XML 23 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Segment Reporting
 9 Months Ended
Sep. 30, 2018
Segment Reporting [Abstract]  
Segment Reporting
Segment Reporting

In its operation of the business, the Company's management, including its chief operating decision maker, who is also the Chief Executive Officer, evaluates the performance of the Company’s operating segments based on revenue and gross profit. The Company does not analyze discrete segment balance sheet information related to long-term assets, all of which are located in the United States. All other financial information is presented on a consolidated basis. The Company has five operating segments and two reportable segments, real estate services and properties.

The Company's reportable segments and other segments are described below:

Real estate services

Real estate services revenue is derived from commissions and fees charged on real estate services transactions closed by the Company or its partner agents.

Properties

Properties was a new reportable segment as of June 30, 2018. Prior to June 30, 2018, the properties segment results were included as part of the Company's other segment. Properties revenue is earned when the Company sells homes that it previously bought directly from homeowners.

Other

Other services revenue includes fees earned from mortgage banking services, title settlement services, Walk Score data services, and advertising. Included in other are all operating segments and revenue not otherwise included in reportable operating segments.

Information on each of the reportable and other segments and reconciliation to consolidated net income (loss) is as follows:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
Real estate services
 
 
 
 
 
 
 
Revenue
$
126,265

 
$
103,864

 
$
332,047

 
$
262,894

Cost of revenue
83,274

 
64,258

 
236,775

 
178,850

Gross profit
$
42,991

 
$
39,606

 
$
95,272

 
$
84,044

Properties
 
 
 
 
 
 
 
Revenue
$
11,350

 
$
3,364

 
$
23,388

 
$
5,345

Cost of revenue
11,656

 
3,326

 
24,086

 
5,361

Gross profit
$
(306
)
 
$
38

 
$
(698
)
 
$
(16
)
Other
 
 
 
 
 
 
 
Revenue
$
2,640

 
$
2,251

 
$
7,356

 
$
6,043

Cost of revenue
3,020

 
2,582

 
8,715

 
7,422

Gross profit
$
(380
)
 
$
(331
)
 
$
(1,359
)
 
$
(1,379
)
Consolidated
 
 
 
 
 
 
 
Revenue
$
140,255

 
$
109,479

 
$
362,791

 
$
274,282

Cost of revenue
97,950

 
70,166

 
269,576

 
191,633

Gross profit
$
42,305

 
$
39,313

 
$
93,215

 
$
82,649

Operating expenses
39,016

 
29,066

 
124,643

 
96,252

      Interest income
1,775

 
311

 
3,082

 
387

      Interest expense
(1,610
)
 
—

 
(1,610
)
 
—

      Other income, net
21

 
—

 
200

 
13

Net income (loss)
$
3,475

 
$
10,558

 
$
(29,756
)
 
$
(13,203
)