This presentation contains forward-looking statements. All statements contained in this presentation other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans, our market growth and trends, and our objectives for future operations, are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "could," "would," "project," "plan," "potentially," "p ...

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 March 31, 2024 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 juri ...

Redfin Reports First Quarter 2024 Financial Results SEATTLE - May 7, 2024 - Redfin Corporation (NASDAQ: RDFN) today announced results for its first quarter ended March 31, 2024. First Quarter 2024 First quarter revenue was $225.5 million, an increase of 5% compared to the first quarter of 2023. Gross profit was $70.8 million, an increase of 22% year-over-year. Real estate services gross profit was $20.3 million, an increase of 28% year-over-year, and real estate services gross margin was 15%, compared to 12 ...

Redfin Corporation (NASDAQ:RDFN) Q4 2023 Earnings Conference Call February 27, 2024 4:30 PM ET Company Participants Meg Nunnally - Head of Investor Relations Glenn Kelman - CEO Chris Nielsen - CFO Conference Call Participants Naved Khan - B Riley Securities Tom White - D.A. Davidson Dan Lee - J .P. Morgan John Campbell - Stephens Nat Schindler - Bank of America Merrill Lynch Ygal Arounian - Citigroup Operator Goo day, and welcome to the Redfin Corporation’s Q4 2023 Earnings Call. At this time, all participa ...

Q4 2023 Gross Margin1 Real Estate Services Q4 2023 Revenue $49M Q4 2023 Operating Expenses $117M +(17)% Y/Y | --- | --- | |-------|------------------------------------------------------------------------| | | | | 1 | Gross profit up 7% (v. FY 2022) in spite of revenue headwind 1 | | 2 | Market share (by units) of 0.76% 2 | | 3 | 49 million average monthly visitors (steady v. 2022) 3 | | 4 | Rentals segment 19% revenue growth | | 5 | Mortgage attach rate of 25% in Q4 (v. 21% in Q4 2022) 4 | | 6 | Other segme ...

