Redfin (RDFN) 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	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		110,805,182
Entity Central Index Key	0001382821
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 149,940	$ 239,840
Restricted cash	2,416	2,406
Accounts receivable, net of allowances for credit losses	48,142	54,880
Inventory	10,685	114,273
Loans held for sale	192,622	199,604
Prepaid expenses	33,784	34,506
Other current assets	14,918	8,690
Total current assets	593,038	776,458
Property and equipment, net	52,551	55,105
Right-of-use assets, net	38,932	42,032
Long-term investments	9,572	29,480
Goodwill	461,349	461,349
Intangible assets, net	152,525	162,272
Other assets, noncurrent	11,413	11,247
Total assets	1,354,441	1,574,204
Current liabilities
Accounts payable	10,154	11,819
Accrued and other liabilities	92,275	109,743
Warehouse credit facilities	185,283	190,509
Convertible senior notes, net	23,468	23,431
Lease liabilities	18,015	19,137
Total current liabilities	329,195	354,639
Lease liabilities, noncurrent	35,757	37,298
Convertible senior notes, net, noncurrent	928,651	1,078,157
Deferred tax liabilities	249	243
Total liabilities	1,293,852	1,470,337
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, 2023 and December 31, 2022, respectively	39,925	39,914
Stockholders’ equity
Common stock—par value $0.001 per share; 500,000,000 shares authorized; 110,526,884 and 109,696,178 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	110	110
Additional paid-in capital	775,094	757,951
Accumulated other comprehensive loss	(435)	(801)
Accumulated deficit	(754,105)	(693,307)
Total stockholders’ equity	20,664	63,953
Total liabilities, mezzanine equity, and stockholders’ equity	1,354,441	1,574,204
Servicing Asset at Fair Value, Amount	35,061	36,261
Short-term investments	$ 140,531	$ 122,259

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for credit loss	$ 2,277	$ 2,019
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)	110,526,884	109,696,178
Common stock, outstanding (in shares)	110,526,884	109,696,178

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue	$ 325,661	$ 597,346
Cost of revenue	269,454	524,808
Gross profit	56,207	72,538
Operating expenses
Technology and development	48,192	49,640
Marketing	40,908	43,342
General and administrative	69,962	58,966
Restructuring and reorganization	1,053	5,710
Total operating expenses	160,115	157,658
Loss from operations	(103,908)	(85,120)
Interest income	3,406	220
Interest expense	(1,922)	(3,861)
Income tax expense	(410)	(134)
Gain on extinguishment of convertible senior notes	42,270	0
Other expense, net	(234)	(1,911)
Net loss	(60,798)	(90,806)
Dividends on convertible preferred stock	(226)	(793)
Net loss attributable to common stock - basic	(61,024)	(91,599)
Net loss attributable to common stock - diluted	$ (61,024)	$ (91,599)
Net loss per share attributable to common stock - diluted (in dollars per share)	$ (0.55)	$ (0.86)
Net loss per share attributable to common stock - basic (in dollars per share)	$ (0.55)	$ (0.86)
Weighted averages shares - diluted (in shares)	110,103,598	106,664,140
Weighted average shares - basic (in shares)	110,103,598	106,664,140
Other comprehensive (loss) income
Foreign currency translation adjustments	$ 58	$ 4
Unrealized (loss) gain on available-for-sale debt securities	(424)	561
Comprehensive loss	(61,164)	(90,241)
Service
Revenue	212,934	217,593
Cost of revenue	154,796	165,809
Product
Revenue	112,727	379,753
Cost of revenue	$ 114,658	$ 358,999

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Activities
Net loss	$ (60,798)	$ (90,806)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	17,013	14,813
Stock-based compensation	19,028	16,788
Amortization of debt discount and issuance costs	1,087	1,440
Non-cash lease expense	4,816	3,169
Impairment costs	113	0
Net (gain) loss on IRLCs, forward sales commitments, and loans held for sale	(8,326)	60
Change in fair value of mortgage servicing rights, net	1,208	0
Gain on extinguishment of convertible senior notes	(42,270)	0
Other	(1,174)	2,290
Change in assets and liabilities:
Accounts receivable, net	6,738	17,312
Inventory	103,588	112,734
Prepaid expenses and other assets	1,110	(1,982)
Accounts payable	(1,675)	9,876
Accrued and other liabilities, deferred tax liabilities, and payroll tax liabilities, noncurrent	(16,813)	(14,442)
Lease liabilities	(4,619)	(3,642)
Origination of mortgage servicing rights	(347)	0
Origination of loans held for sale	(854,085)	(159,186)
Proceeds from sale of mortgage servicing rights	339	0
Proceeds from sale of loans originated as held for sale	861,771	170,577
Net cash provided by operating activities	26,704	79,001
Investing activities
Purchases of property and equipment	(2,919)	(7,442)
Purchases of investments	(57,556)	(77,596)
Sales of investments	12,014	5,346
Maturities of investments	48,483	6,500
Net cash provided by (used in) investing activities	22	(73,192)
Financing activities
Proceeds from the issuance of common stock pursuant to employee equity plans	143	1,887
Tax payments related to net share settlements on restricted stock units	(3,161)	(2,595)
Borrowings from warehouse credit facilities	852,988	152,386
Repayments to warehouse credit facilities	(858,214)	(163,144)
Borrowings from secured revolving credit facility	0	156,799
Repayments to secured revolving credit facility	0	(219,711)
Principal payments under finance lease obligations	(40)	(217)
Repurchases of convertible senior notes	(108,274)	0
Cash paid for secured revolving credit facility issuance costs	0	(764)
Net cash used in financing activities	(116,558)	(75,359)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(58)	(4)
Net change in cash, cash equivalents, and restricted cash	(89,890)	(69,554)
Beginning of period	242,246	718,281
End of period	152,356	648,727
Cash, cash equivalents, and restricted cash:	(89,890)	(69,554)
Supplemental disclosure of cash flow information
Cash paid for interest	4,609	3,377
Non-cash transactions
Stock-based compensation capitalized in property and equipment	1,134	1,134
Property and equipment additions in accounts payable and accrued liabilities	$ 32	$ 326

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Cash, Cash Equivalents, and Restricted Cash
Cash and cash equivalents	$ 149,940	$ 612,680	$ 239,840
Restricted cash	2,416	36,047	2,406
Cash, cash equivalents, restricted cash and restricted cash equivalents	152,356	648,727	$ 242,246	$ 718,281
Change in fair value of mortgage servicing rights, net	1,208	0
Origination of mortgage servicing rights	(347)	0
Proceeds from sale of mortgage servicing rights	339	0
Repurchases of convertible senior notes	(108,274)	0
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	$ (58)	$ (4)

Consolidated Statements of Chan

Consolidated Statements of Changes in Mezzanine Equity and Stockholders’ Equity - USD ($) $ in Thousands	Total	Series A Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2021			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)			30,640
Issuance of common stock pursuant to exercise of stock options (in shares)			208,499
Stock issued during period, value, stock options exercised (in shares)	1,815		$ 0	1,815
Issuance of common stock pursuant to settlement of restricted stock units (in shares)			684,357
Issuance of common stock pursuant to settlement of restricted stock units			$ 1	(1)
Common stock surrendered for employees' tax liability upon settlement of restricted stock units (in shares)			(206,572)
Common stock surrendered for employees' tax liability upon settlement of restricted stock units	(2,595)			(2,595)
Stock-based compensation	17,922			17,922
Other comprehensive loss	(565)					(565)
Net loss	(90,806)				(90,806)
Ending balance (in shares) at Mar. 31, 2022			107,025,691
Ending balance at Mar. 31, 2022	235,623		$ 107	699,225	(462,970)	(739)
Beginning balance (in shares) at Dec. 31, 2021		40,000
Beginning balance at Dec. 31, 2021		$ 39,868
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of convertible preferred stock, net	$ 0	$ 11
Ending balance (in shares) at Mar. 31, 2022		40,000
Ending balance at Mar. 31, 2022		$ 39,879
Beginning balance (in shares) at Dec. 31, 2022	109,696,178		109,696,178
Beginning balance at Dec. 31, 2022	$ 63,953		$ 110	757,951	(693,307)	(801)
Increase (Decrease) in Stockholders' Equity
Common stock dividends (in shares)			30,640
Issuance of common stock pursuant to exercise of stock options (in shares)	18,037		18,037
Stock issued during period, value, stock options exercised (in shares)	$ 143		$ 0	143
Issuance of common stock pursuant to settlement of restricted stock units (in shares)			1,155,826
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)			(373,797)
Common stock surrendered for employees' tax liability upon settlement of restricted stock units	(3,162)		$ 1	(3,161)
Stock-based compensation	20,162			20,162
Other comprehensive loss	366					366
Net loss	$ (60,798)				(60,798)
Ending balance (in shares) at Mar. 31, 2023	110,526,884		110,526,884
Ending balance at Mar. 31, 2023	$ 20,664		$ 110	$ 775,094	$ (754,105)	$ (435)
Beginning balance (in shares) at Dec. 31, 2022	40,000	40,000
Beginning balance at Dec. 31, 2022	$ 39,914	$ 39,914
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of convertible preferred stock, net		$ 11
Ending balance (in shares) at Mar. 31, 2023	40,000	40,000
Ending balance at Mar. 31, 2023	$ 39,925	$ 39,925

Summary of Accounting Policies

Summary of Accounting Policies	3 Months Ended
	Mar. 31, 2023
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, 2022 that is included in this quarterly report is derived from the audited consolidated financial statements and notes for the year ended December 31, 2022 included in Item 8 in our annual report for the year ended December 31, 2022. 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 March 31, 2023, our statements of comprehensive loss, and statements of changes in mezzanine equity and stockholders’ equity for the three months ended March 31, 2023 and 2022, as well as our statements of cash flows for the three months ended March 31, 2023 and 2022. The results for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 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. Recently Adopted Accounting Pronouncements —None applicable. Recently Issued Accounting Pronouncements —None applicable.

