Redfin Reports Second Quarter 2021 Financial Results
SEATTLE, Aug. 5, 2021 /PRNewswire/ -- Redfin Corporation (NASDAQ: RDFN) today announced financial results for the second quarter ended June 30, 2021. All financial measures, unless otherwise noted, are presented on a GAAP basis and include stock-based compensation, and depreciation and amortization.
Revenue increased 121% year-over-year to $471 million during the second quarter. Gross profit was $126 million, a increase of 174% from $46 million in the second quarter of 2020. Real estate services gross profit was $88 million, an increase of 90% from $46 million in the second quarter of 2020. Real estate services gross margin was 35%, compared to 34% in the second quarter of 2020. Operating expenses were $156 million, an increase of 210% from $50 million in the second quarter of 2020. Operating expenses were 33% of revenue, up from 24% in the second quarter of 2020.
Net loss was $27.9 million, compared to net loss of $6.6 million in the second quarter of 2020. The dividend on our convertible preferred stock was $1.9 million in the second quarter. Net loss attributable to common stock was $29.8 million. Stock-based compensation was $13.7 million, up from $7.2 million in the second quarter of 2020. Depreciation and amortization was $13.8 million, up from $3.6 million in the second quarter of 2020. Interest income was $0.1 million and interest expense was $2.8 million, compared to $0.4 million and $2.7 million, respectively, in the second quarter of 2020.
Net loss per share attributable to common stock, diluted, was $0.29, compared to net loss per share attributable to common stock, diluted, of $0.08 in the second quarter of 2020.
"Even in a rapidly expanding market, Redfin gained more market-share in the second quarter than at any point since our 2017 initial public offering," said Redfin CEO Glenn Kelman. "And we took share where it mattered most: in markets where we offer Redfin Premier services, Redfin listings above a million dollars grew three times faster than listings below a million dollars. Despite increased pricing discipline and record gross margins, RedfinNow bought 40% more homes in the second quarter than we did in all of 2020; our properties revenue grew 139%. And even though this was our first quarter owning RentPath, we already hired a world-class RentPath CEO."
Second Quarter Highlights
- Reached market share of 1.18% of U.S. existing home sales by value in the second quarter of 2021, an increase of 24 basis points from the second quarter of 2020.
- Saved homebuyers and sellers over $82 million in the second quarter. This includes the savings Redfin offers buyers through the Redfin Refund and sellers through Redfin's lower listing fee when compared to a 2.5% listing commission typically charged by traditional agents.
- Redfin's mobile application and website reached 48.4 million average monthly visitors in the second quarter, an increase of 14% compared to the second quarter of 2020.
- Continued RedfinNow expansion by launching in Tucson, Boston and Portland, Oregon.
- Closed the acquisition of RentPath on April 2; announced the appointment of Jon Ziglar as RentPath's Chief Executive Officer, effective August 16.
- Improved software for customers, agents, partners, home services and mortgage teams, including:
- New data architecture in the cloud that will let Redfin's software engineers move faster;
- New Loan Queue software for Redfin mortgage processors to improve workflow by providing a clear list of tasks, deadlines and documents in one place; and
- Expanding Fast Offers software to Redfin agents in Seattle, making it easy to create offer paperwork on the go with a few clicks.
(1) We calculate the aggregate value of U.S. home sales by multiplying the total number of U.S. existing home sales by the mean sale price of these homes, each as reported by the National Association of REALTORS® ("NAR"). NAR data for the most recent period is preliminary and may subsequently be updated by NAR. We calculate our market share by aggregating the home value of brokerage and partner real estate services transactions. Then, in order to account for both the sell- and buy-side components of each transaction, we divide that value by two-times the estimated aggregate value of U.S. home sales.
Business Outlook
The following forward-looking statements reflect Redfin's expectations as of August 5, 2021, and are subject to substantial uncertainty.
For the third quarter of 2021 we expect:
- Total revenue between $530 million and $541 million, representing a year-over-year increase between 124% and 128% compared to the third quarter of 2020. Included within total revenue are properties segment revenue between $231 million and $236 million, and RentPath revenue between $40 million and $41 million.
