Offerpad Solutions Inc (OPAD) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to Offerpad's first-quarter 2026 earnings conference call. My name is Christine Lyn, and I will be your conference operator today. (Operator Instructions)

下午好，歡迎參加 Offerpad 2026 年第一季財報電話會議。我叫 Christine Lyn，今天將擔任本次電話會議的接線員。(接線員指示)

With that, I'll turn the call over to Cortney Read, Offerpad's Vice President of Investor Relations and Communications. Cortney, please go ahead.

接下來，我將把電話交給 Offerpad 投資人關係與傳播副總裁 Cortney Read。Cortney，請開始。

Good afternoon, and welcome to Offerpad's first-quarter 2026 earnings call. 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 related to the company's business described in our filings with the US 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.

下午好，歡迎參加 Offerpad 2026 年第一季財報電話會議。在今天的電話會議中，管理層將發表《1995 年私人證券訴訟改革法》所界定的前瞻性陳述。前瞻性陳述本質上具有不確定性，實際事件可能與管理層預期有重大差異。請參閱我們向美國證券交易委員會提交之文件中所述、與公司業務相關的風險、不確定性及其他因素。除非適用法律要求，Offerpad 無意更新或修訂任何前瞻性陳述，不論係因新資訊、未來事件或其他原因所致。

On today's call, management will refer to certain non-GAAP financial measures. These metrics exclude certain items discussed in our earnings release and under the heading, Non-GAAP Financial Measures. The reconciliations 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.

在今天的電話會議中，管理層將提及若干非 GAAP 財務衡量指標。這些指標排除我們財報新聞稿及「非 GAAP 財務衡量指標」章節中所討論的特定項目。Offerpad 非 GAAP 指標與可比 GAAP 指標之調節表，載於 Offerpad 官網第一季財報新聞稿的財務表格中。

With that, I'll turn the call over to Brian Bair, Chairman and Chief Executive Officer.

接下來，我將把電話交給董事長兼執行長 Brian Bair。

Thank you, Cortney, and thank you to everyone for joining us. On the call with me today is our Chief Financial Officer, Peter Knag.

謝謝你，Cortney，也感謝各位加入我們。今天與我一同出席的還有我們的財務長 Peter Knag。

Offerpad is executing. Over the past two years, we have evolved from a single product company into a multi-solution real estate platform, and that platform is now producing measurable results. Today, that platform includes Cash Offer, Cash Offer Marketplace, Brokerage Services, and Renovate.

Offerpad 正在落實執行。過去兩年，我們已從單一產品公司演進為多元解決方案的不動產平台，而該平台如今正產生可衡量的成果。目前，該平台包含現金收購（Cash Offer）、現金收購市集（Cash Offer Marketplace）、房仲服務（Brokerage Services）以及翻新（Renovate）。

The macro environment has shifted since our last call. Geopolitical uncertainty has increased, including ongoing conflict in the Middle East and interest rates have moved higher in response. Transaction volumes remain below historical norms and affordability continues to limit mobility. For some sellers, this brings uncertainty around timing and proceeds, keeping many on the sidelines. We continue to refine and enhance our model through diversified revenue streams, multiple solutions, disciplined capital allocation, and AI-driven precision, positioning us to operate effectively in environments like this.

自上次電話會議以來，總體環境已出現變化。地緣政治不確定性升高，包括中東持續衝突，而利率也因此走高。交易量仍低於歷史常態，可負擔性持續限制流動性。對部分賣方而言，這使得成交時點與可得款項更具不確定性，讓許多人選擇觀望。我們持續透過多元化營收來源、多種解決方案、嚴謹的資本配置，以及 AI 驅動的精準度來精進並強化我們的模式，使我們能在此類環境中有效運作。

While some sellers are still cautious, we are seeing greater stabilization with increased engagement and clear alignment on pricing and expectations. That shift is supporting improved conversion, and we expect it to remain a tailwind through the remainder of 2026.

雖然部分賣方仍保持謹慎，但我們看到更高程度的穩定化：互動參與增加，且在定價與預期上更明確一致。這一轉變正支持轉換率改善，我們預期其將在 2026 年剩餘期間持續成為順風因素。

With all that said, our Cash Offer strategy is not dependent on the macro backdrop changing. We run this business as a capital allocator first and an operator second. Every transaction competes for capital. If it does not meet our return thresholds, we do not transact. Our philosophy is simple: volume follows return, not the other way around.

綜合而言，我們的現金收購策略並不依賴總體環境的改變。我們經營這項業務時，首先是資本配置者，其次才是營運者。每一筆交易都在競爭資本。若未達到我們的報酬門檻，我們就不會進行交易。我們的理念很簡單：量是跟著報酬走，而不是反過來。

Throughout 2025, that meant deliberately widening spreads, tightening our buy box and slowing acquisitions rather than chasing volume into an unstable market. That approach pressured short-term volume, but it strengthened the portfolio and preserved optionality.

在 2025 年期間，這意味著我們刻意拉大價差、收緊收購範圍（buy box），並放慢收購速度，而不是在不穩定的市場中追逐量。這種做法壓抑了短期交易量，但強化了資產組合並保留了選擇權。

As we move through 2026, we are deploying capital with the same discipline. The result is a portfolio that is cleaner, faster turning and better positioned for returns than at any other point in recent history. Our aged inventory, homes beyond their target period of hold time, stands today at less than 30 homes, down from fewer than 60 at the end of quarter four.

