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SIOS Reveals Technology Predictions for 2021

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SAN MATEO, Calif., Jan. 12, 2021 — SIOS Technology Corp., an industry pioneer in providing intelligent application availability, today announced top technology predictions for 2021. The COVID-19 pandemic has only accelerated organizational interest and speed in cloud computing. During this period, many businesses wondered whether their continuity strategy was sufficiently robust to withstand the ensuing chaos. In 2021, an organization’s ability to safeguard its mission critical applications with High Availability (HA) and disaster recovery (DR) solutions will ultimately determine its economic success.

Cassius Rhue, VP of Customer Experience, SIOS Technology, outlines the following seven major trends that guide these predictions:

Enterprises Will Migrate More Mission-Critical Applications, ERPs and Databases to Cloud – Concerns about the ability to meet 99.99% SLAs in the cloud have many companies slow to migrate their most essential applications, ERPs and databases to the cloud where SLAs only apply to hardware availability. More companies will look to implement sophisticated application-aware, high availability solutions to provide the same level of protection for applications and data as they get in traditional on-premises environments.

Business Continuity and Disaster Recovery Will Drive Adoption of Hybrid Cloud and Multi Cloud Configurations – As Cloud adoption takes center stage, companies will begin using more hybrid and multi-cloud configurations to solve business continuity and disaster recovery challenges. Companies will increasingly use the cloud to enable geographically separated offsite replication or failover for disaster protection and extend failover clustering not only across cloud availability zones but across different cloud vendors.

Enterprise Reliance on Databases and ERP Systems Will Continue to Grow – Powerful database and ERP systems, including Oracle, SAP S/4HANA and SQL Server, will continue to increase in criticality. IoT technologies delivering new ways of gathering data and delivering services at the edge will only increase the importance of these systems that process it. Tolerance for even momentary downtime or minimal data loss will drive to zero.

Companies Will Look to Use Backup and HA Data for DevOps – Companies will look to get more value from replicated data ‘at rest’ to use it for more than simply disaster recovery. Companies will tap stored data for a variety of testing, including dev ops testing, and availability and failover testing.

Container Adoption Will Peak – Containers are destined to be used in more use cases throughout the IT infrastructure, but as the excitement wanes, companies will still run complex applications, databases and ERPs in traditional on-premises and cloud environments.

Storage Agnostic HA/DR Protection will be required – Companies are no longer tethered to their SAN or NFS storage. All manner of storage solutions are being used in the cloud and on premises. Protecting all of that data and enabling the flexibility to implement hybrid cloud environments will mean a greater need for high availability solutions for all types of storage.

Expectations for Automation and Ease of Use from Machine Learning and AI Will Extend to More IT Infrastructure Purchasing – Enterprises will find new applications for machine learning technologies that automate manual processes and enhance monitoring capabilities and products that deliver deeper monitoring, more automation and value-added information will be in demand. For example, availability solutions that provide application-aware monitoring and automation of configuration and management tasks would be prioritized over traditional failover solutions. New innovations in HA will emerge to handle the increasing complexity of failures and disasters brought on by IoT devices and their dependencies.

According to Rhue, “Robust High Availability options will further allay organizational concerns that cloud services cannot meet the High Availability SLAs for mission-critical applications now found in on-premises (e.g., 99.99%). Hybrid solutions are already capable of meeting that specification and as adoption to cloud services expands, more of these solutions will become available as users demand them.”

Tweet this: @SIOSTech Reveals #Technology #2021Predictions #Cloud #HA #DR #Storage #AI https://bit.ly/38zC3dj

About SIOS Technology Corp. SIOS Technology Corp. high availability and disaster recovery solutions ensure availability and eliminate data loss for critical Windows and Linux applications operating across physical, virtual, cloud, and hybrid cloud environments. SIOS clustering software is essential for any IT infrastructure with applications requiring a high degree of resiliency, ensuring uptime without sacrificing performance or data – protecting businesses from local failures and regional outages, planned and unplanned. Founded in 1999, SIOS Technology Corp. (https://us.sios.com) is headquartered in San Mateo, California, with offices worldwide.

