
|
3,186 |
|
|
|
4,351 |
|
|
|
3,952 |
|
|
|
3,187 |
|
Total |
|
14,363 |
|
|
|
16,764 |
|
|
|
17,573 |
|
|
|
12,730 |
|
|
|
13,338 |
|
|
|
17,426 |
|
|
|
17,668 |
|
|
|
13,488 |
|
Real estate services revenue per transaction |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Brokerage |
$ |
12,249 |
|
|
$ |
12,363 |
|
|
$ |
12,545 |
|
|
$ |
12,433 |
|
|
$ |
12,248 |
|
|
$ |
12,704 |
|
|
$ |
12,376 |
|
|
$ |
11,556 |
|
Partner |
|
3,027 |
|
|
|
3,025 |
|
|
|
2,859 |
|
|
|
2,367 |
|
|
|
2,684 |
|
|
|
2,677 |
|
|
|
2,756 |
|
|
|
2,592 |
|
Aggregate |
|
10,373 |
|
|
|
10,447 |
|
|
|
10,674 |
|
|
|
10,305 |
|
|
|
9,963 |
|
|
|
10,200 |
|
|
|
10,224 |
|
|
|
9,438 |
|
U.S. market share by units(1) |
|
0.72 |
% |
|
|
0.76 |
% |
|
|
0.77 |
% |
|
|
0.77 |
% |
|
|
0.72 |
% |
|
|
0.78 |
% |
|
|
0.75 |
% |
|
|
0.79 |
% |
Revenue from top-10 Redfin markets as a percentage of real estate services revenue |
|
56 |
% |
|
|
56 |
% |
|
|
56 |
% |
|
|
55 |
% |
|
|
55 |
% |
|
|
56 |
% |
|
|
55 |
% |
|
|
53 |
% |
Average number of lead agents |
|
1,927 |
|
|
|
1,757 |
|
|
|
1,719 |
|
|
|
1,658 |
|
|
|
1,692 |
|
|
|
1,744 |
|
|
|
1,792 |
|
|
|
1,876 |
|
Mortgage originations by dollars (in millions) |
$ |
1,035 |
|
|
$ |
1,214 |
|
|
$ |
1,338 |
|
|
$ |
969 |
|
|
$ |
885 |
|
|
$ |
1,110 |
|
|
$ |
1,282 |
|
|
$ |
991 |
|
Mortgage originations by units (in ones) |
|
2,434 |
|
|
|
2,900 |
|
|
|
3,192 |
|
|
|
2,365 |
|
|
|
2,293 |
|
|
|
2,786 |
|
|
|
3,131 |
|
|
|
2,444 |
|
|
Year Ended December 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Monthly average visitors (in thousands) |
|
48,129 |
|
|
|
49,479 |
|
Real estate services transactions |
|
|
|
||||
Brokerage |
|
48,982 |
|
|
|
47,244 |
|
Partner |
|
12,448 |
|
|
|
14,676 |
|
Total |
|
61,430 |
|
|
|
61,920 |
|
Real estate services revenue per transaction |
|
|
|
||||
Brokerage |
$ |
12,403 |
|
|
$ |
12,260 |
|
Partner |
|
2,838 |
|
|
|
2,681 |
|
Aggregate |
|
10,465 |
|
|
|
9,990 |
|
U.S. market share by units(1) |
|
0.76 |
% |
|
|
0.76 |
% |
Revenue from top-10 markets as a percentage of real estate services revenue |
|
56 |
% |
|
|
55 |
% |
Average number of lead agents |
|
1,765 |
|
|
|
1,776 |
|
Mortgage originations by dollars (in millions) |
$ |
4,556 |
|
|
$ |
4,268 |
|
Mortgage originations by units (in ones) |
|
10,891 |
|
|
|
10,654 |
|
(1) Prior to the second quarter of 2022, we reported our U.S. market share based on the aggregate home value of our real estate services transactions, relative to the aggregate value of all |
|||||||
Redfin Corporation and Subsidiaries Segment Reporting and Reconciliation of Adjusted EBITDA to Net Income (Loss) (unaudited, in thousands) |
|||||||||||||||||||||||||
|
Three Months Ended December 31, 2024 |
||||||||||||||||||||||||
|
Real estate services |
|
Rentals |
|
Mortgage |
|
Title |
|
Monetization |
|
Corporate overhead |
|
Total |
||||||||||||
Revenue |
$ |
148,982 |
|
|
$ |
51,634 |
|
|
$ |
30,210 |
|
|
$ |
9,097 |
|
$ |
4,359 |
|
$ |
— |
|
|
$ |
244,282 |
|
Cost of revenue |
|
116,315 |
|
|
|
12,271 |
|
|
|
26,910 |
|
|
|
6,718 |
|
|
128 |
|
|
— |
|
|
|
162,342 |
|
Gross profit |