進入 2026 年，我們以同樣的紀律配置資本。其結果是：相較於近年任何時點，我們的資產組合更乾淨、周轉更快，且更有利於取得報酬。目前我們的逾齡庫存（即持有期間超過目標期間的房屋）少於 30 間，較第四季末的不到 60 間進一步下降。

For remaining homes, we deployed buydown mortgage rate incentives along with pulling other levers to accelerate movement. In addition, we made an important shift in how we operate. By moving to a post-inspection offer model, we are entering commitments with greater certainty, which means stronger transaction quality, more efficient capital deployment, and a better experience for sellers.

對於剩餘房屋，我們提供調降房貸利率（buydown）的激勵措施，並搭配其他手段以加速去化。此外，我們也在營運方式上做出一項重要調整。透過改採「檢查後出價」模式，我們在承諾交易時具備更高確定性，這代表更佳的交易品質、更有效率的資本部署，以及更好的賣方體驗。

But the bigger narrative is what is happening at the top of our funnel. Seller engagement with Offerpad is growing, and more importantly, sellers are finding solutions. Our multi-solution platform means that when a cash offer is not the right fit, we have options ready, the Cash Offer Marketplace or through our brokered services with an agent-led listing path. More sellers are staying in our ecosystem, converting across more pathways and leaving with a solution that works for their situation.

但更大的敘事在於我們漏斗頂端正在發生的事。賣方與 Offerpad 的互動參與正在成長，更重要的是，賣方正在找到解決方案。我們的多元解決方案平台意味著，當現金收購不適合時，我們已備妥其他選項：現金收購市集，或透過我們的房仲服務，走由經紀人主導的委託銷售路徑。更多賣方留在我們的生態系中，透過更多路徑完成轉換，並以符合其情況的解決方案離開。

Conversion is what we are focused on, the quality and completeness of every seller engagement. That should position us to scale transaction volume with confidence through the remainder of 2026. A key part of the execution and central to how we move forward is AI. Real estate is a data-intensive, decision-dense industry, and we have spent the last decade building the foundation to do this right, thousands of transactions, deep market coverage, rich data across pricing, renovations, and homeowner behavior.

我們專注的是轉換率，也就是每一次賣方互動的品質與完整度。這應能讓我們在 2026 年剩餘期間更有信心地擴大交易量。執行的關鍵之一、也是我們前進方式的核心，是 AI。不動產是一個資料密集、決策密度高的產業；過去十年我們建立了正確的基礎：數千筆交易、深度市場覆蓋，以及涵蓋定價、翻新與屋主行為的豐富資料。

We believe this is a real operating advantage. With SCOUT and HENRY, we are turning it into a faster, smarter, and more consistent operating model across stages of the transaction. From the moment a seller first engages with Offerpad to the final disposition of properties in our portfolio, AI will be embedded in that decision.

我們相信這是一項真正的營運優勢。透過 SCOUT 與 HENRY，我們正將其轉化為跨越交易各階段、更快速、更聰明且更一致的營運模式。從賣方首次與 Offerpad 互動的那一刻起，到我們資產組合中房產的最終處置，AI 都將嵌入於該決策之中。

That is a fundamentally different way to operate and should be a durable advantage that compounds with every home we touch. Let me start with what it's producing. From January through March, following the deployment of SCOUT across all operating markets, we saw over a 200 basis point improvement in home contracting rates.

這是一種根本不同的營運方式，並應成為一項可持續的優勢，且會隨著我們接觸的每一間房屋而累積放大。我先從它帶來的成果談起。自 1 月至 3 月，在 SCOUT 於所有營運市場完成部署後，我們看到房屋簽約率提升超過 200 個基點。

Let me explain how SCOUT is an internally developed AI-powered homeowner intake and routing platform that is being rolled out to better understand our seller intent by cross-referencing seller-provided data with third-party sources, public records, and importantly, our own proprietary transaction history to improve acquisition accuracy and routing decisions before every single offer is made.

我來說明一下：SCOUT 是我們內部開發、由 AI 驅動的屋主導入與分流平台，正逐步推廣，用以透過交叉比對賣方提供的資料與第三方來源、公開紀錄，以及更重要的——我們自有的專有交易歷史——來更好理解賣方意圖，並在每一筆出價之前提升收購精準度與分流決策。

Looking ahead, we are building SCOUT to make our homeowner intake experience fully dynamic and adaptive in real time by personalizing the seller journey based on the solutions available to them. A seller whose home falls outside of acquisition criteria will not be shown a Cash Offer path. Instead, they will be routed to the solution that works for them, guided by our customer solutions advisers every step of the way. That capability is in active development and is a core part of how SCOUT scales in 2026.

展望未來，我們正在打造 SCOUT，使我們的屋主導入體驗能在即時狀態下完全動態化並具備自適應能力，依據賣方可使用的解決方案來個人化其旅程。若賣方的房屋不符合收購標準，將不會看到現金收購路徑。相反地，他們將被導向適合其需求的解決方案，並由我們的客戶解決方案顧問全程引導。這項能力正在積極開發中，亦是 SCOUT 在 2026 年擴展規模的核心部分。

SCOUT also enhances our call center operations with AI-driven conversation analysis evaluating homeowner interactions in near real time, giving our advisers live coaching and provides leadership visibility into performance trends and customer intent across thousands of conversations each month.

