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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
| | | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2020
or
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☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ___ to ___
Commission file number 001-38160
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | | | | |
Delaware | | | | 74-3064240 |
(State or other jurisdiction of incorporation or organization) | | | | (I.R.S. Employer Identification No.) |
| | | | |
1099 Stewart Street | Suite 600 | | | |
Seattle | WA | | | 98101 |
(Address of Principal Executive Offices) | | | | (Zip Code) |
| | | | | |
(206) | 576-8333 |
Registrant's telephone number, including area code | |
| | |
|
(Former name, former address and former fiscal year, if changed since last report) |
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading Symbol | Name of each exchange on which registered |
Common Stock, $0.001 par value per share | RDFN | The Nasdaq Global Select Market |
| | | | | | | | | | | | | | |
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. | | | | |
| ☒ | Yes | ☐ | 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). | | | | |
| ☒ | Yes | ☐ | No |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
| | | | | | | | | | | |
Large accelerated filer | ☒ | 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 |
The registrant had 99,476,640 shares of common stock outstanding as of July 23, 2020.
Redfin Corporation
Quarterly Report on Form 10-Q
For the Quarter Ended June 30, 2020
Table of Contents
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PART I | | Page |
Item 1. | | |
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Item 2. | | |
Item 3. | | |
Item 4. | | |
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PART II | | |
Item 1. | | |
Item 1A. | | |
Item 2. | | |
Item 6. | | |
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| | |
As used in this quarterly report, the terms "Redfin," "we," "us," and "our" refer to Redfin Corporation and its subsidiaries taken as a whole, unless otherwise noted or unless the context indicates otherwise.
Note Regarding Forward-Looking Statements
This quarterly report contains forward-looking statements. All statements contained in this report other than statements of historical fact, including statements regarding COVID-19's anticipated impacts on our business, our future operating results and financial position, our business strategy and plans, our market growth and trends, and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” "hope," “potentially,” “preliminary,” “likely,” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including those described under Item 1A of our annual report for the year ended December 31, 2019, as supplemented by Part II, Item 1A of this report. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the effect of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the future events and trends discussed in this report may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Accordingly, you should not rely on forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, performance, or events and circumstances reflected in the forward-looking statements will be achieved or occur. We undertake no obligation to update any of these forward-looking statements for any reason after the date of this report or to conform these statements to actual results or revised expectations.
Note Regarding Industry and Market Data
This quarterly report contains information using industry publications that generally state that the information contained therein has been obtained from sources believed to be reliable, but such information may not be accurate or complete. While we are not aware of any misstatements regarding the information from these industry publications, we have not independently verified any of the data from third-party sources nor have we ascertained the underlying economic assumptions relied on therein.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
Redfin Corporation and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share and per share amounts, unaudited)
| | | | | | | | | | | | |
| June 30, 2020 | | December 31, 2019 | |
Assets | | | | |
Current assets | | | | |
Cash and cash equivalents | $ | 325,352 | | | $ | 234,679 | | |
Restricted cash | 35,102 | | | 12,769 | | |
Short-term investments | 128,056 | | | 70,029 | | |
Accounts receivable, net | 34,182 | | | 19,223 | | |
Inventory | 9,437 | | | 74,590 | | |
Loans held for sale | 42,439 | | | 21,985 | | |
