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Redfin Reports First Quarter 2024 Financial Results

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% in the first quarter of 2023.

Net loss was $66.8 million, compared to a net loss of $60.8 million in the first quarter of 2023. Net loss attributable to common stock was $67.0 million. Net loss per share attributable to common stock, diluted, was $0.57, compared to net loss per share, diluted, of $0.55 in the first quarter of 2023.

Adjusted EBITDA loss was $27.6 million, compared to adjusted EBITDA loss of $63.6 million in the first quarter of 2023.

“Market conditions recently got worse, but Redfin got better in the first quarter of 2024,” said Redfin CEO Glenn Kelman. “Each of our business segments performed at the top of the range we set last quarter, or above that range. Our plan to build a larger marketplace, based on rental and for-sale listings, is paying off. Despite spending less than our major rivals on advertising, we continue to compete well for traffic. And our brokerage initiatives are working. Market-share, loyalty sales and luxury sales increased, with the strongest increases in the four California markets that eliminated agent salaries in lieu of higher bonuses. Revenue improved year-over-year, gross profit improved even more, and adjusted EBITDA improved the most, which tells us that we can spend less and still make more.”

First Quarter Highlights

  • First quarter market share was 0.77% of U.S. existing home sales by units, compared to 0.72% in the fourth quarter of 2023.
  • Redfin’s mobile apps and website reached nearly 49 million average monthly users, compared to 50 million in the first quarter of 2023.
  • Achieved the best quarter on record for mortgage cross-selling, with a 28% attach rate in the first quarter of 2024, up 3 points from the first quarter in 2023. March was also the best month on record, with an attach rate of 30%.1
  • Maintained momentum in loyalty sales, with 34% of sales coming from loyalty customers in the first quarter of 2024 compared to 33% in the first quarter of 2023.
  • Brought Title Forward to Chicago, Flagstaff and Phoenix, expanding Title Forward’s coverage of Redfin’s buyside sales from 54% to 66%.
  • On May 5, extended Redfin Next agent pay plan to Chicago, Connecticut, Dallas, Miami, New York, Palm Beach and Washington, D.C. To date, Redfin has signed more than 130 top producing agents to join the brokerage under the Redfin Next program.
  • Continued efforts to prepare the business for changes as a result of the NAR settlement, including deploying buyer agreements nationwide through Sign & Save and emphasizing agent-led first tours through All You Can Meet.
  • Launched Ask Redfin, an AI-powered virtual assistant to help buyers quickly find information about for-sale homes. In beta, Ask Redfin drove significant increases in user engagement.
  • Added new information to listing pages on Redfin and Rent. that help renters and home searchers understand important details about their prospective homes, including:
    • Air quality risk data for nearly every home in the U.S., making Redfin the first nationwide brokerage to publish this data and help consumers understand how climate risks impact their home search
    • A total cost of renting calculator on Rent.com, which makes it easier for renters to budget and avoid unexpected fees
    • New affordability information on Redfin.com that helps renters consider the long-term financial commitment of signing a lease

(1) 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 the first quarter of 2024, compared to 20% in the first quarter of 2023.

Business Outlook

The following forward-looking statements reflect Redfin's expectations as of May 7, 2024, and are subject to substantial uncertainty.

For the second quarter of 2024 we expect:

  • Total revenue between $285 million and $298 million, representing a year-over-year change between 4% and 8% compared to the second quarter of 2023. Included within total revenue are real estate services revenue between $180 million and $188 million, rentals revenue between $50 million and $51 million, mortgage revenue between $39 million and $42 million and other revenue of approximately $16 million.
  • Total net loss is expected to be between $34 million and $28 million, compared to net loss of $27 million in the second quarter of 2023. This guidance includes approximately $41 million in total marketing expenses, $18 million of stock-based compensation, $9 million in depreciation and amortization, and $3 million in net interest expense. Adjusted EBITDA loss is expected to be between a loss of $4 million and positive $2 million. Furthermore, we expect to pay a quarterly dividend of 30,640 shares of common stock to our preferred stockholder.

Conference Call

Redfin will webcast a conference call to discuss the results at 1:30 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 31, 2023, as supplemented by our quarterly report for the quarter ended March 31, 2024, both of which are 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.

