Discontinued Operations

6 Months Ended

Jun. 30, 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 June 30, 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 and six months ended June 30, 2023:

	Three Months Ended June 30, 2023		Six Months Ended June 30, 2023
Revenue	$	10,998	$	122,576
Cost of revenue	10,913		124,422
Gross profit	85		(1,846)
Operating expenses
Technology and development	23		552
Marketing	18		523
General and administrative	115		638
Restructuring and reorganization	75		75
Total operating expenses	231		1,788
Loss from discontinued operations	(146)		(3,634)
Interest income, interest expense, income tax expense, and other expense, net	—		—
Net loss from discontinued operations	$	(146)	$	(3,634)
Net loss from discontinued operations per share—basic and diluted	$	0.00	$	(0.03)

Significant non-cash items and capital expenditures of the discontinued operations were as follows for the six months ended June 30, 2023:

Stock-based compensation	$	234
Depreciation and amortization	89

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

Cost type	Financial statement line item	Six Months Ended June 30, 2023		Cumulative amount recognized as of June 30, 2023
Employee termination costs	Restructuring and reorganization	$	539	$	8,587
Asset write-offs	Restructuring and reorganization	—		493
Other	Restructuring and reorganization	(465)		(890)
Acceleration of debt issuance costs	Interest expense	—		481
Total		$	74	$	8,671