SIOS, SIOS Technology, SIOS DataKeeper, SIOS LifeKeeper, SIOS AppKeeper, Clusters Your Way, and associated logos are registered trademarks or trademarks of SIOS Technology Corp. and/or its affiliates in the United States and/or other countries. All other trademarks are the property of their respective owners.

Media Contact: Beth Winkowski Winkowski Public Relations, LLC for SIOS 978-649-7189 [email protected]

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Redfin Reports Fourth Quarter and Full Year 2020 Financial Results

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SEATTLE, Feb. 24, 2021 /PRNewswire/ — Redfin Corporation (NASDAQ: RDFN) today announced financial results for the fourth quarter and full year ended December 31, 2020. All financial measures, unless otherwise noted, are presented on a GAAP basis and include stock-based compensation, depreciation and amortization, and expenses related to actions taken in response to COVID-19.

Fourth Quarter 2020
Revenue increased 5% year-over-year to $244.5 million during the fourth quarter. Gross profit was $80.1 million, an increase of 102% from $39.6 million in the fourth quarter of 2019. Real estate services gross profit was $80.8 million, an increase of 93% from $42.0 million in the fourth quarter of 2019. Real estate services gross margin was 41%, compared to 32% in the fourth quarter of 2019. Operating expenses were $54.5 million, an increase of 17% from $46.4 million in the fourth quarter of 2019. Operating expenses were 22% of revenue, up from 20% in the fourth quarter of 2019.

Net income was $14.0 million, compared to a net loss of $7.8 million in the fourth quarter of 2019. The dividend on our convertible preferred stock was $1.6 million. Net income attributable to common stock was $12.2 million. Stock-based compensation was $11.2 million, up from $8.0 million in the fourth quarter of 2019. Depreciation and amortization was $4.0 million, up from $2.9 million in the fourth quarter of 2019. Total interest and other expenses was $11.6 million, which included a $4.6 million loss on the extinguishment of debt and $6.8 million in non-cash interest expense which was primarily related to our convertible senior notes, compared to $1.0 million in the fourth quarter of 2019.

Net income per share attributable to common stock, diluted, was $0.11, compared to a net loss per share, diluted, of $0.08 in the fourth quarter of 2019.

Full Year 2020
Revenue increased 14% year-over-year to $886.1 million in 2020. Gross profit was $232.1 million, an increase of 61% from $144.1 million in 2019. Real estate services gross profit was $234.1 million, an increase of 56% from $150.4 million in 2019. Real estate services gross margin was 36%, compared to 29% in 2019. Operating expenses were $231.3 million, an increase of 4% from $223.3 million in 2019. Operating expenses were 26% of revenue, down from 29% in 2019.

Net loss was $18.5 million, compared to a net loss of $80.8 million in 2019. The dividend on our convertible preferred stock was $4.5 million. Net loss attributable to common stock was $23.0 million. Stock-based compensation was $37.0 million, up from $27.8 million in 2019. Depreciation and amortization was $14.6 million, up from $9.2 million in 2019. Total interest and other expenses was $19.3 million, which included a $4.6 million loss on the extinguishment of our 2023 convertible senior notes and $12.0 million in non-cash interest expense which was primarily related to our convertible senior notes, compared to $1.6 million in 2019.

Net loss per share attributable to common stock, diluted, was $0.23, compared to a net loss per share, diluted, of $0.88 in 2019.

“Revenues in our core business of brokering home sales increased 51% in the fourth quarter, with gross margins again exceeding 40%,” said Redfin CEO Glenn Kelman. “Our mortgage business had even stronger results, with 210% revenue growth. We were the fastest-growing major real estate website, as home-buyers moving to a new part of the country have increasingly turned to the Internet to find a real estate agent. Since more than half of all homes now sell in a bidding war, our on-demand home-touring has become a crucial competitive advantage for our customers, who want to see a listing either in-person or virtually before other buyers even know it's for sale.”