Non-GAAP Financial Measure

To supplement our consolidated financial statements that are prepared and presented in accordance with GAAP, we also compute and present adjusted EBITDA, which is a non-GAAP financial measure. We believe adjusted EBITDA is useful for investors because it enhances period-to-period comparability of our financial statements on a consistent basis and provides investors with useful insight into the underlying trends of the business. The presentation of this financial measure is not intended to be considered in isolation or as a substitute of, or superior to, our financial information prepared and presented in accordance with GAAP. Our calculation of adjusted EBITDA may be different from adjusted EBITDA or similar non-GAAP financial measures used by other companies, limiting its usefulness for comparison purposes. Our adjusted EBITDA for the three months ended March 31, 2024 and 2023 is presented below, along with a reconciliation of adjusted EBITDA to net loss.

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, title insurance, and renovations services. We run the country's #1 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. Customers selling a home can have our renovations crew fix it up to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.6 billion in commissions. We serve more than 100 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)

 

 

March 31, 2024

 

December 31, 2023

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

107,129

 

 

$

149,759

 

Restricted cash

 

1,274

 

 

 

1,241

 

Short-term investments

 

 

 

 

41,952

 

Accounts receivable, net of allowances for credit losses of $3,658 and $3,234

 

54,839

 

 

 

51,738

 

Loans held for sale

 

165,487

 

 

 

159,587

 

Prepaid expenses

 

37,695

 

 

 

33,296

 

Other current assets

 

11,867

 

 

 

7,472

 

Total current assets

 

378,291

 

 

 

445,045

 

Property and equipment, net

 

46,118

 

 

 

46,431

 

Right-of-use assets, net

 

29,476

 

 

 

31,763

 

Mortgage servicing rights, at fair value

 

32,328

 

 

 

32,171

 

Long-term investments

 

 

 

 

3,149

 

Goodwill

 

461,349

 

 

 

461,349

 

Intangible assets, net

 

113,537

 

 

 

123,284

 

Other assets, noncurrent

 

10,008

 

 

 

10,456

 

Total assets

$

1,071,107

 

 

$

1,153,648

 

Liabilities, mezzanine equity, and stockholders' (deficit) equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

15,909

 

 

$

10,507

 

Accrued and other liabilities

 

97,331

 

 

 

90,360

 

Warehouse credit facilities

 

156,588

 

 

 

151,964

 

Lease liabilities

 

14,710

 

 

 

15,609

 

Total current liabilities

 

284,538

 

 

 

268,440

 

Lease liabilities, noncurrent

 

26,730

 

 

 

29,084

 

Convertible senior notes, net, noncurrent

 

641,209

 

 

 

688,737

 

Term loan

 

124,123

 

 

 

124,416

 

Deferred tax liabilities

 

287

 

 

 

264

 

Total liabilities

 

1,076,887

 

 

 

1,110,941

 

Series A convertible preferred stock—par value $0.001 per share; 10,000,000 shares authorized; 40,000 shares issued and outstanding at March 31, 2024 and December 31, 2023

 

39,970

 

 

 

39,959

 

Stockholders’ (deficit) equity

 

 

 

Common stock—par value $0.001 per share; 500,000,000 shares authorized; 119,440,241 and 117,372,171 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively

 

119

 

 

 

117

 

Additional paid-in capital

 

844,383

 

 

 

826,146

 

Accumulated other comprehensive loss

 

(145

)

 

 

(182

)

Accumulated deficit

 

(890,107

)

 

 

(823,333

)

Total stockholders’ (deficit) equity

 

(45,750

)

 

 

2,748

 

Total liabilities, mezzanine equity, and stockholders’ (deficit) equity

$

1,071,107

 

 

$

1,153,648

 

 

Redfin Corporation and Subsidiaries

Consolidated Statements of Comprehensive Loss

(in thousands, except share and per share amounts, unaudited)

 

 

Three Months Ended March 31,

 

 

2024

 

 

 

2023

 

Revenue

$

225,479

 

 

$

214,083

 

Cost of revenue(1)

 

154,667

 

 

 

155,945

 

Gross profit

 

70,812

 

 

 

58,138

 

Operating expenses

 

 

 

Technology and development(1)

 

46,429

 

 

 

47,663

 

Marketing(1)

 

24,878

 

 

