SEATTLE–(BUSINESS WIRE)–
Redfin Corporation (NASDAQ: RDFN) today announced results for its fourth quarter and full year ended December 3src, 2024.
Fourth Quarter 2024
Fourth quarter revenue was $244.3 million, an increase of src2% compared to the fourth quarter of 2023. Gross profit was $8src.9 million, an increase of src2% year-over-year. Real estate services gross profit was $32.7 million, an increase of 9% year-over-year, and real estate services gross margin was 2src.9%, compared to 22.5% in the fourth quarter of 2023.
Net loss was $36.4 million, compared to a net loss of $22.9 million in the fourth quarter of 2023. Net loss attributable to common stock was $36.7 million. Net loss per share attributable to common stock, diluted, was $0.29, compared to net loss per share, diluted, of $0.20 in the fourth quarter of 2023.
Adjusted EBITDA was $2.9 million, compared to adjusted EBITDA loss of $src3.5 million in the fourth quarter of 2023.
Full Year 2024
Full year revenue was $src,043.0 million, an increase of 7% year-over-year. Gross profit was $364.2 million, an increase of src0% year-over-year. Real estate services gross profit was $src55.4 million, flat year-over-year, and real estate services gross margin was 24.2%, compared to 25.2% in 2023.
Total net loss was $src64.8 million, compared to a net loss of $src30.0 million in 2023. Total net loss attributable to common stock was $src65.9 million. Net loss per share attributable to common stock, diluted, was $src.36, compared to a net loss per share, diluted, of $src.src6 in 2023.
Adjusted EBITDA loss was $26.5 million, compared to adjusted EBITDA loss of $76.4 million in 2023.
“After recording our fourth straight quarter of revenue growth, with profits improving year-over-year in every business segment, we’re headed into 2025 with more demand, and a bigger and better sales force,” said Redfin CEO Glenn Kelman. “We incurred one-time costs from the transition to paying Redfin agents entirely on commissions, but our agent census is now 25% higher than it was just six months ago, and the new hires are out-performing tenured Redfin agents at meeting customers and winning offers. We now expect real-estate-services gross margins to improve year-over-year throughout 2025, starting in the first quarter. And we expect to connect our agents with significantly more demand in 2025. A Zillow rentals partnership will let us compete better for traffic, by doubling the number of high-quality apartment listings on our sites. The $src00 million we got from that partnership, coupled with further cost savings from restructurings, will let us increase advertising 38% while still earning a full-year adjusted-EBITDA profit. Already January demand for our agents is up 5%, setting us up for our best year in many years.”
Fourth Quarter and Full Year Highlights
#src brokerage website for 2024, with 7x the traffic of our next closest brokerage competitor.
Our agents and partners helped approximately 6src,000 customers buy or sell a home in 2024, resulting in a market share of 0.76% of U.S. existing home sales.
Achieved mortgage attach rate (excluding cash transactions) of 27% for 2024, up from 24% in 2023.src
Maintained momentum in loyalty sales, with 38% of sales coming from loyalty customers in the fourth quarter, compared to 36% in the fourth quarter of 2023.
Welcomed 399 new Redfin agents in the fourth quarter following the nationwide expansion of Redfin Next. Redfin Next continues to attract high-quality talent and help existing Redfin agents thrive.
Average lead agents of src,927 in the fourth quarter, up src4% compared to the fourth quarter of 2023 and marking Redfin’s third straight quarter of sequential agent growth.
Increased participation in Redfin Teams, with more than 250 active teams nationwide and 3src% of Redfin agents now belonging to a team. The program has improved agent performance in our pilot markets, including a src3% lift in the number of web contacts who go on to close with Redfin within 90 days.
(src) Attach rate reflects total closed loans for Redfin buy-side customers divided by Redfin buy-side transactions with a mortgage (excluding cash transactions) for the period. We previously reported only the inclusive attach rate (includes cash transactions in the denominator), which was 22% in 2024, compared to src9% in 2023.
