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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Redfin Corporation | NASDAQ:RDFN | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.33 | -3.79% | 8.38 | 8.18 | 10.50 | 8.71 | 8.35 | 8.71 | 4,076,609 | 05:00:05 |
From Oct 2024 to Nov 2024
Redfin Corporation (NASDAQ: RDFN) today announced results for its third quarter ended September 30, 2024.
Third Quarter 2024
Third quarter revenue was $278.0 million, an increase of 3% compared to the third quarter of 2023. Gross profit was $101.9 million, an increase of 4% year-over-year. Real estate services gross profit was $48.7 million, a decrease of 10% year-over-year, and real estate services gross margin was 28%, compared to 30% in the third quarter of 2023.
Net loss was $33.8 million, compared to a net loss of $19.0 million in the third quarter of 2023. Net loss attributable to common stock was $34.1 million. Net loss per share attributable to common stock, diluted, was $0.28, compared to net loss per share, diluted, of $0.17 in the third quarter of 2023.
Adjusted EBITDA was $3.9 million, down from an adjusted EBITDA of $7.7 million in the third quarter of 2023.
“Redfin’s third-quarter results were within our guidance range, and we’re now forecasting fourth-quarter growth in market share and revenues,” said Redfin CEO Glenn Kelman. “Already, shifting our real estate agents to a commissions-based model has improved close rates, with industry-leading attach rates for mortgage and title services. And now, the growth in our digital businesses and our reductions in headquarters costs will let us fund more demand-generation. With plans to hire hundreds of agents between now and next spring, we’re emerging from a year of record low U.S. home sales ready to go on the attack.”
Third Quarter Highlights
(1)
Attach rate reflects total closed loans for Redfin buy-side customers divided by Redfin buy-side transactions with a mortgage (excluding cash transactions) for the period. We previously reported only the inclusive attach rate (includes cash transactions in the denominator), which was 21% in the third quarter of 2024, compared to 18% in the third quarter of 2023.
Business Outlook
The following forward-looking statements reflect Redfin's expectations as of November 7, 2024, and are subject to substantial uncertainty.
For the fourth quarter of 2024 we expect:
Conference Call
Redfin will webcast a conference call to discuss the results at 1:30 p.m. Pacific Time today. The webcast will be open to the public at http://investors.redfin.com. The webcast will remain available on the investor relations website for at least three months following the conference call.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws, including our future operating results, as described under Business Outlook. We believe our expectations related to these forward-looking statements are reasonable, but actual results may turn out to be materially different. For factors that could cause actual results to differ materially from the forward-looking statements in this press release, please see the risks and uncertainties identified under the heading "Risk Factors" in our annual report for the year ended December 31, 2023, as supplemented by our quarterly report for the quarter ended March 31, 2024, each of which are available on our Investor Relations website at http://investors.redfin.com and on the SEC website at www.sec.gov. All forward-looking statements reflect our beliefs and assumptions only as of the date of this press release. We undertake no obligation to update forward-looking statements to reflect future events or circumstances.
Non-GAAP Financial Measure
To supplement our consolidated financial statements that are prepared and presented in accordance with GAAP, we also compute and present adjusted EBITDA, which is a non-GAAP financial measure. We believe adjusted EBITDA is useful for investors because it enhances period-to-period comparability of our financial statements on a consistent basis and provides investors with useful insight into the underlying trends of the business. The presentation of this financial measure is not intended to be considered in isolation or as a substitute of, or superior to, our financial information prepared and presented in accordance with GAAP. Our calculation of adjusted EBITDA may be different from adjusted EBITDA or similar non-GAAP financial measures used by other companies, limiting its usefulness for comparison purposes. Our adjusted EBITDA for the three and nine months ended September 30, 2024 and 2023 is presented below, along with a reconciliation of adjusted EBITDA to net loss.
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.6 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.
