Offerpad Solutions Inc (OPAD) 2025 Q3 法說會逐字稿

Good afternoon. Thank you for attending the Offerpad's third-quarter 2025 earnings Call. My name is Cameron, and I'll be your moderator for today. (Operator Instructions)

午安.感謝您參加 Offerpad 2025 年第三季財報電話會議。我叫卡梅倫，我將擔任今天的主持人。（操作說明）

And I would now like to pass the conference over to your host, Cortney Read with Offerpad. You may proceed.

現在，我將把會議交給主持人，來自 Offerpad 的 Cortney Read。您可以繼續。

Good afternoon, and welcome to Offerpad's third-quarter 2025 earnings call. I'm joined today by Offerpad's Chairman and Chief Executive Officer, Brian Bair; and Chief Financial Officer, Peter Knag.

下午好，歡迎參加 Offerpad 2025 年第三季財報電話會議。今天與我一同出席的有 Offerpad 的董事長兼執行長 Brian Bair 和財務長 Peter Knag。

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 US Securities and Exchange Commission.

在今天的電話會議中，管理階層將根據 1995 年《私人證券訴訟改革法案》的定義發表前瞻性聲明。前瞻性陳述本身俱有不確定性，實際情況可能與管理階層的預期有重大差異。請參閱我們在向美國證券交易委員會提交的文件中所述的與公司業務相關的風險、不確定性和其他因素。

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.

除適用法律要求外，Offerpad 不打算更新或更改前瞻性聲明，無論是由於新資訊、未來事件或其他原因。

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 reconciliation of Offerpad non-GAAP measures to the comparable GAAP measures are available in the financial tables of the first quarter earnings release on Offerpad's website.

在今天的電話會議上，管理階層將提及某些非GAAP財務指標。這些指標不包括我們在獲利報告中「非GAAP財務指標」標題下討論的某些項目。Offerpad 的非 GAAP 指標與可比較 GAAP 指標的調整表可在 Offerpad 網站上發布的第一季財報中的財務表格中找到。

With that, I'll turn the call over to Brian.

接下來，我將把電話交給布萊恩。

Thank you, Cortney, and thanks to everyone joining us today. The housing market remains in a period of transition. Affordability challenges and limited mobility have defined the past two years, but signs of stability are beginning to appear. Mortgage rates are easing, buyer confidence is improving and sales activity is picking up in key markets. For Offerpad, that shift represents opportunity.

謝謝Cortney，也謝謝今天所有到場的朋友們。房地產市場仍處於轉型期。過去兩年，經濟負擔能力不足和出行受限一直是主要問題，但目前已開始出現穩定跡象。抵押貸款利率正在下降，購屋者信心正在增強，主要市場的銷售活動正在回升。對 Offerpad 而言，這種轉變代表著機會。

We built this company to adapt, not depend on market conditions. That flexibility has carried us through the toughest housing cycle in a generation and positioned us to lead as the industry transforms around efficiency, technology and customer experience.

我們創立這家公司的目的是為了適應市場狀況，而不是依賴市場狀況。這種靈活性幫助我們度過了近幾十年來最艱難的住房週期，並使我們處於行業轉型升級的領先地位，轉型升級的重點是效率、技術和客戶體驗。

Now we're channeling the strength into growth. We're playing offense with control, intentionally keeping inventory lean and turning it faster while scaling asset-light services that meet sellers where they are, whether that's speed, certainty or listing-led path.

現在，我們將這種優勢轉化為成長。我們採取的是控制型進攻策略，有意保持庫存精簡並加快週轉速度，同時擴展輕資產服務，以滿足賣家的需求，無論是速度、確定性還是以列表為主導的方式。

Over the past year, we have taken deliberate steps to strengthen every part of our operation. We refined our buy boxes using proprietary data to sharpen acquisition criteria and improve decision-making. We have also made meaningful progress in deploying artificial intelligence across our operations to drive efficiency and scalability.

過去一年，我們採取了實際措施，加強了營運的各個環節。我們利用專有數據改進了購買框，以明確採購標準並提高決策效率。我們在營運中部署人工智慧以提高效率和可擴展性方面也取得了實質進展。

We're integrating AI-driven picture recognition and smart scoping technology into our workflow. By the end of the year, we plan to launch the first phase of that capability. It will enable our system to analyze property photos, automatically identify condition issues, estimate renovation needs and feed that data directly into our pricing model.

我們將人工智慧驅動的影像辨識和智慧範圍界定技術整合到我們的工作流程中。我們計劃在年底前推出該能力的第一階段。這將使我們的系統能夠分析房產照片，自動識別狀況問題，估算翻新需求，並將這些資料直接輸入到我們的定價模型中。

Combined with our continuously improving AI pricing engine, which has become more accurate even in today's uneven environment, these tools help us price homes more precisely, reduce manual inspection time and human variability and increase margin confidence before we deploy capital.

結合我們不斷改進的 AI 定價引擎（即使在當今不均衡的環境下也變得更加準確），這些工具可以幫助我們更精確地為房屋定價，減少人工檢查時間和人為差異，並在投入資金之前提高利潤率信心。

In parallel, we are creating new process flows to scale our Direct+ business, which enables us to sell homes directly to strategic and institutional buyers. As part of this effort, we are evaluating a new segment of properties with characteristics distinct from our current Direct+ portfolio, broadening our opportunity set and positioning us for future growth. Automation and data power our operations.

同時，我們正在創建新的流程來擴大我們的 Direct+ 業務規模，使我們能夠直接向策略和機構買家出售房屋。作為這項工作的一部分，我們正在評估一個與我們目前的 Direct+ 投資組合截然不同的全新房產類別，這將擴大我們的機會範圍，並為未來的成長奠定基礎。自動化和數據驅動著我們的營運。

This allows us to scale efficiently, reduce cost per transaction and deliver more consistent results across every solution we offer. At the same time, we continue to refine our pricing models to optimize margins and support disciplined, profitable growth in any market.

