(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Registrant's telephone number, including area code |
(Former name, former address and former fiscal year, if changed since last report) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | ||||||||||||||
☒ | ☐ | No |
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | ||||||||||||||
☒ | ☐ | No |
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
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. | ||||||||||||||
☐ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | ||||||||||||||
Yes | ☒ | No |
PART I | Page | |||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II | ||||||||
Item 1 | ||||||||
Item 1A. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Short-term investments | |||||||||||
Accounts receivable, net of allowances for credit losses of $ | |||||||||||
Loans held for sale | |||||||||||
Prepaid expenses | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property and equipment, net | |||||||||||
Right-of-use assets, net | |||||||||||
Mortgage servicing rights, at fair value | |||||||||||
Long-term investments | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Other assets, noncurrent | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities, mezzanine equity, and stockholders' (deficit) equity | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued and other liabilities | |||||||||||
Warehouse credit facilities | |||||||||||
Lease liabilities | |||||||||||
Total current liabilities | |||||||||||
Lease liabilities, noncurrent | |||||||||||
Convertible senior notes, net, noncurrent | |||||||||||
Term loan | |||||||||||
Deferred tax liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 7) | |||||||||||
Series A convertible preferred stock—par value $ | |||||||||||
Stockholders’ (deficit) equity | |||||||||||
Common stock—par value $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Accumulated deficit | ( | ( | |||||||||
Total stockholders’ (deficit) equity | ( | ||||||||||
Total liabilities, mezzanine equity, and stockholders’ (deficit) equity | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Revenue | $ | $ | |||||||||
Cost of revenue | |||||||||||
Gross profit | |||||||||||
Operating expenses | |||||||||||
Technology and development | |||||||||||
Marketing | |||||||||||
General and administrative | |||||||||||
Restructuring and reorganization | |||||||||||
Total operating expenses | |||||||||||
Loss from continuing operations | ( | ( | |||||||||
Interest income | |||||||||||
Interest expense | ( | ( | |||||||||
Income tax benefit (expense) | ( | ||||||||||
Gain on extinguishment of convertible senior notes | |||||||||||
Other expense, net | ( | ( | |||||||||
Net loss from continuing operations | ( | ( | |||||||||
Net loss from discontinued operations | ( | ||||||||||
Net loss | $ | ( | $ | ( | |||||||
Dividends on convertible preferred stock | ( | ( | |||||||||
Net loss from continuing operations attributable to common stock—basic and diluted | $ | ( | $ | ( | |||||||
Net loss attributable to common stock—basic and diluted | $ | ( | $ | ( | |||||||
Net loss from continuing operations per share attributable to common stock—basic and diluted | $ | ( | $ | ( | |||||||
Net loss attributable to common stock per share—basic and diluted | $ | ( | $ | ( | |||||||
Weighted-average shares to compute net loss per share attributable to common stock—basic and diluted | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Other comprehensive income (loss) | |||||||||||
Foreign currency translation adjustments | ( | ||||||||||
Unrealized gain (loss) on available-for-sale debt securities | ( | ||||||||||
Comprehensive loss | $ | ( | $ | ( |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Operating Activities | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Stock-based compensation | |||||||||||
Amortization of debt discount and issuance costs | |||||||||||
Non-cash lease expense | |||||||||||
Impairment costs | |||||||||||
Net gain on IRLCs, forward sales commitments, and loans held for sale | ( | ( | |||||||||
Change in fair value of mortgage servicing rights, net | ( | ||||||||||
Gain on extinguishment of convertible senior notes | ( | ( | |||||||||
Other | ( | ||||||||||
Change in assets and liabilities: | |||||||||||
Accounts receivable, net | ( | ||||||||||
Inventory | |||||||||||
Prepaid expenses and other assets | ( | ||||||||||
Accounts payable | ( | ||||||||||
Accrued and other liabilities, deferred tax liabilities, and payroll tax liabilities, noncurrent | ( | ||||||||||
Lease liabilities | ( | ( | |||||||||
Origination of mortgage servicing rights | ( | ( | |||||||||
Proceeds from sale of mortgage servicing rights | |||||||||||
Origination of loans held for sale | ( | ( | |||||||||
Proceeds from sale of loans originated as held for sale | |||||||||||
Net cash (used in) provided by operating activities | ( | ||||||||||
Investing activities | |||||||||||
Purchases of property and equipment | ( | ( | |||||||||
Purchases of investments | ( | ||||||||||
Sales of investments | |||||||||||
Maturities of investments | |||||||||||
Net cash provided by investing activities | |||||||||||
Financing activities | |||||||||||
Proceeds from the issuance of common stock pursuant to employee equity plans | |||||||||||
Tax payments related to net share settlements on restricted stock units | ( | ( | |||||||||
Borrowings from warehouse credit facilities | |||||||||||
Repayments to warehouse credit facilities | ( | ( | |||||||||
Principal payments under finance lease obligations | ( | ( | |||||||||
Repurchases of convertible senior notes | ( | ( | |||||||||
Repayment of term loan principal | ( | ||||||||||
Net cash used in financing activities | ( | ( | |||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | ( | ( | |||||||||
Net change in cash, cash equivalents, and restricted cash | ( | ( | |||||||||
Cash, cash equivalents, and restricted cash: | |||||||||||
Beginning of period(1) | |||||||||||
End of period(2) | $ | $ | |||||||||
Supplemental disclosure of cash flow information | |||||||||||
Cash paid for interest | $ | $ | |||||||||
Non-cash transactions | |||||||||||
Stock-based compensation capitalized in property and equipment | |||||||||||
Property and equipment additions in accounts payable and accrued liabilities | |||||||||||
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
Continuing operations | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Total | |||||||||||
Discontinued operations | |||||||||||
Cash and cash equivalents | |||||||||||
Restricted cash | |||||||||||
Total | |||||||||||
Total cash, cash equivalents, and restricted cash | $ | $ |
As of March 31, | |||||||||||
2024 | 2023 | ||||||||||
Continuing operations | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Total | |||||||||||
Discontinued operations | |||||||||||
Cash and cash equivalents | |||||||||||
Restricted cash | |||||||||||
Total | |||||||||||
Total cash, cash equivalents, and restricted cash | $ | $ |
Series A Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total Stockholders' (Deficit) Equity | |||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||
Issuance of convertible preferred stock, net | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock as dividend on convertible preferred stock | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to exercise of stock options | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to settlement of restricted stock units | — | — | ( | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Common stock surrendered for employees' tax liability upon settlement of restricted stock units | — | — | ( | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||
Issuance of convertible preferred stock, net | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock as dividend on convertible preferred stock | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to exercise of stock options | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to settlement of restricted stock units | — | — | ( | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Common stock surrendered for employees' tax liability upon settlement of restricted stock units | — | — | ( | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2024 | $ | $ | $ | $ | ( | $ | ( | $ | ( |
Note 1: | ||||||||
Note 2: | ||||||||
Note 3: | ||||||||
Note 4: | ||||||||
Note 5: | ||||||||
Note 6: | ||||||||
Note 7: | ||||||||
Note 8: | ||||||||
Note 9: | ||||||||
Note 10: | ||||||||
Note 11: | ||||||||
Note 12: | ||||||||
Note 13: | ||||||||
Note 14: | ||||||||
Note 15: |
Revenue | $ | |||||||
Cost of revenue | ||||||||
Gross profit | ( | |||||||
Operating expenses | ||||||||
Technology and development | ||||||||
Marketing | ||||||||
General and administrative | ||||||||
Restructuring and reorganization | ||||||||
Total operating expenses | ||||||||
Loss from discontinued operations | ( | |||||||
Interest income | ||||||||
Interest expense | ||||||||
Income tax expense | ||||||||
Other expense, net | ||||||||
Net loss from discontinued operations | $ | ( | ||||||
Net loss from discontinued operations per share—basic and diluted | $ | ( |
Stock-based compensation | $ | |||||||
Depreciation and amortization | ||||||||
Cost type | Financial statement line item | Three Months Ended March 31, 2023 | Cumulative amount recognized as of March 31, 2023 | ||||||||||||||
Employee termination costs | Restructuring and reorganization | $ | $ | ||||||||||||||
Asset write-offs | Restructuring and reorganization | ||||||||||||||||
Other | Restructuring and reorganization | ( | ( | ||||||||||||||
Acceleration of debt issuance costs | Interest expense | ||||||||||||||||
Total | $ | $ |
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||
Real estate services | Rentals | Mortgage | Other | Corporate overhead | Total | ||||||||||||||||||||||||||||||
Revenue | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Cost of revenue | |||||||||||||||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||||||||
Technology and development | |||||||||||||||||||||||||||||||||||
Marketing | |||||||||||||||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||||||||||||||
Restructuring and reorganization | |||||||||||||||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||||||||||||||
(Loss) income from continuing operations | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net | ( | ||||||||||||||||||||||||||||||||||
Net (loss) income from continuing operations | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | ( |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||
Real estate services | Rentals | Mortgage | Other | Corporate overhead | Total | ||||||||||||||||||||||||||||||
Revenue(1) | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Cost of revenue | |||||||||||||||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||||||||
Technology and development | |||||||||||||||||||||||||||||||||||
Marketing | |||||||||||||||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||||||||||||||
Restructuring and reorganization | |||||||||||||||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||||||||||||||
Loss from continuing operations | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net | ( | ||||||||||||||||||||||||||||||||||
Net (loss) income from continuing operations | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( |
Instrument | March 31, 2024 | December 31, 2023 | ||||||||||||
Forward sales commitments | $ | $ | ||||||||||||
IRLCs |
Three Months Ended March 31, | ||||||||||||||||||||
Instrument | Classification | 2024 | 2023 | |||||||||||||||||
Forward sales commitments | Revenue | $ | $ | ( | ||||||||||||||||
IRLCs | Revenue |
Balance at March 31, 2024 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
Total cash equivalents | |||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||
Other current assets | |||||||||||||||||||||||
Forward sales commitments | |||||||||||||||||||||||
IRLCs | |||||||||||||||||||||||
Total other current assets | |||||||||||||||||||||||
Mortgage servicing rights, at fair value | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Accrued liabilities | |||||||||||||||||||||||
Forward sales commitments | $ | $ | $ | $ | |||||||||||||||||||
IRLCs | |||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
Balance at December 31, 2023 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
Total cash equivalents | |||||||||||||||||||||||
Short-term investments | |||||||||||||||||||||||
U.S. treasury securities | |||||||||||||||||||||||
Agency bonds | |||||||||||||||||||||||
Total short-term investments | |||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||
