2023 Q2 Form 10-Q Financial Statement

#000138282123000075 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $275.6M $325.7M $479.7M
YoY Change -54.6% -45.48% -25.41%
Cost Of Revenue $175.4M $269.5M $442.2M
YoY Change -64.13% -48.66% -17.35%
Gross Profit $100.2M $56.21M $37.46M
YoY Change -15.1% -22.51% -65.33%
Gross Profit Margin 36.36% 17.26% 7.81%
Selling, General & Admin $94.80M $110.9M $134.2M
YoY Change -26.21% 8.37% 0.69%
% of Gross Profit 94.62% 197.25% 358.2%
Research & Development $47.14M $48.19M
YoY Change -8.47% -2.92%
% of Gross Profit 47.05% 85.74%
Depreciation & Amortization $7.382M $17.01M $17.47M
YoY Change 12.21% 14.85% 19.63%
% of Gross Profit 7.37% 30.27% 46.64%
Operating Expenses $148.0M $160.1M $134.2M
YoY Change -23.16% 1.56% 0.69%
Operating Profit -$47.86M -$103.9M -$96.71M
YoY Change -35.9% 22.07% 283.66%
Interest Expense $1.766M $1.922M -$233.0K
YoY Change -51.22% -50.22% -93.87%
% of Operating Profit
Other Income/Expense, Net -$145.0K -$234.0K -$693.0K
YoY Change -45.28% -87.76% -154.96%
Pretax Income -$26.98M -$60.39M -$62.25M
YoY Change -65.41% -33.4% 124.34%
Income Tax $233.0K $410.0K -$299.0K
% Of Pretax Income
Net Earnings -$27.36M -$60.80M -$62.09M
YoY Change -64.99% -33.05% 129.95%
Net Earnings / Revenue -9.93% -18.67% -12.94%
Basic Earnings Per Share -$0.25 -$0.55
Diluted Earnings Per Share -$0.25 -$0.55 -$0.57
COMMON SHARES
Basic Shares Outstanding 110.8M shares 109.7M shares 108.7M shares
Diluted Shares Outstanding 111.7M shares 110.1M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $219.4M $290.5M $362.1M
YoY Change -52.55% -58.98% -42.04%
Cash & Equivalents $118.8M $149.9M $239.8M
Short-Term Investments $100.6M $140.5M $122.3M
Other Short-Term Assets $9.979M $14.92M $8.690M
YoY Change -45.7% 121.07% 15.5%
Inventory $10.69M $114.3M
Prepaid Expenses $26.04M $33.78M $34.51M
Receivables $67.75M $48.14M $54.88M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $560.5M $593.0M $776.5M
YoY Change -57.21% -46.05% -37.69%
LONG-TERM ASSETS
Property, Plant & Equipment $49.24M $52.55M $55.11M
YoY Change -17.53% -13.62% -6.08%
Goodwill $461.3M $461.3M $461.3M
YoY Change 0.0% 12.69% 12.69%
Intangibles $142.8M $152.5M $162.3M
YoY Change -21.45% -13.83% -12.72%
Long-Term Investments $5.473M $9.572M $29.48M
YoY Change -89.67% -82.97% -46.23%
Other Assets $11.49M $11.41M $11.25M
YoY Change -9.65% -12.81% -12.8%
Total Long-Term Assets $743.1M $761.4M $797.7M
YoY Change -13.38% -0.85% 2.81%
TOTAL ASSETS
Total Short-Term Assets $560.5M $593.0M $776.5M
Total Long-Term Assets $743.1M $761.4M $797.7M
Total Assets $1.304B $1.354B $1.574B
YoY Change -39.86% -27.46% -22.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.66M $10.15M $11.82M
YoY Change -27.55% -55.25% -5.79%
Accrued Expenses $112.8M $105.6M $123.2M
YoY Change -30.3% 2.09% 4.32%
Deferred Revenue
YoY Change
Short-Term Debt $227.8M $185.3M $190.5M
YoY Change -49.92% 16.42% -18.17%
Long-Term Debt Due $23.51M $23.47M $23.43M
YoY Change 0.65%
Total Short-Term Liabilities $384.8M $329.2M $354.6M
YoY Change -41.26% 9.6% -11.74%
LONG-TERM LIABILITIES
Long-Term Debt $834.7M $928.7M $1.078B
YoY Change -32.68% -25.02% -11.19%
Other Long-Term Liabilities $34.38M $35.76M $37.30M
YoY Change -32.48% -30.86% -32.46%
Total Long-Term Liabilities $869.1M $964.4M $1.115B
YoY Change -32.67% -25.26% -12.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $384.8M $329.2M $354.6M
Total Long-Term Liabilities $869.1M $964.4M $1.115B
Total Liabilities $1.254B $1.294B $1.470B
YoY Change -35.57% -18.71% -12.07%
SHAREHOLDERS EQUITY
Retained Earnings -$781.5M -$754.1M -$693.3M
YoY Change 44.42% 62.88% 86.29%
Common Stock $114.0K $110.0K $110.0K
YoY Change 5.56% 2.8% 3.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.501M $20.66M $63.95M
YoY Change
Total Liabilities & Shareholders Equity $1.304B $1.354B $1.574B
YoY Change -39.86% -27.46% -22.15%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income -$27.36M -$60.80M -$62.09M
YoY Change -64.99% -33.05% 129.95%
Depreciation, Depletion And Amortization $7.382M $17.01M $17.47M
YoY Change 12.21% 14.85% 19.63%
Cash From Operating Activities -$37.82M $26.70M $189.0M
YoY Change -84.72% -66.2% 67.9%
INVESTING ACTIVITIES
Capital Expenditures $3.294M $2.919M $4.035M
YoY Change -170.25% -60.78% -158.33%
Acquisitions
YoY Change
Other Investing Activities $44.68M $2.941M $806.0K
YoY Change -154.88% -104.47% -112.35%
Cash From Investing Activities $41.38M $22.00K -$3.229M
YoY Change -148.07% -100.03% -75.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -34.65M -$116.6M -347.2M
YoY Change -137.22% 54.67% 1821.27%
NET CHANGE
Cash From Operating Activities -37.82M $26.70M 189.0M
Cash From Investing Activities 41.38M $22.00K -3.229M
Cash From Financing Activities -34.65M -$116.6M -347.2M
Net Change In Cash -31.09M -$89.89M -161.4M
YoY Change -87.07% 29.24% -299.22%
FREE CASH FLOW
Cash From Operating Activities -$37.82M $26.70M $189.0M
Capital Expenditures $3.294M $2.919M $4.035M
Free Cash Flow -$41.11M $23.79M $184.9M
YoY Change -83.07% -66.76% 54.8%

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CY2022Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
561000 usd
CY2023Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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CY2022Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-60798000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
17013000 usd
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
14813000 usd
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
19028000 usd
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
16788000 usd
