Financial Data and Key Metrics Changes - Revenue for Q3 2023 was $269 million, a decline of 12% year-over-year, while gross profit increased by 8% to $98 million, leading to an expansion in total gross margins from 30% to 37% [59][60] - Adjusted EBITDA improved to $8 million from a loss of $12 million in the prior year, reflecting a $20 million improvement in profitability [30][9] - Net loss was $19 million compared to a net loss of $46 million in the prior year, better than the guidance range of $30 million to $21 million [62][34] Business Line Data and Key Metrics Changes - Real estate services revenue was $178 million, down 16% year-over-year, with brokerage revenue declining by 18% due to a 28% decrease in transactions [83] - The rental segment posted revenue of $47 million, growing 23% year-over-year, marking its fourth consecutive quarter of growth [84] - The mortgage segment generated $33 million in revenue, down 32% year-over-year, with a gross margin of 10.0%, up from 9.7% a year ago [61] Market Data and Key Metrics Changes - The share of home sales brokered by the company's agents increased from 0.75% in Q2 2023 to 0.78% in Q3 2023 [4] - Visitors to Redfin.com grew by 1% year-over-year, marking the first year-over-year gain in 2023, attributed to improved competition against rivals [14] - The attach rate for the title business increased from 39% in Q3 2022 to 57% in Q3 2023, indicating a growing integration of services [22] Company Strategy and Development Direction - The company is focusing on becoming more digital by routing real estate services demand to partners instead of employees and building a rentals marketplace [11] - The introduction of the Redfin Max compensation plan aims to attract high-caliber agents by offering a variable compensation structure, which is expected to improve gross profits [17][19] - The company plans to continue developing digital revenue streams and enhancing profitability while managing costs carefully in response to market conditions [129][86] Management's Comments on Operating Environment and Future Outlook - Management noted that despite a challenging housing market, the company gained market share and improved efficiency, positioning itself for future profitability [30][9] - The outlook for the housing market remains cautious, with expectations of further declines in existing home sales and a focus on managing costs until market conditions improve [55][64] - Management expressed optimism about the potential for home price softening to stimulate sales, indicating a shift in consumer behavior towards selling [136] Other Important Information - The company secured a $250 million loan from Apollo, providing liquidity to cover debt maturities for the next three years [39][86] - The Missouri verdict against the National Association of Realtors may lead to significant changes in the industry, potentially benefiting the company's business model [54] Q&A Session Summary Question: Details on the Redfin Max agent change - Management confirmed that the Redfin Max plan will apply to all agents in San Francisco and LA, with expectations of increased gross profit [68][69] Question: Expansion of the Max pay plan - Management indicated that the Max pay plan could be expanded to other high-price markets, with the potential for significant financial impact [100][104] Question: Comments on the Copycat lawsuit - Management emphasized their commitment to providing better deals for consumers and expressed confidence in their defenses against the lawsuit [80] Question: Insights on the housing market and price trends - Management noted that falling home prices could stimulate more sellers to enter the market, which is crucial for increasing transaction volumes [135][136]

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 ...

Redfin Corporation (NASDAQ:RDFN) Q2 2023 Earnings Conference Call August 3, 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 Ygal Arounian - Citi AJ Hayes - Stephens Stefanos Crist - Needham & Company Operator Good day ladies and gentlemen and welcome to the Redfin Corporation Second Quarter 2023 Earnings Conference Call. Our host for today's call is Meg Nun ...

Important Legal Information In light of these risks, uncertainties, and assumptions, the future events and trends discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Accordingly, you should not rely on forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) (Exact name of registrant as specified in its charter) Delaware 74-3064240 (State or other jurisdiction of incorporation or organization) 1099 Stewart Street Suite 600 Seattle WA 98101 (Address of Principal Executive Offices) (Zip Code) (206) 576-8333 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT ...

Redfin Corporation. (NASDAQ:RDFN) Q1 2023 Earnings Conference Call May 4, 2023 4:30 PM ET Company Participants Meg Nunnally - Head of IR Glenn Kelman - President, CEO and Director Chris Nielsen - CFO Conference Call Participants John Campbell - Stephens Ygal Arounian - Citigroup Curtis Nagle - Bank of America Ryan McKeveny - Zelman & Associates Operator Greetings, and welcome to the Redfin Corporation Q1 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief questio ...

(Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 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 juri ...

5 1. Source: National Association of Realtors 2022 existing-home-sales data, assuming 5% commission. 2. The largest group of millennials will be in their early-to-mid 30s over the next several years, which intersects with the median age of first-time home buyers. 3. Source: Google Analytics, web and mobile application visitors. | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------|----------------------|----------|-------|----- ...

Redfin Corporation (NASDAQ:RDFN) Q4 2022 Results Conference Call February 16, 2023 4:30 PM ET Company Participants Meg Nunnally - Head of IR Glenn Kelman - President, CEO and Director Chris Nielsen - CFO Conference Call Participants Ryan McKeveny - Zelman & Associates Tom White - D.A. Davidson Ygal Arounian - Citigroup John Campbell - Stephens Michael Ng - Goldman Sachs Jay McCanless - Wedbush Chris Suchecki - Jefferies Operator Greetings, and welcome to the Redfin Corporation Fourth Quarter 2022 Earnings C ...