這使我們能夠有效地擴展規模，降低每次交易成本，並在我們提供的每個解決方案中提供更一致的結果。同時，我們不斷改進定價模式，以優化利潤率，並支持在任何市場中穩健、獲利的成長。

Although we are encouraged by early signs of stabilization, we're also realistic that recovery will unfold in phases. Before expanding acquisition volume meaningfully, we are taking the time to ensure we buy the right homes in the right markets under the right conditions. This approach is very intentional. Our outlook is steady today and positioned for tomorrow. We expect heightened seasonality as we move through the winter months.

儘管早期出現的穩定跡象令人鼓舞，但我們也現實地認識到，復甦將分階段進行。在大幅擴大收購規模之前，我們正在花時間確保在合適的市場和合適的條件下購買合適的房產。這種做法是經過深思熟慮的。我們目前的前景穩定，並為明天做好了準備。我們預計隨著冬季的到來，季節性因素會更加明顯。

And even with more acquisition and overall transaction opportunities, it takes time for those homes to progress through our inspection, renovation and disposition process.

即使收購和整體交易機會增多，這些房屋也需要時間才能通過我們的檢查、翻新和處置流程。

Our disciplined approach keeps us well positioned to benefit as transaction volumes increase and our recent acquisitions convert to closings. We expect that momentum to bring us back towards our near-term goal of 1,000 transactions per quarter. To help drive that next phase of growth and execution, we strengthened our leadership team with the addition of a proven operator. I'm very pleased to share that effective today, Chris Carpenter has joined Offerpad as our Chief Operating Officer.

我們嚴謹的策略使我們能夠在交易量增加和近期收購項目完成交割時獲得良好收益。我們預計這一勢頭將使我們重新朝著每季 1000 筆交易的近期目標邁進。為了推動下一階段的成長和執行，我們透過增加一位經驗豐富的營運人員來加強我們的領導團隊。我非常高興地宣布，自今日起，克里斯·卡彭特 (Chris Carpenter) 已加入 Offerpad，擔任營運長。

Chris brings more than 20 years of experience leading transformation, operations and strategy across Fortune 500 companies and private equity-backed ventures. He previously served as lead transformation executive at WarnerMedia, where he oversaw large-scale integrations and business strategy initiatives.

Chris 在財富 500 強公司和私募股權支持的企業中擁有超過 20 年的轉型、營運和策略領導經驗。他先前曾擔任華納媒體的首席轉型主管，負責監督大規模整合和業務策略計畫。

Chris is known for driving efficiency and execution at scale. His leadership experience and operational mindset will help us strengthen the connection between technology, operations and customer experience, enabling us to scale efficiently and deliver even greater impact for our customers and overall conversion.

克里斯以高效執行大規模專案而聞名。他的領導經驗和營運思維將幫助我們加強技術、營運和客戶體驗之間的聯繫，使我們能夠有效率地擴大規模，並為我們的客戶和整體轉換率帶來更大的影響。

Everything we have built from our data-driven processes to our diversified solutions comes together into four strategic pillars that create value, strengthen resilience and position Offerpad to lead the next phase of real estate innovation. These pillars define how we operate today and how we will continue to grow.

從數據驅動的流程到多元化的解決方案，我們所建立的一切都匯聚成四大策略支柱，創造價值，增強韌性，並使 Offerpad 引領房地產創新的下一階段。這些支柱定義了我們今天的營運方式以及我們未來的發展方向。

Cash offer remains the foundation of our model, providing sellers with speed, certainty and control. We're deploying capital deliberately, prioritizing contribution profit and velocity over volume. That's how we protect returns and optionality in a rate-sensitive environment.

現金交易仍然是我們模式的基礎，為賣家提供速度、確定性和控制權。我們正在有意識地部署資本，優先考慮利潤貢獻和速度，而不是數量。這就是我們在利率敏感環境下保護收益和選擇權的方法。

HomePro extends that foundation through an agent-led approach that gives sellers in-person guidance and flexibility without requiring incremental capital. Renovate continues to grow rapidly, achieving our third consecutive record as we help partners transform inventory into move-in-ready homes at scale with repeatable workflows and predictable margins.

HomePro 透過經紀人主導的方式，為賣家提供面對面的指導和靈活性，而無需額外的資金，從而鞏固了這一基礎。Renovate 持續快速成長，連續第三次創下紀錄，我們幫助合作夥伴大規模地將庫存房屋改造成可立即入住的住宅，並實現可重複的工作流程和可預測的利潤率。

Direct+, our cash offer marketplace, deepens institutional relationships and funnels more transactions through an asset-light channel, lifting margins per unit. Together, these pillars create an integrated ecosystem that adapts to a range of market conditions.

Direct+，我們的現金報價市場，加深了與機構的關係，並透過輕資產管道促成更多交易，從而提高了單位利潤率。這些支柱共同構成了一個能夠適應各種市場狀況的綜合生態系統。

With that, I will turn it over to Peter to walk through our financial performance.

接下來，我將把發言權交給彼得，讓他來介紹我們的財務表現。

Thank you, Brian. In the third quarter, we reported revenue of $133 million and sold 367 homes. Gross margin was 7%, resulting in $9.3 million of gross profit. Operating expenses, excluding property costs, totaled approximately $12 million, a reduction of 37% year over year. That improvement reflects the work we have done across every function to drive lasting efficiency from marketing and vendor management to automation and organizational structure.

謝謝你，布萊恩。第三季度，我們實現營收 1.33 億美元，售出房屋 367 套。毛利率為 7%，毛利為 930 萬美元。不包括物業成本在內的營運費用總計約 1,200 萬美元，比前一年減少了 37%。這項改進反映了我們在各個職能部門所做的工作，旨在從行銷和供應商管理到自動化和組織結構，推動持久的效率提升。

Our teams continue to execute with precision.

我們的團隊持續保持精準的執行力。

Every dollar we spend today is focused on performance, margin and scalability. We are not only operating leaner but smarter, making decisions guided by data, automation and technology that give us greater control over both cost and outcomes. Adjusted EBITDA improved sequentially by 4% to a loss of $4.6 million.