Other current assets | |||||||||||||||||||||||
IRLCs | |||||||||||||||||||||||
Total other current assets | |||||||||||||||||||||||
Mortgage servicing rights, at fair value | |||||||||||||||||||||||
Long-term investments | |||||||||||||||||||||||
U.S. treasury securities | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Accrued liabilities | |||||||||||||||||||||||
Forward sales commitments | $ | $ | $ | $ | |||||||||||||||||||
IRLCs | |||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||||
Key Inputs | Valuation Technique | Range | Weighted-Average | Range | Weighted-Average | |||||||||||||||||||||||||||
IRLCs | ||||||||||||||||||||||||||||||||
Pull-through rate | Market pricing | |||||||||||||||||||||||||||||||
MSRs | ||||||||||||||||||||||||||||||||
Prepayment speed | Discounted cash flow | |||||||||||||||||||||||||||||||
Default rates | Discounted cash flow | |||||||||||||||||||||||||||||||
Discount rate | Discounted cash flow |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Balance, net—beginning of period | $ | $ | |||||||||
Issuances of IRLCs | |||||||||||
Settlements of IRLCs | ( | ( | |||||||||
Fair value changes recognized in earnings | |||||||||||
Balance, net—end of period | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Balance—beginning of period | $ | $ | |||||||||
MSRs originated | |||||||||||
MSRs sales | ( | ( | |||||||||
Fair value changes recognized in earnings | ( | ||||||||||
Balance, net—end of period | $ | $ |
March 31, 2024 | December 31, 2023 | |||||||||||||
2025 notes | $ | $ | ||||||||||||
2027 notes |
March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | Cost or Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | Cash, Cash Equivalents, and Restricted Cash | Short-term Investments | Long-term Investments | ||||||||||||||||||||||||||||||||||||||||
Cash | N/A | $ | $ | — | $ | — | $ | $ | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
Money markets funds | Level 1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Restricted cash | N/A | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | Cost or Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | Cash, Cash Equivalents, and Restricted Cash | Short-term Investments | Long-term Investments | ||||||||||||||||||||||||||||||||||||||||
Cash | N/A | $ | $ | — | $ | — | $ | $ | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
Money markets funds | Level 1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Restricted cash | N/A | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
U.S. treasury securities | Level 1 | ( | — | ||||||||||||||||||||||||||||||||||||||||||||
Agency bonds | Level 1 | ( | — | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | $ | $ | $ |
Useful Lives (Years) | March 31, 2024 | December 31, 2023 | |||||||||||||||
Leasehold improvements | Shorter of lease term or economic life | $ | $ | ||||||||||||||
Website and software development costs | |||||||||||||||||
Computer and office equipment | |||||||||||||||||
Software | |||||||||||||||||
Furniture | |||||||||||||||||
Property and equipment, gross | |||||||||||||||||
Accumulated depreciation and amortization | ( | ( | |||||||||||||||
Construction in progress | |||||||||||||||||
Property and equipment, net | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Depreciation and amortization for property and equipment | $ | $ | |||||||||
Capitalized software development costs, including stock-based compensation |
Three Months Ended March 31, | ||||||||||||||
Lease Cost | 2024 | 2023 | ||||||||||||
Operating lease cost: | ||||||||||||||
Operating lease cost (cost of revenue) | $ | $ | ||||||||||||
Operating lease cost (operating expenses) | ||||||||||||||
Short-term lease cost | ||||||||||||||
Sublease income | ( | ( | ||||||||||||
Total operating lease cost | $ | $ | ||||||||||||
Finance lease cost: | ||||||||||||||
Amortization of right-of-use assets | $ | $ | ||||||||||||
Interest on lease liabilities | ||||||||||||||
Total finance lease cost | $ | $ |
Lease Liabilities | Other Leases | Total Lease Obligations | |||||||||||||||||||||
Maturity of Lease Liabilities | Operating(2) | Financing | Operating | ||||||||||||||||||||
2024, excluding the three months ended March 31, 2024 | $ | $ | $ | $ | |||||||||||||||||||
2025 | |||||||||||||||||||||||
2026 | |||||||||||||||||||||||
2027 | |||||||||||||||||||||||
2028 | |||||||||||||||||||||||
Thereafter | |||||||||||||||||||||||
Total lease payments | $ | $ | $ | $ | |||||||||||||||||||
Less: Interest(1) | |||||||||||||||||||||||
Present value of lease liabilities | $ | $ |
Lease Term and Discount Rate | March 31, 2024 | December 31, 2023 | ||||||||||||
Weighted-average remaining operating lease term (years) | ||||||||||||||
Weighted-average remaining finance lease term (years) | ||||||||||||||
Weighted-average discount rate for operating leases | % | % | ||||||||||||
Weighted-average discount rate for finance leases | % | % |
Three Months Ended March 31, | ||||||||||||||
Supplemental Cash Flow Information | 2024 | 2023 | ||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | ||||||||||||||
Operating cash flows from operating leases | $ | $ | ||||||||||||
Operating cash flows from finance leases | ||||||||||||||
Financing cash flows from finance leases | ||||||||||||||
Right of use assets obtained in exchange for lease liabilities | ||||||||||||||
Operating leases | $ | $ | ||||||||||||
Finance leases |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||
Weighted-Average Useful Lives (Years) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||||||||||||||||||
Trade names | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
Developed technology | ( | ( | |||||||||||||||||||||||||||||||||||||||
Customer relationships | ( | ( | |||||||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | ( | $ |
2024, excluding the three months ended March 31, 2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter | |||||
Estimated remaining amortization expense | $ |
Real Estate Services | Rentals | Mortgage | Total | ||||||||||||||||||||
Balance as of March 31, 2024 and December 31, 2023 | $ | $ | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Accrued compensation and benefits | $ | $ | |||||||||
Miscellaneous accrued liabilities | |||||||||||
Legal contingencies | |||||||||||
Customer contract liabilities | |||||||||||
Total accrued and other liabilities | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Stock options issued and outstanding | |||||||||||
Restricted stock units outstanding | |||||||||||
Shares available for future equity grants | |||||||||||
Total shares reserved for future issuance | |||||||||||
Three Months Ended March 31, 2024 | Year Ended December 31, 2023 | ||||||||||
Shares available for issuance at beginning of period | |||||||||||
Shares issued during the period | ( | ||||||||||
Total shares available for future issuance at end of period |
Number of Options | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | ||||||||||||||||||||
Outstanding as of January 1, 2024 | $ | $ | |||||||||||||||||||||
Options exercised | ( | ||||||||||||||||||||||
Options expired | ( | ||||||||||||||||||||||
Outstanding as of March 31, 2024 | |||||||||||||||||||||||
Options exercisable as of March 31, 2024 |
Restricted Stock Units | Weighted-Average Grant-Date Fair Value | ||||||||||
Outstanding as of January 1, 2024 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeited or canceled | ( | ||||||||||
Outstanding or deferred as of March 31, 2024(1) |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
PSU expense | $ | $ | |||||||||
Reassessment of achievement of performance conditions | ( | ||||||||||
Total expense | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Cost of revenue | $ | $ | |||||||||
Technology and development(1) | |||||||||||
Marketing | |||||||||||
General and administrative | |||||||||||
Stock-based compensation from continuing operations | |||||||||||
Stock-based compensation from discontinued operations(1) | |||||||||||
Total stock-based compensation | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Numerator: | |||||||||||
Net loss from continuing operations | $ | ( | $ | ( | |||||||
Dividends on convertible preferred stock | ( | ( | |||||||||
Net loss from continuing operations attributable to common stock—basic and diluted | $ | ( | $ | ( | |||||||
Denominator: | |||||||||||
Weighted-average shares—basic and diluted(1) | |||||||||||
Net loss from continuing operations per share attributable to common stock—basic and diluted | $ | ( | $ | ( | |||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
2023 notes as if converted | |||||||||||
2025 notes as if converted(1) | |||||||||||
2027 notes as if converted(1) | |||||||||||
Convertible preferred stock as if converted | |||||||||||
Stock options outstanding | |||||||||||
Restricted stock units outstanding(2)(3) | |||||||||||
Employee stock purchase plan | |||||||||||
Total |
Maturity of Debt | ||||||||||||||||||||||||||||||||||||||
Lender | 2024 | 2025 | 2026 | 2027 | 2028 | Thereafter | ||||||||||||||||||||||||||||||||
Warehouse Credit Facilities | ||||||||||||||||||||||||||||||||||||||
City National Bank | $ | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
Origin Bank | — | — | — | — | — | |||||||||||||||||||||||||||||||||
M&T Bank | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Prosperity Bank | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Republic Bank & Trust Company | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Wells Fargo Bank, N.A. | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Term Loan | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Convertible Senior Notes | ||||||||||||||||||||||||||||||||||||||
2025 notes | — | — | — | — | — | |||||||||||||||||||||||||||||||||
2027 notes | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total borrowings | $ | $ | $ | — | $ | $ | $ | — |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||||||||||
Lender | Borrowing Capacity | Outstanding Borrowings | Weighted-Average Interest Rate on Outstanding Borrowings | Borrowing Capacity | Outstanding Borrowings | Weighted-Average Interest Rate on Outstanding Borrowings | ||||||||||||||||||||||||||||||||
City National Bank | $ | $ | % | $ | $ | % | ||||||||||||||||||||||||||||||||
Origin Bank | % | % | ||||||||||||||||||||||||||||||||||||
M&T Bank | % | % | ||||||||||||||||||||||||||||||||||||
Prosperity Bank | % | % | ||||||||||||||||||||||||||||||||||||
Republic Bank & Trust Company | % | % | ||||||||||||||||||||||||||||||||||||
Wells Fargo Bank, N.A. | % | % | ||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
March 31, 2024 | ||||||||||||||||||||
Aggregate Principal Amount | Unamortized Debt Discount | Unamortized Debt Issuance Costs | Net Carrying Amount | |||||||||||||||||
$ | $ | $ | $ |
Issuance | Maturity Date | Stated Cash Interest Rate | Effective Interest Rate | First Interest Payment Date | Semi-Annual Interest Payment Dates | Conversion Rate | ||||||||||||||||||||||||||||||||
2025 notes | October 15, 2025 | — | % | % | — | — | ||||||||||||||||||||||||||||||||
2027 notes | April 1, 2027 | % | % | October 1, 2021 | April 1; October 1 |
March 31, 2024 | ||||||||||||||||||||
Issuance | Aggregate Principal Amount | Unamortized Debt Issuance Costs | Net Carrying Amount | |||||||||||||||||
2025 notes | $ | $ | $ | |||||||||||||||||
2027 notes |
December 31, 2023 | ||||||||||||||||||||
Issuance | Aggregate Principal Amount | Unamortized Debt Issuance Costs | Net Carrying Amount | |||||||||||||||||
2025 notes | $ | $ | $ | |||||||||||||||||
2027 notes |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
2023 notes | |||||||||||
Contractual interest expense | $ | $ | |||||||||
Amortization of debt issuance costs | |||||||||||
Total interest expense | $ | $ | |||||||||
2025 notes | |||||||||||
Contractual interest expense | |||||||||||
Amortization of debt issuance costs | |||||||||||
Total interest expense | $ | $ | |||||||||
2027 notes | |||||||||||
Contractual interest expense | |||||||||||
Amortization of debt issuance costs | |||||||||||
Total interest expense | $ | $ | |||||||||
Total | |||||||||||
Contractual interest expense | |||||||||||
Amortization of debt issuance costs | |||||||||||
Total interest expense | $ | $ |
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 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands) | |||||||||||
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) |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands) | |||||||||||
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 stock-based compensation from continuing operations | $ | 17,409 | $ | 18,825 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(as a percentage of revenue) | |||||||||||