Fourth Quarter Highlights

  • Reached market share of 1.04% of U.S. existing home sales by value in the fourth quarter of 2020, an increase of .10 percentage points from the fourth quarter of 2019.(1)
  • Saved homebuyers and sellers over $54 million in the fourth quarter and over $185 million in 2020. This includes the savings Redfin offers buyers through the Redfin Refund and sellers through Redfin's lower listing fee when compared to a 2.5% listing commission typically charged by traditional agents.
  • Redfin's mobile apps and website reached a record of 44 million average monthly users in the fourth quarter. For the year, Redfin reached a record of more than 42 million average monthly users, an increase of 28% compared to 2019.
  • Continued expansion of RedfinNow by launching in Sacramento, San Francisco and Seattle in the fourth quarter of 2020.
  • Conducted over 21,000 video tours in the fourth quarter. Since the start of the pandemic in March, Redfin has seen a 137-fold increase in monthly requests for video tours and a nearly 7-fold increase in monthly views of 3D walkthroughs on Redfin.com.
  • Upgraded its software for customers, agents, partners, home services and mortgage teams, including:
  • Adding flood risk data to home listing pages to give customers more information about individual properties and their risk factors.
  • Adding Direct Access touring information to the Owner Dashboard, giving sellers and agents the ability to track self-tours and see buyers' feedback about the home.
  • Improving the functionality, speed and stability of Redfin Builder Tools and Redfin Lender Tools, software used by Redfin's home services and mortgage organizations.
  • Rolling out a new communication platform for Redfin partner agents to help them easily connect with customers, driving faster response times and better customer experiences.
  • Launched Redfin Rise, an employee-funded initiative to support charitable organizations that are building paths to homeownership for working-class families.
  • (1) We calculate the aggregate value of U.S. home sales by multiplying the total number of U.S. existing home sales by the mean sale price of these homes, each as reported by the National Association of REALTORS®. We calculate our market share by aggregating the home value of brokerage and partner real estate services transactions. Then, in order to account for both the sell- and buy-side components of each transaction, we divide that value by two-times the estimated aggregate value of U.S. home sales.

    Business Outlook
    The following forward-looking statements reflect Redfin's expectations as of February 24, 2021, and are subject to substantial uncertainty.

    For the first quarter of 2021 we expect:

    • Total revenue between $249 million and $255 million, representing a year-over-year growth between 30% and 34% compared to the first quarter of 2020. Properties segment revenue between $77 million to $80 million is included in the guidance provided.
    • Net loss is expected to be between $39 million and $36 million, compared to net loss of $60 million in the first quarter of 2020. This guidance includes approximately $13.0 million of expected stock-based compensation, $4.5 million of expected depreciation and amortization, and $1.2 million of expected interest expense associated with our convertible senior notes and other credit obligations. In addition, we expect to pay a quarterly dividend of 30,640 shares of common stock to our preferred stockholder.

    Conference Call
    Redfin will webcast a conference call to discuss the results at 1:30 p.m. Pacific Time today. The webcast will be open to the public at http://investors.redfin.com. The webcast will remain available on the investor relations website for at least three months following the conference call.

    Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of federal securities laws, including our future operating results, as described under Business Outlook. We believe our expectations related to these forward-looking statements are reasonable, but actual results may turn out to be materially different. For factors that could cause actual results to differ materially from the forward-looking statements in this press release, please see the risks and uncertainties identified under the heading “Risk Factors” in our annual report for the year ended December 31, 2020, which is available on our Investor Relations website at http://investors.redfin.com and on the SEC website at www.sec.gov. All forward-looking statements reflect our beliefs and assumptions only as of the date of this press release. We undertake no obligation to update forward-looking statements to reflect future events or circumstances.