我們今天花的每一分錢都注重效能、利潤和可擴展性。我們不僅運作得更精簡，而且更智能，透過數據、自動化和技術來指導決策，從而更好地控製成本和結果。調整後的 EBITDA 環比改善 4%，虧損 460 萬美元。

This progress demonstrates how our disciplined approach and operational improvements are steadily flowing through to results. We have seen higher marketing efficiencies, stronger vendor terms and meaningful savings, all of which position us for continued EBITDA improvement in the quarters ahead.

這項進展表明，我們嚴謹的方法和營運改善正在穩步轉化為成果。我們看到了更高的行銷效率、更有利的供應商條款和顯著的成本節約，所有這些都為我們在未來幾季繼續提高 EBITDA 奠定了基礎。

We ended the quarter with an inventory of 498 homes and acquired 203 homes in selective markets that met our margin thresholds. Our balance sheet remains strong with $31 million in unrestricted cash and total liquidity exceeding $75 million at quarter end. We have also expanded our lending relationships to reduce cost of capital and increase flexibility as we scale our asset-light businesses. Looking ahead to the fourth quarter, we expect revenue between $100 million and $125 million and homes sold in a range of 300 to 350.

本季末，我們的庫存房屋數量為 498 套，並在符合我們利潤率門檻的特定市場收購了 203 套房屋。截至季末，我們的資產負債表依然穩健，擁有 3,100 萬美元的非限制性現金，總流動資金超過 7,500 萬美元。我們還擴大了貸款關係，以降低資金成本，並在擴大輕資產業務規模的同時提高靈活性。展望第四季度，我們預計營收在 1 億至 1.25 億美元之間，房屋銷售量在 300 至 350 套之間。

Adjusted EBITDA is expected to remain roughly in line with third quarter levels. We're guiding with discipline, grounded in what we see across our business today and where we have clear visibility to execute effectively. Our intermediate-term goal remains at approximately 1,000 real estate transactions per quarter across cash offers, traditional listings and investor services.

調整後 EBITDA 預計將與第三季水準大致持平。我們秉持嚴謹的作風，以目前在業務中看到的情況為基礎，並在我們能夠清晰了解並有效執行的領域進行指導。中期目標仍然是每季完成約 1,000 筆房地產交易，包括現金交易、傳統掛牌交易和投資者服務。

That level of activity supported by our ongoing efficiency initiatives sets the foundation for our next milestone, a return back to profitability. Even as acquisition opportunities expand, we are managing volume carefully until demand becomes more sustained.

這種業務水平，加上我們持續推進的效率提升舉措，為我們實現下一個里程碑——恢復盈利——奠定了基礎。即使收購機會不斷增加，我們也會在需求更穩定之前謹慎控制收購量。

This approach gives us control today and flexibility to capture upside when the market accelerates. A larger share of revenue and margin will continue to come from asset-light services, HomePro, Renovate, and Direct+, as we advance towards a more diversified and capital-efficient model. These businesses demonstrate the strength of our platform and the value of disciplined execution.

這種方法讓我們既能掌控當下，又能靈活地在市場加速上漲時抓住機會。隨著我們朝向更多元化和資本效率更高的模式邁進，輕資產服務（HomePro、Renovate 和 Direct+）將繼續貢獻更大比例的收入和利潤。這些企業展現了我們平台的實力和嚴謹執行的價值。

Finally, I want to echo Brian's enthusiasm about Chris Carpenter joining Offerpad as Chief Operating Officer. His experience in large-scale transformation and operational excellence perfectly complements our focus on financial discipline and scalable growth.

最後，我也想表達布萊恩對布萊恩·卡彭特加入 Offerpad 擔任營運長的熱情。他在大規模轉型和卓越營運方面的經驗與我們對財務紀律和可擴展成長的關注完美契合。

I am excited to partner with him as we continue driving efficiency and performance across the business.

我很高興能與他合作，並繼續提升整個公司的效率和表現。

With that, I will turn it back to Brian.

這樣，我就把麥克風交還給布萊恩了。

As Peter highlighted, our disciplined execution and operational strength have created a foundation that allows us to move forward with confidence and control. The past few years have tested this industry, but they have also proven the strength of our model. Our platform is more diverse, our operations are more efficient, and our technology is driving measurable results.

正如彼得所強調的，我們嚴謹的執行力和強大的營運實力為我們奠定了基礎，使我們能夠充滿信心和掌控力地向前邁進。過去幾年對這個產業來說是個考驗，但也證明了我們模式的優勢。我們的平台更加多元化，我們的營運更加高效，我們的技術正在帶來可衡量的成果。

The market is still tight on mobility, but it's showing early signs are fine as rates ease and inventory inches higher. In that context, our strategy is simple: Keep inventory tight, turn it fast and scale the asset-light platform.

雖然出行市場依然緊張，但隨著利率下降和庫存緩慢增加，市場已出現好轉的早期跡象。在這種情況下，我們的策略很簡單：保持庫存緊縮，快速週轉，並擴展輕資產平台。

As conditions improve, Cash Offer, HomePro, Renovate, and Direct+ give us multiple ways to win with more capital efficiency, better unit economics and greater resilience than a single path model. We are energized by what is ahead and confident in our future, a company where every part of the business works together to drive growth, efficiency and exceptional customer outcomes.

隨著市場環境的改善，現金報價、HomePro、翻新和直接+等多種方式為我們提供了多種制勝途徑，與單一路徑模式相比，這些方式具有更高的資本效率、更好的單位經濟效益和更強的韌性。我們對未來充滿熱情，對公司的未來充滿信心。在公司裡，業務的每個部分都齊心協力，推動成長、提高效率，並為客戶帶來卓越的成果。

Thank you for your time and continued support. We are now ready for your questions.

感謝您抽出時間並給予我們持續的支持。現在我們準備好回答您的問題了。

(Operator Instructions) Dae Lee, JPMorgan.

（操作說明）Dae Lee，摩根大通。

I have two. So first one is for Brian. You talked about strengthening the foundation of your business and expanding the reach through asset-light services. So looking ahead, like what are your top priorities to ramp HomePro, Renovate, and Direct+ from here? And as you look out to 2026, where do you see the biggest upside across those three asset-light services?

