Redfin Corporation (NASDAQ:RDFN) Q3 2024 Earnings Conference Call November 7, 2024 4:30 PM ET

Company Participants

Meg Nunnally - Head, IR
Glenn Kelman - CEO
Chris Nielsen - CFO

Conference Call Participants

Ygal Arounian - Citi
Curtis Nagle - Bank of America
John Campbell - Stephens
Jay McCanless - Wedbush

Operator

Good day, ladies and gentlemen and welcome to the Redfin Corporation Quarter Three 2024 Earnings Conference Call. All lines have been placed on a listen-only mode and the floor will be open for questions and comments following the presentation. [Operator Instructions]

At this time, it is my pleasure to turn the floor over to your host Meg Nunnally, Head of Investor Relations. Ma'am the floor is yours.

Meg Nunnally

Thank you. Good afternoon and welcome to Redfin's financial results conference call for the third quarter ended September 30th, 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 howdy everyone. Redfin's third-quarter revenues grew three percent year-over-year to $278 million, in the middle of the range that we discussed in our last call. Our adjusted EBITDA profits of $4 million were at the bottom of our guidance range, in part due to $4 million of one-time expenses that we didn't anticipate in our guidance.