|
32,667 |
|
|
|
39,363 |
|
|
|
3,300 |
|
|
|
2,379 |
|
|
4,231 |
|
|
— |
|
|
|
81,940 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Technology and development |
|
20,914 |
|
|
|
11,438 |
|
|
|
696 |
|
|
|
114 |
|
|
755 |
|
|
1,034 |
|
|
|
34,951 |
|
Marketing |
|
10,022 |
|
|
|
11,353 |
|
|
|
767 |
|
|
|
14 |
|
|
— |
|
|
1 |
|
|
|
22,157 |
|
General and administrative |
|
17,616 |
|
|
|
21,653 |
|
|
|
6,341 |
|
|
|
794 |
|
|
662 |
|
|
6,932 |
|
|
|
53,998 |
|
Restructuring and reorganization |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
952 |
|
|
|
952 |
|
Total operating expenses |
|
48,552 |
|
|
|
44,444 |
|
|
|
7,804 |
|
|
|
922 |
|
|
1,417 |
|
|
8,919 |
|
|
|
112,058 |
|
(Loss) income from continuing operations |
|
(15,885 |
) |
|
|
(5,081 |
) |
|
|
(4,504 |
) |
|
|
1,457 |
|
|
2,814 |
|
|
(8,919 |
) |
|
|
(30,118 |
) |
Interest income, interest expense, income tax benefit, gain on extinguishment of convertible senior notes, and other expense, net |
|
(31 |
) |
|
|
132 |
|
|
|
(6 |
) |
|
|
220 |
|
63 |
|
|
(6,625 |
) |
|
|
(6,247 |
) |
|
Net (loss) income from continuing operations |
$ |
(15,916 |
) |
|
$ |
(4,949 |
) |
|
$ |
(4,510 |
) |
|
$ |
1,677 |
|
$ |
2,877 |
|
$ |
(15,544 |
) |
|
$ |
(36,365 |
) |
|
Three Months Ended December 31, 2024 |
||||||||||||||||||||||||||
|
Real estate services |
|
Rentals |
|
Mortgage |
|
Title |
|
Monetization |
|
Corporate overhead |
|
Total |
||||||||||||||
Net (loss) income from continuing operations |
$ |
(15,916 |
) |
|
$ |
(4,949 |
) |
|
$ |
(4,510 |
) |
|
$ |
1,677 |
|
|
$ |
2,877 |
|
|
$ |
(15,544 |
) |
|
$ |
(36,365 |
) |
Interest income(1) |
|
(27 |
) |
|
|
(132 |
) |
|
|
(3,199 |
) |
|
|
(220 |
) |
|
|
(63 |
) |
|
|
(775 |
) |
|
|
(4,416 |
) |
Interest expense(2) |
|
— |
|
|
|
— |
|
|
|
2,962 |
|
|
|
— |
|
|
|
— |
|
|
|
8,276 |
|
|
|
11,238 |
|
Income tax expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(905 |
) |
|
|
(905 |
) |
Depreciation and amortization |
|
3,143 |
|
|
|
5,150 |
|
|
|
881 |
|
|
|
28 |
|
|
|
87 |
|
|
|
140 |
|
|
|
9,429 |
|
Stock-based compensation(3) |
|
10,177 |
|
|
|
3,465 |
|
|
|
375 |
|
|
|
284 |
|
|
|
304 |
|
|
|
2,612 |
|
|
|
17,217 |
|
Restructuring and reorganization(4) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
952 |
|
|
|
952 |
|
Adjusted EBITDA |
$ |
(2,623 |
) |
|
$ |
3,534 |
|
|
$ |
(3,491 |
) |
|
$ |
1,769 |
|
|
$ |
3,205 |
|
|
$ |
(5,244 |
) |
|
$ |
(2,850 |
) |
(1) Interest income includes |
|||||||||||||||||||||||||||
(2) Interest expense includes |
|||||||||||||||||||||||||||
(3) Stock-based compensation consists of expenses related to restricted stock units and our employee stock purchase program. |
|||||||||||||||||||||||||||
(4) Restructuring and reorganization expenses primarily consist of personnel-related costs associated with employee terminations, furloughs, or retention due to the restructuring and reorganization activities. |
|||||||||||||||||||||||||||
|
Three Months Ended December 31, 2023 |
|||||||||||||||||||||||||
|
Real estate services |
|
Rentals |
|
Mortgage |
|
Title |
|
Monetization |
|
Corporate overhead |
|
Total |
