Segment Reporting and Revenue

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Reporting and Revenue

Segment Reporting and Revenue

In operation of the business, our management, including our chief operating decision maker, who is also our chief executive officer, evaluates the performance of our operating segments based on revenue and gross profit. We do not analyze discrete segment balance sheet information related to long-term assets, substantially all of which are located in the United States. All other financial information is presented on a consolidated basis. We have five operating segments and two reportable segments, real estate services and properties.

We generate revenue primarily from commissions and fees charged on each real estate services transaction closed by our lead agents or partner agents, and from the sale of homes. Our key revenue components are brokerage revenue, partner revenue, properties revenue, and other revenue.

Information on each of the reportable and other segments and reconciliation to consolidated net loss is as follows:

	Three Months Ended March 31,
	2021		2020
Real estate services
Brokerage revenue	$	156,447	$	102,351
Partner revenue	12,162		6,285
Total real estate services revenue	168,609		108,636
Cost of revenue	128,216		93,562
Gross profit	40,393		15,074
Properties
Revenue	92,726		79,098
Cost of revenue	91,130		79,299
Gross profit	1,596		(201)
Other
Revenue	9,357		4,250
Cost of revenue	8,988		6,244
Gross profit	369		(1,994)
Intercompany eliminations
Revenue	(2,373)		(989)
Cost of revenue	(2,373)		(989)
Gross profit	—		—
Consolidated
Revenue	268,319		190,995
Cost of revenue	225,961		178,116
Gross profit	42,358		12,879
Operating expenses	76,871		70,309
Interest income	159		1,103
Interest expense	(1,338)		(2,444)
Other income (expense), net	(92)		(1,346)
Net loss	$	(35,784)	$	(60,117)