Business Combinations

Business Combinations	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Business Combinations	On April 1, 2022, we acquired, for $139,671 in cash, all of the equity interests of 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 fair value of assets acquired and liabilities assumed as a result of the Bay Equity acquisition: 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 There were $0 and $917 acquisition-related costs associated with the Bay Equity Acquisition for the three months ended March 31, 2023 and 2022, respectively. Identifiable Intangible Assets —The following table provides the fair values of the Bay Equity intangible assets, along with their estimated useful lives: Estimated Fair Value Estimated Useful Life 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 months ended March 31, 2023 and 2022. 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. Three Months Ended March 31, 2023 2022 Revenue $ 325,661 $ 653,214 Net loss (60,798) (86,594)

Segment Reporting and Revenue

Segment Reporting and Revenue	3 Months Ended
	Mar. 31, 2023
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 revenue and gross profit. 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. As a result of our decision to wind-down RedfinNow operations in November 2022, we plan to report our properties segment as a discontinued operation beginning with the period during which we complete wind-down of the business. 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 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 our reportable and other segments and reconciliation to consolidated net loss is presented in the tables 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 March 31, 2023 Real estate services Properties Rentals Mortgage Other Corporate Overhead and Intercompany Eliminations Total Revenue $ 127,296 $ 112,727 $ 42,870 $ 36,489 $ 7,428 $ (1,149) $ 325,661 Cost of revenue 111,494 114,658 9,765 29,213 5,473 (1,149) 269,454 Gross profit 15,802 (1,931) 33,105 7,276 1,955 — 56,207 Operating expenses Technology and development 28,895 529 15,964 643 1,224 937 48,192 Marketing 25,060 505 14,326 980 10 27 40,908 General and administrative 19,618 523 26,302 6,929 1,053 15,537 69,962 Restructuring and reorganization — — — — — 1,053 1,053 Total operating expenses 73,573 1,557 56,592 8,552 2,287 17,554 160,115 Loss from operations (57,771) (3,488) (23,487) (1,276) (332) (17,554) (103,908) Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net — 814 45 (60) 115 42,196 43,110 Net loss $ (57,771) $ (2,674) $ (23,442) $ (1,336) $ (217) $ 24,642 $ (60,798) Three Months Ended March 31, 2022 Real estate services Properties Rentals Mortgage Other Corporate Overhead and Intercompany Eliminations Total Revenue $ 177,487 $ 379,753 $ 38,044 $ 2,917 $ 4,368 $ (5,223) $ 597,346 Cost of revenue 153,784 358,866 7,193 5,517 4,671 (5,223) 524,808 Gross profit 23,703 20,887 30,851 (2,600) (303) — 72,538 Operating expenses Technology and development 26,739 4,119 14,282 2,347 1,036 1,117 49,640 Marketing 30,844 1,153 11,042 28 53 222 43,342 General and administrative 22,992 2,825 24,192 1,524 712 6,721 58,966 Restructuring and reorganization — — — — — 5,710 5,710 Total operating expenses 80,575 8,097 49,516 3,899 1,801 13,770 157,658 Income (loss) from operations (56,872) 12,790 (18,665) (6,499) (2,104) (13,770) (85,120) Interest income, interest expense, income tax expense, and other expense, net — (1,624) 469 1 1 (4,533) (5,686) Net (loss) income $ (56,872) $ 11,166 $ (18,196) $ (6,498) $ (2,103) $ (18,303) $ (90,806)

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 December 31, 2022 Forward sales commitments $ 416,648 $ 301,548 IRLCs 384,007 210,787 The locations and amounts of gains (losses) recognized in income related to our derivatives are as follows: Three Months Ended March 31, Instrument Classification 2023 2022 Forward sales commitments Service revenue $ (253) $ 1,503 IRLCs Service revenue 7,874 (887) 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 March 31, 2023 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 $ 123,762 $ 123,762 $ — $ — Total cash equivalents 123,762 123,762 — — Short-term investments U.S. treasury securities 108,326 108,326 — — Agency bonds 32,205 32,205 — — Total short-term investments 140,531 140,531 — — Loans held for sale 192,622 — 192,622 — Other current assets Forward sales commitments 1,840 — 1,840 — IRLCs 9,213 — — 9,213 Total other current assets 11,053 — 1,840 9,213 Mortgage servicing rights, at fair value 35,061 — — 35,061 Long-term investments U.S. treasury securities 4,939 4,939 — — Agency bonds 4,633 4,633 — — Total long-term investments 9,572 9,572 — — Total assets $ 512,601 $ 273,865 $ 194,462 $ 44,274 Liabilities Accrued liabilities Forward sales commitments $ 2,297 $ — $ 2,297 $ — IRLCs 43 — — 43 Total liabilities $ 2,340 $ — $ 2,297 $ 43 Balance at December 31, 2022 Quoted Prices in Active Markets for Identical Assets Significant Significant Assets Cash equivalents Money market funds $ 186,410 $ 186,410 $ — $ — Total cash equivalents 186,410 186,410 — — Short-term investments U.S. treasury securities 96,925 96,925 — — Agency bonds 25,334 25,334 — — Total short-term investments 122,259 122,259 — — Loans held for sale 199,604 — 199,604 — Other current assets Forward sales commitments 1,669 — 1,669 — IRLCs 2,338 — — 2,338 Total other current assets 4,007 — 1,669 2,338 Mortgage servicing rights, at fair value 36,261 — — 36,261 Long-term investments U.S. treasury securities 29,480 29,480 — — Total assets $ 578,021 $ 338,149 $ 201,273 $ 38,599 Liabilities Accrued liabilities Forward sales commitments $ 1,873 $ — $ 1,873 $ — IRLCs 1,041 — — 1,041 Total liabilities $ 2,914 $ — $ 1,873 $ 1,041 There were no transfers into or out of Level 3 financial instruments during the periods presented. The significant unobservable input used in the fair value measurement of IRLCs is the pull-through rate. Significant changes in the input could result in a significant change in fair value measurement. The following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs and Mortgage Servicing Rights (“MSRs”): March 31, 2023 December 31, 2022 Key Inputs Valuation Technique Range Weighted-Average Range Weighted-Average IRLCs Pull-through rate Market pricing 58.6% - 100.0% 85.0% 62.0% - 100.0% 91.0% MSRs Prepayment speed Discounted cash flow 6.0% - 12.0% 6.6% 6.0% - 14.4% 6.6% Default rates Discounted cash flow 0.0% - 0.5% 0.1% 0.0% - 0.5% 0.1% Discount rate Discounted cash flow 9.5% - 11.5% 9.6% 9.5% - 12.4% 9.6% The following is a summary of changes in the fair value of IRLCs: Three Months Ended March 31, 2023 2022 Balance, net—beginning of period $ 1,297 $ 1,155 Issuances of IRLCs 15,963 2,289 Settlements of IRLCs (10,238) (2,893) Fair value changes recognized in earnings 2,148 (308) Balance, net—end of period $ 9,170 $ 243 The following is a summary of changes in the fair value of MSRs: Three Months Ended March 31, 2023 2022 Balance—beginning of period $ 36,261 $ — MSRs originated 347 — MSRs sales (339) — Fair value changes recognized in earnings (1,208) — Balance, net—end of period $ 35,061 $ — 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: March 31, 2023 December 31, 2022 Issuance Net Carrying Amount Estimated Fair Value Net Carrying Amount Estimated Fair Value 2023 notes $ 23,468 $ 22,718 $ 23,431 $ 22,147 2025 notes 362,617 263,998 512,683 309,292 2027 notes 566,034 354,723 565,474 267,398 The difference between the principal amounts of our 2023 notes, our 2025 notes, and our 2027 notes, which were $23,512, $366,506, 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 $9.06 on March 31, 2023, 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: March 31, 2023 Fair Value Hierarchy Cost or Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash, Cash Equivalents, and Restricted Cash Short-term Investments Long-term Investments Cash N/A $ 26,178 $ — $ — $ 26,178 $ 26,178 $ — $ — Money markets funds Level 1 123,762 — — 123,762 123,762 — — Restricted cash N/A 2,416 — — 2,416 2,416 — — U.S. treasury securities Level 1 113,600 16 (351) 113,265 — 108,326 4,939 Agency bonds Level 1 36,809 34 (5) 36,838 — 32,205 4,633 Total $ 302,765 $ 50 $ (356) $ 302,459 $ 152,356 $ 140,531 $ 9,572 December 31, 2022 Fair Value Hierarchy Cost or Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash, Cash Equivalents, and Restricted Cash Short-term Investments Long-term Investments Cash N/A $ 53,430 $ — $ — $ 53,430 $ 53,430 $ — $ — Money markets funds Level 1 186,410 — — 186,410 186,410 — — Restricted cash N/A 2,406 — — 2,406 2,406 — — U.S. treasury securities Level 1 127,130 28 (753) 126,405 — 96,925 29,480 Agency bonds Level 1 25,339 — (5) 25,334 — 25,334 — Total $ 394,715 $ 28 $ (758) $ 393,985 $ 242,246 $ 122,259 $ 29,480 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 March 31, 2023 and December 31, 2022, we had accrued interest of $383 and $576, 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	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventory	Inventory Our inventory is comprised of homes purchased by our RedfinNow operations. The subsequent sale of our home inventory constitutes the majority of our properties segment revenue. In the fourth quarter of 2022 we began to wind down our RedfinNow operations, and expect to complete the wind-down in 2023. The components of inventory were as follows: March 31, 2023 December 31, 2022 Finished goods Homes for sale $ 9,122 $ 97,636 Work in progress Homes not available for sale — 2,467 Homes under improvement 1,563 14,170 Inventory $ 10,685 $ 114,273 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 March 31, 2023 and December 31, 2022, lower of cost or net realizable value write-downs were $941 and $8,404, 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. The following table summarizes our inventory activities: Three Months Ended March 31, 2023 March 31, 2022 Number of homes purchased — 398 Inventory value of homes purchased $ — $ 197,549 Number of homes sold 191 617 Inventory value of homes sold $ 103,588 $ 306,379