- Total net loss between $24 million and $20 million, compared to total net income of $34 million in the third quarter of 2020. RentPath's contribution to the net loss is expected to be approximately $17 million. This guidance includes approximately $14 million of expected stock-based compensation, $14 million of expected depreciation and amortization, and $4 million of expected net interest expense. Net income attributable to common stockholders will include the value of dividends on our convertible preferred stock, which we expect to pay in shares of our common stock.
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, and the anticipated benefits from our improved software. 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, 2020, as supplemented by our quarterly report for the quarter ended June 30, 2021, both of which are available on our Investor Relations website at http://investors.redfin.com and on the SEC website at www.sec.gov. All forward-looking statements reflect our beliefs and assumptions only as of the date of this press release. We undertake no obligation to update forward-looking statements to reflect future events or circumstances.
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.
Redfin-F
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Redfin Corporation and Subsidiaries |
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Consolidated Balance Sheets |
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(in thousands, except share and per share amounts, unaudited) |
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June 30, 2021 |
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December 31, 2020 |
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Assets |
|
|
|
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|
Current assets |
|
|
|
||||
|
Cash and cash equivalents |
$ |
735,387 |
|
|
$ |
925,276 |
|
|
Restricted cash |
52,295 |
|
|
20,544 |
|
||
|
Short-term investments |
29,605 |
|
|
131,561 |
|
||
|
Accounts receivable, net of allowances for credit losses of $204 and $160 |
84,757 |
|
|
54,719 |
|
||
|
Inventory |
249,003 |
|
|
49,158 |
|
||
|
Loans held for sale |
51,643 |
|
|
42,539 |
|
||
|
Prepaid expenses |
18,028 |
|
|
12,131 |
|
||
|
Other current assets |
7,152 |
|
|
4,898 |
|
||
|
Total current assets |
1,227,870 |
|
|
1,240,826 |
|
||
|
Property and equipment, net |
53,907 |
|
|
43,988 |
|
||
|
Right-of-use assets, net |
58,144 |
|
|
44,149 |
|
||
|
Long-term investments |
36,085 |
|
|
11,922 |
|
||
|
Goodwill |
407,228 |
|
|
9,186 |
|
||
|
Intangibles, net |
203,782 |
|
|
1,830 |
|
||
|
Other assets, noncurrent |
14,059 |
|
|
8,619 |
|
||
|
Total assets |
$ |
2,001,075 |
|
|
$ |
1,360,520 |
|
|
Liabilities, mezzanine equity, and stockholders' equity |
|
|
|
||||
|
Current liabilities |
|
|
|
||||
|
Accounts payable |
$ |
26,095 |
|
|
$ |
5,644 |
|
|
Accrued liabilities |
102,345 |
|
|
69,460 |
|
||
|
Other payables |
17,367 |
|
|
13,184 |
|
||
|
Warehouse credit facilities |
46,425 |
|
|
39,029 |
|
||
|
Secured revolving credit facility |
123,770 |
|
|
23,949 |
|
||
|
Convertible senior notes, net |
23,428 |
|
|
22,482 |
|
||
|
Lease liabilities |
14,633 |
|
|
11,973 |
|
||
|
Total current liabilities |
354,063 |
|
|
185,721 |
|
||
|