Prepaid expenses | 7,624 | | | 14,822 | | |
Other current assets | 4,555 | | | 3,496 | | |
Total current assets | 586,747 | | | 451,593 | | |
Property and equipment, net | 41,414 | | | 39,577 | | |
Right-of-use assets, net | 47,697 | | | 52,004 | | |
Long-term investments | 18,792 | | | 30,978 | | |
Goodwill and intangibles, net | 11,260 | | | 11,504 | | |
Other non-current assets | 9,430 | | | 10,557 | | |
Total assets | $ | 715,340 | | | $ | 596,213 | | |
Liabilities, mezzanine equity and stockholders' equity | | | | |
Current liabilities | | | | |
Accounts payable | $ | 3,389 | | | $ | 2,122 | | |
Accrued liabilities | 48,967 | | | 38,022 | | |
Other payables | 27,614 | | | 7,884 | | |
Warehouse credit facilities | 40,566 | | | 21,302 | | |
Secured revolving credit facility | 7,215 | | | 4,444 | | |
Current lease liabilities | 11,614 | | | 11,408 | | |
Total current liabilities | 139,365 | | | 85,182 | | |
Non-current lease liabilities | 54,362 | | | 59,869 | | |
Convertible senior notes, net | 122,884 | | | 119,716 | | |
Non-current payroll tax liabilities | 3,668 | | | — | | |
Total liabilities | 320,279 | | | 264,767 | | |
Commitments and contingencies (Note 7) | | | | |
Series A convertible preferred stock—par value $0.001 per share; 10,000,000 shares authorized; 40,000 and no shares issued and outstanding, respectively | 39,801 | | | — | | |
Stockholders’ equity | | | | |
| | | | |
Common stock—par value $0.001 per share; 500,000,000 shares authorized; 99,394,432 and 93,001,597 shares issued and outstanding, respectively | 99 | | | 93 | | |
Additional paid-in capital | 673,234 | | | 583,097 | | |
Accumulated other comprehensive income | 441 | | | 42 | | |
Accumulated deficit | (318,514) | | | (251,786) | | |
Total stockholders’ equity | 355,260 | | | 331,446 | | |
Total liabilities, mezzanine equity and stockholders’ equity | $ | 715,340 | | | $ | 596,213 | | |
See Notes to the consolidated financial statements.
Redfin Corporation and Subsidiaries
Consolidated Statements of Comprehensive Loss
(in thousands, except share and per share amounts, unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | | | Six Months Ended June 30, 2020 | | |
| 2020 | | 2019 | | 2020 | | 2019 |
Revenue | | | | | | | |
Service | $ | 141,135 | | | $ | 157,872 | | | $ | 252,613 | | | $ | 246,641 | |
Product | 72,530 | | | 39,908 | | | 152,047 | | | 61,281 | |
Total revenue | 213,665 | | | 197,780 | | | 404,660 | | | 307,922 | |
Cost of revenue | | | | | | | |
Service | 93,891 | | | 108,528 | | | 192,259 | | | 192,923 | |
Product | 73,735 | | | 40,906 | | | 153,483 | | | 63,898 | |
Total cost of revenue | 167,626 | | | 149,434 | | | 345,742 | | | 256,821 | |
Gross profit | 46,039 | | | 48,346 | | | 58,918 | | | 51,101 | |
Operating expenses | | | | | | | |
Technology and development | 17,961 | | | 16,063 | | | 38,235 | | | 31,620 | |
Marketing | 9,482 | | | 27,050 | | | 35,190 | | | 60,250 | |
General and administrative(1) | 23,022 | | | 17,654 | | | 47,349 | | | 39,102 | |
Total operating expenses | 50,465 | | | 60,767 | | | 120,774 | | | 130,972 | |
Loss from operations | (4,426) | | | (12,421) | | | (61,856) | | | (79,871) | |
Interest income | 437 | | | 1,913 | | | 1,540 | | | 4,229 | |
Interest expense | (2,665) | | | (2,153) | | | (5,109) | | | (4,290) | |
Other income (expense), net | 43 | | | 36 | | | (1,303) | | | 128 | |
Net loss | $ | (6,611) | | | $ | (12,625) | | | $ | (66,728) | | | $ | (79,804) | |
Dividend on convertible preferred stock | (1,284) | | | — | | | (1,284) | | | — | |
Net loss attributable to common stock—basic and diluted | $ | (7,895) | | | $ | (12,625) | | | $ | (68,012) | | | $ | (79,804) | |
Net loss per share attributable to common stock—basic and diluted | $ | (0.08) | | | $ | (0.14) | | | $ | (0.71) | | | $ | (0.88) | |
Weighted average shares of common stock—basic and diluted | 98,785,318 | | | 91,216,886 | | | 96,114,012 | | | 90,915,334 | |
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Other comprehensive income (loss) | | | | | | | |
Net loss | $ | (6,611) | | | $ | (12,625) | | | $ | (66,728) | | | $ | (79,804) | |
Foreign currency translation adjustments | 3 | | | 37 | | | (22) | | | 38 | |
Unrealized gain (loss) on available-for-sale securities | (137) | | | 6 | | | 421 | | | 6 | |
Total comprehensive loss | $ | (6,745) | | | $ | (12,582) | | | $ | (66,329) | | | $ | (79,760) | |
(1) Includes direct and incremental costs related to COVID-19 of $7,525, which are partially offset by $1,292 in employee retention credits allowed under the CARES Act, for the three and six months ended June 30, 2020.