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment The components of property and equipment were as follows: Useful Lives (Years) March 31, 2023 December 31, 2022 Leasehold improvements Shorter of lease term or economic life $ 32,249 $ 32,285 Website and software development costs 2 - 3 66,210 62,963 Computer and office equipment 3 - 5 20,158 20,036 Software 3 1,858 1,871 Furniture 7 8,045 7,911 Property and equipment, gross 128,520 125,066 Accumulated depreciation and amortization (83,572) (76,788) Construction in progress 7,603 6,827 Property and equipment, net $ 52,551 $ 55,105 Depreciation and amortization expense for property and equipment amounted to $7,266 and $5,887 for the three months ended March 31, 2023 and 2022, respectively. We capitalized website and software development costs, including stock-based compensation, of $4,555 and $6,115 for the three months ended March 31, 2023 and 2022, respectively.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	Leases We lease office space under noncancelable operating leases with original terms ranging from one Three Months Ended March 31, Lease Cost Classification 2023 2022 Operating lease cost: Operating lease cost (1) Cost of revenue $ 3,322 $ 2,380 Operating lease cost (1) Operating expenses 2,546 1,691 Total operating lease cost $ 5,868 $ 4,071 Finance lease cost: Amortization of right-of-use assets Cost of revenue $ 44 $ 183 Interest on lease liabilities Cost of revenue 2 25 Total finance lease cost $ 46 $ 208 (1) Includes lease expense with initial terms of twelve months or less of $848 and $376 for the three months ended March 31, 2023 and 2022, respectively. Lease Liabilities Other Leases Total Lease Obligations Maturity of Lease Liabilities Operating Financing Operating 2023, excluding the three months ended March 31, 2023 $ 15,606 $ 62 $ 2,012 $ 17,680 2024 15,740 43 842 16,625 2025 11,650 22 851 12,523 2026 9,258 — 639 9,897 2027 4,896 — 96 4,992 Thereafter 760 — 34 794 Total lease payments $ 57,910 $ 127 $ 4,474 $ 62,511 Less: Interest (1) 4,259 6 Present value of lease liabilities $ 53,651 $ 121 (1) Includes interest on operating leases of $1,909 and financing lease of $4 within the next twelve months. Lease Term and Discount Rate March 31, 2023 December 31, 2022 Weighted-average remaining operating lease term (years) 3.5 3.6 Weighted-average remaining finance lease term (years) 2.1 2.7 Weighted-average discount rate for operating leases 4.5 % 4.5 % Weighted-average discount rate for finance leases 5.4 % 5.4 % Three Months Ended March 31, Supplemental Cash Flow Information 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 5,253 $ 4,389 Operating cash flows from finance leases 5 26 Financing cash flows from finance leases 37 133 Right of use assets obtained in exchange for lease liabilities Operating leases $ 3,130 $ 76 Finance leases — 309
Leases	Leases We lease office space under noncancelable operating leases with original terms ranging from one Three Months Ended March 31, Lease Cost Classification 2023 2022 Operating lease cost: Operating lease cost (1) Cost of revenue $ 3,322 $ 2,380 Operating lease cost (1) Operating expenses 2,546 1,691 Total operating lease cost $ 5,868 $ 4,071 Finance lease cost: Amortization of right-of-use assets Cost of revenue $ 44 $ 183 Interest on lease liabilities Cost of revenue 2 25 Total finance lease cost $ 46 $ 208 (1) Includes lease expense with initial terms of twelve months or less of $848 and $376 for the three months ended March 31, 2023 and 2022, respectively. Lease Liabilities Other Leases Total Lease Obligations Maturity of Lease Liabilities Operating Financing Operating 2023, excluding the three months ended March 31, 2023 $ 15,606 $ 62 $ 2,012 $ 17,680 2024 15,740 43 842 16,625 2025 11,650 22 851 12,523 2026 9,258 — 639 9,897 2027 4,896 — 96 4,992 Thereafter 760 — 34 794 Total lease payments $ 57,910 $ 127 $ 4,474 $ 62,511 Less: Interest (1) 4,259 6 Present value of lease liabilities $ 53,651 $ 121 (1) Includes interest on operating leases of $1,909 and financing lease of $4 within the next twelve months. Lease Term and Discount Rate March 31, 2023 December 31, 2022 Weighted-average remaining operating lease term (years) 3.5 3.6 Weighted-average remaining finance lease term (years) 2.1 2.7 Weighted-average discount rate for operating leases 4.5 % 4.5 % Weighted-average discount rate for finance leases 5.4 % 5.4 % Three Months Ended March 31, Supplemental Cash Flow Information 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 5,253 $ 4,389 Operating cash flows from finance leases 5 26 Financing cash flows from finance leases 37 133 Right of use assets obtained in exchange for lease liabilities Operating leases $ 3,130 $ 76 Finance leases — 309

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
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. The court entered final judgment on August 15, 2022. On September 12, 2022, Surefield filed a motion for judgment as a matter of law and a motion for a new trial. In the motions, Surefield asserts that no jury could have found non-infringement based on the trial record, among other things. We filed oppositions to the motions on October 3, 2022 and Surefield filed replies on October 21, 2022. 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 alleges that certain of our business policies and practices violate certain provisions of the Fair Housing Act (the “FHA”). The plaintiffs allege 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 plaintiff organizations and additional non-profit organizations in 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 court approval. On April 7, 2023, plaintiffs filed a motion for preliminary approval of the class settlements. Other Commitments Our title and settlement business and our mortgage business each hold cash in escrow at third-party financial institutions on behalf of homebuyers and home sellers. As of March 31, 2023, we held $28,610 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.

Acquired Intangible Assets and

Acquired Intangible Assets and Goodwill	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Acquired Intangible Assets and Goodwill	Acquired Intangible Assets and Goodwill Acquired Intangible Assets —The following table presents the gross carrying amount and accumulated amortization of intangible assets: March 31, 2023 December 31, 2022 Weighted-Average Useful Lives (Years) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Trade names 9.3 $ 82,690 $ (17,214) $ 65,476 $ 82,690 $ (14,856) $ 67,834 Developed technology 3.3 66,340 (43,820) 22,520 66,340 (38,465) 27,875 Customer relationships 10 81,360 (16,831) 64,529 81,360 (14,797) 66,563 Total $ 230,390 $ (77,865) $ 152,525 $ 230,390 $ (68,118) $ 162,272 Amortization expense amounted to $9,747 and $8,926 for the three months ended March 31, 2023 and 2022, respectively. The following table presents our estimate of remaining amortization expense for intangible assets that existed as of March 31, 2023: 2023, excluding the three months ended March 31, 2023 $ 29,241 2024 23,741 2025 17,618 2026 17,380 2027 15,633 Thereafter 48,912 Estimated remaining amortization expense $ 152,525 Goodwill —The following table presents the carrying amount of goodwill by reportable segment: Real Estate Services Rentals Mortgage Total Balance as of March 31, 2023 and December 31, 2022 $ 250,231 $ 159,151 $ 51,967 $ 461,349

Accrued and Other Liabilities

Accrued and Other Liabilities	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued and Other Liabilities The components of accrued and other liabilities were as follows: March 31, 2023 December 31, 2022 Accrued compensation and benefits $ 59,751 $ 76,539 Miscellaneous accrued liabilities 27,848 27,543 Customer contract liabilities 4,676 5,661 Total accrued and other liabilities $ 92,275 $ 109,743

Mezzanine Equity

Mezzanine Equity	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, the carrying value of our convertible preferred stock, net of issuance costs, is $39,925, and there were no unpaid stock dividends. As of March 31, 2023, 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	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Equity and Equity Compensation Plans	Equity and Equity Compensation Plans Common Stock —As of March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022, 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 per share. 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: March 31, 2023 December 31, 2022 Stock options issued and outstanding 3,235,085 3,282,789 Restricted stock units outstanding 15,047,813 15,731,632 Shares available for future equity grants 13,324,587 7,951,616 Total shares reserved for future issuance 31,607,485 26,966,037 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: Three Months Ended March 31, 2023 Year Ended Shares available for issuance at beginning of period 4,695,361 5,865,467 Shares issued during the period — (1,170,106) Total shares available for future issuance at end of period 4,695,361 4,695,361 Stock Options —Option activity for the three months ended March 31, 2023 was as follows: Number of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding as of January 1, 2023 3,282,789 $ 9.10 2.90 $ 1,145 Options exercised (18,037) 7.35 Options expired (29,667) 9.76 Outstanding as of March 31, 2023 3,235,085 9.10 2.69 6,039 Options exercisable as of March 31, 2023 3,235,085 9.10 2.69 6,039 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 March 31, 2023. We did not recognize any option-related expense during the three months ended March 31, 2023. Restricted Stock Units —Restricted stock unit activity for the three months ended March 31, 2023 was as follows: Restricted Stock Units Weighted-Average Grant-Date Fair Value Outstanding as of January 1, 2023 15,731,632 $ 11.53 Granted 1,110,508 8.81 Vested (1,155,826) 17.44 Forfeited or canceled (638,501) 13.32 Outstanding or deferred as of March 31, 2023 ( 1) 15,047,813 10.80 (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 March 31, 2023 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 March 31, 2023, there was $131,636 of total unrecognized compensation cost related to restricted stock units, which is expected to be recognized over a weighted-average period of 2.61 years. As of March 31, 2023, there were 1,478,501 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: Three Months Ended March 31, 2023 2022 PSU expense $ 1,844 $ 693 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 March 31, 2023 2022 Cost of revenue $ 4,181 $ 3,377 Technology and development (1) 8,209 7,965 Marketing 1,263 1,072 General and administrative 5,375 4,374 Total stock-based compensation $ 19,028 $ 16,788

Net Loss per Share Attributable

Net Loss per Share Attributable to Common Stock	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 2022 Numerator: Net loss $ (60,798) $ (90,806) Dividends on convertible preferred stock (226) (793) Net loss attributable to common stock—basic and diluted $ (61,024) $ (91,599) Denominator: Weighted-average shares—basic and diluted (1) 110,103,598 106,664,140 Net loss per share attributable to common stock—basic and diluted $ (0.55) $ (0.86) (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 March 31, 2023 2022 2023 notes as if converted 769,623 769,623 2025 notes as if converted 5,054,851 9,119,960 2027 notes as if converted 6,147,900 6,147,900 Convertible preferred stock as if converted 2,040,000 2,040,000 Stock options outstanding 3,235,085 3,955,888 Restricted stock units outstanding (1)(2) 15,026,404 4,602,696 Employee stock purchase plan 1,422,936 265,167 Total 33,696,799 26,901,234 (1) Excludes 1,478,501 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	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the three months ended March 31, 2023, we recorded an income tax expense of $410, resulting in an effective tax rate of (0.67)%, which is primarily a result of current state income taxes. Our current income tax expense was supplemented by deferred tax expenses associated with increases to indefinite-lived deferred tax liabilities created through the Company’s April 2, 2021 acquisition of Rent., and April 1, 2022 acquisition of Bay Equity. Our March 31, 2022 effective tax rate of (0.15)% is primarily a result of current state income taxes which were 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. 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 three months ended March 31, 2023 and 2022. 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, 2022, we had accumulated approximately $651,498 of federal net operating losses, approximately $34,718 (tax effected) of state net operating losses, and approximately $5,255 of foreign net operating losses. Federal net operating losses are available to offset federal taxable income and begin to expire in 2023, with net operating loss carryforwards of $413,145 generated after 2017 available to offset future U.S. federal taxable income over an indefinite period. Net research and development credit carryforwards of $23,240 are available as of December 31, 2022 to reduce future liabilities. The research and development credit carryforwards begin to expire in 2026. Deductible but limited federal business interest expense carryforwards of $145,296 are available as of December 31, 2022 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	3 Months Ended
	Mar. 31, 2023
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: March 31, 2023 December 31, 2022 Lender Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings City National Bank $ 75,000 $ 24,513 6.69 % $ 75,000 $ 27,288 5.89 % Comerica Bank 75,000 27,185 6.92 % 75,000 26,526 6.36 % Origin Bank 75,000 23,997 6.54 % 75,000 23,739 5.98 % M&T Bank 50,000 16,086 6.98 % 50,000 19,126 6.45 % Prosperity Bank 100,000 36,043 6.67 % 100,000 35,856 6.18 % Republic Bank & Trust Company 75,000 28,112 6.63 % 75,000 26,636 5.81 % Wells Fargo Bank, N.A. 100,000 29,347 6.88 % 100,000 31,338 6.41 % Total $ 550,000 $ 185,283 $ 550,000 $ 190,509 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 March 31, 2023. We issued our 2025 notes on October 20, 2020, with an aggregate principal amount of $661,250. In the three months ended March 31, 2023, we repurchased and retired approximately $152,222 in aggregate principal amount of our 2025 notes at a price of $108,274 using available cash. In connection with these repurchases, we recorded a gain on extinguishment of debt of $42,270 for the three months ended March 31, 2023. 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: March 31, 2023 Issuance Aggregate Principal Amount Unamortized Debt Discount Unamortized Debt Issuance Costs Net Carrying Amount 2023 notes $ 23,512 $ — $ 44 $ 23,468 2025 notes 366,506 — 3,889 362,617 2027 notes 575,000 — 8,966 566,034 December 31, 2022 Issuance Aggregate Principal Amount Unamortized Debt Discount Unamortized Debt Issuance Costs Net Carrying Amount 2023 notes $ 23,512 $ — $ 81 $ 23,431 2025 notes 518,728 — 6,045 512,683 2027 notes 575,000 — 9,526 565,474 Three Months Ended March 31, 2023 2022 2023 notes Contractual interest expense $ 103 $ 103 Amortization of debt discount — — Amortization of debt issuance costs 38 38 Total interest expense $ 141 $ 141 2025 notes Contractual interest expense — — Amortization of debt discount — — Amortization of debt issuance costs 2,156 690 Total interest expense $ 2,156 $ 690 2027 notes Contractual interest expense 719 719 Amortization of debt discount — — Amortization of debt issuance costs 560 560 Total interest expense $ 1,279 $ 1,279 Total Contractual interest expense 822 822 Amortization of debt discount — — Amortization of debt issuance costs 2,754 1,288 Total interest expense $ 3,576 $ 2,110 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