 

40,403

 

General and administrative(1)

 

67,873

 

 

 

69,439

 

Restructuring and reorganization

 

889

 

 

 

1,053

 

Total operating expenses

 

140,069

 

 

 

158,558

 

Loss from continuing operations

 

(69,257

)

 

 

(100,420

)

Interest income

 

1,832

 

 

 

3,406

 

Interest expense

 

(4,874

)

 

 

(1,922

)

Income tax benefit (expense)

 

172

 

 

 

(410

)

Gain on extinguishment of convertible senior notes

 

5,686

 

 

 

42,270

 

Other expense, net

 

(333

)

 

 

(234

)

Net loss from continuing operations

 

(66,774

)

 

 

(57,310

)

Net loss from discontinued operations

 

 

 

 

(3,488

)

Net loss

$

(66,774

)

 

$

(60,798

)

 

 

 

 

Dividends on convertible preferred stock

 

(233

)

 

 

(226

)

 

 

 

 

Net loss from continuing operations attributable to common stock—basic and diluted

$

(67,007

)

 

$

(57,536

)

Net loss attributable to common stock—basic and diluted

$

(67,007

)

 

$

(61,024

)

 

 

 

 

Net loss from continuing operations per share attributable to common stock—basic and diluted

$

(0.57

)

 

$

(0.52

)

Net loss attributable to common stock per share—basic and diluted

$

(0.57

)

 

$

(0.55

)

 

 

 

 

Weighted-average shares to compute net loss per share attributable to common stock—basic and diluted

 

118,364,267

 

 

 

110,103,598

 

 

 

 

 

Net loss

$

(66,774

)

 

$

(60,798

)

Other comprehensive income (loss)

 

 

 

Foreign currency translation adjustments

 

(3

)

 

 

58

 

Unrealized gain (loss) on available-for-sale debt securities

 

40

 

 

 

(424

)

Comprehensive loss

$

(66,737

)

 

$

(61,164

)

(1) Includes stock-based compensation as follows:

 

Three Months Ended March 31,

 

2024

 

2023

Cost of revenue

$

2,739

 

$

4,135

Technology and development

 

8,239

 

 

8,127

Marketing

 

1,431

 

 

1,245

General and administrative

 

5,000

 

 

5,318

Total

$

17,409

 

$

18,825

 

Redfin Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(in thousands, unaudited)

 

 

Three Months Ended March 31,

 

 

2024

 

 

 

2023

 

Operating Activities

 

 

 

Net loss

$

(66,774

)

 

$

(60,798

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

Depreciation and amortization

 

14,398

 

 

 

17,013

 

Stock-based compensation

 

17,409

 

 

 

19,028

 

Amortization of debt discount and issuance costs

 

709

 

 

 

1,087

 

Non-cash lease expense

 

3,154

 

 

 

4,816

 

Impairment costs

 

 

 

 

113

 

Net gain on IRLCs, forward sales commitments, and loans held for sale

 

(4,124

)

 

 

(8,326

)

Change in fair value of mortgage servicing rights, net

 

(365

)

 

 

1,208

 

Gain on extinguishment of convertible senior notes

 

(5,686

)

 

 

(42,270

)

Other

 

263

 

 

 

(1,174

)

Change in assets and liabilities:

 

 

 

Accounts receivable, net

 

(3,245

)

 

 

6,738

 

Inventory

 

 

 

 

103,588

 

Prepaid expenses and other assets

 

(4,718

)

 

 

1,110

 

Accounts payable

 

5,432

 

 

 

(1,675

)

Accrued and other liabilities, deferred tax liabilities, and payroll tax liabilities, noncurrent

 

8,155

 

 

 

(16,813

)

Lease liabilities

 

(4,089

)

 

 

(4,619

)

Origination of mortgage servicing rights

 

(61

)

 

 

(347

)

Proceeds from sale of mortgage servicing rights

 

269

 

 

 

339

 

Origination of loans held for sale

 

(828,421

)

 

 

(854,085

)

Proceeds from sale of loans originated as held for sale

 

821,714

 

 

 

861,771

 

Net cash (used in) provided by operating activities

 

(45,980

)

 

 

26,704

 

Investing activities

 

 

 

Purchases of property and equipment

 

(3,558

)

 

 

