Offerpad Solutions Inc (OPAD) 2023 Q2 法說會逐字稿

Good afternoon. Thank you for attending the Offerpad Second Quarter 2023 Earnings Call. My name is Bethany, and I'll be the moderator for today's call. (Operator Instructions)

下午好。感謝您參加 Offerpad 2023 年第二季度收益電話會議。我叫貝瑟尼，我將擔任今天電話會議的主持人。 （操作員說明）

I'll now turn the call over to Stefanie Layton, Senior Vice President of Investor Relations and ESG at Offerpad. Stefanie?

我現在將把電話轉給 Offerpad 投資者關係和 ESG 高級副總裁 Stefanie Layton。斯蒂芬妮？

Thank you. And good afternoon, everyone. Welcome to Offerpad Solutions Second Quarter 2023 Earnings Call. Our Chairman and Chief Executive Officer, Brian Bair; Chief Financial Officer, Jawad Ahsan; and Senior Vice President, Finance, James Grout, are here with me today.

謝謝。大家下午好。歡迎參加 Offerpad Solutions 2023 年第二季度財報電話會議。我們的董事長兼首席執行官布萊恩·貝爾 (Brian Bair)；首席財務官賈瓦德·阿赫桑；財務高級副總裁 James Grout 今天也和我在一起。

During the call today, management will make forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently uncertain, and events could differ significantly from management's expectations. Please refer to the risks, uncertainties and other factors relating to the company's business described in our filings with the U.S. Securities and Exchange Commission. Except as required by applicable law, Offerpad does not intend to update or alter forward-looking statements, whether as a result of new information, future events or otherwise.

在今天的電話會議上，管理層將根據 1995 年《私人證券訴訟改革法案》的定義做出前瞻性聲明。前瞻性聲明本質上具有不確定性，事件可能與管理層的預期存在重大差異。請參閱我們向美國證券交易委員會提交的文件中描述的與公司業務相關的風險、不確定性和其他因素。除適用法律要求外，Offerpad 無意更新或更改前瞻性陳述，無論是由於新信息、未來事件還是其他原因。

On today's call, management will refer to certain non-GAAP financial measures. These metrics exclude certain items discussed in our earnings release under the heading non-GAAP financial measures. The reconciliations of Offerpad's non-GAAP measures to the comparable GAAP measures are available in the financial tables of the second quarter earnings release on Offerpad's website.

在今天的電話會議上，管理層將參考某些非公認會計準則財務指標。這些指標不包括我們在收益發布中非公認會計準則財務指標標題下討論的某些項目。 Offerpad 的非 GAAP 衡量標準與可比較的 GAAP 衡量標準的調節表可在 Offerpad 網站上發布的第二季度收益的財務表中找到。

I'll now turn the call over to Brian.

我現在將電話轉給布萊恩。

Thanks, Stefanie. Hey, everyone, I appreciate you joining us. Today, I'll cover Q2 highlights, market trends and operational updates.

謝謝，斯蒂芬妮。嘿，大家好，我很感謝你加入我們。今天，我將介紹第二季度的亮點、市場趨勢和運營更新。

Before we dig in, I would like to introduce Jawad Ahsan, our new Chief Financial Officer. Jawad is a highly regarded CFO with extensive experience in an accomplished career. He previously served as CFO at Axon and spent 13 years in various roles at GE, including serving as CFO for their health record and enterprise software businesses. I believe his strength and expertise will add significant value to Offerpad by helping drive profitable growth and improving our operational excellence. We are excited to have Jawad as part of our senior leadership team.

在我們深入探討之前，我想介紹一下我們的新任首席財務官賈瓦德·阿赫桑 (Jawad Ahsan)。賈瓦德是一位備受推崇的首席財務官，在成功的職業生涯中擁有豐富的經驗。他此前曾擔任 Axon 首席財務官，並在 GE 擔任過 13 年的各種職務，包括擔任健康記錄和企業軟件業務的首席財務官。我相信他的實力和專業知識將為 Offerpad 帶來巨大的價值，幫助推動盈利增長並提高我們的卓越運營。我們很高興賈瓦德成為我們高級領導團隊的一員。

Turning to our second quarter results. We beat our financial expectations across the board. Our homes sold revenue and adjusted EBITDA all exceeded the top end of our second quarter guidance ranges. This outperformance reflects the improvements we have made to our business processes and our elevated focus on profitability.

轉向我們第二季度的業績。我們全面超出了財務預期。我們的房屋銷售收入和調整後的 EBITDA 均超過了我們第二季度指導範圍的上限。這一優異表現反映了我們對業務流程所做的改進以及我們對盈利能力的高度關注。

Other highlights for the quarter include reporting our highest gross margin since quarter 3 2021 at 9.7%, achieving 9.5% contribution margin after interest per home sold on homes acquired after September 1, 2022, which is above our target range of 3% to 6% and surpassing 31,000 lifetime renovations.

本季度的其他亮點包括報告我們自2021 年第3 季度以來的最高毛利率為9.7%，扣除2022 年9 月1 日後購買的房屋出售的每套房屋利息後的貢獻利潤率達到9.5%，高於我們3% 至6% 的目標範圍終身翻新次數超過 31,000 次。

We emphasized last quarter that our plan to produce positive adjusted EBITDA by year-end is not dependent on market acceleration. We were prepared to perform through a period of depressed residential transaction volume, and that is exactly what we did in the second quarter. We remain confident in our ability to execute our 2023 plan.

我們上季度強調，我們計劃在年底前產生正調整後的 EBITDA，並不依賴於市場加速。我們已經準備好度過一段住宅交易量低迷的時期，而這正是我們在第二季度所做的。我們對執行 2023 年計劃的能力仍然充滿信心。

As we move into the second half of the year, the economy and housing market continue to show resilience. Despite mortgage rates reaching 7%, low supply continues to support stabilizing resale prices as buyers outnumber sellers in many markets. However, the elevated mortgage rates are also contributing to the lower transaction volume and adding to the affordability challenge for many potential homeowners.

進入下半年，經濟和房地產市場繼續表現出韌性。儘管抵押貸款利率達到 7%，但由於許多市場的買家數量超過賣家，低供應量繼續支撐轉售價格的穩定。然而，抵押貸款利率上升也導致交易量下降，並增加了許多潛在房主的負擔能力挑戰。

Our forecasted 2023 acquisition volume reflects our expectation that current market conditions will continue throughout the remainder of the year. Given our acquisition volume increased by 131% from quarter 1 to quarter 2, we have demonstrated our ability to increase our pace in this present environment.

我們對 2023 年收購量的預測反映了我們對當前市場狀況將在今年剩餘時間內持續的預期。鑑於我們的收購量從第一季度到第二季度增加了 131%，我們已經證明了我們有能力在當前環境下加快步伐。

On the operations side, our renovation service is more important than ever. The average age of homes in our markets is over 30 years old. This plays to our strength of buying a home and adding value. Our ability to renovate is a key differentiator and competitive advantage.

在運營方面，我們的翻新服務比以往任何時候都更加重要。我們市場上房屋的平均年齡超過 30 年。這發揮了我們買房和增值的優勢。我們的翻新能力是一個關鍵的差異化因素和競爭優勢。

Our culture of continuous improvement has been a key driver supporting our ability to meet our goals this year. As an example, we recently made tech advances with our customer-facing app and enhancements in our ability to leverage forward-looking data in underwriting homes. Our commitment to providing a seamless real estate transaction experience for our customers is evident in the significant enhancements made to our mobile and online applications.

