Redfin (RDFN) 10-Q 4 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Jul. 28, 2022
Cover [Abstract]
Document Type		10-Q
Document Quarterly Report	true	true
Document Period End Date		Jun. 30, 2022
Document Transition Report	false	false
Entity File Number		001-38160
Entity Registrant Name		Redfin Corporation
Entity Incorporation, State or Country Code		DE
Entity Tax Identification Number		74-3064240
Entity Address, Address Line One		1099 Stewart Street
Entity Address, Address Line Two		Suite 600
Entity Address, City or Town		Seattle
Entity Address, State or Province		WA
Entity Address, Postal Zip Code		98101
City Area Code		(206)
Local Phone Number		576-8333
Title of 12(b) Security		Common Stock, $0.001 par value per share
Trading Symbol		RDFN
Security Exchange Name		NASDAQ
Entity Current Reporting Status		Yes
Entity Interactive Data Current		Yes
Entity Filer Category		Large Accelerated Filer
Entity Small Business		false
Entity Emerging Growth Company		false
Entity Shell Company		false
Entity Common Stock, Shares Outstanding			108,454,765
Entity Central Index Key		0001382821
Current Fiscal Year End Date		--12-31
Document Fiscal Year Focus		2022
Document Fiscal Period Focus		Q2
Amendment Flag		false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 379,922	$ 591,003
Restricted cash	28,279	127,278
Short-term investments	82,506	33,737
Accounts receivable, net of allowances for credit losses of $1,655 and $1,298	86,082	69,594
Inventory	377,518	358,221
Loans held for sale	306,364	35,759
Prepaid expenses	30,775	22,948
Other current assets	18,378	7,524
Total current assets	1,309,824	1,246,064
Property and equipment, net	59,709	58,671
Right-of-use assets, net	54,321	54,200
Mortgage servicing rights, at fair value	35,050	0
Long-term investments	52,989	54,828
Goodwill	461,349	409,382
Intangible assets, net	181,766	185,929
Other assets, noncurrent	12,720	12,898
Total assets	2,167,728	2,021,972
Current liabilities
Accounts payable	20,237	12,546
Accrued and other liabilities	161,803	118,122
Warehouse credit facilities	298,303	33,043
Secured revolving credit facility	156,540	199,781
Convertible senior notes, net	0	23,280
Lease liabilities	18,180	15,040
Total current liabilities	655,063	401,812
Lease liabilities, noncurrent	50,920	55,222
Convertible senior notes, net, noncurrent	1,239,873	1,214,017
Deferred tax liabilities	728	1,201
Total liabilities	1,946,584	1,672,252
Commitments and contingencies (Note 8)
Series A convertible preferred stock—par value $0.001 per share; 10,000,000 shares authorized; 40,000 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	39,891	39,868
Stockholders’ equity
Common stock—par value $0.001 per share; 500,000,000 shares authorized; 108,415,939 and 106,308,767 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	108	106
Additional paid-in capital	723,251	682,084
Accumulated other comprehensive loss	(990)	(174)
Accumulated deficit	(541,116)	(372,164)
Total stockholders’ equity	181,253	309,852
Total liabilities, mezzanine equity, and stockholders’ equity	$ 2,167,728	$ 2,021,972

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for credit loss	$ 1,655	$ 1,298
Temporary equity, par value (in dollars per share)	$ 0.001	$ 0.001
Temporary equity, shares authorized (in shares)	10,000,000	10,000,000
Temporary equity, shares issued (in shares)	40,000	40,000
Temporary equity, shares outstanding (in shares)	40,000	40,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	108,415,939	106,308,767
Common stock, outstanding (in shares)	108,415,939	106,308,767

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue	$ 606,915	$ 471,315	$ 1,204,261	$ 739,634
Cost of revenue	488,912	345,179	1,013,721	571,140
Gross profit	118,003	126,136	190,540	168,494
Operating expenses
Technology and development	51,506	41,488	101,146	69,166
Marketing	56,743	55,398	100,085	67,200
General and administrative	71,733	59,567	130,699	96,957
Restructuring and reorganization	12,677	0	18,386	0
Total operating expenses	192,659	156,453	350,316	233,323
Loss from operations	(74,656)	(30,317)	(159,776)	(64,829)
Interest income	554	135	774	293
Interest expense	(3,620)	(2,813)	(7,481)	(4,151)
Income tax (expense) benefit	(159)	5,052	(293)	5,052
Other (expense) income, net	(265)	65	(2,176)	(27)
Net loss	(78,146)	(27,878)	(168,952)	(63,662)
Dividends on convertible preferred stock	(350)	(1,878)	(1,144)	(4,214)
Net loss attributable to common stock - basic	(78,496)	(29,756)	(170,096)	(67,876)
Net loss attributable to common stock - diluted	$ (78,496)	$ (29,756)	$ (170,096)	$ (67,876)
Net loss per share attributable to common stock - diluted (in dollars per share)	$ (0.73)	$ (0.29)	$ (1.59)	$ (0.65)
Net loss per share attributable to common stock - basic (in dollars per share)	$ (0.73)	$ (0.29)	$ (1.59)	$ (0.65)
Weighted averages shares - diluted (in shares)	107,396,575	104,391,337	107,032,381	103,912,212
Weighted average shares - basic (in shares)	107,396,575	104,391,337	107,032,381	103,912,212
Other comprehensive income
Foreign currency translation adjustments	$ 34	$ 0	$ 38	$ 0
Unrealized gain on available-for-sale debt securities	217	84	778	134
Comprehensive loss	(77,895)	(27,794)	(168,136)	(63,528)
Service
Revenue	344,309	298,870	561,902	474,463
Cost of revenue	232,886	177,762	398,695	312,613
Product
Revenue	262,606	172,445	642,359	265,171
Cost of revenue	$ 256,026	$ 167,417	$ 615,026	$ 258,527

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating Activities
Net loss	$ (168,952)	$ (63,662)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	31,140	18,018
Stock-based compensation	33,601	26,327
Amortization of debt discount and issuance costs	2,899	2,203
Non-cash lease expense	7,096	5,448
Net loss on IRLCs, forward sales commitments, and loans held for sale	2,721	238
Other	3,170	169
Change in assets and liabilities:
Accounts receivable, net	(6,791)	(22,312)
Inventory	(19,297)	(199,845)
Prepaid expenses and other assets	(2,852)	(7,137)
Accounts payable	5,964	15,766
Accrued and other liabilities, deferred tax liabilities, and payroll tax liabilities, noncurrent	5,529	26,915
Lease liabilities	(8,042)	(6,144)
Origination of mortgage servicing rights	(964)	0
Change in fair value of mortgage servicing rights, net	(878)	0
Proceeds from sale of mortgage servicing rights	774	0
Origination of loans held for sale	(1,641,377)	(488,274)
Proceeds from sale of loans originated as held for sale	1,587,759	478,652
Net cash used in operating activities	(168,500)	(213,638)
Investing activities
Purchases of property and equipment	(12,131)	(13,580)
Purchases of investments	(82,184)	(104,877)
Sales of investments	12,946	89,536
Maturities of investments	19,425	92,843
Cash paid for acquisition, net of cash acquired	(97,341)	(608,000)
Net cash used in investing activities	(159,285)	(544,078)
Financing activities
Proceeds from the issuance of common stock pursuant to employee equity plans	9,258	12,496
Tax payments related to net share settlements on restricted stock units	(3,743)	(16,530)
Borrowings from warehouse credit facilities	1,628,684	464,250
Repayments to warehouse credit facilities	(1,572,033)	(456,854)
Borrowings from secured revolving credit facility	326,025	230,608
Repayments to secured revolving credit facility	(369,266)	(130,788)
Proceeds from issuance of convertible senior notes, net of issuance costs	0	561,529
Purchases of capped calls related to convertible senior notes	0	(62,647)
Payments for repurchases and conversions of convertible senior notes	0	(1,925)
Other financing payables	0	97
Principal payments under finance lease obligations	(414)	(353)
Cash paid for secured revolving credit facility issuance costs	(764)	(305)
Net cash provided by financing activities	17,747	599,578
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(42)	0
Net change in cash, cash equivalents, and restricted cash	(310,080)	(158,138)
Cash, cash equivalents, and restricted cash:
Beginning of period	718,281	945,820
End of period	408,201	787,682
Supplemental disclosure of cash flow information
Cash paid for interest	6,581	2,038
Non-cash transactions
Stock-based compensation capitalized in property and equipment	2,053	1,717
Property and equipment additions in accounts payable and accrued liabilities	69	1,013
Leasehold improvements paid directly by lessor	$ 77	$ 1,334

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Cash, Cash Equivalents, and Restricted Cash
Cash and cash equivalents	$ 379,922	$ 591,003	$ 735,387
Restricted cash	28,279	127,278	52,295
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 408,201	$ 718,281	$ 787,682	$ 945,820

Consolidated Statements of Chan

Consolidated Statements of Changes in Mezzanine Equity and Stockholders’ Equity - USD ($) $ in Thousands	Total	Revision of Prior Period, Accounting Standards Update, Adjustment	Series A Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Revision of Prior Period, Accounting Standards Update, Adjustment	Accumulated Deficit	Accumulated Deficit Revision of Prior Period, Accounting Standards Update, Adjustment	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2020				103,000,594
Beginning balance at Dec. 31, 2020	$ 590,557	$ (162,478)		$ 103	$ 860,556	$ (170,240)	$ (270,313)	$ 7,762	$ 211
Increase (Decrease) in Stockholders' Equity
Common stock dividends (in shares)				61,280
Issuance of common stock pursuant to employee stock purchase program (in shares)				135,426
Issuance of common stock pursuant to employee stock purchase program	7,299				7,299
Issuance of common stock pursuant to exercise of stock options (in shares)				1,089,203
Stock issued during period, value, stock options exercised (in shares)	5,200			$ 1	5,199
Issuance of common stock pursuant to settlement of restricted stock units (in shares)				738,095
Issuance of common stock pursuant to settlement of restricted stock units	0			$ 1	(1)
Common stock surrendered for employees' tax liability upon settlement of restricted stock units (in shares)				(224,107)
Common stock surrendered for employees' tax liability upon settlement of restricted stock units	(16,530)				(16,530)
Purchases of capped calls related to convertible senior notes	(62,647)				(62,647)
Issuance of common stock in connection with conversion of convertible senior notes (in shares)				37,604
Issuance of common stock in connection with conversion of convertible senior notes	(53)				(53)
Stock-based compensation	28,044				28,044
Other comprehensive loss	(134)								(134)
Net loss	(63,662)						(63,662)
Ending balance (in shares) at Jun. 30, 2021				104,838,095
Ending balance at Jun. 30, 2021	325,596			$ 105	651,627		(326,213)		77
Beginning balance (in shares) at Dec. 31, 2020			40,000
Beginning balance at Dec. 31, 2020			$ 39,823
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of convertible preferred stock, net			$ 23
Ending balance (in shares) at Jun. 30, 2021			40,000
Ending balance at Jun. 30, 2021			$ 39,846
Beginning balance (in shares) at Mar. 31, 2021				103,983,585
Beginning balance at Mar. 31, 2021	343,632			$ 104	641,702		(298,335)		161
Increase (Decrease) in Stockholders' Equity
Common stock dividends (in shares)				30,640
Issuance of common stock pursuant to employee stock purchase program (in shares)				135,426
Issuance of common stock pursuant to employee stock purchase program	7,299				7,299
Issuance of common stock pursuant to exercise of stock options (in shares)				419,153
Stock issued during period, value, stock options exercised (in shares)	1,737			$ 1	1,736
Issuance of common stock pursuant to settlement of restricted stock units (in shares)				377,744
Issuance of common stock pursuant to settlement of restricted stock units	0
Common stock surrendered for employees' tax liability upon settlement of restricted stock units (in shares)				(109,077)
Common stock surrendered for employees' tax liability upon settlement of restricted stock units	(5,670)				(5,670)
Purchases of capped calls related to convertible senior notes	(8,168)				(8,168)
Issuance of common stock in connection with conversion of convertible senior notes (in shares)				624
Issuance of common stock in connection with conversion of convertible senior notes	(1)				(1)
Stock-based compensation	14,729				14,729
Other comprehensive loss	(84)								(84)
Net loss	(27,878)						(27,878)
Ending balance (in shares) at Jun. 30, 2021				104,838,095
Ending balance at Jun. 30, 2021	$ 325,596			$ 105	651,627		(326,213)		77
Beginning balance (in shares) at Mar. 31, 2021			40,000
Beginning balance at Mar. 31, 2021			$ 39,834
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of convertible preferred stock, net			$ 12
Ending balance (in shares) at Jun. 30, 2021			40,000
Ending balance at Jun. 30, 2021			$ 39,846
Beginning balance (in shares) at Dec. 31, 2021	106,308,767			106,308,767
Beginning balance at Dec. 31, 2021	$ 309,852			$ 106	682,084		(372,164)		(174)
Increase (Decrease) in Stockholders' Equity
Common stock dividends (in shares)				61,280
Issuance of common stock pursuant to employee stock purchase program (in shares)				661,054
Issuance of common stock pursuant to employee stock purchase program	$ 4,630			$ 1	4,629
Issuance of common stock pursuant to exercise of stock options (in shares)	645,120			645,120
Stock issued during period, value, stock options exercised (in shares)	$ 4,628			$ 0	4,628
Issuance of common stock pursuant to settlement of restricted stock units (in shares)				1,056,468
Issuance of common stock pursuant to settlement of restricted stock units	0			$ 1	(1)
Common stock surrendered for employees' tax liability upon settlement of restricted stock units (in shares)				(316,750)
Common stock surrendered for employees' tax liability upon settlement of restricted stock units	(3,743)				(3,743)
Stock-based compensation	35,654				35,654
Other comprehensive loss	(816)								(816)
Net loss	$ (168,952)						(168,952)
Ending balance (in shares) at Jun. 30, 2022	108,415,939			108,415,939
Ending balance at Jun. 30, 2022	$ 181,253			$ 108	723,251		(541,116)		(990)
Beginning balance (in shares) at Dec. 31, 2021	40,000		40,000
Beginning balance at Dec. 31, 2021	$ 39,868		$ 39,868
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of convertible preferred stock, net			$ 23
Ending balance (in shares) at Jun. 30, 2022	40,000		40,000
Ending balance at Jun. 30, 2022	$ 39,891		$ 39,891
Beginning balance (in shares) at Mar. 31, 2022				107,025,691
Beginning balance at Mar. 31, 2022	235,623			$ 107	699,225		(462,970)		(739)
Increase (Decrease) in Stockholders' Equity
Common stock dividends (in shares)				30,640
Issuance of common stock pursuant to employee stock purchase program (in shares)				661,054
Issuance of common stock pursuant to employee stock purchase program	4,630			$ 1	4,629
Issuance of common stock pursuant to exercise of stock options (in shares)				436,621
Stock issued during period, value, stock options exercised (in shares)	2,813			$ 0	2,813
Issuance of common stock pursuant to settlement of restricted stock units (in shares)				372,111
Common stock surrendered for employees' tax liability upon settlement of restricted stock units (in shares)				(110,178)
Common stock surrendered for employees' tax liability upon settlement of restricted stock units	(1,148)
Stock-based compensation	17,732				17,732
Other comprehensive loss	(251)								(251)
Net loss	$ (78,146)						(78,146)
Ending balance (in shares) at Jun. 30, 2022	108,415,939			108,415,939
Ending balance at Jun. 30, 2022	$ 181,253			$ 108	$ 723,251		$ (541,116)		$ (990)
Beginning balance (in shares) at Mar. 31, 2022			40,000
Beginning balance at Mar. 31, 2022			$ 39,879
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of convertible preferred stock, net	$ 0		$ 12
Ending balance (in shares) at Jun. 30, 2022	40,000		40,000
Ending balance at Jun. 30, 2022	$ 39,891		$ 39,891

Summary of Accounting Policies

Summary of Accounting Policies	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Accounting Policies	Summary of Accounting Policies Basis of Presentation —The consolidated financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The financial information as of December 31, 2021 that is included in this quarterly report is derived from the audited consolidated financial statements and notes for the year ended December 31, 2021 included in Item 8 in our annual report for the year ended December 31, 2021. Such financial information should be read in conjunction with the notes and management’s discussion and analysis of the consolidated financial statements included in our annual report. The unaudited consolidated interim financial statements, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our financial position as of June 30, 2022, our statements of comprehensive loss, and statements of changes in mezzanine equity and stockholders’ equity for the three and six months ended June 30, 2022 and 2021, as well as our statements of cash flows for the six months ended June 30, 2022 and 2021. The results for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any interim period or for any other future year. Principles of Consolidation —The unaudited consolidated interim financial statements include the accounts of Redfin Corporation and its wholly owned subsidiaries, including those entities in which we have a variable interest and of which we are the primary beneficiary. Intercompany transactions and balances have been eliminated. Use of Estimates —The preparation of consolidated financial statements, in conformity with GAAP, requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and results of operations during the respective periods. Our estimates include, but are not limited to, valuation of deferred income taxes, stock-based compensation, net realizable value of inventory, capitalization of website and software development costs, the incremental borrowing rate for the determination of the present value of lease payments, recoverability of intangible assets with finite lives, fair value of our mortgage loans held for sale (“LHFS”) and mortgage servicing rights, estimated useful life of intangible assets, fair value of reporting units for purposes of allocating and evaluating goodwill for impairment, and current expected credit losses on certain financial assets. The amounts ultimately realized from the affected assets or ultimately recognized as liabilities will depend on, among other factors, general business conditions and could differ materially in the near term from the carrying amounts reflected in the consolidated financial statements. Restructuring and Reorganization —Restructuring and reorganization expenses primarily consist of employee termination costs (including severance, retention, benefits, and payroll taxes) associated with the restructuring and reorganization activities from our acquisitions of Bay Equity, our mortgage business, and Rent., our rental business, and from our June 2022 workforce reduction. These expenses are included in restructuring and reorganization in our consolidated statements of comprehensive loss and in accrued and other liabilities in our consolidated balance sheets. We expect to complete our restructuring and reorganization activities by the end of 2022. Mortgage Servicing Rights (“MSRs”) —We determine the fair value of MSRs using a valuation model that calculates the net present value of estimated future cash flows. Key estimates of future cash flows include prepayment speeds, default rates, discount rates, cost of servicing, objective portfolio characteristics, and others factors. Changes in these estimates could materially change the estimated fair value. Recently Adopted Accounting Pronouncements —On October 28, 2021, the Financial Accounting Standards Board issued ASU 2021-08— Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which amends ASC 805 to “require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination.” Under current GAAP, an acquirer generally recognizes such items at fair value on the acquisition date. As a result of the amendments made by ASU 2021-08, it is expected that an acquirer will generally recognize and measure acquired contract assets and contract liabilities in a manner consistent with how the acquiree recognized and measured them in its pre-acquisition financial statements. The amendments made by ASU 2021-08 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including in interim periods, for any financial statements that have not yet been issued. We elected to early adopt this standard in the second quarter of 2022, and there was not any material impact on our financial statements as a result of adopting ASU 2021-08. Recently Issued Accounting Pronouncements —None applicable.