Summary of Accounting Policies

Summary of Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
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, 2022 that is included in this quarterly report is derived from the audited consolidated financial statements and notes for the year ended December 31, 2022 included in Item 8 in our annual report for the year ended December 31, 2022. 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 March 31, 2023, our statements of comprehensive loss, and statements of changes in mezzanine equity and stockholders’ equity for the three months ended March 31, 2023 and 2022, as well as our statements of cash flows for the three months ended March 31, 2023 and 2022. The results for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 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.
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements —None applicable. Recently Issued Accounting Pronouncements —None applicable.

Business Combinations (Tables)

Business Combinations (Tables)	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	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 fair values of the Bay Equity intangible assets, along with their estimated useful lives: Estimated Fair Value Estimated Useful Life Trade names $ 11,650 5 Developed technology 2,860 3 Total 14,510
Business Acquisition, Pro Forma Information	Three Months Ended March 31, 2023 2022 Revenue $ 325,661 $ 653,214 Net loss (60,798) (86,594)

Segment Reporting and Revenue (

Segment Reporting and Revenue (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	Three Months Ended March 31, 2023 Real estate services Properties Rentals Mortgage Other Corporate Overhead and Intercompany Eliminations Total Revenue $ 127,296 $ 112,727 $ 42,870 $ 36,489 $ 7,428 $ (1,149) $ 325,661 Cost of revenue 111,494 114,658 9,765 29,213 5,473 (1,149) 269,454 Gross profit 15,802 (1,931) 33,105 7,276 1,955 — 56,207 Operating expenses Technology and development 28,895 529 15,964 643 1,224 937 48,192 Marketing 25,060 505 14,326 980 10 27 40,908 General and administrative 19,618 523 26,302 6,929 1,053 15,537 69,962 Restructuring and reorganization — — — — — 1,053 1,053 Total operating expenses 73,573 1,557 56,592 8,552 2,287 17,554 160,115 Loss from operations (57,771) (3,488) (23,487) (1,276) (332) (17,554) (103,908) Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net — 814 45 (60) 115 42,196 43,110 Net loss $ (57,771) $ (2,674) $ (23,442) $ (1,336) $ (217) $ 24,642 $ (60,798) Three Months Ended March 31, 2022 Real estate services Properties Rentals Mortgage Other Corporate Overhead and Intercompany Eliminations Total Revenue $ 177,487 $ 379,753 $ 38,044 $ 2,917 $ 4,368 $ (5,223) $ 597,346 Cost of revenue 153,784 358,866 7,193 5,517 4,671 (5,223) 524,808 Gross profit 23,703 20,887 30,851 (2,600) (303) — 72,538 Operating expenses Technology and development 26,739 4,119 14,282 2,347 1,036 1,117 49,640 Marketing 30,844 1,153 11,042 28 53 222 43,342 General and administrative 22,992 2,825 24,192 1,524 712 6,721 58,966 Restructuring and reorganization — — — — — 5,710 5,710 Total operating expenses 80,575 8,097 49,516 3,899 1,801 13,770 157,658 Income (loss) from operations (56,872) 12,790 (18,665) (6,499) (2,104) (13,770) (85,120) Interest income, interest expense, income tax expense, and other expense, net — (1,624) 469 1 1 (4,533) (5,686) Net (loss) income $ (56,872) $ 11,166 $ (18,196) $ (6,498) $ (2,103) $ (18,303) $ (90,806)

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions	Notional Amounts March 31, 2023 December 31, 2022 Forward sales commitments $ 416,648 $ 301,548 IRLCs 384,007 210,787
Derivative Instruments, Gain (Loss)	The locations and amounts of gains (losses) recognized in income related to our derivatives are as follows: Three Months Ended March 31, Instrument Classification 2023 2022 Forward sales commitments Service revenue $ (253) $ 1,503 IRLCs Service revenue 7,874 (887)
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 March 31, 2023 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 $ 123,762 $ 123,762 $ — $ — Total cash equivalents 123,762 123,762 — — Short-term investments U.S. treasury securities 108,326 108,326 — — Agency bonds 32,205 32,205 — — Total short-term investments 140,531 140,531 — — Loans held for sale 192,622 — 192,622 — Other current assets Forward sales commitments 1,840 — 1,840 — IRLCs 9,213 — — 9,213 Total other current assets 11,053 — 1,840 9,213 Mortgage servicing rights, at fair value 35,061 — — 35,061 Long-term investments U.S. treasury securities 4,939 4,939 — — Agency bonds 4,633 4,633 — — Total long-term investments 9,572 9,572 — — Total assets $ 512,601 $ 273,865 $ 194,462 $ 44,274 Liabilities Accrued liabilities Forward sales commitments $ 2,297 $ — $ 2,297 $ — IRLCs 43 — — 43 Total liabilities $ 2,340 $ — $ 2,297 $ 43 Balance at December 31, 2022 Quoted Prices in Active Markets for Identical Assets Significant Significant Assets Cash equivalents Money market funds $ 186,410 $ 186,410 $ — $ — Total cash equivalents 186,410 186,410 — — Short-term investments U.S. treasury securities 96,925 96,925 — — Agency bonds 25,334 25,334 — — Total short-term investments 122,259 122,259 — — Loans held for sale 199,604 — 199,604 — Other current assets Forward sales commitments 1,669 — 1,669 — IRLCs 2,338 — — 2,338 Total other current assets 4,007 — 1,669 2,338 Mortgage servicing rights, at fair value 36,261 — — 36,261 Long-term investments U.S. treasury securities 29,480 29,480 — — Total assets $ 578,021 $ 338,149 $ 201,273 $ 38,599 Liabilities Accrued liabilities Forward sales commitments $ 1,873 $ — $ 1,873 $ — IRLCs 1,041 — — 1,041 Total liabilities $ 2,914 $ — $ 1,873 $ 1,041
Summary of Fair Value Measurement Inputs and Valuation Techniques	The following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs and Mortgage Servicing Rights (“MSRs”): March 31, 2023 December 31, 2022 Key Inputs Valuation Technique Range Weighted-Average Range Weighted-Average IRLCs Pull-through rate Market pricing 58.6% - 100.0% 85.0% 62.0% - 100.0% 91.0% MSRs Prepayment speed Discounted cash flow 6.0% - 12.0% 6.6% 6.0% - 14.4% 6.6% Default rates Discounted cash flow 0.0% - 0.5% 0.1% 0.0% - 0.5% 0.1% Discount rate Discounted cash flow 9.5% - 11.5% 9.6% 9.5% - 12.4% 9.6%
Summary of Changes Fair Value Of Interest Rate Derivatives	The following is a summary of changes in the fair value of IRLCs: Three Months Ended March 31, 2023 2022 Balance, net—beginning of period $ 1,297 $ 1,155 Issuances of IRLCs 15,963 2,289 Settlements of IRLCs (10,238) (2,893) Fair value changes recognized in earnings 2,148 (308) Balance, net—end of period $ 9,170 $ 243 The following is a summary of changes in the fair value of MSRs: Three Months Ended March 31, 2023 2022 Balance—beginning of period $ 36,261 $ — MSRs originated 347 — MSRs sales (339) — Fair value changes recognized in earnings (1,208) — Balance, net—end of period $ 35,061 $ —
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: March 31, 2023 December 31, 2022 Issuance Net Carrying Amount Estimated Fair Value Net Carrying Amount Estimated Fair Value 2023 notes $ 23,468 $ 22,718 $ 23,431 $ 22,147 2025 notes 362,617 263,998 512,683 309,292 2027 notes 566,034 354,723 565,474 267,398 March 31, 2023 December 31, 2022 Lender Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings City National Bank $ 75,000 $ 24,513 6.69 % $ 75,000 $ 27,288 5.89 % Comerica Bank 75,000 27,185 6.92 % 75,000 26,526 6.36 % Origin Bank 75,000 23,997 6.54 % 75,000 23,739 5.98 % M&T Bank 50,000 16,086 6.98 % 50,000 19,126 6.45 % Prosperity Bank 100,000 36,043 6.67 % 100,000 35,856 6.18 % Republic Bank & Trust Company 75,000 28,112 6.63 % 75,000 26,636 5.81 % Wells Fargo Bank, N.A. 100,000 29,347 6.88 % 100,000 31,338 6.41 % Total $ 550,000 $ 185,283 $ 550,000 $ 190,509
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: March 31, 2023 Fair Value Hierarchy Cost or Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash, Cash Equivalents, and Restricted Cash Short-term Investments Long-term Investments Cash N/A $ 26,178 $ — $ — $ 26,178 $ 26,178 $ — $ — Money markets funds Level 1 123,762 — — 123,762 123,762 — — Restricted cash N/A 2,416 — — 2,416 2,416 — — U.S. treasury securities Level 1 113,600 16 (351) 113,265 — 108,326 4,939 Agency bonds Level 1 36,809 34 (5) 36,838 — 32,205 4,633 Total $ 302,765 $ 50 $ (356) $ 302,459 $ 152,356 $ 140,531 $ 9,572 December 31, 2022 Fair Value Hierarchy Cost or Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash, Cash Equivalents, and Restricted Cash Short-term Investments Long-term Investments Cash N/A $ 53,430 $ — $ — $ 53,430 $ 53,430 $ — $ — Money markets funds Level 1 186,410 — — 186,410 186,410 — — Restricted cash N/A 2,406 — — 2,406 2,406 — — U.S. treasury securities Level 1 127,130 28 (753) 126,405 — 96,925 29,480 Agency bonds Level 1 25,339 — (5) 25,334 — 25,334 — Total $ 394,715 $ 28 $ (758) $ 393,985 $ 242,246 $ 122,259 $ 29,480