Redfin-F
Redfin Corporation and Subsidiaries Consolidated Balance Sheets (in thousands, except share and per share amounts, unaudited)
September 30, 2024
December 31, 2023
Assets
Current assets
Cash and cash equivalents
$
165,660
$
149,759
Restricted cash
174
1,241
Short-term investments
—
41,952
Accounts receivable, net of allowances for credit losses of $3,945 and $3,234
74,971
51,738
Loans held for sale
212,921
159,587
Prepaid expenses
30,531
33,296
Other current assets
20,514
7,472
Total current assets
504,771
445,045
Property and equipment, net
43,312
46,431
Right-of-use assets, net
26,275
31,763
Mortgage servicing rights, at fair value
2,534
32,171
Long-term investments
—
3,149
Goodwill
461,349
461,349
Intangible assets, net
104,127
123,284
Other assets, noncurrent
8,705
10,456
Total assets
$
1,151,073
$
1,153,648
Liabilities, mezzanine equity, and stockholders' (deficit) equity
Current liabilities
Accounts payable
$
14,280
$
10,507
Accrued and other liabilities
101,040
90,360
Warehouse credit facilities
208,817
151,964
Lease liabilities
13,347
15,609
Total current liabilities
337,484
268,440
Lease liabilities, noncurrent
22,853
29,084
Convertible senior notes, net, noncurrent
571,644
688,737
Term loan
243,646
124,416
Deferred tax liabilities
647
264
Total liabilities
1,176,274
1,110,941
Series A convertible preferred stock—par value $0.001 per share; 10,000,000 shares authorized; 40,000 shares issued and outstanding at September 30, 2024 and December 31, 2023
39,992
39,959
Stockholders’ (deficit) equity
Common stock—par value $0.001 per share; 500,000,000 shares authorized; 123,945,380 and 117,372,171 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively
124
117
Additional paid-in capital
886,592
826,146
Accumulated other comprehensive loss
(140
)
(182
)
Accumulated deficit
(951,769
)
(823,333
)
Total stockholders’ (deficit) equity
(65,193
)
2,748
Total liabilities, mezzanine equity, and stockholders’ (deficit) equity
$
1,151,073
$
1,153,648
Redfin Corporation and Subsidiaries Consolidated Statements of Comprehensive Loss (in thousands, except share and per share amounts, unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Revenue
$
278,015
$
268,956
$
798,697
$
758,595
Cost of revenue(1)
176,152
170,616
516,436
501,927
Gross profit
101,863
98,340
282,261
256,668
Operating expenses
Technology and development(1)
40,332
44,392
128,976
139,196
Marketing(1)
27,186
24,095
92,324
97,531
General and administrative(1)
58,788
55,380
181,366
186,584
Restructuring and reorganization
2,509
—
4,732
7,159
Total operating expenses
128,815
123,867
407,398
430,470
Loss from continuing operations
(26,952
)
(25,527
)
(125,137
)
(173,802
)
Interest income
1,839
2,060
5,132
8,170
Interest expense
(8,537
)
(1,603
)
(19,497
)
(5,291
)
Income tax expense
12
(239
)
(375
)
(882
)
Gain on extinguishment of convertible senior notes
—
6,495
12,000
68,848
Other expense, net
(144
)
(158
)
(559
)
(537
)
Net loss from continuing operations
(33,782
)
(18,972
)
(128,436
)
(103,494
)
Net loss from discontinued operations
—
—
—
(3,634
)
Net loss
$
(33,782
)
$
(18,972
)
$
(128,436
)
$
(107,128
)
Dividends on convertible preferred stock
(282
)
(335
)
(706
)
(858
)
Net loss from continuing operations attributable to common stock—basic and diluted
$
(34,064
)
$
(19,307
)
$
(129,142
)
$
(104,352
)
Net loss attributable to common stock—basic and diluted
$
(34,064
)
$
(19,307
)
$
(129,142
)
$
(107,986
)
Net loss from continuing operations per share attributable to common stock—basic and diluted
