0001382821-22-000201.txt : 20220804 0001382821-22-000201.hdr.sgml : 20220804 20220804171810 ACCESSION NUMBER: 0001382821-22-000201 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20220804 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220804 DATE AS OF CHANGE: 20220804 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Redfin Corp CENTRAL INDEX KEY: 0001382821 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38160 FILM NUMBER: 221137768 BUSINESS ADDRESS: STREET 1: 1099 STEWART STREET, SUITE 600 CITY: seattle STATE: wa ZIP: 98101 BUSINESS PHONE: (206) 576-8333 MAIL ADDRESS: STREET 1: 1099 STEWART STREET, SUITE 600 CITY: seattle STATE: wa ZIP: 98101 FORMER COMPANY: FORMER CONFORMED NAME: Redfin CORP DATE OF NAME CHANGE: 20061206 8-K 1 rdfn-20220804.htm 8-K rdfn-20220804
0001382821false00013828212022-08-042022-08-04

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) August 4, 2022
Redfin Corporation
(Exact name of registrant as specified in its charter)
Delaware
001-3816074-3064240
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
1099 Stewart Street
Suite 600
Seattle
WA
98101
(Address of principal executive offices)
(Zip Code)
(206)576-8333
Registrant's telephone number, including area code
(Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $0.001 par value per shareRDFNThe Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐


Item 2.02 Results of Operations and Financial Condition.

On August 4, 2022, we reported our financial results for the quarter ended June 30, 2022. A copy of our earnings release is furnished as exhibit 99.1 to this report.

Item 9.01 Financial Statements and Exhibits.
Exhibit Number
Description
99.1
104
Cover page interactive data file, submitted using inline XBRL

1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Redfin Corporation
(Registrant)
Date: August 4, 2022
/s/ Chris Nielsen
Chris Nielsen
Chief Financial Officer

 EX-99.1 2 q22022earningsreleaseex.htm EX-99.1 Document


redfinlogoa14.jpg
Redfin Reports Second Quarter 2022 Financial Results

SEATTLE - August 4, 2022 - Redfin Corporation (NASDAQ: RDFN) today announced results for its second quarter ended June 30, 2022.

Second Quarter 2022
Second quarter revenue was $606.9 million, an increase of 29% compared to the second quarter of 2021. Gross profit was $118.0 million, a decrease of 6% year-over-year. Real estate services gross profit was $74.1 million, a decrease of 16% year-over-year, and real estate services gross margin was 29%, compared to 35% in the second quarter of 2021.

Net loss was $78.1 million, compared to a net loss of $27.9 million in the second quarter of 2021. Net loss attributable to common stock was $78.5 million. Net loss per share attributable to common stock, diluted, was $0.73, compared to net loss per share, diluted, of $0.29 in the second quarter of 2021.

Adjusted EBITDA loss was $28.6 million, compared to adjusted EBITDA income of $2.8 million in the second quarter of 2021.

“The housing market took a turn for the worse in the second quarter,” said Redfin CEO Glenn Kelman. “But I have never been more proud of how this company has responded: we cut costs, grew traffic, accelerated share gains and loyalty sales, lowered voluntary attrition and, for the first time since April 2020, improved the rate at which people buying homes stuck with a Redfin agent. Our rentals business recorded its first quarter-over-quarter revenue gain since 2017, and re-launched itself across every platform as Rent. Best of all, the rate at which Redfin homebuyers got a Redfin mortgage hit 15% in July, a near doubling of the all-time high before 2022. For the quarter, title attach rates more than doubled year over year. There will be more market ups and downs in the road ahead, but our whole engine to drive traffic, brokerage share, customer value and monetization is running more efficiently than ever.”

Second Quarter Highlights
•Reached market share of 0.82% of U.S. existing home sales by units in the second quarter of 2022, an increase of 5 basis points from the second quarter of 2021.(1)
•Redfin’s mobile apps and website reached nearly 53 million average monthly users in the second quarter, an increase of 9% compared to the second quarter of 2021.
•Expanded listing coverage from 91% to 94% of the U.S. population, adding 52 new MLSs.
•Made significant progress with the integration of Bay Equity, ending the second quarter with attach rates of 11% for the month of June, up from an attach rate of 6% in March.
•Improved customer retention, with loyalty mix at 35% in the second quarter, up from 33% in the prior year.
•Relaunched our rentals business under a new brand, Rent., with a newly redesigned consumer app experience, and updated solutions website.
•Delivered improved software for customers, agents, partners and renovations staff including:
◦Added internet provider and speed data to U.S. home listings, making our most-requested feature available to potential homebuyers.
◦Released Mobile Agent Tools in the Apple App Store, making it easier for agents to have the latest and greatest version of our software while on the go.
1


Business Outlook
The following forward-looking statements reflect Redfin's expectations as of August 4, 2022, and are subject to substantial uncertainty.