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	The components of inventory were as follows: March 31, 2023 December 31, 2022 Finished goods Homes for sale $ 9,122 $ 97,636 Work in progress Homes not available for sale — 2,467 Homes under improvement 1,563 14,170 Inventory $ 10,685 $ 114,273
Schedule of Inventory Activity	The following table summarizes our inventory activities: Three Months Ended March 31, 2023 March 31, 2022 Number of homes purchased — 398 Inventory value of homes purchased $ — $ 197,549 Number of homes sold 191 617 Inventory value of homes sold $ 103,588 $ 306,379

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	The components of property and equipment were as follows: Useful Lives (Years) March 31, 2023 December 31, 2022 Leasehold improvements Shorter of lease term or economic life $ 32,249 $ 32,285 Website and software development costs 2 - 3 66,210 62,963 Computer and office equipment 3 - 5 20,158 20,036 Software 3 1,858 1,871 Furniture 7 8,045 7,911 Property and equipment, gross 128,520 125,066 Accumulated depreciation and amortization (83,572) (76,788) Construction in progress 7,603 6,827 Property and equipment, net $ 52,551 $ 55,105

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Lease, Cost	The components of lease expense were as follows: Three Months Ended March 31, Lease Cost Classification 2023 2022 Operating lease cost: Operating lease cost (1) Cost of revenue $ 3,322 $ 2,380 Operating lease cost (1) Operating expenses 2,546 1,691 Total operating lease cost $ 5,868 $ 4,071 Finance lease cost: Amortization of right-of-use assets Cost of revenue $ 44 $ 183 Interest on lease liabilities Cost of revenue 2 25 Total finance lease cost $ 46 $ 208 (1) Includes lease expense with initial terms of twelve months or less of $848 and $376 for the three months ended March 31, 2023 and 2022, respectively. Lease Term and Discount Rate March 31, 2023 December 31, 2022 Weighted-average remaining operating lease term (years) 3.5 3.6 Weighted-average remaining finance lease term (years) 2.1 2.7 Weighted-average discount rate for operating leases 4.5 % 4.5 % Weighted-average discount rate for finance leases 5.4 % 5.4 % Three Months Ended March 31, Supplemental Cash Flow Information 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 5,253 $ 4,389 Operating cash flows from finance leases 5 26 Financing cash flows from finance leases 37 133 Right of use assets obtained in exchange for lease liabilities Operating leases $ 3,130 $ 76 Finance leases — 309
Lessee, Operating Lease, Liability, Maturity	Lease Liabilities Other Leases Total Lease Obligations Maturity of Lease Liabilities Operating Financing Operating 2023, excluding the three months ended March 31, 2023 $ 15,606 $ 62 $ 2,012 $ 17,680 2024 15,740 43 842 16,625 2025 11,650 22 851 12,523 2026 9,258 — 639 9,897 2027 4,896 — 96 4,992 Thereafter 760 — 34 794 Total lease payments $ 57,910 $ 127 $ 4,474 $ 62,511 Less: Interest (1) 4,259 6 Present value of lease liabilities $ 53,651 $ 121
Finance Lease, Liability, Fiscal Year Maturity	Lease Liabilities Other Leases Total Lease Obligations Maturity of Lease Liabilities Operating Financing Operating 2023, excluding the three months ended March 31, 2023 $ 15,606 $ 62 $ 2,012 $ 17,680 2024 15,740 43 842 16,625 2025 11,650 22 851 12,523 2026 9,258 — 639 9,897 2027 4,896 — 96 4,992 Thereafter 760 — 34 794 Total lease payments $ 57,910 $ 127 $ 4,474 $ 62,511 Less: Interest (1) 4,259 6 Present value of lease liabilities $ 53,651 $ 121

Acquired Intangible Assets an_2

Acquired Intangible Assets and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The following table presents the gross carrying amount and accumulated amortization of intangible assets: March 31, 2023 December 31, 2022 Weighted-Average Useful Lives (Years) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Trade names 9.3 $ 82,690 $ (17,214) $ 65,476 $ 82,690 $ (14,856) $ 67,834 Developed technology 3.3 66,340 (43,820) 22,520 66,340 (38,465) 27,875 Customer relationships 10 81,360 (16,831) 64,529 81,360 (14,797) 66,563 Total $ 230,390 $ (77,865) $ 152,525 $ 230,390 $ (68,118) $ 162,272
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table presents our estimate of remaining amortization expense for intangible assets that existed as of March 31, 2023: 2023, excluding the three months ended March 31, 2023 $ 29,241 2024 23,741 2025 17,618 2026 17,380 2027 15,633 Thereafter 48,912 Estimated remaining amortization expense $ 152,525
Schedule of Goodwill	The following table presents the carrying amount of goodwill by reportable segment: Real Estate Services Rentals Mortgage Total Balance as of March 31, 2023 and December 31, 2022 $ 250,231 $ 159,151 $ 51,967 $ 461,349

Accrued and Other Liabilities (

Accrued and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	The components of accrued and other liabilities were as follows: March 31, 2023 December 31, 2022 Accrued compensation and benefits $ 59,751 $ 76,539 Miscellaneous accrued liabilities 27,848 27,543 Customer contract liabilities 4,676 5,661 Total accrued and other liabilities $ 92,275 $ 109,743

Equity and Equity Compensatio_2

Equity and Equity Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2023
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: March 31, 2023 December 31, 2022 Stock options issued and outstanding 3,235,085 3,282,789 Restricted stock units outstanding 15,047,813 15,731,632 Shares available for future equity grants 13,324,587 7,951,616 Total shares reserved for future issuance 31,607,485 26,966,037 We have reserved shares of common stock for future issuance under our ESPP as follows: Three Months Ended March 31, 2023 Year Ended Shares available for issuance at beginning of period 4,695,361 5,865,467 Shares issued during the period — (1,170,106) Total shares available for future issuance at end of period 4,695,361 4,695,361
Schedule of Stock Option Activity	Option activity for the three months ended March 31, 2023 was as follows: Number of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding as of January 1, 2023 3,282,789 $ 9.10 2.90 $ 1,145 Options exercised (18,037) 7.35 Options expired (29,667) 9.76 Outstanding as of March 31, 2023 3,235,085 9.10 2.69 6,039 Options exercisable as of March 31, 2023 3,235,085 9.10 2.69 6,039
Schedule of Nonvested Restricted Stock Units Activity	Restricted stock unit activity for the three months ended March 31, 2023 was as follows: Restricted Stock Units Weighted-Average Grant-Date Fair Value Outstanding as of January 1, 2023 15,731,632 $ 11.53 Granted 1,110,508 8.81 Vested (1,155,826) 17.44 Forfeited or canceled (638,501) 13.32 Outstanding or deferred as of March 31, 2023 ( 1) 15,047,813 10.80 (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 March 31, 2023 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: Three Months Ended March 31, 2023 2022 PSU expense $ 1,844 $ 693 Three Months Ended March 31, 2023 2022 Cost of revenue $ 4,181 $ 3,377 Technology and development (1) 8,209 7,965 Marketing 1,263 1,072 General and administrative 5,375 4,374 Total stock-based compensation $ 19,028 $ 16,788

Net Loss per Share Attributab_2

Net Loss per Share Attributable to Common Stock (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 2022 Numerator: Net loss $ (60,798) $ (90,806) Dividends on convertible preferred stock (226) (793) Net loss attributable to common stock—basic and diluted $ (61,024) $ (91,599) Denominator: Weighted-average shares—basic and diluted (1) 110,103,598 106,664,140 Net loss per share attributable to common stock—basic and diluted $ (0.55) $ (0.86) (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 March 31, 2023 2022 2023 notes as if converted 769,623 769,623 2025 notes as if converted 5,054,851 9,119,960 2027 notes as if converted 6,147,900 6,147,900 Convertible preferred stock as if converted 2,040,000 2,040,000 Stock options outstanding 3,235,085 3,955,888 Restricted stock units outstanding (1)(2) 15,026,404 4,602,696 Employee stock purchase plan 1,422,936 265,167 Total 33,696,799 26,901,234 (1) Excludes 1,478,501 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)	3 Months Ended
	Mar. 31, 2023
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: March 31, 2023 December 31, 2022 Issuance Net Carrying Amount Estimated Fair Value Net Carrying Amount Estimated Fair Value 2023 notes $ 23,468 $ 22,718 $ 23,431 $ 22,147 2025 notes 362,617 263,998 512,683 309,292 2027 notes 566,034 354,723 565,474 267,398 March 31, 2023 December 31, 2022 Lender Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings City National Bank $ 75,000 $ 24,513 6.69 % $ 75,000 $ 27,288 5.89 % Comerica Bank 75,000 27,185 6.92 % 75,000 26,526 6.36 % Origin Bank 75,000 23,997 6.54 % 75,000 23,739 5.98 % M&T Bank 50,000 16,086 6.98 % 50,000 19,126 6.45 % Prosperity Bank 100,000 36,043 6.67 % 100,000 35,856 6.18 % Republic Bank & Trust Company 75,000 28,112 6.63 % 75,000 26,636 5.81 % Wells Fargo Bank, N.A. 100,000 29,347 6.88 % 100,000 31,338 6.41 % Total $ 550,000 $ 185,283 $ 550,000 $ 190,509
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 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 March 31, 2023. We issued our 2025 notes on October 20, 2020, with an aggregate principal amount of $661,250. In the three months ended March 31, 2023, we repurchased and retired approximately $152,222 in aggregate principal amount of our 2025 notes at a price of $108,274 using available cash. In connection with these repurchases, we recorded a gain on extinguishment of debt of $42,270 for the three months ended March 31, 2023. 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: March 31, 2023 Issuance Aggregate Principal Amount Unamortized Debt Discount Unamortized Debt Issuance Costs Net Carrying Amount 2023 notes $ 23,512 $ — $ 44 $ 23,468 2025 notes 366,506 — 3,889 362,617 2027 notes 575,000 — 8,966 566,034 December 31, 2022 Issuance Aggregate Principal Amount Unamortized Debt Discount Unamortized Debt Issuance Costs Net Carrying Amount 2023 notes $ 23,512 $ — $ 81 $ 23,431 2025 notes 518,728 — 6,045 512,683 2027 notes 575,000 — 9,526 565,474
Interest Income and Interest Expense Disclosure	Three Months Ended March 31, 2023 2022 2023 notes Contractual interest expense $ 103 $ 103 Amortization of debt discount — — Amortization of debt issuance costs 38 38 Total interest expense $ 141 $ 141 2025 notes Contractual interest expense — — Amortization of debt discount — — Amortization of debt issuance costs 2,156 690 Total interest expense $ 2,156 $ 690 2027 notes Contractual interest expense 719 719 Amortization of debt discount — — Amortization of debt issuance costs 560 560 Total interest expense $ 1,279 $ 1,279 Total Contractual interest expense 822 822 Amortization of debt discount — — Amortization of debt issuance costs 2,754 1,288 Total interest expense $ 3,576 $ 2,110