Revenue | 100.0 | % | 100.0 | % | |||||||
Cost of revenue(1) | 68.6 | 72.8 | |||||||||
Gross profit | 31.4 | 27.2 | |||||||||
Operating expenses | |||||||||||
Technology and development(1) | 20.6 | 22.3 | |||||||||
Marketing(1) | 11.0 | 18.9 | |||||||||
General and administrative(1) | 30.1 | 32.4 | |||||||||
Restructuring | 0.4 | 0.5 | |||||||||
Total operating expenses | 62.1 | 74.1 | |||||||||
Loss from continuing operations | (30.7) | (46.9) | |||||||||
Interest income | 0.8 | 1.6 | |||||||||
Interest expense | (2.2) | (0.9) | |||||||||
Income tax benefit (expense) | 0.1 | (0.2) | |||||||||
Gain on extinguishment of convertible senior notes | 2.5 | 19.7 | |||||||||
Other expense, net | (0.1) | (0.1) | |||||||||
Net loss from continuing operations | (29.6) | % | (26.8) | % |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(as a percentage of revenue) | |||||||||||
Cost of revenue | 1.2 | % | 1.9 | % | |||||||
Technology and development | 3.7 | 3.8 | |||||||||
Marketing | 0.6 | 0.6 | |||||||||
General and administrative | 2.2 | 2.5 | |||||||||
Total | 7.7 | % | 8.8 | % |
Three Months Ended March 31, | Change | ||||||||||||||||||||||
2024 | 2023 | Dollars | Percentage | ||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Real estate services | |||||||||||||||||||||||
Brokerage | $ | 124,810 | $ | 119,034 | $ | 5,776 | 5 | % | |||||||||||||||
Partner | 6,370 | 8,262 | (1,892) | (23) | |||||||||||||||||||
Total real estate services | 131,180 | 127,296 | 3,884 | 3 | |||||||||||||||||||
Rentals | 49,518 | 42,870 | 6,648 | 16 | |||||||||||||||||||
Mortgage | 33,819 | 36,489 | (2,670) | (7) | |||||||||||||||||||
Other | 10,962 | 7,428 | 3,534 | 48 | |||||||||||||||||||
Total revenue | $ | 225,479 | $ | 214,083 | $ | 11,396 | 5 | ||||||||||||||||
Percentage of revenue | |||||||||||||||||||||||
Real estate services | |||||||||||||||||||||||
Brokerage | 55.4 | % | 55.6 | % | |||||||||||||||||||
Partner | 2.8 | 3.9 | |||||||||||||||||||||
Total real estate services | 58.2 | 59.5 | |||||||||||||||||||||
Rentals | 22.0 | 20.0 | |||||||||||||||||||||
Mortgage | 15.0 | 17.0 | |||||||||||||||||||||
Other | 4.8 | 3.5 | |||||||||||||||||||||
Total revenue | 100.0 | % | 100.0 | % |
Three Months Ended March 31, | Change | ||||||||||||||||||||||
2024 | 2023 | Dollars | Percentage | ||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Cost of revenue | |||||||||||||||||||||||
Real estate services | $ | 110,914 | $ | 111,494 | $ | (580) | (1) | % | |||||||||||||||
Rentals | 11,457 | 9,765 | 1,692 | 17 | |||||||||||||||||||
Mortgage | 25,904 | 29,213 | (3,309) | (11) | |||||||||||||||||||
Other | 6,392 | 5,473 | 919 | 17 | |||||||||||||||||||
Total cost of revenue | $ | 154,667 | $ | 155,945 | $ | (1,278) | (1) | ||||||||||||||||
Gross profit | |||||||||||||||||||||||
Real estate services | $ | 20,266 | $ | 15,802 | $ | 4,464 | 28 | % | |||||||||||||||
Rentals | 38,061 | 33,105 | 4,956 | 15 | |||||||||||||||||||
Mortgage | 7,915 | 7,276 | 639 | 9 | |||||||||||||||||||
Other | 4,570 | 1,955 | 2,615 | 134 | |||||||||||||||||||
Total gross profit | $ | 70,812 | $ | 58,138 | $ | 12,674 | 22 | ||||||||||||||||
Gross margin (percentage of revenue) | |||||||||||||||||||||||
Real estate services | 15.4 | % | 12.4 | % | |||||||||||||||||||
Rentals | 76.9 | 77.2 | |||||||||||||||||||||
Mortgage | 23.4 | 19.9 | |||||||||||||||||||||
Other | 41.7 | 26.3 | |||||||||||||||||||||
Total gross margin | 31.4 | 27.2 |
Three Months Ended March 31, | Change | ||||||||||||||||||||||
2024 | 2023 | Dollars | Percentage | ||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Technology and development | $ | 46,429 | $ | 47,663 | $ | (1,234) | (3) | % | |||||||||||||||
Marketing | 24,878 | 40,403 | (15,525) | (38) | |||||||||||||||||||
General and administrative | 67,873 | 69,439 | (1,566) | (2) | |||||||||||||||||||
Restructuring | 889 | 1,053 | (164) | (16) | |||||||||||||||||||
Total operating expenses | $ | 140,069 | $ | 158,558 | $ | (18,489) | (12) | ||||||||||||||||
Percentage of revenue | |||||||||||||||||||||||
Technology and development | 20.6 | % | 22.3 | % | |||||||||||||||||||
Marketing | 11.0 | 18.9 | |||||||||||||||||||||
General and administrative | 30.1 | 32.4 | |||||||||||||||||||||
Restructuring and reorganization | 0.4 | 0.5 | |||||||||||||||||||||
Total operating expenses | 62.1 | % | 74.1 | % |
Three Months Ended March 31, | Change | ||||||||||||||||||||||
2024 | 2023 | Dollars | Percentage | ||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Interest income | $ | 1,832 | $ | 3,406 | $ | (1,574) | (46) | % | |||||||||||||||
Interest expense | (4,874) | (1,922) | (2,952) | (154) | |||||||||||||||||||
Income tax benefit (expense) | 172 | (410) | 582 | 142 | |||||||||||||||||||
Gain on extinguishment of convertible senior notes | 5,686 | 42,270 | (36,584) | (87) | |||||||||||||||||||
Other expense, net | (333) | (234) | (99) | (42) | |||||||||||||||||||
Interest income, interest expense, income tax benefit (expense), gain on extinguishment of convertible notes, and other expense, net | $ | 2,483 | $ | 43,110 | $ | (40,627) | (94) | ||||||||||||||||
Percentage of revenue | |||||||||||||||||||||||
Interest income | 0.8 | % | 1.6 | % | |||||||||||||||||||
Interest expense | (2.2) | (0.9) | |||||||||||||||||||||
Income tax benefit (expense) | 0.1 | (0.2) | |||||||||||||||||||||
Gain on extinguishment of convertible senior notes | 2.5 | 19.7 | |||||||||||||||||||||
Other expense, net | (0.1) | (0.1) | |||||||||||||||||||||
Interest income, interest expense, income tax benefit (expense), gain on extinguishment of convertible notes, and other expense, net | 1.1 | % | 20.1 | % |
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||
Real estate services | Rentals | Mortgage | Other | Corporate overhead | Total | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
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) |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||
Real estate services | Rentals | Mortgage | Other | Corporate overhead | Total | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
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) |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||
Real estate services | Rentals | Mortgage | Other | Corporate overhead | Total | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
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) |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands) | |||||||||||
Net cash (used in) provided by operating activities | $ | (45,980) | $ | 26,704 | |||||||
Net cash provided by investing activities | 42,062 | 22 | |||||||||
Net cash used in financing activities | (38,676) | (116,558) |
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | Exhibit | Filing Date | Filed or Furnished Herewith | |||||||||||||||||||||||||||
31.1 | X | |||||||||||||||||||||||||||||||
31.2 | X | |||||||||||||||||||||||||||||||
32.1 | X | |||||||||||||||||||||||||||||||
32.2 | X | |||||||||||||||||||||||||||||||
101 | Interactive data files | X | ||||||||||||||||||||||||||||||
104 | Cover page interactive data file, submitted using inline XBRL (contained in Exhibit 101) | X |
Redfin Corporation | ||||||||||||||
(Registrant) | ||||||||||||||
May 7, 2024 | /s/ Glenn Kelman | |||||||||||||
(Date) | Glenn Kelman President and Chief Executive Officer (Duly Authorized Officer) | |||||||||||||
May 7, 2024 | /s/ Chris Nielsen | |||||||||||||
(Date) | Chris Nielsen Chief Financial Officer (Principal Financial Officer) |
/s/ Glenn Kelman | |||||
Glenn Kelman | |||||
Chief Executive Officer | |||||
(Principal Executive Officer) |
/s/ Chris Nielsen | |||||
Chris Nielsen | |||||
Chief Financial Officer | |||||
(Principal Financial Officer) |
/s/ Glenn Kelman | |||||
Glenn Kelman | |||||
Chief Executive Officer |
/s/ Chris Nielsen | |||||
Chris Nielsen | |||||
Chief Financial Officer |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for credit loss | $ 3,658 | $ 3,234 |
Temporary equity, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Temporary equity, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Temporary equity, shares issued (in shares) | 40,000 | 40,000 |
Temporary equity, shares outstanding (in shares) | 40,000 | 40,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, issued (in shares) | 119,440,241 | 117,372,171 |
Common stock, outstanding (in shares) | 119,440,241 | 117,372,171 |
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|
Continuing operations | ||||
Cash and cash equivalents | $ 107,129 | $ 149,759 | $ 148,500 | $ 232,200 |
Restricted cash | 1,274 | 1,241 | 2,416 | 2,406 |
Total | 108,403 | 151,000 | 150,916 | 234,606 |
Discontinued operations | ||||
Total cash, cash equivalents, and restricted cash | 108,403 | 151,000 | 152,356 | 242,246 |
Properties segment | Discontinued Operations, Disposed of by Means Other than Sale | ||||
Discontinued operations | ||||
Cash and cash equivalents | 0 | 0 | 1,440 | 7,640 |
Restricted cash | 0 | 0 | 0 | 0 |
Total | $ 0 | $ 0 | $ 1,440 | $ 7,640 |
Summary of Accounting Policies |
3 Months Ended |
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Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Accounting Policies | Summary of Accounting Policies Basis of Presentation—The consolidated financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The financial information as of December 31, 2023 that is included in this quarterly report is derived from the audited consolidated financial statements and notes for the year ended December 31, 2023 included in Item 8 in our annual report for the year ended December 31, 2023. Such financial information should be read in conjunction with the notes and management’s discussion and analysis of the consolidated financial statements included in our annual report. The unaudited consolidated interim financial statements, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our financial position as of March 31, 2024, our statements of comprehensive loss, and statements of changes in mezzanine equity and stockholders’ (deficit) equity for the three months ended March 31, 2024 and 2023, as well as our statements of cash flows for the three months ended March 31, 2024 and 2023. The results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or for any interim period or for any other future year. Principles of Consolidation—The unaudited consolidated interim financial statements include the accounts of Redfin Corporation and our wholly owned subsidiaries, including those entities in which we have a variable interest and of which we are the primary beneficiary. Intercompany transactions and balances have been eliminated. Use of Estimates—The preparation of consolidated financial statements, in conformity with GAAP, requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and results of operations during the respective periods. Our estimates include, but are not limited to, valuation of deferred income taxes, stock-based compensation, capitalization of website and software development costs, the incremental borrowing rate for the determination of the present value of lease payments, recoverability of intangible assets with finite lives, fair value of our mortgage loans held for sale (“LHFS”) and mortgage servicing rights, estimated useful life of intangible assets, fair value of reporting units for purposes of allocating and evaluating goodwill for impairment, and current expected credit losses on certain financial assets. The amounts ultimately realized from the affected assets or ultimately recognized as liabilities will depend on, among other factors, general business conditions and could differ materially in the near term from the carrying amounts reflected in the consolidated financial statements. Recently Adopted Accounting Pronouncements—In September 2023, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance under ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We early adopted this guidance in first quarter of 2024 and there was no impact on our financial statement disclosures. Recently Issued Accounting Pronouncements—In December 2023, the FASB issued authoritative guidance under ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosures. The ASU enhances annual income tax disclosures to address investor requests for more information about the tax risks and opportunities present in an entity’s worldwide operations. The two primary enhancements disaggregate existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the potential impact of the guidance on our financial statement disclosures.
