Redfin Reports Second Quarter 2022 Financial Results

SEATTLE–(BUSINESS WIRE)–Redfin Corporation (NASDAQ: RDFN) today announced results for its second quarter ended June 30, 2022.

Second Quarter 2022

Second quarter revenue was $606.9 million, an increase of 29% compared to the second quarter of 2021. Gross profit was $118.0 million, a decrease of 6% year-over-year. Real estate services gross profit was $74.1 million, a decrease of 16% year-over-year, and real estate services gross margin was 29%, compared to 35% in the second quarter of 2021.

Net loss was $78.1 million, compared to a net loss of $27.9 million in the second quarter of 2021. Net loss attributable to common stock was $78.5 million. Net loss per share attributable to common stock, diluted, was $0.73, compared to net loss per share, diluted, of $0.29 in the second quarter of 2021.

Adjusted EBITDA loss was $28.6 million, compared to adjusted EBITDA income of $2.8 million in the second quarter of 2021.

“The housing market took a turn for the worse in the second quarter,” said Redfin CEO Glenn Kelman. “But I have never been more proud of how this company has responded: we cut costs, grew traffic, accelerated share gains and loyalty sales, lowered voluntary attrition and, for the first time since April 2020, improved the rate at which people buying homes stuck with a Redfin agent. Our rentals business recorded its first quarter-over-quarter revenue gain since 2017, and re-launched itself across every platform as Rent. Best of all, the rate at which Redfin homebuyers got a Redfin mortgage hit 15% in July, a near doubling of the all-time high before 2022. For the quarter, title attach rates more than doubled year over year. There will be more market ups and downs in the road ahead, but our whole engine to drive traffic, brokerage share, customer value and monetization is running more efficiently than ever.”

Second Quarter Highlights

  • Reached market share of 0.82% of U.S. existing home sales by units in the second quarter of 2022, an increase of 5 basis points from the second quarter of 2021.(1)
  • Redfin’s mobile apps and website reached nearly 53 million average monthly users in the second quarter, an increase of 9% compared to the second quarter of 2021.
  • Expanded listing coverage from 91% to 94% of the U.S. population, adding 52 new MLSs.
  • Made significant progress with the integration of Bay Equity, ending the second quarter with attach rates of 11% for the month of June, up from an attach rate of 6% in March.
  • Improved customer retention, with loyalty mix at 35% in the second quarter, up from 33% in the prior year.
  • Relaunched our rentals business under a new brand, Rent., with a newly redesigned consumer app experience, and updated solutions website.
  • Delivered improved software for customers, agents, partners and renovations staff including:
    • Added internet provider and speed data to U.S. home listings, making our most-requested feature available to potential homebuyers.
    • Released Mobile Agent Tools in the Apple App Store, making it easier for agents to have the latest and greatest version of our software while on the go.

Business Outlook

The following forward-looking statements reflect Redfin’s expectations as of August 4, 2022, and are subject to substantial uncertainty.

For the third quarter of 2022 we expect:

  • Total revenue between $590 million and $627 million, representing a year-over-year growth between 9% and 16% compared to the third quarter of 2021. Included within total revenue are real estate services segment revenue between $200 million and $208 million, properties segment revenue between $305 million and $330 million, rentals revenue between $37 million and $38 million and mortgage revenue between $45 million and $48 million.
  • Total net loss is expected to be between $87 million and $79 million, compared to net loss of $19 million in the third quarter of 2021. This guidance includes approximately $37 million in total marketing expenses, $19 million of stock-based compensation, $16 million of depreciation and amortization, and $5 million of net interest expense. Adjusted EBITDA loss is expected to be between $47 million and $39 million. Furthermore, we expect to pay a quarterly dividend of 30,640 shares of common stock to our preferred stockholder.

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.

(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 U.S. home sales, which we computed based on the mean sale price of U.S. homes provided by the National Association of REALTORS® (“NAR”). Beginning in the second quarter of 2022, NAR (1) revised its methodology of computing the mean sale price, (2) restated its previously reported mean sale price beginning from January 2020 (and indicated that previously reported mean sale price prior to January 2020 is not comparable), and (3) discontinued publication of the mean sale price as part of its primary data set. Due to these changes, we are now reporting our U.S. market share based on the number of homes sold, rather than the dollar value of homes sold. Our market share by number of homes sold has historically been lower than our market share by dollar value of homes sold.