    About Redfin
    Redfin is a technology-powered residential real estate company, redefining real estate in the consumer's favor in a commission-driven industry. We do this by integrating every step of the home buying and selling process and pairing our own agents with our own technology, creating a service that is faster, better and costs less. We offer brokerage, iBuying, mortgage, and title services, and we also run the country's #1 real estate brokerage search site, offering a host of online tools to consumers, including the Redfin Estimate. We represent people buying and selling homes in over 95 markets in the United States and Canada. Since our launch in 2006, we have saved our customers nearly $1 billion and we've helped them buy or sell more than 310,000 homes worth more than $152 billion.

    Redfin may post updates about COVID-19's impact on the U.S. residential real estate industry or its business on its company blog at www.redfin.com/blog/real-estate-news/. We encourage investors and others interested in our company to review and subscribe to the information we post on our company blog, as some of the information may be material.

    Redfin-F

     

    Redfin Corporation and Subsidiaries

    Consolidated Statements of Comprehensive Loss

    (in thousands, except share and per share amounts, unaudited)

    Three Months Ended December 31,

    Year Ended December 31,

    2020

    2019

    2020

    2019

    Revenue

    Service

    $

    204,452

    $

    134,128

    $

    674,345

    $

    539,288

    Product

    40,065

    99,063

    211,748

    240,508

    Total revenue

    244,517

    233,191

    886,093

    779,796

    Cost of revenue(1)

    Service

    122,642

    93,183

    437,484

    390,504

    Product

    41,755

    100,382

    216,499

    245,189

    Total cost of revenue

    164,397

    193,565

    653,983

    635,693

    Gross profit

    80,120

    39,626

    232,110

    144,103

    Operating expenses

    Technology and development(1)

    23,610

    19,345

    84,297

    69,765

    Marketing(1)

    7,270

    8,099

    54,881

    76,710

    General and administrative(1)(2)

    23,601

    18,992

    92,140

    76,874

    Total operating expenses

    54,481

    46,436

    231,318

    223,349

    Income (loss) from operations

    25,639

    (6,810)

    792

    (79,246)

    Interest income

    215

    1,341

    2,074

    7,146

    Interest expense

    (11,864)

    (2,365)

    (19,495)

    (8,928)

    Other income (expense), net

    45

    51

    (1,898)

    223

    Net income (loss)

    $

    14,035

    $

    (7,783)

    $

    (18,527)

    $

    (80,805)

    Dividend on convertible preferred stock

    (1,640)

    (4,454)

    Undistributed earnings attributable to
    participating securities

    (242)

    Net income (loss) attributable to common
    stock—basic and diluted

    $

    12,153

    $

    (7,783)

    $

    (22,981)

    $

    (80,805)

    Net income (loss) per share attributable to
    common stock—basic

    $

    0.12

    $

    (0.08)

    $

    (0.23)

    $

    (0.88)

    Weighted average shares of common stock—
    basic

    102,176,459

    92,486,944

    98,574,529

    91,583,533

    Net income (loss) per share attributable to
    common stock—diluted

    0.11

    (0.08)

    (0.23)

    (0.88)

    Weighted average shares of common stock—
    diluted

    109,461,342

    92,486,944

    98,574,529

    91,583,533

    Other comprehensive income (loss)

    Net income (loss)

    $

    14,035

    $

    (7,783)

    $

    (18,527)

    $

    (80,805)

    Foreign currency translation adjustments

    13

    5

    (3)

    33

    Unrealized gain (loss) on available-for-sale
    securities

    (110)

    11

    172

    9

    Total comprehensive income (loss)

    $

    13,938

    $

    (7,767)

    $

    (18,358)

    $

    (80,763)

    (1) Includes stock-based compensation as follows:

    Three Months Ended December 31,

    Twelve Months Ended December 31,

    2020

    2019

    2020

    2019

    Cost of revenue

    $

    2,863

    $

    1,689

    $

    8,844

    $

    6,087

    Technology and development

    4,828

    3,701

    16,564

    12,362

    Marketing

    439

    393

    1,569

    1,418

    General and administrative

    3,079

    2,239

    9,996

    7,947

    Total

    $

    11,209

    $

    8,022

    $

    36,973

    $

    27,814

    (2) Includes direct and incremental costs related to COVID-19 of $18 and $7,864, which are partially offset by $0 and $1,348 in employee retention credits allowed under the CARES Act, for the three and twelve months ended December 31, 2020, respectively.