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Discontinued Operations |
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Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations | Discontinued Operations In November 2022, our management and board of directors made the decision to wind down RedfinNow. The financial results of RedfinNow have historically been included in our properties segment. Winding-down RedfinNow was a strategic decision we made in order to focus our resources on our core businesses in the face of the rising cost of capital. The wind-down of our properties segment was complete as of June 30, 2023, at which time it met the criteria for discontinued operations in our consolidated financial statements. As of March 31, 2024 and December 31, 2023 there were no major classes of assets and liabilities of our discontinued operations remaining. The major classes of line items of the discontinued operations included in our consolidated statement of comprehensive loss were as follows for the three months ended March 31, 2023:
Significant non-cash items and capital expenditures of the discontinued operations were as follows for the three months ended March 31, 2023:
Charges specifically relating to the wind-down of our properties segment were as follows:
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Segment Reporting and Revenue |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting and Revenue | Segment Reporting and Revenue In its operation of our business, our management, including our chief operating decision maker ("CODM"), who is also our chief executive officer, evaluates the performance of our operating segments based on revenue, gross profit, operating income, and net income. We do not analyze discrete segment balance sheet information related to long-term assets, substantially all of which are located in the United States. We have five operating segments and three reportable segments, real estate services, rentals, and mortgage. We generate revenue primarily from commissions and fees charged on each real estate services transaction closed by our lead agents or partner agents, from subscription-based product offerings for our rentals business, and from the origination, sales, and servicing of mortgages. Our key revenue components are brokerage revenue, partner revenue, rentals revenue, mortgage revenue, and other revenue. Information on each of our reportable and other segments and reconciliation to net (loss) income from continuing operations is presented in the tables below. We have assigned certain previously reported expenses to each segment to conform to the way we internally manage and monitor our business. We allocated indirect costs to each segment based on a reasonable allocation methodology, when such costs are significant to the performance measures of the segments.
(1) Included in revenue is $1,149 from providing services to our discontinued properties segment.
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Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial Instruments Derivatives Our primary market exposure is to interest rate risk, specifically U.S. treasury and mortgage interest rates, due to their impact on mortgage-related assets and commitments. We use forward sales commitments on whole loans and mortgage-backed securities to manage and reduce this risk. We do not have any derivative instruments designated as hedging instruments. Forward Sales Commitments—We are exposed to interest rate and price risk on loans held for sale from the funding date until the date the loan is sold. Forward sales commitments on whole loans and mortgage-backed securities are used to fix the forward sales price that will be realized at the sale of each loan. Interest Rate Lock Commitments—Interest rate lock commitments ("IRLCs") represent an agreement to extend credit to a mortgage loan applicant. We commit (subject to loan approval) to fund the loan at the specified rate, regardless of changes in market interest rates between the commitment date and the funding date. Outstanding IRLCs are subject to interest rate risk and related price risk during the period from the date of commitment through the loan funding date or expiration date. Loan commitments generally range between 30 and 90 days and the borrower is not obligated to obtain the loan. Therefore, IRLCs are subject to fallout risk, which occurs when approved borrowers choose not to close on the underlying loans. We review our commitment-to-closing ratio ("pull-through rate") as part of an estimate of the number of mortgage loans that will fund according to the IRLCs. The notional amounts of our forward sales commitments and IRLCs were as follows:
The locations and amounts of gains (losses) recognized in income related to our derivatives were as follows:
Fair Value of Financial Instruments A summary of assets and liabilities related to our financial instruments, measured at fair value on a recurring basis and as reflected in our consolidated balance sheets, is set forth below:
There were no transfers into or out of Level 3 financial instruments during the periods presented. The significant unobservable input used in the fair value measurement of IRLCs is the pull-through rate. Significant changes in the input could result in a significant change in fair value measurement. The following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs and Mortgage Servicing Rights (“MSRs”):
The following is a summary of changes in the fair value of IRLCs:
The following is a summary of changes in the fair value of MSRs:
The following table presents the estimated fair values of our convertible senior notes that are not recorded at fair value on our consolidated balance sheets:
The estimated fair value of our convertible senior notes is based on the closing trading price of the notes on the last day of trading for the period and is classified as Level 2 within the fair value hierarchy due to the limited trading activity of the notes. See Note 14 for additional details on our convertible senior notes. See Note 10 for the carrying amount of our convertible preferred stock. Assets and liabilities recognized or disclosed at fair value on a nonrecurring basis include items such as property and equipment, goodwill and other intangible assets, and other assets. These assets are remeasured at fair value if determined to be impaired. The cost or amortized cost, gross unrealized gains and losses, and estimated fair market value of our cash, money market funds, restricted cash, and available-for-sale investments were as follows:
As of March 31, 2024 and December 31, 2023, we had no accrued interest and accrued interest of $332, respectively, on our available-for-sale investments, of which we have recorded no expected credit losses. Accrued interest receivable is recorded in other current assets in our consolidated balance sheets.
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Property and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and Equipment The components of property and equipment were as follows:
The following table summarizes depreciation and amortization and capitalized software development costs:
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Leases |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases We lease office space under noncancelable operating leases with original terms ranging from to 11 years and vehicles under noncancelable finance leases with terms of four years. Generally, the operating leases require a fixed minimum rent with contractual minimum rent increases over the lease term. The components of lease expense were as follows:
(1) Includes interest on operating leases of $1,452 and financing lease of $7 within the next twelve months. (2) Excludes sublease income. As of March 31, 2024, we expect sublease income of approximately $1,316 to be received for the remainder of fiscal year 2024.
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Leases | Leases We lease office space under noncancelable operating leases with original terms ranging from to 11 years and vehicles under noncancelable finance leases with terms of four years. Generally, the operating leases require a fixed minimum rent with contractual minimum rent increases over the lease term. The components of lease expense were as follows:
(1) Includes interest on operating leases of $1,452 and financing lease of $7 within the next twelve months. (2) Excludes sublease income. As of March 31, 2024, we expect sublease income of approximately $1,316 to be received for the remainder of fiscal year 2024.
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Commitments and Contingencies |
3 Months Ended |
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Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings Below is a discussion of our material, pending legal proceedings. Except as otherwise indicated, given the preliminary stage of these proceedings and the claims and issues presented, we cannot estimate a range of reasonably possible losses. In addition, we are regularly subject to claims, litigation, and other proceedings, including potential regulatory proceedings, involving employment, intellectual property, privacy and data protection, consumer protection, competition and antitrust laws, and commercial or contractual disputes, and other matters. The outcomes of our legal proceedings and other contingencies are inherently unpredictable, subject to significant uncertainties, and could be material to our operating results and cash flows for a particular period. We evaluate, on a regular basis, developments in our legal proceedings and other contingencies that could affect the amount of liability, including amounts in excess of any previous accruals and reasonably possible losses disclosed, and make adjustments and changes to our accruals and disclosures as appropriate. For the matters we disclose that do not include an estimate of the amount of loss or range of losses, such an estimate is not possible or is immaterial, and we may be unable to estimate the possible loss or range of losses that could potentially result from the application of non-monetary remedies. Until the final resolution of such matters, if any of our estimates and assumptions change or prove to have been incorrect, we may experience losses in excess of the amounts recorded, which could have a material effect on our business, consolidated financial position, results of operations, or cash flows. Except for the matters discussed below, we do not believe that any of our pending litigation, claims, and other proceedings are material to our business. Lawsuit by David Eraker—On May 11, 2020, David Eraker, our co-founder and former chief executive officer who departed Redfin in 2006, filed a complaint through Appliance Computing III, Inc. (d/b/a Surefield) ("Surefield"), which is a company that Mr. Eraker founded and that we believe he controls, in the U.S. District Court for the Western District of Texas, Waco Division. The complaint alleged that we were infringing four patents claimed to be owned by Surefield without its authorization or license. Surefield sought an unspecified amount of damages and an injunction against us offering products and services that allegedly infringe the patents at issue. On May 17, 2022, the jury returned a verdict in our favor, finding that we did not infringe any of the asserted claims of the patents claimed to be owned by Surefield, and accordingly, we do not owe any damages to Surefield. The jury also found that all asserted claims of Surefield’s claimed patents were invalid. The court entered final judgment on August 15, 2022. On September 12, 2022, Surefield filed a motion for judgment as a matter of law and a motion for a new trial. In the motions, Surefield asserts that no jury could have found non-infringement based on the trial record, among other things. We filed oppositions to the motions on October 3, 2022 and Surefield filed replies on October 21, 2022. Lawsuits Alleging Misclassification—On August 28, 2019, Devin Cook, who was one of our former independent contractor licensed sales associates, whom we call associate agents, filed a complaint against us in the Superior Court of California, County of San Francisco. The plaintiff initially pled the complaint as a class action and alleged that we misclassified her as an independent contractor instead of an employee. The plaintiff also sought unspecified penalties pursuant to representative claims under California’s Private Attorney General Act ("PAGA"). On January 30, 2020, the plaintiff filed a first amended complaint dismissing her class action claim and asserting only claims under PAGA. On November 20, 2020, Jason Bell, who was one of our former lead agents as well as a former associate agent, filed a complaint against us in the U.S. District Court for the Southern District of California. The complaint was pled as a class action and alleges that, (1) during the time he served as an associate agent, we misclassified him as an independent contractor instead of an employee and (2) during the time he served as a lead agent, we misclassified him as an employee who was exempt from minimum wage and overtime laws. The plaintiff also asserted representative claims under PAGA. The plaintiff sought unspecified amounts of unpaid overtime wages, regular wages, meal and rest period compensation, waiting time and other penalties, injunctive and other equitable relief, and plaintiff's attorneys' fees and costs. On May 23, 2022, pursuant to a combined mediation, we settled the lawsuits brought by Ms. Cook and Mr. Bell for an aggregate of $3,000. This amount is subject to adjustment if our actual number of associate agents, lead agents, or their respective workweeks differs from the number that we represented to the plaintiffs. This settlement is subject to court approval. On April 7, 2023, plaintiffs filed a motion for preliminary approval of the class settlements. The motion for preliminary approval of the class settlement was granted by the court on May 4, 2023. The motion for final approval of the class settlement was granted on November 28, 2023. The settlement funds have been paid and are being distributed to class members. A final compliance hearing is set for July 29, 2024. Lawsuits Alleging Antitrust Violations—Since October 2023, a number of class action lawsuits have been filed on behalf of putative classes of home buyers and home sellers against the National Association of Realtors, local real estate associations, multiple listing services, and various residential real estate brokerages in various federal districts in the United States. Some of these lawsuits name Redfin as a defendant, including: •Don Gibson, et al. v. National Association of Realtors, et al., Case no. 4:23-cv-00788-SRB, filed on October 31, 2023 in United States District Court for the Western District of Missouri (the “Gibson Action”). •Mya Batton et al. v. Compass, Inc., et al., Case no. 1:23-cv-15618, filed on November 2, 2023 in United States District Court for the Northern District of Illinois. •1925 Hooper LLC, et al. v. The National Association of Realtors, et al., Case no. 1:23-cv-05392-SEG, filed on December 6, 2023 in the United States District Court for the Northern District of Georgia. •Daniel Umpa v. The National Association of Realtors, et al., Case no. 4:23-cv-00945-FJG, filed on December 27, 2023 in the United States District Court for the Western District of Missouri (the “Umpa Action”). •Nathaniel Whaley v. National Association of Realtors, et al., Case no. 2:24-cv-00105-GMN-MDC, filed on January 25, 2024 in the United States District Court for the District of Nevada. •Angela Boykin v. National Association of Realtors, et al., Case No. 2:24-cv-00340, filed on February 16, 2024 in the United States District Court for the District of Nevada. •Freedlund v. Redfin Corporation, et al., Case No. 2:24-cv-01561, filed on February 26, 2024 in the United States District Court for the Central District of California. •Rajninder (Raven) Jutla, et al. v. Redfin Corporation, et al., Case No. 2:24-cv-00464, filed on April 1, 2024 in the United States District Court for the Eastern District of California and transferred on April 5, 2024, to the United States District Court for the Western District of Washington. These lawsuits variously allege a conspiracy to fix prices stemming from a National Association of Realtors rule, which allegedly requires brokers to make a blanket, non-negotiable offer of buyer broker compensation when listing a property on a multiple listing service. The plaintiffs generally seek injunctive relief, unspecified damages under federal antitrust law, and unspecified damages under various state laws. The Judicial Panel on Multidistrict Litigation denied a motion to consolidate some of these cases as In re Real Estate Commission Antitrust Litigation, MDL No. 3100 on April 12, 2024. At this time, except as set forth below, we are unable to predict the potential outcome of these lawsuits. On May 3, 2024 we entered into a settlement term sheet (the “Proposed Settlement”) to resolve, on a nationwide basis, all claims asserted in the Gibson Action and the Umpa Action, each pending in the United States District Court for the Western District of Missouri. These two cases are collectively referred to as “The Lawsuits.” The Proposed Settlement resolves all claims in the Lawsuits and similar claims on behalf of home sellers on a nationwide basis against Redfin (the “Claims”) and releases Redfin, its subsidiaries and its employees and contractors from the Claims. The Proposed Settlement does not include an admission of liability. Under the Proposed Settlement, Redfin will pay $9,250 (the “Settlement Amount”) into a qualified settlement fund within 30 business days after preliminary approval by the court of the Proposed Settlement. Redfin recorded $9,250 in accrued and other liabilities during the quarter ended March 31, 2024. The Proposed Settlement remains subject to preliminary and final court approval and will become effective upon such final approval. Other Commitments Our title and settlement business and our mortgage business each hold cash in escrow at third-party financial institutions on behalf of homebuyers and home sellers. As of March 31, 2024, we held $48,383 in escrow and did not record this amount on our consolidated balance sheets. We may be held contingently liable for the disposition of the cash we hold in escrow.
