RDFN - Redfin Corporation (RDFN) Q1 2024 Earnings Call Transcript

2024-05-07 21:25:27 ET

Redfin Corporation (RDFN)

Q1 2024 Earnings Conference Call

May 07, 2024 16:30 PM ET

Company Participants

Meg Nunnally - Head of Investor Relations

Glenn Kelman - Chief Executive Officer

Chris Nielsen - Chief Financial Officer

Conference Call Participants

Naved Khan - B Riley Securities

John Campbell - Stephens Inc.

Jason Helfstein - Oppenheimer

Stefanos Crist - Needham

Ryan McKeveny - Zelman & Associates

Ygal Arounian - Citigroup

Wyatt Swanson - D.A. Davidson

Dan Lee - J.P. Morgan

Jay McCanless - Wedbush Securities

Presentation

Operator

Greetings, and welcome to the Redfin Corporation First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] And, as a reminder, this conference is being recorded.

It is now my pleasure to introduce you to your host, Meg Nunnally, Head of Investor Relations. Thank you, Meg. You may begin.

Meg Nunnally

Good afternoon, and welcome to Redfin’s financial results conference call for the first quarter ended March 31, 2024. I’m Meg Nunnally, Redfin’s Head of Investor Relations. Joining me on the call today is Glenn Kelman, our CEO; and Chris Nielsen, our CFO.

Before we start, note that some of our statements on today’s call are forward-looking. We believe our assumptions and expectations related to these forward-looking statements are reasonable, but our actual results may turn out to be materially different. Please read and consider the risk factors in our SEC filings together with the content of today’s call. Any forward-looking statements are based on our assumptions today, and we don’t undertake to update these statements in light of new information or future events.

On this call, we will present non-GAAP measures when discussing our financial results. We encourage you to review today’s earnings release, which is available on our website at investors.redfin.com for more information regarding our non-GAAP measures, including the most directly comparable GAAP financial measures and related reconciliations. All comparisons made in the course of this call are against continuing operations for the same period in the prior year, unless otherwise stated.

Lastly, we will be providing a copy of our prepared remarks on our website by the conclusion of today’s call, and a full transcript and audio replay will also be available soon after the call.

With that, I’ll turn the call over to, Glenn.

Glenn Kelman

Thanks, Meg, and hi, everyone. Redfin’s first quarter earnings exceeded the guidance we gave investors on our last call.

An adjusted EBITDA loss of $28 million compared to guidance of $29 million to $36 million. On revenues of $225 million compared to guidance of $214 million to 223 million. Each of our four business segments was at or above the top of our revenue guidance compared to the first quarter of 2023, gross profits grew 22%....

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