$
(0.28
)
$
(0.17
)
$
(1.07
)
$
(0.93
)
Net loss attributable to common stock per share—basic and diluted
$
(0.28
)
$
(0.17
)
$
(1.07
)
$
(0.96
)
Weighted-average shares to compute net loss per share attributable to common stock—basic and diluted
122,876,102
114,592,679
120,553,264
112,141,342
Net loss
$
(33,782
)
$
(18,972
)
$
(128,436
)
$
(107,128
)
Other comprehensive income
Foreign currency translation adjustments
4
(15
)
2
(73
)
Unrealized gain on available-for-sale debt securities
—
210
40
617
Comprehensive loss
$
(33,778
)
$
(18,777
)
$
(128,394
)
$
(106,584
)
(1)
Includes stock-based compensation as follows:
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Cost of revenue
$
2,819
$
3,037
$
8,603
$
10,173
Technology and development
9,135
8,391
26,092
24,759
Marketing
1,131
1,337
3,911
3,836
General and administrative
5,217
6,035
15,336
16,380
Total
$
18,302
$
18,800
$
53,942
$
55,148
Redfin Corporation and Subsidiaries Consolidated Statements of Cash Flows (in thousands, unaudited)
Nine Months Ended September 30,
2024
2023
Operating Activities
Net loss
$
(128,436
)
$
(107,128
)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization
33,340
48,443
Stock-based compensation
53,942
55,382
Amortization of debt discount and issuance costs
2,280
2,873
Non-cash lease expense
9,046
12,909
Impairment costs
—
113
Net gain on IRLCs, forward sales commitments, and loans held for sale
(1,809
)
(1,767
)
Change in fair value of mortgage servicing rights, net
(742
)
1,065
Gain on extinguishment of convertible senior notes
(12,000
)
(68,848
)
Other
548
(2,013
)
Change in assets and liabilities:
Accounts receivable, net
(23,377
)
(238
)
Inventory
—
114,232
Prepaid expenses and other assets
(10,141
)
9,696
Accounts payable
3,802
177
Accrued and other liabilities, deferred tax liabilities, and payroll tax liabilities, noncurrent
11,772
(19,346
)
Lease liabilities
(11,993
)
(14,864
)
Origination of mortgage servicing rights
(170
)
(699
)
Proceeds from sale of mortgage servicing rights
30,549
1,122
Origination of loans held for sale
(3,071,291
)
(2,798,337
)
Proceeds from sale of loans originated as held for sale
3,018,634
2,858,656
Net cash (used in) provided by operating activities
(96,046
)
91,428
Investing activities
Purchases of property and equipment
(8,984
)
(9,235
)
Purchases of investments
—
(76,866
)
Sales of investments
39,225
124,681
Maturities of investments
6,395
59,383
Net cash provided by investing activities
36,636
97,963
Financing activities
Proceeds from the issuance of common stock pursuant to employee equity plans
4,757
5,790
Tax payments related to net share settlements on restricted stock units
(1,574
)
(15,961
)
Borrowings from warehouse credit facilities
3,088,179
2,803,589
Repayments to warehouse credit facilities
(3,031,326
)
(2,861,779
)
Principal payments under finance lease obligations
(56
)
(73
)
Repurchases of convertible senior notes
(106,953
)
(212,401
)
Repayment of term loan principal
(1,563
)
—
Payments of debt issuance costs
(2,222
)
—
Proceeds from term loan
125,000
—
Net cash provided by (used in) financing activities
74,242
(304,347
)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
2
(73
)
Net change in cash, cash equivalents, and restricted cash
14,834
(115,029
)
Cash, cash equivalents, and restricted cash:
Beginning of period
151,000
242,246
End of period
$
165,834
$
127,217
Redfin Corporation and Subsidiaries Supplemental Financial Information and Business Metrics (unaudited)