CY2023Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1087000 usd
CY2022Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1440000 usd
CY2023Q1 rdfn Operating Lease Non Cash Lease Expense
OperatingLeaseNonCashLeaseExpense
4816000 usd
CY2022Q1 rdfn Operating Lease Non Cash Lease Expense
OperatingLeaseNonCashLeaseExpense
3169000 usd
CY2023Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
113000 usd
CY2022Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
CY2023Q1 rdfn Gain Loss On Interest Rate Lock Commitments Forward Sales Commitments And Fair Value Adjustment Of Loans Held For Sale
GainLossOnInterestRateLockCommitmentsForwardSalesCommitmentsAndFairValueAdjustmentOfLoansHeldForSale
-8326000 usd
CY2022Q1 rdfn Gain Loss On Interest Rate Lock Commitments Forward Sales Commitments And Fair Value Adjustment Of Loans Held For Sale
GainLossOnInterestRateLockCommitmentsForwardSalesCommitmentsAndFairValueAdjustmentOfLoansHeldForSale
60000 usd
CY2023Q1 rdfn Change In Fair Value Of Mortgage Servicing Rights Net Operating Activities
ChangeInFairValueOfMortgageServicingRightsNetOperatingActivities
1208000 usd
CY2022Q1 rdfn Change In Fair Value Of Mortgage Servicing Rights Net Operating Activities
ChangeInFairValueOfMortgageServicingRightsNetOperatingActivities
0 usd
CY2023Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
42270000 usd
CY2022Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 usd
CY2023Q1 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
-1174000 usd
CY2022Q1 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
2290000 usd
CY2023Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-6738000 usd
CY2022Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-17312000 usd
CY2023Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-103588000 usd
CY2022Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-112734000 usd
CY2023Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-1110000 usd
CY2022Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
1982000 usd
CY2023Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1675000 usd
CY2022Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
9876000 usd
CY2023Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-16813000 usd
CY2022Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-14442000 usd
CY2023Q1 rdfn Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-4619000 usd
CY2022Q1 rdfn Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-3642000 usd
CY2023Q1 rdfn Increase Decrease Payments To Acquire Mortgage Servicing Rights Msr
IncreaseDecreasePaymentsToAcquireMortgageServicingRightsMSR
-347000 usd
CY2022Q1 rdfn Increase Decrease Payments To Acquire Mortgage Servicing Rights Msr
IncreaseDecreasePaymentsToAcquireMortgageServicingRightsMSR
0 usd
CY2023Q1 rdfn Proceeds From Sale Of Mortgage Servicing Rights Msr Operating Activities
ProceedsFromSaleOfMortgageServicingRightsMSROperatingActivities
339000 usd
CY2022Q1 rdfn Proceeds From Sale Of Mortgage Servicing Rights Msr Operating Activities
ProceedsFromSaleOfMortgageServicingRightsMSROperatingActivities
0 usd
CY2023Q1 us-gaap Payments For Origination Of Mortgage Loans Held For Sale
PaymentsForOriginationOfMortgageLoansHeldForSale
854085000 usd
CY2022Q1 us-gaap Payments For Origination Of Mortgage Loans Held For Sale
PaymentsForOriginationOfMortgageLoansHeldForSale
159186000 usd
CY2023Q1 us-gaap Proceeds From Sale Of Mortgage Loans Held For Sale
ProceedsFromSaleOfMortgageLoansHeldForSale
861771000 usd
CY2022Q1 us-gaap Proceeds From Sale Of Mortgage Loans Held For Sale
ProceedsFromSaleOfMortgageLoansHeldForSale
170577000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
26704000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
79001000 usd
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2919000 usd
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7442000 usd
CY2023Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
57556000 usd
CY2022Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
77596000 usd
CY2023Q1 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
12014000 usd
CY2022Q1 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
5346000 usd
CY2023Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
48483000 usd
CY2022Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
6500000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
22000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2023Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
143000 usd
CY2022Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1887000 usd
CY2023Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
3161000 usd
CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2595000 usd
CY2023Q1 us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
852988000 usd
CY2022Q1 us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
152386000 usd
CY2023Q1 us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
858214000 usd
CY2022Q1 us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
163144000 usd
CY2023Q1 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
0 usd
CY2022Q1 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
156799000 usd
CY2023Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
0 usd
CY2022Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
219711000 usd
CY2023Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 usd
CY2022Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
764000 usd
CY2023Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
40000 usd
CY2022Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
217000 usd
CY2023Q1 us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