(2,919

)

Purchases of investments

 

 

 

 

(57,556

)

Sales of investments

 

39,225

 

 

 

12,014

 

Maturities of investments

 

6,395

 

 

 

48,483

 

Net cash provided by investing activities

 

42,062

 

 

 

22

 

Financing activities

 

 

 

Proceeds from the issuance of common stock pursuant to employee equity plans

 

94

 

 

 

143

 

Tax payments related to net share settlements on restricted stock units

 

(529

)

 

 

(3,161

)

Borrowings from warehouse credit facilities

 

827,186

 

 

 

852,988

 

Repayments to warehouse credit facilities

 

(822,562

)

 

 

(858,214

)

Principal payments under finance lease obligations

 

(27

)

 

 

(40

)

Repurchases of convertible senior notes

 

(42,525

)

 

 

(108,274

)

Repayment of term loan principal

 

(313

)

 

 

 

Net cash used in financing activities

 

(38,676

)

 

 

(116,558

)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

 

(3

)

 

 

(58

)

Net change in cash, cash equivalents, and restricted cash

 

(42,597

)

 

 

(89,890

)

Cash, cash equivalents, and restricted cash:

 

 

 

Beginning of period

 

151,000

 

 

 

242,246

 

End of period

$

108,403

 

 

$

152,356

 

 

Redfin Corporation and Subsidiaries

Supplemental Financial Information and Business Metrics

(unaudited)

 

 

Three Months Ended

 

Mar. 31, 2024

 

Dec. 31, 2023

 

Sep. 30, 2023

 

Jun. 30, 2023

 

Mar. 31, 2023

 

Dec. 31, 2022

 

Sep. 30, 2022

 

Jun. 30, 2022

Monthly average visitors (in thousands)

 

48,803

 

 

 

43,861

 

 

 

51,309

 

 

 

52,308

 

 

 

50,440

 

 

 

43,847

 

 

 

50,785

 

 

 

52,698

 

Real estate services transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brokerage

 

10,039

 

 

 

10,152

 

 

 

13,075

 

 

 

13,716

 

 

 

10,301

 

 

 

12,743

 

 

 

18,245

 

 

 

20,565

 

Partner

 

2,691

 

 

 

3,186

 

 

 

4,351

 

 

 

3,952

 

 

 

3,187

 

 

 

2,742

 

 

 

3,507

 

 

 

3,983

 

Total

 

12,730

 

 

 

13,338

 

 

 

17,426

 

 

 

17,668

 

 

 

13,488

 

 

 

15,485

 

 

 

21,752

 

 

 

24,548

 

Real estate services revenue per transaction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brokerage

$

12,433

 

 

$

12,248

 

 

$

12,704

 

 

$

12,376

 

 

$

11,556

 

 

$

10,914

 

 

$

11,103

 

 

$

11,692

 

Partner

 

2,367

 

 

 

2,684

 

 

 

2,677

 

 

 

2,756

 

 

 

2,592

 

 

 

2,611

 

 

 

2,556

 

 

 

2,851

 

Aggregate

 

10,305

 

 

 

9,963

 

 

 

10,200

 

 

 

10,224

 

 

 

9,438

 

 

 

9,444

 

 

 

9,725

 

 

 

10,258

 

U.S. market share by units

 

0.77

%

 

 

0.72

%

 

 

0.78

%

 

 

0.75

%

 

 

0.79

%

 

 

0.76

%

 

 

0.80

%

 

 

0.83

%

Revenue from top-10 Redfin markets as a percentage of real estate services revenue

 

55

%

 

 

55

%

 

 

56

%

 

 

55

%

 

 

53

%

 

 

57

%

 

 

58

%

 

 

59

%

Average number of lead agents

 

1,658

 

 

 

1,692

 

 

 

1,744

 

 

 

1,792

 

 

 

1,876

 

 

 

2,022

 

 

 

2,293

 

 

 

2,640

 

Mortgage originations by dollars (in millions)

$

969

 

 

$

885

 

 

$

1,110

 

 

$

1,282

 

 

$

991

 

 

$

1,036

 

 

$

1,557

 

 

$

1,565

 

Mortgage originations by units (in ones)

 

2,365

 

 

 

2,293

 

 

 

2,786

 

 

 

3,131

 