我有兩個。首先，這是給布萊恩的。您談到要加強業務基礎，並透過輕資產服務擴大業務範圍。展望未來，您接下來在提升 HomePro、Renovate 和 Direct+ 業務方面的首要任務是什麼？展望 2026 年，您認為這三項輕資產服務中哪一項最具成長潛力？

Yes. Dae, there each one of them has its own story about where we're seeing opportunity. And what we're highly focused on with all of them, just in general is conversion. On the HomePro side, we're seeing some really positive signs.

是的。Dae，他們每個人都有自己關於在哪裡看到機會的故事。總的來說，我們非常關注的是轉換率。從HomePro的角度來看，我們看到了一些非常正面的跡象。

Obviously, it's early there, but some very positive signs of meeting the sellers where they're at and the ability to talk to sellers about different products that potentially if the cash offer doesn't work, having them have another cash buyer's opportunity to bid on their home as well and then the listing opportunity as well.

顯然，現在還為時過早，但有一些非常積極的跡象表明，我們能夠與賣家溝通，了解他們的實際情況，並與他們討論不同的產品。如果現金報價不成功，我們可以讓其他現金買家有機會競標他們的房屋，然後還可以讓他們有機會掛牌出售。

And so we're really seeing that with sellers.

所以我們確實在賣家身上看到了這一點。

So I think the opportunity there is just really to maximize conversion. And there are obviously a lot of learnings as we're building out this program and getting better and meeting sellers faster and some different things that we're learning along the way. But I think that is -- that has tremendous opportunity.

所以我認為，真正的機會在於最大限度地提高轉換率。顯然，隨著我們不斷完善這個項目，更快地與賣家見面，以及一路走來學到一些不同的東西，我們有很多經驗可以學習。但我認為這蘊藏著巨大的機會。

I think as you start seeing the market pick up and different things happen, I think that's going to expand our Direct+ as we start to buy more homes or as the market starts to loosen up a little bit, you're going to see a lot of our other cash offer partners start to buy as well, which leads to two things, more of our Direct+ business, but the second part is really helping our renovation business as well.

我認為隨著市場開始回暖，各種情況也隨之發生，這將擴大我們的 Direct+ 業務。隨著我們開始購買更多房屋，或者隨著市場開始稍微放鬆，你會看到我們其他的現金收購合作夥伴也開始購買房屋。這將帶來兩方面的影響：一方面，這將促進我們的 Direct+ 業務發展；另一方面，這也將極大地幫助我們的房屋翻新業務。

And as you saw with some of the numbers, Renovate continues to grow even in these market conditions. And what I like about that, we have a lot of really diverse customers in that, the Renovate and the Direct+. And so they're going to be there and they're more diverse than any other market opportunity, they'll be able -- would be able to use our services. That's either Renovate or the Direct+ services. So a lot of opportunity that we're seeing.

正如您從一些數據中看到的，即使在當前的市場環境下，Renovate 仍然保持成長。我喜歡這一點，因為我們在 Renovate 和 Direct+ 方面擁有非常多元化的客戶群。因此，他們將會在那裡，而且他們的市場機會比任何其他市場機會都更加多元化，他們將能夠——將會能夠使用我們的服務。要嘛是 Renovate 服務，要嘛是 Direct+ 服務。所以我們看到了很多機會。

And I will tell you, just to finalize that with the Cash Offer, which is kind of the base of what we do in this environment, we're seeing more and more people that are in moments that really value the Cash Offer. And so obviously, we're working on our efficiency, our timing and making our Cash Offer better every day, but making sure that we're also buying the right type of homes that we want in this environment. So really liking what we're seeing for setting up for 2026.

最後我想說的是，關於現金收購，這是我們在這種環境下工作的基礎，我們看到越來越多的人非常重視現金收購。因此，很顯然，我們正在努力提高效率、把握時機，並不斷改進我們的現金報價，同時也要確保在這種環境下，我們也能買到我們想要的那種房子。我對目前看到的2026年籌備工作非常滿意。

Got it. And then second one could be either for you, Brian, or Peter. As you work towards that 1,000 transaction target that returns you to breakeven, like how should we think about the mix between asset-light services and traditional cash offer deal? And is there like an optimal blend for margin and growth?

知道了。第二個可以是給你的，布萊恩，也可以是給彼得的。當您努力實現 1,000 筆交易的目標，從而達到損益平衡點時，我們應該如何考慮輕資產服務和傳統現金收購交易之間的組合？是否存在利潤率和成長的最佳平衡點？

And just as a quick follow-up to that, is there like an equivalent number that you guys can provide for 3Q or in your 4Q guide that's equivalent to that 1,000 transaction because understanding that's different from homes selling now going forward.

另外，我想快速問一下，你們能否在第三季或第四季的指南中提供一個與這 1000 筆交易等效的數字？因為我知道這與現在和未來房屋銷售的情況有所不同。

Sure. So the 1,000 transactions, right now, the mix is roughly whether you look at it based on a gross profit perspective or based on a volume perspective, the mix is directionally around 1/3, 2/3 with the larger piece coming from our Cash Offer, and this is excluding Renovate services, just focused on our real estate transactions.

當然。所以，目前這 1000 筆交易，無論從毛利角度還是交易量角度來看，大致比例約為 1/3 或 2/3，其中較大部分來自我們的現金報價，這還不包括翻新服務，僅關注我們的房地產交易。

Where we're moving is -- the most important thing on this topic is conversion. So as we move from where we were two years ago with really primarily one product to today where we have four or five, if you include Renovate, conversion goes up significantly. And as we bring those new products in the market, it becomes the approach to and the execution around getting to 1,000 transaction is easier and more straightforward.

我們現在要關注的是──在這個議題上，最重要的是轉換率。因此，從兩年前我們主要只有一款產品，到今天我們有四、五款產品（如果算上 Renovate），轉換率顯著提高。隨著我們把這些新產品推向市場，達成 1000 筆交易的目標和執行方式也變得更加容易和直接。

We expect the mix to -- as we move across next year to move up and get to at some point next year, over 50% from the asset-light products. And we are going to -- as I mentioned last quarter, we are working towards providing better detail. We do break out other services and Cash Offer in a separate segment in the Q, but we are going to provide more detail on each of the products and the volume on the IR website and the trending schedules as we get into next year. So that will help you from -- just from the perspective of guidance.