我們的持續改進文化是支持我們實現今年目標的關鍵驅動力。例如，我們最近通過面向客戶的應用程序取得了技術進步，並增強了我們在承保機構中利用前瞻性數據的能力。我們致力於為客戶提供無縫的房地產交易體驗，這一點在我們的移動和在線應用程序的顯著增強中得到了體現。

We've incorporated upgraded features that deliver meaningful and relevant information to sellers, granting them full visibility from request to closing. New features will include video tutorials, seller push notifications, the ability to upload and sign documents and direct messaging with the seller's dedicated Offerpad team members, further providing transparency and control for our customers. Additionally, we expect these changes can help boost overall efficiency and reduce costs for Offerpad.

我們整合了升級的功能，為賣家提供有意義且相關的信息，讓他們從請求到成交的整個過程中都能完全了解。新功能將包括視頻教程、賣家推送通知、上傳和簽署文檔的能力以及與賣家專門的 Offerpad 團隊成員直接消息傳遞，進一步為我們的客戶提供透明度和控制力。此外，我們預計這些變化有助於提高 Offerpad 的整體效率並降低成本。

We've also integrated new tools to incorporate forward-looking data to better predict market trends. The goal is to use this data to make more competitive offers on desirable properties and increase our acquisition volume. At the same time, we can reduce risk exposure by not pursuing homes that are likely to be low-performing properties. Upgrading our data-driven systems facilitates intelligent growth, but our experienced local real estate professionals remain critical to our success. We believe combining human and artificial intelligence is key to making the best decisions possible.

我們還集成了新工具來整合前瞻性數據，以更好地預測市場趨勢。我們的目標是利用這些數據為理想的房產提供更具競爭力的報價，並增加我們的收購量。與此同時，我們可以通過不購買可能表現不佳的房產來降低風險。升級我們的數據驅動系統有助於智能增長，但我們經驗豐富的本地房地產專業人士仍然對我們的成功至關重要。我們相信，人類和人工智能的結合是做出最佳決策的關鍵。

While on the note of technology, I'm very excited about the tremendous potential to harness the power of artificial intelligence. Since the beginning, machine learning has added valuable insights, helping us become smarter with every home we buy. And now with the rapid advancements of AI, like NLP and computer vision, the possibilities are endless. From the way we find and communicate with likely customers, underwrite and price a home and sell our homes, there are amazing possibilities with AI. I'm enthusiastic about the potential for thoughtfully incorporating AI across our company's operations. With the right strategic integration, we can unlock incredible innovations that propel us forward.

在談到技術時，我對利用人工智能的巨大潛力感到非常興奮。從一開始，機器學習就增加了寶貴的見解，幫助我們購買的每一個房屋都變得更加智能。現在，隨著自然語言處理和計算機視覺等人工智能的快速發展，可能性是無限的。從我們尋找潛在客戶並與他們溝通、承保房屋並為其定價以及出售房屋的方式來看，人工智能存在著驚人的可能性。我對將人工智能深思熟慮地融入我們公司運營的潛力充滿熱情。通過正確的戰略整合，我們可以釋放令人難以置信的創新，推動我們前進。

Coming back to the operational front, I want to provide an exciting update on our FLEX Sell program. As a reminder, the program gives customers even more flexibility. They can accept our instant cash offer or test the open market with an Offerpad agent while retaining the cash offer as a backup. Given the major shift in market conditions last year, we paused FLEX Sell. However, I'm thrilled to announce we plan to relaunch this program in all Offerpad markets in quarter 3.

回到運營方面，我想提供有關我們的 FLEX Sell 計劃的令人興奮的最新信息。提醒一下，該計劃為客戶提供了更大的靈活性。他們可以接受我們的即時現金報價或與 Offerpad 代理商一起測試公開市場，同時保留現金報價作為備份。鑑於去年市場狀況發生重大變化，我們暫停了 FLEX 銷售。不過，我很高興地宣布，我們計劃於第三季度在所有 Offerpad 市場重新啟動該計劃。

From the very beginning, our vision has evolved around being a comprehensive real estate solutions center for everyone. In addition to serving the needs of home buyers and sellers, our reach extends to business-to-business partners and real estate agents across the nation. Our Direct Plus program that connects investors with sellers continues to build as we onboard new investor partners. Our renovation team continues to expand its impact by renovating non-Offerpad single and multifamily homes.

從一開始，我們的願景就圍繞成為每個人的綜合房地產解決方案中心而發展。除了滿足購房者和賣家的需求外，我們的業務範圍還擴展到全國各地的企業對企業合作夥伴和房地產經紀人。隨著我們引入新的投資者合作夥伴，我們連接投資者和賣家的 Direct Plus 計劃繼續發展。我們的裝修團隊通過翻新非 Offerpad 的單戶和多戶住宅，繼續擴大其影響力。

To further pursue our real estate solution center goals, we are committing even more resources to strengthen and expand our homebuilder alliance and agent partnership programs. With around 100 homebuilder brands, our homebuilder program provides customers with a cash offer on their current home and the flexibility to select a closing date. Homebuilders benefit as Offerpad removes the contingency hurdle with the current home.

為了進一步實現我們的房地產解決方案中心目標，我們正在投入更多資源來加強和擴大我們的住宅建築商聯盟和代理商合作夥伴計劃。我們的住宅建築商計劃擁有約 100 個住宅建築商品牌，可為客戶提供現有住宅的現金報價，並可靈活選擇交割日期。 Offerpad 消除了當前房屋的應急障礙，因此房屋建築商受益。

Additionally, our agent partnership program has proven to be a desirable offering, generating over 130,000 agent initiated offer requests. This valuable lead generation channel for Offerpad is also a simple solution for home sellers, while their agent receives a referral fee upon a successful close, a win for all.

此外，我們的代理商合作夥伴計劃已被證明是一項理想的產品，產生了超過 130,000 個代理商發起的報價請求。 Offerpad 的這個有價值的潛在客戶生成渠道對於房屋賣家來說也是一個簡單的解決方案，而他們的代理商在成功成交後會收到推薦費，這對所有人來說都是雙贏。

In conclusion, the achievement of surpassing our second quarter goals instill even greater confidence in the success of our 2023 strategy. Simply put, our product offerings are strong, led by our cash offer. More and more customers start their real estate journey with us first and have consistently raised us over 90% in customer satisfaction.

總之，超額完成第二季度目標使我們對 2023 年戰略的成功充滿了更大的信心。簡而言之，我們的產品供應很強大，以我們的現金報價為主導。越來越多的客戶首先從我們這裡開始他們的房地產之旅，並持續將我們的客戶滿意度提高到 90% 以上。

With proven ability to scale even in a challenging macro environment and a commitment to continuous improvement, we are well prepared to seize the opportunity once again. As we evolve our processes and products, they become even more efficient and add increased value to our customers. We set out to change the way real estate transacts forever, and that's exactly what we are doing.

即使在充滿挑戰的宏觀環境中，我們也能實現規模擴張，並致力於持續改進，因此我們已做好充分準備，再次抓住機遇。隨著我們改進流程和產品，它們變得更加高效，並為我們的客戶增加更多價值。我們著手永遠改變房地產交易方式，而這正是我們正在做的事情。

I'll now turn the call over to Jawad.

我現在將把電話轉給賈瓦德。

Thanks, Brian. I'm very excited to be at Offerpad and work with this incredibly talented group of individuals. I'd also like to acknowledge Mike for helping make my transition a smooth one and for building a world-class finance team. I'm also excited to share our strong financial results this quarter.

謝謝，布萊恩。我很高興能加入 Offerpad 並與這個才華橫溢的團隊一起工作。我還要感謝邁克幫助我順利過渡並建立了一支世界一流的財務團隊。我也很高興分享我們本季度強勁的財務業績。

Our expectation that momentum will accelerate throughout 2023 is reflected in our top and bottom line results. There are 3 things in particular that I wanted to highlight. First, the key leading indicators of our business model are trending in the right direction. Second, we've made substantial progress towards reaching profitability. And third, our balance sheet continues to strengthen.

