Opendoor Technologies Inc (OPEN) 2021 Q3 法說會逐字稿

Good day, and thank you for standing by, and welcome to the Opendoor Third Quarter 2021 Earnings Conference Call. (Operator Instructions) After the speaker's presentation, there will be a question-and-answer session. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

美好的一天，感謝您的支持，歡迎參加 Opendoor 2021 年第三季度收益電話會議。 （操作員說明）演講者演講結束後，將進行問答環節。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to hand the conference over to your host today, Elise Wang. Please go ahead.

我現在想把今天的會議交給你們的主持人 Elise Wang。請繼續。

Thank you, and good afternoon. Full details of our results and additional management commentary are available in our earnings release and shareholder letter, which can be found on the Investor Relations section of our website at investor.opendoor.com. Please note that this call will be simultaneously webcast on the Investor Relations section of the company's corporate website.

謝謝，下午好。我們的業績和其他管理層評論的全部細節可在我們的收益發布和股東信函中找到，可在我們網站的投資者關係部分找到，網址為investor.opendoor.com。請注意，本次電話會議將同時在公司網站的投資者關係部分進行網絡直播。

Before we start, I would like to remind you that the following discussion contains forward-looking statements within the meaning of the federal securities laws, including, but not limited to, statements regarding Opendoor's future financial results and management's expectations and plans for the business. These statements are neither promises nor guarantees and involve risks and uncertainties that may cause actual results to differ materially from those discussed here.

在開始之前，我想提醒您，以下討論包含聯邦證券法含義內的前瞻性陳述，包括但不限於有關 Opendoor 未來財務業績和管理層對業務的預期和計劃的陳述。這些陳述既不是承諾也不是保證，並且涉及可能導致實際結果與此處討論的結果大不相同的風險和不確定性。

Additional information that could cause actual results to differ from forward-looking statements can be found in the Risk Factors section of Opendoor's annual report on Form 10-K for the year ended December 31, 2020, and Opendoor's other periodic SEC filings, including the quarterly report on Form 10-Q for the period ended September 30, 2021, to be filed with the SEC.

可能導致實際結果與前瞻性陳述不同的其他信息可以在 Opendoor 截至 2020 年 12 月 31 日止年度的 10-K 表格年度報告的風險因素部分以及 Opendoor 的其他定期 SEC 文件中找到，包括季度報告截至 2021 年 9 月 30 日期間的 10-Q 表格報告，將提交給 SEC。

Any forward-looking statements made in this conference call, including responses to your questions, are based on current expectations as of today, and Opendoor assumes no obligation to update or revise them, whether as a result of new developments or otherwise, except as required by law. The following discussion may contain non-GAAP financial measures. For a reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP metric, please see our website at investor.opendoor.com.

本次電話會議中所做的任何前瞻性陳述，包括對您問題的回答，均基於截至今天的當前預期，Opendoor 不承擔更新或修改它們的義務，無論是由於新的發展或其他原因，除非需要依法。以下討論可能包含非公認會計原則財務措施。如需將這些非 GAAP 財務指標與最直接可比的 GAAP 指標進行對賬，請訪問我們的網站investor.opendoor.com。

I will now turn the call over to Eric Wu, Co-Founder and Chief Executive Officer.

我現在將把電話轉給聯合創始人兼首席執行官 Eric Wu。

Good afternoon, and thank you for joining us today. I'm excited to share our third quarter results alongside Carrie Wheeler, our Chief Financial Officer; and Andrew Low Ah Kee, our President.

下午好，感謝您今天加入我們。我很高興與我們的首席財務官 Carrie Wheeler 分享我們的第三季度業績；和我們的總裁Andrew Low Ah Kee。

Aligning with our first core value, which is to start and end with the customer, I want to ground us in our work with a recent customer story. You will hear from Tyler Botma, who sold his home and bought a home completely with Opendoor, while fulfilling his childhood dream.

與我們的第一個核心價值一致，即以客戶為起點和終點，我想以最近的客戶故事為我們的工作奠定基礎。你會聽到 Tyler Botma 的聲音，他賣掉了自己的房子，完全用 Opendoor 買了一個房子，同時實現了他兒時的夢想。

Hi, I'm Tyler Botma, I live in Litchfield Park, Arizona and I bought and sold my house through Opendoor. The big reason why we wanted to move was: One, we wanted to find the dream home and probably most importantly, I was getting to a location that had really high marks for education for our son.

