Total Revenue up 40% but recall iBuying impacts revenue due to whole home price accounted as revenue, so look closer:
Brokerage revenue up 55%
Other Revenue (mortgage and title) up 120% (!)
RedfinNow/iBuying up 17%
Monthly average visitors +30% to 46 million.
U.S. Market share 1.14% up from 1.04% in Q4 and 0.93% in 1Q2020
Average revenue per first-party transaction at record high $10,927
Brokerage transactions up 38% - this is an important KPI as rev growth is partly due to rev per tx
Other services (mortgage and title) as a percentage of non-iBuying activities 5.64% up from 3.99% in 1Q2020.
I use this statistic to track the "take-rate" of mortgage and title.
Gross Profit of $42M up 229% from $12M in 1Q2020.
(Improving leverage)
Operating expenses up 9% on 58% brokerage + other revenue growth (!).
(Improving leverage)
First quarter where all 3 segments contributed to gross profit.
RedfinNow segment has rebounded rapidly from the COVID shutdown.
Up 17% YoY. Headed back to growth.
Guidance:
Total Revenue inclusive of RentPath $446-457M (109-114% YoY)
RentPath $41-42M implies
Organic Total Revenue of $404-416M (89%-95%)
Properties Revenue $151-156M (109%-116%)
Net loss of -38 to -32M incl. $16M loss related to RentPath acq.
Comps will look interesting..
Thoughts: Redfin is executing and guiding well. Hiring at a bewildering pace, 2,277 agents active in quarter.
Q1 GPM is much higher due to higher activity than typical Q1.
My main question is whether or not they can continue to see leverage or if agent pay creates a ceiling.
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-Total Rev $574M +79% from $321M
beat est. $491M by 17%
-Platform Revenue +101%
-Total Gross profit +139%
-Platform Gross profit of 67% up from 56%
-EBITDA positive $126M up from a loss -$55M
-Operating expenses were only up 28% on 79% revenue growth.
$FSLY
Revenue up 35% YoY to $85M
NonGaap GM of 60.1%, loss $13M
DBNER 139%
Enterprise customers 336, up from 324 in Q4 2020
Average enterprise customer spend $800,000, up from $782,000 in Q4 2020
$FSLY Signal Sciences
Total customer count of 293, up from 280 at the end of Q4 202
Enterprise customer count of 86, up from 78 at the end of Q4 2020
Approximately 25% overlap with existing Fastly enterprise customers
$FSLY Letter highlights a Compute@Edge customer that worked with Google and Roku to dispute connected TV botnets.
$SKLZ Call -
CEO: We are excited to expand our games to synchronous categories including FPS and RTS games. We are currently working with developer partners to test the technology. We anticipate growing to other categories such as battle royale.
We are focusing on partnering with brands. We imagine a world where all brands have their own games where players can [win prizes, etc].