For the third quarter of 2022 we expect:
•Total revenue between $590 million and $627 million, representing a year-over-year growth between 9% and 16% compared to the third quarter of 2021. Included within total revenue are real estate services segment revenue between $200 million and $208 million, properties segment revenue between $305 million and $330 million, rentals revenue between $37 million and $38 million and mortgage revenue between $45 million and $48 million.
•Total net loss is expected to be between $87 million and $79 million, compared to net loss of $19 million in the third quarter of 2021. This guidance includes approximately $37 million in total marketing expenses, $19 million of stock-based compensation, $16 million of depreciation and amortization, and $5 million of net interest expense. Adjusted EBITDA loss is expected to be between $47 million and $39 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.

(1) 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 (1) 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, we are now reporting 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.

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, 2021, as supplemented by our quarterly report for the quarter ended June 30, 2022, 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.

2

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, on a consolidated basis and for each reportable segment, for the three months ended June 30, 2022 and 2021 is presented below, along with a reconciliation of adjusted EBITDA to net loss. The reconciliation of adjusted EBITDA to net loss for the three months ended September 30, 2022 is also below.

About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real estate brokerage site. 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 take an instant cash offer from Redfin or have our renovations crew fix up their home 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 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.

Redfin-F

Contacts

Investor Relations
Meg Nunnally, 206-576-8610
ir@redfin.com

Public Relations
Mariam Sughayer, 206-876-1322
press@redfin.com















3

Redfin Corporation and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share and per share amounts, unaudited)

June 30, 2022December 31, 2021
Assets
Current assets
Cash and cash equivalents$379,922 $591,003 
Restricted cash28,279 127,278 
Short-term investments82,506 33,737 
Accounts receivable, net of allowances for credit losses of $1,655 and $1,29886,082 69,594 
Inventory377,518 358,221 
Loans held for sale306,364 35,759 
Prepaid expenses30,775 22,948 
Other current assets18,378 7,524 
Total current assets1,309,824 1,246,064 
Property and equipment, net59,709 58,671 
Right-of-use assets, net54,321 54,200 
Mortgage servicing rights, at fair value35,050 — 
Long-term investments52,989 54,828 
Goodwill461,349 409,382 
Intangible assets, net181,766 185,929 
Other assets, noncurrent12,720 12,898 
Total assets$2,167,728 $2,021,972 
Liabilities, mezzanine equity, and stockholders' equity
Current liabilities
Accounts payable$20,237 $12,546 
Accrued and other liabilities161,803 118,122 
Warehouse credit facilities298,303 33,043 
Secured revolving credit facility156,540 199,781 
Convertible senior notes, net— 23,280 
Lease liabilities18,180 15,040 
Total current liabilities655,063 401,812 
Lease liabilities, noncurrent50,920 55,222 
Convertible senior notes, net, noncurrent1,239,873 1,214,017 
Deferred tax liabilities728 1,201 
Total liabilities1,946,584 1,672,252 
Series A convertible preferred stock—par value $0.001 per share; 10,000,000 shares authorized; 40,000 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively
39,891 39,868 
Stockholders’ equity
Common stock—par value $0.001 per share; 500,000,000 shares authorized; 108,415,939 and 106,308,767 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively108 106 
Additional paid-in capital723,251 682,084 
Accumulated other comprehensive loss(990)(174)
Accumulated deficit(541,116)(372,164)
Total stockholders’ equity181,253 309,852 
Total liabilities, mezzanine equity, and stockholders’ equity$2,167,728 $2,021,972 
4