我們預計 2023 年這一勢頭將加速，這一點反映在我們的營收和淨利潤結果中。我想特別強調三件事。首先，我們商業模式的主要領先指標正朝著正確的方向發展。其次，我們在實現盈利方面取得了實質性進展。第三，我們的資產負債表繼續增強。

I'd like to start by highlighting the positive trends in our key leading indicators. We've reduced our inventory of homes aged greater than 180 days down to less than 2%, well below our previously stated target of 10%. Our acquisition of homes grew month-over-month in the quarter. Time to cash or our holding period reflected a 47-day sequential improvement at 138 days in Q2, compared to 185 days in Q1. In fact, for the month of June, time to cash was 94 days, solidly below our 100-day target. We expect holding times to continue to trend down this year and will likely remain below our 100-day average target in Q3, which lowers our holding costs and reduces our exposure to market volatility.

首先，我想強調我們關鍵領先指標的積極趨勢。我們已將房齡超過 180 天的房屋庫存減少至 2% 以下，遠低於我們之前設定的 10% 的目標。本季度我們的房屋收購量逐月增長。兌現時間或我們的持有期反映了 47 天的環比改善，第二季度為 138 天，而第一季度為 185 天。事實上，6 月份的兌現時間為 94 天，遠低於我們的 100 天目標。我們預計今年持有時間將繼續下降，並可能在第三季度繼續低於我們的 100 天平均目標，這會降低我們的持有成本並減少我們面臨的市場波動風險。

And finally, we're seeing a marked improvement in the contribution margin for the cohort of homes acquired on or after September of 2022 as opposed to those acquired prior to this time frame. In the second quarter, we saw contribution margins of 9.5% or $31,000 per home for homes acquired after September of 2022. This is an important measure of our unit economics and speaks to the strengthening performance of homes in our inventory.

最後，我們發現，與在此時間範圍之前購買的房屋相比，2022 年 9 月或之後購買的房屋群體的邊際貢獻率顯著提高。第二季度，我們看到2022 年9 月後購買的房屋的邊際貢獻率為9.5%，即每套房屋31,000 美元。這是衡量我們單位經濟效益的一個重要指標，也說明了我們庫存房屋表現的增強。

Moving to the P&L. We generated $230 million of revenue, exceeding the top end of our guidance range by 15%. Our revenue was driven by the sale of 650 homes, which also exceeded the top end of our guidance range at an average selling price of $348,000. The lower average selling price in the second quarter is the result of our intentional focus on acquiring homes near the median in each market. This is where we see the strongest demand at highest transaction volume.

轉向損益表。我們創造了 2.3 億美元的收入，比我們指導範圍的上限高出 15%。我們的收入來自 650 套房屋的銷售，這也超出了我們指導範圍的上限，平均售價為 348,000 美元。第二季度平均售價較低是我們有意專注於收購每個市場中值附近的房屋的結果。這是我們看到交易量最高、需求最強勁的地方。

The $22.3 million net loss in the second quarter reflects a 62% improvement over Q1, and our adjusted EBITDA for the quarter improved to negative $17.3 million, compared to negative $44.8 million in the first quarter. This reflects a 61% increase in adjusted EBITDA quarter-over-quarter.

第二季度淨虧損 2230 萬美元，較第一季度改善 62%，本季度調整後 EBITDA 改善至負 1730 萬美元，而第一季度為負 4480 萬美元。這反映出調整後 EBITDA 環比增長 61%。

The sequential quarterly improvement in adjusted EBITDA was driven by significant increases in gross profit and disciplined cost reductions. Gross profit increased over 200%, primarily due to improved margins on more recently acquired homes and a lower number of legacy cohort sales. Our 9.7% gross margin reflects both a quarter-over-quarter and year-over-year improvement from the 1.2% gross margin in Q1 2023 and the 8.6% gross margin in Q2 last year. This is consistent with our expectation that gross margins and contribution margins would trend upward this year as the last of our inventory acquired prior to September 1, 2022, is sold and the positive performance of inventory acquired in recent periods is recognized.

調整後 EBITDA 的環比季度改善是由毛利潤大幅增長和嚴格的成本削減推動的。毛利潤增長超過 200%，主要是由於最近購買的房屋的利潤率提高以及傳統群體銷售數量的減少。我們 9.7% 的毛利率比 2023 年第一季度 1.2% 的毛利率和去年第二季度 8.6% 的毛利率都有所改善。這與我們的預期一致，即隨著我們在2022 年9 月1 日之前收購的最後一批庫存被售出，並且近期收購的庫存的積極表現得到認可，今年毛利率和貢獻率將呈上升趨勢。

On the cost side, total operating expenses decreased 25% from $59 million in Q1 to $44 million in Q2 due to previously announced headcount reductions and other general cost reduction measures. Year-over-year, operating costs have decreased 48%. This is the fifth consecutive quarter of operating expense reductions, demonstrating our rigorous commitment to disciplined cost management. At our current level, we are well positioned to realize improving margins in the second half of the year.

在成本方面，由於之前宣布的裁員和其他一般成本削減措施，總運營費用從第一季度的 5900 萬美元下降到第二季度的 4400 萬美元，下降了 25%。運營成本同比下降 48%。這是運營費用連續第五個季度減少，體現了我們對嚴格成本管理的嚴格承諾。在目前的水平上，我們完全有能力在今年下半年實現利潤率的提高。

From a balance sheet perspective, our unrestricted cash balance increased to $115 million at the end of Q2, up from $108 million at the end of Q1. Inventory increased to $211 million from $173 million in the first quarter. This reflects an increase from 557 homes in inventory at the end of Q1 to 747 homes in inventory at the end of Q2. This increase in inventory was driven by the 840 homes we acquired in the second quarter, which exceeded our expectations and was more than double the 364 homes we acquired in the first quarter. Our inventory build, coupled with the aforementioned reduction in inventory aged over 180 days to less than 2%, highlights the quality of our current inventory.

從資產負債表的角度來看，我們的非限制現金餘額從第一季度末的 1.08 億美元增至第二季度末的 1.15 億美元。庫存從第一季度的 1.73 億美元增加到 2.11 億美元。這反映了庫存量從第一季度末的 557 套增加到第二季度末的 747 套。庫存的增加是由我們在第二季度購買的 840 套房屋推動的，這超出了我們的預期，是我們在第一季度購買的 364 套房屋的兩倍多。我們的庫存建設，加上前面提到的 180 天以上庫存減少至不到 2%，凸顯了我們當前庫存的質量。

Our June 30 debt balance was $191 million. During the second quarter, we successfully extended the maturity date for our largest credit facility to June 2025, while maintaining our favorable terms and conditions, including interest rate spread and advance rates. We continue to have a blue-chip roster of lending partners that provide a strong foundation to our debt capital structure.

截至 6 月 30 日，我們的債務餘額為 1.91 億美元。第二季度，我們成功地將最大信貸安排的到期日延長至 2025 年 6 月，同時維持有利的條款和條件，包括利差和預付利率。我們繼續擁有藍籌貸款合作夥伴名單，為我們的債務資本結構奠定了堅實的基礎。

Looking forward to the second half of the year, we expect Q3 to reflect the second quarter-over-quarter improvement in time to cash as well as increases in acquisitions, inventory and contribution margin after interest. We also expect Q3 to continue the trend of sequential improvement for gross margin, net loss and adjusted EBITDA that began in Q1.