Business Combinations

Business Combinations	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Business Combinations	Business Combinations On April 1, 2022, we acquired, for $139,671 in cash, all of the equity interests of Bay Equity LLC (“Bay Equity”), and Bay Equity became one of our wholly owned subsidiaries. We acquired Bay Equity to expand our mortgage business. The results of operations and the fair values of the assets acquired and liabilities assumed have been included in our consolidated financial statements since the date of acquisition. The revenue from Bay Equity is reported in our mortgage segment in Note 3. The goodwill recognized in connection with our acquisition of Bay Equity is primarily attributable to the anticipated synergies from future growth of the combined business and is not expected to be deductible for tax purposes. We assigned the recognized goodwill of $51,967 to the mortgage segment. The following table summarizes the preliminary fair value of assets acquired and liabilities assumed as a result of the Bay Equity acquisition and is subject to revision as more detailed analyses are completed and additional information about the fair value of assets acquired and liabilities assumed becomes available: Cash and cash equivalents $ 39,963 Restricted cash 2,367 Accounts receivable 9,697 Prepaid expenses 1,222 Other current assets 19,262 Property and equipment, net 897 Operating lease right-of-use assets 4,995 Loans held for sale 213,891 Mortgage servicing rights, at fair value 33,982 Other assets, noncurrent 294 Intangible assets 14,510 Goodwill 51,967 Total assets acquired 393,047 Accounts payable 1,747 Accrued and other liabilities 38,026 Lease liabilities 2,848 Lease liabilities and deposits, noncurrent 2,147 Warehouse credit facilities 208,608 Total liabilities assumed 253,376 Total purchase consideration $ 139,671 Acquisition-related costs consisted of external fees for advisory, legal, and other professional services and totaled approximately $1,507 and $2,424 for the three and six months ended June 30, 2022, respectively. These costs were expensed as incurred and recorded in general and administrative costs in our consolidated statements of comprehensive loss. Identifiable Intangible Assets —The following table provides the preliminary fair values of the Bay Equity intangible assets, along with their estimated useful lives: Estimated Fair Value Estimated Useful Life (in years) Trade names $ 11,650 5 Developed technology 2,860 3 Total $ 14,510 The identifiable intangible assets include trade names and developed technology. Trade names primarily relate to the Bay Equity brand. Developed technology primarily relates to website functionality around data consolidation and optimization which helps drive efficiencies in loan origination and processing. The fair values of trade names and developed technology are derived by applying the relief from royalty method and replacement cost method, respectively. Critical estimates in valuing the intangible assets include revenue growth rate, royalty rate, discount rate, and number of months to recreate the underlying application. Unaudited Pro Forma Financial Information —The following table presents unaudited pro forma financial information for the three and six months ended June 30, 2022 and 2021. The pro forma financial information combines our results of operations with that of Bay Equity as though the companies had been combined as of January 1, 2021. The pro forma information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the Bay Equity acquisition had taken place at such time. The pro forma financial information presented below includes adjustments for depreciation and amortization, restructuring costs, and transaction costs: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Revenue $ 606,915 $ 560,241 $ 1,260,129 $ 941,990 Net loss (78,967) (14,538) (165,561) (32,785) There were no material non-recurring adjustments made in the pro forma financial information disclosed above.

Segment Reporting and Revenue

Segment Reporting and Revenue	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Segment Reporting and Revenue	Segment Reporting and Revenue In its operation of our business, our management, including our chief operating decision maker ("CODM"), who is also our chief executive officer, evaluates the performance of our operating segments based on our statement of operations results, inclusive of net loss. We do not analyze discrete segment balance sheet information related to long-term assets, substantially all of which are located in the United States. We have six operating segments and four reportable segments, real estate services, properties, rentals, and mortgage. We generate revenue primarily from commissions and fees charged on each real estate services transaction closed by our lead agents or partner agents, from the sale of RedfinNow homes, from subscription-based product offerings for our rentals business, and from the origination, sales, and servicing of mortgages. Our key revenue components are brokerage revenue, partner revenue, properties revenue, rentals revenue, mortgage revenue, and other revenue. Information on each of the reportable and other segments and reconciliation to consolidated net loss is presented in the table below. We have assigned certain previously reported expenses to each segment to conform to the way we internally manage and monitor our business. We allocated indirect costs to each segment based on a reasonable allocation methodology, when such costs are significant to the performance measures of the segments. Three Months Ended June 30, 2022 Real estate services Properties Rentals Mortgage Other Corporate Overhead and Intercompany Eliminations Total Revenue $ 251,809 $ 262,606 $ 38,248 $ 53,098 $ 5,894 $ (4,740) $ 606,915 Cost of revenue 177,698 255,839 7,901 46,316 5,898 (4,740) 488,912 Gross profit 74,111 6,767 30,347 6,782 (4) — 118,003 Operating expenses Technology and development 27,696 4,684 14,871 1,904 1,189 1,162 51,506 Marketing 40,765 821 13,086 1,843 71 157 56,743 General and administrative 24,341 3,210 21,824 9,450 850 12,058 71,733 Restructuring and reorganization — — — — — 12,677 12,677 Total operating expenses 92,802 8,715 49,781 13,197 2,110 26,054 192,659 Loss from operations (18,691) (1,948) (19,434) (6,415) (2,114) (26,054) (74,656) Interest income, interest expense, income tax expense, and other expense, net (123) (1,245) 232 (35) 11 (2,330) (3,490) Net loss $ (18,814) $ (3,193) $ (19,202) $ (6,450) $ (2,103) $ (28,384) $ (78,146) Three Months Ended June 30, 2021 Real estate services Properties Rentals Mortgage Other Corporate Overhead and Intercompany Eliminations Total Revenue $ 252,199 $ 172,445 $ 42,548 $ 5,099 $ 3,422 $ (4,398) $ 471,315 Cost of revenue 164,125 167,420 7,570 6,832 3,630 (4,398) 345,179 Gross profit 88,074 5,025 34,978 (1,733) (208) — 126,136 Operating expenses Technology and development 20,010 3,080 13,568 2,536 479 1,815 41,488 Marketing 41,746 572 12,607 130 30 313 55,398 General and administrative 18,498 2,078 23,116 1,927 416 13,532 59,567 Total operating expenses 80,254 5,730 49,291 4,593 925 15,660 156,453 Income (loss) from operations 7,820 (705) (14,313) (6,326) (1,133) (15,660) (30,317) Interest income, interest expense, income tax expense, and other expense, net (3) (662) 212 1 1 2,890 2,439 Net income (loss) $ 7,817 $ (1,367) $ (14,101) $ (6,325) $ (1,132) $ (12,770) $ (27,878) Six Months Ended June 30, 2022 Real estate services Properties Rentals Mortgage Other Corporate Overhead and Intercompany Eliminations Total Revenue $ 429,295 $ 642,359 $ 76,292 $ 56,015 $ 10,263 $ (9,963) $ 1,204,261 Cost of revenue 331,482 614,704 15,094 51,834 10,570 (9,963) 1,013,721 Gross profit 97,813 27,655 61,198 4,181 (307) — 190,540 Operating expenses Technology and development 54,435 8,803 29,154 4,251 2,225 2,278 101,146 Marketing 71,608 1,974 24,128 1,871 125 379 100,085 General and administrative 47,333 6,035 46,015 10,974 1,562 18,780 130,699 Restructuring and reorganization — — — — — 18,386 18,386 Total operating expenses 173,376 16,812 99,297 17,096 3,912 39,823 350,316 (Loss) income from operations (75,563) 10,843 (38,099) (12,915) (4,219) (39,823) (159,776) Interest income, interest expense, income tax expense, and other expense, net (123) (2,869) 701 (35) 12 (6,862) (9,176) Net (loss) income $ (75,686) $ 7,974 $ (37,398) $ (12,950) $ (4,207) $ (46,685) $ (168,952) Six Months Ended June 30, 2021 Real estate services Properties Rentals Mortgage Other Corporate Overhead and Intercompany Eliminations Total Revenue $ 420,808 $ 265,171 $ 42,548 $ 10,810 $ 7,068 $ (6,771) $ 739,634 Cost of revenue 292,342 258,551 7,570 12,701 6,747 (6,771) 571,140 Gross profit 128,466 6,620 34,978 (1,891) 321 — 168,494 Operating expenses Technology and development 40,130 5,910 13,767 4,904 952 3,503 69,166 Marketing 52,928 779 12,611 264 63 555 67,200 General and administrative 42,429 4,507 23,149 3,352 933 22,587 96,957 Total operating expenses 135,487 11,196 49,527 8,520 1,948 26,645 233,323 Loss from operations (7,021) (4,576) (14,549) (10,411) (1,627) (26,645) (64,829) Interest income, interest expense, income tax expense, and other expense, net (31) (1,082) 212 2 1 2,065 1,167 Net loss $ (7,052) $ (5,658) $ (14,337) $ (10,409) $ (1,626) $ (24,580) $ (63,662)

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Financial Instruments	Financial Instruments Derivatives Our primary market exposure is to interest rate risk, specifically U.S. treasury and mortgage interest rates, due to their impact on mortgage-related assets and commitments. We use forward sales commitments on whole loans and mortgage-backed securities to manage and reduce this risk. We do not have any derivative instruments designated as hedging instruments. Forward Sales Commitments —We are exposed to interest rate and price risk on loans held for sale from the funding date until the date the loan is sold. Forward sales commitments on whole loans and mortgage-backed securities are used to fix the forward sales price that will be realized at the sale of each loan. Interest Rate Lock Commitments —Interest rate lock commitments ("IRLCs") represent an agreement to extend credit to a mortgage loan applicant. We commit (subject to loan approval) to fund the loan at the specified rate, regardless of changes in market interest rates between the commitment date and the funding date. Outstanding IRLCs are subject to interest rate risk and related price risk during the period from the date of commitment through the loan funding date or expiration date. Loan commitments generally range between 30 and 90 days and the borrower is not obligated to obtain the loan. Therefore, IRLCs are subject to fallout risk, which occurs when approved borrowers choose not to close on the underlying loans. We review our commitment-to-closing ratio ("pull-through rate") as part of an estimate of the number of mortgage loans that will fund according to the IRLCs. Notional Amounts June 30, 2022 December 31, 2021 Forward sales commitments $ 633,188 $ 70,550 IRLCs 594,111 67,485 The locations and amounts of gains (losses) recognized in income related to our derivatives are as follows: Three Months Ended June 30, Six Months Ended June 30, Instrument Classification 2022 2021 2022 2021 Forward sales commitments Service revenue $ (9,870) $ (1,849) $ (9,845) $ 79 IRLCs Service revenue 4,054 35 4,029 201 Fair Value of Financial Instruments A summary of assets and liabilities related to our financial instruments, measured at fair value on a recurring basis and as reflected in our consolidated balance sheets, is set forth below: Balance at June 30, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Cash equivalents Money market funds $ 302,480 $ 302,480 $ — $ — Agency bonds 7,589 7,589 — — Total cash equivalents 310,069 310,069 — — Short-term investments U.S. treasury securities 71,014 71,014 — — Agency bonds 11,492 11,492 — — Total short-term investments 82,506 82,506 — — Loans held for sale 306,364 — 306,364 — Other current assets Forward sales commitments 3,462 — 3,462 — IRLCs 10,821 — — 10,821 Total other current assets 14,283 — 3,462 10,821 Mortgage servicing rights, at fair value 35,050 — — 35,050 Long-term investments U.S. treasury securities 52,989 52,989 — — Total assets $ 801,261 $ 445,564 $ 309,826 $ 45,871 Liabilities Accrued liabilities Forward sales commitments $ 2,175 $ — $ 2,175 $ — IRLCs 1,310 — — 1,310 Total liabilities $ 3,485 $ — $ 2,175 $ 1,310 Balance at December 31, 2021 Quoted Prices in Active Markets for Identical Assets Significant Significant Assets Cash equivalents Money market funds $ 509,971 $ 509,971 $ — $ — Total cash equivalents 509,971 509,971 — — Short-term investments U.S. treasury securities 16,718 16,718 — — Agency bonds 11,906 11,906 — — Equity securities 5,113 5,113 — — Loans held for sale 35,759 — 35,759 — Other current assets Forward sales commitments 138 — 138 — IRLCs 1,191 — — 1,191 Total other current assets 1,329 — 138 1,191 Long-term investments U.S. treasury securities 54,828 54,828 — — Total assets $ 635,624 $ 598,536 $ 35,897 $ 1,191 Liabilities Accrued liabilities Forward sales commitments $ 93 $ — $ 93 $ — IRLCs 60 — — 60 Total liabilities $ 153 $ — $ 93 $ 60 There were no transfers into or out of Level 3 financial instruments during the periods presented. The significant unobservable inputs used to determine the fair value of IRLCs and MSRs that could result in a significant change in fair value measurement were as follows: Key Inputs Valuation Technique June 30, 2022 December 31, 2021 Range Weighted-Average Range Weighted-Average IRLCs Pull-through rate Market pricing 69.9% - 100.0% 89.4% 71.1% 71.1% MSRs Prepayment speed Discounted cash flow 6.0% - 15.4% 6.6% N/A N/A Default rates Discounted cash flow 0.0% - 0.5% 0.1% N/A N/A Discount rate Discounted cash flow 9.0% - 11.8% 9.1% N/A N/A The following is a summary of changes in the fair value of IRLCs for the three and six months ended June 30, 2022: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Balance, net—beginning of period $ 243 $ 1,771 $ 1,155 $ 1,771 IRLCs acquired in business combination 4,326 — 4,326 — Issuances of IRLCs 18,017 5,170 20,300 10,674 Settlements of IRLCs (14,099) (5,569) (17,268) (10,708) Fair value changes recognized in earnings 1,024 600 998 235 Balance, net—end of period $ 9,511 $ 1,972 $ 9,511 $ 1,972 The following is a summary of changes in the fair value of MSRs for the three and six months ended June 30, 2022 and 2021: Three and Six Months Ended June 30, 2022 2021 Balance—beginning of period $ — $ — MSRs acquired in business combination 33,982 — MSRs originated 964 — MSRs sales (774) — Fair value changes recognized in earnings 878 — Balance, net—end of period $ 35,050 $ — The following table presents the carrying amounts and estimated fair values of our convertible senior notes that are not recorded at fair value on our consolidated balance sheets: June 30, 2022 December 31, 2021 Issuance Net Carrying Amount Estimated Fair Value Net Carrying Amount Estimated Fair Value 2023 notes $ 23,355 $ 21,264 $ 23,280 $ 34,487 2025 notes 652,164 386,534 650,783 593,366 2027 notes 564,354 268,962 563,234 467,814 The difference between the principal amounts of our 2023 notes, our 2025 notes, and our 2027 notes, which were $23,512, $661,250, and $575,000, respectively, and the net carrying amounts of the notes represents the unamortized debt issuance costs. The estimated fair value of each tranche of convertible senior notes is based on the closing trading price of the notes on the last day of trading for the period, and is classified as Level 2 within the fair value hierarchy due to the limited trading activity of the notes. Based on the closing price of our common stock of $8.24 on June 30, 2022, the if-converted values of all three convertible notes were less than the principal amounts, respectively. See Note 15 for additional details on our convertible senior notes. See Note 11 for the carrying amount of our convertible preferred stock. Assets and liabilities recognized or disclosed at fair value on a nonrecurring basis include items such as property and equipment, goodwill and other intangible assets, and other assets. These assets are remeasured at fair value if determined to be impaired. The cost or amortized cost, gross unrealized gains and losses, and estimated fair market value of our cash, money market funds, restricted cash, available-for-sale investments, and equity securities were as follows: June 30, 2022 Cost or Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash, Cash Equivalents, and Restricted Cash Short-term Investments Long-term Investments Cash $ 69,853 $ — $ — $ 69,853 $ 69,853 $ — $ — Money markets funds 302,480 — — 302,480 302,480 — — Restricted cash 28,279 — — 28,279 28,279 — — U.S. treasury securities 124,973 30 (1,000) 124,003 — 71,014 52,989 Agency bonds 19,087 1 (7) 19,081 7,589 11,492 — Total $ 544,672 $ 31 $ (1,007) $ 543,696 $ 408,201 $ 82,506 $ 52,989 December 31, 2021 Cost or Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash, Cash Equivalents, and Restricted Cash Short-term Investments Long-term Investments Cash $ 81,032 $ — $ — $ 81,032 $ 81,032 $ — $ — Money markets funds 509,971 — — 509,971 509,971 — — Restricted cash 127,278 — — 127,278 127,278 — — U.S. treasury securities 71,749 1 (204) 71,546 — 16,718 54,828 Agency bonds 11,900 6 — 11,906 — 11,906 — Equity securities 500 4,613 — 5,113 — 5,113 — Total $ 802,430 $ 4,620 $ (204) $ 806,846 $ 718,281 $ 33,737 $ 54,828 We have evaluated our portfolio of available-for-sale debt securities based on credit quality indicators for expected credit losses and do not believe there are any expected credit losses. Our portfolio consists of U.S. government securities, all with a high quality credit rating issued by various credit agencies. As of June 30, 2022 and December 31, 2021, we had accrued interest of $171 and $86, respectively, on our available-for-sale investments, of which we have recorded no expected credit losses. Accrued interest receivable is recorded in other current assets in our consolidated balance sheets.

Inventory

Inventory	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Inventory	Inventory The components of inventory were as follows: June 30, 2022 December 31, 2021 Finished goods Properties for sale $ 98,020 $ 36,302 Properties under contract for sale 55,201 83,108 Work in progress Properties not available for sale 41,106 16,377 Properties under improvement 183,191 222,434 Inventory $ 377,518 $ 358,221 Inventory includes direct home purchase costs and any capitalized improvements, net of inventory reserves, which reflect the lower of cost or net realizable value write-downs applied on a specific home basis. As of June 30, 2022 and December 31, 2021, lower of cost or net realizable value write-downs were $4,739 and $2,364, respectively. These write-downs are included within the changes in inventory in net cash used in operating activities in our consolidated statements of cash flows. During the six months ended June 30, 2022, we purchased 1,045 homes with an inventory value of $540,882 and sold 1,040 homes with an inventory value of $515,067. During the six months ended June 30, 2021, we purchased 808 homes with an inventory value of $410,960 and sold 463 homes with an inventory value of $213,921. Homes that are under contract to purchase through our properties business, but that have not closed, are excluded from inventory and represent commitments at the end of the period. As of June 30, 2022, the aggregate purchase price of these homes was $138,271.

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment The components of property and equipment were as follows: Useful Lives (Years) June 30, 2022 December 31, 2021 Leasehold improvements Shorter of lease term or economic life $ 32,386 $ 33,455 Website and software development costs 2 - 3 56,670 50,439 Computer and office equipment 3 - 5 17,791 14,216 Software 3 1,871 1,871 Furniture 7 7,594 8,091 Property and equipment, gross 116,312 108,072 Accumulated depreciation and amortization (66,668) (59,766) Construction in progress 10,065 10,365 Property and equipment, net $ 59,709 $ 58,671 Depreciation and amortization expense for property and equipment amounted to $6,579 and $4,751 for the three months ended June 30, 2022 and 2021, respectively, and $12,466 and $8,970 for the six months ended June 30, 2022 and 2021, respectively. We capitalized website and software development costs, including stock-based compensation, of $4,896 and $5,045 for the three months ended June 30, 2022 and 2021, respectively, and $11,011 and $8,410 for the six months ended June 30, 2022 and 2021, respectively.