Redfin Corporation and Subsidiaries
Consolidated Statements of Comprehensive Loss
(in thousands, except share and per share amounts, unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Revenue
Service$344,309 $298,870 $561,902 $474,463 
Product262,606 172,445 642,359 265,171 
Total revenue606,915 471,315 1,204,261 739,634 
Cost of revenue(1)
Service232,886 177,762 398,695 312,613 
Product256,026 167,417 615,026 258,527 
Total cost of revenue488,912 345,179 1,013,721 571,140 
Gross profit118,003 126,136 190,540 168,494 
Operating expenses
Technology and development(1)
51,506 41,488 101,146 69,166 
Marketing(1)
56,743 55,398 100,085 67,200 
General and administrative(1)
71,733 59,567 130,699 96,957 
Restructuring and reorganization12,677 — 18,386 — 
Total operating expenses192,659 156,453 350,316 233,323 
Loss from operations(74,656)(30,317)(159,776)(64,829)
Interest income554 135 774 293 
Interest expense(3,620)(2,813)(7,481)(4,151)
Income tax (expense) benefit(159)5,052 (293)5,052 
Other (expense) income, net(265)65 (2,176)(27)
Net loss$(78,146)$(27,878)$(168,952)$(63,662)
Dividends on convertible preferred stock(350)(1,878)(1,144)(4,214)
Net loss attributable to common stock—basic and diluted$(78,496)$(29,756)$(170,096)$(67,876)
Net loss per share attributable to common stock—basic and diluted$(0.73)$(0.29)$(1.59)$(0.65)
Weighted-average shares to compute net loss per share attributable to common stock—basic and diluted107,396,575 104,391,337 107,032,381 103,912,212 
Net loss$(78,146)$(27,878)$(168,952)$(63,662)
Other comprehensive income
Foreign currency translation adjustments34 — 38 — 
Unrealized gain on available-for-sale debt securities217 84 778 134 
Comprehensive loss$(77,895)$(27,794)$(168,136)$(63,528)

(1) Includes stock-based compensation as follows:
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Cost of revenue$3,879 $3,758 $7,257 $6,736 
Technology and development7,700 5,771 15,665 11,532 
Marketing924 535 1,996 1,078 
General and administrative4,310 3,679 8,683 6,981 
Total$16,813 $13,743 $33,601 $26,327 

5

Redfin Corporation and Subsidiaries
Consolidated Statements of Cash Flows
(in thousands, unaudited)
Six Months Ended June 30,
20222021
Operating Activities
Net loss
$(168,952)$(63,662)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization31,140 18,018 
Stock-based compensation33,601 26,327 
Amortization of debt discount and issuance costs2,899 2,203 
Non-cash lease expense7,096 5,448 
Net loss on IRLCs, forward sales commitments, and loans held for sale2,721 238 
Other3,170 169 
Change in assets and liabilities:
Accounts receivable, net(6,791)(22,312)
Inventory(19,297)(199,845)
Prepaid expenses and other assets(2,852)(7,137)
Accounts payable5,964 15,766 
Accrued and other liabilities, deferred tax liabilities, and payroll tax liabilities, noncurrent5,529 26,915 
Lease liabilities (8,042)(6,144)
Change in fair value of mortgage servicing rights, net(878)— 
Origination of mortgage servicing rights (964)— 
Proceeds from sale of mortgage servicing rights 774 — 
Origination of loans held for sale(1,641,377)(488,274)
Proceeds from sale of loans originated as held for sale1,587,759 478,652 
Net cash used in operating activities(168,500)(213,638)
Investing activities
Purchases of property and equipment(12,131)(13,580)
Purchases of investments(82,184)(104,877)
Sales of investments12,946 89,536 
Maturities of investments19,425 92,843 
Cash paid for acquisition, net of cash acquired(97,341)(608,000)
Net cash used in investing activities(159,285)(544,078)
Financing activities
Proceeds from the issuance of common stock pursuant to employee equity plans9,258 12,496 
Tax payments related to net share settlements on restricted stock units(3,743)(16,530)
Borrowings from warehouse credit facilities1,628,684 464,250 
Repayments to warehouse credit facilities(1,572,033)(456,854)
Borrowings from secured revolving credit facility326,025 230,608 
Repayments to secured revolving credit facility(369,266)(130,788)
Proceeds from issuance of convertible senior notes, net of issuance costs— 561,529 
Purchases of capped calls related to convertible senior notes— (62,647)
Payments for repurchases and conversions of convertible senior notes— (1,925)
Other financing payables— 97 
Principal payments under finance lease obligations(414)(353)
Cash paid for secured revolving credit facility issuance costs(764)(305)
Net cash provided by financing activities17,747 599,578 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(42)— 
Net change in cash, cash equivalents, and restricted cash(310,080)(158,138)
Cash, cash equivalents, and restricted cash:
Beginning of period718,281 945,820 
End of period
$408,201 $787,682 
6