Business Combinations - Narrati

Business Combinations - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
	Apr. 01, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Apr. 02, 2022
Business Acquisition [Line Items]
Goodwill		$ 461,349		$ 461,349
Acquisition-related costs		0	$ 917
Acquisition-related Costs
Business Acquisition [Line Items]
Net income (loss)		0
Bay Equity
Business Acquisition [Line Items]
Payments to acquire businesses	$ 139,671
Goodwill	$ 51,967				$ 51,967
Net income (loss)		$ (60,798)	$ (86,594)

Business Combinations - Schedul

Business Combinations - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Apr. 01, 2022	Mar. 31, 2023	Dec. 31, 2022	Apr. 02, 2022
Business Acquisition [Line Items]
Goodwill		$ 461,349	$ 461,349
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			$ 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		3 Months Ended
	Apr. 01, 2022	Mar. 31, 2023
Bay Equity
Business Acquisition [Line Items]
Estimated Fair Value	$ 14,510
Trade names
Business Acquisition [Line Items]
Estimated Useful Life (in years)		9 years 3 months 18 days
Trade names | Bay Equity
Business Acquisition [Line Items]
Estimated Fair Value	$ 11,650
Estimated Useful Life (in years)	5 years
Developed technology | Bay Equity
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
	Mar. 31, 2023	Mar. 31, 2022
Business Acquisition [Line Items]
Revenue	$ 325,661	$ 653,214
Net loss	$ (60,798)	$ (86,594)

Segment Reporting and Revenue -

Segment Reporting and Revenue - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 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
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	$ 325,661	$ 597,346
Cost of revenue	269,454	524,808
Gross profit	56,207	72,538
Technology and development	48,192	49,640
Marketing	40,908	43,342
General and administrative	69,962	58,966
Restructuring and reorganization	1,053	5,710
Total operating expenses	160,115	157,658
Loss from operations	(103,908)	(85,120)
Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net	43,110	(5,686)
Net loss	(60,798)	(90,806)
Operating Segments | Real estate segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	127,296	177,487
Cost of revenue	111,494	153,784
Gross profit	15,802	23,703
Technology and development	28,895	26,739
Marketing	25,060	30,844
General and administrative	19,618	22,992
Restructuring and reorganization	0	0
Total operating expenses	73,573	80,575
Loss from operations	(57,771)	(56,872)
Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net	0	0
Net loss	(57,771)	(56,872)
Operating Segments | Properties segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	112,727	379,753
Cost of revenue	114,658	358,866
Gross profit	(1,931)	20,887
Technology and development	529	4,119
Marketing	505	1,153
General and administrative	523	2,825
Restructuring and reorganization	0	0
Total operating expenses	1,557	8,097
Loss from operations	(3,488)	12,790
Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net	814	(1,624)
Net loss	(2,674)	11,166
Operating Segments | Rentals segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	42,870	38,044
Cost of revenue	9,765	7,193
Gross profit	33,105	30,851
Technology and development	15,964	14,282
Marketing	14,326	11,042
General and administrative	26,302	24,192
Restructuring and reorganization	0	0
Total operating expenses	56,592	49,516
Loss from operations	(23,487)	(18,665)
Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net	45	469
Net loss	(23,442)	(18,196)
Operating Segments | Mortgage Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	36,489	2,917
Cost of revenue	29,213	5,517
Gross profit	7,276	(2,600)
Technology and development	643	2,347
Marketing	980	28
General and administrative	6,929	1,524
Restructuring and reorganization	0	0
Total operating expenses	8,552	3,899
Loss from operations	(1,276)	(6,499)
Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net	(60)	1
Net loss	(1,336)	(6,498)
Other revenue
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	7,428	4,368
Cost of revenue	5,473	4,671
Gross profit	1,955	(303)
Technology and development	1,224	1,036
Marketing	10	53
General and administrative	1,053	712
Restructuring and reorganization	0	0
Total operating expenses	2,287	1,801
Loss from operations	(332)	(2,104)
Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net	115	1
Net loss	(217)	(2,103)
Intercompany eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	(1,149)	(5,223)
Cost of revenue	(1,149)	(5,223)
Gross profit	0	0
Technology and development	937	1,117
Marketing	27	222
General and administrative	15,537	6,721
Restructuring and reorganization	1,053	5,710
Total operating expenses	17,554	13,770
Loss from operations	(17,554)	(13,770)
Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net	42,196	(4,533)
Net loss	$ 24,642	$ (18,303)

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Share price (in dollars per share)	$ 9.06
Accrued interest	$ 383,000	$ 576,000
Available-for-sale, credit loss	0	$ 0
1.75% Convertible Senior Notes due 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Aggregated principal amount	23,512,000
0% Convertible Senior Notes due 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Aggregated principal amount	366,506,000
0.5% Convertible Senior Notes Due 2027
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Aggregated principal amount	$ 575,000,000
IRLCs | Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loan commitments, term	30 days
IRLCs | Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loan commitments, term	90 days

Financial Instruments - Notiona

Financial Instruments - Notional Amounts of Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Forward sales commitments
Derivative [Line Items]
Notional Amounts	$ 416,648	$ 301,548
IRLCs
Derivative [Line Items]
Notional Amounts	$ 384,007	$ 210,787

Financial Instruments - Amount

Financial Instruments - Amount of Gains/(Losses) Recognized in Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Forward sales commitments
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain (loss) recognized in earnings	$ (253)	$ 1,503
IRLCs
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain (loss) recognized in earnings	$ 7,874	$ (887)

Financial Instruments - Schedul

Financial Instruments - Schedule of Assets, Liabilities, and Equity Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Liabilities
Servicing Asset at Fair Value, Amount	$ 35,061	$ 36,261
Fair Value, Measurements, Recurring
Assets
Cash equivalents	123,762	186,410
Loans held for sale	192,622	199,604
Other current assets	11,053	4,007
Total assets	512,601	578,021
Liabilities
Total liabilities	2,340	2,914
Servicing Asset at Fair Value, Amount	35,061	36,261
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current	140,531	122,259
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Noncurrent	9,572	29,480
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Cash equivalents	123,762	186,410
Loans held for sale	0	0
Other current assets	0	0
Total assets	273,865	338,149
Liabilities
Total liabilities	0	0
Servicing Asset at Fair Value, Amount	0	0
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current	140,531	122,259
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Noncurrent	9,572
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Assets
Cash equivalents	0	0
Loans held for sale	192,622	199,604
Other current assets	1,840	1,669
Total assets	194,462	201,273
Liabilities
Total liabilities	2,297	1,873
Servicing Asset at Fair Value, Amount	0	0
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current		0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Assets
Cash equivalents	0	0
Loans held for sale	0	0
Other current assets	9,213	2,338
Total assets	44,274	38,599
Liabilities
Total liabilities	43	1,041
Servicing Asset at Fair Value, Amount	35,061	36,261
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current		0
Fair Value, Measurements, Recurring | Money market funds
Assets
Cash equivalents	123,762	186,410
Fair Value, Measurements, Recurring | Money market funds | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Cash equivalents	123,762	186,410
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
U.S. treasury securities | Fair Value, Measurements, Recurring
Liabilities
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current	108,326	96,925
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Noncurrent	4,939	29,480
U.S. treasury securities | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Liabilities
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current	108,326	96,925
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Noncurrent	4,939
U.S. treasury securities | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Assets
Short-term investments		0
Liabilities
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current	0
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Noncurrent	0
U.S. treasury securities | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Assets
Short-term investments		0
Liabilities
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current	0
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Noncurrent	0
Agency bonds | Fair Value, Measurements, Recurring
Liabilities
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current	32,205	25,334
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Noncurrent	4,633	0
Agency bonds | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Liabilities
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current	32,205	25,334
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Noncurrent	4,633	29,480
Agency bonds | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Assets
Short-term investments	0	0
Long-term investments	0	0
Agency bonds | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Assets
Short-term investments	0	0
Long-term investments	0	0
Forward sales commitments | Fair Value, Measurements, Recurring
Assets
Other current assets	1,840	1,669
Liabilities
Accrued liabilities	2,297	1,873
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	1,840	1,669
Liabilities
Accrued liabilities	2,297	1,873
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	9,213	2,338
Liabilities
Accrued liabilities	43	1,041
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	9,213	2,338
Liabilities
Accrued liabilities	$ 43	$ 1,041

Financial Instruments - Fair Va

Financial Instruments - Fair Value Measurement Inputs and Valuation Techniques (Details)	Mar. 31, 2023	Dec. 31, 2022
IRLCs | Pull-through rate | Market pricing
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset (Liability) Net, Measurement Input	0.850	0.910
IRLCs | Pull-through rate | Market pricing | Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset (Liability) Net, Measurement Input	1	1
IRLCs | Pull-through rate | Market pricing | Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset (Liability) Net, Measurement Input	0.586	0.620
MSRs | Prepayment speed | Valuation Technique, Discounted Cash Flow
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset (Liability) Net, Measurement Input	0.066	0.066
MSRs | Prepayment speed | Valuation Technique, Discounted Cash Flow | Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset (Liability) Net, Measurement Input	0.120	0.144
MSRs | Prepayment speed | Valuation Technique, Discounted Cash Flow | Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset (Liability) Net, Measurement Input	0.060	0.060
MSRs | Default rates | Valuation Technique, Discounted Cash Flow
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset (Liability) Net, Measurement Input	0.001	0.001
MSRs | Default rates | Valuation Technique, Discounted Cash Flow | Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset (Liability) Net, Measurement Input	0.005	0.005
MSRs | Default rates | Valuation Technique, Discounted Cash Flow | Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset (Liability) Net, Measurement Input	0	0
MSRs | Discount rate | Valuation Technique, Discounted Cash Flow
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset (Liability) Net, Measurement Input	0.096	0.096
MSRs | Discount rate | Valuation Technique, Discounted Cash Flow | Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset (Liability) Net, Measurement Input	0.115	0.124
MSRs | Discount rate | Valuation Technique, Discounted Cash Flow | Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset (Liability) Net, Measurement Input	0.095	0.095

Financial Instruments - Summary

Financial Instruments - Summary of Changes in the Fair Value of IRLCs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Changes of fair value of interest rate lock commitments [Roll Forward]
Balance, net—beginning of period	$ 1,297	$ 1,155
Issuances of IRLCs	15,963	2,289
Settlements of IRLCs	(10,238)	(2,893)
Fair value changes recognized in earnings	2,148	(308)
Balance, net—end of period	$ 9,170	$ 243

