Redfin Corporation (NASDAQ:RDFN) Q4 2023 Earnings Conference Call February 27, 2024 4:30 PM ET

Company Participants

Meg Nunnally - Head of Investor Relations

Glenn Kelman - CEO

Chris Nielsen - CFO

Conference Call Participants

Naved Khan - B Riley Securities

Tom White - D.A. Davidson

Dan Lee - J .P. Morgan

John Campbell - Stephens

Nat Schindler - Bank of America Merrill Lynch

Ygal Arounian - Citigroup

Operator

Goo day, and welcome to the Redfin Corporation’s Q4 2023 Earnings 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] Please note, that this conference is being recorded.

I would now like to turn the conference over to the Head of Investor Relations, Meg Nunnally. Please go ahead.

Meg Nunnally

Thank you, operator. Good afternoon and welcome to Redfin’s financial results conference call for the fourth quarter ended December 31, 2023. 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 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 fourth quarter earnings were in the middle of the range we gave investors in our last call, a $23 million net loss on $218 million of revenue. Our adjusted EBITDA loss for continuing operations was $13 million, a $27 million improvement over the fourth quarter of 2022. The fourth quarter's only disappointment was a market share decline, the share of home sales brokered by our own agents and through referrals to our partner agents was 0.72%, down from 0.76% in the fourth quarter of 2022 and from 0.78% in the third quarter of 2023.