Redfin Corporation and Subsidiaries
Supplemental Financial Information and Business Metrics
(unaudited)
Three Months Ended
Jun. 30, 2022Mar. 31, 2022Dec. 31, 2021Sep. 30, 2021Jun. 30, 2021Mar. 31, 2021Dec. 31, 2020Sep. 30 2020Jun. 30, 2020
Monthly average visitors (in thousands)52,698 51,287 44,665 49,147 48,437 46,202 44,135 49,258 42,537 
Real estate services transactions
Brokerage20,565 15,001 19,428 21,929 21,006 14,317 16,951 18,980 13,828 
Partner3,983 3,417 4,603 4,755 4,597 3,944 4,940 5,180 2,691 
Total24,548 18,418 24,031 26,684 25,603 18,261 21,891 24,160 16,519 
Real estate services revenue per transaction
Brokerage$11,692 $11,191 $10,900 $11,107 $11,307 $10,927 $10,751 $10,241 $9,296 
Partner2,851 2,814 2,819 2,990 3,195 3,084 3,123 2,988 2,417 
Aggregate10,258 9,637 9,352 9,661 9,850 9,233 9,030 8,686 8,175 
U.S. market share by units(1)
0.82 %0.79 %0.78 %0.78 %0.77 %0.75 %0.68 %0.70 %0.66 %
Revenue from top-10 Redfin markets as a percentage of real estate services revenue59 %57 %61 %62 %64 %62 %63 %63 %63 %
Average number of lead agents
2,640 2,750 2,485 2,370 2,456 2,277 1,981 1,820 1,399 
RedfinNow homes sold423 617 600 388 292 171 83 37 162 
Revenue per RedfinNow home sold (in ones)$604,120 $608,851 $622,519 $599,963 $571,670 $525,765 $471,895 $504,730 $444,757 
Mortgage originations by dollars (in millions)$1,565 $159 $242 $258 $261 $227 $206 $185 $161 
Mortgage originations by units (in ones)3,860 414 591 671 749 632 570 539 475 
(1) 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 (1) 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, we are now reporting 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.
7

Supplemental Financial Information
Segment Reporting and Reconciliation of Adjusted EBITDA to Net Income (Loss)
(unaudited, in thousands)

Three Months Ended June 30, 2022
Real estate servicesPropertiesRentalsMortgageOtherCorporate Overhead and Intercompany EliminationsTotal
Revenue$251,809 $262,606 $38,248 $53,098 $5,894 $(4,740)$606,915 
Cost of revenue177,698 255,839 7,901 46,316 5,898 (4,740)488,912 
Gross profit74,111 6,767 30,347 6,782 (4)— 118,003 
Operating expenses
Technology and development27,696 4,684 14,871 1,904 1,189 1,162 51,506 
Marketing40,765 821 13,086 1,843 71 157 56,743 
General and administrative24,341 3,210 21,824 9,450 850 12,058 71,733 
Restructuring and reorganization— — — — — 12,677 12,677 
Total operating expenses92,802 8,715 49,781 13,197 2,110 26,054 192,659 
Loss from operations(18,691)(1,948)(19,434)(6,415)(2,114)(26,054)(74,656)
Interest income, interest expense, income tax expense, and other expense, net(123)(1,245)232 (35)11 (2,330)(3,490)
Net loss$(18,814)$(3,193)$(19,202)$(6,450)$(2,103)$(28,384)$(78,146)

Three Months Ended June 30, 2022
Real estate servicesPropertiesRentalsMortgageOtherCorporate Overhead and Intercompany EliminationsTotal
Net loss$(18,814)$(3,193)$(19,202)$(6,450)$(2,103)$(28,384)$(78,146)
Interest income(1)
— (159)(1)(2,929)(12)(381)(3,482)
Interest expense(2)
— 1,403 — 1,958 — 2,214 5,575 
Income tax expense— — (230)33 — 356 159 
Depreciation and amortization4,551 603 9,511 1,070 318 274 16,327 
Stock-based compensation(3)
9,670 1,527 2,739 780 441 1,656 16,813 
Acquisition-related costs(4)
— — — — — 1,507 1,507 
Restructuring and reorganization(5)
— — — — — 12,677 12,677 
Adjusted EBITDA$(4,593)$181 $(7,183)$(5,538)$(1,356)$(10,081)$(28,570)

(1) Interest income includes $2.9 million of interest income related to originated mortgage loans for the three months ended June 30, 2022.
(2) Interest expense includes $2.0 million of interest expense related to our warehouse credit facilities for the three months ended June 30, 2022.
(3) Stock-based compensation consists of expenses related to stock options, restricted stock units, and our employee stock purchase program. See Note 12 to our consolidated financial statements for more information.
(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 from our acquisitions of Bay Equity and Rent., and from our June 2022 workforce reduction.