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, 2021, as supplemented by our quarterly report for the quarter ended June 30, 2022, both of which are 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.

Non-GAAP Financial Measure

To supplement our consolidated financial statements that are prepared and presented in accordance with GAAP, we also compute and present adjusted EBITDA, which is a non-GAAP financial measure. We believe adjusted EBITDA is useful for investors because it enhances period-to-period comparability of our financial statements on a consistent basis and provides investors with useful insight into the underlying trends of the business. The presentation of this financial measure is not intended to be considered in isolation or as a substitute of, or superior to, our financial information prepared and presented in accordance with GAAP. Our calculation of adjusted EBITDA may be different from adjusted EBITDA or similar non-GAAP financial measures used by other companies, limiting its usefulness for comparison purposes. Our adjusted EBITDA, on a consolidated basis and for each reportable segment, for the three months ended June 30, 2022 and 2021 is presented below, along with a reconciliation of adjusted EBITDA to net loss. The reconciliation of adjusted EBITDA to net loss for the three months ended September 30, 2022 is also below.

About Redfin

Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country’s #1 real estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we’ve saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.

Redfin-F

Redfin Corporation and Subsidiaries

Consolidated Balance Sheets

(in thousands, except share and per share amounts, unaudited)

 

 

June 30, 2022

 

December 31, 2021

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

379,922

 

 

$

591,003

 

Restricted cash

 

28,279

 

 

 

127,278

 

Short-term investments

 

82,506

 

 

 

33,737

 

Accounts receivable, net of allowances for credit losses of $1,655 and $1,298

 

86,082

 

 

 

69,594

 

Inventory

 

377,518

 

 

 

358,221

 

Loans held for sale

 

306,364

 

 

 

35,759

 

Prepaid expenses

 

30,775

 

 

 

22,948

 

Other current assets

 

18,378

 

 

 

7,524

 

Total current assets

 

1,309,824

 

 

 

1,246,064

 

Property and equipment, net

 

59,709

 

 

 

58,671

 

Right-of-use assets, net

 

54,321

 

 

 

54,200

 

Mortgage servicing rights, at fair value

 

35,050

 

 

 

 

Long-term investments

 

52,989

 

 

 

54,828

 

Goodwill

 

461,349

 

 

 

409,382

 

Intangible assets, net

 

181,766

 

 

 

185,929

 

Other assets, noncurrent

 

12,720

 

 

 

12,898

 

Total assets

$

2,167,728

 

 

$

2,021,972

 

Liabilities, mezzanine equity, and stockholders’ equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

20,237

 

 

$

12,546

 

Accrued and other liabilities

 

161,803

 

 

 

118,122

 

Warehouse credit facilities

 

298,303

 

 

 

33,043

 

Secured revolving credit facility

 

156,540

 

 

 

199,781

 

Convertible senior notes, net

 

 

 

 

23,280

 

Lease liabilities

 

18,180

 

 

 

15,040

 

Total current liabilities

 

655,063

 

 

 

401,812

 

Lease liabilities, noncurrent

 

50,920

 

 

 

55,222

 

Convertible senior notes, net, noncurrent

 

1,239,873

 

 

 

1,214,017

 

Deferred tax liabilities

 

728

 

 

 

1,201

 

Total liabilities

 

1,946,584

 

 

 

1,672,252

 

Series A convertible preferred stock—par value $0.001 per share; 10,000,000 shares authorized; 40,000 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively

 

39,891

 

 

 

39,868

 

Stockholders’ equity

 

 

 

Common stock—par value $0.001 per share; 500,000,000 shares authorized; 108,415,939 and 106,308,767 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively

 

108

 

 

 

106

 

Additional paid-in capital

 

723,251

 

 

 

682,084

 

Accumulated other comprehensive loss

 

(990

)

 

 

(174

)

Accumulated deficit

 

(541,116

)

 

 

(372,164

)

Total stockholders’ equity

 

181,253

 

 

 

309,852

 

Total liabilities, mezzanine equity, and stockholders’ equity

$

2,167,728

 

 

$

2,021,972

 