108274000 usd
CY2022Q1 us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
0 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-116558000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-58000 usd
CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-4000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-89890000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-69554000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
242246000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
718281000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
152356000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
648727000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
4609000 usd
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
3377000 usd
CY2023Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
1134000 usd
CY2022Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
1134000 usd
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
32000 usd
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
326000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
149940000 usd
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
612680000 usd
CY2023Q1 us-gaap Restricted Cash
RestrictedCash
2416000 usd
CY2022Q1 us-gaap Restricted Cash
RestrictedCash
36047000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
152356000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
648727000 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
309852000 usd
CY2022Q1 us-gaap Temporary Equity Stock Issued During Period Value New Issues
TemporaryEquityStockIssuedDuringPeriodValueNewIssues
0 usd
CY2022Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1815000 usd
CY2022Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
2595000 usd
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
17922000 usd
CY2022Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-565000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-90806000 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
235623000 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
63953000 usd
CY2023Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
143000 usd
CY2023Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 usd
CY2023Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
3162000 usd
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
20162000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
366000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-60798000 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
20664000 usd
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">—The preparation of consolidated financial statements, in conformity with GAAP, requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and results of operations during the respective periods. Our estimates include, but are not limited to, valuation of deferred income taxes, stock-based compensation, net realizable value of inventory, capitalization of website and software development costs, the incremental borrowing rate for the determination of the present value of lease payments, recoverability of intangible assets with finite lives, fair value of our mortgage loans held for sale (“LHFS”) and mortgage servicing rights, estimated useful life of intangible assets, fair value of reporting units for purposes of allocating and evaluating goodwill for impairment, and current expected credit losses on certain financial assets. The amounts ultimately realized from the affected assets or ultimately recognized as liabilities will depend on, among other factors, general business conditions and could differ materially in the near term from the carrying amounts reflected in the consolidated financial statements.</span>
CY2023Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
0 usd
CY2022Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
917000 usd
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
6 segment
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4 segment
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
325661000 usd
CY2023Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
269454000 usd
CY2023Q1 us-gaap Gross Profit
GrossProfit
56207000 usd
CY2023Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
48192000 usd
CY2023Q1 us-gaap Marketing Expense
MarketingExpense
40908000 usd
CY2023Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
69962000 usd
CY2023Q1 us-gaap Restructuring Charges
RestructuringCharges
1053000 usd
CY2023Q1 us-gaap Operating Expenses
OperatingExpenses
160115000 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-103908000 usd
CY2023Q1 rdfn Operating And Nonoperating Income Expense Including Income Tax Expense Benefit Net
OperatingAndNonoperatingIncomeExpenseIncludingIncomeTaxExpenseBenefitNet
43110000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-60798000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
597346000 usd
CY2022Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
524808000 usd
CY2022Q1 us-gaap Gross Profit
GrossProfit
72538000 usd
CY2022Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
49640000 usd
CY2022Q1 us-gaap Marketing Expense
MarketingExpense
43342000 usd
CY2022Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
58966000 usd
CY2022Q1 us-gaap Restructuring Charges
RestructuringCharges
5710000 usd
CY2022Q1 us-gaap Operating Expenses
OperatingExpenses
157658000 usd
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-85120000 usd
CY2022Q1 rdfn Operating And Nonoperating Income Expense Including Income Tax Expense Benefit Net
OperatingAndNonoperatingIncomeExpenseIncludingIncomeTaxExpenseBenefitNet
