Proptech Earnings Radar - Q1 2024 (Series IV, Part IV)

First quarter results are in for proptech’s public companies. We’re back at it, with high-level summaries of the ten companies we deem as the most important players in the broader category, and a table view covering the top thirty companies. The quarter included several notable updates, led by CoStar’s agreement to purchase Matterport, Blend receiving a $150M private equity injection, and Airbnb’s Icons launch.

Without further ado, let’s get into it...

Note: All market cap figures are taken end of day, May 14th, 2024.

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COMPANY SNAPSHOTS

Airbnb had their most profitable Q1 to date with a 12% margin, with a net income of $264M off of $2.14B in revenue, increases of 126% and 18% YoY, respectively. Revenue increased primarily due to an increase in nights booked, along with a “modest increase” in average daily rate. Active listings increased 15% YoY.

Market Cap: $93.13B

Notable Takeaways:

• Gross booking volume (GBV) was $22.9B off of 132.6M nights and experiences booked, a 12% and 9.5% YoY increase, respectively. The company attributes the increase in nights and experiences booked due to an earlier than normal Easter. Average daily rate for the quarter was $173, an increase of 3% YoY.
• Long stay bookings of over 28 days decreased from 18% to 17% of total bookings this quarter, despite stays of three months or longer increasing 25% YoY.
• Nights booked for groups of over five people increased 15% YoY and is the fastest growing segment in the North American region for the fourth consecutive quarter.
• Latin American nights and experiences booked grew 19% in Q1 2024 YoY and cross-border nights booked for trips within Latin America increased 30%. Asian Pacific booked nights increased 21% YoY, with cross border travel increasing 28% YoY. Nights booked with origin from China increased 80% YoY.
• Generated $1.9B in FCF for the quarter, a 21%YoY Increase.
• 500,000 guests stayed at Airbnb’s for the solar eclipse, validates that the company was built for special events as the shareholder letter cites.
• Repurchased $750M of Class A stock. In the trailing twelve months, the company has repurchased $2.5B worth of stock. 
• Launched Icons, a way for people to stay at bespoke experiences and stays that are near replicas of significant places in pop culture, and is continuing to expand their group trip offerings, as 80% of bookings are group trips.

In Q2, the company expects to deliver revenue of $2.68B to $2.74B, representing YoY growth of between 8% and 10%, increases smaller than last year’s Q2, mainly due to Easter not falling within the quarter.
 
Learn more: Shareholder Letter // Inman // Investor’s Business Daily // PhocusWire

Blend Labs’ revenue decreased 6.4% YoY to $34.95M, but the company’s net loss decreased 67.2% ($-67.3M in Q1 FY23 compared to $-22.9M this quarter).

Market Cap: $739M

Notable Takeaways:

• The company is debt free after adding a $150M in convertible preferred equity private equity investment from Haveli to pay off debt related to the Title365 Acquisition. Non-current debt of $135.3M still appeared on this month’s balance sheet as the transaction occurred after the books were closed.
• Blend platform segment revenue was $23.8M, composed mainly of Mortgage Suite revenue of $15.1 million a 15% YoY decline and $6.1M from Consumer Banking Suite, a 29% YoY increase.
• Professional services revenue increased 21% YoY to $21M.
• GAAP gross margin was 52% this quarter compared to 42% in Q1 2023. 
• Q2 revenue guidance is set between $37.5M and $41.5M, with overall Non-GAAP operating loss between $-10.5M and $-7.5M.

Learn More: Press Release // Inman

Compass' revenue increased by 10% YoY to $1.05B off of 38,449 transactions, a  7.1% YoY increase in transaction volume. GAAP net loss was $132.9M, a $17.5M improvement YoY. Added 990 net new agents for the quarter, ending with 14,591 agents, increasing 7% YoY. 

Market Cap: $2.12B

Notable Takeaways:

• The full $57.5M proposed cost of settling antitrust lawsuits hit the books this quarter, with payments to be made over 2024 and 2025.
• Adjusted EBITDA was $-20.1M, a $47M or 70% YoY Improvement. For context, adjusted EBITDA excludes all antitrust settlements. 
• Gross transaction volume was $40.1B, a 9.6% YoY increase.
• National marketshare was 4.75%, increasing 26 bps YoY and 35 bps sequentially.
• Q2 Guidance revenue is set between  $1.6B to $1.7B with adjusted EBITDA of $55M to $75M

Learn More: Press Release // Inman // HousingWire