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	Leases We lease office space under noncancelable operating leases with original terms ranging from one Three Months Ended June 30, Six Months Ended June 30, Lease Cost Classification 2022 2021 2022 2021 Operating lease cost Operating lease cost (1) Cost of revenue $ 3,703 $ 2,381 $ 6,083 $ 4,705 Operating lease cost (1) Operating expenses 1,796 1,595 3,487 2,712 Total operating lease cost $ 5,499 $ 3,976 $ 9,570 $ 7,417 Finance lease cost Amortization of right-of-use assets Cost of revenue $ 184 $ 140 $ 367 $ 196 Interest on lease liabilities Cost of revenue 23 21 48 30 Total finance lease cost $ 207 $ 161 $ 415 $ 226 (1) Includes lease expense with initial terms of twelve months or less of $1,047 and $434 for the three months ended June 30, 2022 and 2021, respectively, and $1,423 and $726 for the six months ended June 30, 2022 and 2021, respectively. Lease Liabilities Other Leases Total Lease Obligations Maturity of Lease Liabilities Operating Financing Operating 2022, excluding the six months ended June 30, 2022 $ 10,238 $ 340 $ 1,538 $ 12,116 2023 19,050 667 476 20,193 2024 15,812 581 188 16,581 2025 11,741 258 128 12,127 2026 10,621 15 5 10,641 Thereafter 6,434 — — 6,434 Total lease payments $ 73,896 $ 1,861 $ 2,335 $ 78,092 Less: Interest (1) 6,523 134 Present value of lease liabilities $ 67,373 $ 1,727 (1) Includes interest on operating leases of $2,547 and financing lease of $76 within the next twelve months. Lease Term and Discount Rate June 30, 2022 December 31, 2021 Weighted-average remaining operating lease term (years) 4.3 4.8 Weighted-average remaining finance lease term (years) 2.9 3.2 Weighted-average discount rate for operating leases 4.4 % 4.4 % Weighted-average discount rate for finance leases 5.4 % 5.4 % Six Months Ended June 30, Supplemental Cash Flow Information 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 9,567 $ 7,654 Operating cash flows from finance leases 48 42 Financing cash flows from finance leases 284 122 Right-of-use assets obtained in exchange for lease liabilities Operating leases $ 1,745 $ 6,139 Finance leases 477 768
Leases	Leases We lease office space under noncancelable operating leases with original terms ranging from one Three Months Ended June 30, Six Months Ended June 30, Lease Cost Classification 2022 2021 2022 2021 Operating lease cost Operating lease cost (1) Cost of revenue $ 3,703 $ 2,381 $ 6,083 $ 4,705 Operating lease cost (1) Operating expenses 1,796 1,595 3,487 2,712 Total operating lease cost $ 5,499 $ 3,976 $ 9,570 $ 7,417 Finance lease cost Amortization of right-of-use assets Cost of revenue $ 184 $ 140 $ 367 $ 196 Interest on lease liabilities Cost of revenue 23 21 48 30 Total finance lease cost $ 207 $ 161 $ 415 $ 226 (1) Includes lease expense with initial terms of twelve months or less of $1,047 and $434 for the three months ended June 30, 2022 and 2021, respectively, and $1,423 and $726 for the six months ended June 30, 2022 and 2021, respectively. Lease Liabilities Other Leases Total Lease Obligations Maturity of Lease Liabilities Operating Financing Operating 2022, excluding the six months ended June 30, 2022 $ 10,238 $ 340 $ 1,538 $ 12,116 2023 19,050 667 476 20,193 2024 15,812 581 188 16,581 2025 11,741 258 128 12,127 2026 10,621 15 5 10,641 Thereafter 6,434 — — 6,434 Total lease payments $ 73,896 $ 1,861 $ 2,335 $ 78,092 Less: Interest (1) 6,523 134 Present value of lease liabilities $ 67,373 $ 1,727 (1) Includes interest on operating leases of $2,547 and financing lease of $76 within the next twelve months. Lease Term and Discount Rate June 30, 2022 December 31, 2021 Weighted-average remaining operating lease term (years) 4.3 4.8 Weighted-average remaining finance lease term (years) 2.9 3.2 Weighted-average discount rate for operating leases 4.4 % 4.4 % Weighted-average discount rate for finance leases 5.4 % 5.4 % Six Months Ended June 30, Supplemental Cash Flow Information 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 9,567 $ 7,654 Operating cash flows from finance leases 48 42 Financing cash flows from finance leases 284 122 Right-of-use assets obtained in exchange for lease liabilities Operating leases $ 1,745 $ 6,139 Finance leases 477 768

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings Below is a discussion of our material, pending legal proceedings. We cannot estimate a range of reasonably possible losses given the preliminary stage of these proceedings and the claims and issues presented. In addition to the matters discussed below, from time to time, we are involved in litigation, claims, and other proceedings arising in the ordinary course of our business. Except for the matters discussed below, we do not believe that any of our pending litigation, claims, and other proceedings are material to our business. Lawsuit by David Eraker —On May 11, 2020, David Eraker, our co-founder and former chief executive officer who departed Redfin in 2006, filed a complaint through Appliance Computing III, Inc. (d/b/a Surefield) ("Surefield"), which is a company that Mr. Eraker founded and that we believe he controls, in the U.S. District Court for the Western District of Texas, Waco Division. The complaint alleged that we were infringing four patents claimed to be owned by Surefield without its authorization or license. Surefield sought an unspecified amount of damages and an injunction against us offering products and services that allegedly infringe the patents at issue. On May 17, 2022, the jury returned a verdict in our favor, finding that we did not infringe any of the asserted claims of the patents claimed to be owned by Surefield, and accordingly, we do not owe any damages to Surefield. The jury also found that all asserted claims of Surefield’s claimed patents were invalid. Lawsuit Alleging Violations of the Fair Housing Act —On October 28, 2020, a group of ten organizations filed a complaint against us in the U.S. District Court for the Western District of Washington. The organizations are the National Fair Housing Alliance, the Fair Housing Center of Metropolitan Detroit, the Fair Housing Justice Center, the Fair Housing Rights Center in Southeastern Pennsylvania, the HOPE Fair Housing Center, the Lexington Fair Housing Council, the Long Island Housing Services, the Metropolitan Milwaukee Fair Housing Council, Open Communities, and the South Suburban Housing Center. The complaint alleged that certain of our business policies and practices violate certain provisions of the Fair Housing Act (the “FHA”). The plaintiffs alleged that these policies and practices (i) have the effect of our services being unavailable in predominantly non-white communities on a more frequent basis than predominantly white communities and (ii) are unnecessary to achieve a valid interest or legitimate objective. The complaint focused on the following policies and practices, as alleged by the plaintiffs: (i) a home's price must exceed a certain dollar amount before we offer service through one of our lead agents or partner agents and (ii) our services and pricing structures are available only for homes serviced by one of our lead agents and those same services and pricing structures may not be offered by one of our partner agents. The plaintiffs sought (i) a declaration that our alleged policies and practices violate the FHA, (ii) an order enjoining us from further alleged violations, (iii) an unspecified amount of monetary damages, and (iv) payment of plaintiffs’ attorneys' fees and costs. On April 29, 2022, we settled this lawsuit. As part of the settlement, we paid an aggregate of $3,000 to the ten organizations on May 25, 2022 and will pay an additional aggregate of $1,000 to the ten organizations by April 29, 2023. The latter payment will be dedicated to fund programs devoted to expanding home ownership opportunities. In addition to the financial payments, we also agreed to certain changes to our business practices, including expanding our brokerage services to lower-priced homes in certain markets, designating a fair housing compliance officer, revamping our fair housing training, and expanding our diversity recruiting efforts. Lawsuits Alleging Misclassification —On August 28, 2019, Devin Cook, who was one of our former independent contractor licensed sales associates, whom we call associate agents, filed a complaint against us in the Superior Court of California, County of San Francisco. The plaintiff initially pled the complaint as a class action and alleged that we misclassified her as an independent contractor instead of an employee. The plaintiff also sought unspecified penalties pursuant to representative claims under California’s Private Attorney General Act ("PAGA"). On January 30, 2020, the plaintiff filed a first amended complaint dismissing her class action claim and asserting only claims under PAGA. On November 20, 2020, Jason Bell, who was one of our former lead agents as well as a former associate agent, filed a complaint against us in the U.S. District Court for the Southern District of California. The complaint was pled as a class action and alleges that, (1) during the time he served as an associate agent, we misclassified him as an independent contractor instead of an employee and (2) during the time he served as a lead agent, we misclassified him as an employee who was exempt from minimum wage and overtime laws. The plaintiff also asserted representative claims under PAGA. The plaintiff sought unspecified amounts of unpaid overtime wages, regular wages, meal and rest period compensation, waiting time and other penalties, injunctive and other equitable relief, and plaintiff's attorneys' fees and costs. On May 23, 2022, pursuant to a combined mediation, we settled the lawsuits brought by Ms. Cook and Mr. Bell for an aggregate of $3,000. This amount is subject to adjustment if our actual number of associate agents, lead agents, or their respective workweeks differs from the number that we represented to the plaintiffs. This settlement is subject to each court’s approval. On March 24, 2021, Anthony Bush, who is one our former lead agents as well as a former associate agent, filed a complaint against us in the Superior Court of California, County of Alameda. The original complaint alleges that, during the time he served as an associate agent, we misclassified him as an independent contractor instead of an employee. The plaintiff also asserts representative claims under PAGA. The plaintiff is seeking unspecified amounts of unpaid overtime wages, regular wages, meal and rest period compensation, penalties, injunctive, and other equitable relief, and plaintiff's attorneys' fees and costs. On September 27, 2021, the court granted our motion to stay the plaintiff’s action pending resolution of the PAGA claims brought against us by Devin Cook described above. The plaintiff subsequently filed an arbitration demand. In arbitration, the plaintiff alleges that (i) during the time he served as an associate agent, we misclassified him as an independent contractor instead of an employee and (ii) during the time he served as a lead agent, we misclassified him as an exempt employee. Other Commitments Our title and settlement business and our mortgage business each holds cash in escrow at third-party financial institutions on behalf of homebuyers and home sellers. As of June 30, 2022, we held $30,879 in escrow and did not record this amount on our consolidated balance sheets. We may be held contingently liable for the disposition of the cash we hold in escrow. See Note 5 for our commitments related to inventory under contract but not closed.

Acquired Intangible Assets and

Acquired Intangible Assets and Goodwill	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Acquired Intangible Assets and Goodwill	Acquired Intangible Assets and Goodwill Acquired Intangible Assets —The gross carrying amounts and accumulated amortization of intangible assets were as follows: June 30, 2022 December 31, 2021 Weighted-Average Useful Lives (Years) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Trade names 9.3 $ 82,690 $ (10,139) $ 72,551 $ 71,040 $ (6,004) $ 65,036 Developed technology 3.3 66,340 (27,756) 38,584 63,480 (17,285) 46,195 Customer relationships 10 81,360 (10,729) 70,631 81,360 (6,662) 74,698 Total $ 230,390 $ (48,624) $ 181,766 $ 215,880 $ (29,951) $ 185,929 Amortization expense amounted to $9,747 and $8,926 for the three months ended June 30, 2022 and 2021, respectively, and $18,673 and $9,048 for the six months ended June 30, 2022 and 2021, respectively. Our estimate of remaining amortization expense for intangible assets that existed as of June 30, 2022 is as follows: 2022, excluding the six months ended June 30, 2022 $ 19,494 2023 38,988 2024 23,741 2025 17,618 2026 17,380 Thereafter 64,545 Estimated remaining amortization expense $ 181,766 Goodwill —The carrying amounts of goodwill by reportable segment were as follows: Real Estate Services Rentals Mortgage Total Balance as of December 31, 2021 $ 250,231 $ 159,151 $ — $ 409,382 Goodwill resulting from acquisition — — 51,967 51,967 Balance as of June 30, 2022 $ 250,231 $ 159,151 $ 51,967 $ 461,349

Accrued and Other Liabilities

Accrued and Other Liabilities	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Accrued and Other Liabilities	Accrued and Other Liabilities The components of accrued and other liabilities were as follows: June 30, 2022 December 31, 2021 Accrued compensation and benefits $ 107,304 $ 78,437 Miscellaneous accrued liabilities 39,294 25,217 Payroll tax liability deferred by the CARES Act 7,760 7,760 Customer contract liabilities 7,445 6,708 Total accrued and other liabilities $ 161,803 $ 118,122

Mezzanine Equity

Mezzanine Equity	6 Months Ended
	Jun. 30, 2022
Temporary Equity Disclosure [Abstract]
Mezzanine Equity	Mezzanine Equity On April 1, 2020, we issued 4,484,305 shares of our common stock, at a price of $15.61 per share, and 40,000 shares of our preferred stock, at a price of $1,000 per share, for aggregate gross proceeds of $110,000. We designated this preferred stock as Series A Convertible Preferred Stock (our "convertible preferred stock"). Our convertible preferred stock is classified as mezzanine equity in our consolidated financial statements as the substantive conversion features at the option of the holder precludes liability classification. We have determined there are no material embedded features that require recognition as a derivative asset or liability. We allocated the gross proceeds of $110,000 to the common stock issuance and the convertible preferred stock issuance based on the standalone fair value of the issuances, resulting in a fair valuation of $40,000 for the preferred stock, which is also the value of the mandatory redemption amount. As of June 30, 2022, the carrying value of our convertible preferred stock, net of issuance costs, is $39,891, and holders have earned unpaid stock dividends in the amount of 30,640 shares of common stock. This stock dividend was issued on April 1, 2022. These shares are included in basic and diluted net loss per share attributable to common stock in Note 13. As of June 30, 2022, no shares of the preferred stock have been converted, and the preferred stock was not redeemable, nor probable to become redeemable in the future as there is a more than remote chance the shares will be automatically converted prior to the mandatory redemption date. The number of shares of common stock reserved for future issuance resulting from dividends, conversion, or redemption with respect to the preferred stock was 2,622,177 as of the issuance date. Dividends —The holders of our convertible preferred stock are entitled to dividends. Dividends accrue daily based on a 360 day fiscal year at a rate of 5.5% per annum based on the issue price and are payable quarterly in arrears on the first business day following the end of each calendar quarter. Assuming we satisfy certain conditions, we will pay dividends in shares of common stock at a rate of the dividend payable divided by $17.95. If we do not satisfy such conditions, we will pay dividends in a cash amount equal to (i) the dividend shares otherwise issuable on the dividends multiplied by (ii) the volume-weighted average closing price of our common stock for the ten Participation Rights —Holders of our convertible preferred stock are entitled to dividends paid and distributions made to holders of our common stock to the same extent as if such preferred stockholders had converted their shares of preferred stock into common stock and held such shares on the record date for such dividends and distributions. Conversion —Holders may convert their convertible preferred stock into common stock at any time at a rate per share of preferred stock equal to the issue price divided by $19.51 (the "conversion price"). A holder that converts will also receive any dividend shares resulting from accrued dividends. Our convertible preferred stock may also be automatically converted to shares of our common stock. If the closing price of our common stock exceeds $27.32 per share (i) for each day of the 30 consecutive trading days immediately preceding April 1, 2023 or (ii) following April 1, 2023 until 30 trading days prior to November 30, 2024, for each day of any 30 consecutive trading days, then each outstanding share of preferred stock will automatically convert into a number of shares of our common stock at a rate per share of preferred stock equal to the issue price divided by the conversion price. Upon an automatic conversion, a holder will also receive any dividend shares resulting from accrued dividends. Redemption —On November 30, 2024, we will be required to redeem any outstanding shares of our convertible preferred stock, and each holder may elect to receive cash, shares of common stock, or a combination of cash and shares. If a holder elects to receive cash, we will pay, for each share of preferred stock, an amount equal to the issue price plus any accrued dividends. If a holder elects to receive shares, we will issue, for each share of preferred stock, a number of shares of common stock at a rate of the issue price divided by the conversion price plus any dividend shares resulting from accrued dividends. A holder of our convertible preferred stock has the right to require us to redeem up to all shares of preferred stock it holds following certain events outlined in the document governing the preferred stock. If a holder redeems as the result of such events, such holder may elect to receive cash or shares of common stock, as calculated in the same manner as the mandatory redemption described above. Additionally, such holder will also receive, in cash or shares of common stock as elected by the holder, an amount equal to all scheduled dividend payments on the preferred stock for all remaining dividend periods from the date the holder gives its notice of redemption. Liquidation Rights —Upon our liquidation, dissolution, or winding up, holders of our convertible preferred stock will be entitled to receive cash out of our assets prior to holders of the common stock.

