Redfin Corp

CIK:0001382821|SEC Filings

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Income Statement [Abstract]
Revenue	$ 221,027	$ 225,479
Cost of revenue	150,393	154,667
Gross profit	70,634	70,812
Operating expenses
Technology and development	39,486	46,429
Marketing	39,265	24,878
General and administrative	56,467	67,873
Restructuring and reorganization	20,930	889
Total operating expenses	156,148	140,069
Loss from operations	(85,514)	(69,257)
Interest income	1,119	1,832
Interest expense	(7,784)	(4,874)
Income tax (expense) benefit	(255)	172
Gain on extinguishment of convertible senior notes	0	5,686
Other expense, net	(85)	(333)
Net loss	(92,519)	(66,774)
Dividends on convertible preferred stock	0	(233)
Net loss attributable to common stock - diluted	(92,519)	(67,007)
Net loss attributable to common stock - basic	$ (92,519)	$ (67,007)
Net loss per share attributable to common stock - basic (in dollars per share)	$ (0.73)	$ (0.57)
Income (Loss) from Continuing Operations, Per Diluted Share	$ (0.73)	$ (0.57)
Weighted average shares - basic (in shares)	127,168,402	118,364,267
Weighted-average shares to compute net loss per share attributable to common stock—basic and diluted	127,168,402	118,364,267
Other comprehensive income
Foreign currency translation adjustments	$ (23)	$ (3)
Unrealized gain on available-for-sale debt securities	0	40
Comprehensive loss	$ (92,542)	$ (66,737)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Operating Activities
Net loss	$ (92,519)	$ (66,774)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	8,309	14,398
Stock-based compensation	15,362	17,409
Contract asset amortization	1,323	0
Amortization of debt discount and issuance costs	851	709
Non-cash lease expense	2,615	3,154
Net gain on IRLCs, forward sales commitments, and loans held for sale	(3,042)	(4,124)
Change in fair value of mortgage servicing rights, net	116	(365)
Gain on extinguishment of convertible senior notes	0	(5,686)
Other	4,600	263
Change in assets and liabilities:
Accounts receivable, net	8,999	(3,245)
Prepaid expenses and other assets	(1,620)	(4,718)
Accounts payable	3,263	5,432
Accrued and other liabilities and deferred tax liabilities	14,537	8,155
Deferred revenue	97,321	0
Lease liabilities	(3,384)	(4,089)
Origination of mortgage servicing rights	(44)	(61)
Proceeds from sale of mortgage servicing rights	50	269
Origination of loans held for sale	(774,556)	(828,421)
Proceeds from sale of loans originated as held for sale	755,697	821,714
Net cash provided by (used in) operating activities	37,878	(45,980)
Investing activities
Purchases of property and equipment	(3,234)	(3,558)
Sales of investments	0	39,225
Maturities of investments	0	6,395
Net cash (used in) provided by investing activities	(3,234)	42,062
Financing activities
Proceeds from the issuance of common stock pursuant to employee equity plans	1,835	94
Tax payments related to net share settlements on restricted stock units	(721)	(529)
Borrowings from warehouse credit facilities	783,547	827,186
Repayments to warehouse credit facilities	(759,963)	(822,562)
Principal payments under finance lease obligations	0	(27)
Repurchases of convertible senior notes	0	(42,525)
Repayment of term loan principal	(625)	(313)
Net cash provided by (used in) financing activities	24,073	(38,676)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(23)	(3)
Net change in cash, cash equivalents, and restricted cash	58,694	(42,597)
Cash, cash equivalents, and restricted cash:
Total cash, cash equivalents, and restricted cash	183,666	108,403
Supplemental disclosure of cash flow information
Cash paid for interest	8,553	7,078
Non-cash transactions
Stock-based compensation capitalized in property and equipment	747	1,265
Leasehold improvements paid directly by lessor	471	0
Recharacterization from intangible assets, net to other current assets and contract asset, noncurrent	$ 49,378	$ 0

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 183,538	$ 124,743
Restricted cash	128	229
Accounts receivable, net of allowances for credit losses of $5,531 and $4,571	39,731	48,730
Loans held for sale	172,744	152,426
Prepaid expenses	31,229	26,853
Other current assets	31,354	22,457
Total current assets	458,724	375,438
Property and equipment, net	38,220	41,302
Right-of-use assets, net	22,536	23,713
Mortgage servicing rights, at fair value	2,614	2,736
Goodwill	461,349	461,349
Intangible assets, net	46,660	99,543
Contract asset, noncurrent	38,180	0
Other assets, noncurrent	7,896	8,376
Total assets	1,076,179	1,012,457
Current liabilities
Accounts payable	20,113	16,847
Accrued and other liabilities	118,726	82,709
Warehouse credit facilities	170,212	146,629
Convertible senior notes, net	73,593	73,516
Lease liabilities	12,749	12,862
Total current liabilities	395,393	332,563
Lease liabilities, noncurrent	18,487	19,855
Convertible senior notes, net, noncurrent	499,181	498,691
Term loan	243,003	243,344
Deferred revenue, noncurrent	77,321	0
Deferred tax liabilities	780	672
Total liabilities	1,234,165	1,095,125
Commitments and contingencies (Note 6)
Stockholders’ deficit
Common stock—par value $0.001 per share; 500,000,000 shares authorized; 128,022,988 and 126,389,290 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively	128	126
Additional paid-in capital	922,728	905,506
Accumulated other comprehensive loss	(189)	(166)
Accumulated deficit	(1,080,653)	(988,134)
Total stockholders’ deficit	(157,986)	(82,668)
Total liabilities and stockholders’ deficit	$ 1,076,179	$ 1,012,457