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Acquired Intangible Assets and Goodwill |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired Intangible Assets and Goodwill | Acquired Intangible Assets and Goodwill Acquired Intangible Assets—The following table presents the gross carrying amount and accumulated amortization of intangible assets:
Amortization expense amounted to $9,747 and $9,747 for the three months ended March 31, 2024 and 2023, respectively. The following table presents our estimate of remaining amortization expense for intangible assets that existed as of March 31, 2024:
Goodwill—The following table presents the carrying amount of goodwill by reportable segment:
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Accrued and Other Liabilities |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities | Accrued and Other Liabilities The components of accrued and other liabilities were as follows:
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Mezzanine Equity |
3 Months Ended |
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Mar. 31, 2024 | |
Temporary Equity Disclosure [Abstract] | |
Mezzanine Equity | Mezzanine Equity On April 1, 2020, we issued 4,484,305 shares of our common stock, at a price of $15.61 per share, and 40,000 shares of our preferred stock, at a price of $1,000 per share, for aggregate gross proceeds of $110,000. We designated this preferred stock as Series A Convertible Preferred Stock (our "convertible preferred stock"). Our convertible preferred stock is classified as mezzanine equity in our consolidated financial statements as the substantive conversion features at the option of the holder precludes liability classification. We have determined there are no material embedded features that require recognition as a derivative asset or liability. We allocated the gross proceeds of $110,000 to the common stock issuance and the convertible preferred stock issuance based on the standalone fair value of the issuances, resulting in a fair valuation of $40,000 for the preferred stock, which is also the stated value of the mandatory redemption amount. As of March 31, 2024, the carrying value of our convertible preferred stock, net of issuance costs, is $39,970, and holders have earned unpaid stock dividends in the amount of 30,640 shares of common stock. This stock dividend was issued on April 5, 2024. These shares are included in basic and diluted net loss from continuing operations per share attributable to common stock in Note 12. As of March 31, 2024, no shares of the preferred stock have been converted, and the preferred stock was not redeemable, nor probable to become redeemable in the future as there is a more than remote chance the shares will be automatically converted prior to the mandatory redemption date. The number of shares of common stock reserved for future issuance resulting from dividends, conversion, or redemption with respect to the preferred stock was 2,622,177 as of the issuance date. Dividends—The holders of our convertible preferred stock are entitled to dividends. Dividends accrue daily based on a 360-day fiscal year at a rate of 5.5% per annum based on the issue price and are payable quarterly in arrears on the first business day following the end of each calendar quarter. Assuming we satisfy certain conditions, we will pay dividends in shares of common stock at a rate of the dividend payable divided by $17.95. If we do not satisfy such conditions, we will pay dividends in a cash amount equal to (i) the dividend shares otherwise issuable on the dividends multiplied by (ii) the volume-weighted average closing price of our common stock for the trading days preceding the date the dividends are payable. Participation Rights—Holders of our convertible preferred stock are entitled to dividends paid and distributions made to holders of our common stock to the same extent as if such preferred stockholders had converted their shares of preferred stock into common stock and held such shares on the record date for such dividends and distributions. Conversion—Holders may convert their convertible preferred stock into common stock at any time at a rate per share of preferred stock equal to the issue price divided by $19.51 (the "conversion price"). A holder that converts will also receive any dividend shares resulting from accrued dividends. Our convertible preferred stock may also be automatically converted to shares of our common stock. If the closing price of our common stock exceeds $27.32 per share until 30 trading days prior to November 30, 2024, for each day of any 30 consecutive trading days, then each outstanding share of preferred stock will automatically convert into a number of shares of our common stock at a rate per share of preferred stock equal to the issue price divided by the conversion price. Upon an automatic conversion, a holder will also receive any dividend shares resulting from accrued dividends. Redemption—On November 30, 2024, we will be required to redeem any outstanding shares of our convertible preferred stock, and each holder may elect to receive cash, shares of common stock, or a combination of cash and shares. If a holder elects to receive cash, we will pay, for each share of preferred stock, an amount equal to the issue price plus any accrued dividends. If a holder elects to receive shares, we will issue, for each share of preferred stock, a number of shares of common stock at a rate of the issue price divided by the conversion price plus any dividend shares resulting from accrued dividends. A holder of our convertible preferred stock has the right to require us to redeem up to all shares of preferred stock it holds following certain events outlined in the document governing the preferred stock. If a holder redeems as the result of such events, such holder may elect to receive cash or shares of common stock, as calculated in the same manner as the mandatory redemption described above. Additionally, such holder will also receive, in cash or shares of common stock as elected by the holder, an amount equal to all scheduled dividend payments on the preferred stock for all remaining dividend periods from the date the holder gives its notice of redemption. Liquidation Rights—Upon our liquidation, dissolution, or winding up, holders of our convertible preferred stock will be entitled to receive cash out of our assets prior to holders of the common stock.
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Equity and Equity Compensation Plans |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity and Equity Compensation Plans | Equity and Equity Compensation Plans Common Stock—As of March 31, 2024 and December 31, 2023, our amended and restated certificate of incorporation authorized us to issue 500,000,000 shares of common stock with a par value of $0.001 per share. Preferred Stock—As of March 31, 2024 and December 31, 2023, our amended and restated certificate of incorporation authorized us to issue 10,000,000 shares of preferred stock with a par value of $0.001 per share. Amended and Restated 2004 Equity Incentive Plan—We granted options under our 2004 Equity Incentive Plan, as amended (our "2004 Plan"), until July 26, 2017, when we terminated it in connection with our initial public offering. Accordingly, no shares are available for future issuance under our 2004 Plan. Our 2004 Plan continues to govern outstanding equity awards granted thereunder. The term of each stock option under the plan is no more than 10 years, and each stock option generally vests over a four-year period. 2017 Equity Incentive Plan—Our 2017 Equity Incentive Plan (our "2017 EIP") became effective on July 26, 2017, and provides for the issuance of incentive and nonqualified common stock options and restricted stock units to employees, directors, and consultants. The number of shares of common stock initially reserved for issuance under our 2017 EIP was 7,898,159. The number of shares reserved for issuance under our 2017 EIP will increase automatically on January 1 of each calendar year beginning on January 1, 2018, and continuing through January 1, 2028, by the number of shares equal to the lesser of 5% of the total outstanding shares of our common stock as of the immediately preceding December 31 or an amount determined by our board of directors. The term of each stock option and restricted stock unit under the plan will not exceed 10 years, and each award generally vests between and four years. We have reserved shares of common stock for future issuance under our 2017 EIP as follows:
2017 Employee Stock Purchase Plan—Our 2017 Employee Stock Purchase Plan (our "ESPP") was approved by our board of directors on July 27, 2017 and enables eligible employees to purchase shares of our common stock at a discount. Purchases will be accomplished through participation in discrete offering periods. We initially reserved 1,600,000 shares of common stock for issuance under our ESPP. The number of shares reserved for issuance under our ESPP will increase automatically on January 1 of each calendar year beginning after the first offering date and continuing through January 1, 2028, by the number of shares equal to the lesser of 1% of the total outstanding shares of our common stock as of the immediately preceding December 31 or an amount determined by our board of directors. On each purchase date, eligible employees will purchase our common stock at a price per share equal to 85% of the lesser of (i) the fair market value of our common stock on the first trading day of the offering period and (ii) the fair market value of our common stock on the purchase date. We have reserved shares of common stock for future issuance under our ESPP as follows:
Stock Options—Option activity for the three months ended March 31, 2024 was as follows:
The grant date fair value of our stock options was recorded as stock-based compensation over the stock options' vesting period. All outstanding options were fully vested as of March 31, 2024. We did not recognize any option-related expense during the three months ended March 31, 2024. Restricted Stock Units—Restricted stock unit activity for the three months ended March 31, 2024 was as follows:
(1) Starting with the restricted stock units granted to them in June 2019, our non-employee directors have the option to defer the issuance of common stock receivable upon vesting of such restricted stock units until 60 days following the day they are no longer providing services to us or, if earlier, upon a change in control transaction. The amount reported as vested excludes restricted stock units that have vested but whose settlement into shares has been deferred. The amount reported as outstanding or deferred as of March 31, 2024 includes these restricted stock units. As no further conditions exist to prevent the issuance of the shares of common stock underlying these restricted stock units, the shares are included in basic and diluted weighted shares outstanding used to calculate net loss per share attributable to common stock. The amount of shares whose issuance have been deferred is not considered material and is not reported separately from stock-based compensation in our consolidated statements of changes in mezzanine equity and stockholders’ (deficit) equity. The grant date fair value of restricted stock units is recorded as stock-based compensation over the vesting period. As of March 31, 2024, there was $98,831 of total unrecognized compensation cost related to restricted stock units, which is expected to be recognized over a weighted-average period of 1.93 years. As of March 31, 2024, there were 1,735,913 restricted stock units subject to performance and market conditions ("PSUs") at 100% of the target level. Depending on our achievement of the performance and market conditions, the actual number of shares of common stock issuable upon vesting of PSUs will range from 0% to 200% of the target amount. For each PSU recipient, the awards will vest only if the recipient is continuing to provide service to us upon our board of directors, or its compensation committee, certifying that we have achieved the PSU's related performance or market conditions. Stock-based compensation expense for PSUs with performance conditions is recognized when it is probable that the performance conditions will be achieved. For PSUs with market conditions, the market condition is reflected in the grant-date fair value of the award and the expense is recognized over the life of the award. Stock-based compensation expense associated with the PSUs was as follows:
Compensation Cost—Stock-based compensation, net of forfeitures and the amount capitalized in website and software development costs were as follows:
(1) Net of $1,265 and $1,134 of stock-based compensation that was capitalized in the three months ended March 31, 2024 and 2023, respectively.