Equity and Equity Compensation

Equity and Equity Compensation Plans	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Equity and Equity Compensation Plans	Equity and Equity Compensation Plans Common Stock —As of June 30, 2022 and December 31, 2021, our amended and restated certificate of incorporation authorized us to issue 500,000,000 shares of common stock with a par value of $0.001 per share. Preferred Stock —As of June 30, 2022 and December 31, 2021, our amended and restated certificate of incorporation authorized us to issue 10,000,000 shares of preferred stock with a par value of $0.001. Amended and Restated 2004 Equity Incentive Plan —We granted options under our 2004 Equity Incentive Plan, as amended (our "2004 Plan"), until July 26, 2017, when we terminated it in connection with our initial public offering. Accordingly, no shares are available for future issuance under our 2004 Plan. Our 2004 Plan continues to govern outstanding equity awards granted thereunder. The term of each stock option under the plan is no more than 10 years, and each stock option generally vests over a four-year period. 2017 Equity Incentive Plan —Our 2017 Equity Incentive Plan (our "2017 EIP") became effective on July 26, 2017, and provides for the issuance of incentive and nonqualified common stock options and restricted stock units to employees, directors, and consultants. The number of shares of common stock initially reserved for issuance under our 2017 EIP was 7,898,159. The number of shares reserved for issuance under our 2017 EIP will increase automatically on January 1 of each calendar year beginning on January 1, 2018, and continuing through January 1, 2028, by the number of shares equal to the lesser of 5% of the total outstanding shares of our common stock as of the immediately preceding December 31 or an amount determined by our board of directors. The term of each stock option and restricted stock unit under the plan will not exceed 10 years, and each award generally vests between two We have reserved shares of common stock for future issuance under our 2017 EIP as follows: June 30, 2022 December 31, 2021 Stock options issued and outstanding 3,513,601 4,019,011 Restricted stock units outstanding 10,152,284 4,617,425 Shares available for future equity grants 14,010,059 15,205,854 Total shares reserved for future issuance 27,675,944 23,842,290 2017 Employee Stock Purchase Plan —Our 2017 Employee Stock Purchase Plan (our "ESPP") was approved by our board of directors on July 27, 2017 and enables eligible employees to purchase shares of our common stock at a discount. Purchases will be accomplished through participation in discrete offering periods. We initially reserved 1,600,000 shares of common stock for issuance under our ESPP. The number of shares reserved for issuance under our ESPP will increase automatically on January 1 of each calendar year beginning after the first offering date and continuing through January 1, 2028, by the number of shares equal to the lesser of 1% of the total outstanding shares of our common stock as of the immediately preceding December 31 or an amount determined by our board of directors. On each purchase date, eligible employees will purchase our common stock at a price per share equal to 85% of the lesser of (i) the fair market value of our common stock on the first trading day of the offering period and (ii) the fair market value of our common stock on the purchase date. We have reserved shares of common stock for future issuance under our ESPP as follows: Six Months Ended June 30, 2022 Year Ended December 31, 2021 Shares available for issuance at beginning of period 4,768,506 4,039,667 Shares issued during the period (661,054) (334,248) Total shares available for future issuance at end of period 4,107,452 3,705,419 Stock Options —Option activity for the six months ended June 30, 2022 was as follows: Number of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding as of January 1, 2022 (1) 4,019,011 $ 8.02 3.73 $ 122,038 PSOs earned (1) 150,000 27.50 Options exercised (645,120) 6.97 Options expired (10,290) 6.55 Outstanding as of June 30, 2022 3,513,601 9.05 3.30 4,717 Options exercisable as of June 30, 2022 3,513,601 9.05 3.30 4,717 (1) We granted stock options subject to performance conditions (“PSOs”) to our chief executive officer in 2019. We previously reported the target achievement level of these PSOs - 150,000 PSOs - within our outstanding stock options. During the first quarter of 2022, our board of directors determined that our chief executive officer earned his PSOs at the maximum achievement level. Accordingly, we are reporting an additional 150,000 PSOs as being earned during the first quarter of 2022. The grant date fair value of our stock options was recorded as stock-based compensation over the stock options' vesting period. All outstanding options were fully vested as of June 30, 2022. We did not recognize any option-related expense during the six months ended June 30, 2022. With respect to our PSOs, we had previously expensed the PSOs based on their maximum achievement level. During the first quarter of 2022, our board of directors certified our maximum achievement of the PSOs. Restricted Stock Units —Restricted stock unit activity for the six months ended June 30, 2022 was as follows: Restricted Stock Units Weighted-Average Grant-Date Fair Value Outstanding as of January 1, 2022 4,617,425 $ 37.13 Granted 7,719,582 11.21 Vested (1,056,468) 26.86 Forfeited or canceled (1,128,255) 28.80 Outstanding or deferred as of June 30, 2022 ( 1) 10,152,284 19.42 (1) Starting with the restricted stock units granted to them in June 2019, our non-employee directors have the option to defer the issuance of common stock receivable upon vesting of such restricted stock units until 60 days following the day they are no longer providing services to us or, if earlier, upon a change in control transaction. The amount reported as vested excludes restricted stock units that have vested but whose settlement into shares has been deferred. The amount reported as outstanding or deferred as of June 30, 2022 includes these restricted stock units. As no further conditions exist to prevent the issuance of the shares of common stock underlying these restricted stock units, the shares are included in basic and diluted weighted shares outstanding used to calculate net loss per share attributable to common stock. The amount of shares whose issuance have been deferred is not considered material and is not reported separately from stock-based compensation in our consolidated statements of changes in mezzanine equity and stockholders’ equity. The grant date fair value of restricted stock units is recorded as stock-based compensation over the vesting period. As of June 30, 2022, there was $170,956 of total unrecognized compensation cost related to restricted stock units, which is expected to be recognized over a weighted-average period of 3.23 years. As of June 30, 2022, there were 616,731 restricted stock units subject to performance and market conditions ("PSUs") at 100% of the target level. Depending on our achievement of the performance and market conditions, the actual number of shares of common stock issuable upon vesting of PSUs will range from 0% to 200% of the target amount. For each PSU recipient, the awards will vest only if the recipient is continuing to provide service to us upon our board of directors, or its compensation committee, certifying that we have achieved the PSU's related performance or market conditions. Stock-based compensation expense for PSUs with performance conditions is recognized when it is probable that the performance conditions will be achieved. For PSUs with market conditions, the market condition is reflected in the grant-date fair value of the award and the expense is recognized over the life of the award. Stock-based compensation expense associated with the PSUs is as follows: Six Months Ended June 30, 2022 2021 PSU expense $ 1,669 $ 2,621 Compensation Cost —The following table details, for each period indicated, our stock-based compensation, net of forfeitures, and the amount capitalized in website and software development costs, each as included in our consolidated statements of comprehensive loss: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Cost of revenue $ 3,879 $ 3,758 $ 7,257 $ 6,736 Technology and development (1) 7,700 5,771 15,665 11,532 Marketing 924 535 1,996 1,078 General and administrative 4,310 3,679 8,683 6,981 Total stock-based compensation $ 16,813 $ 13,743 $ 33,601 $ 26,327

Net Loss per Share Attributable

Net Loss per Share Attributable to Common Stock	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Net Loss per Share Attributable to Common Stock	Net Loss per Share Attributable to Common Stock Net loss per share attributable to common stock is computed by dividing the net loss attributable to common stock by the weighted-average number of common shares outstanding. We have outstanding stock options, restricted stock units, options to purchase shares under our ESPP, convertible preferred stock, and convertible senior notes, which are considered in the calculation of diluted net loss per share whenever doing so would be dilutive. We calculate basic and diluted net loss per share attributable to common stock in conformity with the two-class method required for companies with participating securities. We consider our convertible preferred stock to be participating securities. Under the two-class method, net loss attributable to common stock is not allocated to the preferred stock as its holders do not have a contractual obligation to share in losses, as discussed in Note 12. The calculation of basic and diluted net loss per share attributable to common stock was as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator: Net loss $ (78,146) $ (27,878) $ (168,952) $ (63,662) Dividends on convertible preferred stock (350) (1,878) (1,144) (4,214) Net loss attributable to common stock—basic and diluted $ (78,496) $ (29,756) $ (170,096) $ (67,876) Denominator: Weighted-average shares—basic and diluted (1) 107,396,575 104,391,337 107,032,381 103,912,212 Net loss per share attributable to common stock—basic and diluted $ (0.73) $ (0.29) $ (1.59) $ (0.65) (1) Basic and diluted weighted-average shares outstanding include (i) common stock earned but not yet issued related to share-based dividends on our convertible preferred stock, and (ii) restricted stock units that have vested but whose settlement into common stock were deferred at the option of certain non-employee directors. The following outstanding shares of common stock equivalents were excluded from the computation of the diluted net loss per share for the periods presented because their effect would have been anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 2023 notes as if converted 769,623 777,021 769,623 777,021 2025 notes as if converted 9,119,960 9,119,960 9,119,960 9,119,960 2027 notes as if converted 6,147,900 6,147,900 6,147,900 6,147,900 Convertible preferred stock as if converted 2,040,000 2,040,000 2,040,000 2,040,000 Stock options outstanding 3,513,601 4,639,132 3,513,601 4,639,132 Restricted stock units outstanding (1)(2) 10,119,140 3,671,589 10,119,140 3,671,589 Total 31,710,224 26,395,602 31,710,224 26,395,602 (1) Excludes 616,731 incremental PSUs that could vest, assuming applicable performance criteria and market conditions are achieved at 200% of target, which is the maximum achievement level. See Note 12 for additional information regarding PSUs.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesDuring the six months ended June 30, 2022, we recorded income tax expense of $293, resulting in an effective tax rate of (0.17)%, which is primarily a result of current state income taxes. Our current income tax expense was partially offset by a deferred tax benefit resulting from a reduction to deferred tax liabilities originally created through our April 2, 2021 acquisition of Rent. Our June 30, 2021 effective tax rate of 7.35% is primarily a result of our previously recorded full valuation allowance against our deferred tax assets. In determining the realizability of the net U.S. federal and state deferred tax assets, we consider numerous factors including historical profitability, estimated future taxable income, prudent and feasible tax planning strategies, and the industry in which we operate. Management reassesses the realization of the deferred tax assets each reporting period, which resulted in a valuation allowance against the full amount of our U.S. deferred tax assets for the six months ended June 30, 2022 and 2021. To the extent that the financial results of our U.S. operations improve in the future and the deferred tax assets become realizable, we will reduce the valuation allowance through earnings. Under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, substantial changes in our ownership may limit the amount of net operating loss ("NOL") and income tax credit carryforwards that could be utilized annually in the future to offset taxable income and income tax liabilities. Any such annual limitation may significantly reduce the utilization of the NOLs and income tax credits before they expire. A Section 382 limitation study performed as of March 31, 2017 determined that we experienced an ownership change in 2006 with $1,506 of the 2006 NOL and $32 of the 2006 research and development tax credit unavailable for future use. Furthermore, in connection with our acquisition of Rent., Rent. experienced an ownership change that triggered Section 382. As of September 30, 2021, Rent. completed a Section 382 limitation study and, based on this analysis, we do not expect a reduction in our ability to fully utilize Rent.'s pre-change NOLs. As of December 31, 2021, we had accumulated approximately $611,296 of federal net operating losses, approximately $18,777 (tax effected) of state net operating losses, and approximately $3,213 of foreign net operating losses. Federal net operating losses are available to offset federal taxable income and begin to expire in 2025, with net operating loss carryforwards of $320,123 generated after 2017 available to offset future U.S. federal taxable income over an indefinite period. Net research and development credit carryforwards of $18,828 are available as of December 31, 2021 to reduce future liabilities. The research and development credit carryforwards begin to expire in 2026. Deductible but limited federal business interest expense carryforwards of $149,710 are available as of December 31, 2021 to offset future U.S. federal taxable income over an indefinite period. Our material income tax jurisdiction is the United States (federal) and Canada (foreign). As a result of NOL carryforwards, we are subject to audit for all tax years for federal purposes. All tax years remain subject to examination in various other jurisdictions that are not material to our consolidated financial statements.

Debt

Debt	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt Warehouse Credit Facilities —To provide capital for the mortgage loans that it originates, our mortgage segment utilizes warehouse credit facilities that are classified as current liabilities in our consolidated balance sheets. Borrowings under each warehouse credit facility are secured by the related mortgage loan and rights and income associated with the loan. The following table summarizes borrowings under these facilities as of the periods presented: June 30, 2022 Lender Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Maturity Date City National Bank $ 100,000 $ 36,151 3.63 % 10/11/2022 Comerica Bank 75,000 33,448 3.80 Upon lender demand Origin Bank 75,000 35,000 4.31 9/30/2022 People's United Bank, National Association 50,000 21,695 3.47 10/19/2022 Prosperity Bank 150,000 81,268 3.71 9/30/2022 Republic Bank & Trust Company 75,000 31,906 3.32 8/17/2022 Wells Fargo Bank, N.A. 135,000 44,964 3.52 As determined by lender Western Alliance Bank 25,000 13,871 3.18 12/2/2022 Total $ 685,000 $ 298,303 — — December 31, 2021 Lender Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Western Alliance Bank $ 50,000 $ 17,089 3.00 % Texas Capital Bank, N.A. 40,000 11,852 3.01 Flagstar Bank, FSB 25,000 4,102 3.00 Total $ 115,000 $ 33,043 — Secured Revolving Credit Facility —To provide capital for the homes that it purchases, RedfinNow has, through a special purpose entity called RedfinNow Borrower, entered into a secured revolving credit facility with Goldman Sachs Bank, N.A. ("Goldman Sachs"). Borrowings under the facility are secured by RedfinNow Borrower's assets, including the financed homes, as well as the equity interests in RedfinNow Borrower. Under the facility, RedfinNow Borrower and certain other Redfin entities have ongoing obligations, including Redfin Corporation’s compliance with financial covenants based on its net worth, liquidity, and leverage ratio, each measured on a quarterly basis. The following table summarizes borrowings under this facility as of the periods presented: June 30, 2022 December 31, 2021 Lender Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Goldman Sachs Bank USA $ 400,000 $ 156,540 4.55 % $ 200,000 $ 199,781 3.30 % The facility matures on August 9, 2023, but we may extend the maturity date for an additional six months to repay outstanding borrowings. Goldman Sachs may, at its sole option, finance a portion of RedfinNow Borrower's acquisition costs of qualified homes that have been purchased. The portion financed is based, in part, on how long the qualifying home has been owned by a Redfin entity. Beginning on January 1, 2022, all outstanding borrowings generally bear interest at a rate equal to (i) the USD-SOFR-Compound rate plus (ii) 11.448 basis points (subject to a floor of 0.30%) plus (iii) 3.00%. Outstanding borrowings before January 1, 2022 generally bore interest at a rate of one-month LIBOR (subject to a floor of 0.30%) plus 3.00%. RedfinNow Borrower must repay all borrowings and accrued interest upon the termination of the facility, and it has the option to repay the borrowings, and the related interest, with respect to a specific financed home upon the sale of such home. In certain situations involving a financed home remaining unsold after a certain time period or becoming ineligible for financing under the facility, RedfinNow Borrower may be obligated to repay all or a portion of the borrowings, and related interest, with respect to such home prior to the sale of such home. In instances involving "bad acts," Redfin Corporation has guaranteed repayment of amounts owed under the facility, in some situations, and indemnification of certain expenses incurred, in other situations. As of June 30, 2022, RedfinNow Borrower had $470,950 of total assets, of which $364,962 related to inventory and $76,823 in cash and cash equivalents. As of December 31, 2021, RedfinNow Borrower had $567,128 of total assets, of which $337,630 related to inventory and $101,064 in cash and equivalents. For the three months ended June 30, 2022 and 2021, we amortized $94 and $50 of debt issuance costs, respectively, and recognized $1,243 and $613 of interest expense, respectively. For the six months ended June 30, 2022 and 2021, we amortized $185 and $136 of debt issuance costs, respectively, and recognized $2,751 and $953 of interest expense, respectively. Convertible Senior Notes —We have issued convertible senior notes with the following characteristics: Issuance Maturity Date Stated Cash Interest Rate Effective Interest Rate First Interest Payment Date Semi-Annual Interest Payment Dates Conversion Rate 2023 notes July 15, 2023 1.75 % 2.45 % January 15, 2019 January 15; July 15 32.7332 2025 notes October 15, 2025 — 0.42 — — 13.7920 2027 notes April 1, 2027 0.50 0.90 October 1, 2021 April 1; October 1 10.6920 We issued our 2023 notes on July 23, 2018, with an aggregate principal amount of $143,750. Subsequent to the issuance date, we repurchased or settled conversions of an aggregate of $120,238 of our 2023 notes. On July 20, 2021, our 2023 notes became redeemable by us, but we did not exercise our redemption right during the three months ended June 30, 2022. We issued our 2025 notes on October 20, 2020, with an aggregate principal amount of $661,250. We issued our 2027 notes on March 25, 2021 and April 5, 2021, with an aggregate principal amount of $575,000. The components of our convertible senior notes were as follows: June 30, 2022 Issuance Aggregate Principal Amount Unamortized Debt Discount Unamortized Debt Issuance Costs Net Carrying Amount 2023 notes $ 23,512 $ — $ 157 $ 23,355 2025 notes 661,250 — 9,086 652,164 2027 notes 575,000 — 10,646 564,354 December 31, 2021 Issuance Aggregate Principal Amount Unamortized Debt Discount Unamortized Debt Issuance Costs Net Carrying Amount 2023 notes $ 23,512 $ — $ 232 $ 23,280 2025 notes 661,250 — 10,467 650,783 2027 notes 575,000 — 11,766 563,234 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 2023 notes Contractual interest expense $ 103 $ 104 $ 206 $ 208 Amortization of debt discount — — — — Amortization of debt issuance costs 38 39 75 110 Total interest expense $ 141 $ 143 $ 281 $ 318 2025 notes Contractual interest expense — — — — Amortization of debt discount — — — — Amortization of debt issuance costs 690 690 1,380 1,380 Total interest expense $ 690 $ 690 $ 1,380 $ 1,380 2027 notes Contractual interest expense 719 715 1,438 749 Amortization of debt discount — — — — Amortization of debt issuance costs 560 557 1,120 585 Total interest expense $ 1,279 $ 1,272 $ 2,558 $ 1,334 Total Contractual interest expense 822 819 1,644 957 Amortization of debt discount — — — — Amortization of debt issuance costs 1,288 1,286 2,575 2,075 Total interest expense $ 2,110 $ 2,105 $ 4,219 $ 3,032 Conversion of Our Convertible Senior Notes Prior to the free conversion date, a holder of each tranche of our convertible senior notes may convert its notes in multiples of $1,000 principal amount only if one or more of the conditions described below is satisfied. On or after the free conversion date, a holder may convert its notes in such multiples without any conditions. The free conversion date is April 15, 2023 for our 2023 notes, July 15, 2025 for our 2025 notes, and January 1, 2027 for our 2027 notes. The conditions are: • during any calendar quarter (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the applicable conversion price on each applicable trading day; • during the five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of the applicable notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the applicable conversion rate on each such trading day; • if we call any or all of the applicable notes for redemption, at any time prior to the close of business on the scheduled trading day prior to the redemption date; or • upon the occurrence of specified corporate events. We intend to settle any future conversions of our convertible senior notes by paying or delivering, as the case may be, cash, shares of our common stock, or a combination of cash and shares of our common stock, at our election. We apply the if-converted method to calculate diluted earnings per share when applicable. Under the if-converted method, the denominator of the diluted earnings per share calculation is adjusted to reflect the full number of common shares issuable upon conversion, while the numerator is adjusted to add back interest expense for the period. Classification of Our Convertible Senior Notes Historically, we had separated our 2023 notes and our 2025 notes into liability and equity components. With our adoption of ASU 2020-06 on January 1, 2021, using the modified retrospective approach, this accounting treatment is no longer applicable. All of our convertible senior notes are now accounted for wholly as liabilities. The difference between the principal amount of the notes and the net carrying amount represents the unamortized debt discount, which we record as a deduction from the debt liability in our consolidated balance sheets. This discount is amortized to interest expense using the effective interest method over the term of the notes. See Note 4 for fair value information related to our convertible senior notes.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn July 13, 2022, Bay Equity terminated its warehouse credit facility with Western Alliance Bank effective July 29, 2022.

Summary of Accounting Policies

Summary of Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation —The consolidated financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The financial information as of December 31, 2021 that is included in this quarterly report is derived from the audited consolidated financial statements and notes for the year ended December 31, 2021 included in Item 8 in our annual report for the year ended December 31, 2021. Such financial information should be read in conjunction with the notes and management’s discussion and analysis of the consolidated financial statements included in our annual report. The unaudited consolidated interim financial statements, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our financial position as of June 30, 2022, our statements of comprehensive loss, and statements of changes in mezzanine equity and stockholders’ equity for the three and six months ended June 30, 2022 and 2021, as well as our statements of cash flows for the six months ended June 30, 2022 and 2021. The results for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any interim period or for any other future year.
Principles of Consolidation	Principles of Consolidation —The unaudited consolidated interim financial statements include the accounts of Redfin Corporation and its wholly owned subsidiaries, including those entities in which we have a variable interest and of which we are the primary beneficiary. Intercompany transactions and balances have been eliminated.
Use of Estimates	Use of Estimates —The preparation of consolidated financial statements, in conformity with GAAP, requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and results of operations during the respective periods. Our estimates include, but are not limited to, valuation of deferred income taxes, stock-based compensation, net realizable value of inventory, capitalization of website and software development costs, the incremental borrowing rate for the determination of the present value of lease payments, recoverability of intangible assets with finite lives, fair value of our mortgage loans held for sale (“LHFS”) and mortgage servicing rights, estimated useful life of intangible assets, fair value of reporting units for purposes of allocating and evaluating goodwill for impairment, and current expected credit losses on certain financial assets. The amounts ultimately realized from the affected assets or ultimately recognized as liabilities will depend on, among other factors, general business conditions and could differ materially in the near term from the carrying amounts reflected in the consolidated financial statements.
Restructuring and Reorganization	Restructuring and Reorganization —Restructuring and reorganization expenses primarily consist of employee termination costs (including severance, retention, benefits, and payroll taxes) associated with the restructuring and reorganization activities from our acquisitions of Bay Equity, our mortgage business, and Rent., our rental business, and from our June 2022 workforce reduction. These expenses are included in restructuring and reorganization in our consolidated statements of comprehensive loss and in accrued and other liabilities in our consolidated balance sheets. We expect to complete our restructuring and reorganization activities by the end of 2022.
Mortgage Servicing Rights	Mortgage Servicing Rights (“MSRs”) —We determine the fair value of MSRs using a valuation model that calculates the net present value of estimated future cash flows. Key estimates of future cash flows include prepayment speeds, default rates, discount rates, cost of servicing, objective portfolio characteristics, and others factors. Changes in these estimates could materially change the estimated fair value.
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements —On October 28, 2021, the Financial Accounting Standards Board issued ASU 2021-08— Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which amends ASC 805 to “require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination.” Under current GAAP, an acquirer generally recognizes such items at fair value on the acquisition date. As a result of the amendments made by ASU 2021-08, it is expected that an acquirer will generally recognize and measure acquired contract assets and contract liabilities in a manner consistent with how the acquiree recognized and measured them in its pre-acquisition financial statements. The amendments made by ASU 2021-08 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including in interim periods, for any financial statements that have not yet been issued. We elected to early adopt this standard in the second quarter of 2022, and there was not any material impact on our financial statements as a result of adopting ASU 2021-08. Recently Issued Accounting Pronouncements —None applicable.