Three Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Monthly average visitors (in thousands)
49,413
51,619
48,803
43,861
51,309
52,308
50,440
43,847
Real estate services transactions
Brokerage
13,324
14,178
10,039
10,152
13,075
13,716
10,301
12,743
Partner
3,440
3,395
2,691
3,186
4,351
3,952
3,187
2,742
Total
16,764
17,573
12,730
13,338
17,426
17,668
13,488
15,485
Real estate services revenue per transaction
Brokerage
$
12,363
$
12,545
$
12,433
$
12,248
$
12,704
$
12,376
$
11,556
$
10,914
Partner
3,025
2,859
2,367
2,684
2,677
2,756
2,592
2,611
Aggregate
10,447
10,674
10,305
9,963
10,200
10,224
9,438
9,444
U.S. market share by units
0.76
%
0.77
%
0.77
%
0.72
%
0.78
%
0.75
%
0.79
%
0.76
%
Revenue from top-10 Redfin markets as a percentage of real estate services revenue
56
%
56
%
55
%
55
%
56
%
55
%
53
%
57
%
Average number of lead agents
1,757
1,719
1,658
1,692
1,744
1,792
1,876
2,022
Mortgage originations by dollars (in millions)
$
1,214
$
1,338
$
969
$
885
$
1,110
$
1,282
$
991
$
1,036
Mortgage originations by units (in ones)
2,900
3,192
2,365
2,293
2,786
3,131
2,444
2,631
Redfin Corporation and Subsidiaries Supplemental Financial Information (unaudited, in thousands)
Three Months Ended September 30, 2024
Real estate services
Rentals
Mortgage
Other
Corporate overhead
Total
(in thousands)
Revenue
$
175,136
$
51,660
$
35,621
$
15,598
$
—
$
278,015
Cost of revenue
126,421
12,366
30,214
7,151
—
176,152
Gross profit
48,715
39,294
5,407
8,447
—
101,863
Operating expenses
Technology and development
26,927
10,648
675
889
1,193
40,332
Marketing
12,907
13,600
667
12
—
27,186
General and administrative
18,263
24,074
5,885
1,215
9,351
58,788
Restructuring and reorganization
—
—
—
—
2,509
2,509
Total operating expenses
58,097
48,322
7,227
2,116
13,053
128,815
(Loss) income from continuing operations
(9,382
)
(9,028
)
(1,820
)
6,331
(13,053
)
(26,952
)
Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net
38
100
(2,966
)
266
(4,268
)
(6,830
)
Net (loss) income from continuing operations
$
(9,344
)
$
(8,928
)
$
(4,786
)
$
6,597
$
(17,321
)
$
(33,782
)
Three Months Ended September 30, 2024
Real estate services
Rentals
Mortgage
Other
Corporate overhead
Total
(in thousands)
Net (loss) income from continuing operations
$
(9,344
)
$
(8,928
)
$
(4,786
)
$
6,597
$
(17,321
)
$
(33,782
)
Interest income(1)
(10
)
(111
)
(3,392
)
(266
)
(1,451
)
(5,230
)
Interest expense(2)
—
—
6,208
—
5,565
11,773
Income tax expense
—
11
—
—
(23
)
(12
)
Depreciation and amortization
3,002
5,077
895
227
283
9,484
Stock-based compensation(3)
11,333
3,515
(89
)
588
2,955
18,302
Restructuring and reorganization(4)
—
—
—
—
2,509
2,509
Legal contingencies(5)
—
—
—
—
904
904
Adjusted EBITDA
$
4,981
$
(436
)
$
(1,164
)
$
7,146
$
(6,579
)
$
3,948
(1)
Interest income includes $3.4 million of interest income related to originated mortgage loans for the three months ended September 30, 2024.
(2)
Interest expense includes $3.2 million of interest expense related to our warehouse credit facilities for the three months ended September 30, 2024.
(3)
Stock-based compensation consists of expenses related to restricted stock units and our employee stock purchase program.
(4)
Restructuring and reorganization expenses primarily consist of personnel-related costs associated with employee terminations, furloughs, or retention due to the restructuring and reorganization activities.
(5)
Legal contingencies includes expenses related to significant contingent liabilities resulting from litigation or other legal proceedings.