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Net Loss per Share Attributable to Common Stock |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Loss per Share Attributable to Common Stock | Net Loss from Continuing Operations per Share Attributable to Common Stock Net loss from continuing operations per share attributable to common stock is computed by dividing the net loss from continuing operations attributable to common stock by the weighted-average number of common shares outstanding. We have outstanding stock options, restricted stock units, options to purchase shares under our ESPP, convertible preferred stock, and convertible senior notes, which are considered in the calculation of diluted net loss from continuing operations per share whenever doing so would be dilutive. We calculate basic and diluted net loss from continuing operations per share attributable to common stock in conformity with the two-class method required for companies with participating securities. We consider our convertible preferred stock to be participating securities. Under the two-class method, net loss from continuing operations attributable to common stock is not allocated to the preferred stock as its holders do not have a contractual obligation to share in losses, as discussed in Note 11. The calculation of basic and diluted net loss from continuing operations per share attributable to common stock was as follows:
(1) Basic and diluted weighted-average shares outstanding include (i) common stock earned but not yet issued related to share-based dividends on our convertible preferred stock, and (ii) restricted stock units that have vested but whose settlement into common stock were deferred at the option of certain non-employee directors. The following outstanding shares of common stock equivalents were excluded from the computation of the diluted net loss from continuing operations per share for the periods presented because their effect would have been anti-dilutive:
(1) Based on the closing price of our common stock of $6.65 on March 31, 2024, the if-converted values of both convertible notes were less than the principal amounts. (2) Excludes 1,735,913 incremental PSUs that could vest, assuming applicable performance criteria and market conditions are achieved at 200% of target, which is the maximum achievement level. See Note 11 for additional information regarding PSUs. (3) Excludes 38,438 restricted stock units that have vested but whose settlement into common stock were deferred at the option of certain non-employee directors as of March 31, 2024.
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Income Taxes |
3 Months Ended |
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Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes During the three months ended March 31, 2024, we recorded an income tax benefit of $172 resulting in an effective tax rate of 0.26%, which is primarily a result of current state income taxes. Our current income tax benefit was partially offset by deferred tax expenses associated with increases to indefinite-lived deferred tax liabilities created through the Company’s April 2, 2021 acquisition of Rent., and April 1, 2022 acquisition of Bay Equity. Our March 31, 2023 effective tax rate of (0.72)% is primarily a result of current state taxes which are supplemented by deferred tax expenses associated with increases to indefinite-lived deferred tax liabilities created through the Company’s April 2, 2021 acquisition of Rent., and April 1, 2022 acquisition of Bay Equity. In determining the realizability of the net U.S. federal and state deferred tax assets, we consider numerous factors including historical profitability, estimated future taxable income, prudent and feasible tax planning strategies, and the industry in which we operate. Management reassesses the realization of the deferred tax assets each reporting period, which resulted in a valuation allowance against the full amount of our U.S. deferred tax assets for the three months ended March 31, 2024 and 2023. To the extent that the financial results of our U.S. operations improve in the future and the deferred tax assets become realizable, we will reduce the valuation allowance through earnings. Under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, substantial changes in our ownership may limit the amount of net operating loss ("NOL") and income tax credit carryforwards that could be utilized annually in the future to offset taxable income and income tax liabilities. Any such annual limitation may significantly reduce the utilization of the NOLs and income tax credits before they expire. A Section 382 limitation study performed as of March 31, 2017 determined that we experienced an ownership change in 2006 with $1,506 of the 2006 NOL and $32 of the 2006 research and development tax credit unavailable for future use. Furthermore, in connection with our acquisition of Rent., Rent. experienced an ownership change that triggered Section 382. As of September 30, 2021, Rent. completed a Section 382 limitation study and, based on this analysis, we do not expect a reduction in the availability of Rent.'s pre-change NOLs. As of December 31, 2023, we had accumulated approximately $642,212 of federal net operating losses, approximately $32,234 (tax effected) of state net operating losses, and approximately $5,363 of foreign net operating losses. Federal net operating losses are available to offset federal taxable income and begin to expire in 2024, with net operating loss carryforwards of $449,434 generated after 2017 available to offset future U.S. federal taxable income over an indefinite period. Net research and development credit carryforwards of $23,968 and $23,240 are available as of December 31, 2023 and 2022, respectively, to reduce future liabilities. The research and development credit carryforwards begin to expire in 2026. Deductible but limited federal business interest expense carryforwards of $149,464 and $145,296 are available as of December 31, 2023 and 2022, respectively, to offset future U.S. federal taxable income over an indefinite period. Our material income tax jurisdiction is the United States (federal) and Canada (foreign). As a result of NOL carryforwards, we are subject to audit for all tax years for federal and foreign purposes. All tax years remain subject to examination in various other jurisdictions that are not material to our consolidated financial statements.
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt As of March 31, 2024, outstanding borrowings of our debt are as follows:
Warehouse Credit Facilities—To provide capital for the mortgage loans that it originates, our mortgage segment utilizes warehouse credit facilities that are classified as current liabilities on our consolidated balance sheets. Borrowings under each warehouse credit facility are secured by the related mortgage loan, and rights and income related to the loans. Each warehouse credit facility contains various restrictive and financial covenants and provides that a breach or failure to satisfy these covenants constitutes an event of default. As of March 31, 2024, we received a waiver of our financial covenants pursuant to the Republic Bank & Trust Company credit facility. The following table summarizes borrowings under these facilities as of the periods presented:
Term Loan—On October 20, 2023, we entered into a definitive agreement with Apollo Capital Management, L.P. and its affiliates (“Apollo”) whereby Apollo agreed to commit up to $250,000 of financing for us in the form of a first lien term loan facility (the “facility”). We borrowed half of the loan on October 20, 2023 and the remainder will be available as a delayed draw during the following 12 months. The facility is pre-payable at par, after 12 months of call protection (during which prepayment would be at 101% of par), or with respect to prepayments made with respect to a change of control, at 101% of par, and carries a five-year term, maturing October 20, 2028. Interest will be charged at the Secured Overnight Financing Rate (“SOFR”) +575 basis points for the first five full fiscal quarters after closing, with step-downs to SOFR +550 basis points and SOFR +525 basis points thereafter upon achieving agreed performance metrics. The facility requires that we maintain cash and cash equivalents of $75,000 which is tested on a quarterly basis. The negative covenants include restrictions on the incurrence of liens and indebtedness, investments, certain merger transactions, and other matters, all subject to certain exceptions. The effective interest rate for our term loan is 11.97%. The facility includes customary events of default that, include among other things, non-payment of principal, interest or fees, inaccuracy of representations and warranties, violation of certain covenants, cross default to certain other indebtedness, bankruptcy and insolvency events, material judgments, change of control, and certain material ERISA events. The occurrence of an event of default could result in the acceleration of the obligations under the facility. In addition, the facility prohibits us from making any cash payments on the conversion or repurchase of our notes if an event of default exists under our term loan facility, or if, after giving effect to such conversion or repurchase, we would not be in compliance with the financial covenants under our term loan facility. As security for our obligations under the facility, we granted Apollo a first priority security interest on substantially all of our assets and the assets of our material subsidiaries, subject to certain exceptions. Therefore, in a bankruptcy, Apollo first, and the holders of our convertible senior notes second, would have a claim to our assets senior to the claims of holders of our common stock. As part of the transaction, we repurchased $5,000 principal amount of our 2025 convertible notes held by Apollo and $71,894 principal amount of 2027 convertible notes held by Apollo for an aggregate repurchase price of $57,075 using cash on our balance sheet. Additionally, we paid $2,471 in debt issuance costs in connection with the Apollo term loan, which is currently recorded in prepaid expenses on our consolidated balance sheet. The components of the term loan were as follows:
Convertible Senior Notes—We have issued convertible senior notes with the following characteristics:
We issued our 2025 notes on October 20, 2020, with an aggregate principal amount of $661,250. In the three months ended March 31, 2024, we repurchased and retired approximately $48,531 in aggregate principal amount of our 2025 notes at a price of $42,525 using available cash. In connection with these repurchases, we recorded a gain on extinguishment of debt of $5,686 for the three months ended March 31, 2024. We issued our 2027 notes on March 25, 2021 and April 5, 2021, with an aggregate principal amount of $575,000. The components of our convertible senior notes were as follows:
Conversion of Our Convertible Senior Notes Prior to the free conversion date, a holder of each tranche of our convertible senior notes may convert its notes in multiples of $1,000 principal amount only if one or more of the conditions described below is satisfied. On or after the free conversion date, a holder may convert its notes in such multiples without any conditions. The free conversion date is July 15, 2025 for our 2025 notes and January 1, 2027 for our 2027 notes. The conditions are: •during any calendar quarter (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the applicable conversion price on each applicable trading day; •during the five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of the applicable notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the applicable conversion rate on each such trading day; •if we call any or all of the applicable notes for redemption, at any time prior to the close of business on the scheduled trading day prior to the redemption date; or •upon the occurrence of specified corporate events. We intend to settle any future conversions of our convertible senior notes by paying or delivering, as the case may be, cash, shares of our common stock, or a combination of cash and shares of our common stock, at our election. We apply the if-converted method to calculate diluted earnings per share when applicable. Under the if-converted method, the denominator of the diluted earnings per share calculation is adjusted to reflect the full number of common shares issuable upon conversion, while the numerator is adjusted to add back interest expense for the period. None of the above conditions were satisfied during the three months ended March 31, 2024. Classification of Our Convertible Senior Notes All of our convertible senior notes are accounted for as liabilities. The difference between the principal amount of the notes and the net carrying amount represents the unamortized debt discount, which we record as a deduction from the debt liability in our consolidated balance sheets. This discount is amortized to interest expense using the effective interest method over the term of the notes. See Note 4 for fair value information related to our convertible senior notes. Cross-acceleration and Cross-default Provisions of our Convertible Senior Notes, Term Loan, and Warehouse Credit Facilities—The indentures governing our 2025 and 2027 convertible senior notes contain cross-acceleration and cross-default provisions. These provisions could have the effect of creating an event of default under the indenture for either our 2025 or 2027 convertible senior notes, despite our compliance with that agreement, due solely to an event of default or failure to pay amounts owed under the indenture for the other tranche of convertible senior notes. Accordingly, all or a significant portion of our outstanding convertible senior notes could become immediately payable due solely to our failure to comply with the terms of a single agreement governing either our 2025 or 2027 convertible senior notes. In addition, each of our warehouse credit facilities and term loan facility contain cross-acceleration and cross-default provisions. These provisions could have the effect of creating an event of default under the agreement for any such facility, despite our compliance with that agreement, due solely to an event of default or failure to pay amounts owed under the agreement for another facility. Accordingly, all or a significant portion of our outstanding warehouse indebtedness or outstanding term loan indebtedness could become immediately payable due solely to our failure to comply with the terms of a single agreement governing one of our facilities. While the cross-default provisions in our existing warehouse credit facilities do not pick up defaults under our convertible senior notes and our existing warehouse credit facilities are carved out of the cross-payment default provisions in our 2025 and 2027 senior notes given that they constitute non-recourse debt, any default under our convertible senior notes would trigger an event of default under our term loan facility and, similarly, any default under our term loan facility would trigger the cross-payment default provisions in our 2025 and 2027 senior notes. 2027 Capped Calls—In 2021, and in connection with the pricing of our 2027 notes, we entered into capped call transactions with certain counterparties (the “2027 capped calls”). The 2027 capped calls have initial strike prices of $93.53 per share and initial cap prices of $138.56 per share, in each case subject to certain adjustments. Conditions that cause adjustments to the initial strike price and initial cap price of the 2027 capped calls are similar to the conditions that result in corresponding adjustments to the conversion rate for our 2027 notes. The 2027 capped calls cover, subject to anti-dilution adjustments, 6,147,900 shares of our common stock and are generally intended to reduce or offset the potential dilution to our common stock upon any conversion of the 2027 notes, with such reduction or offset, as the case may be, subject to a cap based on the cap price. The 2027 capped calls are separate transactions, and not part of the terms of our 2027 notes. As these instruments meet certain accounting criteria, the 2027 capped calls are recorded in stockholders’ (deficit) equity and are not accounted for as derivatives. The cost of $62,647 incurred in connection with the 2027 capped calls was recorded as a reduction to additional paid-in capital.