-5686000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-90806000 usd
CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
1297000 usd
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
1155000 usd
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
15963000 usd
CY2022Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
2289000 usd
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
10238000 usd
CY2022Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
2893000 usd
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
2148000 usd
CY2022Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
-308000 usd
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
9170000 usd
CY2022Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
243000 usd
CY2023Q1 us-gaap Share Price
SharePrice
9.06
CY2023Q1 us-gaap Interest Receivable
InterestReceivable
383000 usd
CY2022Q4 us-gaap Interest Receivable
InterestReceivable
576000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
0 usd
CY2023Q1 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
0 usd
CY2022Q1 rdfn Number Of Homes Purchased
NumberOfHomesPurchased
398 home
CY2023Q1 rdfn Inventory Net Additions
InventoryNetAdditions
0 usd
CY2023Q1 us-gaap Inventory Real Estate Held For Sale
InventoryRealEstateHeldForSale
9122000 usd
CY2022Q4 us-gaap Inventory Real Estate Held For Sale
InventoryRealEstateHeldForSale
97636000 usd
CY2023Q1 rdfn Inventory Real Estate Not Available For Sale
InventoryRealEstateNotAvailableForSale
0 usd
CY2022Q4 rdfn Inventory Real Estate Not Available For Sale
InventoryRealEstateNotAvailableForSale
2467000 usd
CY2023Q1 us-gaap Inventory Real Estate Construction In Process
InventoryRealEstateConstructionInProcess
1563000 usd
CY2022Q4 us-gaap Inventory Real Estate Construction In Process
InventoryRealEstateConstructionInProcess
14170000 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
10685000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
114273000 usd
CY2023Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
941000 usd
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
8404000 usd
CY2023Q1 rdfn Number Of Homes Purchased
NumberOfHomesPurchased
0 home
CY2022Q1 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
6115000 usd
CY2022Q1 rdfn Inventory Net Additions
InventoryNetAdditions
197549000 usd
CY2023Q1 rdfn Number Of Homes Sold
NumberOfHomesSold
191 home
CY2022Q1 rdfn Number Of Homes Sold
NumberOfHomesSold
617 home
CY2023Q1 rdfn Inventory Net Sales
InventoryNetSales
103588000 usd
CY2022Q1 rdfn Inventory Net Sales
InventoryNetSales
306379000 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
83572000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
76788000 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
52551000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
55105000 usd
CY2023Q1 us-gaap Depreciation
Depreciation
7266000 usd
CY2022Q1 us-gaap Depreciation
Depreciation
5887000 usd
CY2023Q1 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
4555000 usd
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
5868000 usd
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
4071000 usd
CY2023Q1 rdfn Finance Lease Cost
FinanceLeaseCost
46000 usd
CY2022Q1 rdfn Finance Lease Cost
FinanceLeaseCost
208000 usd
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
848000 usd
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
376000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
15606000 usd
CY2023Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
62000 usd
CY2023Q1 rdfn Lessee Operating Lease Liability Other Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityOtherPaymentsDueNextTwelveMonths
2012000 usd
CY2023Q1 rdfn Lessee Lease Liability Payments Due Next Twelve Months
LesseeLeaseLiabilityPaymentsDueNextTwelveMonths
17680000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
15740000 usd
CY2023Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
43000 usd
CY2023Q1 rdfn Lessee Operating Lease Liability Other Payments Due Year One
LesseeOperatingLeaseLiabilityOtherPaymentsDueYearOne
842000 usd
CY2023Q1 rdfn Lessee Lease Liability Payments Due Year One
LesseeLeaseLiabilityPaymentsDueYearOne
16625000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
11650000 usd
CY2023Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
22000 usd
CY2023Q1 rdfn Lessee Operating Lease Liability Other Payments Due Year Two
LesseeOperatingLeaseLiabilityOtherPaymentsDueYearTwo
851000 usd
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37000 usd
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133000 usd
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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3130000 usd
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CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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309000 usd
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4 patent
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3000000 usd
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10 plaintiff
CY2022Q2 us-gaap Litigation Settlement Amount Awarded To Other Party
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3000000 usd
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230390000 usd
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FiniteLivedIntangibleAssetsAccumulatedAmortization
77865000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
152525000 usd
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FiniteLivedIntangibleAssetsGross
230390000 usd