展望今年下半年，我們預計第三季度將體現第二季度兌現時間的改善以及收購、庫存和扣除利息後的邊際貢獻率的增加。我們還預計第三季度毛利率、淨虧損和調整後 EBITDA 將延續第一季度開始的環比改善趨勢。

Specifically, in the third quarter of 2023, we expect to sell between 600 and 700 homes, generating revenue of between $200 million and $240 million. We also expect adjusted EBITDA to be between negative $17 million and negative $9 million, which represents another significant sequential improvement, bringing us closer to meeting our expectation of achieving positive adjusted EBITDA in the fourth quarter of this year.

具體而言，我們預計在 2023 年第三季度銷售 600 至 700 套房屋，產生 2 億至 2.4 億美元的收入。我們還預計調整後 EBITDA 將在負 1700 萬美元至負 900 萬美元之間，這代表著另一個顯著的環比改善，使我們更接近於實現今年第四季度實現正調整 EBITDA 的預期。

Our results in the first half of this year are a reflection of this team's rigorous commitment to adapting to changing market and economic conditions. Our revenue streams will continue to diversify beyond our cash offering, and we are excited to share more updates on these areas in the coming months. Our business has never been more resilient than it is today and has never been better positioned to capitalize on the tremendous opportunity in front of us.

我們今年上半年的業績反映了該團隊對適應不斷變化的市場和經濟條件的嚴格承諾。我們的收入來源將繼續多元化，超越我們的現金供應，我們很高興在未來幾個月分享這些領域的更多更新。我們的業務從未像現在這樣富有彈性，也從未處於更好的位置來利用我們面前的巨大機遇。

I joined Offerpad to help this team forever change the way real estate transacts, making it more efficient and driving more value. Given the volatility, uncertainty and ambiguity facing home sellers and buyers today, there has perhaps never been a more pressing time for our mission. We were built for this moment, and we can't wait to continue sharing our progress with you.

我加入 Offerpad 是為了幫助這個團隊永遠改變房地產交易方式，使其更加高效並創造更多價值。鑑於當今房屋買賣雙方面臨的波動性、不確定性和模糊性，我們的使命也許從未像現在這樣緊迫。我們為這一刻而生，我們迫不及待地想繼續與您分享我們的進展。

And with that, I'll turn the call over to the operator to begin the question-and-answer session.

然後，我會將電話轉給接線員以開始問答環節。

(Operator Instructions) Our first question comes from the line of Dae Lee with JPMorgan.

（操作員指令）我們的第一個問題來自摩根大通的 Dae Lee 線路。

Great. I have 2. So first one, you talked about home acquisition fees for month-over-month. I was curious, revised that today from a home acquisition per month perspective. And is 500 per month, 500 a year still the right number to think about?

偉大的。我有 2 個。第一個，您談到了逐月的房屋購置費。我很好奇，今天從每月購房的角度修正了這一點。每月 500 美元、每年 500 美元仍然是值得考慮的正確數字嗎？

And secondarily, on your unit economics and margins, I understand that it should improve from 2Q due to (inaudible). But when you compare the contribution margin and gross margins relative to home before and after September of last year, we expect those margins to step up or stay stable or should it come down as you accelerate your home acquisition fees?

其次，就您的單位經濟效益和利潤率而言，我知道由於（聽不清），它應該從第二季度開始有所改善。但是，當您比較去年 9 月前後相對於房屋的貢獻利潤率和毛利率時，我們預計這些利潤率會上升或保持穩定，還是應該隨著您加快購房費用而下降？

Thanks, Dave. This is James. On your first question around our acquisition pace overall. So kind of like what Brian mentioned, we have been seeing improvement month over month. That overall target of 500 per home -- or excuse me, 500 per month, one thing that's important to keep in mind there is as we're on our path here to profitability, acquisition volume is only one of the levers that's out there, right? So the returns on those homes, also our cost-saving efforts and the mix shift with those other product lines is important. We're continuing to work on that and seeing that improvement month-over-month, but what we'll always be focused on is maximizing that return versus volume expectation for the business.

謝謝，戴夫。這是詹姆斯。關於你關於我們整體收購速度的第一個問題。就像布萊恩提到的那樣，我們每個月都看到了進步。每套房屋 500 套的總體目標——或者對不起，每月 500 套，需要記住的一件事很重要，因為我們正在走向盈利之路，收購量只是現有的槓桿之一，正確的？因此，這些房屋的回報、我們節省成本的努力以及與其他產品線的混合轉變都很重要。我們正在繼續努力，並看到逐月的改善，但我們始終關注的是最大化業務回報與銷量預期。

And to your second question there in terms of that new cohort of performance and how contribution margin and margin should proceed going forward, I think the important thing there is -- and when you look at how we've been underwriting over the past 3 or so quarters, really the largest spreads that we were underwriting to were that Q4, Q1 time frame. And then as the conditions have been improving and we've been more comfortable in certain markets, we've been releasing some of that conservatism there, all while making sure that we're buying the right homes that are performing.

關於你的第二個問題，關於新的業績群體以及貢獻邊際和利潤率應如何繼續發展，我認為重要的是——當你看看我們在過去 3 或所以幾個季度，我們承保的最大價差實際上是第四季度、第一季度的時間範圍。然後，隨著情況的改善，我們在某些市場上變得更加舒適，我們已經在那裡釋放了一些保守主義，同時確保我們購買的是表現良好的合適房屋。

So now that when you look forward into Q3 and Q4, you'll see less of the drag on gross margin and contribution margin from the legacy stuff, but you will see those returns start to normalize for those cohorts going forward. So we should see those new cohorts start to come down more in line with our expectations for our long-term contribution margin.

因此，現在當您展望第三季度和第四季度時，您會發現遺留產品對毛利率和貢獻率的拖累較小，但您會看到這些群體的回報開始正常化。因此，我們應該看到這些新群體開始下降，更符合我們對長期邊際貢獻的預期。

Our next question comes from the line of Nick Jones with JMP Securities.

我們的下一個問題來自 JMP 證券的 Nick Jones。

Great. The first one, I guess, can you maybe touch on how the kind of an iBuyer solution or Offerpad solution is being received in the marketplace today? Some of the questions we get is around with prices being pretty stable, the market having little supply, how does an iBuyer come in and provide value in this kind of environment. Is there any kind of clarity on like how things have changed over the last, I guess, 12 months and what kind of homeowners and buyer -- sellers and buyers and how they're receiving the iBuying solutions?

偉大的。我想，第一個問題，您能否談談當今市場如何接受 iBuyer 解決方案或 Offerpad 解決方案？我們遇到的一些問題是，價格相當穩定，市場供應很少，iBuyer 如何進入並在這種環境下提供價值。我想，過去 12 個月裡事情發生了怎樣的變化，房主和買家（賣家和買家）是什麼樣的，以及他們如何接收 iBuying 解決方案，是否有任何清晰的信息？

Yes. Nick, it's Brian. It's important to note, request volume has been consistent all year. We're seeing very similar to what we saw in the uptick in the last couple of years. Cash offers, I would say, are more important than ever. A lot of the customers that are coming to us for a cash offer. Number one reason is certainty in control. But also, it allows them because of the limited supply to buy their next home under there without contingencies in their time frame.

是的。尼克，這是布萊恩。值得注意的是，請求量全年保持穩定。我們看到的情況與過去幾年的增長情況非常相似。我想說，現金優惠比以往任何時候都更加重要。許多客戶來找我們尋求現金優惠。第一個原因是控制的確定性。而且，由於供應有限，他們也可以在那裡購買下一套房子，而不會在時間範圍內出現意外情況。

And so similar to what we saw before when the market low supply, and we saw really increased home price appreciation, now we're seeing the lack of supply. So if a potential seller finds a home that they want, we're able to close on their schedule to make sure that they can get that home. So that's what we're seeing.

