UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Trading Symbol | Name of each exchange on which registered | | --- | --- | --- | | Common Stock, $0.001 par value per share | RDFN | The Nasdaq Stock Market, LLC | Securities registered pursuant to Sectio ...

Redfin Corporation (NASDAQ:RDFN) Q3 2022 Earnings Conference Call November 9, 2022 4:30 PM ET Company Participants Meg Nunnally - Investor Relations Glenn Kelman - Chief Executive Officer Chris Nielsen - Chief Financial Officer Conference Call Participants Tom White - D.A. Davidson Jason Helfstein - Oppenheimer Naved Khan - Truist Securities Mike Ng - Goldman Sachs John Campbell - Stephens Inc Mark Mahaney - Evercore Jay McCanless - Wedbush Chris Laskowski - Jefferies Curtis Nagle - Bank of America Operator ...

Redfin Corporation (NASDAQ:RDFN) Q2 2022 Earnings Conference Call August 4, 2022 4:30 PM ET Company Participants Meg Nunnally - Head of Investor Relations Glenn Kelman - Chief Executive Officer Chris Nielsen - Chief Financial Officer Conference Call Participants Brian Mecke - Selman & Associates Operator Good day, and welcome to the Redfin Corporation Q2 2022 Earnings Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Meg Nunnally. Please go ahead, m ...

| --- | --- | --- | --- | --- | --- | |-------------------------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | A Technology-Powered Real Estate Company | | | | | | | Q2 2022 Earnings Slides | | | | | | | | | | | | | Important Legal Information This presentation contains forward-looking statements. All statements contained in this presentation other than statements of historical fact, including statements regarding our future operating re ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission file number 001-38160 Redfin Corporation (Exact name of registrant as specified in its charter) Delaware 74-3064240 (State or other juris ...

Q1 2022 Financial Highlights - Total revenue reached $597 million, a 123% year-over-year increase[10] - Real estate services revenue was $177 million, up 5% year-over-year[19] - Properties revenue surged to $380 million, a 310% year-over-year increase[24] - Gross margin was 12.1%, a decrease of 370 bps year-over-year[13] - Net loss amounted to $91 million[15] Key Metrics & Market Position - Average monthly visitors reached 51.3 million, an 11% increase compared to the prior year[8] - U S market share increased to 1 18%, a 2 bps year-over-year increase[8] Q2 2022 Outlook - The company projects total revenue between $613 million and $650 million, representing a year-over-year growth of 30% to 38%[41] - Real estate services revenue is expected to grow between -1% and 1% year-over-year[41] - Properties revenue is projected to grow between 48% and 63% year-over-year[41] - Net loss is anticipated to be between $60 million and $72 million[41]

Redfin Corporation (NASDAQ:RDFN) Q1 2022 Earnings Conference Call May 5, 2022 4:30 PM ET Company Participants Meg Nunnally - Head of IR Glenn Kelman - CEO Chris Nielsen - CFO Conference Call Participants Mark Mahaney - Evercore ISI Ygal Arounian - Wedbush Robert Zeller - Truist Securities John Campbell - Stephens Inc. Tom Champion - Piper Sandler Operator Good day. And welcome to the Redfin Corporation First Quarter 2022 Earnings Call. Today’s conference is being recorded. At this time, I’d like to turn the ...