Financial Instruments - Summa_2

Financial Instruments - Summary of Changes in the Fair Value of MSRs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value changes recognized in earnings	$ 2,148	$ (308)
Balance, net—end of period	9,170	243	$ 1,297	$ 1,155
MSRs
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
MSRs originated	347	0
MSRs sales	(339)	0
Fair value changes recognized in earnings	(1,208)	0
Balance, net—end of period	$ 35,061	$ 0	$ 36,261	$ 0

Financial Instruments - Carryin

Financial Instruments - Carrying Amounts and Estimated Fair Values of Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
2023 notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net Carrying Amount	$ 23,468	$ 23,431
Estimated Fair Value	22,718	22,147
2025 notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net Carrying Amount	362,617	512,683
Estimated Fair Value	263,998	309,292
2027 notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net Carrying Amount	566,034	565,474
Estimated Fair Value	$ 354,723	$ 267,398

Financial Instruments - Investm

Financial Instruments - Investments in Debt and Marketable Equity Securities Disclosure (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Cost or Amortized Cost
Cash and cash equivalents, at carrying value	$ 149,940	$ 239,840	$ 612,680
Restricted cash	2,416	2,406	36,047
Cash, Cash Equivalents, and Restricted Cash
Cash, cash equivalents, restricted cash and restricted cash equivalents	152,356	242,246	$ 648,727	$ 718,281
Fair Value, Measurements, Recurring
Cost or Amortized Cost
Restricted cash	2,416	2,406
Cash, cash equivalents, and available-for-sale debt securities, amortized cost	302,765	394,715
Unrealized Gains (Losses)
Unrealized Gains	50	28
Unrealized Losses	(356)	(758)
Estimated Fair Value
Cash equivalents	123,762	186,410
Cash, cash equivalents, and available-for-sale debt securities	302,459	393,985
Cash, Cash Equivalents, and Restricted Cash
Cash, cash equivalents, restricted cash and restricted cash equivalents	152,356	242,246
Long-term Investments
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Noncurrent	9,572	29,480
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current	140,531	122,259
U.S. treasury securities | Fair Value, Measurements, Recurring
Cost or Amortized Cost
Debt securities, available for sale, estimated fair value	113,265	126,405
Unrealized Gains (Losses)
Unrealized Gains	16	28
Unrealized Losses	(351)	(753)
Estimated Fair Value
Debt securities, available-for-sale, amortized cost	113,600	127,130
Long-term Investments
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Noncurrent	4,939	29,480
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current	108,326	96,925
Agency bonds | Fair Value, Measurements, Recurring
Cost or Amortized Cost
Debt securities, available for sale, estimated fair value	36,838	25,334
Unrealized Gains (Losses)
Unrealized Gains	34	0
Unrealized Losses	(5)	(5)
Estimated Fair Value
Debt securities, available-for-sale, amortized cost	36,809	25,339
Long-term Investments
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Noncurrent	4,633	0
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current	32,205	25,334
Cash | Fair Value, Measurements, Recurring
Cost or Amortized Cost
Cash and cash equivalents, at carrying value	26,178	53,430
Estimated Fair Value
Cash equivalents	26,178	53,430
Cash, Cash Equivalents, and Restricted Cash
Cash, cash equivalents, restricted cash and restricted cash equivalents	26,178	53,430
Money markets funds | Fair Value, Measurements, Recurring
Cost or Amortized Cost
Cash and cash equivalents, at carrying value	123,762	186,410
Estimated Fair Value
Cash equivalents	123,762	186,410
Cash, Cash Equivalents, and Restricted Cash
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 123,762	$ 186,410

Inventory - Schedule of Invento

Inventory - Schedule of Inventory, Current (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Homes for sale	$ 9,122	$ 97,636
Homes not available for sale	0	2,467
Homes under improvement	1,563	14,170
Inventory	10,685	114,273
Lower of cost or net realizable value write-downs	$ 941	$ 8,404

Inventory - Schedule of Inven_2

Inventory - Schedule of Inventory Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) home	Mar. 31, 2022 USD ($) home
Inventory Disclosure [Abstract]
Number of homes purchased | home	0	398
Inventory value of homes purchased | $	$ 0	$ 197,549
Number of homes sold | home	191	617
Inventory value of homes sold | $	$ 103,588	$ 306,379

Property and Equipment - Summar

Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Accumulated depreciation and amortization	$ (83,572)	$ (76,788)
Property and equipment, net	52,551	55,105
Property and equipment, gross
Property, Plant and Equipment [Line Items]
Property and equipment, gross	128,520	125,066
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	32,249	32,285
Website and software development costs
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 66,210	62,963
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	$ 20,158	20,036
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	$ 1,858	1,871
Furniture
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	7 years
Property and equipment, gross	$ 8,045	7,911
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 7,603	$ 6,827

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 7,266	$ 5,887
Capitalized computer software, additions	$ 4,555	$ 6,115

Leases - Narrative (Details)

Leases - Narrative (Details)	Mar. 31, 2023
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
	Mar. 31, 2023	Mar. 31, 2022
Operating Leased Assets [Line Items]
Operating lease cost	$ 5,868	$ 4,071
Total finance lease cost	46	208
Short-term lease cost	848	376
Cost of revenue
Operating Leased Assets [Line Items]
Operating lease cost	3,322	2,380
Finance lease, right-of-use asset, amortization	44	183
Finance lease, interest expense	2	25
Operating expenses
Operating Leased Assets [Line Items]
Operating lease cost	$ 2,546	$ 1,691

Leases - Maturity of Lease Liab

Leases - Maturity of Lease Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Operating leases
2023, excluding the three months ended March 31, 2023	$ 15,606
2024	15,740
2025	11,650
2026	9,258
2027	4,896
Thereafter	760
Total lease payments	57,910
Less: Interest	4,259
Present value of lease liabilities	53,651
Finance leases
2023, excluding the three months ended March 31, 2023	62
2024	43
2025	22
2026	0
2027	0
Thereafter	0
Total lease payments	127
Less: Interest	6
Present value of lease liabilities	121
Other Leases
2023, excluding the three months ended March 31, 2023	2,012
2024	842
2025	851
2026	639
2027	96
Thereafter	34
Total lease payments	4,474
Total Lease Obligations
2023, excluding the three months ended March 31, 2023	17,680
2024	16,625
2025	12,523
2026	9,897
2027	4,992
Thereafter	794
Total lease payments	62,511
Operating lease, capitalized interest expense	1,909
Financing lease, capitalized interest expense	$ 4

Leases - Lease Term and Discoun

Leases - Lease Term and Discount Rate (Details)	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted-average remaining operating lease term (years)	3 years 6 months	3 years 7 months 6 days
Weighted-average remaining finance lease term (years)	2 years 1 month 6 days	2 years 8 months 12 days
Weighted average discount rate for operating leases (percent)	4.50%	4.50%
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	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 5,253	$ 4,389
Operating cash flows from finance leases	5	26
Financing cash flows from finance leases	37	133
Right of use assets obtained in exchange for lease liabilities
Operating leases	3,130	76
Finance leases	$ 0	$ 309

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	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
Patents allegedly infringed upon | patent				4
Housing organizations | plaintiff		10
Litigation settlement payment	$ 3,000	$ 3,000
Loss contingency accrual		$ 1,000
Other Commitments
Debt Instrument [Line Items]
Escrow deposit					$ 28,610
Lawsuit Alleging Violations of the Fair Housing Act
Debt Instrument [Line Items]
Housing organizations | plaintiff			10

Acquired Intangible Assets an_3

Acquired Intangible Assets and Goodwill - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross	$ 230,390	$ 230,390
Accumulated Amortization	(77,865)	(68,118)
Net	$ 152,525	162,272
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Lives (Years)	9 years 3 months 18 days
Gross	$ 82,690	82,690
Accumulated Amortization	(17,214)	(14,856)
Net	65,476	67,834
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross	66,340	66,340
Accumulated Amortization	(43,820)	(38,465)
Net	$ 22,520	27,875
Developed technology | Minimum
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Lives (Years)	3 years 3 months 18 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Lives (Years)	10 years
Gross	$ 81,360	81,360
Accumulated Amortization	(16,831)	(14,797)
Net	$ 64,529	$ 66,563

Acquired Intangible Assets an_4

Acquired Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 9,747	$ 8,926

Acquired Intangible Assets an_5

Acquired Intangible Assets and Goodwill - Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2023, excluding the three months ended March 31, 2023	$ 29,241
2024	23,741
2025	17,618
2026	17,380
2027	15,633
Thereafter	48,912
Net	$ 152,525	$ 162,272

Acquired Intangible Assets an_6

Acquired Intangible Assets and Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Goodwill	$ 461,349	$ 461,349
Real Estate Services Segment
Goodwill [Line Items]
Goodwill	250,231	250,231
Rentals segment
Goodwill [Line Items]
Goodwill	159,151	159,151
Mortgage Segments
Goodwill [Line Items]
Goodwill	$ 51,967	$ 51,967

Accrued and Other Liabilities_2

Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 59,751	$ 76,539
Miscellaneous accrued liabilities	27,848	27,543
Customer contract liabilities	4,676	5,661
Accrued and other liabilities	$ 92,275	$ 109,743

Mezzanine Equity (Details)

Mezzanine Equity (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Apr. 01, 2020 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) tradingDay $ / shares shares	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Temporary Equity [Line Items]
Proceeds from issuance of stock | $	$ 110,000
Carrying value of convertible preferred stock | $		$ 39,925	$ 39,914
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)		$ 17.95
Trading days preceding date dividends are payable		10 days
Conversion price ratio denominator (in dollars per share)		$ 19.51
Conversion stock price trigger (in dollars per share)		$ 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)	$ 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)	$ 1,000
Proceeds from issuance of stock | $	$ 40,000
Carrying value of convertible preferred stock | $		$ 39,925	$ 39,914	$ 39,879	$ 39,868
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		3 Months Ended
	Jul. 27, 2017	Mar. 31, 2023	Dec. 31, 2022	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)		31,607,485	26,966,037	7,898,159
Expected life (years)		10 years
Percentage of common stock, outstanding		5%
Restricted stock units outstanding (in shares)		15,047,813	15,731,632
2017 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved (in shares)		4,695,361	4,695,361
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)		1,478,501
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		$ 131,636
Unrecognized compensation expense, period for recognition (years)		2 years 7 months 9 days
Restricted stock units outstanding (in shares)		15,047,813	15,731,632
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	Mar. 31, 2023	Dec. 31, 2022	Jul. 26, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options issued and outstanding options (in shares)	3,235,085	3,282,789
Equity Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options issued and outstanding options (in shares)	3,235,085	3,282,789
Restricted stock units issued and outstanding or deferred (in shares)	15,047,813	15,731,632
Shares available for future equity grants (in shares)	13,324,587	7,951,616
Total shares reserved for future issuance (in shares)	31,607,485	26,966,037	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	Mar. 31, 2023	Dec. 31, 2022
Shares Reserved For Future Issuance [Roll Forward]
Shares available for issuance at beginning of period (in shares)	4,695,361	5,865,467
Shares issued during the period (in shares)	0	(1,170,106)
Total shares reserved for future issuance (in shares)	4,695,361	4,695,361