Business Outlook
The following forward-looking statements reflect Redfin’s expectations as of February 27, 2025, and are subject to substantial uncertainty.
For the first quarter of 2025 we expect:
Total revenue between $2src4 million and $225 million, representing a year-over-year change between (5)% and 0% compared to the first quarter of 2024. Included within total revenue are real estate services revenue between $src26 million and $src3src million, rentals revenue between $49 million and $5src million, mortgage revenue between $27 million and $30 million, title revenue of approximately $8 million and monetization revenue of approximately $4 million.
Total net loss is expected to be between $94 million and $83 million. This guidance includes approximately $40 million in total marketing expenses, $2src million to $24 million in restructuring expense, $src5 million in stock-based compensation, $9 million in depreciation and amortization, and $6 million in net interest expense. Adjusted EBITDA loss is expected to be between $39 million and $32 million.
Conference Call
Redfin will webcast a conference call to discuss the results at src:30 p.m. Pacific Time today. The webcast will be open to the public at http://investors.redfin.com. The webcast will remain available on the investor relations website for at least three months following the conference call.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws, including our future operating results, as described under Business Outlook. We believe our expectations related to these forward-looking statements are reasonable, but actual results may turn out to be materially different. For factors that could cause actual results to differ materially from the forward-looking statements in this press release, please see the risks and uncertainties identified under the heading “Risk Factors” in our annual report for the year ended December 3src, 2024, which is available on our Investor Relations website at http://investors.redfin.com and on the SEC website at www.sec.gov. All forward-looking statements reflect our beliefs and assumptions only as of the date of this press release. We undertake no obligation to update forward-looking statements to reflect future events or circumstances.
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country’s #src real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we’ve saved customers more than $src.8 billion in commissions. We serve approximately src00 markets across the U.S. and Canada and employ over 4,000 people.
Redfin-F
Redfin Corporation and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share and per share amounts, unaudited)
December 3src,
2024
2023
Assets
Current assets
Cash and cash equivalents
$
src24,743
$
src49,759
Restricted cash
229
src,24src
Short-term investments
—
4src,952
Accounts receivable, net of allowances for credit losses of $4,57src and $3,234
48,730
5src,738
Loans held for sale
src52,426
src59,587
Prepaid expenses
26,853
33,296
Other current assets
22,457
7,472
Total current assets
375,438
445,045
Property and equipment, net
4src,302
46,43src
Right-of-use assets, net
23,7src3
3src,763
Mortgage servicing rights, at fair value
2,736
32,src7src
Long-term investments
—
3,src49
Goodwill
46src,349
46src,349
Intangible assets, net
99,543
src23,284
Other assets, noncurrent
8,376
src0,456
Total assets
$
src,0src2,457
$
src,src53,648
Liabilities, mezzanine equity, and stockholders’ (deficit) equity
Current liabilities
Accounts payable
$
src6,847
$
src0,507
Accrued and other liabilities
82,709
90,360
Warehouse credit facilities
src46,629
src5src,964
Convertible senior notes, net
73,5src6
—
Lease liabilities
src2,862
src5,609
Total current liabilities
332,563
268,440
Lease liabilities, noncurrent
src9,855
29,084
Convertible senior notes, net, noncurrent
498,69src
688,737
Term loan
243,344
src24,4src6