     

    Redfin Corporation and Subsidiaries

    Consolidated Balance Sheets

    (in thousands, except share and per share amounts, unaudited)

    December 31, 2020

    December 31, 2019

    Assets

    Current assets

    Cash and cash equivalents

    $

    925,276

    $

    234,679

    Restricted cash

    20,544

    12,769

    Short-term investments

    131,561

    70,029

    Accounts receivable, net of allowances for credit losses of $160 and $165

    54,719

    19,223

    Inventory

    49,158

    74,590

    Loans held for sale

    42,539

    21,985

    Prepaid expenses

    12,131

    14,822

    Other current assets

    4,898

    3,496

    Total current assets

    1,240,826

    451,593

    Property and equipment, net

    43,988

    39,577

    Right-of-use assets, net

    44,149

    52,004

    Long-term investments

    11,922

    30,978

    Goodwill and intangibles, net

    11,016

    11,504

    Other assets, noncurrent

    8,619

    10,557

    Total assets

    $

    1,360,520

    $

    596,213

    Liabilities, mezzanine equity and stockholders' equity

    Current liabilities

    Accounts payable

    $

    5,644

    $

    2,122

    Accrued liabilities

    69,460

    38,022

    Other payables

    13,184

    7,884

    Warehouse credit facilities

    39,029

    21,302

    Secured revolving credit facility

    23,949

    4,444

    Convertible senior notes, net

    22,482

    Lease liabilities

    11,973

    11,408

    Total current liabilities

    185,721

    85,182

    Lease liabilities and deposits, noncurrent

    49,339

    59,869

    Convertible senior notes, net, noncurrent

    488,268

    119,716

    Payroll tax liabilities, noncurrent

    6,812

    Total liabilities

    730,140

    264,767

    Commitments and contingencies (Note 7)

    Series A convertible preferred stock—par value $0.001 per share; 10,000,000 shares authorized;
    40,000 and 0 shares issued and outstanding, respectively

    39,823

    Stockholders' equity

    Common stock—par value $0.001 per share; 500,000,000 shares authorized; 103,000,594 and
    93,001,597 shares issued and outstanding, respectively

    103

    93

    Additional paid-in capital

    860,556

    583,097

    Accumulated other comprehensive income

    211

    42

    Accumulated deficit

    (270,313)

    (251,786)

    Total stockholders' equity

    590,557

    331,446

    Total liabilities, mezzanine equity and stockholders' equity

    $

    1,360,520

    $

    596,213

     

    Redfin Corporation and Subsidiaries

    Consolidated Statements of Cash Flows

    (in thousands, unaudited)

    Year Ended December 31,

    2020

    2019

    Operating Activities

    Net loss

    $

    (18,527)

    $

    (80,805)

    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

    Depreciation and amortization

    14,564

    9,230

    Stock-based compensation

    36,973

    27,814

    Amortization of debt discount and issuance costs

    12,038

    6,385

    Non-cash lease expense

    9,204

    6,940

    Impairment costs

    2,063

    Loss on repurchases and conversions of convertible senior notes

    4,634

    Net gain on IRLCs, forward sales commitments and loans held for sale

    (1,921)

    (493)

    Other

    (349)

    (663)

    Change in assets and liabilities:

    Accounts receivable, net

    (35,496)

    (3,861)

    Inventory

    25,432

    (51,896)

    Prepaid expenses and other assets

    2,333

    (3,293)