嗨，我是 Tyler Botma，我住在亞利桑那州的利奇菲爾德公園，我通過 Opendoor 買賣我的房子。我們想搬家的主要原因是：一，我們想找到夢想中的家，而且可能最重要的是，我要去的地方對我們儿子的教育有很高的評價。

When we first started the process, a lot of the apprehension we had was trying to locate a very ideal or specific home that we wanted while also selling the home. We've sold conventionally and bought convention prior and going through that process and then going through Opendoor's process, I don't know I really couldn't put a value to how much easier that process was.

當我們第一次開始這個過程時，我們的很多擔憂是試圖找到一個我們想要的非常理想或特定的房子，同時還要賣掉房子。我們之前按慣例出售併購買了慣例，然後經歷了那個過程，然後經歷了 Opendoor 的過程，我不知道我真的無法評價這個過程有多容易。

What they made possible for us was essentially getting us a life that we didn't think was possible, being able to sell a home that we weren't quite sure we would get what we want or even if the sale would go through and to be able to buy a home, move into our dream neighborhood and dream house. The Opendoor experience, I'd say, probably just in one word is, easy.

他們使我們成為可能的本質上是讓我們過上我們認為不可能的生活，能夠出售我們不太確定是否會得到我們想要的房子，或者即使銷售會通過並能夠買房，搬進我們夢想的社區和夢想的房子。我想說，Opendoor 體驗可能只是一個詞，簡單。

We often sight externally that 2/3 of the sellers are also buyers, but we rarely detail the complexity and timing of managing 2 transactions while balancing the realities of life. And these realities include the forming of a new family, the pressures of work, the hardship of a pandemic, the death of a family member or the drive for a better school district. This is why our work matters.

我們經常在外部看到 2/3 的賣家也是買家，但我們很少詳細說明在平衡生活現實的同時管理兩筆交易的複雜性和時間安排。這些現實包括新家庭的形成、工作的壓力、流行病的艱辛、家庭成員的死亡或對更好學區的推動。這就是為什麼我們的工作很重要。

Our vision, which has remained the same since starting Opendoor, is to make it possible to buy, sell and move at the tap of a button. We know the end state for the real estate marketplace will be a simple, certain and SaaS transaction powered by technology. It's not a matter of if, but when. So we've been heads down building this future experience piece by piece with the consumer in mind at every step.

自 Opendoor 成立以來，我們的願景一直保持不變，即通過點擊按鈕進行買賣和移動。我們知道房地產市場的最終狀態將是由技術驅動的簡單、確定和 SaaS 交易。這不是是否的問題，而是何時的問題。因此，我們一直在埋頭打造這種未來的體驗，每一步都考慮到消費者。

Our third quarter results are a byproduct of this focus, exceeding our expectations on the top line and bottom line. We generated $2.3 billion of revenue, acquired over 15,000 homes, delivered over $170 million of contribution profit and generated $35 million of adjusted EBITDA. While we are clear on our vision and strategy, the foundation of our performance has been and will continue to be our team and execution.

我們的第三季度業績是這一重點的副產品，超出了我們對頂線和底線的預期。我們創造了 23 億美元的收入，收購了 15,000 多套房屋，貢獻了超過 1.7 億美元的利潤，並產生了 3500 萬美元的調整後 EBITDA。雖然我們對我們的願景和戰略很清楚，但我們業績的基礎一直是並將繼續是我們的團隊和執行力。

In terms of our team, we have added substantial talent this past quarter. In addition to expanding our pool of executives across pricing, engineering, product, operations and people teams, we've made 3 acquisitions. We acquired Pro.com and Skylight, 2 seasoned really special teams that have spent years combining logistics and technology to build digital consumer experiences to upgrade a home. This will, in turn, strengthen our ability to continue to scale our home operations.

就我們的團隊而言，上個季度我們增加了大量人才。除了在定價、工程、產品、運營和人員團隊方面擴大我們的高管隊伍外，我們還進行了 3 次收購。我們收購了 Pro.com 和 Skylight，這兩個經驗豐富的非常特別的團隊花了數年時間將物流和技術結合起來，打造數字消費者體驗以升級家居。反過來，這將加強我們繼續擴大家庭業務的能力。

We also acquired RedDoor.com, a digital home financing product, which makes it possible to get prequalified for a mortgage in less than 60 seconds with an elegant mobile experience. We are excited to welcome our new teammates to Opendoor as we build out the next evolution of our products.