Deferred tax liabilities
672
264
Total liabilities
src,095,src25
src,srcsrc0,94src
Series A convertible preferred stock—par value $0.00src per share; src0,000,000 shares authorized; 0 and 40,000 shares issued and outstanding at December 3src, 2024 and 2023, respectively
—
39,959
Stockholders’ (deficit) equity
Common stock—par value $0.00src per share; 500,000,000 shares authorized; src26,389,289 and srcsrc7,372,src7src shares issued and outstanding at December 3src, 2024 and 2023, respectively
src26
srcsrc7
Additional paid-in capital
905,506
826,src46
Accumulated other comprehensive loss
(src66
)
(src82
)
Accumulated deficit
(988,src34
)
(823,333
)
Total stockholders’ (deficit) equity
(82,668
)
2,748
Total liabilities, mezzanine equity, and stockholders’ (deficit) equity
$
src,0src2,457
$
src,src53,648
Redfin Corporation and Subsidiaries
Consolidated Statements of Comprehensive Loss
(in thousands, except share and per share amounts, unaudited)
Three Months Ended December 3src,
Year Ended December 3src,
2024
2023
2024
2023
Revenue
244,282
2src8,077
src,042,979
976,672
Cost of revenue(src)
src62,342
src44,926
678,778
646,853
Gross profit
8src,940
73,src5src
364,20src
329,8src9
Operating expenses
Technology and development(src)
34,95src
44,098
src63,927
src83,294
Marketing(src)
22,src57
20,332
srcsrc4,48src
srcsrc7,863
General and administrative(src)
53,998
52,206
235,364
238,790
Restructuring and reorganization
952
768
5,684
7,927
Total operating expenses
srcsrc2,058
srcsrc7,404
5src9,456
547,874
Loss from continuing operations
(30,srcsrc8
)
(44,253
)
(src55,255
)
(2src8,055
)
Interest income
src,2src6
2,362
6,348
src0,532
Interest expense
(8,283
)
(4,233
)
(27,780
)
(9,524
)
Income tax benefit (expense)
905
(97
)
530
(979
)
Gain on extinguishment of convertible senior notes
—
25,src7src
src2,000
94,0src9
Other expense, net
(85
)
(src,848
)
(644
)
(2,385
)
Net loss from continuing operations
(36,365
)
(22,898
)
(src64,80src
)
(src26,392
)
Net loss from discontinued operations
—
—
—
(3,634
)
Net loss
$
(36,365
)
$
(22,898
)
$
(src64,80src
)
$
(src30,026
)
Dividends on convertible preferred stock
(367
)
(2src6
)
(src,073
)
(src,074
)
Net loss from continuing operations attributable to common stock—basic and diluted
$
(36,732
)
$
(23,srcsrc4
)
$
(src65,874
)
$
(src27,466
)
Net loss attributable to common stock—basic and diluted
$
(36,732
)
$
(23,srcsrc4
)
$
(src65,874
)
$
(src3src,src00
)
Net loss from continuing operations per share attributable to common stock—basic and diluted
$
(0.29
)
$
(0.20
)
$
(src.36
)
$
(src.src3
)
Net loss per share attributable to common stock—basic and diluted
$
(0.29
)
$
(0.20
)
$
(src.36
)
$
(src.src6
)
Weighted average shares of common stock—basic and diluted
src25,027,643
srcsrc6,src54,00src
src2src,677,97src
srcsrc3,src52,752
Net loss
$
(36,365
)
$
(22,898
)
$
(src64,80src
)
$
(src30,026
)
Other comprehensive (loss) income
Foreign currency translation adjustments
(27
)
2
(24
)
(7src
)
Unrealized gain on available-for-sale securities
—
73
40
690
Comprehensive loss
$
(36,392
)
$
(22,823
)
$
(src64,785
)
$
(src29,407
)
(src) Includes stock-based compensation as follows:
Three Months Ended December 3src,
Year Ended December 3src,
2024
2023
2024
2023
Cost of revenue
$
2,577
$
2,74src
$
srcsrc,src80
$
src2,9src4
Technology and development
8,247
8,352
34,339
33,srcsrcsrc
Marketing
src,srcsrc6
src,3src2
5,027
5,src48
General and administrative
5,277
3,src48
20,6src3
src9,528
Total
$
src7,2src7
$
src5,553
$
7src,src59
$
70,70src
Redfin Corporation and Subsidiaries
Consolidated Statements of Cash Flows
(in thousands, unaudited)
Year Ended December 3src,
2024
2023
Operating Activities
Net loss
$
(src64,80src
)
$
(src30,026
)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization
42,768
62,85src
Stock-based compensation
7src,src59
70,935
Amortization of debt discount and issuance costs
3,srcsrc6
3,620