|||||||||||||
Revenue |
$ |
132,890 |
|
|
$ |
49,176 |
|
|
$ |
26,270 |
|
|
$ |
5,759 |
|
|
$ |
3,982 |
|
$ |
— |
|
|
$ |
218,077 |
|
Cost of revenue |
|
103,000 |
|
|
|
11,070 |
|
|
|
25,070 |
|
|
|
5,633 |
|
|
|
153 |
|
|
— |
|
|
|
144,926 |
|
Gross profit |
|
29,890 |
|
|
|
38,106 |
|
|
|
1,200 |
|
|
|
126 |
|
|
|
3,829 |
|
|
— |
|
|
|
73,151 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Technology and development |
|
25,551 |
|
|
|
15,853 |
|
|
|
694 |
|
|
|
91 |
|
|
|
938 |
|
|
971 |
|
|
|
44,098 |
|
Marketing |
|
7,897 |
|
|
|
11,443 |
|
|
|
942 |
|
|
|
13 |
|
|
|
1 |
|
|
36 |
|
|
|
20,332 |
|
General and administrative |
|
17,854 |
|
|
|
20,807 |
|
|
|
4,689 |
|
|
|
672 |
|
|
|
296 |
|
|
7,888 |
|
|
|
52,206 |
|
Restructuring and reorganization |
|
— |
|
|
|
503 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
265 |
|
|
|
768 |
|
Total operating expenses |
|
51,302 |
|
|
|
48,606 |
|
|
|
6,325 |
|
|
|
776 |
|
|
|
1,235 |
|
|
9,160 |
|
|
|
117,404 |
|
(Loss) income from continuing operations |
|
(21,412 |
) |
|
|
(10,500 |
) |
|
|
(5,125 |
) |
|
|
(650 |
) |
|
|
2,594 |
|
|
(9,160 |
) |
|
|
(44,253 |
) |
Interest income, interest expense, income tax benefit, gain on extinguishment of convertible senior notes, and other expense, net |
|
18 |
|
|
|
100 |
|
|
|
(168 |
) |
|
|
131 |
|
|
|
106 |
|
|
21,168 |
|
|
|
21,355 |
|
Net (loss) income from continuing operations |
$ |
(21,394 |
) |
|
$ |
(10,400 |
) |
|
$ |
(5,293 |
) |
|
$ |
(519 |
) |
|
$ |
2,700 |
|
$ |
12,008 |
|
|
$ |
(22,898 |
) |
|
Three Months Ended December 31, 2023 |
||||||||||||||||||||||||||
|
Real estate services |
|
Rentals |
|
Mortgage |
|
Title |
|
Monetization |
|
Corporate overhead |
|
Total |
||||||||||||||
Net (loss) income from continuing operations |
$ |
(21,394 |
) |
|
$ |
(10,400 |
) |
|
$ |
(5,293 |
) |
|
$ |
(519 |
) |
|
$ |
2,700 |
|
|
$ |
12,008 |
|
|
$ |
(22,898 |
) |
Interest income(1) |
|
(18 |
) |
|
|
(100 |
) |
|
|
(2,176 |
) |
|
|
(131 |
) |
|
|
(106 |
) |
|
|
(2,007 |
) |
|
|
(4,538 |
) |
Interest expense(2) |
|
— |
|
|
|
— |
|
|
|
2,318 |
|
|
|
— |
|
|
|
— |
|
|
|
4,132 |
|
|
|
6,450 |
|
Income tax expense |
|
— |
|
|
|
— |
|
|
|
68 |
|
|
|
— |
|
|
|
— |
|
|
|
29 |
|
|
|
97 |
|
Depreciation and amortization |
|
3,201 |
|
|
|
9,808 |
|
|
|
935 |
|
|
|
28 |
|
|
|
218 |
|
|
|
255 |
|
|
|
14,445 |
|
Stock-based compensation(3) |
|
10,961 |
|
|
|
3,073 |
|
|
|
(1,088 |
) |
|
|
217 |
|
|
|
333 |
|
|
|
2,057 |
|
|
|
15,553 |
|
Restructuring and reorganization(4) |
|
— |
|
|
|
503 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
265 |
|
|
|
768 |
|
Impairment(5) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,835 |
|
|
|
1,835 |
|
Gain on extinguishment of convertible senior notes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(25,171 |
) |
|
|
(25,171 |
) |
Adjusted EBITDA |
$ |
(7,250 |
) |
|
$ |
2,884 |
|
|
$ |
(5,236 |
) |
|
$ |
(405 |
) |
|
$ |
3,145 |
|
|
$ |
(6,597 |
) |
|
$ |
(13,459 |
) |
(1) Interest income includes |
|||||||||||||||||||||||||||
(2) Interest expense includes |
|||||||||||||||||||||||||||