我們預計，隨著明年的推進，資產組合將逐步增加，並在明年的某個時候，輕資產產品佔比將超過 50%。正如我在上個季度提到的那樣，我們正在努力提供更詳細的資訊。我們在季度報告中會單獨列出其他服務和現金報價，但隨著我們進入明年，我們將在投資者關係網站和趨勢計劃中提供每種產品的更多詳細資訊和交易量。所以，從指導的角度來看，這對你有幫助。

And finally, what I'd say is we have guided on homes sold for next quarter like we have historically. We are -- if you add it in, we're not guiding towards or disclosing the exact number of real estate transactions. But I'd say at a high level, if you look at the 1,000 transactions that we're working towards this quarter and next quarter, we're about halfway there if you include both the cash offer and the asset-light transaction. So it's a matter of moving to 500-ish -- from 500-ish to 1,000.

最後，我想說的是，我們對下一季房屋銷售的預測與以往一樣。我們是——如果你把它加進去，我們就不會引導或披露房地產交易的確切數量。但從宏觀層面來看，如果你看看我們本季和下季正在努力完成的 1000 筆交易，如果把現金收購和輕資產交易都算進去，我們已經完成了大約一半。所以問題在於從 500 左右增加到 1000 左右。

One other thing I'll just add there, Dae, is that as we look at it, I continue to think the cash offer is the best product in real estate. It solves the most friction from the customer, the speed, the certainty. And so that is always going to be the foundation.

Dae，我還要補充一點，從我們的角度來看，我仍然認為現金交易是房地產領域最好的選擇。它解決了客戶最關心的問題：速度和確定性。所以，這始終會是基礎。

But I also like what we're setting up is it lets them choose their own path, what's best for them. And so if they want to try to explore the open market, we can help them with that as well to see if anyone else is willing or able to pay more money than they can or we can.

但我喜歡我們正在建立的這種機制，它讓他們能夠選擇自己的道路，選擇最適合自己的道路。因此，如果他們想嘗試開拓公開市場，我們也可以幫助他們，看看是否有人願意或能夠支付比他們或我們更高的價格。

But also, we're shopping their home through other -- with our Direct+ through other cash offers to see if we can get them a higher offer than even ours. And so I really like where -- what we're doing with the seller to put them in control. And it leads and starts with the cash offer. But overall, we want the seller to eventually choose what's best for them. But I think the Cash Offer is always going to be a really powerful tool in there.

此外，我們也透過其他管道——利用我們的 Direct+ 服務，透過其他現金報價——來尋找他們的房子，看看我們能否為他們爭取到比我們更高的報價。所以我很喜歡我們現在的做法——讓賣家掌握控制權。而且，它以現金報價為先導和開端。但總的來說，我們希望賣家最終能選擇對他們最有利的事情。但我認為現金報價始終會是一個非常強大的工具。

Ryan Tomasello, Keefe, Bruyette, & Woods.

Ryan Tomasello、Keefe、Bruyette 和 Woods。

Regarding HomePro, can you just discuss the hiring needs that you envision are needed to support the growth in that channel, just given that it's obviously more high touch with human involvement from these agents?

關於 HomePro，鑑於該管道顯然需要更多人工參與，您能否談談您設想的為支持該管道成長所需的招募需求？

And then I think you alluded to this on your prepared remarks, Brian, but any color just on early stats on impacts to conversion rates that you're seeing? And also, if you have the data, what the mix is on that conversion on Cash Offer versus a traditional listing?

布萊恩，我想你在事先準備好的演講稿中也提到了這一點，但你能否提供一些關於轉換率受到的影響的早期統計數據？另外，如果您有相關數據，現金交易和傳統掛牌出售的轉換率比例分別是多少？

Yes. So I'll talk high level about HomePro and then we can get in a little bit more detail. But as far as headcount, what I really like about HomePro is that whole division is primarily ran from our HomePro and the agents in the field. And so we can run a lot of that through our data. And like, for example, when people come to Offerpad, they can schedule their inspection.

是的。所以我先概括地談談HomePro，然後再深入探討一些細節。但就人員配置而言，我真正喜歡 HomePro 的一點是，整個部門主要由我們的 HomePro 員工和第一線經紀人經營。因此，我們可以利用我們的數據進行許多這樣的分析。例如，當人們來到 Offerpad 時，他們可以安排看房。

All that is automated through different vendors through HomePros on that end of it.

所有這些操作都透過HomePros等不同的供應商實現了自動化。

And so we can do a whole bunch with fewer heads internally, especially as I kind of -- again, I talked about in our prepared remarks, we're really leveraging our technology and figuring out how we can grow it and scale the company smarter than we did and as we come into this next market and especially with all the advances we're seeing with AI and some of that. And so -- but as far as the headcount, it's going to be mainly on the HomePros and then we'll use and leverage data and technology on that side.

因此，我們可以用更少的人手完成很多內部工作，尤其是我——我再次在準備好的發言稿中談到——我們正在充分利用我們的技術，並思考如何發展壯大公司，使其規模比以前更智能，尤其是在我們進入下一個市場，以及我們看到人工智能等技術取得的所有進步的情況下。所以——但就人員數量而言，主要將集中在 HomePros 上，然後我們將利用這方面的數據和技術。

As far as the conversion, what we're seeing -- and again, it's early, but we're seeing right now in this environment, more people choosing the Cash Offer. More people that we're seeing than before are in a life moment that they don't have the time or the patience to wait and try to maximize and on the listing side. So we're definitely seeing more of an appetite for the Cash Offer on that side of it. And we think that will change over time.

至於轉換率，我們看到的情況是——當然，現在還處於早期階段，但就目前的情況來看，更多的人選擇現金報價。我們現在看到的比以前更多的人正處於人生的某個階段，他們沒有時間或耐心去等待，也沒有耐心去爭取在房源方面實現最大化。因此，我們確實看到，這方面對現金收購要約的需求更大。我們認為這種情況會隨著時間而改變。

Obviously, there's a macro environment that comes with all of these products. And we want to be built for every -- anything that's happening in the macro environment, we'll have a product built for that. So that's what we're seeing from the early days of HomePro. Peter, I don't know if you have anything you want to add.

