Redfin Corporation (NASDAQ:RDFN) Q1 2022 Earnings Conference Call May 5, 2022 4:30 PM ET
Meg Nunnally – Head of IR
Glenn Kelman – CEO
Chris Nielsen – CFO
Conference Call Participants
Mark Mahaney – Evercore ISI
Ygal Arounian – Wedbush
Robert Zeller – Truist Securities
John Campbell – Stephens Inc.
Tom Champion – Piper Sandler
Good day. And welcome to the Redfin Corporation First Quarter 2022 Earnings Call. Today’s conference is being recorded.
At this time, I’d like to turn the conference over to Meg Nunnally, Head of Investor Relations. Please go ahead, ma’am.
Good afternoon. And welcome to Redfin’s financial results conference call for the first quarter ended March 31, 2022. I’m Meg Nunnally, Redfin’s head of investor relations. Joining me on the call today is Glenn Kelman, our CEO, and Chris Nielsen, our CFO.
Before we start, note that some of our statements on today’s call are forward-looking. We believe our assumptions and expectations related to these forward-looking statements are reasonable, but our actual results may turn out to be materially different. Please read and consider the risk factors in our SEC filings together with the content of today’s call. Any forward-looking statements are based on our assumptions today, and we don’t undertake to update these statements in light of new information or future events.
We use a non-GAAP measure, adjusted EBITDA, when presenting our financial results. We encourage you to review the non-GAAP reconciliation in today’s earnings release, which is available on our website at investors.redfin.com for a complete understanding of this measure and its purpose. All comparisons made in the course of this call are against the same period in the prior year, unless otherwise stated.
Lastly, we will be providing a copy of our prepared remarks on our website by the conclusion of today’s call and a full transcript and audio replay will be also available soon after the call.
With that, I’ll turn the call over to Glenn.
Thank you, Meg and howdy everyone. Redfin performed significantly better in the first quarter than expected. Overall revenue of $597 million was $37 million above the top of the range we projected in our last earnings call; our core business of brokering home sales through our employees and our partner agents generated $177 million in revenue, up 5% from the red-hot first quarter of 2021, and $6 million above …….