SCOUT 也透過 AI 驅動的對話分析來強化我們的客服中心營運，近乎即時地評估屋主互動，為顧問提供即時指導，並讓管理層得以掌握每月數千通對話中的績效趨勢與客戶意圖。

Additionally, that intelligence has been extended upstream into our marketing demand generation, improving how we manage spend, optimize performance, and drive efficiency across channels. As a result, cost per qualified lead is down 37% year over year. We're reaching more sellers more efficiently in the markets where we can win.

此外，這些洞察也已向上游延伸至我們的行銷需求生成，改善我們管理支出、最佳化成效，並提升跨通路效率的方式。因此，每位合格潛在客戶的成本年減 37%。我們在能夠取勝的市場中，以更高效率觸及更多賣方。

Where SCOUT powers the seller journey, HENRY will help govern the asset. We are expanding HENRY's capabilities throughout 2026, deliberately and in stages. AI-driven property inspection and renovation estimation tools are now live, powered by computer vision models that analyze property images and inspection data to generate renovation cost estimates based on our historical outcomes.

當 SCOUT 為賣方旅程提供動力時，HENRY 將協助治理資產。我們將在 2026 年以審慎且分階段的方式擴展 HENRY 的能力。由 AI 驅動的房產檢查與翻新估算工具現已上線，採用電腦視覺模型分析房產影像與檢查資料，並根據我們的歷史成果產生翻新成本估算。

Looking ahead, HENRY will guide decisions across renovation scope, listing price, holding time and overall disposition strategy for every home in the portfolio. A core part of what HENRY will enable is a new segmentation framework that combines macro market dynamics with property level signals, allowing us to move beyond traditional static pricing approaches. This data-driven model will enhance how we assess demand and liquidity, giving us more consistent and scalable ways to make pricing and acquisition decisions across markets.

展望未來，HENRY 將引導投資組合中每一套房屋在翻新範圍、開價、持有時間以及整體處置策略上的決策。HENRY 將帶來的一項核心能力，是建立新的分群框架，將總體市場動態與物件層級訊號結合，使我們能超越傳統的靜態定價方法。此一數據驅動模型將強化我們評估需求與流動性的方式，讓我們能以更一致且可擴展的方法，在各市場做出定價與收購決策。

As we scale this across the platform, it's being designed to improve turn times, strengthen risk management, and drive more disciplined, consistent returns over time. Together, SCOUT and HENRY are the operating architecture of Offerpad's future that will compound with every transaction we complete.

隨著我們在整個平台推廣擴大，該系統的設計旨在縮短周轉時間、強化風險管理，並在時間推移中帶來更具紀律且更一致的報酬。SCOUT 與 HENRY 共同構成 Offerpad 未來的營運架構，並將隨著我們完成的每一筆交易而持續累積增益。

On our last call, I shared more details on our focus with our four-solution platform. Next, I will go into updates and progress on each.

在上次電話會議中，我分享了我們聚焦於四大解決方案平台的更多細節。接下來，我將逐一說明各項方案的最新進展與更新。

Cash Offer remains our core differentiator. It gives sellers speed, certainty, and flexibility, and it continues to be the foundation of everything we build on top of. In Q1, Cash Offer continued to perform within our underwriting guardrails. And with HENRY coming online, we expect our acquisition precision is only going to improve. The Cash Offer Marketplace grew over 60% year over year in 2025 and remains one of the most capital-efficient revenue streams we operate, generating fee income without balance sheet deployment.

Cash Offer 仍是我們的核心差異化優勢。它為賣方帶來速度、確定性與彈性，並持續作為我們在其上打造一切的基礎。在第一季，Cash Offer 仍在我們的承保風險護欄內運作良好。隨著 HENRY 上線，我們預期收購精準度只會持續提升。Cash Offer Marketplace 在 2025 年年增超過 60%，並仍是我們營運中資本效率最高的營收來源之一，可在不動用資產負債表資本的情況下產生手續費收入。

The residential investment landscape may be shifting with regulatory and capital market dynamics continuing to influence how institutional buyers participate in residential real estate. That environment remains fluid, and we are well positioned by expanding our network designed for depth and durability, diversified across buyer segments, so no single regulatory or market shift could disrupt the channel.

住宅投資版圖可能正在轉變，監管與資本市場動態持續影響機構買家參與住宅不動產的方式。該環境仍具流動性；我們透過擴大並打造具深度與耐久性的網絡、且在買家族群間多元分散，因此即使出現單一監管或市場變動，也不致使該通路受干擾，因而具備良好定位。

Led by Rich Ford, we are executing against that strategy with discipline. As the network matures, we expect the Cash Offer Marketplace to become a meaningful contributor to gross profit in the second half of 2026.

在 Rich Ford 的帶領下，我們以紀律執行該策略。隨著網絡日益成熟，我們預期 Cash Offer Marketplace 將在 2026 年下半年成為毛利的重要貢獻來源。

Offerpad's Brokerage Services is a core driver of our platform. In quarter one, we referred more qualified sellers to HomePro agents than in all of 2025 and one-third of Cash Offer requests now come through our agent partnership program. This capital-light model expands our reach, lowers acquisition costs and drives profitability. Offerpad Renovate broke records nearly every quarter in 2025, and we are raising the bar in 2026.