我們還收購了數字家庭融資產品 RedDoor.com，它可以在 60 秒內通過優雅的移動體驗獲得抵押貸款資格預審。我們很高興歡迎我們的新隊友加入 Opendoor，因為我們正在構建我們產品的下一個發展。

In terms of our execution, we are continuing on our journey of driving existing market growth, expanding nationwide and building an end-to-end digital experience. With an existing market growth, in Q3, we saw material gains in the adoption of Opendoor, growing acquisitions by 79% and resales by 72% quarter-on-quarter. This was driven by rising consumer awareness and expanded buybox coverage, which again resulted in record offer growth and record real seller conversion.

在我們的執行方面，我們將繼續推動現有市場增長、在全國范圍內擴張和建立端到端的數字體驗。隨著現有市場的增長，在第三季度，我們看到 Opendoor 的採用取得了實質性進展，收購量環比增長 79%，轉售量環比增長 72%。這是由不斷提高的消費者意識和擴大的buybox覆蓋率推動的，這再次導致了創紀錄的報價增長和創紀錄的真實賣家轉化。

As a tangible example of the impact of our pricing and cost advantages, nearly half of our acquisitions are coming from our expanded buybox. Within expanding nationwide, we launched 5 new markets in Q3, bringing our total footprint to 44 markets, more than doubling our market count year-to-date and ahead of our 2021 forecast.

作為我們定價和成本優勢影響的一個具體例子，我們近一半的收購來自我們擴大的購買箱。在全國范圍內擴張的過程中，我們在第三季度推出了 5 個新市場，使我們的總足跡達到 44 個市場，比我們年初至今的市場數量增加了一倍多，並提前了我們對 2021 年的預測。

With our growing footprint, we are already seeing the benefits of increasing scale and driving awareness and operational efficiency, which further reduces the cost and effort to launch more markets. Upcoming, we are laying the groundwork for continued expansion next year and well on our way to our long-term goal of servicing customers in every market nationwide.

隨著我們的足跡不斷擴大，我們已經看到了擴大規模、提高意識和運營效率的好處，這進一步降低了推出更多市場的成本和工作量。即將到來，我們正在為明年的持續擴張奠定基礎，並朝著我們為全國每個市場的客戶提供服務的長期目標邁進。

Most importantly, we continued our investments in building the digital one-stop shop for movers. There the generational shift happening from offline to online, and we intend to capture this opportunity. Last week, we launched Opendoor Complete, which brings together all the disparate steps to buy and sell a home into a single streamlined experience. Opendoor Complete provides homeowners certainty and instant access to the equity in their home, the power and guarantee of our cash to strengthen a buyer's offer and the ability to line up closing dates to avoid double moves and double mortgages. This is the integrated experience buyers and sellers are demanding.

最重要的是，我們繼續投資為搬家公司打造數字化一站式商店。那裡發生了從線下到線上的代際轉變，我們打算抓住這個機會。上週，我們推出了 Opendoor Complete，它將買賣房屋的所有不同步驟整合到一個單一的簡化體驗中。 Opendoor Complete 為房主提供確定性和即時訪問他們家中的資產、我們現金的力量和保證來加強買家的報價以及排隊關閉日期以避免雙重搬家和雙重抵押貸款的能力。這是買賣雙方所要求的綜合體驗。

Last, we are not standing still. We are pushing forward with the same speed, focus and grit that has defined us over the past 7 years.

最後，我們並沒有停滯不前。我們正以過去 7 年來定義我們的相同速度、專注和毅力向前推進。

I'll now turn it over to Carrie to discuss our financial performance.

我現在將把它交給 Carrie 來討論我們的財務業績。

Thanks, Eric. As Eric said, Q3 was another strong quarter for Opendoor. We purchased 15,181 homes, up 79% versus Q2. This growth was driven by our superior value proposition and robust operational capabilities, which led to record levels of offers and record real seller conversion.

謝謝，埃里克。正如 Eric 所說，第三季度是 Opendoor 的又一個強勁季度。我們購買了 15,181 套房屋，比第二季度增長了 79%。這種增長是由我們卓越的價值主張和強大的運營能力推動的，這導致了創紀錄的報價水平和創紀錄的真實賣家轉化率。

Buybox expansion provided a strong tailwind with more than 45% of the homes acquired in Q3 coming from our expanded buybox since the end of 2019. In addition, our brand building efforts and life cycle marketing delivered stronger-than-anticipated growth.