(3) Stock-based compensation consists of expenses related to stock options, restricted stock units, and our employee stock purchase program. |
|||||||||||||||||||||||||||
(4) Restructuring and reorganization expenses primarily consist of personnel-related costs associated with employee terminations, furloughs, or retention due to the restructuring and reorganization activities. |
|||||||||||||||||||||||||||
(5) Impairment consists of an impairment loss due to subleasing one of our operating leases. |
|||||||||||||||||||||||||||
|
Year Ended December 31, 2024 |
||||||||||||||||||||||||
|
Real estate services |
|
Rentals |
|
Mortgage |
|
Title |
|
Monetization |
|
Corporate overhead |
|
Total |
||||||||||||
Revenue |
$ |
642,867 |
|
|
$ |
203,739 |
|
|
$ |
139,829 |
|
|
$ |
37,509 |
|
$ |
19,035 |
|
$ |
— |
|
|
$ |
1,042,979 |
|
Cost of revenue |
|
487,513 |
|
|
|
47,724 |
|
|
|
115,556 |
|
|
|
27,024 |
|
|
961 |
|
|
— |
|
|
|
678,778 |
|
Gross profit |
|
155,354 |
|
|
|
156,015 |
|
|
|
24,273 |
|
|
|
10,485 |
|
|
18,074 |
|
|
— |
|
|
|
364,201 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Technology and development |
|
105,268 |
|
|
|
48,015 |
|
|
|
2,727 |
|
|
|
448 |
|
|
3,107 |
|
|
4,362 |
|
|
|
163,927 |
|
Marketing |
|
57,961 |
|
|
|
53,490 |
|
|
|
2,988 |
|
|
|
37 |
|
|
4 |
|
|
1 |
|
|
|
114,481 |
|
General and administrative |
|
74,794 |
|
|
|
88,447 |
|
|
|
25,428 |
|
|
|
3,215 |
|
|
1,520 |
|
|
41,960 |
|
|
|
235,364 |
|
Restructuring and reorganization |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
5,684 |
|
|
|
5,684 |
|
Total operating expenses |
|
238,023 |
|
|
|
189,952 |
|
|
|
31,143 |
|
|
|
3,700 |
|
|
4,631 |
|
|
52,007 |
|
|
|
519,456 |
|
(Loss) income from continuing operations |
|
(82,669 |
) |
|
|
(33,937 |
) |
|
|
(6,870 |
) |
|
|
6,785 |
|
|
13,443 |
|
|
(52,007 |
) |
|
|
(155,255 |
) |
Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net |
|
(25 |
) |
|
|
197 |
|
|
|
(2,968 |
) |
|
|
690 |
|
|
283 |
|
|
(7,723 |
) |
|
|
(9,546 |
) |
Net (loss) income from continuing operations |
$ |
(82,694 |
) |
|
$ |
(33,740 |
) |
|
$ |
(9,838 |
) |
|
$ |
7,475 |
|
$ |
13,726 |
|
$ |
(59,730 |
) |
|
$ |
(164,801 |
) |
|
Year ended December 31, 2024 |
||||||||||||||||||||||||||
|
Real estate services |
|
Rentals |
|
Mortgage |
|
Title |
|
Monetization |
|
Corporate overhead |
|
Total |
||||||||||||||
Net (loss) income from continuing operations |
$ |
(82,694 |
) |
|
$ |
(33,740 |
) |
|
$ |
(9,838 |
) |
|
$ |
7,475 |
|
|
$ |
13,726 |
|
|
$ |
(59,730 |
) |
|
$ |
(164,801 |
) |
Interest income(1) |
|
(67 |
) |
|
|
(365 |
) |
|
|
(11,615 |
) |
|
|
(690 |
) |
|
|
(283 |
) |
|
|
(4,944 |
) |
|
|
(17,964 |
) |
Interest expense(2) |
|
— |
|
|
|
— |
|
|
|
14,208 |
|
|
|
— |
|
|
|
— |
|
|
|
24,798 |
|
|
|
39,006 |
|
Income tax expense |
|
— |
|
|
|
109 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(639 |
) |
|
|
(530 |
) |
Depreciation and amortization |
|
12,445 |
|
|
|
25,038 |
|
|
|
3,660 |
|
|
|
109 |
|
|
|
673 |
|
|
|
843 |
|
|
|
42,768 |
|
Stock-based compensation(3) |
|
44,423 |
|
|
|
13,443 |
|
|
|
1,038 |
|
|
|
1,119 |
|
|
|
1,157 |
|
|
|
9,979 |
|
|
|
71,159 |
|