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Subsequent Events |
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Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Wells Fargo Bank, N.A. Credit Facility—In April 2024, we terminated our credit facility with Wells Fargo Bank, N.A. after repaying all borrowings and accrued interest.
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Summary of Accounting Policies (Policies) |
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Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation—The consolidated financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The financial information as of December 31, 2023 that is included in this quarterly report is derived from the audited consolidated financial statements and notes for the year ended December 31, 2023 included in Item 8 in our annual report for the year ended December 31, 2023. Such financial information should be read in conjunction with the notes and management’s discussion and analysis of the consolidated financial statements included in our annual report. The unaudited consolidated interim financial statements, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our financial position as of March 31, 2024, our statements of comprehensive loss, and statements of changes in mezzanine equity and stockholders’ (deficit) equity for the three months ended March 31, 2024 and 2023, as well as our statements of cash flows for the three months ended March 31, 2024 and 2023. The results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or for any interim period or for any other future year.
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Principles of Consolidation | Principles of Consolidation—The unaudited consolidated interim financial statements include the accounts of Redfin Corporation and our wholly owned subsidiaries, including those entities in which we have a variable interest and of which we are the primary beneficiary. Intercompany transactions and balances have been eliminated.
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Use of Estimates | Use of Estimates—The preparation of consolidated financial statements, in conformity with GAAP, requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and results of operations during the respective periods. Our estimates include, but are not limited to, valuation of deferred income taxes, stock-based compensation, capitalization of website and software development costs, the incremental borrowing rate for the determination of the present value of lease payments, recoverability of intangible assets with finite lives, fair value of our mortgage loans held for sale (“LHFS”) and mortgage servicing rights, estimated useful life of intangible assets, fair value of reporting units for purposes of allocating and evaluating goodwill for impairment, and current expected credit losses on certain financial assets. The amounts ultimately realized from the affected assets or ultimately recognized as liabilities will depend on, among other factors, general business conditions and could differ materially in the near term from the carrying amounts reflected in the consolidated financial statements.
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Recently Adopted and Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements—In September 2023, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance under ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We early adopted this guidance in first quarter of 2024 and there was no impact on our financial statement disclosures. Recently Issued Accounting Pronouncements—In December 2023, the FASB issued authoritative guidance under ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosures. The ASU enhances annual income tax disclosures to address investor requests for more information about the tax risks and opportunities present in an entity’s worldwide operations. The two primary enhancements disaggregate existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the potential impact of the guidance on our financial statement disclosures.
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Discontinued Operations and Disposal Groups (Tables) |
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Disposal Groups, Including Discontinued Operations | here were no major classes of assets and liabilities of our discontinued operations remaining. The major classes of line items of the discontinued operations included in our consolidated statement of comprehensive loss were as follows for the three months ended March 31, 2023:
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Segment Reporting and Revenue (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Information on each of our reportable and other segments and reconciliation to net (loss) income from continuing operations is presented in the tables below. We have assigned certain previously reported expenses to each segment to conform to the way we internally manage and monitor our business. We allocated indirect costs to each segment based on a reasonable allocation methodology, when such costs are significant to the performance measures of the segments.
(1) Included in revenue is $1,149 from providing services to our discontinued properties segment.
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Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions |
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Derivative Instruments, Gain (Loss) | The locations and amounts of gains (losses) recognized in income related to our derivatives were as follows:
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Schedule of Assets, Liabilities, and Equity Measured at Fair Value on a Recurring Basis | A summary of assets and liabilities related to our financial instruments, measured at fair value on a recurring basis and as reflected in our consolidated balance sheets, is set forth below:
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Summary of Fair Value Measurement Inputs and Valuation Techniques | The following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs and Mortgage Servicing Rights (“MSRs”):
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Summary of Changes Fair Value Of Interest Rate Derivatives | The following is a summary of changes in the fair value of IRLCs:
The following is a summary of changes in the fair value of MSRs:
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Schedule of Long-term Debt | The following table presents the estimated fair values of our convertible senior notes that are not recorded at fair value on our consolidated balance sheets:
As of March 31, 2024, outstanding borrowings of our debt are as follows:
The following table summarizes borrowings under these facilities as of the periods presented:
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Marketable Securities | The cost or amortized cost, gross unrealized gains and losses, and estimated fair market value of our cash, money market funds, restricted cash, and available-for-sale investments were as follows:
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Property and Equipment (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | The components of property and equipment were as follows:
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Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost | The components of lease expense were as follows:
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Lessee, Operating Lease, Liability, Maturity |
(1) Includes interest on operating leases of $1,452 and financing lease of $7 within the next twelve months. (2) Excludes sublease income. As of March 31, 2024, we expect sublease income of approximately $1,316 to be received for the remainder of fiscal year 2024.
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Finance Lease, Liability, Fiscal Year Maturity |
(1) Includes interest on operating leases of $1,452 and financing lease of $7 within the next twelve months. (2) Excludes sublease income. As of March 31, 2024, we expect sublease income of approximately $1,316 to be received for the remainder of fiscal year 2024.
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Acquired Intangible Assets and Goodwill (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | The following table presents the gross carrying amount and accumulated amortization of intangible assets:
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table presents our estimate of remaining amortization expense for intangible assets that existed as of March 31, 2024:
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Schedule of Goodwill | The following table presents the carrying amount of goodwill by reportable segment:
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Accrued and Other Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities | The components of accrued and other liabilities were as follows:
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Equity and Equity Compensation Plans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reserved Shares of Common Stock | We have reserved shares of common stock for future issuance under our 2017 EIP as follows:
We have reserved shares of common stock for future issuance under our ESPP as follows:
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Schedule of Stock Option Activity | Option activity for the three months ended March 31, 2024 was as follows:
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Schedule of Nonvested Restricted Stock Units Activity | Restricted stock unit activity for the three months ended March 31, 2024 was as follows:
(1) Starting with the restricted stock units granted to them in June 2019, our non-employee directors have the option to defer the issuance of common stock receivable upon vesting of such restricted stock units until 60 days following the day they are no longer providing services to us or, if earlier, upon a change in control transaction. The amount reported as vested excludes restricted stock units that have vested but whose settlement into shares has been deferred. The amount reported as outstanding or deferred as of March 31, 2024 includes these restricted stock units. As no further conditions exist to prevent the issuance of the shares of common stock underlying these restricted stock units, the shares are included in basic and diluted weighted shares outstanding used to calculate net loss per share attributable to common stock. The amount of shares whose issuance have been deferred is not considered material and is not reported separately from stock-based compensation in our consolidated statements of changes in mezzanine equity and stockholders’ (deficit) equity.
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Schedule of Allocation of Share-based Compensation Costs | Stock-based compensation expense associated with the PSUs was as follows:
(1) Net of $1,265 and $1,134 of stock-based compensation that was capitalized in the three months ended March 31, 2024 and 2023, respectively.
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Net Loss per Share Attributable to Common Stock (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Basic and Diluted Earnings Per Share | The calculation of basic and diluted net loss from continuing operations per share attributable to common stock was as follows:
(1) Basic and diluted weighted-average shares outstanding include (i) common stock earned but not yet issued related to share-based dividends on our convertible preferred stock, and (ii) restricted stock units that have vested but whose settlement into common stock were deferred at the option of certain non-employee directors.
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Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following outstanding shares of common stock equivalents were excluded from the computation of the diluted net loss from continuing operations per share for the periods presented because their effect would have been anti-dilutive:
(1) Based on the closing price of our common stock of $6.65 on March 31, 2024, the if-converted values of both convertible notes were less than the principal amounts. (2) Excludes 1,735,913 incremental PSUs that could vest, assuming applicable performance criteria and market conditions are achieved at 200% of target, which is the maximum achievement level. See Note 11 for additional information regarding PSUs. (3) Excludes 38,438 restricted stock units that have vested but whose settlement into common stock were deferred at the option of certain non-employee directors as of March 31, 2024.