Lease liabilities and deposits, noncurrent |
60,958 |
|
|
49,339 |
|
||
|
Convertible senior notes, net, noncurrent |
1,211,517 |
|
|
488,268 |
|
||
|
Payroll tax liabilities, noncurrent |
7,841 |
|
|
6,812 |
|
||
|
Deferred tax liabilities |
1,254 |
|
|
— |
|
||
|
Total liabilities |
1,635,633 |
|
|
730,140 |
|
||
|
Series A convertible preferred stock—par value $0.001 per share; 10,000,000 shares |
39,846 |
|
|
39,823 |
|
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|
Stockholders' equity |
|
|
|
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|
Common stock—par value $0.001 per share; 500,000,000 shares authorized; |
105 |
|
|
103 |
|
||
|
Additional paid-in capital |
651,627 |
|
|
860,556 |
|
||
|
Accumulated other comprehensive income |
77 |
|
|
211 |
|
||
|
Accumulated deficit |
(326,213) |
|
|
(270,313) |
|
||
|
Total stockholders' equity |
325,596 |
|
|
590,557 |
|
||
|
Total liabilities, mezzanine equity, and stockholders' equity |
$ |
2,001,075 |
|
|
$ |
1,360,520 |
|
|
Redfin Corporation and Subsidiaries |
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Consolidated Statements of Comprehensive Loss |
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(in thousands, except share and per share amounts, unaudited) |
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Three Months Ended June 30, |
|
Six Months Ended June 30, |
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|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
|
Revenue |
|
|
|
|
|
|
|
||||||||
|
Service |
$ |
298,870 |
|
|
$ |
141,135 |
|
|
$ |
474,463 |
|
|
$ |
252,613 |
|
|
Product |
172,445 |
|
|
72,530 |
|
|
265,171 |
|
|
152,047 |
|
||||
|
Total revenue |
471,315 |
|
|
213,665 |
|
|
739,634 |
|
|
404,660 |
|
||||
|
Cost of revenue(1) |
|
|
|
|
|
|
|
||||||||
|
Service |
177,762 |
|
|
93,891 |
|
|
312,613 |
|
|
192,259 |
|
||||
|
Product |
167,417 |
|
|
73,735 |
|
|
258,527 |
|
|
153,483 |
|
||||
|
Total cost of revenue |
345,179 |
|
|
167,626 |
|
|
571,140 |
|
|
345,742 |
|
||||
|
Gross profit |
126,136 |
|
|
46,039 |
|
|
168,494 |
|
|
58,918 |
|
||||
|
Operating expenses |
|
|
|
|
|
|
|
||||||||
|
Technology and development(1) |
41,488 |
|
|
17,961 |
|
|
69,166 |
|
|
38,235 |
|
||||
|
Marketing(1) |
55,398 |
|
|
9,482 |
|
|
67,200 |
|
|
35,190 |
|
||||
|
General and administrative(1) |
59,567 |
|
|
23,022 |
|
|
96,957 |
|
|
47,349 |
|
||||
|
Total operating expenses |
156,453 |
|
|
50,465 |
|
|
233,323 |
|
|
120,774 |
|
||||
|
Loss from operations |
(30,317) |
|
|
(4,426) |
|
|
(64,829) |
|
|
(61,856) |
|
||||
|
Interest income |
135 |
|
|
437 |
|
|
293 |
|
|
1,540 |
|
||||
|
Interest expense |
(2,813) |
|
|
(2,665) |
|
|
(4,151) |
|
|
(5,109) |
|
||||
|
Income tax benefit |
5,052 |
|
|
— |
|
|
5,052 |
|
|
— |
|
||||
|
Other income (expense), net |
65 |
|
|
43 |
|
|
(27) |
|
|
(1,303) |
|
||||
|
Net loss |
$ |
(27,878) |
|
|
$ |
(6,611) |
|
|
$ |
(63,662) |
|
|
$ |
(66,728) |
|
|
Dividends on convertible preferred stock |
(1,877.865) |
|
|
(1,284) |
|
|
(4,213.733) |
|
|
(1,284) |
|
||||
|
Net loss attributable to common stock—basic and |
$ |
(29,756) |
|
|
$ |
(7,895) |
|
|
$ |
(67,876) |
|
|
$ |
(68,012) |
|
|
Net loss per share attributable to common stock—basic |
$ |
(0.29) |
|
|
$ |
(0.08) |
|
|
$ |
(0.65) |