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary fair value of assets acquired and liabilities assumed as a result of the Bay Equity acquisition and is subject to revision as more detailed analyses are completed and additional information about the fair value of assets acquired and liabilities assumed becomes available: Cash and cash equivalents $ 39,963 Restricted cash 2,367 Accounts receivable 9,697 Prepaid expenses 1,222 Other current assets 19,262 Property and equipment, net 897 Operating lease right-of-use assets 4,995 Loans held for sale 213,891 Mortgage servicing rights, at fair value 33,982 Other assets, noncurrent 294 Intangible assets 14,510 Goodwill 51,967 Total assets acquired 393,047 Accounts payable 1,747 Accrued and other liabilities 38,026 Lease liabilities 2,848 Lease liabilities and deposits, noncurrent 2,147 Warehouse credit facilities 208,608 Total liabilities assumed 253,376 Total purchase consideration $ 139,671
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination	The following table provides the preliminary fair values of the Bay Equity intangible assets, along with their estimated useful lives: Estimated Fair Value Estimated Useful Life (in years) Trade names $ 11,650 5 Developed technology 2,860 3 Total $ 14,510
Business Acquisition, Pro Forma Information	The pro forma financial information presented below includes adjustments for depreciation and amortization, restructuring costs, and transaction costs: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Revenue $ 606,915 $ 560,241 $ 1,260,129 $ 941,990 Net loss (78,967) (14,538) (165,561) (32,785)

Segment Reporting and Revenue (

Segment Reporting and Revenue (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	Information on each of the reportable and other segments and reconciliation to consolidated net loss is presented in the table below. We have assigned certain previously reported expenses to each segment to conform to the way we internally manage and monitor our business. We allocated indirect costs to each segment based on a reasonable allocation methodology, when such costs are significant to the performance measures of the segments. Three Months Ended June 30, 2022 Real estate services Properties Rentals Mortgage Other Corporate Overhead and Intercompany Eliminations Total Revenue $ 251,809 $ 262,606 $ 38,248 $ 53,098 $ 5,894 $ (4,740) $ 606,915 Cost of revenue 177,698 255,839 7,901 46,316 5,898 (4,740) 488,912 Gross profit 74,111 6,767 30,347 6,782 (4) — 118,003 Operating expenses Technology and development 27,696 4,684 14,871 1,904 1,189 1,162 51,506 Marketing 40,765 821 13,086 1,843 71 157 56,743 General and administrative 24,341 3,210 21,824 9,450 850 12,058 71,733 Restructuring and reorganization — — — — — 12,677 12,677 Total operating expenses 92,802 8,715 49,781 13,197 2,110 26,054 192,659 Loss from operations (18,691) (1,948) (19,434) (6,415) (2,114) (26,054) (74,656) Interest income, interest expense, income tax expense, and other expense, net (123) (1,245) 232 (35) 11 (2,330) (3,490) Net loss $ (18,814) $ (3,193) $ (19,202) $ (6,450) $ (2,103) $ (28,384) $ (78,146) Three Months Ended June 30, 2021 Real estate services Properties Rentals Mortgage Other Corporate Overhead and Intercompany Eliminations Total Revenue $ 252,199 $ 172,445 $ 42,548 $ 5,099 $ 3,422 $ (4,398) $ 471,315 Cost of revenue 164,125 167,420 7,570 6,832 3,630 (4,398) 345,179 Gross profit 88,074 5,025 34,978 (1,733) (208) — 126,136 Operating expenses Technology and development 20,010 3,080 13,568 2,536 479 1,815 41,488 Marketing 41,746 572 12,607 130 30 313 55,398 General and administrative 18,498 2,078 23,116 1,927 416 13,532 59,567 Total operating expenses 80,254 5,730 49,291 4,593 925 15,660 156,453 Income (loss) from operations 7,820 (705) (14,313) (6,326) (1,133) (15,660) (30,317) Interest income, interest expense, income tax expense, and other expense, net (3) (662) 212 1 1 2,890 2,439 Net income (loss) $ 7,817 $ (1,367) $ (14,101) $ (6,325) $ (1,132) $ (12,770) $ (27,878) Six Months Ended June 30, 2022 Real estate services Properties Rentals Mortgage Other Corporate Overhead and Intercompany Eliminations Total Revenue $ 429,295 $ 642,359 $ 76,292 $ 56,015 $ 10,263 $ (9,963) $ 1,204,261 Cost of revenue 331,482 614,704 15,094 51,834 10,570 (9,963) 1,013,721 Gross profit 97,813 27,655 61,198 4,181 (307) — 190,540 Operating expenses Technology and development 54,435 8,803 29,154 4,251 2,225 2,278 101,146 Marketing 71,608 1,974 24,128 1,871 125 379 100,085 General and administrative 47,333 6,035 46,015 10,974 1,562 18,780 130,699 Restructuring and reorganization — — — — — 18,386 18,386 Total operating expenses 173,376 16,812 99,297 17,096 3,912 39,823 350,316 (Loss) income from operations (75,563) 10,843 (38,099) (12,915) (4,219) (39,823) (159,776) Interest income, interest expense, income tax expense, and other expense, net (123) (2,869) 701 (35) 12 (6,862) (9,176) Net (loss) income $ (75,686) $ 7,974 $ (37,398) $ (12,950) $ (4,207) $ (46,685) $ (168,952) Six Months Ended June 30, 2021 Real estate services Properties Rentals Mortgage Other Corporate Overhead and Intercompany Eliminations Total Revenue $ 420,808 $ 265,171 $ 42,548 $ 10,810 $ 7,068 $ (6,771) $ 739,634 Cost of revenue 292,342 258,551 7,570 12,701 6,747 (6,771) 571,140 Gross profit 128,466 6,620 34,978 (1,891) 321 — 168,494 Operating expenses Technology and development 40,130 5,910 13,767 4,904 952 3,503 69,166 Marketing 52,928 779 12,611 264 63 555 67,200 General and administrative 42,429 4,507 23,149 3,352 933 22,587 96,957 Total operating expenses 135,487 11,196 49,527 8,520 1,948 26,645 233,323 Loss from operations (7,021) (4,576) (14,549) (10,411) (1,627) (26,645) (64,829) Interest income, interest expense, income tax expense, and other expense, net (31) (1,082) 212 2 1 2,065 1,167 Net loss $ (7,052) $ (5,658) $ (14,337) $ (10,409) $ (1,626) $ (24,580) $ (63,662)

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions	Notional Amounts June 30, 2022 December 31, 2021 Forward sales commitments $ 633,188 $ 70,550 IRLCs 594,111 67,485
Derivative Instruments, Gain (Loss)	The locations and amounts of gains (losses) recognized in income related to our derivatives are as follows: Three Months Ended June 30, Six Months Ended June 30, Instrument Classification 2022 2021 2022 2021 Forward sales commitments Service revenue $ (9,870) $ (1,849) $ (9,845) $ 79 IRLCs Service revenue 4,054 35 4,029 201
Schedule of Assets, Liabilities, and Equity Measured at Fair Value on a Recurring Basis	A summary of assets and liabilities related to our financial instruments, measured at fair value on a recurring basis and as reflected in our consolidated balance sheets, is set forth below: Balance at June 30, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Cash equivalents Money market funds $ 302,480 $ 302,480 $ — $ — Agency bonds 7,589 7,589 — — Total cash equivalents 310,069 310,069 — — Short-term investments U.S. treasury securities 71,014 71,014 — — Agency bonds 11,492 11,492 — — Total short-term investments 82,506 82,506 — — Loans held for sale 306,364 — 306,364 — Other current assets Forward sales commitments 3,462 — 3,462 — IRLCs 10,821 — — 10,821 Total other current assets 14,283 — 3,462 10,821 Mortgage servicing rights, at fair value 35,050 — — 35,050 Long-term investments U.S. treasury securities 52,989 52,989 — — Total assets $ 801,261 $ 445,564 $ 309,826 $ 45,871 Liabilities Accrued liabilities Forward sales commitments $ 2,175 $ — $ 2,175 $ — IRLCs 1,310 — — 1,310 Total liabilities $ 3,485 $ — $ 2,175 $ 1,310 Balance at December 31, 2021 Quoted Prices in Active Markets for Identical Assets Significant Significant Assets Cash equivalents Money market funds $ 509,971 $ 509,971 $ — $ — Total cash equivalents 509,971 509,971 — — Short-term investments U.S. treasury securities 16,718 16,718 — — Agency bonds 11,906 11,906 — — Equity securities 5,113 5,113 — — Loans held for sale 35,759 — 35,759 — Other current assets Forward sales commitments 138 — 138 — IRLCs 1,191 — — 1,191 Total other current assets 1,329 — 138 1,191 Long-term investments U.S. treasury securities 54,828 54,828 — — Total assets $ 635,624 $ 598,536 $ 35,897 $ 1,191 Liabilities Accrued liabilities Forward sales commitments $ 93 $ — $ 93 $ — IRLCs 60 — — 60 Total liabilities $ 153 $ — $ 93 $ 60
Summary of Fair Value Measurement Inputs and Valuation Techniques	The significant unobservable inputs used to determine the fair value of IRLCs and MSRs that could result in a significant change in fair value measurement were as follows: Key Inputs Valuation Technique June 30, 2022 December 31, 2021 Range Weighted-Average Range Weighted-Average IRLCs Pull-through rate Market pricing 69.9% - 100.0% 89.4% 71.1% 71.1% MSRs Prepayment speed Discounted cash flow 6.0% - 15.4% 6.6% N/A N/A Default rates Discounted cash flow 0.0% - 0.5% 0.1% N/A N/A Discount rate Discounted cash flow 9.0% - 11.8% 9.1% N/A N/A
Summary of Changes Fair Value Of Interest Rate Derivatives	The following is a summary of changes in the fair value of IRLCs for the three and six months ended June 30, 2022: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Balance, net—beginning of period $ 243 $ 1,771 $ 1,155 $ 1,771 IRLCs acquired in business combination 4,326 — 4,326 — Issuances of IRLCs 18,017 5,170 20,300 10,674 Settlements of IRLCs (14,099) (5,569) (17,268) (10,708) Fair value changes recognized in earnings 1,024 600 998 235 Balance, net—end of period $ 9,511 $ 1,972 $ 9,511 $ 1,972 The following is a summary of changes in the fair value of MSRs for the three and six months ended June 30, 2022 and 2021: Three and Six Months Ended June 30, 2022 2021 Balance—beginning of period $ — $ — MSRs acquired in business combination 33,982 — MSRs originated 964 — MSRs sales (774) — Fair value changes recognized in earnings 878 — Balance, net—end of period $ 35,050 $ —
Schedule of Long-term Debt	The following table presents the carrying amounts and estimated fair values of our convertible senior notes that are not recorded at fair value on our consolidated balance sheets: June 30, 2022 December 31, 2021 Issuance Net Carrying Amount Estimated Fair Value Net Carrying Amount Estimated Fair Value 2023 notes $ 23,355 $ 21,264 $ 23,280 $ 34,487 2025 notes 652,164 386,534 650,783 593,366 2027 notes 564,354 268,962 563,234 467,814 June 30, 2022 Lender Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Maturity Date City National Bank $ 100,000 $ 36,151 3.63 % 10/11/2022 Comerica Bank 75,000 33,448 3.80 Upon lender demand Origin Bank 75,000 35,000 4.31 9/30/2022 People's United Bank, National Association 50,000 21,695 3.47 10/19/2022 Prosperity Bank 150,000 81,268 3.71 9/30/2022 Republic Bank & Trust Company 75,000 31,906 3.32 8/17/2022 Wells Fargo Bank, N.A. 135,000 44,964 3.52 As determined by lender Western Alliance Bank 25,000 13,871 3.18 12/2/2022 Total $ 685,000 $ 298,303 — — December 31, 2021 Lender Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Western Alliance Bank $ 50,000 $ 17,089 3.00 % Texas Capital Bank, N.A. 40,000 11,852 3.01 Flagstar Bank, FSB 25,000 4,102 3.00 Total $ 115,000 $ 33,043 — June 30, 2022 December 31, 2021 Lender Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Goldman Sachs Bank USA $ 400,000 $ 156,540 4.55 % $ 200,000 $ 199,781 3.30 %
Marketable Securities	The cost or amortized cost, gross unrealized gains and losses, and estimated fair market value of our cash, money market funds, restricted cash, available-for-sale investments, and equity securities were as follows: June 30, 2022 Cost or Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash, Cash Equivalents, and Restricted Cash Short-term Investments Long-term Investments Cash $ 69,853 $ — $ — $ 69,853 $ 69,853 $ — $ — Money markets funds 302,480 — — 302,480 302,480 — — Restricted cash 28,279 — — 28,279 28,279 — — U.S. treasury securities 124,973 30 (1,000) 124,003 — 71,014 52,989 Agency bonds 19,087 1 (7) 19,081 7,589 11,492 — Total $ 544,672 $ 31 $ (1,007) $ 543,696 $ 408,201 $ 82,506 $ 52,989 December 31, 2021 Cost or Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash, Cash Equivalents, and Restricted Cash Short-term Investments Long-term Investments Cash $ 81,032 $ — $ — $ 81,032 $ 81,032 $ — $ — Money markets funds 509,971 — — 509,971 509,971 — — Restricted cash 127,278 — — 127,278 127,278 — — U.S. treasury securities 71,749 1 (204) 71,546 — 16,718 54,828 Agency bonds 11,900 6 — 11,906 — 11,906 — Equity securities 500 4,613 — 5,113 — 5,113 — Total $ 802,430 $ 4,620 $ (204) $ 806,846 $ 718,281 $ 33,737 $ 54,828

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	The components of inventory were as follows: June 30, 2022 December 31, 2021 Finished goods Properties for sale $ 98,020 $ 36,302 Properties under contract for sale 55,201 83,108 Work in progress Properties not available for sale 41,106 16,377 Properties under improvement 183,191 222,434 Inventory $ 377,518 $ 358,221

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment	The components of property and equipment were as follows: Useful Lives (Years) June 30, 2022 December 31, 2021 Leasehold improvements Shorter of lease term or economic life $ 32,386 $ 33,455 Website and software development costs 2 - 3 56,670 50,439 Computer and office equipment 3 - 5 17,791 14,216 Software 3 1,871 1,871 Furniture 7 7,594 8,091 Property and equipment, gross 116,312 108,072 Accumulated depreciation and amortization (66,668) (59,766) Construction in progress 10,065 10,365 Property and equipment, net $ 59,709 $ 58,671

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Lease, Cost	The components of lease expense were as follows: Three Months Ended June 30, Six Months Ended June 30, Lease Cost Classification 2022 2021 2022 2021 Operating lease cost Operating lease cost (1) Cost of revenue $ 3,703 $ 2,381 $ 6,083 $ 4,705 Operating lease cost (1) Operating expenses 1,796 1,595 3,487 2,712 Total operating lease cost $ 5,499 $ 3,976 $ 9,570 $ 7,417 Finance lease cost Amortization of right-of-use assets Cost of revenue $ 184 $ 140 $ 367 $ 196 Interest on lease liabilities Cost of revenue 23 21 48 30 Total finance lease cost $ 207 $ 161 $ 415 $ 226 (1) Includes lease expense with initial terms of twelve months or less of $1,047 and $434 for the three months ended June 30, 2022 and 2021, respectively, and $1,423 and $726 for the six months ended June 30, 2022 and 2021, respectively. Lease Term and Discount Rate June 30, 2022 December 31, 2021 Weighted-average remaining operating lease term (years) 4.3 4.8 Weighted-average remaining finance lease term (years) 2.9 3.2 Weighted-average discount rate for operating leases 4.4 % 4.4 % Weighted-average discount rate for finance leases 5.4 % 5.4 % Six Months Ended June 30, Supplemental Cash Flow Information 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 9,567 $ 7,654 Operating cash flows from finance leases 48 42 Financing cash flows from finance leases 284 122 Right-of-use assets obtained in exchange for lease liabilities Operating leases $ 1,745 $ 6,139 Finance leases 477 768
Lessee, Operating Lease, Liability, Maturity	Lease Liabilities Other Leases Total Lease Obligations Maturity of Lease Liabilities Operating Financing Operating 2022, excluding the six months ended June 30, 2022 $ 10,238 $ 340 $ 1,538 $ 12,116 2023 19,050 667 476 20,193 2024 15,812 581 188 16,581 2025 11,741 258 128 12,127 2026 10,621 15 5 10,641 Thereafter 6,434 — — 6,434 Total lease payments $ 73,896 $ 1,861 $ 2,335 $ 78,092 Less: Interest (1) 6,523 134 Present value of lease liabilities $ 67,373 $ 1,727
Finance Lease, Liability, Fiscal Year Maturity	Lease Liabilities Other Leases Total Lease Obligations Maturity of Lease Liabilities Operating Financing Operating 2022, excluding the six months ended June 30, 2022 $ 10,238 $ 340 $ 1,538 $ 12,116 2023 19,050 667 476 20,193 2024 15,812 581 188 16,581 2025 11,741 258 128 12,127 2026 10,621 15 5 10,641 Thereafter 6,434 — — 6,434 Total lease payments $ 73,896 $ 1,861 $ 2,335 $ 78,092 Less: Interest (1) 6,523 134 Present value of lease liabilities $ 67,373 $ 1,727