8

Three Months Ended June 30, 2021
Real estate servicesPropertiesRentalsMortgageOtherCorporate Overhead and Intercompany EliminationsTotal
Revenue$252,199 $172,445 $42,548 $5,099 $3,422 $(4,398)$471,315 
Cost of revenue164,125 167,420 7,570 6,832 3,630 (4,398)345,179 
Gross profit88,074 5,025 34,978 (1,733)(208)— 126,136 
Operating expenses
Technology and development20,010 3,080 13,568 2,536 479 1,815 41,488 
Marketing41,746 572 12,607 130 30 313 55,398 
General and administrative18,498 2,078 23,116 1,927 416 13,532 59,567 
Total operating expenses80,254 5,730 49,291 4,593 925 15,660 156,453 
Income (loss) from operations7,820 (705)(14,313)(6,326)(1,133)(15,660)(30,317)
Interest income, interest expense, income tax expense, and other expense, net(3)(662)212 1 1 2,890 2,439 
Net income (loss)$7,817 $(1,367)$(14,101)$(6,325)$(1,132)$(12,770)$(27,878)

Three Months Ended June 30, 2021
Real estate servicesPropertiesRentalsMortgageOtherCorporate Overhead and Intercompany EliminationsTotal
Net income (loss)$7,817 $(1,367)$(14,101)$(6,325)$(1,132)$(12,770)$(27,878)
Interest income(1)
— (2)— (414)(1)(131)(548)
Interest expense(2)
— 664 — 407 — 2,149 3,220 
Income tax expense— — (212)— — (4,840)(5,052)
Depreciation and amortization3,180 412 9,110 313 167 495 13,677 
Stock-based compensation(3)
9,042 1,239 113 770 191 2,388 13,743 
Acquisition-related costs(4)
— — — — — 5,616 5,616 
Restructuring and reorganization(5)
— — — — — — — 
Adjusted EBITDA$20,039 $946 $(5,090)$(5,249)$(775)$(7,093)$2,778 

(1) Interest income includes $0.4 million of interest income related to originated mortgage loans for the three months ended June 30, 2021.
(2) Interest expense includes $0.4 million of interest expense related to our warehouse credit facilities for the three months ended June 30, 2021.
(3) Stock-based compensation consists of expenses related to stock options, restricted stock units, and our employee stock purchase program. See Note 12 to our consolidated financial statements for more information.
(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 from our acquisitions of Bay Equity and Rent., and from our June 2022 workforce reduction.



9

Six Months Ended June 30, 2022
Real estate servicesPropertiesRentalsMortgageOtherCorporate Overhead and Intercompany EliminationsTotal
Revenue$429,295 $642,359 $76,292 $56,015 $10,263 $(9,963)$1,204,261 
Cost of revenue331,482 614,704 15,094 51,834 10,570 (9,963)1,013,721 
Gross profit97,813 27,655 61,198 4,181 (307)— 190,540 
Operating expenses
Technology and development54,435 8,803 29,154 4,251 2,225 2,278 101,146 
Marketing71,608 1,974 24,128 1,871 125 379 100,085 
General and administrative47,333 6,035 46,015 10,974 1,562 18,780 130,699 
Restructuring and reorganization— — — — — 18,386 18,386 
Total operating expenses173,376 16,812 99,297 17,096 3,912 39,823 350,316 
Loss from operations(75,563)10,843 (38,099)(12,915)(4,219)(39,823)(159,776)
Interest income, interest expense, income tax expense, and other expense, net(123)(2,869)701 (35)12 (6,862)(9,176)
Net (loss) income$(75,686)$7,974 $(37,398)$(12,950)$(4,207)$(46,685)$(168,952)

Six Months Ended June 30, 2022
Real estate servicesPropertiesRentalsMortgageOtherCorporate Overhead and Intercompany EliminationsTotal
Net (loss) income$(75,686)$7,974 $(37,398)$(12,950)$(4,207)$(46,685)$(168,952)
Interest income(1)
— (184)(1)(3,247)(13)(575)(4,020)
Interest expense(2)
— 3,052 — 2,235 — 4,427 9,714 
Income tax expense— — (434)33 — 694 293 
Depreciation and amortization8,569 1,141 18,867 1,372 573 618 31,140 
Stock-based compensation(3)
19,810 3,064 4,979 1,381 810 3,557 33,601 
Acquisition-related costs(4)
— — — — — 2,424 2,424 
Restructuring and reorganization(5)
— — — — — 18,386 18,386 
Adjusted EBITDA$(47,307)$15,047 $(13,987)$(11,176)$(2,837)$(17,154)$(77,414)