|
|
$ |
(0.71) |
|
|
Weighted average shares to compute net loss per share |
104,391,337 |
|
|
98,785,318 |
|
|
103,912,212 |
|
|
96,114,012 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Net Loss |
$ |
(27,878) |
|
|
$ |
(6,611) |
|
|
$ |
(63,662) |
|
|
$ |
(66,728) |
|
|
Other comprehensive income (loss) |
|
|
|
|
|
|
|
||||||||
|
Foreign currency translation adjustments |
$ |
0.246 |
|
|
$ |
3 |
|
|
$ |
(0.414) |
|
|
$ |
(22) |
|
|
Unrealized gain (loss) on available-for-sale debt |
84 |
|
|
(137) |
|
|
134 |
|
|
421 |
|
||||
|
Comprehensive loss |
$ |
(27,794) |
|
|
$ |
(6,745) |
|
|
$ |
(63,528) |
|
|
$ |
(66,329) |
|
|
(1) Includes stock-based compensation as follows: |
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
|
Cost of revenue |
$ |
3,758 |
|
|
$ |
1,769 |
|
|
$ |
6,736 |
|
|
$ |
3,407 |
|
|
Technology and development |
5,771 |
|
|
3,124 |
|
|
11,532 |
|
|
6,772 |
|
||||
|
Marketing |
535 |
|
|
352 |
|
|
1,078 |
|
|
727 |
|
||||
|
General and administrative |
3,679 |
|
|
1,960 |
|
|
6,981 |
|
|
3,510 |
|
||||
|
Total |
$ |
13,743 |
|
|
$ |
7,205 |
|
|
$ |
26,327 |
|
|
$ |
14,416 |
|
|
Redfin Corporation and Subsidiaries |
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|
Consolidated Statements of Cash Flows |
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|
(in thousands, unaudited) |
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|
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|
Six Months Ended June 30, |
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|
|
2021 |
|
2020 |
||||
|
Operating Activities |
|
|
|
||||
|
Net loss |
$ |
(63,662) |
|
|
$ |
(66,728) |
|
|
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |
|
|
|
||||
|
Depreciation and amortization |
18,018 |
|
|
6,865 |
|
||
|
Stock-based compensation |
26,327 |
|
|
14,416 |
|
||
|
Amortization of debt discount and issuance costs |
2,203 |
|
|
3,477 |
|
||
|
Non-cash lease expense |
5,448 |
|
|
4,522 |
|
||
|
Impairment costs |
— |
|
|
1,420 |
|
||
|
Net loss (gain) on IRLCs, forward sales commitments, and loans held for sale |
238 |
|
|
(1,928) |
|
||
|
Other |
169 |
|
|
(218) |
|
||
|
Change in assets and liabilities: |
|
|
|
||||
|
Accounts receivable, net |
(22,312) |
|
|
(14,959) |
|
||
|
Inventory |
(199,845) |
|
|
65,153 |
|
||
|
Prepaid expenses and other assets |
(7,137) |
|
|
6,827 |
|
||
|
Accounts payable |
15,766 |
|
|
1,040 |
|
||
|
Accrued liabilities, other payables, deferred tax liabilities, and payroll tax |
26,915 |
|
|
13,819 |
|
||
|
Lease liabilities |
(6,144) |
|
|
(5,481) |
|
||
|
Origination of loans held for sale |
(488,274) |
|
|
(294,076) |
|
||
|
Proceeds from sale of loans originated as held for sale |
478,652 |
|
|
274,595 |
|
||
|
Net cash (used in) provided by operating activities |
(213,638) |
|
|
8,744 |
|
||
|
Investing activities |
|
|
|
||||
|
Purchases of property and equipment |
(13,580) |
|
|
(6,072) |
|
||
|
Purchases of investments |
(104,877) |
|
|
(88,724) |
|
||
|
Sales of investments |
89,536 |
|
|
3,183 |
|
||
|
Maturities of investments |
92,843 |
|
|
40,351 |
|
||
|
Cash paid for acquisition |
(608,000) |
|
|
— |
|
||
|
Net cash used in investing activities |
(544,078) |
|
|
(51,262) |
|
||
|