Non-cash lease expense
srcsrc,8src5
src6,269
Impairment costs
—
src,948
Net (gain) loss on IRLCs, forward sales commitments, and loans held for sale
(src9
)
(src,992
)
Change in fair value of mortgage servicing rights, net
(892
)
3,src98
Gain on extinguishment of convertible senior notes
(src2,000
)
(94,0src9
)
Other
644
(2,srcsrc3
)
Change in assets and liabilities:
Accounts receivable, net
2,864
3,286
Inventory
—
srcsrc4,232
Prepaid expenses and other assets
(8,229
)
6,004
Accounts payable
6,37src
(src,323
)
Accrued and other liabilities, deferred tax liabilities, and payroll tax liabilities, noncurrent
(5,40src
)
(src9,085
)
Lease liabilities
(src5,682
)
(src8,998
)
Origination of mortgage servicing rights
(255
)
(565
)
Proceeds from sale of mortgage servicing rights
30,582
src,457
Origination of loans held for sale
(3,979,765
)
(3,525,987
)
Proceeds from sale of loans originated as held for sale
3,985,4src8
3,567,066
Net cash (used in) provided by operating activities
(32,307
)
56,758
Investing activities
Purchases of property and equipment
(srcsrc,209
)
(src2,056
)
Purchases of investments
—
(76,866
)
Sales of investments
39,225
src24,68src
Maturities of investments
6,395
6src,723
Net cash provided by investing activities
34,4srcsrc
97,482
Financing activities
Redemption of convertible preferred stock, net of issuance costs
(40,000
)
—
Payment of dividends on convertible preferred stock
(367
)
—
Proceeds from the issuance of common stock pursuant to employee equity plans
6,558
9,6src3
Tax payments related to net share settlements on restricted stock units
(2,284
)
(src6,348
)
Borrowings from warehouse credit facilities
4,0src6,909
3,532,srcsrc9
Repayments to warehouse credit facilities
(4,022,245
)
(3,570,664
)
Principal payments under finance lease obligations
(56
)
(89
)
Repurchases of convertible senior notes
(src06,953
)
(24src,808
)
Repayments of convertible senior notes
—
(23,5src2
)
Repayment of term loan principal
(2,src88
)
(3src3
)
Extinguishment of convertible senior notes associated with closing of term loan
—
(57,075
)
Payments of debt issuance costs
(2,482
)
(2,338
)
Proceeds from term loan
src25,000
src25,000
Net cash used in financing activities
(28,src08
)
(245,4src5
)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
(24
)
(7src
)
Net change in cash, cash equivalents, and restricted cash
(26,028
)
(9src,246
)
Cash, cash equivalents, and restricted cash:
Beginning of period
src5src,000
242,246
End of period
$
src24,972
$
src5src,000
Redfin Corporation and Subsidiaries
Supplemental Financial Information and Business Metrics
(unaudited)
Three Months Ended
Dec. 3src, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 3src, 2024
Dec. 3src, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 3src, 2023
Monthly average visitors (in thousands)
42,680
49,4src3
5src,6src9
48,803
43,86src
5src,309
52,308
50,440
Real estate services transactions
Brokerage
srcsrc,44src
src3,324
src4,src78
src0,039
src0,src52
src3,075
src3,7src6
src0,30src
Partner
2,922
3,440
3,395
2,69src
3,src86
4,35src
3,952
3,src87
Total
src4,363
src6,764
src7,573
src2,730
src3,338
src7,426
src7,668
src3,488
Real estate services revenue per transaction
Brokerage
$
src2,249
$
src2,363
$
src2,545
$
src2,433
$
src2,248
$
src2,704
$
src2,376
$
srcsrc,556
Partner
3,027
3,025
2,859
2,367
2,684
2,677
2,756
2,592
Aggregate
src0,373
src0,447
src0,674
src0,305
9,963
src0,200
src0,224
9,438
U.S. market share by units(src)
0.72
%
0.76
%
0.77
%
0.77
%
0.72
%
0.78
%
0.75
%
0.79
%
Revenue from top-src0 Redfin markets as a percentage of real estate services revenue
56
%
56
%
56
%
55
%
55
%
56
%
55
%
53
%
Average number of lead agents
src,927
src,757
src,7src9
src,658
src,692
src,744
src,792
src,876
Mortgage originations by dollars (in millions)
$
src,035
$
src,2src4
$
src,338
$
969
$
885
$
src,srcsrc0
$
src,282
$
99src
Mortgage originations by units (in ones)