顯然，所有這些產品都存在著一個宏觀環境。我們希望能夠應對宏觀環境中發生的任何變化，我們都會推出相應的產品。這就是我們從HomePro早期發展階段所看到的。彼得，我不知道你還有什麼要補充的。

Yes, I'd add two things, I mean we will -- we recognized we need to provide more breakout on the mix, Ryan. So we will -- we're three months in. So we're still a little bit early stage to have meaningful numbers, although the trends are developing. So that's to come next quarter. But moving from one-third, two-thirds to kind of 50-50 between asset-light and Cash Offer is where we're headed and HomePro's part of the asset-light and then the Direct+ piece is also part of the asset-light.

是的，我還要補充兩點，我的意思是，我們會——我們意識到我們需要在混音中提供更多突破，瑞恩。所以我們會的——已經三個月了。所以，儘管趨勢正在發展，但我們目前還處於早期階段，無法獲得有意義的數據。所以，這要等到下個季度才能實現。但我們正在朝著輕資產模式和現金收購模式各佔三分之一、三分之二，最終達到 50-50 的方向發展，HomePro 是輕資產模式的一部分，Direct+ 也是輕資產模式的一部分。

The other piece that I just mentioned is we also do -- on the HomePro opportunities, do we do receive some revenue or a fee from the broker as they go out to the home effectively for the lead.

我剛才提到的另一點是，在 HomePro 專案中，我們是否會從經紀人那裡獲得一些收入或費用，因為他們會上門尋找潛在客戶。

So regardless of whether if we transact on the home, we end up with a gross profit that's roughly the same magnitude as the gross profit from a Cash Offer for those HomePro traditional list transactions that we don't transact on and those that we do, we still receive a smaller, but we still receive some revenue for each one of those -- each transaction or each conversation in each home visit.

所以，無論我們是否完成房屋交易，最終獲得的毛利都與透過現金報價獲得的毛利大致相同。對於我們沒有完成交易的 HomePro 傳統掛牌交易，以及我們完成交易的房屋，我們雖然獲得的利潤較小，但每次交易或每次家訪中的每次談話都能獲得一些收入。

One other thing on that, Ryan, just to kind of double down, and I mentioned in the prepared remarks, but one of the biggest, I would say, manual processes that we have is the ability that we're inspecting thousands of homes to make sure we're buying the right type of product we go out there.

瑞安，關於這一點還有一點，我想再次強調一下，我在準備好的發言稿中也提到過，我認為我們最大的人工流程之一就是我們能夠檢查成千上萬的房屋，以確保我們購買的是正確的產品類型。

And so -- the inspection process is, we've put a lot of tech into that over the years, but nothing like what picture recognition and some of the learnings from machine learning and AI that we're really focused on. We're hoping to have something by the first of the year, and we should have something by the first of the year that's really going to speed up that process.

因此——多年來，我們在檢查過程中投入了大量技術，但遠不及我們真正關注的圖像識別以及從機器學習和人工智慧中獲得的一些經驗。我們希望在新年伊始就能有所進展，而且我們應該能在新年伊始就拿出一些真正能加快這一進程的成果。

And that's one of the times -- and there's two wins on that, obviously, from a headcount and from getting just the AI that can learn from picture recognition and the tens of thousands or hundreds of thousands of homes that we've inspected over the time.

而這正是其中一個例子——顯然，這帶來了兩方面的勝利：一是人員數量，二是人工智慧可以從圖像識別中學習，以及我們多年來檢查過的成千上萬個家庭。

But also we can get the seller their final price much, much faster as well, which is also a key to that. So those are some different things that we're doing and leveraging from a tech perspective that we don't have to add a bunch of headcount that we can leverage.

但同時，我們也可以更快讓賣家得到最終價格，這也是關鍵。所以，從技術角度來看，我們正在做和利用這些不同的事情，這樣我們就無需增加大量人手。

And I guess what's the logic for excluding Renovate services from this math? Just as a quick follow-up to that discussion. And then a separate topic, in terms of institutional homebuyer activity, obviously, that's more impactful to your B2B products like Direct+ and Renovate. Any update on what you're seeing there in terms of demand trends and transaction activity would be helpful.

那麼，為什麼要把 Renovate 服務排除在這個計算之外呢？作為對之前討論的一個簡短補充。然後，就機構購屋者活動而言，還有一個單獨的話題，顯然，這對您的 B2B 產品（如 Direct+ 和 Renovate）影響更大。如果您能提供一些關於需求趨勢和交易活動的最新信息，將不勝感激。

Yes. I'll take the second one. You can take the first one, Peter.

是的。我選第二個。彼得，你可以選第一個。

Okay. Yes, on Renovate, it's just -- it's just the way we think about it, right? We're focused on 1,000 real estate transactions, and those are transactions where a home is purchased and the home is sold. And so from us, the economics on those are very similar when you set aside the GAAP revenue recognition, differences on revenue and net revenue regardless of whether it's a Cash Offer where we balance sheet it, it's a traditional list where a broker lists and we participate in the fee or we underwrite it and the home is purchased by an SFR or an investor or it's on our platform and a partner Cash Offer business buys the -- purchases the home and pays the fee.

好的。是的，在 Renovate 上，我們就是這麼想的，對吧？我們專注於 1000 筆房地產交易，這些交易包括房屋的購買和出售。因此，從我們的角度來看，撇開 GAAP 收入確認、收入和淨收入的差異不談，無論是現金收購（我們會將其計入資產負債表）、傳統的掛牌出售（經紀人列出房源，我們參與費用或承銷，房屋由獨棟住宅業主或投資者購買），還是在我們的平台上，由合作的現金收購公司購買房屋並支付費用，這些經濟效益非常相似。

The economics are very similar on a gross profit perspective. So we think of those as real estate transactions. Renovate is a related business and supports the Cash Offer, but it's a separate business and not necessarily associated with a home transacting. So that's just how we think about it. But, of course, is incremental to our profit and to our business.