    Accounts payable

    2,086

    (394)

    Accrued liabilities, other payables, and payroll tax liabilities, noncurrent

    39,092

    7,422

    Lease liabilities

    (11,312)

    (7,209)

    Deferred rent

    1

    Origination of loans held for sale

    (677,310)

    (395,354)

    Proceeds from sale of loans originated as held for sale

    657,763

    378,566

    Net cash provided by (used in) operating activities

    61,267

    (107,610)

    Investing activities

    Purchases of property and equipment

    (14,686)

    (15,533)

    Purchases of investments

    (198,172)

    (136,265)

    Sales of investments

    7,887

    11,486

    Maturities of investments

    147,852

    24,400

    Net cash used in investing activities

    (57,119)

    (115,912)

    Financing activities

    Proceeds from the issuance of convertible preferred stock, net of issuance costs

    39,801

    Proceeds from the issuance of common stock, net of issuance costs

    69,701

    Proceeds from the issuance of common stock pursuant to employee equity plans

    21,072

    16,107

    Tax payments related to net share settlements on restricted stock units

    (16,852)

    (5,126)

    Borrowings from warehouse credit facilities

    662,278

    388,586

    Repayments to warehouse credit facilities

    (644,551)

    (372,017)

    Borrowings from secured revolving credit facility

    89,619

    4,444

    Repayments to secured revolving credit facility

    (70,115)

    Cash paid for secured revolving credit facility issuance costs

    (4)

    (922)

    Proceeds from issuance of convertible senior notes, net of issuance costs

    647,486

    Payments for repurchases and conversions of convertible senior notes

    (108,061)

    Principal payments under finance lease obligations

    (221)

    (72)

    Proceeds from follow on offering

    Other payables – deposits held in escrow

    4,074

    883

    Net cash provided by financing activities

    $

    694,227

    $

    31,883

    Effect of exchange rate changes on cash and cash equivalents

    (3)

    32

    Net change in cash, cash equivalents, and restricted cash

    698,372

    (191,607)

    Cash, cash equivalents, and restricted cash:

    Beginning of period

    247,448

    439,055

    End of period

    $

    945,820

    $

    247,448

     

    Redfin Corporation and Subsidiaries

    Supplemental Financial Information and Business Metrics

    (unaudited)

    Three Months Ended

    Dec. 31
    2020

    Sep. 30
    2020

    Jun. 30,
    2020

    Mar. 31,
    2020

    Dec. 31,
    2019

    Sep. 30,
    2019

    Jun. 30,
    2019

    Mar. 31,
    2019

    Dec. 31,
    2018

    Monthly average visitors (in thousands)

    44,135

    49,258

    42,537

    35,519

    30,595

    35,633

    36,557

    31,107

    25,212

    Real estate services transactions

    Brokerage

    16,951

    18,980

    13,828

    10,751

    13,122

    16,098

    15,580

    8,435

    9,822

    Partner

    4,940

    5,180

    2,691

    2,479

    2,958

    3,499

    3,357

    2,125

    2,749

    Total

    21,891

    24,160

    16,519

    13,230

    16,080

    19,597

    18,937

    10,560

    12,571

    Real estate services revenue per transaction

    Brokerage

    $

    10,751

    $

    10,241

    $

    9,296

    $

    9,520

    $

    9,425

    $

    9,075

    $

    9,332

    $

    9,640

    $

    9,569

    Partner

    3,123

    2,988

    2,417

    2,535

    2,369

    2,295

    2,218

    2,153

    2,232

    Aggregate

    9,030

    8,686

    8,175

    8,211

    8,127

    7,865

    8,071

    8,134

    7,964

    Aggregate home value of real estate
    services transactions (in millions)