Offerpad 的經紀服務（Brokerage Services）是我們平台的核心驅動力。在第一季，我們轉介給 HomePro 經紀人的合格賣方數量，已超過 2025 年全年；目前有三分之一的 Cash Offer 申請來自我們的經紀人合作夥伴計畫。這種輕資本模式擴大我們的觸及範圍、降低收購成本並提升獲利能力。Offerpad Renovate 在 2025 年幾乎每一季都刷新紀錄，而我們在 2026 年將把標準再提高。

In quarter one, Renovate generated $5.7 million in revenue compared to $5.3 million in quarter one of 2025, continuing to deliver margins of 20% to 30% with no balance sheet capital required. Each solution serves a distinct need, generates its own revenue and strengthens the whole, ensuring more sellers find a path with us. That breadth improves conversion, reduces risk, and keeps more customers in our ecosystem from first touch to close. Our focus remains on building a profitable, scalable business with superior returns on capital and a platform that performs across market cycles.

在第一季，Renovate 產生 570 萬美元營收，較 2025 年第一季的 530 萬美元增加，並持續在不需要資產負債表資本的情況下，提供 20% 至 30% 的利潤率。每項解決方案都滿足不同需求、各自創造營收並強化整體，確保更多賣方能在我們這裡找到合適的路徑。這樣的廣度提升轉換率、降低風險，並讓更多客戶從首次接觸到成交都留在我們的生態系中。我們的重點仍是打造一個可獲利、可擴展的業務，具備優異的資本報酬，並擁有能跨越市場循環表現穩健的平台。

In closing, I want to speak plainly about where we stand and what I believe. I believe we have built a strong home selling platform. I believe our four solutions give sellers and partners more control, more certainty and more options than traditional alternatives.

最後，我想坦率地談談我們目前的狀況以及我的信念。我相信我們已建立一個強大的房屋出售平台。我相信我們的四項解決方案，能為賣方與合作夥伴提供比傳統替代方案更多的掌控力、更高的確定性與更多選擇。

I believe the technology we are building in SCOUT and HENRY will make us smarter, faster, and more precise with every single transaction we complete. And I believe the people at Offerpad, the team that has worked tirelessly to build this platform, enhance our model and serve our customers are among the best in the industry.

我相信我們在 SCOUT 與 HENRY 上打造的技術，將使我們在完成每一筆交易時都更聰明、更快速且更精準。我也相信 Offerpad 的同仁——這支不懈努力打造平台、強化我們的模式並服務客戶的團隊——是業界最優秀的團隊之一。

Our near-term objective remains approximately 1,000 transactions per quarter, the level at which the business reaches adjusted EBITDA breakeven and the foundation from which we scale. We are building towards that milestone and the progress we are making every quarter gives us confidence in that direction.

我們的短期目標仍約為每季 1,000 筆交易；在此水準下，業務可達到調整後 EBITDA 損益兩平，並成為我們擴張的基礎。我們正朝該里程碑邁進，而我們每一季取得的進展都讓我們對此方向更有信心。

But let me say it again, 1,000 transactions per quarter is not the finish line. It's the foundation. The platform we have built is designed to scale. And as it does, every incremental transaction carries more operating leverage, more data, and more intelligence back into the system.

但我再說一次，每季 1,000 筆交易不是終點。那是基礎。我們打造的平台是為了擴展而設計。而隨著規模擴大，每增加一筆交易都會帶來更多營運槓桿、更多數據，並將更多智慧回饋到系統中。

What we have built over the last two years is not a set of improvements. It is fundamentally different operating model. The window to understand what Offerpad is becoming before the market fully reflects it is right now, and I intend to use every day to close that gap.

我們在過去兩年所打造的，不是一系列改良。而是一種根本不同的營運模式。在市場完全反映 Offerpad 正在成為什麼之前，理解這一點的窗口就在此刻，而我打算把握每一天來縮小這個落差。

I'll now turn the call over to Peter.

接下來我把電話會議交給 Peter。

Thank you, Brian. What Brian described is not just a vision. It is already showing up in our financial results. The investments we have made in our platform, our people, and our operating model are translating into measurable progress and Q1 is evidence of that.

謝謝你，Brian。Brian 所描述的不僅是一個願景。它已經反映在我們的財務結果中。我們在平台、人員與營運模式上的投資，正在轉化為可衡量的進展，而第一季就是證明。

We guided to a range of $70 million to $95 million in revenue and 250 to 300 transactions, and we delivered, generating $80 million in total revenue across 263 transactions in Q1. That consistency matters. It reflects an operating model that is becoming more predictable, more disciplined and more capable of scaling efficiently. Gross profit was $5.6 million in Q1 2026, resulting in gross margin of 6.9% for the quarter compared to 6.5% in Q1 2025.