Visitor and Transaction Trends - Monthly average visitors decreased slightly to 49,479 in 2023 from 49,654 in 2022, while the number of real estate services transactions dropped to 61,920 from 80,203[150]. - Brokerage transactions fell to 47,244 in 2023, down 29% from 66,554 in 2022, while partner transactions increased to 14,676 from 13,649[150]. - The average number of lead agents decreased to 1,776 in 2023 from 2,426 in 2022, reflecting a 27% reduction in workforce to align with consumer demand[150]. - U.S. market share by units was 0.76% in 2023, a slight decline from 0.80% in 2022, indicating challenges in increasing market penetration[150]. - Revenue from the top-10 markets accounted for 55% of total real estate services revenue in 2023, down from 58% in 2022[150]. - Monthly average visitors decreased to 43,861 in Q4 2023 from 51,309 in Q3 2023, reflecting a seasonal pattern[227]. - Total real estate services transactions in Q4 2023 were 13,338, down from 17,426 in Q3 2023[227]. - The company's U.S. market share by units was 0.72% in Q4 2023, down from 0.78% in Q3 2023[227]. - Revenue from top-10 markets as a percentage of real estate services revenue was 55% in Q4 2023, consistent with Q3 2023[227]. Revenue and Profitability - In 2023, total revenue decreased by $122.9 million, or 11%, compared to 2022, primarily due to a $168.5 million decrease in real estate services revenue[191]. - Brokerage revenue decreased by $170.8 million, or 23%, driven by a 29% decrease in brokerage transactions, partially offset by a 9% increase in revenue per transaction[191]. - Gross profit increased by $20.7 million, or 7%, to $329.8 million in 2023, with total gross margin rising to 33.8% from 28.1% in 2022[192][193]. - The company reported a net loss from continuing operations of $126.4 million in 2023, compared to a loss of $249.8 million in 2022[187]. - Total revenue for 2022 was $1,099.6 million, an increase of $40.9 million, or 4%, compared to 2021, driven by acquisitions[208]. - Total revenue for 2023 was $976.672 million, a decrease of 11.1% from $1,099.574 million in 2022[308]. - Gross profit increased to $329.819 million in 2023, up from $309.119 million in 2022, reflecting a gross margin improvement[308]. - Net loss for 2023 was $130.026 million, significantly reduced from a net loss of $321.143 million in 2022, indicating improved financial performance[308]. Operating Expenses and Cost Management - Total operating expenses decreased by $62.1 million, or 10%, compared to 2022, totaling $547.9 million[198]. - Marketing expenses decreased by $37.4 million, or 24%, in 2023, primarily due to a $37.3 million reduction in marketing media costs[199]. - General and administrative expenses decreased by $4.6 million, or 2%, in 2023, with a significant portion due to a $6.9 million decrease in personnel costs[200]. - Restructuring and reorganization expenses decreased by $24.4 million, or 75%, in 2023, reflecting a lower volume of restructuring activities[201]. - Operating expenses decreased to $547.874 million in 2023, down from $609.976 million in 2022, primarily due to lower marketing and restructuring costs[308]. Cash Flow and Financing Activities - For the year ended December 31, 2023, the net cash provided by operating activities was $56.8 million, primarily due to changes in assets and liabilities of $126.1 million and $60.7 million of non-cash items[255]. - The net cash provided by investing activities for the year ended December 31, 2023, was $97.5 million, primarily from $109.5 million in net sales and maturities of U.S. government securities[259]. - The net cash used in financing activities for the year ended December 31, 2023, was $245.4 million, mainly due to $241.8 million used for repurchases of the 2025 notes[263]. - The company reported a net cash provided by operating activities of $56.758 million in 2023, compared to $40.491 million in 2022[311]. - The company incurred $3.532 billion in borrowings from warehouse credit facilities in 2023, reflecting ongoing financing activities[311]. Market and Strategic Focus - The company completed the wind-down of its properties segment in Q2 2023, focusing resources on core business operations[148]. - The company anticipates a decline in revenue from top-10 markets as a percentage of total revenue over time, indicating a shift in geographic concentration[163]. - The company plans to focus on market expansion and new product development in the upcoming year[237]. Interest Income and Expenses - Interest income increased to $10.5 million in 2023, up from $6.6 million in 2022[187]. - Interest income increased by $3.9 million, or 59%, in 2023, primarily due to higher interest rates on cash and investments[203]. - Interest expense for 2023 was $21.5 million, which included $11.9 million related to warehouse credit facilities[234]. Employee and Workforce Management - The company reduced its total number of employees by 40% since April 2022, including a 40% reduction in lead agents, to manage operations amid adverse market conditions[147]. - The average number of lead agents decreased to 1,692 in Q4 2023 from 1,744 in Q3 2023[227]. Asset and Liability Management - Total assets decreased to $1,153.648 million in 2023, down from $1,574.204 million in 2022, reflecting a reduction in current assets[306]. - Total liabilities decreased to $1,110.941 million in 2023, compared to $1,470.337 million in 2022, indicating improved leverage[306]. - The company’s total adjusted EBITDA for the year ended December 31, 2021, was $12.1 million, with a net income from continuing operations of $(91.2) million[1]. Miscellaneous Financial Information - The company maintains effective internal control over financial reporting as of December 31, 2023, according to the audit opinion[299]. - The company is exposed to interest rate risk on mortgage loans held for sale and manages this risk through forward sales commitments[284]. - The company does not currently face significant foreign currency exchange rate risk due to limited operations in Canada[285].

Redfin Reports Fourth Quarter and Full Year 2023 Financial Results SEATTLE - February 27, 2024 - Redfin Corporation (NASDAQ: RDFN) today announced results for its fourth quarter and full year ended December 31, 2023. Fourth Quarter 2023 Fourth quarter revenue was $218.1 million, a decrease of 2% compared to the fourth quarter of 2022. Gross profit was $73.2 million, an increase of 32% year-over-year. Real estate services gross profit was $29.9 million, an increase of 14% year-over-year, and real estate serv ...

Redfin Corporation. (NASDAQ:RDFN) Q3 2023 Earnings Conference Call November 2, 2023 4:30 PM ET Company Participants Meg Nunnally - Head of Investor Relations Glenn Kelman - President and Chief Executive Officer Chris Nielsen - Chief Financial Officer Conference Call Participants Jason Helfstein - Oppenheimer Wyatt Swanson - D.A. Davidson Bernie McTernan - Needham and Company Ygal Arounian - City Group Jonathan Bass - Stephens Jay McCanless - Wedbush Vincent Kardos - Jefferies Operator Greetings and welcome ...

This presentation contains forward-looking statements. All statements contained in this presentation other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans, our market growth and trends, and our objectives for future operations, are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "could," "would," "project," "plan," "potentially," "p ...

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 September 30, 2023 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 ...