Redfin Corporation (NASDAQ:RDFN) Q4 2022 Results Conference Call February 16, 2023 4:30 PM ET

Company Participants

Meg Nunnally - Head of IR

Glenn Kelman - President, CEO and Director

Chris Nielsen - CFO

Conference Call Participants

Ryan McKeveny - Zelman & Associates

Tom White - D.A. Davidson

Ygal Arounian - Citigroup

John Campbell - Stephens

Michael Ng - Goldman Sachs

Jay McCanless - Wedbush

Chris Suchecki - Jefferies

Operator

Greetings, and welcome to the Redfin Corporation Fourth Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. [Operator Instructions] Please note that this conference is being recorded.

I will now turn the conference over to our host, Meg Nunnally, Head of Investor Relations. Thank you. You may begin.

Meg Nunnally

Good afternoon, and welcome to Redfin's financial results conference call for the fourth quarter and full year ended December 31, 2022. 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 related to 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 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 time turn the call over to Glenn.

Glenn Kelman

Thanks, Meg, and hi, everyone. Redfin generated $480 million of fourth quarter revenue, exceeding our projected range of $430 million to $459 million in revenue, mostly on the strength of Redfin now sales. Our net loss of $62 million included a $57 million gain from repurchasing at a discount $143 million of debt due in 2025. The adjusted EBITDA loss of $63 million was near the favorable end of our $58 million to $71 million guidance.