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
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Number of Options
Outstanding, beginning balance (in shares)	3,282,789
Options exercised (in shares)	(18,037)
Options canceled (in shares)	(29,667)
Outstanding, ending balance (in shares)	3,235,085
Options exercisable at period end (in shares)	3,235,085
Weighted-Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 9.10
Options exercised (in dollars per share)	7.35
Options canceled (in dollars per share)	9.76
Outstanding, ending balance (in dollars per share)	9.10
Options exercisable at period end (in dollars per share)	$ 9.10
Weighted-Average Remaining Contractual Life (Years)
Weighted average remaining contractual life outstanding	2 years 8 months 8 days	2 years 10 months 24 days
Weighted average remaining contractual life exercisable	2 years 8 months 8 days
Aggregate Intrinsic Value
Options outstanding, Aggregate intrinsic value	$ 6,039		$ 1,145
Options exercisable, Aggregate intrinsic value	$ 6,039

Equity and Equity Compensatio_7

Equity and Equity Compensation Plans - Schedule of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Restricted Stock Units
Unvested outstanding at beginning of period (in shares) | shares	15,731,632
Granted (in shares) | shares	1,110,508
Vested (in shares) | shares	(1,155,826)
Forfeited or canceled (in shares) | shares	(638,501)
Unvested outstanding at end of period (in shares) | shares	15,047,813
Weighted-Average Grant-Date Fair Value
Unvested outstanding at beginning of period (in dollars per share) | $ / shares	$ 11.53
Granted (in dollars per share) | $ / shares	8.81
Vested (in dollars per share) | $ / shares	17.44
Forfeited or canceled (in dollars per share) | $ / shares	13.32
Unvested outstanding at end of period (in dollars per share) | $ / shares	$ 10.80
Operating 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
	Mar. 31, 2023	Mar. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense	$ 19,028	$ 16,788
Performance Restricted Stock Units | Current Period
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense	$ 1,844	$ 693

Equity and Equity Compensatio_9

Equity and Equity Compensation Plans - Allocation of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 19,028	$ 16,788
Stock-based compensation capitalized in property and equipment	1,134	1,134
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	4,181	3,377
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	8,209	7,965
Marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	1,263	1,072
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 5,375	$ 4,374

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
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net loss	$ (60,798)	$ (90,806)
Dividends on convertible preferred stock	(226)	(793)
Net loss attributable to common stock - basic	(61,024)	(91,599)
Net loss attributable to common stock - diluted	$ (61,024)	$ (91,599)
Weighted average shares - basic (in shares)	110,103,598	106,664,140
Weighted averages shares - diluted (in shares)	110,103,598	106,664,140
Net loss per share attributable to common stock - diluted (in dollars per share)	$ (0.55)	$ (0.86)
Denominator:
Weighted average shares - basic (in shares)	110,103,598	106,664,140
Weighted averages shares - diluted (in shares)	110,103,598	106,664,140
Net loss per share attributable to common stock - diluted (in dollars per share)	$ (0.55)	$ (0.86)
Net loss per share attributable to common stock - basic (in dollars per share)	$ (0.55)	$ (0.86)

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
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)	33,696,799	26,901,234
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)	1,478,501
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
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)	3,235,085	3,955,888
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)	15,026,404	4,602,696
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)	21,409
Employee stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)	1,422,936	265,167
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	769,623
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)	5,054,851	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

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Mar. 31, 2018
Operating Loss Carryforwards [Line Items]
Income tax expense	$ 410	$ 134
Effective tax rate (percent)	(0.67%)	(0.15%)
Operating loss unavailable for carryforward				$ 1,506
Tax credit unavailable for future use				$ 32
Federal Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards			$ 651,498
Operating loss carryforwards, not subject to expiration			413,145
Federal Jurisdiction | RentPath Holdings
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, not subject to expiration			145,296
Federal deductible			23,240
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards			34,718
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards			$ 5,255

Debt - Warehouse Lines of Credi

Debt - Warehouse Lines of Credit (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Outstanding Borrowings	$ 185,283,000	$ 190,509,000
Warehouse Agreement Borrowings
Debt Instrument [Line Items]
Borrowing Capacity	550,000,000	550,000,000
Outstanding Borrowings	185,283,000	190,509,000
Warehouse Agreement Borrowings | City National Bank
Debt Instrument [Line Items]
Borrowing Capacity	75,000,000	75,000,000
Outstanding Borrowings	$ 24,513,000	$ 27,288,000
Weighted-Average Interest Rate on Outstanding Borrowings	6.69%	5.89%
Warehouse Agreement Borrowings | Comerica Bank
Debt Instrument [Line Items]
Borrowing Capacity	$ 75,000,000	$ 75,000,000
Outstanding Borrowings	$ 27,185,000	$ 26,526,000
Weighted-Average Interest Rate on Outstanding Borrowings	6.92%	6.36%
Warehouse Agreement Borrowings | Origin Bank
Debt Instrument [Line Items]
Borrowing Capacity	$ 75,000,000	$ 75,000,000
Outstanding Borrowings	$ 23,997,000	$ 23,739,000
Weighted-Average Interest Rate on Outstanding Borrowings	6.54%	5.98%
Warehouse Agreement Borrowings | M&T Bank
Debt Instrument [Line Items]
Borrowing Capacity	$ 50,000,000	$ 50,000,000
Outstanding Borrowings	$ 16,086,000	$ 19,126,000
Weighted-Average Interest Rate on Outstanding Borrowings	6.98%	6.45%
Warehouse Agreement Borrowings | Prosperity Bank
Debt Instrument [Line Items]
Borrowing Capacity	$ 100,000,000	$ 100,000,000
Outstanding Borrowings	$ 36,043,000	$ 35,856,000
Weighted-Average Interest Rate on Outstanding Borrowings	6.67%	6.18%
Warehouse Agreement Borrowings | Republic Bank & Trust Company
Debt Instrument [Line Items]
Borrowing Capacity	$ 75,000,000	$ 75,000,000
Outstanding Borrowings	$ 28,112,000	$ 26,636,000
Weighted-Average Interest Rate on Outstanding Borrowings	6.63%	5.81%
Warehouse Agreement Borrowings | Wells Fargo Bank, N.A.
Debt Instrument [Line Items]
Borrowing Capacity	$ 100,000,000	$ 100,000,000
Outstanding Borrowings	$ 29,347,000	$ 31,338,000
Weighted-Average Interest Rate on Outstanding Borrowings	6.88%	6.41%

Debt - Narrative (Details)

Debt - Narrative (Details)			3 Months Ended
	Apr. 05, 2021 $ / shares shares	Oct. 20, 2020 USD ($)	Mar. 31, 2023 USD ($) businessDay tradingDay	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 25, 2021 USD ($)	Jul. 23, 2018 USD ($)
Debt Instrument [Line Items]
Inventory			$ 10,685,000		$ 114,273,000
Cash, cash equivalents, restricted cash and restricted cash equivalents			152,356,000	$ 648,727,000	242,246,000	$ 718,281,000
Repayments of Senior Debt			108,274,000	0
Gain on extinguishment of convertible senior notes			(42,270,000)	0
Adjustments to additional paid in capital, convertible debt, capped call transaction			$ 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
0% Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Aggregated principal amount			366,506,000
0.5% Convertible Senior Notes Due 2027
Debt Instrument [Line Items]
Aggregated principal amount			575,000,000
Senior Notes
Debt Instrument [Line Items]
Amortization of debt issuance costs			2,754,000	1,288,000
Interest expense, debt			$ 822,000	822,000
Senior Notes | 1.75% Convertible Senior Notes due 2023
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			1.75%
Amortization of debt issuance costs			$ 38,000	38,000
Interest expense, debt			103,000	103,000
Aggregated principal amount			23,512,000		23,512,000			$ 143,750,000
Repurchased face amount			120,238,000
Senior Notes | 0% Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Amortization of debt issuance costs			2,156,000	690,000
Interest expense, debt			0	0
Aggregated principal amount		$ 661,250,000	$ 366,506,000		518,728,000
Repurchased face amount		152,222,000
Repayments of Senior Debt		108,274,000
Gain on extinguishment of convertible senior notes		$ 42,270,000
Senior Notes | 0.5% Convertible Senior Notes Due 2027
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			0.50%
Amortization of debt issuance costs			$ 560,000	560,000
Interest expense, debt			719,000	$ 719,000
Aggregated principal amount			$ 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 - Convertible Senior Notes

Debt - Convertible Senior Notes (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	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	$ 23,468,000	$ 23,431,000
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	44,000	81,000
Net Carrying Amount	23,468,000	23,431,000
0% Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Aggregate Principal Amount	366,506,000
Net Carrying Amount	$ 362,617,000	512,683,000
0% Convertible Senior Notes due 2025 | Senior Notes
Debt Instrument [Line Items]
Effective Interest Rate	0.42%
Conversion Rate	13.7920
Aggregate Principal Amount	$ 366,506,000	518,728,000		$ 661,250,000
Repurchased face amount				$ 152,222,000
Unamortized Debt Discount	0	0
Unamortized Debt Issuance Costs	3,889,000	6,045,000
Net Carrying Amount	362,617,000	512,683,000
0.5% Convertible Senior Notes Due 2027
Debt Instrument [Line Items]
Aggregate Principal Amount	575,000,000
Net Carrying Amount	$ 566,034,000	565,474,000
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
Unamortized Debt Discount	0	0
Unamortized Debt Issuance Costs	8,966,000	9,526,000
Net Carrying Amount	$ 566,034,000	$ 565,474,000

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Total interest expense	$ 1,922	$ 3,861
Senior Notes
Debt Instrument [Line Items]
Contractual interest expense	822	822
Amortization of debt discount	0	0
Amortization of debt issuance costs	2,754	1,288
Total interest expense	3,576	2,110
1.75% Convertible Senior Notes due 2023 | Senior Notes
Debt Instrument [Line Items]
Contractual interest expense	103	103
Amortization of debt discount	0	0
Amortization of debt issuance costs	38	38
Total interest expense	141	141
0% Convertible Senior Notes due 2025 | Senior Notes
Debt Instrument [Line Items]
Contractual interest expense	0	0
Amortization of debt discount	0	0
Amortization of debt issuance costs	2,156	690
Total interest expense	2,156	690
0.5% Convertible Senior Notes Due 2027 | Senior Notes
Debt Instrument [Line Items]
Contractual interest expense	719	719
Amortization of debt discount	0	0
Amortization of debt issuance costs	560	560
Total interest expense	$ 1,279	$ 1,279