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FiniteLivedIntangibleAssetsAccumulatedAmortization
68118000 usd
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FiniteLivedIntangibleAssetsNet
162272000 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
9747000 usd
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
8926000 usd
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29241000 usd
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23741000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
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17380000 usd
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15633000 usd
CY2023Q1 rdfn Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
48912000 usd
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152525000 usd
CY2023Q1 us-gaap Goodwill
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461349000 usd
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CY2023Q1 us-gaap Contract With Customer Liability
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CY2022Q4 rdfn Accrued And Other Liabilities Current
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CY2020Q2 us-gaap Stock Issued During Period Value New Issues
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CY2020Q2 us-gaap Stock Issued During Period Value New Issues
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39925000 usd
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19.51
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27.32
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30 tradingday
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CY2023Q1 us-gaap Common Stock Shares Authorized
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500000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
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0.001
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0.001
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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3282789 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.10
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y10M24D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1145000 usd
CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
18037 shares
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
7.35
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
29667 shares
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
9.76
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.10
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y8M8D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
6039000 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3235085 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
9.10
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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P2Y8M8D
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
6039000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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19028000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
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16788000 usd
CY2023Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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1134000 usd
CY2022Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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1134000 usd
CY2023Q1 us-gaap Net Income Loss
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-60798000 usd
CY2022Q1 us-gaap Net Income Loss
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CY2023Q1 us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
226000 usd
CY2022Q1 us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
793000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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-61024000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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-61024000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-91599000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-91599000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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110103598 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
110103598 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
106664140 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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106664140 shares
CY2023Q1 us-gaap Earnings Per Share Diluted
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-0.55
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EarningsPerShareBasic
-0.55
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.86
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.86
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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33696799 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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26901234 shares
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
410000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0067
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0015
CY2018Q1 rdfn Operating Loss Carryforwards Limitations On Use Value
OperatingLossCarryforwardsLimitationsOnUseValue
1506000 usd
CY2018Q1 rdfn Tax Credit Carryforward Limitation On Use Value
TaxCreditCarryforwardLimitationOnUseValue
32000 usd
CY2023Q1 rdfn Adjustments To Additional Paid In Capital Convertible Debt Capped Call Transaction
AdjustmentsToAdditionalPaidInCapitalConvertibleDebtCappedCallTransaction
62647000 usd

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