(1) Interest income includes $3.2 million of interest income related to originated mortgage loans for the six months ended June 30, 2022.
(2) Interest expense includes $2.2 million of interest expense related to our warehouse credit facilities for the six months ended June 30, 2022.
(3) Stock-based compensation consists of expenses related to stock options, restricted stock units, and our employee stock purchase program. See Note 12 to our consolidated financial statements for more information.
(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 from our acquisitions of Bay Equity and Rent., and from our June 2022 workforce reduction.
10


Six Months Ended June 30, 2021
Real estate servicesPropertiesRentalsMortgageOtherCorporate Overhead and Intercompany EliminationsTotal
Revenue$420,808 $265,171 $42,548 $10,810 $7,068 $(6,771)$739,634 
Cost of revenue292,342 258,551 7,570 12,701 6,747 (6,771)571,140 
Gross profit128,466 6,620 34,978 (1,891)321 — 168,494 
Operating expenses
Technology and development40,130 5,910 13,767 4,904 952 3,503 69,166 
Marketing52,928 779 12,611 264 63 555 67,200 
General and administrative42,429 4,507 23,149 3,352 933 22,587 96,957 
Total operating expenses135,487 11,196 49,527 8,520 1,948 26,645 233,323 
Loss from operations(7,021)(4,576)(14,549)(10,411)(1,627)(26,645)(64,829)
Interest income, interest expense, income tax expense, and other expense, net(31)(1,082)212 2 1 2,065 1,167 
Net loss$(7,052)$(5,658)$(14,337)$(10,409)$(1,626)$(24,580)$(63,662)

Six Months Ended June 30, 2021
Real estate servicesPropertiesRentalsMortgageOtherCorporate Overhead and Intercompany EliminationsTotal
Net loss$(7,052)$(5,658)$(14,337)$(10,409)$(1,626)$(24,580)$(63,662)
Interest income(1)
— (7)— (771)(1)(284)(1,063)
Interest expense(2)
— 1,089 — 835 — 3,063 4,987 
Income tax expense— — (212)— — (4,840)(5,052)
Depreciation and amortization6,230 803 9,111 591 334 949 18,018 
Stock-based compensation(3)
17,560 2,373 174 1,444 341 4,435 26,327 
Acquisition-related costs(4)
— — — — — 7,723 7,723 
Restructuring and reorganization(5)
— — — — — — — 
Adjusted EBITDA$16,738 $(1,400)$(5,264)$(8,310)$(952)$(13,534)$(12,722)

(1) Interest income includes $0.8 million of interest income related to originated mortgage loans for the six months ended June 30, 2021.
(2) Interest expense includes $0.8 million of interest expense related to our warehouse credit facilities for the six months ended June 30, 2021.
(3) Stock-based compensation consists of expenses related to stock options, restricted stock units, and our employee stock purchase program. See Note 12 to our consolidated financial statements for more information.
(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 from our acquisitions of Bay Equity and Rent., and from our June 2022 workforce reduction.






















11

Reconciliation of Adjusted EBITDA Guidance to Net Loss Guidance
(unaudited, in millions)
Three Months Ended September 30, 2022
LowHigh
Net loss$(87)$(79)
Net interest expense5 5 
Income tax expense— — 
Depreciation and amortization16 16 
Stock-based compensation19 19 
Acquisition-related costs— — 
Restructuring and reorganization— — 
Adjusted EBITDA$(47)$(39)

Note: Figures may not sum due to rounding.
12
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Cover Page
Aug. 04, 2022
Cover [Abstract]  
Document Type 8-K
Document Period End Date Aug. 04, 2022
Entity Registrant Name Redfin Corporation
Entity Incorporation, State or Country Code DE
Entity File Number 001-38160
Entity Tax Identification Number 74-3064240
Entity Address, Address Line One 1099 Stewart Street
Entity Address, Address Line Two Suite 600
Entity Address, City or Town Seattle
Entity Address, State or Province WA
Entity Address, Postal Zip Code 98101
City Area Code (206)
Local Phone Number 576-8333
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.001 par value per share
Trading Symbol RDFN
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001382821
Amendment Flag false
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