從毛利的角度來看，兩者的經濟效益非常相似。所以我們認為這些都是房地產交易。Renovate 是一家相關企業，為現金報價提供支持，但它是一家獨立的企業，不一定與房屋交易有關。我們就是這麼想的。當然，這會逐步增加我們的利潤和業務。

Yes. And then on the second one, we have obviously some great partnerships with the Big Five that buy a lot of our platform. Right now -- sorry, from the single-family rental side, they're buying, but not at the volume that we're normally used to or they're used to for that matter. But what we have done with Direct+ is we continue to add different types of buyers to that division. And for example, and I think I mentioned this in the prepared remarks, but we get a lot of homes that come to us that we just don't have an appetite for.

是的。其次，我們顯然與五大巨頭建立了良好的合作關係，他們購買了我們平台的大量資源。目前——抱歉，就單戶住宅租賃市場而言，他們確實在購買，但購買量並沒有達到我們通常習慣的水平，也沒有達到他們習慣的水平。但是，我們透過 Direct+ 所做的，是持續為該部門增加不同類型的買家。例如，我想我在準備好的演講稿中提到過，我們收到很多房子，但我們根本不感興趣。

They are more as is conditioned homes or homes that are hard lived in.

它們更像是經過改造的房屋，或是居住條件惡劣的房屋。

And those are homes that we now have Direct+, people that can come into or buyers into our platform that they can buy those type of homes, and we can actually help the seller by getting them an offer. It's a little bit different process. But -- so just adding more and more of those. We're having a lot of success with the -- from the long term -- we categorize people in Direct+ by short-term hold and long-term hold.

而這些房屋現在都已納入我們的 Direct+ 服務，買家可以透過我們的平台購買這類房屋，我們實際上還可以幫助賣家獲得報價。流程略有不同。但是——所以只是不斷地增加這些。從長遠來看，我們取得了巨大的成功——我們將 Direct+ 中的人員按短期持有和長期持有進行分類。

From the long-term holders, we're having a lot of success with -- there are some newer funds that have started. But with that mid-tier fund, they're actively buying in segments of homes across the country, and most of them are more of one or two market experts that they want to buy in or they have appetite for those two markets. But we continue to add more and more to that Direct+ with a variety of different buyers in there to buy homes.

我們從長期持有者那裡獲得了巨大的成功——也有一些新基金已經成立。但憑藉這支中型基金，他們積極在全國各地購買各類房產，而且他們中的大多數人更像是專注於一兩個特定市場，或者對這兩個市場感興趣。但是，我們不斷增加 Direct+ 平台，讓各種不同的買家都能在這裡購買房屋。

Michael Ng, Goldman Sachs.

Michael Ng，高盛集團。

I was wondering if you could talk a little bit about what you need from a transactions or Cash Offer versus kind of value-added services mix to get to breakeven? What does the environment look like for breakeven? Is that something that you think you might be able to achieve next year?

我想請您談談，為了實現損益平衡，您需要從交易或現金收購中獲得什麼，以及需要哪些增值服務組合？損益平衡點的環境是什麼樣的？你認為明年你能實現這個目標嗎？

Michael, for sure. And first of all, yes, as we identified in the prepared remarks, at least directionally, we're focused on getting to 1,000 transactions. The mix, as I've said -- as I mentioned earlier, is going to move up to -- we expect it's going to -- will move up to around 50-50 as a next step.

當然是麥可。首先，是的，正如我們在準備好的演講稿中所指出的，至少在方向上，我們的目標是達到 1,000 筆交易。正如我之前所說，我們預計下一步混合比例將上升到 50-50 左右。

And both of those steps will happen as we move across 2026. So we're not ready to guide towards which quarter, but we were expecting this to happen almost regardless or really regardless of the real estate environment, and that's part of our strategy around diversifying the product set to a greater -- a larger set of products, five products and also products that we can transact on regardless of the market that we're sitting in and reach the conversion levels we need to get to 1,000 transactions in any real estate environment.

這兩個步驟都將在 2026 年陸續完成。因此，我們目前還無法預測具體是哪個季度，但我們預計這種情況幾乎不會發生，或者說無論房地產市場環境如何，這都是我們產品多元化戰略的一部分——我們將產品組合擴大到五種產品，並且這些產品無論我們身處何種市場環境，我們都可以進行交易，並達到我們在任何房地產環境下實現 1000 筆交易所需的轉化率。

And the second thing that I'd highlight is we ended -- and we've really made a lot of progress on our fixed expenses. We've taken -- we've removed about $150 million in fixed expense, annual expense from our operation. Just going sequentially quarter over quarter, we moved from $16 million down to $12 million in operating expenses, and we're going to continue -- there's been some actions already this quarter.

第二點我想強調的是，我們已經結束了——而且我們在固定支出方面確實取得了很大進展。我們已經從營運中削減了大約 1.5 億美元的固定支出和年度支出。單從季度環比來看，我們的營運支出從 1,600 萬美元降至 1,200 萬美元，我們將繼續這樣做——本季度已經採取了一些措施。

We're going to continue to focus on cost reductions and execute that number down even lower. And so as you match the 1,000 transactions and the lower OpEx, that's when profitability kicks in.

我們將繼續專注於降低成本，並力爭將成本進一步降低。因此，當交易量達到 1000 筆且營運支出降低時，獲利能力就會開始顯現。

And just on that, too, Michael, just one of the things I will just say on that as well is, we're definitely seeing some on buying a little bit. And hopefully, it's not a glitch. But over the last little bit, we are definitely seeing more sellers that are jumping into the market wanting to sell. And from our perspective, but also from just the overall macro perspective, starting to see more of that. And I think what's also key is being a little bit more patient as well.

關於這一點，邁克爾，我還要補充一點，我們確實看到一些人在少量購買商品。希望這不是故障。但最近一段時間，我們確實看到越來越多的賣家湧入市場，想要出售房產。從我們的角度來看，以及從宏觀角度來看，這種情況越來越普遍。我認為另一個關鍵是要更有耐心。

We saw sellers come on but also pull their houses off the market. So we're seeing sellers that are more willing to engage. And on the buying side of it, we're seeing early signs of purchase loan apps going up. We're seeing more -- some of the showing activity. We're definitely seeing in segments in some of our markets where sellers are selling and buyers are wanting to trade and they're together there in certain segments.