PART I - FINANCIAL INFORMATION This section details the company's unaudited financial performance, condition, market risks, and internal controls [Item 1. Financial Statements (unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents the company's unaudited consolidated financial statements, including balance sheets, statements of comprehensive loss, and cash flows, along with their accompanying notes [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) This subsection presents the company's consolidated balance sheets, statements of comprehensive loss, and cash flows Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $612,680 | $591,003 | | Inventory | $245,487 | $358,221 | | Total current assets | $1,099,231 | $1,246,064 | | Total assets | $1,867,153 | $2,021,972 | | **Liabilities & Equity** | | | | Total current liabilities | $300,366 | $401,812 | | Convertible senior notes, net, noncurrent | $1,238,585 | $1,214,017 | | Total liabilities | $1,591,651 | $1,672,252 | | Total stockholders' equity | $235,623 | $309,852 | Consolidated Statements of Comprehensive Loss (in thousands) | Account | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Total revenue | $597,346 | $268,319 | | Gross profit | $72,538 | $42,358 | | Loss from operations | ($85,120) | ($34,513) | | Net loss | ($90,806) | ($35,784) | | Net loss per share | ($0.86) | ($0.37) | Consolidated Statements of Cash Flows Highlights (in thousands) | Activity | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $79,001 | ($50,765) | | Net cash used in investing activities | ($73,192) | ($9,573) | | Net cash (used in) provided by financing activities | ($75,359) | $457,562 | | Net change in cash, cash equivalents, and restricted cash | ($69,554) | $397,225 | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This subsection provides detailed notes supporting the consolidated financial statements, including acquisition details and debt information - On April 2, 2021, Redfin acquired RentPath Holdings, Inc. for **$608 million** in cash to enter the real estate rentals market. The acquisition resulted in the recognition of **$400.2 million** in goodwill and **$211.0 million** in intangible assets[37](index=37&type=chunk)[39](index=39&type=chunk) Segment Gross Profit (in thousands) | Segment | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Real estate services | $23,703 | $40,393 | | Properties | $20,887 | $1,596 | | Rentals | $30,851 | — | | Mortgage | ($2,600) | ($158) | | **Total** | **$72,538** | **$42,358** | - As of March 31, 2022, the company had three tranches of convertible senior notes outstanding with a total net carrying amount of **$1.24 billion**[53](index=53&type=chunk)[122](index=122&type=chunk) - Subsequent to the quarter end, on April 1, 2022, Redfin completed the acquisition of Bay Equity LLC, a full-service mortgage lender, for an estimated purchase price of **$137.8 million**[132](index=132&type=chunk)[134](index=134&type=chunk) - On April 29, 2022, the company settled a lawsuit alleging violations of the Fair Housing Act (FHA). The settlement includes payments totaling **$4 million** and changes to business practices[137](index=137&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the significant revenue growth driven by the Properties segment and RentPath acquisition, alongside declining gross margins, rising operating expenses, and the company's liquidity position [Key Business Metrics](index=34&type=section&id=Key%20Business%20Metrics) This subsection presents key operational metrics used to evaluate the company's performance Key Operating Metrics Comparison | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Monthly average visitors (thousands) | 51,287 | 46,202 | | Total real estate services transactions | 18,418 | 18,261 | | U.S. market share by value | 1.18% | 1.16% | | RedfinNow homes sold | 617 | 171 | [Results of Operations](index=39&type=section&id=Results%20of%20Operations) This subsection details the company's revenue, gross profit, and operating expenses by segment Revenue by Segment (in thousands) | Segment | Q1 2022 | Q1 2021 | % Change | | :--- | :--- | :--- | :--- | | Total real estate services | $177,487 | $168,609 | 5% | | Properties | $379,753 | $92,726 | 310% | | Rentals | $38,044 | — | N/A | | Mortgage | $2,917 | $5,711 | (49)% | | **Total revenue** | **$597,346** | **$268,319** | **123%** | Gross Margin by Segment | Segment | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Real estate services | 13.4% | 24.0% | | Properties | 5.5% | 1.7% | | Rentals | 81.1% | N/A | | Mortgage | (89.1)% | (2.8)% | | **Total gross margin** | **12.1%** | **15.8%** | - Operating expenses increased by **105% YoY** to **$157.7 million**. This was driven by the inclusion of RentPath's operating expenses (**$46.3 million**), a **$16.2 million** increase in marketing media costs, and a **$6.9 million** increase in technology personnel costs[193](index=193&type=chunk)[194](index=194&type=chunk)[195](index=195&type=chunk) [Liquidity and Capital Resources](index=44&type=section&id=Liquidity%20and%20Capital%20Resources) This subsection discusses the company's cash position, debt obligations, and cash flow activities - As of March 31, 2022, the company had **$612.7 million** in cash and cash equivalents and **$151.7 million** in investments[204](index=204&type=chunk) - The company has **$1.26 billion** in aggregate principal of convertible senior notes outstanding, maturing between 2023 and 2027[205](index=205&type=chunk) - Net cash provided by operating activities was **$79.0 million** for Q1 2022, a significant improvement from the **$50.8 million** used in Q1 2021, primarily due to a **$112.7 million** decrease in inventory[212](index=212&type=chunk)[214](index=214&type=chunk)[215](index=215&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=49&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk exposure is to interest rate fluctuations, which affect its investment portfolio, mortgage operations (loans held for sale, IRLCs), and borrowings under its secured revolving credit facility. Foreign currency risk from Canadian operations is considered insignificant - The company is exposed to interest rate risk on its mortgage loans held for sale and Interest Rate Lock Commitments (IRLCs), which it manages through the use of forward sales commitments[243](index=243&type=chunk) - Borrowings under the secured revolving credit facility are subject to interest rate risk, but a hypothetical **10% change** in rates is not expected to have a material impact[244](index=244&type=chunk) [Item 4. Controls and Procedures](index=50&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of March 31, 2022. No material changes to internal control over financial reporting were identified during the quarter - Based on an evaluation, the principal executive and financial officers concluded that disclosure controls and procedures were **effective** as of March 31, 2022[247](index=247&type=chunk) - There were **no changes** in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[248](index=248&type=chunk) PART II - OTHER INFORMATION This section provides information on legal proceedings, key risk factors, and a list of exhibits filed with the quarterly report [Item 1. Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 8 of the consolidated financial statements for details on material, pending legal proceedings - For a discussion of material, pending legal proceedings, the report refers to Note 8 of the consolidated financial statements[252](index=252&type=chunk) [Item 1A. Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) The company highlights new risks related to its mortgage business, including secondary market disruptions, fair value estimation challenges for MSRs, and reliance on warehouse credit facilities - A key risk is the potential for disruption in the secondary mortgage market, which could hinder the ability of the newly acquired Bay Equity to sell its originated mortgage loans on favorable terms[254](index=254&type=chunk) - The company faces risk from the difficulty in accurately estimating the fair value of mortgage servicing rights (MSRs), which are sensitive to factors like prepayment rates and delinquencies[255](index=255&type=chunk)[256](index=256&type=chunk) - Bay Equity's reliance on warehouse credit facilities to fund its mortgage originations presents a risk; if these facilities become unavailable, it could adversely affect the ability to originate new loans[258](index=258&type=chunk) [Item 6. Exhibits](index=53&type=section&id=Item%206.%20Exhibits) This section provides a list of exhibits filed or furnished with the quarterly report, including the Merger Agreement for the Bay Equity acquisition, officer certifications, and interactive data files - This section lists the exhibits filed with the Form 10-Q, including officer certifications (31.1, 31.2, 32.1, 32.2) and interactive data files (101, 104)[261](index=261&type=chunk)

