News
Solar Micro-Inverter Market: Rapidly replacing the conventional central inverter, to register a CAGR of 17.3% during 2019-2025

NEW YORK, May 20, 2019 — The global solar micro-inverter market is expected to witness a CAGR of 17.3% from 2019 to 2025 to reach USD 5,612 Million by the year 2025. Increasing demand for building-integrated photovoltaics is expected to drive the market growth over the forecast period. Moreover, governments across the globe supporting the adoption of solar technology are anticipated to propel the market growth in the coming years. Additionally, increasing investments in renewable energy is likely to propel the market growth.
As opposed to a conventional string inverter connected to a series of solar panels, a micro-inverter is attached to individual solar panels. The resultant combined electric current is alternating in nature and is used to power home appliances or supplying electricity to utilities. Solar micro-inverters have several advantages over the conventional string inverter, aiding in the rapid growth of the market during 2015-2018. Series-connected string solar panel system produces high DC voltage which can create high temperature arcing and fire, this danger is minimized considerably by micro-inverters. Moreover, high voltage DC requires high-cost protective switches and fuses, this has eliminated using AC (micro-inverter). Furthermore, damage/shading of one solar panel negatively affects the output of string connected solar panels. Solar micro-inverters separate the output of each solar panel, monitoring each panel individually and retaining individual characteristics, giving optimum performance. Additionally, conventional inverters can add specific number of solar panels, however, solar panels with micro-inverters can be added with ease. Numerous advantages over the conventional technology is anticipated to drive the market growth over the forecast period.
Key findings from the report:
- The global solar micro-inverter market is expected to witness a CAGR of 17.3% from 2019 to 2025 to reach USD 5,612 million by the year 2025
- By type, single phase segment expected to generate the highest revenue during 2019-2025
- By component, hardware segment held the major share of the market during 2015-2018
- By communication channel, wired segment held the major share of the market during 2015-2018
- By application, residential segment is expected to experience the fastest growth during the forecast period
- North America held the major share of the market in the year 2018
- Asia-Pacific is likely to experience the fastest growth during the forecast period
- Some of the key companies operating in the market includes Enphase Energy, Inc., ABB, Huawei Technologies Co., Ltd., Sungrow Power Supply Co., Ltd., Solar Technology AG, Siemens Industry, Inc., General Electric, Schneider Electric, Sineng, and TMEIC among others.
Residential Segment: fastest CAGR from 2019 to 2025
By application, the residential segment is anticipated to experience the fastest CAGR over the forecast period. This can be attributed to high per capita income of the demographic in developed countries like North America and Europe. Moreover, supportive policy framework and financial incentives by the governments are expected to drive the growth of this segment in the coming years. Additionally, the move towards a greener economy and rise in awareness about the harmful repercussions of conventional sources of energy, is likely to aid the adoption of this segment among future residents.
Browse full research report with TOC on Global Solar Micro-Inverter Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2019-2025″ at: https://www.energiasmarketresearch.com/global-solar-micro-inverter-market-report/
To purchase report: [email protected]
Solar Micro-Inverter – Regional insight
Asia-Pacific is expected to experience substantial growth, thereby registering the fastest CAGR over the forecast period. China is likely to lead the regional market, owing to the rapid increase in ground-mounted, building-integrated and floating solar PV installations during 2015 to 2018. Moreover, support from governments in the form of feed-in-tariffs, tenders, among other financial incentives is likely to propel the market growth over the forecast period. Australia, Japan and India are also expected to experience a fast CAGR over the forecast period.
The report segments solar micro-inverter market based on type, connectivity, components, distribution channel, communication channel, application, and region
By Type
- Single Phase
- Three Phase
By Connectivity
- Standalone
- On-Grid
By Components
- Hardware
- Software
By Distribution Channel
- Retailer
- Operator channel
- e-Commerce
By Communication Channel
- Wired
- Wireless
By Application
- Residential
- Commercial
- Utility
By Region
- North America
- Europe
- Asia-Pacific (APAC)
- Rest of the World (RoW)
About Energias Market Research Pvt. Ltd. –
Energias Market Research launched with the objective to provide in-depth market analysis, business research solutions, and consultation that is tailored to our clients’ specific needs based on our impeccable research methodology.
With a wide range of expertise from various industrial sectors and more than 50 industries that include energy, chemical and materials, information communication technology, semiconductor industries, healthcare and daily consumer goods, etc. We strive to provide our clients with a one-stop solution for all research and consulting needs.
Our comprehensive industry-specific knowledge enables us in creating high quality global research outputs. This wide-range capability differentiates us from our competitors.
Contact:
Mr. Alan Andrews
Business Development Manager
For any queries email us: [email protected]
To purchase report: [email protected]
Call us: +1-716-239-4915
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News
Redfin Reports Fourth Quarter and Full Year 2020 Financial Results

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.
(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 |
(242) |
— |
— |
— |
|||||||||||
Net income (loss) attributable to common |
$ |
12,153 |
$ |
(7,783) |
$ |
(22,981) |
$ |
(80,805) |
|||||||
Net income (loss) per share attributable to |
$ |
0.12 |
$ |
(0.08) |
$ |
(0.23) |
$ |
(0.88) |
|||||||
Weighted average shares of common stock— |
102,176,459 |
92,486,944 |
98,574,529 |
91,583,533 |
|||||||||||
Net income (loss) per share attributable to |
0.11 |
(0.08) |
(0.23) |
(0.88) |
|||||||||||
Weighted average shares of common stock— |
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 |
(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; |
39,823 |
— |
|||||
Stockholders' equity |
|||||||
Common stock—par value $0.001 per share; 500,000,000 shares authorized; 103,000,594 and |
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 |
Sep. 30 |
Jun. 30, |
Mar. 31, |
Dec. 31, |
Sep. 30, |
Jun. 30, |
Mar. 31, |
Dec. 31, |
|||||||||||||||||||||||||||
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 |
$ |
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 |
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 |
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SOURCE Redfin
News
SHAREHOLDER ALERT: WeissLaw LLP Reminds BPFH, WDR, HMSY, and SPWH Shareholders About Its Ongoing Investigations

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

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]
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