我們先前給出的指引為營收 7,000 萬至 9,500 萬美元、交易量 250 至 300 筆，而我們也如期達成：第一季共完成 263 筆交易，總營收 8,000 萬美元。這種一致性很重要。它反映出我們的營運模式正變得更可預測、更具紀律，且更能有效率地擴張。2026 年第一季毛利為 560 萬美元，使當季毛利率達 6.9%，相較於 2025 年第一季的 6.5%。

As we continue to scale transaction volumes and our mix of fee-based solutions grows, we expect gross margin to improve throughout the remainder of the year. Operating expenses, excluding property selling costs, were $12.2 million, roughly in line with Q4 2025 and down from $16.7 million in Q1 2025.

隨著我們持續擴大交易量，且以手續費為基礎的解決方案占比提高，我們預期毛利率將在今年剩餘期間持續改善。營業費用（不含房產銷售成本）為 1,220 萬美元，約與 2025 年第四季持平，並較 2025 年第一季的 1,670 萬美元下降。

With over $140 million in annualized expenses removed since 2022, our cost base can support significantly higher transaction volumes without proportional overhead growth. That operating leverage is one of the most important drivers of our path to profitability.

自 2022 年以來，我們已移除超過 1.4 億美元的年化費用，因此在不需要按比例增加間接成本的情況下，我們的成本基礎可支撐顯著更高的交易量。這種營運槓桿是我們邁向獲利道路上最重要的驅動因素之一。

Adjusted EBITDA loss for the first quarter was $6.7 million, a sequential improvement from Q4 2025 and reflecting continued progress towards our goal of achieving positive adjusted EBITDA before the end of 2026. We entered Q1 in a position of strength, and we exit in the same way. At quarter end, total liquidity was over $60 million, reflecting unrestricted cash plus the estimated fair market value of our inventory, including $41 million of unrestricted cash.

第一季調整後 EBITDA 虧損為 670 萬美元，較 2025 年第四季呈現環比改善，並反映我們持續朝在 2026 年底前達成調整後 EBITDA 轉正的目標前進。我們以強勁態勢進入第一季，也以同樣的態勢結束。截至季末，總流動性超過 6,000 萬美元，反映不受限制的現金加上我們庫存的估計公允市價，其中包含 4,100 萬美元的不受限制現金。

Our 2026 operating framework based on current plans and assumptions does not anticipate requiring incremental equity capital to execute. We have the liquidity, the facilities and the cost structure to scale within our defined guardrails.

我們基於目前計畫與假設所制定的 2026 年營運架構，預期不需要額外增資股權資本即可執行。我們具備充足的流動性、融資額度與成本結構，能在既定的風險控管範圍內擴大規模。

I want to address directly what I know is on everyone's mind. Can we reach approximately 1,000 transactions per quarter and return to profitability? And how do we get there? Here is the strategy. We closed Q1 with 263 transactions. That is our baseline. To reach our goal, we need to grow sequentially each quarter, and the drivers of that growth are already in motion.

我想直接回應我知道大家最關心的問題。我們能否達到每季約 1,000 筆交易並重返獲利？以及我們要如何做到？以下是策略。我們在第一季以 263 筆交易作收。這是我們的基準。要達成目標，我們需要每一季逐季成長，而推動成長的動能已經在運作中。

SCOUT is improving conversion rates at the top of the funnel. Our Cash Offer Marketplace partner network is expanding. We're adding more homes to more buyers without balance sheet deployment. As Brian stated, Brokerage Services preferred more sellers in Q1 alone than in all of 2025. And Renovate continues to grow, adding high-margin fee revenue with every project it completes.

SCOUT 正在提升漏斗上端的轉換率。我們的 Cash Offer Marketplace 合作夥伴網路正在擴張。我們在不動用資產負債表的情況下，讓更多房源觸及更多買家。如 Brian 所述，僅第一季 Brokerage Services 所偏好的賣方數量就已超過 2025 年全年。而 Renovate 也持續成長，每完成一個專案就帶來高毛利的手續費收入。

Our Q2 guidance represents sequential growth of 14% to 33% in transactions over Q1. We expect continued sequential improvement in Q3 and Q4 as conversion improves. Based on our current cost structure and expected product mix, we believe approximately 1,000 transactions per quarter represents our path to adjusted EBITDA breakeven.

我們對第二季的指引，代表交易量相較第一季將逐季成長 14% 至 33%。隨著轉換率改善，我們預期第三季與第四季將持續逐季改善。基於目前的成本結構與預期的產品組合，我們認為每季約 1,000 筆交易是我們達到調整後 EBITDA 損益兩平的路徑。

Every transaction above that threshold is expected to contribute incremental margin to the bottom line. That is the power of the operating leverage we've built. We do not need to add significant overhead to grow. We need to convert more sellers, and that is exactly what our platform is designed to do.

超過該門檻的每一筆交易，預期都將為最終盈餘貢獻額外的增量毛利。這就是我們所建立的營運槓桿的力量。我們不需要增加大量間接費用就能成長。我們需要轉換更多賣方，而這正是我們平台的設計目的。

Turning to Q2. We entered the second quarter with a stronger pipeline than we had entering Q1 and continued conversion momentum across the platform.

接著談第二季。我們進入第二季時的案源管線比進入第一季時更強，且整個平台的轉換動能持續延續。

For Q2, we expect 300 to 350 real estate transactions across Cash Offer, Cash Offer Marketplace, and Brokerage Services, total revenue of $80 million to $90 million and a narrower adjusted EBITDA loss compared to Q1, continuing our sequential progression towards positive adjusted EBITDA before the year-end.