自 2019 年底以來，Buybox 擴張提供了強勁的動力，在第三季度收購的房屋中有超過 45% 來自我們擴大的buybox。此外，我們的品牌建設努力和生命週期營銷實現了強於預期的增長。

On the reseller front, we sold 5,988 homes, up 72% versus Q2 and generated revenue of near $2.3 billion, up 91% quarter-over-quarter. We exceeded the high end of our guidance, primarily due to unit volumes, driven by strong home acquisition growth and the overall strength of demand for homes, which led to a faster sell-through rate than we anticipated.

在經銷商方面，我們售出了 5,988 套房屋，比第二季度增長 72%，產生近 23 億美元的收入，環比增長 91%。我們超出了我們指導的高端，主要是由於強勁的購房增長和房屋需求的整體實力推動的單位數量，這導致銷售速度比我們預期的要快。

Home price appreciation and price-related buybox gains were also tailwinds to revenue, driving a sequential increase in revenue per home sold of 11%. Our adjusted gross profit margin was 10.3%, and our contribution margin was 7.5% in Q3. These compared to 13.5% and 10.8%, respectively, in Q2. This sequential moderation is in line with our expectation and our prior guidance.

房價升值和與價格相關的購買箱收益也對收入有利，推動每套房屋銷售收入連續增長 11%。我們調整後的毛利率為 10.3%，第三季度的貢獻率為 7.5%。相比之下，第二季度分別為 13.5% 和 10.8%。這種連續的緩和符合我們的預期和我們之前的指導。

As a reminder, we believe we can sustainably deliver mid-single-digit contribution margins of approximately 4% to 6% on an annual basis, given our cost structure and the strength of our pricing and operational capabilities. In Q1 and Q2, our margins outperformed these levels for 2 primary reasons: one, as we exited 2020 with very low inventory levels, our resale mix was heavily over-indexed to recently acquired homes; and two, we are deliberately a bit conservative in how much HPA we embedded into our pricing in the early part of the year, particularly as HPA accelerated throughout Q1. We saw both of these temporary factors begin to unwind in Q3, in line with our internal expectations and the guidance we provided last quarter. We expect to be back to operating within our 4% to 6% target margin range in Q4. Over the long term, we believe this move to 7% to 9% as we continue to grow our services revenue and margin streams.

提醒一下，鑑於我們的成本結構以及我們的定價和運營能力的優勢，我們相信我們可以持續提供每年約 4% 至 6% 的中個位數的邊際貢獻。在第一季度和第二季度，我們的利潤率超過了這些水平，主要原因有兩個：第一，當我們以非常低的庫存水平退出 2020 年時，我們的轉售組合嚴重高估了最近購買的房屋；第二，我們在今年年初將多少 HPA 嵌入我們的定價中故意有點保守，特別是在整個第一季度 HPA 加速增長的情況下。我們看到這兩個臨時因素在第三季度開始放鬆，符合我們的內部預期和我們上個季度提供的指導。我們預計第四季度將在 4% 至 6% 的目標利潤率範圍內恢復運營。從長遠來看，隨著我們繼續增加服務收入和利潤流，我們相信這一比例會上升到 7% 到 9%。

One additional note on unit margins given the news of the last few weeks. We understand the importance of: one, forecasting; and two, managing seasonal and macro market changes. We have prioritized our investments in our pricing capabilities across acquisition valuation, forecasting and resell systems since our inception. These investments pair with a strong risk management DNA that's embedded in our pricing, our operations and our finance teams. Our philosophy for growth has always been and will continue to be anchored and disciplined unit economics.

鑑於過去幾週的消息，關於單位利潤率的另一項說明。我們深知：一、預測的重要性；第二，管理季節性和宏觀市場變化。自成立以來，我們一直優先投資於收購估值、預測和轉售系統的定價能力。這些投資與我們的定價、運營和財務團隊中嵌入的強大風險管理 DNA 相結合。我們的增長理念一直並將繼續以單位經濟學為基礎和紀律嚴明。

I'd note that Q4 of 2021 will mark our 20th consecutive quarter of positive contribution margins. Adjusted EBITDA in the quarter was $35 million compared to $26 million in Q2. Adjusted EBITDA was well ahead of our expectations due to revenue outperformance and strong unit economics, both of which provide incremental leverage against our operating expense base.