    $

    11,478

    $

    12,207

    $

    7,576

    $

    6,098

    $

    7,588

    $

    9,157

    $

    8,986

    $

    4,800

    $

    5,825

    U.S. market share by value

    1.04

    %

    1.04

    %

    0.93

    %

    0.93

    %

    0.94

    %

    0.96

    %

    0.94

    %

    0.83

    %

    0.81

    %

    Revenue from top-10 Redfin markets as a
    percentage of real estate services revenue

    63

    %

    63

    %

    63

    %

    61

    %

    62

    %

    63

    %

    64

    %

    64

    %

    66

    %

    Average number of lead agents

    1,981

    1,820

    1,399

    1,826

    1,526

    1,579

    1,603

    1,503

    1,419

    Properties transactions

    83

    37

    162

    171

    212

    168

    80

    43

    47

    Properties revenue per transaction

    474,690

    513,648

    445,578

    462,563

    467,276

    477,167

    498,847

    497,044

    459,663

     

    Redfin Corporation and Subsidiaries

    Supplemental Financial Information

    (unaudited, in thousands)

    Three Months Ended December 31,

    Year  Ended December 31,

    2020

    2019

    2020

    2019

    Real estate services revenue

    Brokerage revenue

    $

    182,244

    $

    123,671

    $

    607,513

    496,480

    Partner revenue

    15,426

    7,008

    43,695

    27,060

      Total real estate services revenue

    197,670

    130,679

    651,208

    523,540

    Properties revenue

    39,399

    99,063

    209,686

    240,507

    Other revenue

    8,213

    4,143

    28,212

    17,634

    Intercompany eliminations

    (765)

    (693)

    (3,013)

    (1,885)

    Total revenue

    $

    244,517

    $

    233,192

    $

    886,093

    $

    779,796

    Cost of revenue

    Real estate services

    $

    116,835

    $

    88,703

    $

    417,140

    $

    373,150

    Properties

    41,275

    100,382

    214,382

    245,189

    Other

    7,052

    5,174

    25,474

    19,239

    Intercompany eliminations

    (765)

    (693)

    (3,013)

    (1,885)

    Total cost of revenue

    $

    164,397

    $

    193,566

    $

    653,983

    $

    635,693

    Gross profit by segment

    Real estate services

    $

    80,835

    $

    41,976

    $

    234,068

    $

    150,390

    Properties

    (1,876)

    (1,319)

    (4,696)

    (4,682)

    Other

    1,161

    (1,031)

    2,738

    (1,605)

    Total gross profit

    $

    80,120

    $

    39,626

    $

    232,110

    $

    144,103

    Gross margin (percentage of revenue)

    Real estate services

    40.9

    %

    32.1

    %

    35.9

    %

    28.7

    %

    Properties

    (4.8)

    (1.3)

    (2.2)

    (1.9)

    Other

    14.1

    (24.9)

    9.7

    (9.1)

    Total gross margin

    32.8

    17.0

    26.2

    18.5

     

    Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/redfin-reports-fourth-quarter-and-full-year-2020-financial-results-301234908.html

    SOURCE Redfin

    Continue Reading

    News

    SHAREHOLDER ALERT: WeissLaw LLP Reminds BPFH, WDR, HMSY, and SPWH Shareholders About Its Ongoing Investigations

    gbafNews28

    NEW YORK, Feb. 24, 2021 /PRNewswire/ —

    If you own shares in any of the companies listed above and
    would like to discuss our investigations or have any questions concerning
    this notice or your rights or interests, please contact:

    Joshua Rubin, Esq.
    WeissLaw LLP
    1500 Broadway, 16th Floor
    New York, NY  10036
    (212) 682-3025
    (888) 593-4771
    [email protected]

    Boston Private Financial Holdings, Inc. (NASDAQ: BPFH)

    WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) in connection with the proposed acquisition of the company by SVB Financial Group (“SIVB”).  Under the terms of the agreement, BPFH's shareholders will receive $2.10 in cash and 0.0228 shares of SIVB common stock for each BPFH share, representing implied merger consideration of approximately $14.02 based upon SIVB's February 23, 2021 closing price of $522.86.  If you own BPFH shares and wish to discuss this investigation or your rights, please call or visit our website: http://www.weisslawllp.com/bpfh/

