Redfin Corporation (RDFN) Financial Statements (2024 and earlier)

Company Profile

Business Address 1099 STEWART STREET, SUITE 600
SEATTLE, WA 98101
State of Incorp.
Fiscal Year End December 31
Industry (SIC) 6531 - Real Estate Agents and Managers (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

3/31/2024
MRQ
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments191,711362,099624,7401,056,837304,708432,608
Cash and cash equivalents149,759239,840591,003925,276234,679432,608
Short-term investments 41,952122,25933,737131,56170,029 
Restricted cash and investments      6,446
Receivables51,73854,88069,59454,71919,22315,363
Inventory, net of allowances, customer advances and progress billings  114,273358,22149,15874,59022,694
Inventory  114,273358,22149,15874,59022,694
Prepaid expense33,29634,50622,94812,13114,82211,916
Other current assets7,4728,6907,5244,8983,4962,307
Other undisclosed current assets160,828202,010163,03763,08334,7544,913
Total current assets:445,045776,4581,246,0641,240,826451,593496,247
Noncurrent Assets
Operating lease, right-of-use asset31,76342,03254,20044,14952,004
Property, plant and equipment46,43155,10558,67143,98839,57725,187
Long-term investments and receivables 3,14929,48054,82811,92230,978 
Long-term investments 3,14929,48054,82811,92230,978 
Intangible assets, net (including goodwill)584,633623,621595,31111,01611,50411,992
Goodwill461,349461,349409,3829,186 9,186
Intangible assets, net (excluding goodwill)123,284162,272185,9291,83011,5042,806
Other noncurrent assets10,45611,24712,8988,61910,5579,395
Other undisclosed noncurrent assets32,17136,261    
Total noncurrent assets:708,603797,746775,908119,694144,62046,574
TOTAL ASSETS:1,153,6481,574,2042,021,9721,360,520596,213542,821
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities95,380115,901116,20075,10440,10133,353
Employee-related liabilities78,437   
Accounts payable10,50711,81912,5465,6442,1222,516
Accrued liabilities84,873104,08225,21769,46037,97930,837
Deferred revenue     7,109
Debt151,964213,940256,10497,43337,1544,733
Deferred rent credit     43 
Estimated litigation liability      
Deferred revenue and credits1,588
Customer advances and deposits6,226
Other undisclosed current liabilities21,09624,79829,50813,184775318
Total current liabilities:268,440354,639401,812185,72185,18246,218
Noncurrent Liabilities
Long-term debt and lease obligation813,1531,078,1571,214,017537,607179,585113,586
Long-term debt, excluding current maturities813,1531,078,1571,214,017488,268119,716113,586
Liabilities, other than long-term debt2642431,201  11,079
Deferred revenue and credits11,079
Deferred income tax liabilities2642431,201  
Operating lease, liability   49,33959,869
Other undisclosed noncurrent liabilities 29,08437,29855,2226,812  
Total noncurrent liabilities:842,5011,115,6981,270,440544,419179,585124,665
Total liabilities:1,110,9411,470,3371,672,252730,140264,767170,883
Temporary equity, carrying amount39,95939,91439,86839,823  
Equity
Equity, attributable to parent2,74863,953309,852590,557331,446371,938
Common stock1171101061039390
Additional paid in capital826,146757,951682,084860,556583,097542,829
Accumulated other comprehensive income (loss)(182)(801)(174)21142 
Accumulated deficit(823,333)(693,307)(372,164)(270,313)(251,786)(170,981)
Total equity:2,74863,953309,852590,557331,446371,938
TOTAL LIABILITIES AND EQUITY:1,153,6481,574,2042,021,9721,360,520596,213542,821

Income Statement (P&L) ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Revenues976,6722,284,4421,922,765886,093779,796486,920
Cost of revenue
(Cost of Goods and Services Sold)
(646,853)(1,998,389)(1,518,945)(653,983)(635,693)(367,496)
Gross profit:329,819286,053403,820232,110144,103119,424
Operating expenses(547,874)(649,383)(513,773)(231,318)(223,349)(163,358)
Operating income (loss):(218,055)(363,330)(109,953)792(79,246)(43,934)
Nonoperating income8,1472,8655,9951767,3695,637
Investment income, nonoperating10,5326,6396352,0747,1465,416
Other nonoperating income (expense)(2,385)(3,774)5,360(1,898)223221
Interest and debt expense84,49539,448(11,762)(19,495)(8,928)(3,681)
Loss from continuing operations before income taxes:(125,413)(321,017)(115,720)(18,527)(80,805)(41,978)
Income tax expense (benefit)(979)(126)6,107   
Loss from continuing operations:(126,392)(321,143)(109,613)(18,527)(80,805)(41,978)
Loss before gain (loss) on sale of properties:(109,613)(18,527)(80,805)(41,978)
Net loss:(126,392)(321,143)(109,613)(18,527)(80,805)(41,978)
Other undisclosed net loss attributable to parent(3,634)     
Net loss attributable to parent:(130,026)(321,143)(109,613)(18,527)(80,805)(41,978)
Preferred stock dividends and other adjustments(1,074)(1,560)(7,269)4,454  
Other undisclosed net loss available to common stockholders, basic    (8,908)  
Net loss available to common stockholders, diluted:(131,100)(322,703)(116,882)(22,981)(80,805)(41,978)

Comprehensive Income ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Net loss:(126,392)(321,143)(109,613)(18,527)(80,805)(41,978)
Other comprehensive income (loss)   (169)  
Other undisclosed comprehensive loss      
Comprehensive loss:(126,392)(321,143)(109,613)(18,696)(80,805)(41,978)
Other undisclosed comprehensive income (loss), net of tax, attributable to parent(3,015)62738533842 
Comprehensive loss, net of tax, attributable to parent:(129,407)(320,516)(109,228)(18,358)(80,763)(41,978)

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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