Three Months Ended September 30, 2023
Real estate services
Rentals
Mortgage
Other
Corporate overhead
Total
(in thousands)
Revenue
$
177,750
$
47,410
$
32,923
$
10,873
$
—
$
268,956
Cost of revenue
123,684
10,824
29,629
6,479
—
170,616
Gross profit
54,066
36,586
3,294
4,394
—
98,340
Operating expenses
Technology and development
25,711
15,813
800
1,133
935
44,392
Marketing
10,785
12,245
1,088
20
(43
)
24,095
General and administrative
18,418
21,838
6,670
952
7,502
55,380
Restructuring and reorganization
—
—
—
—
—
—
Total operating expenses
54,914
49,896
8,558
2,105
8,394
123,867
(Loss) income from continuing operations
(848
)
(13,310
)
(5,264
)
2,289
(8,394
)
(25,527
)
Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net
41
42
(73
)
207
6,338
6,555
Net (loss) income from continuing operations
$
(807
)
$
(13,268
)
$
(5,337
)
$
2,496
$
(2,056
)
$
(18,972
)
Three Months Ended September 30, 2023
Real estate services
Rentals
Mortgage
Other
Corporate overhead
Total
(in thousands)
Net (loss) income from continuing operations
$
(807
)
$
(13,268
)
$
(5,337
)
$
2,496
$
(2,056
)
$
(18,972
)
Interest income(1)
(41
)
(81
)
(2,886
)
(207
)
(1,732
)
(4,947
)
Interest expense(2)
—
—
3,132
—
1,598
4,730
Income tax expense
—
37
70
—
132
239
Depreciation and amortization
3,123
9,681
947
233
312
14,296
Stock-based compensation(3)
11,151
4,255
473
574
2,347
18,800
Gain on extinguishment of convertible senior notes
—
—
—
—
(6,495
)
(6,495
)
Adjusted EBITDA
$
13,426
$
624
$
(3,601
)
$
3,096
$
(5,894
)
$
7,651
(1)
Interest income includes $2.9 million of interest income related to originated mortgage loans for the three months ended September 30, 2023.
(2)
Interest expense includes $3.1 million of interest expense related to our warehouse credit facilities for the three months ended September 30, 2023.
(3)
Stock-based compensation consists of expenses related to restricted stock units and our employee stock purchase program. See Note 11 to our consolidated financial statements for more information.
Nine Months Ended September 30, 2024
Real estate services
Rentals
Mortgage
Other
Corporate overhead
Total
(in thousands)
Revenue
$
493,885
$
152,105
$
109,619
$
43,088
$
—
$
798,697
Cost of revenue
371,198
35,453
88,646
21,139
—
516,436
Gross profit
122,687
116,652
20,973
21,949
—
282,261
Operating expenses
Technology and development
84,354
36,577
2,031
2,686
3,328
128,976
Marketing
47,939
42,137
2,221
27
—
92,324
General and administrative
57,178
66,794
19,087
3,279
35,028
181,366
Restructuring and reorganization
—
—
—
—
4,732
4,732
Total operating expenses
189,471
145,508
23,339
5,992
43,088
407,398
(Loss) income from continuing operations
(66,784
)
(28,856
)
(2,366
)
15,957
(43,088
)
(125,137
)
Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net
6
65
(2,962
)
690
(1,098
)
(3,299
)
Net (loss) income from continuing operations
$
(66,778
)
$
(28,791
)
$
(5,328
)
$
16,647
$
(44,186
)
$
(128,436
)
Nine Months Ended September 30, 2024
Real estate services
Rentals
Mortgage
Other
Corporate overhead
Total
(in thousands)
Net (loss) income from continuing operations
$
(66,778
)
$
(28,791
)
$
(5,328
)
$
16,647
$
(44,186
)
$
(128,436
)
Interest income(1)
(40
)
(233
)
(8,416
)
(690
)
(4,169
)
(13,548
)
Interest expense(2)
—
—
11,246
—
16,522
27,768
Income tax expense
—
109
—
—
266
375
Depreciation and amortization
9,302
19,888
2,779
667
704
33,340
Stock-based compensation(3)
34,246
9,978
663
1,688
7,367
53,942
Restructuring and reorganization(4)
—
—
—
—
4,732
4,732
Gain on extinguishment of convertible senior notes
—
—
—
—
(12,000
)
(12,000
)
Legal contingencies(5)
—
—
—
—
10,154
10,154
Adjusted EBITDA
$
(23,270
)
$
951
$
944
$
18,312
$
(20,610
)
$
(23,673
)
(1)
Interest income includes $8.4 million of interest income related to originated mortgage loans for the nine months ended September 30, 2024.