與我們之前看到的情況類似，當市場供應不足時，我們看到房價確實上漲，現在我們看到供應不足。因此，如果潛在賣家找到了他們想要的房屋，我們就能夠完成他們的日程安排，以確保他們能夠買到該房屋。這就是我們所看到的。

And the other thing, a lot of the noise out of the cash buyers is gone. I mean our -- like I think that's -- there's really only 2 cash buyers right now buying at volume, and so we're seeing more and more opportunity there than we have before. And then obviously, as we add in more of our products on that, it even makes more and more of our solutions viable as well.

另一方面，現金買家的很多噪音都消失了。我的意思是，我們的——就像我認為的那樣——現在實際上只有兩個現金買家大量購買，所以我們看到比以前越來越多的機會。顯然，隨著我們在此基礎上添加更多產品，它甚至使我們越來越多的解決方案變得可行。

Great. And then maybe to follow up on some of the newer products like Direct Plus, the listing service, renovation as a service. How -- what's the uptake on those? And how should we think about those maybe starting to show up in the P&L or the model over time?

偉大的。然後也許會跟進一些較新的產品，例如 Direct Plus、掛牌服務、裝修即服務。怎麼樣——這些內容的接受程度如何？隨著時間的推移，我們應該如何考慮那些可能開始出現在損益表或模型中的因素？

Yes. So overall, like with -- we're signing up new partners every day for both of those, both for Direct Plus and for Renovate. What's exciting to see is we're seeing more customers using our renovation service, while using our Direct Plus service to buy their home and then using our renovation as a service to have us renovate the home for them, which has been great.

是的。總的來說，就像 - 我們每天都在為這兩個項目簽約新的合作夥伴，包括 Direct Plus 和 Renovate。令人興奮的是，我們看到越來越多的客戶使用我們的裝修服務，同時使用我們的Direct Plus 服務購買他們的房屋，然後使用我們的裝修即服務讓我們為他們裝修房屋，這非常棒。

Obviously, with the transaction level focused on that, that's going to affect, especially single-family and some of the other the other people buying in those channels. But we have been really happy with the market conditions and where those products are going right now, and so we're seeing good growth in both of those products.

顯然，隨著交易水平的集中，這將會產生影響，尤其是單戶家庭和其他一些在這些渠道購買的人。但我們對市場狀況以及這些產品目前的發展方向非常滿意，因此我們看到這兩種產品都有良好的增長。

Our next question comes from the line of Ryan Tomasello with Stifel.

我們的下一個問題來自 Ryan Tomasello 和 Stifel 的對話。

Just, I guess, a follow-up on the prior remarks. Reading between the lines, it sounds like maybe maintaining a more tempered purchase volume stands over this quarter and next, but I guess maybe stronger margins, filling that gap to still allow you to hit the profitability targets. I mean how sustainable do you think these higher spreads are in the current environment given how tight inventory conditions are? And what are you looking for in terms of market conditions to get more comfort ramping volumes? Do you feel like that is completely under your control to widen the acquisition funnel with lower spreads? Or perhaps, is the ability to ramp volumes somewhat limited given the conditions out there?

我想，這只是之前言論的後續。從字裡行間看，聽起來可能會在本季度和下季度保持更加溫和的購買量，但我想也許利潤率會更高，填補這一空白，仍然能讓你達到盈利目標。我的意思是，考慮到庫存狀況如此緊張，您認為在當前環境下這些較高的價差有多可持續？就市場狀況而言，您希望獲得什麼來獲得更舒適的銷量增長？您是否覺得這完全在您的控制之下，以較低的利差擴大收購渠道？或者，考慮到目前的條件，增加產量的能力是否有些有限？

Ryan, I'll jump in and then let James or Jawad jump in after that. But first and foremost, from what we're buying at our Buy Box, I really like -- we're right around the medium home price. So I really like what we're buying right now in this environment, which is great. And as we scale up, we can move that Buy Box up as we want to get more market penetration and start buying more homes.

瑞安，我會加入，然後讓詹姆斯或賈瓦德加入。但首先也是最重要的是，從我們在Buy Box 購買的東西來看，我真的很喜歡——我們的房價處於中等水平。所以我真的很喜歡我們現在在這種環境下購買的東西，這很棒。隨著我們規模的擴大，我們可以提高購買力，因為我們希望獲得更多的市場滲透並開始購買更多的房屋。

Right now, the -- what we're focused on is the sensitivity of mortgage rates. Even 10 basis points right now is things we're close, just watching and monitoring really well, especially as interest rates get up above 7%. But overall, like this market has been extremely resilient from the volume. There's a 20% reduction in transactions across the country. And if you look at some of the signs, you could argue, it could be even more than that.

現在，我們關注的是抵押貸款利率的敏感性。現在即使是 10 個基點，我們也已經很接近了，只是很好地觀察和監控，特別是當利率升至 7% 以上時。但總體而言，這個市場的成交量非常有彈性。全國交易量減少了 20%。如果你觀察一些跡象，你可能會說，情況可能還不止於此。

But we are seeing a lot of opportunities to continue to grow, buy a really good product in a really disciplined way right now and really focused controlling of what we can control. And I'm really happy is -- with where we've done with our legacy inventory and where we are today. And now we can just focus on what we're buying going forward, and that's -- so I really like to position where we're at across the board there. But James or Jawad?

但我們看到了很多繼續增長的機會，現在以非常嚴格的方式購買真正好的產品，並真正集中控制我們可以控制的東西。我真的很高興的是 - 我們對遺留庫存的處理情況以及我們今天的情況。現在我們可以專注於我們未來要購買的東西，所以我真的很喜歡全面定位我們的位置。但是詹姆斯還是​​賈瓦德？

Yes. I think one thing just to add to that, Ryan. In our letter to the shareholders, we shared a couple of interesting graphs that break out the contribution margin. And it highlights the other services particular, and that would be those other -- that's the renovation, Direct Plus the FLEX listing and buyer services there.

是的。我想補充一點，瑞安。在給股東的信中，我們分享了一些有趣的圖表，這些圖表顯示了邊際收益。它特別強調了其他服務，那就是其他服務——那就是裝修、Direct Plus、FLEX 列表和那裡的買家服務。

And what's been great to see the business as we brought down our volume, as we've seen those other lines of business, as we had hoped and expected to come in and provide more value into the overall profitability for contribution margin, right? So as we look going forward and that pace on exactly how many homes do we need to acquire for that profitability, it really is a strategy around ramping all of those collectively and having that diversified income, which gives us a lot of opportunity and levers there to go and approach that.

當我們減少銷量時，看到這項業務是一件很棒的事情，正如我們看到的其他業務線一樣，正如我們希望並期望進入並為邊際貢獻率的整體盈利能力提供更多價值一樣，對嗎？因此，當我們展望未來並確定我們需要購買多少房屋才能實現盈利時，這確實是一項圍繞集體增加所有這些並擁有多元化收入的戰略，這為我們提供了很多機會和槓桿。去接近那個。

And then just an update on how you feel about the balance sheet here in terms of capital. Have you thought about how much volume you think you can drive off of the current equity base? And how that compares to the volume you ultimately need to drive for not only cash flow breakeven, including the negative carrying cost on the financing side, but also ultimately to generate positive returns here in terms of the business model?