Acquired Intangible Assets an_2

Acquired Intangible Assets and Goodwill (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The gross carrying amounts and accumulated amortization of intangible assets were as follows: June 30, 2022 December 31, 2021 Weighted-Average Useful Lives (Years) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Trade names 9.3 $ 82,690 $ (10,139) $ 72,551 $ 71,040 $ (6,004) $ 65,036 Developed technology 3.3 66,340 (27,756) 38,584 63,480 (17,285) 46,195 Customer relationships 10 81,360 (10,729) 70,631 81,360 (6,662) 74,698 Total $ 230,390 $ (48,624) $ 181,766 $ 215,880 $ (29,951) $ 185,929
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Our estimate of remaining amortization expense for intangible assets that existed as of June 30, 2022 is as follows: 2022, excluding the six months ended June 30, 2022 $ 19,494 2023 38,988 2024 23,741 2025 17,618 2026 17,380 Thereafter 64,545 Estimated remaining amortization expense $ 181,766
Schedule of Goodwill	The carrying amounts of goodwill by reportable segment were as follows: Real Estate Services Rentals Mortgage Total Balance as of December 31, 2021 $ 250,231 $ 159,151 $ — $ 409,382 Goodwill resulting from acquisition — — 51,967 51,967 Balance as of June 30, 2022 $ 250,231 $ 159,151 $ 51,967 $ 461,349

Accrued and Other Liabilities (

Accrued and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	The components of accrued and other liabilities were as follows: June 30, 2022 December 31, 2021 Accrued compensation and benefits $ 107,304 $ 78,437 Miscellaneous accrued liabilities 39,294 25,217 Payroll tax liability deferred by the CARES Act 7,760 7,760 Customer contract liabilities 7,445 6,708 Total accrued and other liabilities $ 161,803 $ 118,122

Equity and Equity Compensatio_2

Equity and Equity Compensation Plans (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Reserved Shares of Common Stock	We have reserved shares of common stock for future issuance under our 2017 EIP as follows: June 30, 2022 December 31, 2021 Stock options issued and outstanding 3,513,601 4,019,011 Restricted stock units outstanding 10,152,284 4,617,425 Shares available for future equity grants 14,010,059 15,205,854 Total shares reserved for future issuance 27,675,944 23,842,290 We have reserved shares of common stock for future issuance under our ESPP as follows: Six Months Ended June 30, 2022 Year Ended December 31, 2021 Shares available for issuance at beginning of period 4,768,506 4,039,667 Shares issued during the period (661,054) (334,248) Total shares available for future issuance at end of period 4,107,452 3,705,419
Schedule of Stock Option Activity	Option activity for the six months ended June 30, 2022 was as follows: Number of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding as of January 1, 2022 (1) 4,019,011 $ 8.02 3.73 $ 122,038 PSOs earned (1) 150,000 27.50 Options exercised (645,120) 6.97 Options expired (10,290) 6.55 Outstanding as of June 30, 2022 3,513,601 9.05 3.30 4,717 Options exercisable as of June 30, 2022 3,513,601 9.05 3.30 4,717 (1) We granted stock options subject to performance conditions (“PSOs”) to our chief executive officer in 2019. We previously reported the target achievement level of these PSOs - 150,000 PSOs - within our outstanding stock options. During the first quarter of 2022, our board of directors determined that our chief executive officer earned his PSOs at the maximum achievement level. Accordingly, we are reporting an additional 150,000 PSOs as being earned during the first quarter of 2022.
Schedule of Nonvested Restricted Stock Units Activity	Restricted stock unit activity for the six months ended June 30, 2022 was as follows: Restricted Stock Units Weighted-Average Grant-Date Fair Value Outstanding as of January 1, 2022 4,617,425 $ 37.13 Granted 7,719,582 11.21 Vested (1,056,468) 26.86 Forfeited or canceled (1,128,255) 28.80 Outstanding or deferred as of June 30, 2022 ( 1) 10,152,284 19.42 (1) Starting with the restricted stock units granted to them in June 2019, our non-employee directors have the option to defer the issuance of common stock receivable upon vesting of such restricted stock units until 60 days following the day they are no longer providing services to us or, if earlier, upon a change in control transaction. The amount reported as vested excludes restricted stock units that have vested but whose settlement into shares has been deferred. The amount reported as outstanding or deferred as of June 30, 2022 includes these restricted stock units. As no further conditions exist to prevent the issuance of the shares of common stock underlying these restricted stock units, the shares are included in basic and diluted weighted shares outstanding used to calculate net loss per share attributable to common stock. The amount of shares whose issuance have been deferred is not considered material and is not reported separately from stock-based compensation in our consolidated statements of changes in mezzanine equity and stockholders’ equity.
Schedule of Allocation of Share-based Compensation Costs	Stock-based compensation expense associated with the PSUs is as follows: Six Months Ended June 30, 2022 2021 PSU expense $ 1,669 $ 2,621 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Cost of revenue $ 3,879 $ 3,758 $ 7,257 $ 6,736 Technology and development (1) 7,700 5,771 15,665 11,532 Marketing 924 535 1,996 1,078 General and administrative 4,310 3,679 8,683 6,981 Total stock-based compensation $ 16,813 $ 13,743 $ 33,601 $ 26,327

Net Loss per Share Attributab_2

Net Loss per Share Attributable to Common Stock (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	The calculation of basic and diluted net loss per share attributable to common stock was as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator: Net loss $ (78,146) $ (27,878) $ (168,952) $ (63,662) Dividends on convertible preferred stock (350) (1,878) (1,144) (4,214) Net loss attributable to common stock—basic and diluted $ (78,496) $ (29,756) $ (170,096) $ (67,876) Denominator: Weighted-average shares—basic and diluted (1) 107,396,575 104,391,337 107,032,381 103,912,212 Net loss per share attributable to common stock—basic and diluted $ (0.73) $ (0.29) $ (1.59) $ (0.65) (1) Basic and diluted weighted-average shares outstanding include (i) common stock earned but not yet issued related to share-based dividends on our convertible preferred stock, and (ii) restricted stock units that have vested but whose settlement into common stock were deferred at the option of certain non-employee directors.
Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following outstanding shares of common stock equivalents were excluded from the computation of the diluted net loss per share for the periods presented because their effect would have been anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 2023 notes as if converted 769,623 777,021 769,623 777,021 2025 notes as if converted 9,119,960 9,119,960 9,119,960 9,119,960 2027 notes as if converted 6,147,900 6,147,900 6,147,900 6,147,900 Convertible preferred stock as if converted 2,040,000 2,040,000 2,040,000 2,040,000 Stock options outstanding 3,513,601 4,639,132 3,513,601 4,639,132 Restricted stock units outstanding (1)(2) 10,119,140 3,671,589 10,119,140 3,671,589 Total 31,710,224 26,395,602 31,710,224 26,395,602 (1) Excludes 616,731 incremental PSUs that could vest, assuming applicable performance criteria and market conditions are achieved at 200% of target, which is the maximum achievement level. See Note 12 for additional information regarding PSUs.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt	The following table presents the carrying amounts and estimated fair values of our convertible senior notes that are not recorded at fair value on our consolidated balance sheets: June 30, 2022 December 31, 2021 Issuance Net Carrying Amount Estimated Fair Value Net Carrying Amount Estimated Fair Value 2023 notes $ 23,355 $ 21,264 $ 23,280 $ 34,487 2025 notes 652,164 386,534 650,783 593,366 2027 notes 564,354 268,962 563,234 467,814 June 30, 2022 Lender Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Maturity Date City National Bank $ 100,000 $ 36,151 3.63 % 10/11/2022 Comerica Bank 75,000 33,448 3.80 Upon lender demand Origin Bank 75,000 35,000 4.31 9/30/2022 People's United Bank, National Association 50,000 21,695 3.47 10/19/2022 Prosperity Bank 150,000 81,268 3.71 9/30/2022 Republic Bank & Trust Company 75,000 31,906 3.32 8/17/2022 Wells Fargo Bank, N.A. 135,000 44,964 3.52 As determined by lender Western Alliance Bank 25,000 13,871 3.18 12/2/2022 Total $ 685,000 $ 298,303 — — December 31, 2021 Lender Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Western Alliance Bank $ 50,000 $ 17,089 3.00 % Texas Capital Bank, N.A. 40,000 11,852 3.01 Flagstar Bank, FSB 25,000 4,102 3.00 Total $ 115,000 $ 33,043 — June 30, 2022 December 31, 2021 Lender Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Goldman Sachs Bank USA $ 400,000 $ 156,540 4.55 % $ 200,000 $ 199,781 3.30 %
Convertible Debt	We have issued convertible senior notes with the following characteristics: Issuance Maturity Date Stated Cash Interest Rate Effective Interest Rate First Interest Payment Date Semi-Annual Interest Payment Dates Conversion Rate 2023 notes July 15, 2023 1.75 % 2.45 % January 15, 2019 January 15; July 15 32.7332 2025 notes October 15, 2025 — 0.42 — — 13.7920 2027 notes April 1, 2027 0.50 0.90 October 1, 2021 April 1; October 1 10.6920 The components of our convertible senior notes were as follows: June 30, 2022 Issuance Aggregate Principal Amount Unamortized Debt Discount Unamortized Debt Issuance Costs Net Carrying Amount 2023 notes $ 23,512 $ — $ 157 $ 23,355 2025 notes 661,250 — 9,086 652,164 2027 notes 575,000 — 10,646 564,354 December 31, 2021 Issuance Aggregate Principal Amount Unamortized Debt Discount Unamortized Debt Issuance Costs Net Carrying Amount 2023 notes $ 23,512 $ — $ 232 $ 23,280 2025 notes 661,250 — 10,467 650,783 2027 notes 575,000 — 11,766 563,234 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 2023 notes Contractual interest expense $ 103 $ 104 $ 206 $ 208 Amortization of debt discount — — — — Amortization of debt issuance costs 38 39 75 110 Total interest expense $ 141 $ 143 $ 281 $ 318 2025 notes Contractual interest expense — — — — Amortization of debt discount — — — — Amortization of debt issuance costs 690 690 1,380 1,380 Total interest expense $ 690 $ 690 $ 1,380 $ 1,380 2027 notes Contractual interest expense 719 715 1,438 749 Amortization of debt discount — — — — Amortization of debt issuance costs 560 557 1,120 585 Total interest expense $ 1,279 $ 1,272 $ 2,558 $ 1,334 Total Contractual interest expense 822 819 1,644 957 Amortization of debt discount — — — — Amortization of debt issuance costs 1,288 1,286 2,575 2,075 Total interest expense $ 2,110 $ 2,105 $ 4,219 $ 3,032
Interest Income and Interest Expense Disclosure	Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 2023 notes Contractual interest expense $ 103 $ 104 $ 206 $ 208 Amortization of debt discount — — — — Amortization of debt issuance costs 38 39 75 110 Total interest expense $ 141 $ 143 $ 281 $ 318 2025 notes Contractual interest expense — — — — Amortization of debt discount — — — — Amortization of debt issuance costs 690 690 1,380 1,380 Total interest expense $ 690 $ 690 $ 1,380 $ 1,380 2027 notes Contractual interest expense 719 715 1,438 749 Amortization of debt discount — — — — Amortization of debt issuance costs 560 557 1,120 585 Total interest expense $ 1,279 $ 1,272 $ 2,558 $ 1,334 Total Contractual interest expense 822 819 1,644 957 Amortization of debt discount — — — — Amortization of debt issuance costs 1,288 1,286 2,575 2,075 Total interest expense $ 2,110 $ 2,105 $ 4,219 $ 3,032

Business Combinations - Narrati

Business Combinations - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Apr. 01, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill		$ 461,349		$ 461,349		$ 409,382
Acquisition-related costs		1,507		2,424
Bay Equity
Business Acquisition [Line Items]
Cash paid for acquisition, net of cash acquired	$ 139,671
Goodwill	$ 51,967
Net income (loss)		(78,967)	$ (14,538)	$ (165,561)	$ (32,785)
Bay Equity | Acquisition-related Costs
Business Acquisition [Line Items]
Net income (loss)		$ 0

Business Combinations - Schedul

Business Combinations - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Apr. 01, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 461,349		$ 409,382
Bay Equity
Business Acquisition [Line Items]
Cash and cash equivalents		$ 39,963
Restricted cash		2,367
Accounts receivable		9,697
Prepaid expenses		1,222
Other current assets		19,262
Property and equipment, net		897
Operating lease right-of-use assets		4,995
Loans held for sale		213,891
Mortgage servicing rights, at fair value		33,982
Other assets, noncurrent		294
Intangible assets		14,510
Goodwill		51,967
Total assets acquired		393,047
Accounts payable		1,747
Accrued and other liabilities		38,026
Lease liabilities		2,848
Lease liabilities and deposits, noncurrent		2,147
Warehouse credit facilities		208,608
Total liabilities assumed		253,376
Total purchase consideration		$ 139,671

Business Combinations - Sched_2

Business Combinations - Schedule of Finite-Lived Intangible Assets as Part of Business Combination (Details) - USD ($) $ in Thousands		6 Months Ended
	Apr. 01, 2022	Jun. 30, 2022
Trade names
Business Acquisition [Line Items]
Estimated Useful Life (in years)		9 years 3 months 18 days
Bay Equity
Business Acquisition [Line Items]
Estimated Fair Value	$ 14,510
Bay Equity | Trade names
Business Acquisition [Line Items]
Estimated Fair Value	$ 11,650
Estimated Useful Life (in years)	5 years
Bay Equity | Developed technology
Business Acquisition [Line Items]
Estimated Fair Value	$ 2,860
Estimated Useful Life (in years)	3 years

Business Combinations - Unaudit

Business Combinations - Unaudited Pro Forma Results (Details) - Bay Equity - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Business Acquisition [Line Items]
Revenue	$ 606,915	$ 560,241	$ 1,260,129	$ 941,990
Net loss	$ (78,967)	$ (14,538)	$ (165,561)	$ (32,785)

Segment Reporting and Revenue -

Segment Reporting and Revenue - Narrative (Details)	6 Months Ended
	Jun. 30, 2022 segment
Segment Reporting [Abstract]
Number of operating segments	6
Number of reportable segments	4

Segment Reporting and Revenue_2

Segment Reporting and Revenue - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	$ 606,915	$ 471,315	$ 1,204,261	$ 739,634
Cost of revenue	488,912	345,179	1,013,721	571,140
Gross profit	118,003	126,136	190,540	168,494
Technology and development	51,506	41,488	101,146	69,166
Marketing	56,743	55,398	100,085	67,200
General and administrative	71,733	59,567	130,699	96,957
Restructuring and reorganization	12,677	0	18,386	0
Total operating expenses	192,659	156,453	350,316	233,323
Loss from operations	(74,656)	(30,317)	(159,776)	(64,829)
Interest income, interest expense, income tax expense, and other expense, net	(3,490)	2,439	(9,176)	1,167
Net loss	(78,146)	(27,878)	(168,952)	(63,662)
Operating Segments | Real estate services
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	251,809	252,199	429,295	420,808
Cost of revenue	177,698	164,125	331,482	292,342
Gross profit	74,111	88,074	97,813	128,466
Technology and development	27,696	20,010	54,435	40,130
Marketing	40,765	41,746	71,608	52,928
General and administrative	24,341	18,498	47,333	42,429
Restructuring and reorganization	0		0
Total operating expenses	92,802	80,254	173,376	135,487
Loss from operations	(18,691)	7,820	(75,563)	(7,021)
Interest income, interest expense, income tax expense, and other expense, net	(123)	(3)	(123)	(31)
Net loss	(18,814)	7,817	(75,686)	(7,052)
Operating Segments | Properties
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	262,606	172,445	642,359	265,171
Cost of revenue	255,839	167,420	614,704	258,551
Gross profit	6,767	5,025	27,655	6,620
Technology and development	4,684	3,080	8,803	5,910
Marketing	821	572	1,974	779
General and administrative	3,210	2,078	6,035	4,507
Restructuring and reorganization	0		0
Total operating expenses	8,715	5,730	16,812	11,196
Loss from operations	(1,948)	(705)	10,843	(4,576)
Interest income, interest expense, income tax expense, and other expense, net	(1,245)	(662)	(2,869)	(1,082)
Net loss	(3,193)	(1,367)	7,974	(5,658)
Operating Segments | Rentals
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	38,248	42,548	76,292	42,548
Cost of revenue	7,901	7,570	15,094	7,570
Gross profit	30,347	34,978	61,198	34,978
Technology and development	14,871	13,568	29,154	13,767
Marketing	13,086	12,607	24,128	12,611
General and administrative	21,824	23,116	46,015	23,149
Restructuring and reorganization	0		0
Total operating expenses	49,781	49,291	99,297	49,527
Loss from operations	(19,434)	(14,313)	(38,099)	(14,549)
Interest income, interest expense, income tax expense, and other expense, net	232	212	701	212
Net loss	(19,202)	(14,101)	(37,398)	(14,337)
Operating Segments | Mortgage
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	53,098	5,099	56,015	10,810
Cost of revenue	46,316	6,832	51,834	12,701
Gross profit	6,782	(1,733)	4,181	(1,891)
Technology and development	1,904	2,536	4,251	4,904
Marketing	1,843	130	1,871	264
General and administrative	9,450	1,927	10,974	3,352
Restructuring and reorganization	0		0
Total operating expenses	13,197	4,593	17,096	8,520
Loss from operations	(6,415)	(6,326)	(12,915)	(10,411)
Interest income, interest expense, income tax expense, and other expense, net	(35)	1	(35)	2
Net loss	(6,450)	(6,325)	(12,950)	(10,409)
Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	5,894	3,422	10,263	7,068
Cost of revenue	5,898	3,630	10,570	6,747
Gross profit	(4)	(208)	(307)	321
Technology and development	1,189	479	2,225	952
Marketing	71	30	125	63
General and administrative	850	416	1,562	933
Restructuring and reorganization	0		0
Total operating expenses	2,110	925	3,912	1,948
Loss from operations	(2,114)	(1,133)	(4,219)	(1,627)
Interest income, interest expense, income tax expense, and other expense, net	11	1	12	1
Net loss	(2,103)	(1,132)	(4,207)	(1,626)
Corporate Overhead and Intercompany Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	(4,740)	(4,398)	(9,963)	(6,771)
Cost of revenue	(4,740)	(4,398)	(9,963)	(6,771)
Gross profit	0	0	0	0
Technology and development	1,162	1,815	2,278	3,503
Marketing	157	313	379	555
General and administrative	12,058	13,532	18,780	22,587
Restructuring and reorganization	12,677		18,386
Total operating expenses	26,054	15,660	39,823	26,645
Loss from operations	(26,054)	(15,660)	(39,823)	(26,645)
Interest income, interest expense, income tax expense, and other expense, net	(2,330)	2,890	(6,862)	2,065
Net loss	$ (28,384)	$ (12,770)	$ (46,685)	$ (24,580)

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Share price (in dollars per share)	$ 8.24
Accrued interest	$ 171,000	$ 86,000
Allowance for credit loss	0	$ 0
1.75% Convertible Senior Notes due 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Aggregated principal amount	23,512,000
0% Convertible Senior Notes due 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Aggregated principal amount	661,250,000
0.5% Convertible Senior Notes Due 2027
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Aggregated principal amount	$ 575,000,000
Interest Rate Lock Commitments | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loan commitments, term	30 days
Interest Rate Lock Commitments | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loan commitments, term	90 days

Financial Instruments - Notiona

Financial Instruments - Notional Amounts of Derivatives (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Forward sales commitments
Derivative [Line Items]
Notional Amounts	$ 633,188	$ 70,550
IRLCs
Derivative [Line Items]
Notional Amounts	$ 594,111	$ 67,485

