Discontinued Operations

3 Months Ended

Mar. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

In November 2022, our management and board of directors made the decision to wind down RedfinNow. The financial results of RedfinNow have historically been included in our properties segment. Winding-down RedfinNow was a strategic decision we made in order to focus our resources on our core businesses in the face of the rising cost of capital. The wind-down of our properties segment was complete as of June 30, 2023, at which time it met the criteria for discontinued operations in our consolidated financial statements.

As of March 31, 2024 and December 31, 2023 there were no major classes of assets and liabilities of our discontinued operations remaining.

The major classes of line items of the discontinued operations included in our consolidated statement of comprehensive loss were as follows for the three months ended March 31, 2023:

Revenue	$	111,578
Cost of revenue	113,509
Gross profit	(1,931)
Operating expenses
Technology and development	529
Marketing	505
General and administrative	523
Restructuring and reorganization	—
Total operating expenses	1,557
Loss from discontinued operations	(3,488)
Interest income	—
Interest expense	—
Income tax expense	—
Other expense, net	—
Net loss from discontinued operations	$	(3,488)
Net loss from discontinued operations per share—basic and diluted	$	(0.03)

Significant non-cash items and capital expenditures of the discontinued operations were as follows for the three months ended March 31, 2023:

Stock-based compensation	$	203
Depreciation and amortization	85

Charges specifically relating to the wind-down of our properties segment were as follows:

Cost type	Financial statement line item	Three Months Ended March 31, 2023		Cumulative amount recognized as of March 31, 2023
Employee termination costs	Restructuring and reorganization	$	454	$	8,502
Asset write-offs	Restructuring and reorganization	—		493
Other	Restructuring and reorganization	(454)		(880)
Acceleration of debt issuance costs	Interest expense	—		481
Total		$	—	$	8,596