2,434
2,900
3,src92
2,365
2,293
2,786
3,src3src
2,444
Year Ended December 3src,
2024
2023
Monthly average visitors (in thousands)
48,src29
49,479
Real estate services transactions
Brokerage
48,982
47,244
Partner
src2,448
src4,676
Total
6src,430
6src,920
Real estate services revenue per transaction
Brokerage
$
src2,403
$
src2,260
Partner
2,838
2,68src
Aggregate
src0,465
9,990
U.S. market share by units(src)
0.76
%
0.76
%
Revenue from top-src0 markets as a percentage of real estate services revenue
56
%
55
%
Average number of lead agents
src,765
src,776
Mortgage originations by dollars (in millions)
$
4,556
$
4,268
Mortgage originations by units (in ones)
src0,89src
src0,654
(src) Prior to the second quarter of 2022, we reported our U.S. market share based on the aggregate home value of our real estate services transactions, relative to the aggregate value of all U.S. home sales, which we computed based on the mean sale price of U.S. homes provided by the National Association of REALTORS® (“NAR”). Beginning in the second quarter of 2022, NAR (src) revised its methodology of computing the mean sale price, (2) restated its previously reported mean sale price beginning from January 2020 (and indicated that previously reported mean sale price prior to January 2020 is not comparable), and (3) discontinued publication of the mean sale price as part of its primary data set. Due to these changes, as of the second quarter of 2022, we report our U.S. market share based on the number of homes sold, rather than the dollar value of homes sold. Our market share by number of homes sold has historically been lower than our market share by dollar value of homes sold. We also stopped reporting the aggregate home value of our real estate services transactions.
Redfin Corporation and Subsidiaries
Segment Reporting and Reconciliation of Adjusted EBITDA to Net Income (Loss)
(unaudited, in thousands)
Three Months Ended December 3src, 2024
Real estate services
Rentals
Mortgage
Title
Monetization
Corporate overhead
Total
Revenue
$
src48,982
$
5src,634
$
30,2src0
$
9,097
$
4,359
$
—
$
244,282
Cost of revenue
srcsrc6,3src5
src2,27src
26,9src0
6,7src8
src28
—
src62,342
Gross profit
32,667
39,363
3,300
2,379
4,23src
—
8src,940
Operating expenses
Technology and development
20,9src4
srcsrc,438
696
srcsrc4
755
src,034
34,95src
Marketing
src0,022
srcsrc,353
767
src4
—
src
22,src57
General and administrative
src7,6src6
2src,653
6,34src
794
662
6,932
53,998
Restructuring and reorganization
—
—
—
—
—
952
952
Total operating expenses
48,552
44,444
7,804
922
src,4src7
8,9src9
srcsrc2,058
(Loss) income from continuing operations
(src5,885
)
(5,08src
)
(4,504
)
src,457
2,8src4
(8,9src9
)
(30,srcsrc8
)
Interest income, interest expense, income tax benefit, gain on extinguishment of convertible senior notes, and other expense, net
(3src
)
src32
(6
)
220
63
(6,625
)
(6,247
)
Net (loss) income from continuing operations
$
(src5,9src6
)
$
(4,949
)
$
(4,5src0
)
$
src,677
$
2,877
$
(src5,544
)
$
(36,365
)
Three Months Ended December 3src, 2024
Real estate services
Rentals
Mortgage
Title
Monetization
Corporate overhead
Total
Net (loss) income from continuing operations
$
(src5,9src6
)
$
(4,949
)
$
(4,5src0
)
$
src,677
$
2,877
$
(src5,544
)
$
(36,365
)
Interest income(src)
(27
)
(src32
)
(3,src99
)
(220
)
(63
)
(775
)
(4,4src6
)
Interest expense(2)
—
—
2,962
—
—
8,276
srcsrc,238
Income tax expense
—
—
—
—
—
(905
)
(905
)
Depreciation and amortization
3,src43
5,src50
88src
28
87
src40
9,429
Stock-based compensation(3)
src0,src77
3,465
375
284
304
2,6src2
src7,2src7
Restructuring and reorganization(4)
—
—
—
—
—
952
952
Adjusted EBITDA
$
(2,623
)
$
3,534
$
(3,49src
)
$
src,769
$
3,205
$
(5,244
)
$
(2,850
)
(src) Interest income includes $3.2 million of interest income related to originated mortgage loans for the three months ended December 3src, 2024.