Financial Instruments - Amount

Financial Instruments - Amount of Gains/(Losses) Recognized in Income (Details) - Service revenue - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Forward sales commitments
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain (loss) recognized in earnings	$ (9,870)	$ (1,849)	$ (9,845)	$ 79
IRLCs
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain (loss) recognized in earnings	$ 4,054	$ 35	$ 4,029	$ 201

Financial Instruments - Schedul

Financial Instruments - Schedule of Assets, Liabilities, and Equity Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets
Short-term investments	$ 82,506	$ 33,737
Mortgage servicing rights, at fair value	35,050	0
Fair Value, Measurements, Recurring
Assets
Cash equivalents	310,069	509,971
Short-term investments	82,506	33,737
Loans held for sale	306,364	35,759
Other current assets	14,283	1,329
Mortgage servicing rights, at fair value	35,050
Long-term investments	52,989	54,828
Total assets	801,261	635,624
Liabilities
Total liabilities	3,485	153
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Cash equivalents	310,069	509,971
Short-term investments	82,506
Loans held for sale	0	0
Other current assets	0	0
Mortgage servicing rights, at fair value	0
Total assets	445,564	598,536
Liabilities
Total liabilities	0	0
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Assets
Cash equivalents	0	0
Short-term investments	0
Loans held for sale	306,364	35,759
Other current assets	3,462	138
Mortgage servicing rights, at fair value	0
Total assets	309,826	35,897
Liabilities
Total liabilities	2,175	93
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Assets
Cash equivalents	0	0
Short-term investments	0
Loans held for sale	0	0
Other current assets	10,821	1,191
Mortgage servicing rights, at fair value	35,050
Total assets	45,871	1,191
Liabilities
Total liabilities	1,310	60
Fair Value, Measurements, Recurring | Money market funds
Assets
Cash equivalents	302,480	509,971
Fair Value, Measurements, Recurring | Money market funds | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Cash equivalents	302,480	509,971
Fair Value, Measurements, Recurring | Money market funds | Significant Other Observable Inputs (Level 2)
Assets
Cash equivalents	0	0
Fair Value, Measurements, Recurring | Money market funds | Significant Unobservable Inputs (Level 3)
Assets
Cash equivalents	0	0
Fair Value, Measurements, Recurring | Agency bonds
Assets
Cash equivalents	7,589
Fair Value, Measurements, Recurring | Agency bonds | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Cash equivalents	7,589
Fair Value, Measurements, Recurring | Agency bonds | Significant Other Observable Inputs (Level 2)
Assets
Cash equivalents	0
Fair Value, Measurements, Recurring | Agency bonds | Significant Unobservable Inputs (Level 3)
Assets
Cash equivalents	0
U.S. treasury securities | Fair Value, Measurements, Recurring
Assets
Short-term investments	71,014	16,718
Long-term investments	52,989	54,828
U.S. treasury securities | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Short-term investments	71,014	16,718
Long-term investments	52,989	54,828
U.S. treasury securities | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Assets
Short-term investments	0	0
Long-term investments	0	0
U.S. treasury securities | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Assets
Short-term investments	0	0
Long-term investments	0	0
Agency bonds | Fair Value, Measurements, Recurring
Assets
Short-term investments	11,492	11,906
Long-term investments	0	0
Agency bonds | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Short-term investments	11,492	11,906
Agency bonds | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Assets
Short-term investments	0	0
Agency bonds | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Assets
Short-term investments	0	0
Forward sales commitments | Fair Value, Measurements, Recurring
Assets
Other current assets	3,462	138
Liabilities
Accrued liabilities	2,175	93
Forward sales commitments | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Other current assets	0	0
Liabilities
Accrued liabilities	0	0
Forward sales commitments | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Assets
Other current assets	3,462	138
Liabilities
Accrued liabilities	2,175	93
Forward sales commitments | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Assets
Other current assets	0	0
Liabilities
Accrued liabilities	0	0
IRLCs | Fair Value, Measurements, Recurring
Assets
Other current assets	10,821	1,191
Liabilities
Accrued liabilities	1,310	60
IRLCs | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Other current assets	0	0
Liabilities
Accrued liabilities	0	0
IRLCs | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Assets
Other current assets	0	0
Liabilities
Accrued liabilities	0	0
IRLCs | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Assets
Other current assets	10,821	1,191
Liabilities
Accrued liabilities	$ 1,310	60
Equity securities
Assets
Short-term investments		5,113
Equity securities | Fair Value, Measurements, Recurring
Assets
Short-term investments		5,113
Long-term investments		0
Equity securities | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Short-term investments		5,113
Equity securities | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Assets
Short-term investments		0
Equity securities | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Assets
Short-term investments		$ 0

Financial Instruments - Summary

Financial Instruments - Summary of Fair Value Measurement Inputs and Valuation Techniques (Details)	Jun. 30, 2022	Dec. 31, 2021
IRLCs | Pull-through rate | Marketing pricing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative instrument, measurement input (percent)	0.894	0.711
IRLCs | Pull-through rate | Marketing pricing | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative instrument, measurement input (percent)	0.699
IRLCs | Pull-through rate | Marketing pricing | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative instrument, measurement input (percent)	1
MSRs | Prepayment speed | Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative instrument, measurement input (percent)	0.066
MSRs | Prepayment speed | Valuation Technique, Discounted Cash Flow | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative instrument, measurement input (percent)	0.060
MSRs | Prepayment speed | Valuation Technique, Discounted Cash Flow | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative instrument, measurement input (percent)	0.154
MSRs | Default rates | Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative instrument, measurement input (percent)	0.001
MSRs | Default rates | Valuation Technique, Discounted Cash Flow | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative instrument, measurement input (percent)	0
MSRs | Default rates | Valuation Technique, Discounted Cash Flow | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative instrument, measurement input (percent)	0.005
MSRs | Discount rate | Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative instrument, measurement input (percent)	0.091
MSRs | Discount rate | Valuation Technique, Discounted Cash Flow | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative instrument, measurement input (percent)	0.090
MSRs | Discount rate | Valuation Technique, Discounted Cash Flow | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative instrument, measurement input (percent)	0.118

Financial Instruments - Summa_2

Financial Instruments - Summary of Changes in the Fair Value of IRLCs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Changes of fair value of interest rate lock commitments [Roll Forward]
IRLCs acquired in business combination	$ 33,982	$ 0
IRLCs
Changes of fair value of interest rate lock commitments [Roll Forward]
Balance, net—beginning of period	243	1,771	$ 1,155	$ 1,771
IRLCs acquired in business combination	4,326	0	4,326	0
Issuances of IRLCs	18,017	5,170	20,300	10,674
Settlements of IRLCs	(14,099)	(5,569)	(17,268)	(10,708)
Fair value changes recognized in earnings	1,024	600	998	235
Balance, net—end of period	$ 9,511	$ 1,972	$ 9,511	$ 1,972

Financial Instruments - Summa_3

Financial Instruments - Summary of Changes in the Fair Value of MSRs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Changes of fair value of interest rate lock commitments [Roll Forward]
MSRs acquired in business combination	$ 33,982	$ 0
MSRs
Changes of fair value of interest rate lock commitments [Roll Forward]
Balance, net—beginning of period			$ 0	$ 0
MSRs originated			964	0
MSRs sales			(774)	0
Fair value changes recognized in earnings			878	0
Balance, net—end of period	$ 35,050	$ 0	$ 35,050	$ 0

Financial Instruments - Carryin

Financial Instruments - Carrying Amounts and Estimated Fair Values of Notes (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
2023 notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Net Carrying Amount	$ 23,355	$ 23,280
Estimated Fair Value	21,264	34,487
2025 notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Net Carrying Amount	652,164	650,783
Estimated Fair Value	386,534	593,366
2027 notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Net Carrying Amount	564,354	563,234
Estimated Fair Value	$ 268,962	$ 467,814

Financial Instruments - Investm

Financial Instruments - Investments in Debt and Marketable Equity Securities Disclosure (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Cost or Amortized Cost
Cash and cash equivalents, at carrying value	$ 379,922	$ 591,003	$ 735,387
Restricted cash	28,279	127,278	52,295
Cash, Cash Equivalents, and Restricted Cash
Total cash, cash equivalents, and restricted cash	408,201	718,281	$ 787,682	$ 945,820
Short-term Investments
Short-term Investments	82,506	33,737
Fair Value, Measurements, Recurring
Cost or Amortized Cost
Restricted cash	28,279	127,278
Cash, cash equivalents, and available-for-sale debt securities, amortized cost	544,672	802,430
Unrealized Gains (Losses)
Unrealized Gains	31	4,620
Unrealized Losses	(1,007)	(204)
Estimated Fair Value
Cash equivalents	310,069	509,971
Cash, cash equivalents, and available-for-sale debt securities	543,696	806,846
Cash, Cash Equivalents, and Restricted Cash
Total cash, cash equivalents, and restricted cash	408,201	718,281
Short-term Investments
Short-term Investments	82,506	33,737
Long-term Investments
Long-term investments	52,989	54,828
U.S. treasury securities | Fair Value, Measurements, Recurring
Cost or Amortized Cost
Debt securities, available for sale, estimated fair value	124,003	71,546
Unrealized Gains (Losses)
Unrealized Gains	30	1
Unrealized Losses	(1,000)	(204)
Estimated Fair Value
Debt securities, available-for-sale, amortized cost	124,973	71,749
Short-term Investments
Short-term Investments	71,014	16,718
Long-term Investments
Long-term investments	52,989	54,828
Agency bonds | Fair Value, Measurements, Recurring
Cost or Amortized Cost
Debt securities, available for sale, estimated fair value	19,081	11,906
Unrealized Gains (Losses)
Unrealized Gains	1	6
Unrealized Losses	(7)	0
Estimated Fair Value
Debt securities, available-for-sale, amortized cost	19,087	11,900
Cash, Cash Equivalents, and Restricted Cash
Total cash, cash equivalents, and restricted cash	7,589
Short-term Investments
Short-term Investments	11,492	11,906
Long-term Investments
Long-term investments	0	0
Equity securities
Cost or Amortized Cost
Debt securities, available for sale, estimated fair value		5,113
Unrealized Gains (Losses)
Unrealized Gains		4,613
Unrealized Losses		0
Estimated Fair Value
Debt securities, available-for-sale, amortized cost		500
Short-term Investments
Short-term Investments		5,113
Equity securities | Fair Value, Measurements, Recurring
Short-term Investments
Short-term Investments		5,113
Long-term Investments
Long-term investments		0
Cash | Fair Value, Measurements, Recurring
Cost or Amortized Cost
Cash and cash equivalents, at carrying value	69,853	81,032
Estimated Fair Value
Cash equivalents	69,853	81,032
Cash, Cash Equivalents, and Restricted Cash
Total cash, cash equivalents, and restricted cash	69,853	81,032
Money markets funds | Fair Value, Measurements, Recurring
Cost or Amortized Cost
Cash and cash equivalents, at carrying value	302,480	509,971
Estimated Fair Value
Cash equivalents	302,480	509,971
Cash, Cash Equivalents, and Restricted Cash
Total cash, cash equivalents, and restricted cash	$ 302,480	$ 509,971

Inventory (Details)

Inventory (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) home	Jun. 30, 2021 USD ($) home	Dec. 31, 2021 USD ($)
Inventory Disclosure [Abstract]
Properties for sale	$ 98,020		$ 36,302
Properties under contract for sale	55,201		83,108
Properties not available for sale	41,106		16,377
Properties under improvement	183,191		222,434
Inventory	377,518		358,221
Lower of cost or net realizable value write-downs	$ 4,739		$ 2,364
Number of homes purchased | home	1,045	808
Additions	$ 540,882	$ 410,960
Number of homes sold | home	1,040	463
Value of homes sold	$ 515,067	$ 213,921
Payments remainder of fiscal year	$ 138,271

Property and Equipment - Summar

Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Accumulated depreciation and amortization	$ (66,668)	$ (59,766)
Property and equipment, net	59,709	58,671
Property and equipment, gross
Property, Plant and Equipment [Line Items]
Property and equipment, gross	116,312	108,072
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	32,386	33,455
Website and software development costs
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 56,670	50,439
Website and software development costs | Minimum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	2 years
Website and software development costs | Maximum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	3 years
Computer and office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 17,791	14,216
Computer and office equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	3 years
Computer and office equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	5 years
Software
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	3 years
Property and equipment, gross	$ 1,871	1,871
Furniture
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	7 years
Property and equipment, gross	$ 7,594	8,091
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 10,065	$ 10,365

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 6,579	$ 4,751	$ 12,466	$ 8,970
Capitalized computer software, additions	$ 4,896	$ 5,045	$ 11,011	$ 8,410

Leases - Narrative (Details)

Leases - Narrative (Details)	Jun. 30, 2022
Vehicles
Lessee, Lease, Description [Line Items]
Finance lease term (in years)	4 years
Minimum
Lessee, Lease, Description [Line Items]
Operating lease term (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease term (in years)	11 years

Leases - Summary of Lease Cost

Leases - Summary of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating Leased Assets [Line Items]
Operating lease cost	$ 5,499	$ 3,976	$ 9,570	$ 7,417
Total finance lease cost	207	161	415	226
Short-term lease cost	1,047	434	1,423	726
Cost of revenue
Operating Leased Assets [Line Items]
Operating lease cost	3,703	2,381	6,083	4,705
Finance lease, right-of-use asset, amortization	184	140	367	196
Finance lease, interest expense	23	21	48	30
Operating expenses
Operating Leased Assets [Line Items]
Operating lease cost	$ 1,796	$ 1,595	$ 3,487	$ 2,712

Leases - Maturity of Lease Liab

Leases - Maturity of Lease Liabilities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Operating leases
2022, excluding the six months ended June 30, 2022	$ 10,238
2023	19,050
2024	15,812
2025	11,741
2026	10,621
Thereafter	6,434
Total lease payments	73,896
Less: Interest	6,523
Present value of lease liabilities	67,373
Finance leases
2022, excluding the six months ended June 30, 2022	340
2023	667
2024	581
2025	258
2026	15
Thereafter	0
Total lease payments	1,861
Less: Interest	134
Present value of lease liabilities	1,727
Other Leases
2022, excluding the six months ended June 30, 2022	1,538
2023	476
2024	188
2025	128
2026	5
Thereafter	0
Total lease payments	2,335
Total Lease Obligations
2022, excluding the six months ended June 30, 2022	12,116
2023	20,193
2024	16,581
2025	12,127
2026	10,641
Thereafter	6,434
Total lease payments	78,092
Operating lease, capitalized interest expense	2,547
Financing lease, capitalized interest expense	$ 76

Leases - Lease Term and Discoun

Leases - Lease Term and Discount Rate (Details)	Jun. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Weighted-average remaining operating lease term (years)	4 years 3 months 18 days	4 years 9 months 18 days
Weighted-average remaining finance lease term (years)	2 years 10 months 24 days	3 years 2 months 12 days
Weighted average discount rate for operating leases (percent)	4.40%	4.40%
Weighted average discount rate for finance leases (percent)	5.40%	5.40%

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 9,567	$ 7,654
Operating cash flows from finance leases	48	42
Financing cash flows from finance leases	284	122
Right-of-use assets obtained in exchange for lease liabilities
Operating leases	1,745	6,139
Finance leases	$ 477	$ 768

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	May 23, 2022 USD ($)	Apr. 29, 2022 USD ($) plaintiff	Oct. 28, 2020 plaintiff	May 11, 2020 patent	Jun. 30, 2022 USD ($)
Debt Instrument [Line Items]
Patents allegedly infringed upon | patent				4
Litigation settlement payment	$ 3	$ 3
Loss contingency accrual		$ 1
Number of organizations | plaintiff		10	10
Other Commitments
Debt Instrument [Line Items]
Escrow deposit					$ 30,879

Acquired Intangible Assets an_3

Acquired Intangible Assets and Goodwill - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross	$ 230,390	$ 215,880
Accumulated Amortization	(48,624)	(29,951)
Net	$ 181,766	185,929
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Lives (Years)	9 years 3 months 18 days
Gross	$ 82,690	71,040
Accumulated Amortization	(10,139)	(6,004)
Net	$ 72,551	65,036
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Lives (Years)	3 years 3 months 18 days
Gross	$ 66,340	63,480
Accumulated Amortization	(27,756)	(17,285)
Net	$ 38,584	46,195
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Lives (Years)	10 years
Gross	$ 81,360	81,360
Accumulated Amortization	(10,729)	(6,662)
Net	$ 70,631	$ 74,698

Acquired Intangible Assets an_4

Acquired Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 9,747	$ 8,926	$ 18,673	$ 9,048

Acquired Intangible Assets an_5

Acquired Intangible Assets and Goodwill - Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2022, excluding the six months ended June 30, 2022	$ 19,494
2023	38,988
2024	23,741
2025	17,618
2026	17,380
Thereafter	64,545
Net	$ 181,766	$ 185,929

Acquired Intangible Assets an_6

Acquired Intangible Assets and Goodwill - Schedule of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Goodwill [Roll Forward]
Beginning Balance	$ 409,382
Ending Balance	461,349
Real Estate Services
Goodwill [Roll Forward]
Beginning Balance	250,231
Ending Balance	250,231
Rentals
Goodwill [Roll Forward]
Beginning Balance	159,151
Ending Balance	159,151
Mortgage
Goodwill [Roll Forward]
Beginning Balance	0
Ending Balance	51,967
Bay Equity
Goodwill [Roll Forward]
Goodwill resulting from acquisition	51,967
Bay Equity | Real Estate Services
Goodwill [Roll Forward]
Goodwill resulting from acquisition	0
Bay Equity | Rentals
Goodwill [Roll Forward]
Goodwill resulting from acquisition	0
Bay Equity | Mortgage
Goodwill [Roll Forward]
Goodwill resulting from acquisition	$ 51,967

Accrued and Other Liabilities_2

Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 107,304	$ 78,437
Miscellaneous accrued liabilities	39,294	25,217
Payroll tax liability deferred by the CARES Act	7,760	7,760
Customer contract liabilities	7,445	6,708
Accrued and other liabilities	$ 161,803	$ 118,122

Mezzanine Equity (Details)

Mezzanine Equity (Details) $ / shares in Units, $ in Thousands		3 Months Ended	6 Months Ended
	Apr. 01, 2020 USD ($) $ / shares shares	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2022 USD ($) tradingDay $ / shares shares	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Temporary Equity [Line Items]
Proceeds from issuance of stock | $	$ 110,000
Carrying value of convertible preferred stock | $		$ 39,891	$ 39,891		$ 39,868
Temporary equity, dividends (in shares) | shares		30,640
Convertible preferred stock, shares issued upon conversion (in shares) | shares	2,622,177
Dividend rate, daily accrual basis, fiscal period			360 days
Preferred stock, dividend rate (percent)			0.055%
Preferred stock, dividend rate (in dollars per share) | $ / shares			$ 17.95
Trading days preceding date dividends are payable			10 days
Conversion price ratio denominator (in dollars per share) | $ / shares		$ 19.51	$ 19.51
Conversion stock price trigger (in dollars per share) | $ / shares			$ 27.32
Threshold consecutive trading days | tradingDay			30
Common Stock
Temporary Equity [Line Items]
Stock issued during period shares new issues (in shares) | shares	4,484,305
Shares issued price per share (in dollar per share) | $ / shares	$ 15.61
Series A Convertible Preferred Stock
Temporary Equity [Line Items]
Stock issued during period shares new issues (in shares) | shares	40,000
Shares issued price per share (in dollar per share) | $ / shares	$ 1,000
Proceeds from issuance of stock | $	$ 40,000
Carrying value of convertible preferred stock | $		$ 39,891	$ 39,891	$ 39,879	$ 39,868	$ 39,846	$ 39,834	$ 39,823
Converted preferred stock (in shares) | shares			0