Redfin Corporation and Subsidiaries

Consolidated Statements of Comprehensive Loss

(in thousands, except share and per share amounts, unaudited)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2022

 

2021

 

2022

 

2021

Revenue

 

 

 

 

 

 

 

Service

$

               344,309

 

 

$

               298,870

 

 

$

               561,902

 

 

$

               474,463

 

Product

 

                 262,606

 

 

 

                 172,445

 

 

 

                 642,359

 

 

 

                 265,171

 

Total revenue

 

                 606,915

 

 

 

                 471,315

 

 

 

              1,204,261

 

 

 

                 739,634

 

Cost of revenue(1)

 

 

 

 

 

 

 

Service

 

                 232,886

 

 

 

                 177,762

 

 

 

                 398,695

 

 

 

                 312,613

 

Product

 

                 256,026

 

 

 

                 167,417

 

 

 

                 615,026

 

 

 

                 258,527

 

Total cost of revenue

 

                 488,912

 

 

 

                 345,179

 

 

 

              1,013,721

 

 

 

                 571,140

 

Gross profit

 

                 118,003

 

 

 

                 126,136

 

 

 

                 190,540

 

 

 

                 168,494

 

Operating expenses

 

 

 

 

 

 

 

Technology and development(1)

 

                   51,506

 

 

 

                   41,488

 

 

 

                 101,146

 

 

 

                   69,166

 

Marketing(1)

 

                   56,743

 

 

 

                   55,398

 

 

 

                 100,085

 

 

 

                   67,200

 

General and administrative(1)

 

                   71,733

 

 

 

                   59,567

 

 

 

                 130,699

 

 

 

                   96,957

 

Restructuring and reorganization

 

                   12,677

 

 

 

                          —

 

 

 

                   18,386

 

 

 

                          —

 

Total operating expenses

 

                 192,659

 

 

 

                 156,453

 

 

 

                 350,316

 

 

 

                 233,323

 

Loss from operations

 

                  (74,656

)

 

 

                  (30,317

)

 

 

                (159,776

)

 

 

                  (64,829

)

Interest income

 

                       554

 

 

 

                       135

 

 

 

                       774

 

 

 

                       293

 

Interest expense

 

                   (3,620

)

 

 

                   (2,813

)

 

 

                   (7,481

)

 

 

                   (4,151

)

Income tax (expense) benefit

 

                      (159

)

 

 

                     5,052

 

 

 

                      (293

)

 

 

                     5,052

 

Other (expense) income, net

 

                      (265

)

 

 

                         65

 

 

 

                   (2,176

)

 

 

                        (27

)

Net loss

$

                (78,146

)

 

$

                (27,878

)

 

$

              (168,952

)

 

$

                (63,662

)

Dividends on convertible preferred stock

 

                      (350

)

 

 

                   (1,878

)

 

 

                   (1,144

)

 

 

                   (4,214

)

Net loss attributable to common stock—basic and diluted

$

                (78,496

)

 

$

                (29,756

)

 

$

              (170,096

)

 

$

                (67,876

)

Net loss per share attributable to common stock—basic and diluted

$

                    (0.73

)

 

$

                    (0.29

)

 

$

                    (1.59

)

 

$

                    (0.65

)

Weighted-average shares to compute net loss per share attributable to common stock—basic and diluted

 

          107,396,575

 

 

 

          104,391,337

 

 

 

          107,032,381

 

 

 

          103,912,212

 

 

 

 

 

 

 

 

 

Net loss

$

                (78,146

)

 

$

                (27,878

)

 

$

              (168,952

)

 

$

                (63,662

)

Other comprehensive income

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

                         34

 

 

 

                          —

 

 

 

                         38

 

 

 

                          —

 

Unrealized gain on available-for-sale debt securities

 

                       217

 

 

 

                         84

 

 

 

                       778

 

 

 

                       134

 

Comprehensive loss

$

                (77,895

)

 

$

                (27,794

)

 

$

              (168,136

)

 

$

                (63,528

)

 

(1) Includes stock-based compensation as follows:

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2022

 

2021

 

2022

 

2021

Cost of revenue

$

                   3,879

 

 

$

                   3,758

 

 

$

                   7,257

 

 

$

                   6,736

 

Technology and development

 

                     7,700

 

 

 