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 common stock pursuant to employee equity plans |
12,496 |
|
|
11,052 |
|
||
|
Tax payments related to net share settlements on restricted stock units |
(16,530) |
|
|
(6,065) |
|
||
|
Borrowings from warehouse credit facilities |
464,250 |
|
|
290,891 |
|
||
|
Repayments to warehouse credit facilities |
(456,854) |
|
|
(271,627) |
|
||
|
Borrowings from secured revolving credit facility |
230,608 |
|
|
39,587 |
|
||
|
Repayments to secured revolving credit facility |
(130,788) |
|
|
(36,816) |
|
||
|
Proceeds from issuance of convertible senior notes, net of issuance costs |
561,529 |
|
|
— |
|
||
|
Purchases of capped calls related to convertible senior notes |
(62,647) |
|
|
— |
|
||
|
Payments for repurchases and conversions of convertible senior notes |
(1,925) |
|
|
— |
|
||
|
Other payables—deposits held in escrow |
97 |
|
|
19,056 |
|
||
|
Principal payments under finance lease obligations |
(353) |
|
|
(30) |
|
||
|
Cash paid for secured revolving credit facility issuance costs |
(305) |
|
|
(4) |
|
||
|
Net cash provided by financing activities |
599,578 |
|
|
155,546 |
|
||
|
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
— |
|
|
(22) |
|
||
|
Net change in cash, cash equivalents, and restricted cash |
(158,138) |
|
|
113,006 |
|
||
|
Cash, cash equivalents, and restricted cash: |
|
|
|
||||
|
Beginning of period |
945,820 |
|
|
247,448 |
|
||
|
End of period |
787,682 |
|
|
360,454 |
|
||
|
Redfin Corporation and Subsidiaries |
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Supplemental Financial Information and Business Metrics |
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(unaudited) |
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Three Months Ended |
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|
Jun. 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30 |
|
Jun. 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
Jun. 30, |
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|
Monthly average visitors (in thousands) |
48,437 |
|
|
46,202 |
|
|
44,135 |
|
|
49,258 |
|
|
42,537 |
|
|
35,519 |
|
|
30,595 |
|
|
35,633 |
|
|
36,557 |
|
|||||||||
|
Real estate services transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Brokerage |
21,006 |
|
|
14,317 |
|
|
16,951 |
|
|
18,980 |
|
|
13,828 |
|
|
10,751 |
|
|
13,122 |
|
|
16,098 |
|
|
15,580 |
|
|||||||||
|
Partner |
4,597 |
|
|
3,944 |
|
|
4,940 |
|
|
5,180 |
|
|
2,691 |
|
|
2,479 |
|
|
2,958 |
|
|
3,499 |
|
|
3,357 |
|
|||||||||
|
Total |
25,603 |
|
|
18,261 |
|
|
21,891 |
|
|
24,160 |
|
|
16,519 |
|
|
13,230 |
|
|
16,080 |
|
|
19,597 |
|
|
18,937 |
|
|||||||||
|
Real estate services revenue per |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Brokerage |
$ |
11,307 |
|
|
$ |
10,927 |
|
|
$ |
10,751 |
|
|
$ |
10,241 |
|
|
$ |
9,296 |
|
|
$ |
9,520 |
|
|
$ |
9,425 |
|
|
$ |
9,075 |
|
|
$ |
9,332 |
|
|
Partner |
3,195 |
|
|
3,084 |
|
|
3,123 |
|
|
2,988 |
|
|
2,417 |
|
|
2,535 |
|
|
2,369 |
|
|
2,295 |
|
|
2,218 |
|
|||||||||
|
Aggregate |
9,850 |
|
|
9,233 |
|
|
9,030 |
|
|
8,686 |
|
|
8,175 |
|
|
8,211 |
|
|
8,127 |
|
|
7,865 |
|
|
8,071 |
|
|||||||||
|
Aggregate home value of real estate |
$ |
14,612 |
|
|
$ |
9,621 |
|
|
$ |
11,478 |
|
|
$ |
12,207 |
|
|
$ |
7,576 |
|
|
$ |
6,098 |
|
|
$ |