我注意到，2021 年第四季度將標誌著我們連續第 20 個季度實現正邊際貢獻。本季度調整後的 EBITDA 為 3500 萬美元，而第二季度為 2600 萬美元。由於收入表現出色且單位經濟強勁，調整後的 EBITDA 遠超我們的預期，這兩者都為我們的運營費用基礎提供了增量槓桿。

Adjusted operating expenses, defined as a delta between adjusted EBITDA and contribution profit, were $135 million, up $33 million quarter-over-quarter. We expect Q4 OpEx to increase sequentially by approximately $20 million from Q3 levels as we continue to invest in our platform and growth. We ended the quarter with adjusted net income of negative $17 million compared to positive $2 million in Q2. We view adjusted net income as the best proxy for free cash flow as it distinguishes true free cash flow on an operating basis from how we fund our inventory purchases.

調整後的運營費用（定義為調整後的 EBITDA 與貢獻利潤之間的差值）為 1.35 億美元，環比增長 3300 萬美元。隨著我們繼續投資於我們的平台和增長，我們預計第四季度運營支出將比第三季度水平增加約 2000 萬美元。我們在本季度結束時調整後的淨收入為負 1700 萬美元，而第二季度為正的 200 萬美元。我們將調整後的淨收入視為自由現金流的最佳代表，因為它將運營基礎上的真實自由現金流與我們為庫存購買提供資金的方式區分開來。

Turning to the balance sheet. We ended Q3 with $1.8 billion in cash and cash equivalents and marketable securities as well as $484 million in restricted cash that represents working capital related to our inventory financing. As of today, we've more than doubled our maximum borrowing capacity from last quarter, up now to $9 billion across our nonrecourse asset-backed facilities. We are well capitalized to fuel the tremendous growth we're seeing across our business.

轉向資產負債表。我們在第三季度結束時擁有 18 億美元的現金和現金等價物以及有價證券以及 4.84 億美元的受限現金，這些現金代表與我們的庫存融資相關的營運資金。截至今天，我們的最大借貸能力比上一季度增加了一倍多，現在我們的無追索權資產支持設施達到了 90 億美元。我們資本充足，可以推動我們在整個業務中看到的巨大增長。

Turning now to our guidance. We are reiterating the expectations we laid out last quarter, which puts us at a run rate that pulls forward our original 3-year financial plan by 2 years. Overall, housing fundamentals remain strong, with inventory levels at multi-decade lows for this time of year alongside continued heightened demand for single-family housing. HPA has softened relative to all-time highs, largely due to seasonality, but remains positive and well above the typical levels expected for this time of year. But most importantly, the dominating driver for our business is that customers value the simplicity and certainty of our products and product adoption continues to accelerate. This is evident in our acquisition volume growth of almost 80% quarter-on-quarter, which puts us at an annualized GMV run rate north of $20 billion.

現在轉向我們的指導。我們重申我們在上個季度製定的預期，這使我們的運行速度將我們最初的 3 年財務計劃提前 2 年。總體而言，住房基本面依然強勁，每年這個時候的庫存水平處於數十年來的低點，同時對單戶住宅的需求持續增加。 HPA 相對於歷史高點已經走軟，主要是由於季節性因素，但仍保持正數，遠高於每年這個時候的預期典型水平。但最重要的是，我們業務的主要驅動力是客戶重視我們產品的簡單性和確定性，並且產品採用率繼續加快。這一點在我們的收購量環比增長近 80% 中很明顯，這使我們的年化 GMV 運行率超過 200 億美元。

We expect Q4 acquisition volumes to be lower than third quarter due to proactive volume management initiated in the middle of Q3 as well as a typical seasonal slowdown associated with Q4. As our growth significantly exceeded our expectations, we made the decision to meet our acquisition growth and ensure we continue to deliver a seamless customer experience. We have been and continue to invest aggressively in our internal operations, vendor network and tooling and automation to lay the foundation for another strong year of growth in 2022, while continuing to meet our overall customer operating and financial objectives.