See Notes to the consolidated financial statements.
Redfin Corporation and Subsidiaries
Consolidated Statements of Cash Flows
(in thousands, unaudited)
| | | | | | | | | | | |
| Six Months Ended June 30, | | |
| 2020 | | 2019 |
Operating Activities | | | |
Net loss | $ | (66,728) | | | $ | (79,804) | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | | | |
Depreciation and amortization | 6,865 | | | 3,809 | |
Stock-based compensation | 14,416 | | | 12,282 | |
Amortization of debt discount and issuance costs | 3,477 | | | 3,031 | |
Non-cash lease expense | 4,522 | | | 2,943 | |
Impairment costs | 1,420 | | | — | |
Other | (1,190) | | | (100) | |
Change in assets and liabilities: | | | |
Accounts receivable, net | (14,959) | | | (23,323) | |
Inventory | 65,153 | | | (62,960) | |
Prepaid expenses and other assets | 5,446 | | | 1,230 | |
Accounts payable | 1,040 | | | 1,350 | |
Accrued liabilities, other payables, and non-current payroll tax liabilities | 14,244 | | | 26,489 | |
Lease liabilities | (5,481) | | | (3,301) | |
Origination of loans held for sale | (294,076) | | | (153,335) | |
Proceeds from sale of loans originated as held for sale | 274,595 | | | 128,080 | |
Net cash provided by (used in) operating activities | 8,744 | | | (143,609) | |
Investing activities | | | |
Purchases of property and equipment | (6,072) | | | (9,504) | |
Purchases of investments | (88,724) | | | (70,312) | |
Sales of investments | 3,183 | | | 100 | |
Maturities of investments | 40,351 | | | — | |
Net cash used in investing activities | (51,262) | | | (79,716) | |
Financing activities | | | |
Proceeds from the issuance of convertible preferred stock, net of issuance costs | 39,801 | | | — | |
Proceeds from the issuance of common stock, net of issuance costs | 69,701 | | | — | |
Proceeds from the issuance of shares resulting from employee equity plans | 11,052 | | | 8,965 | |
Tax payments related to net share settlements on restricted stock units | (6,065) | | | (1,792) | |
Borrowings from warehouse credit facilities | 290,891 | | | 149,900 | |
Repayments to warehouse credit facilities | (271,627) | | | (125,206) | |
Borrowings from secured revolving credit facility | 39,587 | | | — | |
Repayments to secured revolving credit facility | (36,816) | | | — | |
Other payables—deposits held in escrow | 19,056 | | | 11,602 | |
Principal payments for finance lease obligations | (30) | | | — | |
| | | |
Cash paid for debt issuance costs | (4) | | | — | |
Net cash provided by financing activities | 155,546 | | | 43,469 | |
Effect of exchange rate changes on cash and cash equivalents | (22) | | | 38 | |
Net change in cash, cash equivalents, and restricted cash | 113,006 | | | (179,818) | |
Cash, cash equivalents, and restricted cash: | | | |
Beginning of period | 247,448 | | | 439,055 | |
End of period | $ | 360,454 | | | $ | 259,237 | |
Supplemental disclosure of cash flow information | | | |
Cash paid for interest | 2,133 | | | 1,202 | |
Non-cash transactions | | | |
Stock-based compensation capitalized in property and equipment | 1,151 | | | 561 | |
Property and equipment additions in accounts payable and accrued liabilities | 1,492 | | | 620 | |
Leasehold improvements paid directly by lessor | — | | | 3,444 | |
See Notes to the consolidated financial statements.