7,588 |
|
|
$ |
9,157 |
|
|
$ |
8,986 |
|
|
U.S. market share by value |
1.18 |
% |
|
1.16 |
% |
|
1.04 |
% |
|
1.04 |
% |
|
0.94 |
% |
|
0.92 |
% |
|
0.95 |
% |
|
0.96 |
% |
|
0.94 |
% |
|||||||||
|
Revenue from top-10 Redfin markets as |
64 |
% |
|
62 |
% |
|
63 |
% |
|
63 |
% |
|
63 |
% |
|
61 |
% |
|
62 |
% |
|
63 |
% |
|
64 |
% |
|||||||||
|
Average number of lead agents |
2,456 |
|
|
2,277 |
|
|
1,981 |
|
|
1,820 |
|
|
1,399 |
|
|
1,826 |
|
|
1,526 |
|
|
1,579 |
|
|
1,603 |
|
|||||||||
|
RedfinNow homes sold |
292 |
|
|
171 |
|
|
83 |
|
|
37 |
|
|
162 |
|
|
171 |
|
|
212 |
|
|
168 |
|
|
80 |
|
|||||||||
|
Revenue per RedfinNow home sold |
$ |
570,930 |
|
|
$ |
525,173 |
|
|
$ |
471,551 |
|
|
$ |
504,583 |
|
|
$ |
444,690 |
|
|
$ |
461,916 |
|
|
$ |
466,939 |
|
|
$ |
476,770 |
|
|
$ |
498,083 |
|
|
Redfin Corporation and Subsidiaries |
|||||||||||||||
|
Supplemental Financial Information |
|||||||||||||||
|
(unaudited, in thousands) |
|||||||||||||||
|
|
|||||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
|
Real estate services (brokerage) |
$ |
237,511 |
|
|
$ |
128,543 |
|
|
$ |
393,957 |
|
|
$ |
230,894 |
|
|
Real estate services (partner) |
14,688 |
|
|
6,506 |
|
|
26,851 |
|
|
12,791 |
|
||||
|
Properties revenue |
172,445 |
|
|
72,184 |
|
|
265,171 |
|
|
151,282 |
|
||||
|
Rentals revenue |
42,548 |
|
|
— |
|
|
42,548 |
|
|
— |
|
||||
|
Other revenue |
8,521 |
|
|
7,246 |
|
|
17,878 |
|
|
11,496 |
|
||||
|
Intercompany elimination |
(4,398) |
|
|
(814) |
|
|
(6,771) |
|
|
(1,803) |
|
||||
|
Total revenue |
$ |
471,315 |
|
|
$ |
213,665 |
|
|
$ |
739,634 |
|
|
$ |
404,660 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Cost of revenue |
|
|
|
|
|
|
|
||||||||
|
Real estate services |
$ |
164,125 |
|
|
$ |
88,799 |
|
|
$ |
292,342 |
|
|
$ |
182,361 |
|
|
Properties |
167,420 |
|
|
73,348 |
|
|
258,551 |
|
|
152,647 |
|
||||
|
Rentals |
7,570 |
|
|
— |
|
|
7,570 |
|
|
— |
|
||||
|
Other |
10,462 |
|
|
6,293 |
|
|
19,448 |
|
|
12,537 |
|
||||
|
Intercompany elimination |
(4,398) |
|
|
(814) |
|
|
(6,771) |
|
|
(1,803) |
|
||||
|
Total cost of revenue |
$ |
345,179 |
|
|
$ |
167,626 |
|
|
$ |
571,140 |
|
|
$ |
345,742 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Gross profit |
|
|
|
|
|
|
|
||||||||
|
Real estate services |
$ |
88,074 |
|
|
$ |
46,250 |
|
|
$ |
128,466 |
|
|
$ |
61,324 |
|
|
Properties |
5,025 |
|
|
(1,164) |
|
|
6,620 |
|
|
(1,365) |
|
||||
|
Rentals |
34,978 |
|
|
— |
|
|
34,978 |
|
|
— |
|
||||
|
Other |
(1,941) |
|
|
953 |
|
|
(1,570) |
|
|
(1,041) |
|
||||
|
Total gross profit |
$ |
126,136 |
|
|
$ |
46,039 |
|
|
$ |
168,494 |
|
|
$ |
58,918 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Gross margin (percentage of revenue) |
|
|
|
|
|
|
|
||||||||
|
Real estate services |
34.9 |
% |
|
34.2 |
% |
|
30.5 |
% |
|
25.2 |
% |
||||
|
Properties |
2.9 |
|
|
(1.6) |
|
|
2.5 |
|
|
(0.9) |
|
||||
|
Rentals |
82.2 |
|
|
— |
|
|
82.2 |
|
|
— |
|
||||
|
Other |
(22.8) |
|
|
13.2 |
|
|
(8.8) |
|
|
(9.1) |
|
||||
|
Total gross margin |
26.8 |
|
|
21.5 |
|
|
22.8 |
|
|
14.6 |
|
||||
View original content to download multimedia:https://www.prnewswire.com/news-releases/redfin-reports-second-quarter-2021-financial-results-301349743.html
SOURCE Redfin
Released August 5, 2021