 

 

2,444

 

 

 

2,631

 

 

 

3,720

 

 

 

3,860

 

 

Redfin Corporation and Subsidiaries

Supplemental Financial Information

(unaudited, in thousands)

 

 

Three Months Ended March 31, 2024

 

Real estate

services

 

Rentals

 

Mortgage

 

Other

 

Corporate

overhead

 

Total

Revenue

$

131,180

 

 

$

49,518

 

 

$

33,819

 

 

$

10,962

 

$

 

 

$

225,479

 

Cost of revenue

 

110,914

 

 

 

11,457

 

 

 

25,904

 

 

 

6,392

 

 

 

 

 

154,667

 

Gross profit

 

20,266

 

 

 

38,061

 

 

 

7,915

 

 

 

4,570

 

 

 

 

 

70,812

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

Technology and development

 

28,507

 

 

 

15,512

 

 

 

656

 

 

 

832

 

 

922

 

 

 

46,429

 

Marketing

 

11,177

 

 

 

12,788

 

 

 

906

 

 

 

7

 

 

 

 

 

24,878

 

General and administrative

 

19,775

 

 

 

22,478

 

 

 

6,683

 

 

 

1,154

 

 

17,783

 

 

 

67,873

 

Restructuring and reorganization

 

 

 

 

 

 

 

 

 

 

 

 

889

 

 

 

889

 

Total operating expenses

 

59,459

 

 

 

50,778

 

 

 

8,245

 

 

 

1,993

 

 

19,594

 

 

 

140,069

 

(Loss) income from continuing operations

 

(39,193

)

 

 

(12,717

)

 

 

(330

)

 

 

2,577

 

 

(19,594

)

 

 

(69,257

)

Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net

 

(46

)

 

 

7

 

 

 

3

 

 

 

244

 

 

2,275

 

 

 

2,483

 

Net (loss) income from continuing operations

$

(39,239

)

 

$

(12,710

)

 

$

(327

)

 

$

2,821

 

$

(17,319

)

 

$

(66,774

)

 

 

Three Months Ended March 31, 2024

 

Real estate

services

 

Rentals

 

Mortgage

 

Other

 

Corporate

overhead

 

Total

Net (loss) income from continuing operations

$

(39,239

)

 

$

(12,710

)

 

$

(327

)

 

$

2,821

 

 

$

(17,319

)

 

$

(66,774

)

Interest income(1)

 

(16

)

 

 

(71

)

 

 

(2,034

)

 

 

(244

)

 

 

(1,501

)

 

 

(3,866

)

Interest expense(2)

 

 

 

 

 

 

 

2,085

 

 

 

 

 

 

4,873

 

 

 

6,958

 

Income tax expense

 

 

 

 

60

 

 

 

 

 

 

 

 

 

(232

)

 

 

(172

)

Depreciation and amortization

 

3,184

 

 

 

9,839

 

 

 

964

 

 

 

198

 

 

 

213

 

 

 

14,398

 

Stock-based compensation(3)

 

11,388

 

 

 

3,338

 

 

 

276

 

 

 

500

 

 

 

1,907

 

 

 

17,409

 

Restructuring and reorganization(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

889

 

 

 

889

 

Gain on extinguishment of convertible senior notes

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,686

)

 

 

(5,686

)

Legal contingencies(5)

 

 

 

 

 

 

 

 

 

 

 

 

 

9,250

 

 

 

9,250

 

Adjusted EBITDA

$

(24,683

)

 

$

456

 

 

$

964

 

 

$

3,275

 

 

$

(7,606

)

 

$

(27,594

)

(1)

Interest income includes $2.0 million of interest income related to originated mortgage loans for the three months ended March 31, 2024.

(2)

Interest expense includes $2.1 million of interest expense related to our warehouse credit facilities for the three months ended March 31, 2024.

(3)

Stock-based compensation consists of expenses related to stock options, restricted stock units, and our employee stock purchase program. See Note 11 to our consolidated financial statements for more information.

(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.