(2) Interest expense includes $3.0 million of interest expense related to our warehouse credit facilities for the three months ended December 3src, 2024.
(3) Stock-based compensation consists of expenses related to restricted stock units and our employee stock purchase program.
(4) Restructuring and reorganization expenses primarily consist of personnel-related costs associated with employee terminations, furloughs, or retention due to the restructuring and reorganization activities.
Three Months Ended December 3src, 2023
Real estate services
Rentals
Mortgage
Title
Monetization
Corporate overhead
Total
Revenue
$
src32,890
$
49,src76
$
26,270
$
5,759
$
3,982
$
—
$
2src8,077
Cost of revenue
src03,000
srcsrc,070
25,070
5,633
src53
—
src44,926
Gross profit
29,890
38,src06
src,200
src26
3,829
—
73,src5src
Operating expenses
Technology and development
25,55src
src5,853
694
9src
938
97src
44,098
Marketing
7,897
srcsrc,443
942
src3
src
36
20,332
General and administrative
src7,854
20,807
4,689
672
296
7,888
52,206
Restructuring and reorganization
—
503
—
—
—
265
768
Total operating expenses
5src,302
48,606
6,325
776
src,235
9,src60
srcsrc7,404
(Loss) income from continuing operations
(2src,4src2
)
(src0,500
)
(5,src25
)
(650
)
2,594
(9,src60
)
(44,253
)
Interest income, interest expense, income tax benefit, gain on extinguishment of convertible senior notes, and other expense, net
src8
src00
(src68
)
src3src
src06
2src,src68
2src,355
Net (loss) income from continuing operations
$
(2src,394
)
$
(src0,400
)
$
(5,293
)
$
(5src9
)
$
2,700
$
src2,008
$
(22,898
)
Three Months Ended December 3src, 2023
Real estate services
Rentals
Mortgage
Title
Monetization
Corporate overhead
Total
Net (loss) income from continuing operations
$
(2src,394
)
$
(src0,400
)
$
(5,293
)
$
(5src9
)
$
2,700
$
src2,008
$
(22,898
)
Interest income(src)
(src8
)
(src00
)
(2,src76
)
(src3src
)
(src06
)
(2,007
)
(4,538
)
Interest expense(2)
—
—
2,3src8
—
—
4,src32
6,450
Income tax expense
—
—
68
—
—
29
97
Depreciation and amortization
3,20src
9,808
935
28
2src8
255
src4,445
Stock-based compensation(3)
src0,96src
3,073
(src,088
)
2src7
333
2,057
src5,553
Restructuring and reorganization(4)
—
503
—
—
—
265
768
Impairment(5)
—
—
—
—
—
src,835
src,835
Gain on extinguishment of convertible senior notes
—
—
—
—
—
(25,src7src
)
(25,src7src
)
Adjusted EBITDA
$
(7,250
)
$
2,884
$
(5,236
)
$
(405
)
$
3,src45
$
(6,597
)
$
(src3,459
)
(src) Interest income includes $2.2 million of interest income related to originated mortgage loans for the three months ended December 3src, 2023.