                     5,771

 

 

 

                   15,665

 

 

 

                   11,532

 

Marketing

 

                       924

 

 

 

                       535

 

 

 

                     1,996

 

 

 

                     1,078

 

General and administrative

 

                     4,310

 

 

 

                     3,679

 

 

 

                     8,683

 

 

 

                     6,981

 

Total

$

                 16,813

 

 

$

                 13,743

 

 

$

                 33,601

 

 

$

                 26,327

 

Redfin Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(in thousands, unaudited)

 

 

Six Months Ended June 30,

 

2022

 

2021

Operating Activities

 

 

 

Net loss

$

(168,952

)

 

$

(63,662

)

Adjustments to reconcile net loss to net cash (used in) provided by operating activities:

 

 

 

Depreciation and amortization

 

31,140

 

 

 

18,018

 

Stock-based compensation

 

33,601

 

 

 

26,327

 

Amortization of debt discount and issuance costs

 

2,899

 

 

 

2,203

 

Non-cash lease expense

 

7,096

 

 

 

5,448

 

Net loss on IRLCs, forward sales commitments, and loans held for sale

 

2,721

 

 

 

238

 

Other

 

3,170

 

 

 

169

 

Change in assets and liabilities:

 

 

 

Accounts receivable, net

 

(6,791

)

 

 

(22,312

)

Inventory

 

(19,297

)

 

 

(199,845

)

Prepaid expenses and other assets

 

(2,852

)

 

 

(7,137

)

Accounts payable

 

5,964

 

 

 

15,766

 

Accrued and other liabilities, deferred tax liabilities, and payroll tax liabilities, noncurrent

 

5,529

 

 

 

26,915

 

Lease liabilities

 

(8,042

)

 

 

(6,144

)

Change in fair value of mortgage servicing rights, net

 

(878

)

 

 

 

Origination of mortgage servicing rights

 

(964

)

 

 

 

Proceeds from sale of mortgage servicing rights

 

774

 

 

 

 

Origination of loans held for sale

 

(1,641,377

)

 

 

(488,274

)

Proceeds from sale of loans originated as held for sale

 

1,587,759

 

 

 

478,652

 

Net cash used in operating activities

 

(168,500

)

 

 

(213,638

)

Investing activities

 

 

 

Purchases of property and equipment

 

(12,131

)

 

 

(13,580

)

Purchases of investments

 

(82,184

)

 

 

(104,877

)

Sales of investments

 

12,946

 

 

 

89,536

 

Maturities of investments

 

19,425

 

 

 

92,843

 

Cash paid for acquisition, net of cash acquired

 

(97,341

)

 

 

(608,000

)

Net cash used in investing activities

 

(159,285

)

 

 

(544,078

)

Financing activities

 

 

 

Proceeds from the issuance of common stock pursuant to employee equity plans

 

9,258

 

 

 

12,496

 

Tax payments related to net share settlements on restricted stock units

 

(3,743

)

 

 

(16,530

)

Borrowings from warehouse credit facilities

 

1,628,684

 

 

 

464,250

 

Repayments to warehouse credit facilities

 

(1,572,033

)

 

 

(456,854

)

Borrowings from secured revolving credit facility

 

326,025

 

 

 

230,608

 

Repayments to secured revolving credit facility

 

(369,266

)

 

 

(130,788

)

Proceeds from issuance of convertible senior notes, net of issuance costs

 

 

 

 

561,529

 

Purchases of capped calls related to convertible senior notes

 

 

 

 

(62,647

)

Payments for repurchases and conversions of convertible senior notes

 

 

 

 

(1,925

)

Other financing payables

 

 

 

 

97

 

Principal payments under finance lease obligations

 

(414

)

 

 

(353

)

Cash paid for secured revolving credit facility issuance costs

 

(764

)

 

 

(305

)

Net cash provided by financing activities

 

17,747

 

 

 

599,578

 

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

 

(42

)

 

 

 

Net change in cash, cash equivalents, and restricted cash

 

(310,080

)

 

 

(158,138

)

Cash, cash equivalents, and restricted cash:

 

 

 

Beginning of period

 

718,281

 

 

 

945,820

 

End of period

$

408,201

 

 

$

787,682

 