然後更新一下您對資產負債表資本方面的看法。您是否考慮過您認為可以從當前的股本基礎上推動多少交易量？與您最終不僅需要實現現金流盈虧平衡（包括融資方面的負賬面成本）而且最終在商業模式方面產生正回報所需的數量相比，情況如何？

Yes. I think there's a couple of sides to that. The first one is with our current capital structure in terms of cash and our credit facilities on the debt side, we do have a plan that supports things going forward with that, right? The important thing about the leverage side of the business is coming out of the legacy inventory. You look at that sequential improvement in cash quarter-over-quarter, and a big part of that is going to be driven by leverage returning to normalized levels.

是的。我認為這有兩個方面。第一個是我們目前的現金資本結構和債務方面的信貸安排，我們確實有一個計劃來支持未來的發展，對吧？業務槓桿方面的重要一點是來自遺留庫存。你可以看到現金季度環比的連續改善，其中很大一部分將由槓桿率恢復到正常水平推動。

And then you take this back to our ability to extend and renew our largest credit facility with the same favorable terms we've had in place and maintain those good relationships with our partners. That allows us to be very efficient with our capital. It's a very -- those facilities are daily warehouse facilities that have a lot of activity happening on them regularly, right? And that allows us to buy at the volumes that we're anticipating.

然後，您可以將這一點帶回到我們以與我們已有的相同優惠條件延長和更新我們最大的信貸額度的能力，並與我們的合作夥伴保持良好的關係。這使我們能夠非常高效地利用我們的資本。這些設施是日常倉庫設施，定期發生很多活動，對嗎？這使我們能夠按照預期的數量進行購買。

Ryan, this is Jawad. I'd like to chime in here. So I feel great about the balance sheet. And the team has done a lot of great work to get the credit facilities, where we want them. We've got, as James mentioned, really good relationships there, and we've got the ability to have our volume grow and reflect the market opportunities that are in front of us.

瑞安，這是賈瓦德。我想在這裡插話一下。所以我對資產負債表感覺很好。該團隊做了很多出色的工作來獲得我們想要的信貸額度。正如詹姆斯所提到的，我們在那裡擁有非常良好的關係，並且我們有能力增加我們的銷量並反映我們面前的市場機會。

But the thing that -- I love the question about our noncash offer solutions, because that ultimately is one of the big reasons I joined the company. We are positioning Offerpad to be more asset-light over time with more of our revenues coming from Direct Plus and FLEX and Renovations, and that's going to sort of mute the need for us to have too much reliance on the credit facility, but the credit facility we do have we feel great about.

但我喜歡關於我們的非現金提供解決方案的問題，因為這最終是我加入公司的重要原因之一。隨著時間的推移，我們將 Offerpad 定位為更加輕資產，我們的更多收入來自 Direct Plus、FLEX 和 Renovations，這將在某種程度上削弱我們對信貸安排的過度依賴，但信貸我們擁有的設施讓我們感覺很棒。

Our next question comes from the line of Michael Ng with Goldman Sachs.

我們的下一個問題來自高盛的 Michael Ng。

I have one on the gross margins for the September '22 and later cohort really strong at nearly 13%. How are you thinking about the drivers of that 13% gross margin? What's the headline service fee? How much is home price appreciation during the holding period? How much contribution from renovation?

我知道 22 年 9 月及之後的毛利率非常強勁，接近 13%。您如何看待 13% 毛利率的驅動因素？頭條服務費是多少？持有期間房價升值多少？裝修貢獻了多少？

And just as a quick follow-up to some of the questions asked earlier on the call. How are you thinking about your target home inventory balance? Obviously, you guys were carrying 3,000 to 4,000 homes at one point. What's the right way to think about what that looks like into 2024, 2025?

就像對電話會議之前提出的一些問題的快速跟進一樣。您如何看待您的目標房屋庫存平衡？顯然，你們一度搬運了 3,000 到 4,000 套房屋。思考 2024 年、2025 年的情況的正確方法是什麼？

Mike, I'll jump in first. This is Brian, and then I'll let James jump in. But the thing that you're seeing with the performance is with our risk and underwriting is obviously the more uncertain we were in the market is coming out of it with our legacy inventory. We're underwriting with more conservative risk built into that. As we've seen the market started to stabilize, we've taken some of that risk off. Like I said, we've been focused on the home prices between think of 250 to 450 price points, and that's a really good spot right now. The affordability is really strong. Midwest markets have been performing well as along with the Florida markets. And so we've been hyper focused on the type of products that we're buying.

邁克，我先上來。我是布萊恩，然後我會讓詹姆斯插話。但是你看到的業績是我們的風險和承保顯然越不確定，我們在市場上的遺留庫存就越不確定。我們承保的風險更加保守。隨著我們看到市場開始穩定，我們已經消除了部分風險。就像我說的，我們一直關注 250 到 450 價位之間的房價，現在這是一個非常好的位置。承受能力確實很強。中西部市場和佛羅里達市場表現良好。因此，我們一直非常關注我們所購買的產品類型。

The other thing just to note on that is that the value we're getting in renovation is really strong. Maybe you can already stronger than ever. Most of the inventory that we're seeing hitting the market is that homes that need renovation and can get value in renovations. And so a lot of the data from most of -- like 51% of the homes we're seeing right now are maybe older than 1990, something like to that extent. So adding value through renovation has been key as well.

另一件需要注意的事情是，我們在翻新中獲得的價值非常高。也許你已經可以比以前更強大了。我們看到市場上的大部分庫存都是需要翻新並且可以在翻新中獲得價值的房屋。因此，我們現在看到的大多數房屋的大量數據可能超過 1990 年，例如 51%。因此，通過改造增加價值也很關鍵。

So I would think underwriting is how we're underwriting the homes and then adding value through renovation. And then that's really important, because as our houses then hit the market, we have a really desirable product that people can buy and then -- which limits our time to cash as well, which I'm very happy is below 100 days again. And that's where we like to be as we move forward. But...

所以我認為承保就是我們承保房屋然後通過翻新增值的方式。這真的很重要，因為當我們的房子上市後，我們就有了人們可以購買的非常理想的產品——這也限制了我們兌現的時間，我很高興再次低於 100 天。這就是我們前進過程中希望達到的目標。但...

Yes. And I think just to add on, on the inventory side, if you look back historically, obviously, it ranges and there's some seasonality in there, but kind of our inventory turnover usually is about on a quarterly basis. So whatever we -- whatever our ending inventory is, we'll sell that many homes in the following quarter. There's plenty of seasonal trends that factor into that from a quarter-by-quarter basis.

是的。我想補充一點，在庫存方面，如果你回顧歷史，顯然，它是有範圍的，並且存在一些季節性，但我們的庫存周轉率通常是按季度計算的。因此，無論我們的期末庫存是多少，我們都會在下個季度出售那麼多房屋。每個季度都會考慮很多季節性趨勢。

But -- so if you think about just generally a 500 a month acquisition target, that would suggest about a 1,500 unit inventory carry seasonally adjusted. But I think what's important is kind of back to our earlier comments around diversifying our product mix, focusing on Direct Plus and the opportunities there, that's going to change as we go forward just based on what the market conditions are doing and how these other product lines are ramping. We'll continue to evolve that. But overall, our current capital base and our credit facility structure, that would support that level of activity.

但是，如果您考慮每月 500 件的採購目標，那麼季節性調整後的庫存量大約為 1,500 件。但我認為重要的是回到我們之前關於產品組合多樣化的評論，重點關注 Direct Plus 和那裡的機會，隨著我們前進，這將根據市場狀況以及這些其他產品的情況而改變線路正在逐漸增加。我們將繼續改進這一點。但總體而言，我們當前的資本基礎和信貸安排結構將支持這種活動水平。

And Mike, I know this wasn't your question, but just something that James said, maybe think of this as well is that one of the strengths of just the cash offer as well, relaunching FLEX Sell that I talked about a little bit earlier is going to be key as well. Because as people see limited inventory, if they want to explore the open market and see what they can get on the retail side, we can help them with that as well, then have our cash offer as a backup, and that was a very popular product before we paused it, and relaunching that again will give people getting the flexibility of seeing what the market can do but also the cash offer. But the way, I just want to hit on that as well.