Redfin Corporation (NASDAQ:RDFN) Q4 2021 Earnings Conference Call February 17, 2022 4:30 PM ET Company Participants Meg Nunnally - Head of Investor Relations Glenn Kelman - Chief Executive Officer Chris Nielsen - Chief Financial Officer Conference Call Participants Naved Khan - Truist Securities Jason Helfstein - Oppenheimer Ryan McKeveny - Zelman Associates Ygal Arounian - Wedbush Smith Hanley - KeyBanc Curtis Nagle - Bank of America Brad Erickson - RBC Capital Markets Mark Mahaney - Evercore Tom Champion ...

Q4 2021 Highlights - Redfin reached a market share of 1.15%, an increase of 11 basis points year-over-year[9] - The company's average monthly visitors reached 447 million, a 1% increase compared to the prior year[9] - Redfin is on track to launch rental listings on Redfincom in March 2022[9] - In January 2022, Redfin announced an agreement to acquire Bay Equity[9] Q4 2021 Financial Results - Total revenue for Q4 2021 was $643 million, a 163% increase year-over-year[11] - Real estate services revenue in Q4 2021 reached $225 million, a 14% increase year-over-year[19] - Properties revenue for Q4 2021 was $377 million, an 857% increase year-over-year[24] - The gross margin for Q4 2021 was 168%, a decrease of 1600 basis points year-over-year[13] - The company reported a net loss of $270 million for Q4 2021[15] Q1 2022 Outlook - The company anticipates total revenue between $535 million and $560 million, representing year-over-year growth between 99% and 109%[39] - Real estate services revenue is projected to be between $165 million and $171 million, indicating year-over-year growth between (2)% and 1%[39] - Properties revenue is expected to range from $330 million to $350 million, reflecting year-over-year growth between 256% and 277%[39]