就第二季而言，我們預期在 Cash Offer、Cash Offer Marketplace 與 Brokerage Services 合計將完成 300 至 350 筆不動產交易，總營收為 8,000 萬至 9,000 萬美元，且調整後 EBITDA 虧損將較第一季收斂，延續我們在年底前逐季邁向調整後 EBITDA 轉正的進程。

Our priorities are clear and our execution is improving with sequential gains each quarter, a healthier portfolio every month and a smarter AI system with every transaction. That is how we are building our business to scale, and I'm excited by the progress we're seeing and what we're building to drive what comes next.

我們的優先事項很明確，而我們的執行力也在改善：每季逐季提升、每月投資組合更健康、且每完成一筆交易 AI 系統就更聰明。這就是我們打造可擴張業務的方式；我對我們看到的進展以及我們正在建構、用以推動下一階段的成果感到振奮。

With that, we will now take your questions.

接下來我們將開始回答各位的提問。

(Operator Instructions) Ryan Tomasello, KBW.

(接線員指示) Ryan Tomasello，KBW。

This is Yvonne Jeng on for Ryan. So just taking the midpoint of 2Q's guidance, that $85 million revenue over 325 transactions, that gets us to a revenue per transaction that's about 14% lower than 1Q. Is that just going to be the mix shift? And if so, could you help break down how you're thinking about the mix between the products?

我是代替 Ryan 的 Yvonne Jeng。如果取第二季指引的中位數，也就是 8,500 萬美元營收、325 筆交易，換算下來每筆交易營收大約比第一季低 14%。這只是產品組合轉移造成的嗎？如果是的話，能否協助拆解一下你們對各產品組合占比的看法？

Sure. That's right. So the mix -- the revenue per transaction is a little bit different across the -- as you heard in the prepared remarks, we're heavily focused on conversion. That's the most important driver, KPI operationally for us. We historically, very roughly have had a two-thirds, one-third mix between the products, so two-thirds Cash Offer and one-third the other products, including HomePro and Cash Offer Marketplace.

當然。沒錯。所以在組合方面——如同你在事先準備的發言中聽到的，我們非常聚焦在轉換。這是我們在營運上最重要的驅動因素與 KPI。過去我們的產品組合非常粗略地大約是三分之二、三分之一：三分之二是 Cash Offer，三分之一是其他產品，包括 HomePro 與 Cash Offer Marketplace。

Cash Offer, we target around 5% of the home value for gross profit. The Cash Offer Marketplace is similar to that. And then HomePro is lower. HomePro is -- we split the fee for traditional real estate listing service with the broker. So it tends to be around 1% or 1.5%. So as we as we broaden our product set and increase conversion across these other products, you will see that per transaction figure adjust accordingly.

在 Cash Offer 方面，我們的目標是以房屋價值約 5% 作為毛利。Cash Offer Marketplace 也大致相近。而 HomePro 較低。HomePro 是——我們與經紀人分拆傳統不動產委託銷售服務的費用。因此通常大約是 1% 或 1.5%。所以當我們擴大產品組合並提升這些其他產品的轉換率時，你會看到每筆交易的數字相應調整。

That's clear. And on just the top of funnel of home sellers, how has that trended at the start of the year? Recall that you previously called out that it's roughly 10,000 to 20,000 in any given month. So has that accelerated at all?

了解。另外就賣方漏斗上端而言，今年年初的趨勢如何？我記得你們之前提到任何一個月份大約是 10,000 到 20,000。那目前有加速嗎？

Yeah. That's actually stayed very strong and continuing to even see some growth there as well. Our marketing team has been really focused on not just bringing in more leads or more sellers, but the quality of sellers. And so we're seeing really strong engaged sellers that are coming top of funnel. So that definitely stays strong.

有。其實那一直維持得很強，而且我們也持續看到一些成長。我們的行銷團隊非常專注的不只是帶進更多名單或更多賣方，而是賣方的品質。因此我們看到進入漏斗上端的賣方參與度很高、品質也很強。所以這部分確實仍然很強勁。

Dae Lee, JPMorgan.

Dae Lee，摩根大通。

I want to go back to that 1,000 per quarter target you guys have out there. I mean, those kind of suggest, like Peter said, a meaningful ramp in the second half to get to that target and you also have to kind of factor in the seasonality aspect of that.

我想回到你們提出的每季 1,000 筆目標。我的意思是，這似乎如 Peter 所說，代表下半年要有顯著的拉升才能達到該目標，而且你們也必須把季節性因素納入考量。

So just curious to hear like where like the conversion of your platform stands today. And like where do you see the opportunity to improve that? Is it on the Cash Offer side? Is it on the other transactions? Does it like vary by geography? Just curious like could you help us bridge like where you are today to the end of the year? And or what gives you the confidence the bridge will improve?

所以我想了解一下，你們平台目前的轉換率大概處於什麼水準？以及你們認為改善的機會在哪裡？是在 Cash Offer 端嗎？還是在其他交易類型？是否會因地區而異？想請你們協助我們銜接一下：從現在到年底你們會如何走到那個目標？以及／或是什麼讓你們有信心這個銜接會改善？

Sure. Thanks for the question, Dae. A couple of things that I'd point out. One is we have -- while we have historically been really one product or a little bit one to two products, now we're three products. And so particularly with the addition of the Brokerage Services solution. So we're seeing conversion going up based on having additional offers for the top of funnel customer and just increasing the likelihood that they choose a solution.

