Proptech Earnings Radar - Q4 2023 (Series IV, Part III)

Proptech Earnings Radar - Q4 2023 (Series IV, Part III)

Fourth quarter results are finally (mostly) 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 one companies.

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

Note: All market cap figures are taken end of day, March 19th, 2024.


COMPANY SNAPSHOTS

Reporting $2.2B in revenue for the quarter, Airbnb grew its top-line 17% YoY. The 98.8 million nights and experiences booked for the quarter was up 12% YoY and their largest fourth quarter highest quarter in company history. Surpassed 5M hosts globally, with active listings coming in at 7.7M to end 2023 (an increase of 18% YoY).

Market Cap$104.7B

Notable Takeaways:

  • $15.5B in gross booking volume, a 15% YoY increase. Partly driven by Average Daily Rate coming in at $156.73 in Q4. For perspective, in Q4 of 2019, the rate was $112.63.
  • Q4 net loss was $349M, with withholding expenses and lodging tax reserves set around $1B. Excluding non-recurring tax charges, adjusted net income was $489M.
  • Generated $46M in Free Cash Flow (FCF) for the quarter and $3.8B for FY2023.
  • 36% of new hosts were prior guests, while host cancellations decreased 36% YoY.
  • Repurchased $750M in Class A common stock.
  • International guests booking properties in North America increased by 15% YoY.

Learn more: Shareholder Letter // Inman // PhocusWire 


With $36.1 million in topline revenue, Blend Labs reduced its GAAP overall loss from operations to $30.377M in Q4, down from $81.44M from Q4 FY22. Non-GAAP profitability is a management expectation for FY24.

Market Cap$819M

Notable Takeaways:

  • Q4 revenue ($36.1M) decreased 15.61% YoY, composed of Blend Platform segment revenue of $25.9M and Title segment revenue of $10.2M
  • Mortgage Banking Suite revenue decreased by 3% YoY to $17.2M, even with an overall 20-25% mortgage market volume decrease serving a primary sector headwind.
  • Both GAAP and Non-GAAP segment  blended gross profit margin was approximately 55% this quarter, up 34% and 35% YoY for GAAP and Non-GAAP figures, respectively. 
  • Mortgage Suite economic value per funded loan rose to $91 this quarter from $86 sequentially in Q3 of this year and up from $81 in Q4 FY22, beating the company goal of reaching $90 per loan by the start of FY24.
  • Paid down $85M of principal on their five year term loan, starting at $225M and decreasing overall debt to $140M after the repayment. Ended the quarter with $144.2M in cash and cash equivalents. 
  • Guidance set Non-GAAP loss between $14 and $12M off of $32.5M- $35.5M in revenue from 800k - 875K aggregate industry mortgage originations. 

Learn MorePress Release // Defense World


Compass generated $1.096B in revenue from 40,621 transactions, a YoY decrease of 1% and 4.9%, respectively. 14,689 principal agents on average worked under the Compass name, a 7.7% increase from last year’s Q4 of 13,1643.

Market Cap$1,459B

Notable Takeaways: 

  • Posted a GAAP Net loss of $83.7M for the quarter, a 47% YoY improvement from the $158.1M net loss this same quarter last year, primarily due to a $57.8M reduction in non-cash expenses such as stock based compensation, depreciation and amortization. 
  • Adjusted EBITDA (Non-GAAP) for the quarter improved $51.6M or 69% YoY to a loss of $23.6M, driven primarily by a $58M YoY decrease in non-commission based operating expenses.
  • Gross Q4 transaction volume was $41.8B, a 2% YoY decrease, with national market share at 4.41%, a 9 bps YoY increase.
  • Decreased cash on the balance sheet by 53.3%, largely due to a $225M repayment of drawdowns on a revolving credit facility. At the end of the year, the company had $1.16B in current assets and $728.3M in current liabilities.  
  • Guidance set full year 2024 operating expenses at $865M. For context, this does not include commission expenses, which totaled $895.9M alone for this quarter. Q1 revenue and adjusted EBITDA set at a midpoint of $1.025B and losses of $31M, respectively.