Redfin Corporation (NASDAQ:RDFN) Q2 2024 Earnings Conference Call August 6, 2024 4:30 PM ET

Company Participants

Meg Nunnally - Head of Investor Relations
Glenn Kelman - Chief Executive Officer
Chris Nielsen - Chief Financial Officer

Conference Call Participants

Jason Helfstein - Oppenheimer
Ryan McKeveny - Zelman & Associates
Ygal Arounian - Citigroup
John Campbell - Stephens Inc.
Curtis Nagle - Bank of America
Jay McCanless - Wedbush

Operator

Good day, ladies and gentlemen and welcome to the Redfin Corporation Second Quarter 2024 Earnings Conference Call. Our host for today's call is Meg Nunnally, Head of Investor Relations. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session.

I would like to now turn the call over to your host, Ms. Nunnally, you may begin.

Meg Nunnally

Good afternoon and welcome to Redfin’s financial results conference call for the second quarter ended June 30, 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 related to our non-GAAP measures, including the most directly comparable GAAP financial measure and related reconciliation. 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 be also available soon after the call.

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

Glenn Kelman

Thanks Meg. And hi, everyone. Redfin’s second quarter earnings were at or near the top of the range we discussed in our last call, setting us up to be roughly adjusted-EBITDA break-even for the full year. Second-quarter adjusted-EBITDA was break-even, when we had said it would be between a $4 million loss and a $2 million gain. Real estate services revenue was $188 million, compared to guidance of $180 million to $188 million.