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Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt | The following table presents the estimated fair values of our convertible senior notes that are not recorded at fair value on our consolidated balance sheets:
As of March 31, 2024, outstanding borrowings of our debt are as follows:
The following table summarizes borrowings under these facilities as of the periods presented:
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Schedule of Capitalization | The components of the term loan were as follows:
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Convertible Debt | We have issued convertible senior notes with the following characteristics:
We issued our 2025 notes on October 20, 2020, with an aggregate principal amount of $661,250. In the three months ended March 31, 2024, we repurchased and retired approximately $48,531 in aggregate principal amount of our 2025 notes at a price of $42,525 using available cash. In connection with these repurchases, we recorded a gain on extinguishment of debt of $5,686 for the three months ended March 31, 2024. We issued our 2027 notes on March 25, 2021 and April 5, 2021, with an aggregate principal amount of $575,000. The components of our convertible senior notes were as follows:
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Interest Income and Interest Expense Disclosure |
|
Summary of Accounting Policies - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Technology and development | $ 46,429 | $ 47,663 |
Net loss | $ (66,774) | $ (60,798) |
Net loss per share attributable to common stock - basic (in dollars per share) | $ (0.57) | $ (0.55) |
Net loss per share attributable to common stock - diluted (in dollars per share) | $ (0.57) | $ (0.55) |
Segment Reporting and Revenue - Narrative (Details) |
3 Months Ended |
---|---|
Mar. 31, 2024
segment
| |
Segment Reporting [Abstract] | |
Number of operating segments | 5 |
Number of reportable segments | 3 |
Financial Instruments - Narrative (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Share price (in dollars per share) | $ 6.65 | |
Accrued interest | $ 0 | $ 332,000 |
Available-for-sale, credit loss | $ 0 | $ 0 |
IRLCs | Minimum | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loan commitments, term | 30 days | |
IRLCs | Maximum | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loan commitments, term | 90 days |
Financial Instruments - Notional Amounts of Derivatives (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Forward sales commitments | ||
Derivative [Line Items] | ||
Instrument | $ 463,110 | $ 274,400 |
IRLCs | ||
Derivative [Line Items] | ||
Instrument | $ 358,903 | $ 188,554 |
Financial Instruments - Amount of Gains/(Losses) Recognized in Income (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Forward sales commitments | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Net gain (loss) recognized in earnings | $ 2,406 | $ (253) |
IRLCs | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Net gain (loss) recognized in earnings | $ 2,525 | $ 7,874 |
Financial Instruments - Summary of Changes in the Fair Value of IRLCs (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Changes of fair value of interest rate lock commitments [Roll Forward] | ||
Issuances of IRLCs | $ 16,062 | $ 15,963 |
Settlements of IRLCs | (14,739) | (10,238) |
Fair value changes recognized in earnings | 1,201 | 2,148 |
Balance, net—end of period | $ 6,977 | $ 9,170 |
Financial Instruments - Summary of Changes in the Fair Value of MSRs (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Jan. 01, 2024 |
Jan. 01, 2023 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair value changes recognized in earnings | $ 1,201 | $ 2,148 | ||
Balance, net—end of period | 6,977 | 9,170 | $ 4,453 | $ 1,297 |
MSRs | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Measurement With Unobservable Inputs Reconciliation, Recurring Basis, Liability, Originations | 61 | 347 | ||
MSRs sales | (269) | (339) | ||
Fair value changes recognized in earnings | 365 | (1,208) | ||
Balance, net—end of period | $ 32,328 | $ 35,061 | $ 32,171 | $ 36,261 |
Financial Instruments - Carrying Amounts and Estimated Fair Values of Notes (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
2025 notes | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Long-term debt fair value | $ 125,007 | $ 164,113 |
2027 notes | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Long-term debt fair value | $ 278,967 | $ 325,927 |
Property and Equipment - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization | $ 4,651 | $ 7,181 |
Capitalized computer software, additions | $ 4,550 | $ 4,555 |
Leases - Narrative (Details) |
Mar. 31, 2024 |
---|---|
Vehicles | |
Lessee, Lease, Description [Line Items] | |
Finance lease term (in years) | 4 years |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Operating lease term (in years) | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Operating lease term (in years) | 11 years |
Leases - Summary of Lease Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Operating Leased Assets [Line Items] | ||
Operating lease cost | $ 3,778 | $ 5,840 |
Total finance lease cost | 28 | 16 |
Short-term lease cost | 686 | 832 |
Sublease income | (501) | (342) |
Operating lease cost (cost of revenue) | ||
Operating Leased Assets [Line Items] | ||
Operating lease cost | 2,377 | 2,909 |
Finance lease, right-of-use asset, amortization | 25 | 15 |
Finance lease, interest expense | 3 | 1 |
Operating lease cost (operating expenses) | ||
Operating Leased Assets [Line Items] | ||
Operating lease cost | $ 1,216 | $ 2,441 |
Leases - Lease Term and Discount Rate (Details) |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Leases [Abstract] | ||
Weighted-average remaining operating lease term (years) | 3 years 1 month 6 days | 3 years 2 months 12 days |
Weighted-average remaining finance lease term (years) | 2 years 10 months 24 days | 2 years 6 months |
Weighted average discount rate for operating leases (percent) | 4.50% | 4.50% |
Weighted average discount rate for finance leases (percent) | 5.40% | 5.40% |
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | $ 4,637 | $ 5,253 |
Operating cash flows from finance leases | 2 | 1 |
Financing cash flows from finance leases | 20 | 13 |
Right of use assets obtained in exchange for lease liabilities | ||
Operating leases | 896 | 3,130 |
Finance leases | $ 68 | $ 0 |
Commitments and Contingencies - Narrative (Details) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
May 23, 2022
USD ($)
|
May 11, 2020
patent
|
Mar. 31, 2024
USD ($)
|
|
Debt Instrument [Line Items] | |||
Patents allegedly infringed upon | patent | 4 | ||
Estimated litigation liability | $ 9,250 | ||
Litigation settlement payment | $ 3,000 | ||
Litigation settlement, term | 30 days | ||
Other Commitments | |||
Debt Instrument [Line Items] | |||
Escrow deposit | $ 48,383 |
Acquired Intangible Assets and Goodwill - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 230,390 | $ 230,390 |
Accumulated Amortization | (116,853) | (107,106) |
Net | $ 113,537 | 123,284 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted-Average Useful Lives (Years) | 9 years 3 months 18 days | |
Gross | $ 82,690 | 82,690 |
Accumulated Amortization | (26,648) | (24,290) |
Net | 56,042 | 58,400 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 66,340 | 66,340 |
Accumulated Amortization | (65,238) | (59,883) |
Net | $ 1,102 | 6,457 |
Developed technology | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted-Average Useful Lives (Years) | 3 years 3 months 18 days | |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted-Average Useful Lives (Years) | 10 years | |
Gross | $ 81,360 | 81,360 |
Accumulated Amortization | (24,967) | (22,933) |
Net | $ 56,393 | $ 58,427 |
Acquired Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 9,747 | $ 9,747 |
Acquired Intangible Assets and Goodwill - Amortization Expense (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2024, excluding the three months ended March 31, 2024 | $ 13,994 | |
2025 | 17,618 | |
2026 | 17,380 | |
2027 | 15,633 | |
2028 | 15,050 | |
Thereafter | 33,862 | |
Net | $ 113,537 | $ 123,284 |
Acquired Intangible Assets and Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Goodwill [Line Items] | ||
Goodwill | $ 461,349 | $ 461,349 |
Real Estate Services | ||
Goodwill [Line Items] | ||
Goodwill | 250,231 | 250,231 |
Rentals | ||
Goodwill [Line Items] | ||
Goodwill | 159,151 | 159,151 |
Mortgage | ||
Goodwill [Line Items] | ||
Goodwill | $ 51,967 | $ 51,967 |
Accrued and Other Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Payables and Accruals [Abstract] | ||
Accrued compensation and benefits | $ 58,537 | $ 58,836 |
Miscellaneous accrued liabilities | 23,979 | 26,037 |
Legal contingencies | 9,250 | 0 |
Customer contract liabilities | 5,565 | 5,487 |
Accrued and other liabilities | $ 97,331 | $ 90,360 |
Equity and Equity Compensation Plans - Summary of Common Stock Reserved for Future Issuance: 2017 EIP (Details) - shares |
Mar. 31, 2024 |
Dec. 31, 2023 |
Jul. 26, 2017 |
---|---|---|---|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options issued and outstanding options (in shares) | 2,372,110 | 2,406,453 | |
Equity Incentive Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options issued and outstanding options (in shares) | 2,372,110 | 2,406,453 | |
Restricted stock units issued and outstanding or deferred (in shares) | 13,456,113 | 15,947,173 | |
Shares available for future equity grants (in shares) | 14,333,627 | 7,991,532 | |
Total shares reserved for future issuance (in shares) | 30,161,850 | 26,345,158 | 7,898,159 |
Equity and Equity Compensation Plans - Summary of Common Stock Reserved for Future Issuance: 2017 ESPP (Details) - 2017 Employee Stock Purchase Plan - shares |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Shares Reserved For Future Issuance [Roll Forward] | ||
Shares available for issuance at beginning of period (in shares) | 4,378,042 | 4,695,361 |
Shares issued during the period (in shares) | 0 | (1,491,040) |
Total shares reserved for future issuance (in shares) | 4,378,042 | 3,204,321 |
Equity and Equity Compensation Plans - Schedule of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) |
3 Months Ended |
---|---|
Mar. 31, 2024
$ / shares
shares
| |
Restricted Stock Units | |
Unvested outstanding at beginning of period (in shares) | shares | 15,947,173 |
Granted (in shares) | shares | 595,740 |
Vested (in shares) | shares | (2,099,383) |
Forfeited or canceled (in shares) | shares | (987,417) |
Unvested outstanding at end of period (in shares) | shares | 13,456,113 |
Weighted-Average Grant-Date Fair Value | |
Unvested outstanding at beginning of period (in dollars per share) | $ / shares | $ 9.64 |
Granted (in dollars per share) | $ / shares | 7.00 |
Vested (in dollars per share) | $ / shares | 9.13 |
Forfeited or canceled (in dollars per share) | $ / shares | 13.04 |
Unvested outstanding at end of period (in dollars per share) | $ / shares | $ 9.35 |
Operating deferral period | 60 days |
Equity and Equity Compensation Plans - Compensation Costs for PSU's (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total expense | $ 17,409 | $ 19,028 |
Performance Restricted Stock Units | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total expense | 372 | 1,844 |
Performance Restricted Stock Units | PSU expense | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total expense | 773 | 1,844 |
Performance Restricted Stock Units | Reassessment of achievement of performance conditions | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total expense | $ (401) | $ 0 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Mar. 31, 2019 |
|
Operating Loss Carryforwards [Line Items] | |||||
Income tax expense (benefit) | $ (172) | $ 410 | |||
Effective tax rate (percent) | (0.72%) | ||||
Effective income tax rate from continue and operations | 0.26% | ||||
Operating loss unavailable for carryforward | $ 1,506 | ||||
Tax credit unavailable for future use | $ 32 | ||||
Federal Jurisdiction | |||||
Operating Loss Carryforwards [Line Items] | |||||
Operating loss carryforwards | $ 642,212 | ||||
Operating loss carryforwards, not subject to expiration | 449,434 | ||||
Federal Jurisdiction | RentPath Holdings | |||||
Operating Loss Carryforwards [Line Items] | |||||
Operating loss carryforwards, not subject to expiration | 149,464 | $ 145,296 | |||
Federal deductible | 23,968 | ||||
State and Local Jurisdiction | |||||
Operating Loss Carryforwards [Line Items] | |||||
Operating loss carryforwards | 32,234 | ||||
Foreign Tax Authority | |||||
Operating Loss Carryforwards [Line Items] | |||||
Operating loss carryforwards | $ 5,363 |
Debt - Interest Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Debt Instrument [Line Items] | ||
Total interest expense | $ 4,874 | $ 1,922 |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Contractual interest expense | 629 | 822 |
Amortization of debt issuance costs | 1,003 | 2,754 |
Total interest expense | 1,632 | 3,576 |
1.75% Convertible Senior Notes due 2023 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Contractual interest expense | 0 | 103 |
Amortization of debt issuance costs | 0 | 38 |
Total interest expense | 0 | 141 |
0% Convertible Senior Notes due 2025 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Contractual interest expense | 0 | 0 |
Amortization of debt issuance costs | 513 | 2,156 |
Total interest expense | 513 | 2,156 |
0.5% Convertible Senior Notes Due 2027 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Contractual interest expense | 629 | 719 |
Amortization of debt issuance costs | 490 | 560 |
Total interest expense | $ 1,119 | $ 1,279 |
Debt - Repurchase Activity (Details) - Line of Credit $ in Thousands |
Oct. 20, 2023
USD ($)
|
---|---|
Debt Instrument [Line Items] | |
Repayments of convertible debt | $ 57,075 |
0% Convertible Senior Notes due 2025 | |
Debt Instrument [Line Items] | |
Repurchased face amount | $ 5,000 |
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