我們預計第四季度的收購量將低於第三季度，原因是在第三季度中期啟動的主動數量管理以及與第四季度相關的典型季節性放緩。由於我們的增長大大超出了我們的預期，我們決定滿足我們的收購增長並確保我們繼續提供無縫的客戶體驗。我們一直並將繼續積極投資於我們的內部運營、供應商網絡以及工具和自動化，為 2022 年的又一個強勁增長奠定基礎，同時繼續實現我們的整體客戶運營和財務目標。

We expect fourth quarter revenue to be between $3.1 billion and $3.2 billion, which represents 39% sequential growth over Q3 at the midpoint of the expected range. And we expect adjusted EBITDA in the range of negative $5 million to positive $5 million, which represents breakeven at the midpoint. This outlook is consistent with the expectations we outlined last quarter. We are proud of Q3. Kudos to our team for these results for their agility in navigating market conditions in a period of hyper growth and for their unwavering focus on delivering a simple, certain and trusted experience to our customers.

我們預計第四季度的收入將在 31 億美元至 32 億美元之間，在預期範圍的中點上比第三季度環比增長 39%。我們預計調整後的 EBITDA 在負 500 萬美元到正 500 萬美元之間，這代表了中點的盈虧平衡。這一前景與我們上個季度概述的預期一致。我們為第三季度感到自豪。感謝我們的團隊取得這些成果，因為他們在高速增長時期能夠靈活地駕馭市場條件，並堅定不移地專注於為我們的客戶提供簡單、確定和值得信賴的體驗。

And with that, we'll now open up the call for questions. Thank you.

有了這個，我們現在將打開提問的電話。謝謝你。

(Operator Instructions) And our first question comes from Nick Jones from Citi.

（操作員說明）我們的第一個問題來自花旗的 Nick Jones。

I guess maybe 2. One, can you touch on housing pricing volatility and how you feel your model is kind of positioned to withstand that and kind of detect it, given kind of the turnover? And then if, let's say, if prices do compress a little bit, how much contribution margin compression can we expect? And how much can kind of model withstand, given some of the other kind of headlines that iBuying over the last 2 weeks?

我想可能是 2。第一，你能談談房價波動嗎？你覺得你的模型在某種程度上能夠承受這種情況並在考慮到營業額的情況下檢測到這種情況？然後，假設，如果價格確實壓縮了一點，我們可以期待多少邊際貢獻壓縮？考慮到 iBuying 在過去 2 週內出現的一些其他類型的頭條新聞，這種模型能承受多少？

Thanks, Nick. Let me -- before I pass it to Carrie talk about the price -- housing price volatility question and the compression of contribution margin question, I just want to reemphasize that we're in a generational shift in housing from offline to online. And we understand empirically that consumers love our product, and we have very strong, stable unit economics. So let me pass it to Carrie to talk about the 2 questions you had.

謝謝，尼克。讓我 - 在我將它傳遞給 Carrie 談論價格之前 - 房價波動問題和邊際貢獻率的壓縮問題，我只想再次強調，我們正處於從線下到線上的代際轉變。我們憑經驗了解到消費者喜歡我們的產品，而且我們擁有非常強大、穩定的單位經濟性。所以讓我把它轉給 Carrie 談談你的 2 個問題。

Thanks, Eric. Hi, Nick, embedded in your question is just how do we price for homes and how do we think about forecasting? Couple of comments. One, we're very good at this. This is core to what we do. We have built, over the last 7 years, very robust pricing systems. We have 7 years of investment in the data, in the modeling and in our team that will allows us to continuously improve how we model and approach home price valuations.

謝謝，埃里克。嗨，尼克，您的問題是我們如何為房屋定價以及我們如何考慮預測？幾個評論。一，我們非常擅長這一點。這是我們工作的核心。在過去的 7 年中，我們建立了非常強大的定價系統。我們對數據、建模和團隊進行了 7 年的投資，這將使我們能夠不斷改進建模和處理房價估值的方式。

We operate our business with a time discipline, as Eric said. We are rigorously back testing our models every day. They're highly responsive. They have fast feedback loops, and we can react to changing market conditions. Our forecasting accuracy was what allows us to manage the business with a reasonable range of outcomes and deliver margins within that 4% to 6% contribution margin range that we've guided to. Ultimately, the proof of our ability to do that is in our results. I just want to mention again, Q4 will mark our 20th consecutive quarter of positive CM. So that's housing -- sort of the housing and forecasting question in total.