Redfin Corporation and Subsidiaries

Supplemental Financial Information and Business Metrics

(unaudited)

 

 

Three Months Ended

 

Jun. 30,

2022

 

Mar. 31,

2022

 

Dec. 31,

2021

 

Sep. 30,

2021

 

Jun. 30,

2021

 

Mar. 31,

2021

 

Dec. 31,

2020

 

Sep. 30,

2020

 

Jun. 30,

2020

Monthly average visitors (in thousands)

 

52,698

 

 

 

51,287

 

 

 

44,665

 

 

 

49,147

 

 

 

48,437

 

 

 

46,202

 

 

 

44,135

 

 

 

49,258

 

 

 

42,537

 

Real estate services transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brokerage

 

20,565

 

 

 

15,001

 

 

 

19,428

 

 

 

21,929

 

 

 

21,006

 

 

 

14,317

 

 

 

16,951

 

 

 

18,980

 

 

 

13,828

 

Partner

 

3,983

 

 

 

3,417

 

 

 

4,603

 

 

 

4,755

 

 

 

4,597

 

 

 

3,944

 

 

 

4,940

 

 

 

5,180

 

 

 

2,691

 

Total

 

24,548

 

 

 

18,418

 

 

 

24,031

 

 

 

26,684

 

 

 

25,603

 

 

 

18,261

 

 

 

21,891

 

 

 

24,160

 

 

 

16,519

 

Real estate services revenue per transaction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brokerage

$

11,692

 

 

$

11,191

 

 

$

10,900

 

 

$

11,107

 

 

$

11,307

 

 

$

10,927

 

 

$

10,751

 

 

$

10,241

 

 

$

9,296

 

Partner

 

2,851

 

 

 

2,814

 

 

 

2,819

 

 

 

2,990

 

 

 

3,195

 

 

 

3,084

 

 

 

3,123

 

 

 

2,988

 

 

 

2,417

 

Aggregate

 

10,258

 

 

 

9,637

 

 

 

9,352

 

 

 

9,661

 

 

 

9,850

 

 

 

9,233

 

 

 

9,030

 

 

 

8,686

 

 

 

8,175

 

U.S. market share by units(1)

 

0.82

%

 

 

0.79

%

 

 

0.78

%

 

 

0.78

%

 

 

0.77

%

 

 

0.75

%

 

 

0.68

%

 

 

0.70

%

 

 

0.66

%

Revenue from top-10 Redfin markets as a percentage of real estate services revenue

 

59

%

 

 

57

%

 

 

61

%

 

 

62

%

 

 

64

%

 

 

62

%

 

 

63

%

 

 

63

%

 

 

63

%

Average number of lead agents

 

2,640

 

 

 

2,750

 

 

 

2,485

 

 

 

2,370

 

 

 

2,456

 

 

 

2,277

 

 

 

1,981

 

 

 

1,820

 

 

 

1,399

 

RedfinNow homes sold

 

423

 

 

 

617

 

 

 

600

 

 

 

388

 

 

 

292

 

 

 

171

 

 

 

83

 

 

 

37

 

 

 

162

 

Revenue per RedfinNow home sold (in ones)

$

604,120

 

 

$

608,851

 

 

$

622,519

 

 

$

599,963

 

 

$

571,670

 

 

$

525,765

 

 

$

471,895

 

 

$

504,730

 

 

$

444,757

 

Mortgage originations by dollars (in millions)

$

1,565

 

 

$

159

 

 

$

242

 

 

$

258

 

 

$

261

 

 

$

227

 

 

$

206

 

 

$

185

 

 

$

161

 

Mortgage originations by units (in ones)

 

3,860

 

 

 

414

 

 

 

591

 

 

 

671

 

 

 

749

 

 

 

632

 

 

 

570

 

 

 

539

 

 

 

475

 

(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 U.S. home sales, which we computed based on the mean sale price of U.S. homes provided by the National Association of REALTORS® (“NAR”). Beginning in the second quarter of 2022, NAR (1) revised its methodology of computing the mean sale price, (2) restated its previously reported mean sale price beginning from January 2020 (and indicated that previously reported mean sale price prior to January 2020 is not comparable), and (3) discontinued publication of the mean sale price as part of its primary data set. Due to these changes, we are now reporting our U.S. market share based on the number of homes sold, rather than the dollar value of homes sold. Our market share by number of homes sold has historically been lower than our market share by dollar value of homes sold.