Equity and Equity Compensatio_3

Equity and Equity Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended
	Jul. 27, 2017	Jun. 30, 2022	Dec. 31, 2021	Jul. 26, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, authorized (in shares)		500,000,000	500,000,000
Common stock, par value (in dollars per share)		$ 0.001	$ 0.001
Temporary equity, shares authorized (in shares)		10,000,000	10,000,000
Temporary equity, par value (in dollars per share)		$ 0.001	$ 0.001
2004 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (years)		10 years
Award vesting period (years)		4 years
2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved (in shares)		27,675,944	23,842,290	7,898,159
Expected life (years)		10 years
Percentage of common stock, outstanding		5%
Restricted stock units outstanding (in shares)		10,152,284	4,617,425
2017 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved (in shares)		4,107,452	3,705,419
Employee stock | 2004 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved (in shares)		0
Employee stock | 2017 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved (in shares)	1,600,000
Percentage of common stock, outstanding	1%
Purchase price of common stock, percentage of market price of common stock		85%
Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units outstanding (in shares)		616,731
Achievement percentage of performance conditions		100%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation		$ 170,956
Unrecognized compensation expense, period for recognition (years)		3 years 2 months 23 days
Restricted stock units outstanding (in shares)		10,152,284	4,617,425
Minimum | 2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)		2 years
Minimum | Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target amount		0%
Maximum | 2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)		4 years
Maximum | Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target amount		200%

Equity and Equity Compensatio_4

Equity and Equity Compensation Plans - Summary of Common Stock Reserved for Future Issuance: 2017 EIP (Details) - shares	Jun. 30, 2022	Dec. 31, 2021	Jul. 26, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options issued and outstanding options (in shares)	3,513,601	4,019,011
Equity Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options issued and outstanding options (in shares)	3,513,601	4,019,011
Restricted stock units issued and outstanding or deferred (in shares)	10,152,284	4,617,425
Shares available for future equity grants (in shares)	14,010,059	15,205,854
Total shares reserved for future issuance (in shares)	27,675,944	23,842,290	7,898,159

Equity and Equity Compensatio_5

Equity and Equity Compensation Plans - Summary of Common Stock Reserved for Future Issuance: 2017 ESPP (Details) - 2017 Employee Stock Purchase Plan - shares	Jun. 30, 2022	Dec. 31, 2021
Shares Reserved For Future Issuance [Roll Forward]
Shares available for issuance at beginning of period (in shares)	4,768,506	4,039,667
Shares issued during the period (in shares)	(661,054)	(334,248)
Total shares reserved for future issuance (in shares)	4,107,452	3,705,419

Equity and Equity Compensatio_6

Equity and Equity Compensation Plans - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 01, 2019	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Number of Options
Outstanding, beginning balance (in shares)			4,019,011
PSOs earned (in shares)		150,000
Options exercised (in shares)			(645,120)
Options canceled (in shares)			(10,290)
Outstanding, ending balance (in shares)		3,513,601	3,513,601	4,019,011
Options exercisable at period end (in shares)		3,513,601	3,513,601
Weighted-Average Exercise Price
Outstanding, beginning balance (in dollars per share)			$ 8.02
PSOs earned (in dollars per share)			27.50
Options exercised (in dollars per share)			6.97
Options canceled (in dollars per share)			6.55
Outstanding, ending balance (in dollars per share)		$ 9.05	9.05	$ 8.02
Options exercisable at period end (in dollars per share)		$ 9.05	$ 9.05
Weighted-Average Remaining Contractual Life (Years)
Weighted average remaining contractual life outstanding			3 years 3 months 18 days	3 years 8 months 23 days
Weighted average remaining contractual life exercisable			3 years 3 months 18 days
Aggregate Intrinsic Value
Options outstanding, Aggregate intrinsic value		$ 4,717	$ 4,717	$ 122,038
Options exercisable, Aggregate intrinsic value		$ 4,717	$ 4,717
Chief Executive Officer | Performance Restricted Stock Units
Aggregate Intrinsic Value
Options granted (in shares)	150,000

Equity and Equity Compensatio_7

Equity and Equity Compensation Plans - Schedule of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs)	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Restricted Stock Units
Unvested outstanding at beginning of period (in shares) | shares	4,617,425
Granted (in shares) | shares	7,719,582
Vested (in shares) | shares	(1,056,468)
Forfeited or canceled (in shares) | shares	(1,128,255)
Unvested outstanding at end of period (in shares) | shares	10,152,284
Weighted-Average Grant-Date Fair Value
Unvested outstanding at beginning of period (in dollars per share) | $ / shares	$ 37.13
Granted (in dollars per share) | $ / shares	11.21
Vested (in dollars per share) | $ / shares	26.86
Forfeited or canceled (in dollars per share) | $ / shares	28.80
Unvested outstanding at end of period (in dollars per share) | $ / shares	$ 19.42
Optional deferral period	60 days

Equity and Equity Compensatio_8

Equity and Equity Compensation Plans - Compensation Costs for PSU's (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense	$ 16,813	$ 13,743	$ 33,601	$ 26,327
Performance Restricted Stock Units | Current Period
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense			$ 1,669	$ 2,621

Equity and Equity Compensatio_9

Equity and Equity Compensation Plans - Allocation of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 16,813	$ 13,743	$ 33,601	$ 26,327
Stock-based compensation capitalized in property and equipment	919	985	2,053	1,717
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	3,879	3,758	7,257	6,736
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	7,700	5,771	15,665	11,532
Marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	924	535	1,996	1,078
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 4,310	$ 3,679	$ 8,683	$ 6,981

Net Loss per Share Attributab_3

Net Loss per Share Attributable to Common Stock - Computation of Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net loss	$ (78,146)	$ (27,878)	$ (168,952)	$ (63,662)
Dividends on convertible preferred stock	(350)	(1,878)	(1,144)	(4,214)
Net loss attributable to common stock - basic	(78,496)	(29,756)	(170,096)	(67,876)
Net loss attributable to common stock - diluted	$ (78,496)	$ (29,756)	$ (170,096)	$ (67,876)
Weighted average shares - basic (in shares)	107,396,575	104,391,337	107,032,381	103,912,212
Weighted averages shares - diluted (in shares)	107,396,575	104,391,337	107,032,381	103,912,212
Net loss per share attributable to common stock - diluted (in dollars per share)	$ (0.73)	$ (0.29)	$ (1.59)	$ (0.65)
Denominator:
Weighted average shares - basic (in shares)	107,396,575	104,391,337	107,032,381	103,912,212
Weighted averages shares - diluted (in shares)	107,396,575	104,391,337	107,032,381	103,912,212
Net loss per share attributable to common stock - diluted (in dollars per share)	$ (0.73)	$ (0.29)	$ (1.59)	$ (0.65)
Net loss per share attributable to common stock - basic (in dollars per share)	$ (0.73)	$ (0.29)	$ (1.59)	$ (0.65)

Net Loss per Share Attributab_4

Net Loss per Share Attributable to Common Stock - Summary of Anti-dilutive Stock Equivalents (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)	31,710,224	26,395,602	31,710,224	26,395,602
Performance Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Restricted stock units issued and outstanding or deferred (in shares)	616,731		616,731
Performance Restricted Stock Units | Maximum
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Percentage of target amount			200%
Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)	2,040,000	2,040,000	2,040,000	2,040,000
Share-based Payment Arrangement, Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)	3,513,601	4,639,132	3,513,601	4,639,132
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)	10,119,140	3,671,589	10,119,140	3,671,589
Restricted Stock Units (RSUs) | Non-employee Directors
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)			33,144
1.75% Convertible Senior Notes due 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)	769,623	777,021	769,623	777,021
0% Convertible Senior Notes due 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)	9,119,960	9,119,960	9,119,960	9,119,960
0.5% Convertible Senior Notes Due 2027
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)	6,147,900	6,147,900	6,147,900	6,147,900

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Mar. 31, 2017
Operating Loss Carryforwards [Line Items]
Income tax (expense) benefit	$ 159	$ (5,052)	$ 293	$ (5,052)
Effective tax rate (percent)			(0.17%)	7.35%
Operating loss unavailable for carryforward						$ 1,506
Tax credit unavailable for future use						$ 32
Federal Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards					$ 611,296
Operating loss carryforwards, not subject to expiration					320,123
Federal Jurisdiction | RentPath Holdings
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, not subject to expiration					149,710
Federal deductible					18,828
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards					18,777
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards					$ 3,213

Debt - Warehouse Lines of Credi

Debt - Warehouse Lines of Credit (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Outstanding Borrowings	$ 298,303,000	$ 33,043,000
Warehouse Agreement Borrowings
Debt Instrument [Line Items]
Borrowing Capacity	685,000,000	115,000,000
Outstanding Borrowings	298,303,000	33,043,000
City National Bank | Warehouse Agreement Borrowings
Debt Instrument [Line Items]
Borrowing Capacity	100,000,000
Outstanding Borrowings	$ 36,151,000
Weighted-Average Interest Rate on Outstanding Borrowings	3.63%
Comerica Bank | Warehouse Agreement Borrowings
Debt Instrument [Line Items]
Borrowing Capacity	$ 75,000,000
Outstanding Borrowings	$ 33,448,000
Weighted-Average Interest Rate on Outstanding Borrowings	3.80%
Origin Bank | Warehouse Agreement Borrowings
Debt Instrument [Line Items]
Borrowing Capacity	$ 75,000,000
Outstanding Borrowings	$ 35,000,000
Weighted-Average Interest Rate on Outstanding Borrowings	4.31%
People's United Bank, National Association | Warehouse Agreement Borrowings
Debt Instrument [Line Items]
Borrowing Capacity	$ 50,000,000
Outstanding Borrowings	$ 21,695,000
Weighted-Average Interest Rate on Outstanding Borrowings	3.47%
Prosperity Bank | Warehouse Agreement Borrowings
Debt Instrument [Line Items]
Borrowing Capacity	$ 150,000,000
Outstanding Borrowings	$ 81,268,000
Weighted-Average Interest Rate on Outstanding Borrowings	3.71%
Republic Bank & Trust Company | Warehouse Agreement Borrowings
Debt Instrument [Line Items]
Borrowing Capacity	$ 75,000,000
Outstanding Borrowings	$ 31,906,000
Weighted-Average Interest Rate on Outstanding Borrowings	3.32%
Wells Fargo Bank, N.A. | Warehouse Agreement Borrowings
Debt Instrument [Line Items]
Borrowing Capacity	$ 135,000,000
Outstanding Borrowings	$ 44,964,000
Weighted-Average Interest Rate on Outstanding Borrowings	3.52%
Western Alliance Bank | Warehouse Agreement Borrowings
Debt Instrument [Line Items]
Borrowing Capacity	$ 25,000,000	50,000,000
Outstanding Borrowings	$ 13,871,000	$ 17,089,000
Weighted-Average Interest Rate on Outstanding Borrowings	3.18%	3%
Texas Capital Bank, N.A. | Warehouse Agreement Borrowings
Debt Instrument [Line Items]
Borrowing Capacity		$ 40,000,000
Outstanding Borrowings		$ 11,852,000
Weighted-Average Interest Rate on Outstanding Borrowings		3.01%
Flagstar Bank, FSB | Warehouse Agreement Borrowings
Debt Instrument [Line Items]
Borrowing Capacity		$ 25,000,000
Outstanding Borrowings		$ 4,102,000
Weighted-Average Interest Rate on Outstanding Borrowings		3%

Debt - Narrative (Details)

Debt - Narrative (Details)		3 Months Ended		6 Months Ended
	Apr. 05, 2021 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) employee tradingDay businessDay	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Mar. 25, 2021 USD ($)	Dec. 31, 2020 USD ($)	Oct. 20, 2020 USD ($)	Jul. 23, 2018 USD ($)
Debt Instrument [Line Items]
Inventory		$ 377,518,000		$ 377,518,000		$ 358,221,000
Total cash, cash equivalents, and restricted cash		408,201,000	$ 787,682,000	408,201,000	$ 787,682,000	718,281,000		$ 945,820,000
Adjustments to additional paid in capital, convertible debt, capped call transaction		62,647,000		$ 62,647,000
Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Conversion price, percentage				98%
1.75% Convertible Senior Notes due 2023
Debt Instrument [Line Items]
Aggregated principal amount		23,512,000		$ 23,512,000
0% Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Aggregated principal amount		661,250,000		661,250,000
0.5% Convertible Senior Notes Due 2027
Debt Instrument [Line Items]
Aggregated principal amount		575,000,000		575,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Net assets		470,950,000		470,950,000		567,128,000
Inventory		364,962,000		364,962,000		337,630,000
Total cash, cash equivalents, and restricted cash		76,823,000		76,823,000		101,064,000
Amortization of debt issuance costs		94,000	50,000	185,000	136,000
Interest expense, debt		1,243,000	613,000	$ 2,751,000	953,000
Goldman Sachs Bank USA | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, term				6 months
Goldman Sachs Bank USA | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt instrument, basis points | employee				11.448
Minimum | Goldman Sachs Bank USA | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, floor rate of basis spread on variable rate				0.30%
Maximum | Goldman Sachs Bank USA | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				3%
Senior Notes
Debt Instrument [Line Items]
Amortization of debt issuance costs		1,288,000	1,286,000	$ 2,575,000	2,075,000
Interest expense, debt		$ 822,000	819,000	$ 1,644,000	957,000
Senior Notes | 1.75% Convertible Senior Notes due 2023
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		1.75%		1.75%
Amortization of debt issuance costs		$ 38,000	39,000	$ 75,000	110,000
Interest expense, debt		103,000	104,000	206,000	208,000
Aggregated principal amount		23,512,000		23,512,000		23,512,000				$ 143,750,000
Repurchased face amount		120,238,000		120,238,000
Senior Notes | 0% Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Amortization of debt issuance costs		690,000	690,000	1,380,000	1,380,000
Interest expense, debt		0	0	0	0
Aggregated principal amount		$ 661,250,000		$ 661,250,000		661,250,000			$ 661,250,000
Senior Notes | 0.5% Convertible Senior Notes Due 2027
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		0.50%		0.50%
Amortization of debt issuance costs		$ 560,000	557,000	$ 1,120,000	585,000
Interest expense, debt		719,000	$ 715,000	1,438,000	$ 749,000
Aggregated principal amount	$ 575,000,000	$ 575,000,000		$ 575,000,000		$ 575,000,000	$ 575,000,000
Common stock covered under capped calls (in shares) | shares	6,147,900
Senior Notes | Convertible Senior Notes | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Threshold trading days | tradingDay				20
Threshold consecutive trading days | tradingDay				30
Threshold percentage of stock price trigger				130%
Senior Notes | Convertible Senior Notes | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Threshold trading days | businessDay				5
Threshold consecutive trading days | tradingDay				5
Senior Notes | Minimum | 0.5% Convertible Senior Notes Due 2027 | Call Option | Capped Call Transaction
Debt Instrument [Line Items]
Capped call price (in dollars per share) | $ / shares	$ 93.53
Senior Notes | Maximum | 0.5% Convertible Senior Notes Due 2027 | Call Option | Capped Call Transaction
Debt Instrument [Line Items]
Capped call price (in dollars per share) | $ / shares	$ 138.56

Debt - Secured Revolving Credit

Debt - Secured Revolving Credit Facility (Details) - Goldman Sachs Bank USA - Revolving Credit Facility - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Borrowing Capacity	$ 400,000	$ 200,000
Outstanding Borrowings	$ 156,540	$ 199,781
Weighted-Average Interest Rate on Outstanding Borrowings	4.55%	3.30%

Debt - Convertible Senior Notes

Debt - Convertible Senior Notes (Details)	6 Months Ended
	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Apr. 05, 2021 USD ($)	Mar. 25, 2021 USD ($)	Oct. 20, 2020 USD ($)	Jul. 23, 2018 USD ($)
1.75% Convertible Senior Notes due 2023
Debt Instrument [Line Items]
Aggregate Principal Amount	$ 23,512,000
Net Carrying Amount	$ 23,355,000	$ 23,280,000
1.75% Convertible Senior Notes due 2023 | Senior Notes
Debt Instrument [Line Items]
Stated Cash Interest Rate	1.75%
Effective Interest Rate	2.45%
Conversion Rate	32.7332
Aggregate Principal Amount	$ 23,512,000	23,512,000				$ 143,750,000
Repurchased face amount	120,238,000
Unamortized Debt Discount	0	0
Unamortized Debt Issuance Costs	157,000	232,000
Net Carrying Amount	23,355,000	23,280,000
0% Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Aggregate Principal Amount	661,250,000
Net Carrying Amount	$ 652,164,000	650,783,000
0% Convertible Senior Notes due 2025 | Senior Notes
Debt Instrument [Line Items]
Effective Interest Rate	0.42%
Conversion Rate	13.7920
Aggregate Principal Amount	$ 661,250,000	661,250,000			$ 661,250,000
Unamortized Debt Discount	0	0
Unamortized Debt Issuance Costs	9,086,000	10,467,000
Net Carrying Amount	652,164,000	650,783,000
0.5% Convertible Senior Notes Due 2027
Debt Instrument [Line Items]
Aggregate Principal Amount	575,000,000
Net Carrying Amount	$ 564,354,000	563,234,000
0.5% Convertible Senior Notes Due 2027 | Senior Notes
Debt Instrument [Line Items]
Stated Cash Interest Rate	0.50%
Effective Interest Rate	0.90%
Conversion Rate	10.6920
Aggregate Principal Amount	$ 575,000,000	575,000,000	$ 575,000,000	$ 575,000,000
Unamortized Debt Discount	0	0
Unamortized Debt Issuance Costs	10,646,000	11,766,000
Net Carrying Amount	$ 564,354,000	$ 563,234,000

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Total interest expense	$ 3,620	$ 2,813	$ 7,481	$ 4,151
Senior Notes
Debt Instrument [Line Items]
Contractual interest expense	822	819	1,644	957
Amortization of debt discount	0	0	0	0
Amortization of debt issuance costs	1,288	1,286	2,575	2,075
Total interest expense	2,110	2,105	4,219	3,032
1.75% Convertible Senior Notes due 2023 | Senior Notes
Debt Instrument [Line Items]
Contractual interest expense	103	104	206	208
Amortization of debt discount	0	0	0	0
Amortization of debt issuance costs	38	39	75	110
Total interest expense	141	143	281	318
0% Convertible Senior Notes due 2025 | Senior Notes
Debt Instrument [Line Items]
Contractual interest expense	0	0	0	0
Amortization of debt discount	0	0	0	0
Amortization of debt issuance costs	690	690	1,380	1,380
Total interest expense	690	690	1,380	1,380
0.5% Convertible Senior Notes Due 2027 | Senior Notes
Debt Instrument [Line Items]
Contractual interest expense	719	715	1,438	749
Amortization of debt discount	0	0	0	0
Amortization of debt issuance costs	560	557	1,120	585
Total interest expense	$ 1,279	$ 1,272	$ 2,558	$ 1,334