(2) Interest expense includes $2.2 million of interest expense related to our warehouse credit facilities for the three months ended December 3src, 2023.
(3) Stock-based compensation consists of expenses related to stock options, restricted stock units, and our employee stock purchase program.
(4) Restructuring and reorganization expenses primarily consist of personnel-related costs associated with employee terminations, furloughs, or retention due to the restructuring and reorganization activities.
(5) Impairment consists of an impairment loss due to subleasing one of our operating leases.
Year Ended December 3src, 2024
Real estate services
Rentals
Mortgage
Title
Monetization
Corporate overhead
Total
Revenue
$
642,867
$
203,739
$
src39,829
$
37,509
$
src9,035
$
—
$
src,042,979
Cost of revenue
487,5src3
47,724
srcsrc5,556
27,024
96src
—
678,778
Gross profit
src55,354
src56,0src5
24,273
src0,485
src8,074
—
364,20src
Operating expenses
Technology and development
src05,268
48,0src5
2,727
448
3,src07
4,362
src63,927
Marketing
57,96src
53,490
2,988
37
4
src
srcsrc4,48src
General and administrative
74,794
88,447
25,428
3,2src5
src,520
4src,960
235,364
Restructuring and reorganization
—
—
—
—
—
5,684
5,684
Total operating expenses
238,023
src89,952
3src,src43
3,700
4,63src
52,007
5src9,456
(Loss) income from continuing operations
(82,669
)
(33,937
)
(6,870
)
6,785
src3,443
(52,007
)
(src55,255
)
Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net
(25
)
src97
(2,968
)
690
283
(7,723
)
(9,546
)
Net (loss) income from continuing operations
$
(82,694
)
$
(33,740
)
$
(9,838
)
$
7,475
$
src3,726
$
(59,730
)
$
(src64,80src
)
Year ended December 3src, 2024
Real estate services
Rentals
Mortgage
Title
Monetization
Corporate overhead
Total
Net (loss) income from continuing operations
$
(82,694
)
$
(33,740
)
$
(9,838
)
$
7,475
$
src3,726
$
(59,730
)
$
(src64,80src
)
Interest income(src)
(67
)
(365
)
(srcsrc,6src5
)
(690
)
(283
)
(4,944
)
(src7,964
)
Interest expense(2)
—
—
src4,208
—
—
24,798
39,006
Income tax expense
—
src09
—
—
—
(639
)
(530
)
Depreciation and amortization
src2,445
25,038
3,660
src09
673
843
42,768
Stock-based compensation(3)
44,423
src3,443
src,038
src,srcsrc9
src,src57
9,979
7src,src59
Restructuring and reorganization(4)
—
—
—
—
—
5,684
5,684
Gain on extinguishment of convertible senior notes
—
—
—
—
—
(src2,000
)
(src2,000
)
Legal contingencies(5)
—
—
—
—
—
src0,src54
src0,src54
Adjusted EBITDA
$
(25,893
)
$
4,485
$
(2,547
)
$
8,0src3
$
src5,273
$
(25,855
)
$
(26,524
)
(src) Interest income includes $srcsrc.6 million of interest income related to originated mortgage loans for the year ended December 3src, 2024.
(2) Interest expense includes $srcsrc.2 million of interest expense related to our warehouse credit facilities for the year ended December 3src, 2024.
(3) Stock-based compensation consists of expenses related to stock options, restricted stock units, and our employee stock purchase program.
(4) Restructuring and reorganization expenses primarily consist of personnel-related costs associated with employee terminations, furloughs, or retention due to the restructuring and reorganization activities.
(5) Legal contingencies includes expenses related to material contingent liabilities resulting from litigation or other legal proceedings.