(2)
Interest expense includes $8.3 million of interest expense related to our warehouse credit facilities for the nine months ended September 30, 2024.
(3)
Stock-based compensation consists of expenses related to restricted stock units and our employee stock purchase program.
(4)
Restructuring and reorganization expenses primarily consist of personnel-related costs associated with employee terminations, furloughs, or retention due to the restructuring and reorganization activities.
(5)
Legal contingencies includes expenses related to significant contingent liabilities resulting from litigation or other legal proceedings.
Nine Months Ended September 30, 2023
Real estate services
Rentals
Mortgage
Other
Corporate overhead
Total
(in thousands)
Revenue(1)
$
485,687
$
135,636
$
107,838
$
29,434
$
—
$
758,595
Cost of revenue
359,625
31,016
93,108
18,178
—
501,927
Gross profit
126,062
104,620
14,730
11,256
—
256,668
Operating expenses
Technology and development
82,650
48,081
2,177
3,475
2,813
139,196
Marketing
51,849
42,509
3,122
46
5
97,531
General and administrative
58,997
73,445
20,323
3,049
30,770
186,584
Restructuring and reorganization
—
—
—
—
7,159
7,159
Total operating expenses
193,496
164,035
25,622
6,570
40,747
430,470
(Loss) income from continuing operations
(67,434
)
(59,415
)
(10,892
)
4,686
(40,747
)
(173,802
)
Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net
41
115
(224
)
475
69,901
70,308
Net (loss) income from continuing operations
$
(67,393
)
$
(59,300
)
$
(11,116
)
$
5,161
$
29,154
$
(103,494
)
(1)
Included in revenue is $1.2 million from providing services to our discontinued properties segment.
Nine Months Ended September 30, 2023
Real estate services
Rentals
Mortgage
Other
Corporate overhead
Total
(in thousands)
Net (loss) income from continuing operations
$
(67,393
)
$
(59,300
)
$
(11,116
)
$
5,161
$
29,154
$
(103,494
)
Interest income(1)
(41
)
(238
)
(9,062
)
(475
)
(7,400
)
(17,216
)
Interest expense(2)
—
—
9,737
—
5,285
15,022
Income tax expense
—
123
222
—
537
882
Depreciation and amortization
12,819
30,068
2,929
756
1,745
48,317
Stock-based compensation(3)
33,041
11,580
2,554
1,696
6,277
55,148
Acquisition-related costs(4)
—
—
—
—
8
8
Restructuring and reorganization(5)
—
—
—
—
7,159
7,159
Impairment(6)
—
—
—
—
113
113
Gain on extinguishment of convertible senior notes
—
—
—
—
(68,848
)
(68,848
)
Adjusted EBITDA
$
(21,574
)
$
(17,767
)
$
(4,736
)
$
7,138
$
(25,970
)
$
(62,909
)
(1)
Interest income includes $9.0 million of interest income related to originated mortgage loans for the nine months ended September 30, 2023.
(2)
Interest expense includes $9.7 million of interest expense related to our warehouse credit facilities for the nine months ended September 30, 2023.
(3)
Stock-based compensation consists of expenses related to restricted stock units and our employee stock purchase program.
(4)
Acquisition-related costs consist of fees for external advisory, legal, and other professional services incurred in connection with our acquisition of other companies.
(5)
Restructuring and reorganization expenses primarily consist of personnel-related costs associated with employee terminations, furloughs, or retention due to the restructuring and reorganization activities.
(6)
Impairment consists of an impairment loss due to subleasing one of our operating leases.
Reconciliation of Adjusted EBITDA Guidance to Net Loss Guidance (unaudited, in millions)
Three months ending December 31, 2024
Low
High
Net loss
(32
)
(25
)
Net interest expense
6
6
Depreciation and amortization
9
9
Stock-based compensation
18
18
Adjusted EBITDA
1
8
Note: Figures may not sum due to rounding.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107894315/en/
Investor Relations Meg Nunnally ir@redfin.com
Public Relations Mariam Sughayer press@redfin.com
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