Financial Performance - Total revenue for 2024 was 1,042,979,000,anincreaseof66,307,000 or 7% compared to 2023[186]. - Gross profit for 2024 was 364,201,000,reflectinga10329,819,000 in 2023[188]. - Net loss from continuing operations was 164,801,000in2024,comparedtoalossof126,392,000 in 2023[183]. - Total revenue for the year ended December 31, 2022, was 1,099.6million,withrealestateservicescontributing787.1 million and rentals 155.9million[241].−ThenetlossfromcontinuingoperationsfortheyearendedDecember31,2022,was249.8 million, compared to a net loss of 321.1millionin2022[242].−Thecompanyreportedanetlossof(164,801) million for 2024, compared to (130,026)millionin2023[305].−Thetotalstockholders′equity(deficit)asofDecember31,2024,was(82.7) million, a decrease from (2.7)millionin2023[308].RevenueandTransactions−Totalrealestateservicestransactionswere61,430in2024,slightlydownfrom61,920in2023andsignificantlylowerthan80,203in2022[146].−Realestateservicesrevenueincreasedby24,290,000 or 4%, with brokerage revenue rising by 28,315,000or531,925,000 or 5% in 2024, primarily due to a 27,100,000riseinpersonnelcostsandtransactionbonuses[188].−Operatingexpensestotaled519,456,000 in 2024, a decrease from 547,874,000in2023[183].−Marketingexpensesdecreasedby3.4 million, or 3%, mainly due to a 1.7milliondecreaseinoutsideservices[196].−Technologyanddevelopmentexpensesdecreasedby19.4 million, or 11%, primarily due to a 16.4milliondecreaseinamortizationexpense[195].−Generalandadministrativeexpensesdecreasedby3.4 million, or 1%, primarily due to an 8.0milliondecreaseincompanyeventcosts[197].MarketShareandWorkforce−U.S.marketsharebyunitsremainedstableat0.76124.7 million, indicating liquidity for operational needs[245]. - Net cash used in operating activities for the year ended December 31, 2024, was 32.3million,primarilyduetoanetlossof164.8 million[254]. - Net cash provided by investing activities for the year ended December 31, 2024, was 34.4million,mainlyfrom45.6 million in net sales of U.S. government securities[258]. - The company expects sufficient liquidity to meet operational needs and growth for at least the next twelve months, relying on existing cash and future cash generation[250]. Interest and Financing - Interest income decreased to 6,348,000in2024from10,532,000 in 2023[183]. - Interest expense increased by 18.3million,or1925.684 million in restructuring and reorganization expenses in 2024, consistent with ongoing operational adjustments[235]. - The company repurchased 119.7millionofits2025convertibleseniornotesduringtheyearendedDecember31,2024,using107.0 million in cash[246]. Strategic Focus and Operations - The properties segment was wound down in Q2 2023 to focus resources on core business operations[144]. - The company plans to continue focusing on cost reduction strategies and optimizing operational efficiency moving forward[213]. - Redfin's operations include an online real estate marketplace and mortgage services, with a focus on technology-driven solutions[313]. - The company plans to continue focusing on technology and development, with expenses in this area amounting to $163.927 million in 2024[237]. Accounting and Reporting - Redfin's financial statements are prepared in accordance with generally accepted accounting principles (GAAP) in the United States[314]. - Revenue recognition policies include brokerage revenue recognized upon closing transactions, with partner revenue based on a fixed percentage of partner agents' commissions[267]. - Goodwill impairment testing is performed annually, with no impairment charges recorded for the years ended December 31, 2024, or 2023[274].
Redfin(RDFN)2025-02-27 21:10