 

 

Three Months Ended March 31, 2023

 

Real estate

services

 

Rentals

 

Mortgage

 

Other

 

Corporate

overhead

 

Total

Revenue(1)

$

127,296

 

 

$

42,870

 

 

$

36,489

 

 

$

7,428

 

 

$

 

 

$

214,083

 

Cost of revenue

 

111,494

 

 

 

9,765

 

 

 

29,213

 

 

 

5,473

 

 

 

 

 

 

155,945

 

Gross profit

 

15,802

 

 

 

33,105

 

 

 

7,276

 

 

 

1,955

 

 

 

 

 

 

58,138

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

Technology and development

 

28,895

 

 

 

15,964

 

 

 

643

 

 

 

1,224

 

 

 

937

 

 

 

47,663

 

Marketing

 

25,060

 

 

 

14,326

 

 

 

980

 

 

 

10

 

 

 

27

 

 

 

40,403

 

General and administrative

 

19,618

 

 

 

26,302

 

 

 

6,929

 

 

 

1,053

 

 

 

15,537

 

 

 

69,439

 

Restructuring and reorganization

 

 

 

 

 

 

 

 

 

 

 

 

 

1,053

 

 

 

1,053

 

Total operating expenses

 

73,573

 

 

 

56,592

 

 

 

8,552

 

 

 

2,287

 

 

 

17,554

 

 

 

158,558

 

Loss from continuing operations

 

(57,771

)

 

 

(23,487

)

 

 

(1,276

)

 

 

(332

)

 

 

(17,554

)

 

 

(100,420

)

Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net

 

 

 

 

45

 

 

 

(60

)

 

 

115

 

 

 

43,010

 

 

 

43,110

 

Net (loss) income from continuing operations

$

(57,771

)

 

$

(23,442

)

 

$

(1,336

)

 

$

(217

)

 

$

25,456

 

 

$

(57,310

)

(1) Included in revenue is $1.1 million from providing services to our discontinued properties segment.

 

Three Months Ended March 31, 2023

 

Real estate

services

 

Rentals

 

Mortgage

 

Other

 

Corporate

overhead

 

Total

Net (loss) income from continuing operations

$

(57,771

)

 

$

(23,442

)

 

$

(1,336

)

 

$

(217

)

 

$

25,456

 

 

$

(57,310

)

Interest income(1)

 

 

 

 

(80

)

 

 

(2,490

)

 

 

(115

)

 

 

(3,201

)

 

 

(5,886

)

Interest expense(2)

 

 

 

 

 

 

 

2,615

 

 

 

 

 

 

1,921

 

 

 

4,536

 

Income tax expense

 

 

 

 

43

 

 

 

68

 

 

 

 

 

 

299

 

 

 

410

 

Depreciation and amortization

 

4,432

 

 

 

10,152

 

 

 

988

 

 

 

216

 

 

 

1,140

 

 

 

16,928

 

Stock-based compensation(3)

 

9,593

 

 

 

3,616

 

 

 

1,258

 

 

 

561

 

 

 

3,797

 

 

 

18,825

 

Restructuring and reorganization(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

1,053

 

 

 

1,053

 

Impairment(5)

 

 

 

 

 

 

 

 

 

 

 

 

 

113

 

 

 

113

 

Gain on extinguishment of convertible senior notes

 

 

 

 

 

 

 

 

 

 

 

 

 

(42,270

)

 

 

(42,270

)

Legal contingencies(6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

$

(43,746

)

 

$

(9,711

)

 

$

1,103

 

 

$

445

 

 

$

(11,692

)

 

$

(63,601

)

(1)

Interest income includes $2.5 million of interest income related to originated mortgage loans for the three months ended March 31, 2023.

(2)

Interest expense includes $2.6 million of interest expense related to our warehouse credit facilities for the three months ended March 31, 2023.

(3)

Stock-based compensation consists of expenses related to stock options, restricted stock units, and our employee stock purchase program. See Note 11 to our consolidated financial statements for more information.

(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.

(6)

Legal contingencies includes expenses related to material contingent liabilities resulting from litigation or other legal proceedings.

 

Reconciliation of Adjusted EBITDA Guidance to Net Loss Guidance

(unaudited, in millions)

 

 

 

Low

 

High

Net loss

(34

)

 

(28

)

Net interest expense

3

 

 

3

 

Depreciation and amortization

9

 

 

9

 

Stock-based compensation

18

 

 

18

 

Adjusted EBITDA

(4

)

 

2

 

Note: Figures may not sum due to rounding.

 

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