Redfin Corporation and Subsidiaries
Consolidated Statements of Changes in Mezzanine Equity and Stockholders’ Equity
(in thousands, except share amounts, unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Series A Convertible Preferred Stock | | | | | Common Stock | | | | Additional Paid-in Capital | | Accumulated Deficit | | Accumulated Other Comprehensive Income | | Total Stockholders' Equity |
| Shares | | Amount | | | Shares | | Amount | | | | | | | | |
Balance, March 31, 2019 | — | | | $ | — | | | | 90,926,249 | | | $ | 91 | | | $ | 552,418 | | | $ | (238,160) | | | $ | 1 | | | $ | 314,349 | |
Issuance of common stock pursuant to employee stock purchase program | — | | | — | | | | 262,110 | | | — | | | 3,246 | | | — | | | — | | | 3,246 | |
Issuance of common stock pursuant to exercise of stock options | — | | | — | | | | 420,104 | | | 1 | | | 2,038 | | | — | | | — | | | 2,039 | |
Issuance of common stock pursuant to settlement of restricted stock units | — | | | — | | | | 227,026 | | | — | | | — | | | — | | | — | | | — | |
Common stock surrendered for employees' tax liability upon settlement of restricted stock units | — | | | — | | | | (57,952) | | | — | | | (975) | | | — | | | — | | | (975) | |
Stock-based compensation | — | | | — | | | | — | | | — | | | 6,167 | | | — | | | — | | | 6,167 | |
Other comprehensive income | — | | | — | | | | — | | | — | | | — | | | — | | | 43 | | | 43 | |
Net loss | — | | | — | | | | — | | | — | | | — | | | (12,625) | | | — | | | (12,625) | |
Balance, June 30, 2019 | — | | | $ | — | | | | 91,777,537 | | | $ | 92 | | | $ | 562,894 | | | $ | (250,785) | | | $ | 44 | | | $ | 312,245 | |
| | | | | | | | | | | | | | | | |
Balance, March 31, 2020 | — | | | $ | — | | | | 93,957,774 | | | $ | 94 | | | $ | 591,420 | | | $ | (311,903) | | | $ | 575 | | | $ | 280,186 | |
Issuance of convertible preferred stock, net | 40,000 | | | 39,801 | | | | — | | | — | | | — | | | — | | | — | | | — | |
| | | | | | | | | | | | | | | | |
Issuance of common stock, net | — | | | — | | | | 4,484,305 | | | 4 | | | 69,697 | | | — | | | — | | | 69,701 | |
Issuance of common stock pursuant to employee stock purchase program | — | | | — | | | | 186,925 | | | — | | | 3,436 | | | — | | | — | | | 3,436 | |
Issuance of common stock pursuant to exercise of stock options | — | | | — | | | | 519,432 | | | 1 | | | 3,588 | | | — | | | — | | | 3,589 | |
Issuance of common stock pursuant to settlement of restricted stock units | — | | | — | | | | 344,075 | | | — | | | — | | | — | | | — | | | — | |
Common stock surrendered for employees' tax liability upon settlement of restricted stock units | — | | | — | | | | (98,079) | | | — | | | (2,758) | | | — | | | — | | | (2,758) | |
Stock-based compensation | — | | | — | | | | — | | | — | | | 7,851 | | | — | | | — | | | 7,851 | |
Other comprehensive loss | — | | | — | | | | — | | | — | | | — | | | — | | | (134) | | | (134) | |
Net loss | — | | | — | | | | — | | | — | | | — | | | (6,611) | | | — | | | (6,611) | |
