Redfin(RDFN) - 2024 Q4 - Annual Results

Revenue Performance - Fourth quarter revenue was $244.3 million, a 12$1,043.0 million, reflecting a 7% year-over-year growth[4] - Revenue for Q4 2024 was $244.3 million, a 12.0$218.1 million in Q4 2023[18] - Gross profit for the year ended December 31, 2024, reached $364.2 million, up 10.4$329.8 million in 2023[18] - Revenue from real estate services reached $148,982 thousand for the three months ended December 31, 2024, compared to$244,282 thousand in total revenue[23] - Total revenue for the three months ended December 31, 2023, was $218.1 million, with real estate services contributing$132.9 million, rentals $49.2 million, and mortgage services$26.3 million[26] - Total revenue for the year ended December 31, 2023, was $976.7 million, with real estate services contributing$618.6 million, rentals $184.8 million, and mortgage$134.1 million[34] Profitability and Losses - Total net loss for 2024 was $164.8 million, compared to a net loss of$130.0 million in 2023[5] - Adjusted EBITDA loss improved to $26.5 million in 2024, from a loss of$76.4 million in 2023[5] - Net loss from continuing operations for the year was $164.8 million, compared to a loss of$126.4 million in 2023, representing a 30.4% increase in losses[18] - The company reported a net loss per share attributable to common stock of $1.36 for the year, compared to$1.13 in 2023[18] - The company reported a net loss from continuing operations of $(36,365) thousand for the three months ended December 31, 2024, compared to a net loss of$(15,544) thousand in the previous quarter[23] - The net loss from continuing operations for the three months ended December 31, 2023, was $22.9 million, compared to a net loss of$21.4 million in the previous quarter[26] - Adjusted EBITDA for the year was $(76.4) million, indicating ongoing challenges in profitability[35] Operating Expenses - Total operating expenses decreased to$519.5 million in 2024, down 5.2% from $547.9 million in 2023[18] - Total operating expenses amounted to$117.4 million, with technology and development expenses at $44.1 million and general and administrative expenses at$52.2 million[26] - Total operating expenses amounted to $547.9 million, with technology and development expenses at$183.3 million and marketing expenses at $117.9 million[34] Cash Flow and Financial Position - Cash, cash equivalents, and restricted cash at the end of the period were$125.0 million, down from $151.0 million at the beginning of the period[20] - The company reported a net cash used in operating activities of$32.3 million for the year, compared to a net cash provided of $56.8 million in 2023[20] - The company incurred interest expense of$27.8 million for the year, significantly higher than $9.5 million in 2023[18] - Interest income for the year included$11.2 million related to originated mortgage loans, while interest expense was $21.5 million[36] Market and Operational Metrics - Redfin's agents helped approximately 61,000 customers buy or sell homes in 2024, achieving a market share of 0.76$1,035 million in December 2024, down from $1,338 million in June 2024, a decrease of approximately 22.7$214 million and $225 million, representing a year-over-year change between (5)$94 million and $83 million, including$40 million in marketing expenses[12] - The company plans to increase advertising by 38% while still aiming for a full-year adjusted EBITDA profit[6] - Future guidance for the first quarter of 2025 projects a net loss between $94 million and$83 million, with adjusted EBITDA expected to range from $(39) million to$(32) million[40] - The company is focusing on market expansion and new technology development to improve future performance[34] - There were no significant acquisitions reported during the year, but the company continues to evaluate potential opportunities for growth[37]