Item 2.05 Costs Associated with Exit or Disposal Activities.

Due to market conditions, on June 12, 2022, we decided to reduce our number of employees by approximately 470 employees, which represents approximately six percent of our total employees. We expect to complete this workforce reduction by the end of June 2022. As a result of this workforce reduction, we expect to incur a pre-tax cash charge for one-time termination benefits, which consist of severance and related costs, between approximately $9.5 million and $10.5 million in the second quarter of 2022.

Forward-Looking Statements

This report contains forward-looking statements within the meaning of federal securities laws, including the estimated range of the charge, and related cash outlay, resulting from our workforce reduction, as well as when such charge and related cash outlay will occur. We believe our expectations related to these forward-looking statements are reasonable, but actual results may turn out to be materially different. Factors that could cause actual results to differ materially from the forward-looking statements include our inability to successfully implement the workforce reduction and a change in the number of employees being terminated as part of the workforce reduction. For additional factors, please see the risks and uncertainties identified under the heading "Risk Factors" in our annual report for the year ended December 31, 2021, as supplemented by our quarterly report for the quarter ended March 31, 2022, each of which is available on our Investor Relations website at http://investors.redfin.com and on the SEC website at www.sec.gov. All forward-looking statements reflect our beliefs and assumptions only as of the date of this report. We undertake no obligation to update forward-looking statements to reflect future events or circumstances.

Item 7.01 Regulation FD.

The estimated severance and related costs described in item 2.05 were not included in our second quarter 2022 guidance that we had provided on May 5, 2022.

On June 14, 2022, Glenn Kelman, our chief executive officer, published an article at www.redfin.com/blog discussing the workforce reduction. A copy of the article is furnished as Exhibit 99.1 to this report.

Item 9.01 Financial Statements and Exhibits.



   Exhibit Number       Description
   99.1                   Article published June 14, 2022
   104                  Cover page interactive data file, submitted using inline XBRL



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