邁克，我知道這不是你的問題，但詹姆斯說過的話，也許也想到這一點，現金報價的優勢之一就是重新啟動我之前談到的 FLEX Sell也將是關鍵。因為當人們看到有限的庫存時，如果他們想探索公開市場並看看他們能在零售方面得到什麼，我們也可以幫助他們，然後用我們的現金報價作為備份，這是一個非常受歡迎的方式在我們暫停產品之前，重新啟動該產品將使人們能夠靈活地了解市場的表現以及現金報價。但順便說一句，我也想抓住這一點。

Our next question comes from the line of John Colantuoni, with Jefferies.

我們的下一個問題來自約翰·科蘭托尼 (John Colantuoni) 和杰弗里斯 (Jefferies)。

Great. Two about inventory and growth, starting with inventory. So you saw a ramp in homes purchased, but you're expecting homes sold to be about flat in the third quarter. If you keep making progress to your goal of 500 home purchases per month in Q3, our math suggests that would sort of imply you're going to end next quarter with about 1,000 homes in your inventory balance. Does that mean that we should expect to see sort of a substantial step-up in homes sold during the fourth quarter?

偉大的。兩個關於庫存和增長，從庫存開始。因此，您看到房屋購買量有所增加，但您預計第三季度房屋銷售量將基本持平。如果您在第三季度繼續朝著每月購買 500 套房屋的目標取得進展，我們的數學表明，這在某種程度上意味著您下季度末的庫存餘額將約為 1,000 套。這是否意味著我們應該預計第四季度房屋銷售量將出現大幅增長？

And second question, when you think about transitioning the business from rightsizing inventory levels and improving efficiencies to reaccelerating growth next year, what are some key areas of sort of permanent efficiencies that you've been able to draw out of the business that will help you improve sort of the balance between growth and profitability over time?

第二個問題，當您考慮將業務從調整庫存水平和提高效率過渡到明年重新加速增長時，您已經能夠從業務中汲取哪些永久性效率的關鍵領域來幫助您隨著時間的推移，能否改善增長和盈利之間的平衡？

Yes. I think a lot of -- I'll talk on the efficiencies. I think there's countless efficiencies. We've learned a lot, and we've done a lot of look backs as well when the market hit the pause button and with the rapid interest rate from last year. We've learned a lot, and underwriting is absolutely key into all of the above, and the type of inventory that we want to buy is going to be key. Also, the renovations. We continue to get more efficiency out of our renovations and our reservation teams.

是的。我想了很多——我會談談效率。我認為有無數的效率。我們學到了很多東西，當市場按下暫停按鈕以及去年利率快速上升時，我們也做了很多回顧。我們學到了很多東西，承保絕對是上述所有內容的關鍵，而我們想要購買的庫存類型也將是關鍵。另外，裝修。我們不斷提高裝修和預訂團隊的效率。

And the other thing is just with our customer engagement as well. As we're not buying thousands of homes a month, we've been able to focus on different products we want to roll out for a while. And our customer communication has never been stronger than ever, and we're getting that from the feedback of our customer satisfaction scores and everything else.

另一件事也與我們的客戶參與度有關。由於我們每月不會購買數千套房屋，因此我們能夠在一段時間內專注於我們想要推出的不同產品。我們的客戶溝通從未如此強大，這是從客戶滿意度評分和其他一切的反饋中得到的。

But as it comes from the property level, the segmentation in underwriting. We have a project internally called Limelight that we focus highly on the type of homes so we get smarter and better with every home that we buy. And so we're constantly trying to learn and how to get better. And so I think our efficiencies are super strong. And I mean it's strong, and I think everyone is more aligned than ever of what success looks like.

但由於它來自財產層面，承保方面的細分。我們內部有一個名為 Limelight 的項目，我們高度關注房屋類型，以便我們購買的每套房屋都變得更智能、更好。因此，我們不斷嘗試學習並如何變得更好。所以我認為我們的效率非常高。我的意思是它很強大，而且我認為每個人都比以往任何時候都更加了解成功的樣子。

And as we talked a lot about growth, that's a meter to increase our Buy Box. Like I said, from -- is if we can get -- the volatility now is coming more from the mortgage market than it is really anything else in the real estate markets. And so that volatility is definitely something. Again, like I said, we're watching closely. But as we get more comfortable there in certain markets, we can move from higher up the value of homes and then also take on certain kind of renovation homes as well to help us on the growth side.

正如我們談論了很多關於增長的問題，這是增加我們的黃金購物車的一個標準。就像我說的，如果我們能得到的話，現在的波動更多地來自抵押貸款市場，而不是房地產市場的其他任何東西。因此，波動性肯定是有影響的。正如我所說，我們正在密切關注。但隨著我們在某些市場變得更加舒適，我們可以從更高的房屋價值轉向，然後也進行某些類型的翻修房屋，以幫助我們增長。

So again, the ability to grow but really grow disciplined right now in what we're doing, and we are just laser-focused on being profitable. That's every day. The teams are talking about that, and that's really important now and make it through what we just did. And super proud of where we've been and really excited about where we're going, but that is a massive eye on the path to profitability. But I'll let you, James.

再說一次，我們現在所做的事情確實有增長的能力，但確實有紀律，而且我們只是專注於盈利。每天都是如此。團隊正在討論這一點，這現在非常重要，並完成我們剛剛所做的事情。我們對我們已經取得的成就感到非常自豪，對我們未來的發展感到非常興奮，但這是對盈利之路的巨大關注。但我會讓你的，詹姆斯。

Yes. And John, your question around inventory and sales pace there, right? So when you look at Q2 650 homes sold, if you exclude the legacy inventory, those homes acquired in August and earlier from last year, there was 491 of the new inventory that was sold in that in Q2. So the midpoint of our range of 650 is about a 32% increase quarter-on-quarter there. But you're spot on in terms of as inventory growth, expect things to increase there going forward.

是的。約翰，你的問題是關於庫存和銷售速度的，對吧？因此，當您查看第二季度售出的 650 套房屋時，如果排除舊庫存（即去年 8 月及早些時候購買的房屋），則第二季度售出的新庫存中有 491 套。因此，我們 650 區間的中點比上一季度增長了 32% 左右。但就庫存增長而言，你是正確的，預計未來情況會增加。

The one thing I would caution, though, right, is Q4, in particular, from a real estate perspective is a seasonal slow month with the holidays. And just with market conditions, things are kind of -- uncertainty this year of how things will play out, right? So that's why we need to remain diligent and cautious and with the inventory that we're acquiring right now to make sure that it's going to be good performing homes for Q4.

不過，我要警告的一件事是，特別是從房地產角度來看，第四季度是一個因假期而出現的季節性淡季。就市場狀況而言，今年的情況會如何發展存在一定的不確定性，對吧？因此，我們需要保持勤奮和謹慎，並利用我們現在正在收購的庫存，以確保第四季度的房屋表現良好。

One other thing, I'll just jump in on there. The seasonality over the last couple of years, because the lack of supply has not been what we've seen traditionally. The lack of supply, we haven't seen -- we've seen some seasonality, but not near the seasonality that we would see maybe a few years ago. So the lack of supply is definitely is throwing a little bit of different range at the seasonality side. But again, it's something that we're watching closely. But yes, December is definitely one of those months.