當然。謝謝你的問題，Dae。我想指出幾點。第一，我們過去在歷史上主要是一個產品，或大概一到兩個產品，但現在是三個產品。尤其是新增了 Brokerage Services 解決方案之後。因此，因為我們能對漏斗上端客戶提供更多選項、提高他們選擇某個解決方案的機率，我們看到轉換率正在上升。

Second, 1,000 transactions is -- we came down intentionally over the last couple of quarters last year on our Cash Offer volume as we worked on our operations. And so we're able to ramp that up just based on the adjustments that we're making and the price point that we're putting out there in our buy box characteristics.

第二，1,000 筆交易——我們在去年最後幾個季度刻意降低了 Cash Offer 的交易量，因為我們在改善營運。因此，基於我們正在進行的調整，以及我們在收購範圍（buy box）特徵中所設定的價格點，我們能夠把量再拉升上來。

We -- if you look back in 2024, we were doing almost 800 or 900 transactions per quarter. And at our high point a couple of years ago, we were doing 1,000 transactions per month, not per quarter. So we have high confidence that we can get there.

如果你回頭看 2024 年，我們每季幾乎做到了 800 或 900 筆交易。而在幾年前的高峰期，我們是每月 1,000 筆交易，不是每季。所以我們非常有信心可以達成。

Yeah. Just a couple of things on that as well. With our current volume, it's going to take a conversion increase of 1% to 2% a month to make that happen. And one of the things that's important is we're able to now serve customers who weren't able to serve before with our listing services. So for example, if there were homes that were outside of -- or out of area, out of our buy box, we simply just couldn't offer on that with a Cash Offer or through our Cash Offer Marketplace.

是的。另外就這點再補充幾件事。以我們目前的量能來看，需要每月轉換率提升1%到2%才能達成。而其中一個重要之處在於，我們現在能透過我們的委託刊登（listing）服務，服務過去無法服務的客戶。例如，如果有些房屋位於—或是在區域外、超出我們的收購範圍（buy box），我們過去就無法以現金收購（Cash Offer）或透過我們的現金收購市集（Cash Offer Marketplace）對其出價。

Now with Brokerage Services, it changes conversion because we can find a solution to them. And with our listing services, the customer gets free moving services, home warranties. So it's a really strong compelling product on why to list with one of our HomePros.

但有了房仲服務（Brokerage Services）後，轉換率就會改變，因為我們能為他們找到解決方案。而透過我們的委託刊登服務，客戶可獲得免費搬家服務、房屋保固。因此，這是一個非常強而有力、具吸引力的產品，說明為什麼要選擇我們的HomePros來委託出售。

And so that -- so if we can -- as we increase conversion, which we're starting to see that now with our different products and then able to serve customers who weren't before that's what gives us the confidence towards that 1,000 transactions per quarter.

因此—所以如果我們能—隨著我們提升轉換率，而我們現在也開始從不同產品中看到這個趨勢，並且能服務過去無法服務的客戶，這就是讓我們對每季1,000筆交易目標更有信心的原因。

Gaurav Mehta, AGP.

Gaurav Mehta，AGP。

I wanted to ask you on the 1,000 transactions and the adjusted EBITDA. So does your adjusted EBITDA breakeven expectations include renovations in those transactions? Or renovations is separate than the transactions?

我想請教關於1,000筆交易以及調整後EBITDA。所以你們對調整後EBITDA損益兩平的預期，是否包含這些交易中的整修（renovations）？還是整修是獨立於交易之外？

Hi, Gaurav. I think I heard the question correctly. Does adjusted EBITDA include the cost of renovations? Absolutely. It's in there in the cost of goods sold as part of the Cash Offer product. And then separately for the B2B third-party Renovate business, it's also in the cost of goods sold.

嗨，Gaurav。我想我有正確聽到你的問題。調整後EBITDA是否包含整修成本？當然包含。它在現金收購產品（Cash Offer）的銷貨成本（cost of goods sold）中。另外，針對B2B第三方的Renovate整修業務，它也同樣列在銷貨成本中。

Okay. No, I actually wanted to ask you on the renovation revenue. So to get to adjusted EBITDA, how much renovation revenue growth are you guys looking --

好的。不，我其實想問的是整修收入。所以要達到調整後EBITDA，你們預期整修收入需要成長多少--

I see. So it's not in the 1,000 transactions. So we think of the business really in two buckets, perhaps. One, the customers that are coming to us and are looking to sell their home. And we have three products for that, and that's what we're focused around on the 1,000 transactions.

了解。所以它不包含在那1,000筆交易裡。我們大致把業務分成兩個部分來看。第一部分是來找我們、想要出售房屋的客戶。我們針對這類客戶有三項產品，而我們所聚焦的1,000筆交易就是圍繞這三項產品。

And that business is a little bit more variable. And so that's the reason for the focus on 1,000 transactions across those three products. The Renovate business is very consistent and is part of reaching EBITDA and cash flow positive, but it's not part of that 1,000 metric. But it is part of the total financials, of course, and part of the EBITDA. It's growing fairly rapidly, and we expect it to continue to grow.