正如埃里克所說，我們以時間紀律來經營我們的業務。我們每天都在嚴格地回測我們的模型。他們反應靈敏。他們有快速的反饋循環，我們可以對不斷變化的市場狀況做出反應。我們的預測準確性使我們能夠以合理的結果範圍管理業務，並在我們指導的 4% 到 6% 的邊際貢獻範圍內提供利潤率。最終，我們有能力做到這一點的證據就在我們的結果中。我只想再次提及，第四季度將標誌著我們連續第 20 個季度獲得積極的 CM。這就是住房——總體上是住房和預測問題。

And the Part 2 of your question was around contribution margins and how they may fluctuate with changes in HPA. Important is that our model really works in up markets. It's going to work in flat markets. It's going to work in down markets. We've talked about this before, but we are a market maker. We'd like to find that, that means we provide equity to customers with pricing certainty and we're taking a spread. We're getting paid for that. And we're managing that -- our business in that 4% to 6% range, I just indicated, if HPA were to go down, we would look to fluctuate and increase our spreads to manage through that target margin range. So I would not marry HPA trends and contribution earning trends together. We're driving for consistency within that range of outcomes.

您問題的第 2 部分是關於邊際貢獻以及它們如何隨著 HPA 的變化而波動。重要的是，我們的模型確實適用於上漲市場。這將在平坦的市場中發揮作用。它會在低迷的市場中發揮作用。我們之前已經討論過這個問題，但我們是做市商。我們希望找到這一點，這意味著我們為客戶提供具有定價確定性的股權，並且我們正在採取差價。我們正在為此獲得報酬。我們正在管理這一點——我們的業務在 4% 到 6% 的範圍內，我剛剛指出，如果 HPA 下降，我們會考慮波動並增加我們的利差以管理該目標保證金範圍。所以我不會將 HPA 趨勢和貢獻收入趨勢結合在一起。我們正在推動該範圍內的結果的一致性。

Great. Maybe I can ask a follow-up just around pricing models, I think there's a lot of available data to a lot of people to try to kind of real estate agents do this because they will have a ton of, I guess, data. Is there an angle to kind of how the data is structured and deployed that we need to think more about in terms of kind of a competitive moat?

偉大的。也許我可以就定價模型進行跟進，我認為很多人都有很多可用的數據來嘗試讓房地產經紀人這樣做，因為我猜他們會有大量的數據。數據的結構和部署方式是否存在某種角度，我們需要在競爭護城河方面進行更多思考？

It's a good question, Nick, and something that we treat as proprietary and a large competitive moat that compounds as we get to scale over time. And so I would just say that since we started Opendoor, this has been core and foundational to the business and we've invested time, energy and the team, the data pipelines, how we think about feedback loops across multiple vectors of pricing to be in the position we are in today. And so I'm not going to speak to the specifics, but it is a very big investment area for the company.

這是一個很好的問題，尼克，我們將其視為專有的、具有競爭力的大型護城河，隨著時間的推移，它會隨著我們的規模擴大而變得複雜。所以我只想說，自從我們開始 Opendoor 以來，這一直是業務的核心和基礎，我們投入了時間、精力和團隊、數據管道，以及我們如何考慮跨多個定價向量的反饋循環在我們今天的位置。所以我不打算談具體細節，但這對公司來說是一個非常大的投資領域。

And our next question comes from Jason Helfstein from Oppenheimer.

我們的下一個問題來自奧本海默的 Jason Helfstein。

I'm going to ask 2. How much of the 11% quarter-to-quarter increase in revenue per home was a byproduct or the buybox expansion versus home price appreciation? And then second, with Zillow exiting, how do you think this impacts marketing efficiency -- your marketing efficiency or no impact or just general thoughts there?

我要問 2. 每戶收入季度環比增長 11% 中有多少是副產品或購買箱擴張相對於房價升值？其次，隨著 Zillow 的退出，你認為這會如何影響營銷效率——你的營銷效率還是沒有影響，或者只是一般的想法？

Jason, yes, the 11% increase in revenue per home really a mix of, I'd say, price-related buybox expansion and some just market appreciation. We don't break those 2 things out specifically, but I would say it's a good mix of both. More weighted to the buybox side.

傑森，是的，每戶收入增長 11% 確實是與價格相關的購買箱擴張和一些只是市場升值的混合。我們並沒有專門將這兩件事分開，但我會說這是兩者的完美結合。更偏重於buybox方面。

Yes. To the second part of the question, I would just say that the value proposition is resonating. And it's resonated before Zillow was in the category, and it will continue to resonate as we expand nationwide and drive deepening market share within our existing cities. In fact, we see the opposite of happening of that as we get to scale within cities, our marketing becomes quite efficient.