    Waddell & Reed Financial, Inc. (NYSE: WDR)

    WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Waddell & Reed Financial, Inc. (NYSE: WDR) in connection with the proposed acquisition of the company by Macquarie Asset Management.  Under the terms of the agreement, the company's shareholders will receive $25.00 in cash for each share of WDR common stock.  If you own WDR shares and wish to discuss this investigation or your rights, please call us or visit our website: http://www.weisslawllp.com/wdr 

    HMS Holdings Corp. (NASDAQ: HMSY)

    WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of HMS Holdings Corp. (NASDAQ: HMSY) in connection with the proposed acquisition of the company by Veritas Capital-backed Gainwell Technologies.  Under the terms of the merger agreement, HMSY shareholders will receive only $37.00 in cash for each share of HMSY common stock that they hold.  If you own HMSY shares and wish to discuss this investigation or your rights, please call us at one of the numbers listed above or visit our website: https://www.weisslawllp.com/hms/

    Sportsman's Warehouse Holdings, Inc. (NASDAQ: SPWH)  

    WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Sportsman's Warehouse Holdings, Inc. (NASDAQ: SPWH) in connection with the proposed acquisition of the company by a consortium led by Great American Outdoors Group, the parent company of Bass Pro Shops, Cabela's, White River Marine Group and a collection of nature-based resorts.  Under the terms of the merger agreement, SPWH shareholders will receive $18.00 in cash for each SPWH share that they own.  If you own SPWH shares and wish to discuss this investigation or your rights, please call us at one of the numbers listed above or visit our website: https://weisslawllp.com/spwh/  

     

    Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/shareholder-alert-weisslaw-llp-reminds-bpfh-wdr-hmsy-and-spwh-shareholders-about-its-ongoing-investigations-301235011.html

    SOURCE WeissLaw LLP

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    News

    KL Acquisition Corp Announces Separate Trading of its Class A Common Stock and Warrants, Commencing March 1, 2021

    gbafNews28

    NEW YORK, Feb. 24, 2021 /PRNewswire/ — KL Acquisition Corp (Nasdaq: KLAQU) (the “Company”) announced today that, commencing March 1, 2021, holders of the 28,750,000 units sold in the Company's initial public offering may elect to separately trade shares of the Company's Class A common stock and warrants included in the units. Class A common stock and warrants that are separated will trade on The Nasdaq Capital Market under the symbol “KLAQ” and “KLAQW”, respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Those units not separated will continue to trade on The Nasdaq Capital Markets under the symbol “KLAQU.” Holders of units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company's transfer agent, in order to separate the units into shares of Class A common stock and warrants.

    A registration statement relating to these securities has been filed with the Securities and Exchange Commission (“SEC”) and declared effective on January 7, 2021.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    The Company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.  While the Company may pursue an initial business combination target in any business or industry, it intends to focus its search on companies in the healthcare or healthcare-related sectors. The Company is led by Chief Executive Officer and Chairman of the Board of Directors, Doug Logigian. The sponsor of the Company is KL Sponsor LLC, an affiliate of Kennedy Lewis Management LP, a leading alternative asset manager with significant investment experience and dedicated healthcare expertise with a focus on life sciences.

    FORWARD-LOOKING STATEMENTS

    This press release contains statements that constitute “forward-looking statements.” Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and final prospectus for the offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.  

    CONTACT
    Doug Logigian
    Chief Executive Officer
    KL Acquisition Corp
    Tel: (212) 782-3480
    Email: [email protected]

     

    Cision View original content:http://www.prnewswire.com/news-releases/kl-acquisition-corp-announces-separate-trading-of-its-class-a-common-stock-and-warrants-commencing-march-1-2021-301234876.html

    SOURCE Kennedy Lewis

    Continue Reading
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