另一件事，我就跳到那裡。過去幾年的季節性，因為供應不足並不是我們傳統上看到的。我們還沒有看到供應不足——我們已經看到了一些季節性，但還沒有接近幾年前我們可能會看到的季節性。因此，供應不足肯定會在季節性方面造成一些不同的範圍。但同樣，這是我們正在密切關注的事情。但是，是的，十二月絕對是其中之一。

Yes. John, this is Jawad. I wanted to weigh in here as well. Look, it's been a challenging year. I wasn't here for it, but I love the way that we responded. I saw us take really difficult decisions and make tough decisions and actions to rightsize our cost structure, and what I see now is a business that has fundamentally rightsized and gotten its costs and infrastructure position to grow profitably from here. And so for me, it's not just profitability, but cash flow.

是的。約翰，這是賈瓦德。我也想在這裡權衡一下。看，這是充滿挑戰的一年。我不是來這裡的，但我喜歡我們的回應方式。我看到我們做出了非常困難的決定，並做出了艱難的決定和行動來調整我們的成本結構，我現在看到的是一家從根本上調整了成本和基礎設施的企業，從這裡開始盈利增長。所以對我來說，這不僅僅是盈利能力，還有現金流。

So we're -- we gave our guidance on profitability, but we're also laser-focused on getting that cash flow positive as well, and that's something that we're going to drive very hard towards. There's still a lot of uncertainty in the market. Brian mentioned volatility in mortgage markets. And for sure, there's still some uncertainty, but I feel really good about how the company's positioned to go from here.

因此，我們給出了盈利能力的指導，但我們也專注於使現金流為正，這是我們將非常努力實現的目標。市場仍存在很大的不確定性。布萊恩提到了抵押貸款市場的波動性。當然，仍然存在一些不確定性，但我對公司今後的發展方向感到非常滿意。

Our next question comes from the line of Jay McCanless with Wedbush.

我們的下一個問題來自傑·麥肯利斯和韋德布什的對話。

The first one I had, in terms of the people who are selling homes to you, Brian, is it typically primary homeowners, family selling? Or have you seen an uptick in people, who maybe thought they could be a landlord, couldn't pull it off and/or some of these Airbnb owners we've heard that are starting to bail? And if you could maybe talk about that supplier base on your homes now versus maybe where it was a year ago or 2 years ago?

我遇到的第一個問題是，就向你出售房屋的人而言，布萊恩，通常是主要房主、家庭出售嗎？或者您是否看到越來越多的人認為自己可以成為房東，但無法成功，和/或我們聽說的一些 Airbnb 業主開始保釋？您是否可以談談您現在的家中的供應商基地與一年前或兩年前的情況？

Yes. I think fundamentally, it's a great -- I was actually going to throw in the Airbnb when you said that I was thinking about that because there's definitely a little posit that's happening right there. I think fundamentally, just as where interest rates where they're at. There's definitely the story of people locked into their 3% or 4% mortgage. And so there's not a lot of people that are moving because of -- they want the nicer kitchen or nicer cabinets or wanted a bigger backyard right now. So most people are moving for a purpose.

是的。我認為從根本上來說，這是一件很棒的事情——當你說我正在考慮這個問題時，我實際上打算把 Airbnb 也納入其中，因為那里肯定存在一些假設。我認為從根本上來說，就像利率在哪裡一樣。肯定有這樣的故事：人們被鎖定在 3% 或 4% 的抵押貸款中。因此，沒有多少人搬家是因為——他們想要更好的廚房或更好的櫥櫃，或者現在想要一個更大的後院。所以大多數人搬家都是有目的的。

Majority of the people that were buying the homes from are owner/occupants that are living in the home, a vast majority of that. But in saying that, we are seeing a lot of -- a lot more action that we've seen with short-term rentals and even some of the long-term rentals on that end of it. So we're seeing -- we're definitely seeing volume from that end of it as well.

大多數購買房屋的人是居住在房屋中的業主/居住者，其中絕大多數。但話雖如此，我們看到了很多——我們在短期租賃甚至是一些長期租賃方面看到的更多行動。所以我們看到——我們肯定也看到了那一端的成交量。

And to your point, I think there was a rush for the short-term rentals and the Airbnbs and those of the world. And I think those are -- they're having -- whatever, we're just seeing more activity on that end as well. But definitely, the vast majority are people that are owner/occupants that are selling us their homes.

就你的觀點而言，我認為短期租賃、愛彼迎和全球的租賃市場都出現了熱潮。我認為這些——他們正在——無論如何，我們也看到這方面有更多的活動。但毫無疑問，絕大多數是向我們出售房屋的業主/居住者。

Okay. That's great. And then my second question, you kind of unpack what you're talking about with mortgage rate volatility, Brian. Is there a -- is 8% too high even at these new spreads and sticking around the median price, which sounds great, I think that's the right approach right now, but is there a ceiling where if mortgage rates, 30-year rates go above it, then the underwriting doesn't work for what you're buying and what you're trying to sell right now?

好的。那太棒了。然後是我的第二個問題，布萊恩，你可以用抵押貸款利率波動來解釋你所說的內容。即使按照這些新的利差並堅持中值價格，是否存在 8% 過高，這聽起來不錯，我認為這是目前正確的方法，但是如果抵押貸款利率、30 年期利率上升，是否存在上限？高於它，那麼承銷不適用於您現在購買的產品和您現在試圖出售的產品？

What's interesting, obviously, we're watching it very closely. I would have told you not a while ago, but 7% would have been -- and we've seen -- still because of lack of supply, we're still seeing strong demand with anything that we're putting on the market.

顯然，有趣的是，我們正在密切關注它。我不久前就會告訴你，但 7% 仍然是——我們已經看到——由於供應不足，我們仍然看到對我們投放到市場上的任何東西都有強勁的需求。

I think the one thing that maybe doesn't get mentioned enough is because we haven't had the home price depreciation that everyone was expecting coming through this and the jobs are still holding strong, you still have people with a lot of equity in their current homes. So people that are selling their home might have $200,000 to $300,000 of equity into that home that they now can put down as a down payment that can offset some of the cost up. So instead of getting a mortgage at $500,000, they're getting a mortgage at $250,000 or $200,000, which is offsetting some of the burden of the interest rates.

我認為可能沒有被充分提及的一件事是，因為我們還沒有經歷每個人都期望的房價貶值，而且就業機會仍然強勁，仍然有人擁有大量資產目前的房屋。因此，出售房屋的人可能擁有 200,000 至 300,000 美元的房屋淨值，他們現在可以將其作為首付，以抵消部分成本上漲。因此，他們不再獲得 50 萬美元的抵押貸款，而是獲得 25 萬或 20 萬美元的抵押貸款，這抵消了部分利率負擔。

So we're still seeing about 25% maybe cash buyers. We cut some of that equity that I mentioned. But also, you're seeing a lot of first-time homebuyers as well, I think, that are -- that have been moved out of the market or that are coming out of a rental that they've been running in the last year or 2 that they want to get in on and buying a house while they can. And so -- but that's a long-winded answer, but I hope that answered where -- what your question was.

所以我們仍然看到大約 25% 的買家可能是現金買家。我們削減了我提到的一些股權。而且，我認為，你也會看到很多首次購房者，他們已經退出市場，或者從去年一直在出租的房屋中出來。或 2 他們想趁有機會參與併購買房子。所以——但這是一個冗長的答案，但我希望它能回答——你的問題是什麼。

That concludes the question-and-answer session, and that concludes today's conference call. I would like to thank you all for your participation. You may now disconnect your lines.

問答環節到此結束，今天的電話會議也到此結束。我要感謝大家的參與。您現在可以斷開線路。