Year Ended December 3src, 2023
Real estate services
Rentals
Mortgage
Title
Monetization
Corporate overhead
Total
Revenue(src)
$
6src8,577
$
src84,8src2
$
src34,src08
$
25,095
$
src4,080
$
—
$
976,672
Cost of revenue
462,625
42,086
srcsrc8,src78
23,335
629
—
646,853
Gross profit
src55,952
src42,726
src5,930
src,760
src3,45src
—
329,8src9
Operating expenses
Technology and development
src08,20src
63,934
2,87src
5src0
3,994
3,784
src83,294
Marketing
59,746
53,952
4,064
54
6
4src
srcsrc7,863
General and administrative
76,85src
94,252
25,0src2
2,776
src,24src
38,658
238,790
Restructuring and reorganization
—
503
—
—
—
7,424
7,927
Total operating expenses
244,798
2src2,64src
3src,947
3,340
5,24src
49,907
547,874
(Loss) income from continuing operations
(88,846
)
(69,9src5
)
(src6,0src7
)
(src,580
)
8,2src0
(49,907
)
(2src8,055
)
Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net
59
2src5
(392
)
348
364
9src,069
9src,663
Net (loss) income from continuing operations
$
(88,787
)
$
(69,700
)
$
(src6,409
)
$
(src,232
)
$
8,574
$
4src,src62
$
(src26,392
)
(src) Included in revenue is $src.2 million from providing services to our discontinued properties segment.
Year ended December 3src, 2023
Real estate services
Rentals
Mortgage
Title
Monetization
Corporate overhead
Total
Net (loss) income from continuing operations
$
(88,787
)
$
(69,700
)
$
(src6,409
)
$
(src,232
)
$
8,574
$
4src,src62
$
(src26,392
)
Interest income(src)
(59
)
(338
)
(srcsrc,238
)
(348
)
(364
)
(9,407
)
(2src,754
)
Interest expense(2)
—
—
src2,055
—
—
9,4src7
2src,472
Income tax expense
—
src23
289
—
—
567
979
Depreciation and amortization
src6,020
39,876
3,864
src37
865
2,000
62,762
Stock-based compensation(3)
44,002
src4,653
src,466
885
src,36src
8,334
70,70src
Acquisition-related costs(4)
—
—
—
—
—
8
8
Restructuring and reorganization(5)
—
503
—
—
—
7,424
7,927
Impairment(6)
—
—
—
—
—
src,948
src,948
Gain on extinguishment of convertible senior notes
—
—
—
—
—
(94,0src9
)
(94,0src9
)
Adjusted EBITDA
(28,824
)
(src4,883
)
(9,973
)
(558
)
src0,436
(32,566
)
(76,368
)
(src) Interest income includes $srcsrc.2 million of interest income related to originated mortgage loans for the year ended December 3src, 2023.
(2) Interest expense includes $srcsrc.9 million of interest expense related to our warehouse credit facilities for the year ended December 3src, 2023.
(3) Stock-based compensation consists of expenses related to stock options, restricted stock units, and our employee stock purchase program.
(4) Acquisition-related costs consist of fees for external advisory, legal, and other professional services incurred in connection with our acquisition of other companies.
(5) Restructuring and reorganization expenses primarily consist of personnel-related costs associated with employee terminations, furloughs, or retention due to the restructuring and reorganization activities.
(6) Impairment consists of impairment losses due to subleasing two of our operating leases.
Redfin Corporation and Subsidiaries
Reconciliation of Adjusted EBITDA Guidance to Net Loss Guidance
(unaudited, in millions)
Three Months Ended March 3src, 2025
Low
High
Net loss
$
(94
)
$
(83
)
Net interest expense
6
6
Depreciation and amortization
9
9
Stock-based compensation
src5
src5
Restructuring and reorganization
24
2src
Adjusted EBITDA
$
(39
)
$
(32
)
View source version on businesswire.com: https://www.businesswire.com/news/home/202502274src6933/en/
Investor Relations
Meg Nunnally
ir@redfin.com
Press
Alina Ptaszynski
press@redfin.com
Source: Redfin Corporation
Released February 27, 2025
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