Balance, June 30, 2020 | 40,000 | | | $ | 39,801 | | | | 99,394,432 | | | $ | 99 | | | $ | 673,234 | | | $ | (318,514) | | | $ | 441 | | | $ | 355,260 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Series A Convertible Preferred Stock | | | | | Common Stock | | | | Additional Paid-in Capital | | Accumulated Deficit | | Accumulated Other Comprehensive Income | | Total Stockholders' Equity |
| Shares | | Amount | | | Shares | | Amount | | | | | | | | |
Balance, December 31, 2018 | — | | | $ | — | | | | 90,151,341 | | | $ | 90 | | | $ | 542,829 | | | $ | (170,981) | | | $ | — | | | $ | 371,938 | |
Issuance of common stock pursuant to employee stock purchase program | — | | | — | | | | 262,110 | | | — | | | 3,246 | | | — | | | — | | | 3,246 | |
Issuance of common stock pursuant to exercise of stock options | — | | | — | | | | 1,099,599 | | | 2 | | | 5,768 | | | — | | | — | | | 5,770 | |
Issuance of common stock pursuant to settlement of restricted stock units | — | | | — | | | | 366,915 | | | — | | | — | | | — | | | — | | | — | |
Common stock surrendered for employees' tax liability upon settlement of restricted stock units | — | | | — | | | | (102,428) | | | — | | | (1,792) | | | — | | | — | | | (1,792) | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Stock-based compensation | — | | | — | | | | — | | | — | | | 12,843 | | | — | | | — | | | 12,843 | |
Other comprehensive income | — | | | — | | | | — | | | — | | | — | | | — | | | 44 | | | 44 | |
Net loss | — | | | — | | | | — | | | — | | | — | | | (79,804) | | | — | | | (79,804) | |
Balance, June 30, 2019 | — | | | $ | — | | | | 91,777,537 | | | $ | 92 | | | $ | 562,894 | | | $ | (250,785) | | | $ | 44 | | | $ | 312,245 | |
| | | | | | | | | | | | | | | | |
Balance, December 31, 2019 | — | | | $ | — | | | | 93,001,597 | | | $ | 93 | | | $ | 583,097 | | | $ | (251,786) | | | $ | 42 | | | $ | 331,446 | |
Issuance of convertible preferred stock, net | 40,000 | | | 39,801 | | | | — | | | — | | | — | | | — | | | — | | | — | |
| | | | | | | | | | | | | | | | |
Issuance of common stock, net | — | | | — | | | | 4,484,305 | | | 4 | | | 69,697 | | | — | | | — | | | 69,701 | |
Issuance of common stock pursuant to employee stock purchase program | — | | | — | | | | 186,925 | | | — | | | 3,436 | | | — | | | — | | | 3,436 | |
Issuance of common stock pursuant to exercise of stock options | — | | | — | | | | 1,257,830 | | | 1 | | | 7,503 | | | — | | | — | | | 7,504 | |
Issuance of common stock pursuant to settlement of restricted stock units | — | | | — | | | | 664,515 | | | 1 | | | (1) | | | — | | | — | | | — | |
Common stock surrendered for employees' tax liability upon settlement of restricted stock units | — | | | — | | | | (200,740) | | | — | | | (6,065) | | | — | | | — | | | (6,065) | |
Stock-based compensation | — | | | — | | | | — | | | — | | | 15,567 | | | — | | | — | | | 15,567 | |
Other comprehensive income | — | | | — | | | | — | | | — | | | — | | | — | |