而這部分業務的變動性比較大。因此我們才會聚焦在這三項產品合計的1,000筆交易。Renovate整修業務非常穩定，並且是達成EBITDA與現金流轉正的一部分，但不納入那個1,000的指標。不過它當然是整體財務的一部分，也是EBITDA的一部分。它成長相當快速，我們預期會持續成長。

Okay. Second question I have is on the transaction mix. What was the mix between Cash Offer and other services in the current transactions you reported in 1Q? And I know in the past, you have talked about maybe 50-50 mix as you approach adjusted EBITDA breakeven. Is that still the expectation?

好的。我的第二個問題是關於交易組合。你們在第一季（1Q）所報告的當期交易中，現金收購（Cash Offer）與其他服務的占比各是多少？我也知道你們過去曾提到，當接近調整後EBITDA損益兩平時，可能會是50-50的組合。這仍然是你們的預期嗎？

Yeah. So in the mix, you can see on the trending schedules on the IR site, you can -- we break out all those details, but the mix has been -- as I've mentioned, the mix has been about one-third, two-thirds, two-thirds Cash Offer. And yes, we do expect as we move across the year up towards 1,000 transactions, a larger percentage coming from the other two real estate transaction products.

是的。就組合而言，你可以在投資人關係（IR）網站上的趨勢表中看到—我們有拆分所有細節；但整體組合一直是—如我提到的，大約三分之一、三分之二，其中三分之二是現金收購（Cash Offer）。而且是的，我們預期隨著今年進展、朝每季1,000筆交易邁進，會有更高比例來自另外兩項房地產交易產品。

Yeah. The one thing I'll just add to that as well is our Cash Offer Marketplace as we continue to add other Cash Offer partners in there as well. The people come to Offerpad because they want a cash offer, doesn't necessarily need to be an Offerpad Cash Offer. We want to find the best solution for them. And so in our Cash Offer Marketplace, having short-term hold companies as well as long-term hold companies to find the best customer and the best solution for them on the Cash Offer Marketplace.

是的。我再補充一點：隨著我們在現金收購市集（Cash Offer Marketplace）中持續加入其他現金收購合作夥伴。人們來到Offerpad是因為他們想要現金收購報價，但不一定需要是Offerpad提供的現金收購報價。我們希望為他們找到最佳解決方案。因此在我們的現金收購市集中，納入短期持有公司以及長期持有公司，以便在現金收購市集中為客戶找到最合適的買方與最佳方案。

And so as we continue to grow towards the 1,000, we're expecting the Cash Offer Marketplace to continue to grow and to ramp as we add more and more even though some of the smaller customers on there. And it's actually good because we can -- we help them source by -- they can find homes off of our marketplace. But then also, we're doing the renovation for those groups as well. And so Offerpad benefiting from both of those segments.

因此，隨著我們持續朝1,000筆成長，我們預期現金收購市集會持續成長並加速擴張，因為我們會加入越來越多合作夥伴，即使其中有些是較小的客戶。而這其實是好事，因為我們可以—我們協助他們取得房源—他們可以從我們的市集中找到房屋。同時，我們也為這些團隊提供整修服務。因此，Offerpad能同時受益於這兩個板塊。

Okay. Maybe one more for me. On the operating expense side, as you ramp up the transactions, do you expect the operating expenses to remain where they are? Or do you expect any further improvements or any increases on the operating expense side?

好的。我可能再問最後一個。在營業費用方面，當你們把交易量拉升時，你們預期營業費用會維持在目前水準嗎？還是你們預期營業費用端會有進一步改善或任何增加？

Yeah. True, if you look on the P&L, right, so for this quarter, there's $14.5 million of operating expenses. If you look on the non-GAAP reconciliation table, you can see that there are some selling and holding cost expenses in there. It's around $2 million for this quarter. That small piece of operating expenses as in the GAAP reporting is variable, but the large majority of it, which is about $12 million, which we highlighted in the prepared remarks or $12.5 million is not variable.

是的。確實，如果你看損益表（P&L），本季營業費用是1,450萬美元。如果你看非GAAP調節表，你會看到其中包含一些銷售與持有成本（selling and holding cost）費用。本季大約是200萬美元。在GAAP報表中，這一小部分營業費用是可變的，但其中絕大多數—大約1,200萬美元，我們在事先準備的講稿中提到的1,200萬或1,250萬美元—並不是可變的。

And in fact, we're -- there are a few more levers that we're working to pull that are harder than the other cost outs that we've done across the last few years. And so we expect that to actually continue to come down, not as dramatically as we have over time. It was a couple of years ago, it was as much as $80 million per quarter, and now we're down to $12.5 million or with the holding cost $14.5 million. So it won't come down too much more, but we expect it to go down, not up.

而且事實上，我們—還有幾個槓桿正在努力推動，這些比過去幾年我們做過的其他成本削減更難。因此我們預期這部分實際上會持續下降，但不會像過去那樣大幅下降。幾年前每季曾高達8,000萬美元，而現在已降到1,250萬美元，或加上持有成本則為1,450萬美元。所以不會再下降太多，但我們預期會下降，而不是上升。

There are no further questions at this time. This concludes today's call. Thank you for attending. You may now disconnect.

目前沒有其他問題。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。