Restructuring and reorganization(4) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,684 |
|
|
|
5,684 |
|
Gain on extinguishment of convertible senior notes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(12,000 |
) |
|
|
(12,000 |
) |
Legal contingencies(5) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,154 |
|
|
|
10,154 |
|
Adjusted EBITDA |
$ |
(25,893 |
) |
|
$ |
4,485 |
|
|
$ |
(2,547 |
) |
|
$ |
8,013 |
|
|
$ |
15,273 |
|
|
$ |
(25,855 |
) |
|
$ |
(26,524 |
) |
(1) Interest income includes |
|||||||||||||||||||||||||||
(2) Interest expense includes |
|||||||||||||||||||||||||||
(3) Stock-based compensation consists of expenses related to stock options, restricted stock units, and our employee stock purchase program. |
|||||||||||||||||||||||||||
(4) Restructuring and reorganization expenses primarily consist of personnel-related costs associated with employee terminations, furloughs, or retention due to the restructuring and reorganization activities. |
|||||||||||||||||||||||||||
(5) Legal contingencies includes expenses related to material contingent liabilities resulting from litigation or other legal proceedings. |
|||||||||||||||||||||||||||
|
Year Ended December 31, 2023 |
|||||||||||||||||||||||||
|
Real estate services |
|
Rentals |
|
Mortgage |
|
Title |
|
Monetization |
|
Corporate overhead |
|
Total |
|||||||||||||
Revenue(1) |
$ |
618,577 |
|
|
$ |
184,812 |
|
|
$ |
134,108 |
|
|
$ |
25,095 |
|
|
$ |
14,080 |
|
$ |
— |
|
|
$ |
976,672 |
|
Cost of revenue |
|
462,625 |
|
|
|
42,086 |
|
|
|
118,178 |
|
|
|
23,335 |
|
|
|
629 |
|
|
— |
|
|
|
646,853 |
|
Gross profit |
|
155,952 |
|
|
|
142,726 |
|
|
|
15,930 |
|
|
|
1,760 |
|
|
|
13,451 |
|
|
— |
|
|
|
329,819 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Technology and development |
|
108,201 |
|
|
|
63,934 |
|
|
|
2,871 |
|
|
|
510 |
|
|
|
3,994 |
|
|
3,784 |
|
|
|
183,294 |
|
Marketing |
|
59,746 |
|
|
|
53,952 |
|
|
|
4,064 |
|
|
|
54 |
|
|
|
6 |
|
|
41 |
|
|
|
117,863 |
|
General and administrative |
|
76,851 |
|
|
|
94,252 |
|
|
|
25,012 |
|
|
|
2,776 |
|
|
|
1,241 |
|
|
38,658 |
|
|
|
238,790 |
|
Restructuring and reorganization |
|
— |
|
|
|
503 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
7,424 |
|
|
|
7,927 |
|
Total operating expenses |
|
244,798 |
|
|
|
212,641 |
|
|
|
31,947 |
|
|
|
3,340 |
|
|
|
5,241 |
|
|
49,907 |
|
|
|
547,874 |
|
(Loss) income from continuing operations |
|
(88,846 |
) |
|
|
(69,915 |
) |
|
|
(16,017 |
) |
|
|
(1,580 |
) |
|
|
8,210 |
|
|
(49,907 |
) |
|
|
(218,055 |
) |
Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net |
|
59 |
|
|
|
215 |
|
|
|
(392 |
) |
|
|
348 |
|
|
|
364 |
|
|
91,069 |
|
|
|
91,663 |
|
Net (loss) income from continuing operations |
$ |
(88,787 |
) |
|
$ |
(69,700 |
) |
|
$ |
(16,409 |
) |
|
$ |
(1,232 |
) |
|
$ |
8,574 |
|
$ |
41,162 |
|
|
$ |
(126,392 |
) |
(1) Included in revenue is |
||||||||||||||||||||||||||
|
Year ended December 31, 2023 |
||||||||||||||||||||||||||
|
Real estate services |
|
Rentals |
|
Mortgage |
|
Title |
|
Monetization |
|
Corporate overhead |
|
Total |
||||||||||||||
Net (loss) income from continuing operations |