Supplemental Financial Information

Segment Reporting and Reconciliation of Adjusted EBITDA to Net Income (Loss)

(unaudited, in thousands)

 

 

Three Months Ended June 30, 2022

 

Real estate

services

 

Properties

 

Rentals

 

Mortgage

 

Other

 

Corporate

Overhead and

Intercompany

Eliminations

 

Total

Revenue

$

251,809

 

 

$

262,606

 

 

$

38,248

 

 

$

53,098

 

 

$

5,894

 

 

$

(4,740

)

 

$

606,915

 

Cost of revenue

 

177,698

 

 

 

255,839

 

 

 

7,901

 

 

 

46,316

 

 

 

5,898

 

 

 

(4,740

)

 

 

488,912

 

Gross profit

 

74,111

 

 

 

6,767

 

 

 

30,347

 

 

 

6,782

 

 

 

(4

)

 

 

 

 

 

118,003

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Technology and development

 

27,696

 

 

 

4,684

 

 

 

14,871

 

 

 

1,904

 

 

 

1,189

 

 

 

1,162

 

 

 

51,506

 

Marketing

 

40,765

 

 

 

821

 

 

 

13,086

 

 

 

1,843

 

 

 

71

 

 

 

157

 

 

 

56,743

 

General and administrative

 

24,341

 

 

 

3,210

 

 

 

21,824

 

 

 

9,450

 

 

 

850

 

 

 

12,058

 

 

 

71,733

 

Restructuring and reorganization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,677

 

 

 

12,677

 

Total operating expenses

 

92,802

 

 

 

8,715

 

 

 

49,781

 

 

 

13,197

 

 

 

2,110

 

 

 

26,054

 

 

 

192,659

 

Loss from operations

 

(18,691

)

 

 

(1,948

)

 

 

(19,434

)

 

 

(6,415

)

 

 

(2,114

)

 

 

(26,054

)

 

 

(74,656

)

Interest income, interest expense, income tax expense, and other expense, net

 

(123

)

 

 

(1,245

)

 

 

232

 

 

 

(35

)

 

 

11

 

 

 

(2,330

)

 

 

(3,490

)

Net loss

$

(18,814

)

 

$

(3,193

)

 

$

(19,202

)

 

$

(6,450

)

 

$

(2,103

)

 

$

(28,384

)

 

$

(78,146

)

 

Three Months Ended June 30, 2022

 

Real estate

services

 

Properties

 

Rentals

 

Mortgage

 

Other

 

Corporate

Overhead and

Intercompany

Eliminations

 

Total

Net loss

$

(18,814

)

 

$

(3,193

)

 

$

(19,202

)

 

$

(6,450

)

 

$

(2,103

)

 

$

(28,384

)

 

$

(78,146

)

Interest income(1)

 

 

 

 

(159

)

 

 

(1

)

 

 

(2,929

)

 

 

(12

)

 

 

(381

)

 

 

(3,482

)

Interest expense(2)

 

 

 

 

1,403

 

 

 

 

 

 

1,958

 

 

 

 

 

 

2,214

 

 

 

5,575

 

Income tax expense

 

 

 

 

 

 

 

(230

)

 

 

33

 

 

 

 

 

 

356

 

 

 

159

 

Depreciation and amortization

 

4,551

 

 

 

603

 

 

 

9,511

 

 

 

1,070

 

 

 

318

 

 

 

274

 

 

 

16,327

 

Stock-based compensation(3)

 

9,670

 

 

 

1,527

 

 

 

2,739

 

 

 

780

 

 

 

441

 

 

 

1,656

 

 

 

16,813

 

Acquisition-related costs(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,507

 

 

 

1,507

 

Restructuring and reorganization(5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,677

 

 

 

12,677

 

Adjusted EBITDA

$

(4,593

)

 

$

181

 

 

$

(7,183

)

 

$

(5,538

)

 

$

(1,356

)

 

$

(10,081

)

 

$

(28,570

)

Contacts

Investor Relations
Meg Nunnally, 206-576-8610

ir@redfin.com

Public Relations
Mariam Sughayer, 206-876-1322

press@redfin.com

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