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)

9/30/2023
MRQ
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments362,099624,7401,056,837304,708432,608208,342
Cash and cash equivalents239,840591,003925,276234,679432,608208,342
Short-term investments122,25933,737131,56170,029  
Restricted cash and investments     6,4464,316
Receivables54,88069,59454,71919,22315,36313,334
Inventory, net of allowances, customer advances and progress billings 114,273358,22149,15874,59022,694 
Inventory 114,273358,22149,15874,59022,694 
Prepaid expense34,50622,94812,13114,82211,9168,613
Other current assets8,6907,5244,8983,4962,3073,710
Other undisclosed current assets202,010163,03763,08334,7544,9131,891
Total current assets:776,4581,246,0641,240,826451,593496,247240,206
Noncurrent Assets
Operating lease, right-of-use asset42,03254,20044,14952,004
Property, plant and equipment55,10558,67143,98839,57725,18722,318
Long-term investments and receivables29,48054,82811,92230,978  
Long-term investments29,48054,82811,92230,978  
Intangible assets, net (including goodwill)623,621595,31111,01611,50411,99212,480
Goodwill461,349409,3829,186 9,1869,186
Intangible assets, net (excluding goodwill)162,272185,9291,83011,5042,8063,294
Other noncurrent assets11,24712,8988,61910,5579,3956,951
Other undisclosed noncurrent assets36,261     
Total noncurrent assets:797,746775,908119,694144,62046,57441,749
TOTAL ASSETS:1,574,2042,021,9721,360,520596,213542,821281,955
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities115,901116,20075,10440,10133,35328,506
Employee-related liabilities78,437    
Accounts payable11,81912,5465,6442,1222,5161,901
Accrued liabilities104,08225,21769,46037,97930,83726,605
Deferred revenue    7,109
Debt213,940256,10497,43337,1544,7332,016
Deferred rent credit    43 
Deferred revenue and credits1,5881,267
Customer advances and deposits6,226 
Other undisclosed current liabilities24,79829,50813,1847753184,068
Total current liabilities:354,639401,812185,72185,18246,21835,857
Noncurrent Liabilities
Long-term debt and lease obligation1,078,1571,214,017537,607179,585113,586 
Long-term debt, excluding current maturities1,078,1571,214,017488,268119,716113,586 
Liabilities, other than long-term debt2431,201  11,07910,668
Deferred revenue and credits11,07910,668
Deferred income tax liabilities2431,201  
Operating lease, liability  49,33959,869
Other undisclosed noncurrent liabilities 37,29855,2226,812   
Total noncurrent liabilities:1,115,6981,270,440544,419179,585124,66510,668
Total liabilities:1,470,3371,672,252730,140264,767170,88346,525
Temporary equity, carrying amount39,91439,86839,823   
Equity
Equity, attributable to parent63,953309,852590,557331,446371,938235,430
Common stock110106103939081
Additional paid in capital757,951682,084860,556583,097542,829364,352
Accumulated other comprehensive income (loss)(801)(174)21142  
Accumulated deficit(693,307)(372,164)(270,313)(251,786)(170,981)(129,003)
Total equity:63,953309,852590,557331,446371,938235,430
TOTAL LIABILITIES AND EQUITY:1,574,2042,021,9721,360,520596,213542,821281,955

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

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues2,284,4421,922,765886,093779,796486,920370,036
Revenue, net370,036
Cost of revenue
(Cost of Goods and Services Sold)
(1,998,389)(1,518,945)(653,983)(635,693)(367,496)(258,216)
Gross profit:286,053403,820232,110144,103119,424111,820
Operating expenses(649,383)(513,773)(231,318)(223,349)(163,358)(127,792)
Operating income (loss):(363,330)(109,953)792(79,246)(43,934)(15,972)
Nonoperating income2,8655,9951767,3695,637970
Investment income, nonoperating6,6396352,0747,1465,416882
Other nonoperating income (expense)(3,774)5,360(1,898)22322188
Interest and debt expense39,448(11,762)(19,495)(8,928)(3,681) 
Loss from continuing operations before income taxes:(321,017)(115,720)(18,527)(80,805)(41,978)(15,002)
Income tax expense (benefit)(126)6,107    
Loss from continuing operations:(321,143)(109,613)(18,527)(80,805)(41,978)(15,002)
Loss before gain (loss) on sale of properties:(109,613)(18,527)(80,805)(41,978)(15,002)
Net loss:(321,143)(109,613)(18,527)(80,805)(41,978)(15,002)
Other undisclosed net loss attributable to parent      
Net loss attributable to parent:(321,143)(109,613)(18,527)(80,805)(41,978)(15,002)
Preferred stock dividends and other adjustments(1,560)(7,269)4,454  (175,915)
Other undisclosed net loss available to common stockholders, basic   (8,908)   
Net loss available to common stockholders, diluted:(322,703)(116,882)(22,981)(80,805)(41,978)(190,917)

Comprehensive Income ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net loss:(321,143)(109,613)(18,527)(80,805)(41,978)(15,002)
Other comprehensive income (loss)  (169)   
Other undisclosed comprehensive income      
Comprehensive loss:(321,143)(109,613)(18,696)(80,805)(41,978)(15,002)
Other undisclosed comprehensive income (loss), net of tax, attributable to parent62738533842  
Comprehensive loss, net of tax, attributable to parent:(320,516)(109,228)(18,358)(80,763)(41,978)(15,002)

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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