$ |
(88,787 |
) |
|
$ |
(69,700 |
) |
|
$ |
(16,409 |
) |
|
$ |
(1,232 |
) |
|
$ |
8,574 |
|
|
$ |
41,162 |
|
|
$ |
(126,392 |
) |
Interest income(1) |
|
(59 |
) |
|
|
(338 |
) |
|
|
(11,238 |
) |
|
|
(348 |
) |
|
|
(364 |
) |
|
|
(9,407 |
) |
|
|
(21,754 |
) |
Interest expense(2) |
|
— |
|
|
|
— |
|
|
|
12,055 |
|
|
|
— |
|
|
|
— |
|
|
|
9,417 |
|
|
|
21,472 |
|
Income tax expense |
|
— |
|
|
|
123 |
|
|
|
289 |
|
|
|
— |
|
|
|
— |
|
|
|
567 |
|
|
|
979 |
|
Depreciation and amortization |
|
16,020 |
|
|
|
39,876 |
|
|
|
3,864 |
|
|
|
137 |
|
|
|
865 |
|
|
|
2,000 |
|
|
|
62,762 |
|
Stock-based compensation(3) |
|
44,002 |
|
|
|
14,653 |
|
|
|
1,466 |
|
|
|
885 |
|
|
|
1,361 |
|
|
|
8,334 |
|
|
|
70,701 |
|
Acquisition-related costs(4) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8 |
|
|
|
8 |
|
Restructuring and reorganization(5) |
|
— |
|
|
|
503 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,424 |
|
|
|
7,927 |
|
Impairment(6) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,948 |
|
|
|
1,948 |
|
Gain on extinguishment of convertible senior notes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(94,019 |
) |
|
|
(94,019 |
) |
Adjusted EBITDA |
|
(28,824 |
) |
|
|
(14,883 |
) |
|
|
(9,973 |
) |
|
|
(558 |
) |
|
|
10,436 |
|
|
|
(32,566 |
) |
|
|
(76,368 |
) |
(1) Interest income includes |
|||||||||||||||||||||||||||
(2) Interest expense includes |
|||||||||||||||||||||||||||
(3) Stock-based compensation consists of expenses related to stock options, restricted stock units, and our employee stock purchase program. |
|||||||||||||||||||||||||||
(4) Acquisition-related costs consist of fees for external advisory, legal, and other professional services incurred in connection with our acquisition of other companies. |
|||||||||||||||||||||||||||
(5) Restructuring and reorganization expenses primarily consist of personnel-related costs associated with employee terminations, furloughs, or retention due to the restructuring and reorganization activities. |
|||||||||||||||||||||||||||
(6) Impairment consists of impairment losses due to subleasing two of our operating leases. |
|||||||||||||||||||||||||||
Redfin Corporation and Subsidiaries Reconciliation of Adjusted EBITDA Guidance to Net Loss Guidance (unaudited, in millions) |
|||||||
|
Three Months Ended March 31, 2025 |
||||||
|
Low |
|
High |
||||
Net loss |
$ |
(94 |
) |
|
$ |
(83 |
) |
Net interest expense |
|
6 |
|
|
|
6 |
|
Depreciation and amortization |
|
9 |
|
|
|
9 |
|
Stock-based compensation |
|
15 |
|
|
|
15 |
|
Restructuring and reorganization |
|
24 |
|
|
|
21 |
|
Adjusted EBITDA |
$ |
(39 |
) |
|
$ |
(32 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250227416933/en/
Investor Relations
Meg Nunnally
ir@redfin.com
Press
Alina Ptaszynski
press@redfin.com
Source: Redfin Corporation
FAQ
What was Redfin's (RDFN) revenue growth in Q4 2024?
How much did Redfin (RDFN) lose in Q4 2024?
What is Redfin's (RDFN) market share in U.S. existing home sales for 2024?
What are Redfin's (RDFN) revenue projections for Q1 2025?
How many agents did Redfin (RDFN) have in Q4 2024?