我們看到一些賣家開始掛牌出售房屋，但也看到一些賣家把房子撤出了市場。所以我們看到賣家更願意參與互動。在購屋方面，我們已經看到購屋貸款申請數量上升的早期跡象。我們看到更多—一些展示活動。我們確實在一些市場的某些細分領域看到，賣家在賣東西，買家想要交易，他們在某些細分領域聚集在一起。

And so obviously, a lot of work to still do in this market, but we're definitely seeing some things that are encouraging on that end.

因此，很顯然，這個市場還有很多工作要做，但我們確實看到了一些令人鼓舞的跡象。

And a lot of this is just driven by the interest rates that are in the lower -- at lower 6s now. And so anyway, so we're seeing some of that and obviously, in effect, it makes us more willing, more able to buy homes and we're more comfortable with and then get more aggressive on that end. And also that's going to build the other products as well up over time. Right now, we're staying very disciplined, but we're liking what we're seeing in the market early, early signs.

而這一切很大程度上都是由較低的利率驅動的──目前利率在6%以下。總之，我們看到了一些這樣的現象，顯然，這實際上讓我們更願意、更有能力購買房屋，我們也更樂於接受這一點，並在購房方面變得更加積極主動。而且隨著時間的推移，這也將帶動其他產品的發展。目前，我們保持著非常謹慎的態度，但我們對市場早期出現的跡象感到滿意。

And just one last thing I want to add to it because I want to make sure that it's come out and it's clear based on these questions in our prepared remarks is we are guiding towards a fourth quarter that's -- from a volume perspective is similar or a little bit less than third quarter. It's for a couple of reasons, including the seasonality of the holiday season and all that.

最後，我還要補充一點，因為我想確保這一點已經明確表達出來，並且根據我們準備好的發言稿中的這些問題，我們可以明確地告訴大家，我們預計第四季度的銷量將與第三季度相似或略低。這主要有兩個原因，包括假日的季節性等等。

But more importantly, we're guiding towards from a sign perspective, that's ticking up -- and from a close perspective, that from a purchase perspective, transactions are ticking up. And the most important guide for this quarter is for next year and that we expect to ramp back up to 1,000 transactions.

但更重要的是，從跡象來看，我們正朝著上升的方向發展——從購買的角度來看，交易量也在上升。本季最重要的參考指標是明年的預期，我們預計交易量將恢復到每年 1,000 筆。

And just as a follow-up, I was wondering if you could just talk a little bit about the appointment of Chris as kind of the -- as somebody who's going to be leading transformation. Your most significant peer also has some leadership changes. I was just wondering if you could talk a little bit about like what are the key things that need transformation in this sector?

作為後續問題，我想請您談談任命克里斯擔任領導變革的職位。你最重要的同事也面臨領導層變動。我想請您談談，這個產業最需要改變的關鍵面向是什麼？

Is it an acknowledgment that we might be in a kind of lower for longer type of environment? Is there something structural that needs to change about the current business model?

這是否意味著我們承認自己可能正處於一個持續時間較長的低谷環境中？目前的商業模式是否存在需要改變的結構性問題？

Yes. No, but great question. Yes, very excited about Chris. Chris is here to help on a few main key points. One of them is conversion.

是的。不，不過問得好。是的，我對克里斯非常興奮。克里斯將在此就幾個關鍵要點提供幫助。其中之一是轉換。

One of them is helping us get ready and prepared for scale again as we buy. And we're talking about the 1,000 as getting profitable -- the 1,000 per quarter to get it profitable. And that's our very -- it's our near-term goal where we want to be, but that's not what this company has built for long term. We've -- we want to grow and scale this company. Again, we want to be more disciplined.

其中一項是幫助我們做好準備，以便在採購時再次擴大規模。我們說的是每季 1000 美元才能獲利——要實現每季 1000 美元的獲利。這是我們近期想要達到的目標，但這並不是這家公司長期發展的初衷。我們希望發展壯大這家公司。我們再次強調，我們要更自律。

We want to be smarter, but I want to bring in key talent to help us do it again and do it smarter this time and to have different skill sets and fresh perspectives.

我們想做得更聰明，但我希望引進關鍵人才來幫助我們再次做到，這次做得更聰明，並擁有不同的技能和新的視角。

And so I think Chris can be able to deliver on all of those fronts. And -- but I will just tell you from the -- the one thing that the four product lines that we have, they're all somewhat it's a big wheel tied together. But also I want to even get more efficient of how all those are tying together and how they can help in every one of those, for example, Direct+ helps conversion with Renovate because when people use us for their sourcing for Direct+, especially the mid- to smaller Direct+ partners, they're going to use us on our renovation services.

所以我認為克里斯能夠在所有這些方面都取得成功。而且——但我只想告訴你——我們擁有的四條產品線，它們在某種程度上就像一個大輪子一樣緊密相連。但我還想更有效地了解所有這些是如何聯繫在一起的，以及它們如何互相幫助，例如，Direct+ 可以幫助 Renovate 提高轉換率，因為當人們使用我們來尋找 Direct+ 合作夥伴時，特別是中小型 Direct+ 合作夥伴，他們會在我們的裝修服務中使用我們。

And that's just one example. But to make sure we're -- our logistics, our efficiency and we're getting better and getting some fresh eyes and fresh perspective as we scale again, I think it's going to be extremely helpful.

這只是其中一個例子。但為了確保我們的物流、效率不斷提高，並在我們再次擴大規模時獲得一些新的視角和新的見解，我認為這將非常有幫助。

There are currently no questions registered. (Operator Instructions) There are no further questions waiting at this time. That will conclude today's call.

目前暫無任何問題登記。（操作員說明）目前沒有其他問題待處理。今天的電話會議到此結束。

Thank you for your participation, and enjoy the rest of your day.

感謝您的參與，祝您今天餘下的時間愉快。