是的。對於問題的第二部分，我只想說價值主張正在引起共鳴。它在 Zillow 進入該類別之前就引起了共鳴，並且隨著我們在全國范圍內的擴張並推動我們現有城市的市場份額不斷加深，它將繼續引起共鳴。事實上，當我們在城市內擴大規模時，我們看到了相反的情況，我們的營銷變得非常有效。

And our next question comes from Ygal Arounian from Wedbush Securities.

我們的下一個問題來自 Wedbush Securities 的 Ygal Arounian。

So one of the things that came up over the past couple of weeks with what's happened in the iBuying space has been on the pricing side. The other thing that's come up is on operational side. You touched on it in your comments and in the investor letter. Can you maybe expand on Scout a little bit how it drives benefits and helps you scale more efficiently? You mentioned, I think, when you guys first were going public, 10,000 contractors in the app. Can you update that number? And then maybe talk a little bit about how the acquisitions can integrate with Scout and kind of help you improve your scalability on the operational side?

因此，在過去幾周中，iBuying 領域發生的事情之一就是定價方面。出現的另一件事是在操作方面。你在評論和投資者信中提到了它。您能否稍微擴展一下 Scout 如何帶來收益並幫助您更有效地擴展？你提到，我想，當你們第一次上市時，應用程序中有 10,000 名承包商。你能更新那個號碼嗎？然後也許談談收購如何與 Scout 集成，並幫助您提高運營方面的可擴展性？

Ygal, it's Andrew here. Happy to speak to that. We did see acquisition demand significantly outpace our own expectation beginning early in Q3, and we took steps to proactively manage the overall system balance. It's really a good reflection of the integrated system we run here at Opendoor.

Ygal，這裡是安德魯。很高興能和它說話。從第三季度初開始，我們確實看到收購需求大大超過了我們自己的預期，我們採取措施主動管理整體系統平衡。這確實很好地反映了我們在 Opendoor 運行的集成系統。

You mentioned Scout, and our ability to absorb that 80% quarter-over-quarter increase in our acquisition volume really highlighted 7 years of investment, not just in Scout, but in our technology and operations platform more broadly. Capabilities like centralization, the ability to take calls from across our 44 market footprint in 1 location or virtualization, the ability to do for customers or employees or vendors to do things by video instead of in-person or self-serve, which lets a customer do things and take actions on their own time line when it's most convenient for them without ever evolving a person. Those are capabilities that don't happen over moat. It's those investments actually that let us flex up so rapidly and so quickly, even while maintaining the customer experience to an incredibly high standard.

您提到了 Scout，我們吸收收購量環比增長 80% 的能力確實突出了 7 年的投資，不僅是在 Scout，而且在我們更廣泛的技術和運營平台上。諸如集中化、在一個位置接聽來自我們 44 個市場足蹟的電話或虛擬化的能力、通過視頻而不是親自或自助服務為客戶或員工或供應商做事的能力，這讓客戶在對他們來說最方便的時候，在他們自己的時間線上做事並採取行動，而不必發展一個人。這些能力不會發生在護城河上。實際上，正是這些投資讓我們如此迅速地靈活調整，即使同時將客戶體驗保持在令人難以置信的高標準。

Great. That's really helpful. And then I guess in all that's happening a little bit lost in the shuffle is something that usually gets a little bit more attention is just on the ancillary services. And any update on that in general and open Backed Offers? And then how Opendoor Complete can -- or how you expect Opendoor Complete to kind of tie that together and potentially drive better attach in the coming quarters?

偉大的。這真的很有幫助。然後我想在洗牌中發生的所有事情中都有些迷失，而通常只會在輔助服務上得到更多關注。以及一般情況下的任何更新和開放的支持報價？那麼 Opendoor Complete 將如何——或者您希望 Opendoor Complete 如何將它們結合在一起並可能在未來幾個季度推動更好的連接？

Sure, thanks. Last quarter, we shared that we hit that $1 billion GMV milestone on Opendoor Backed Offers, and that really was about product market that our Opendoor Backed Offers were helping customers be more successful in winning their next home. Right now, we're focused on scalability, making sure our tech and ops platforms for our services are ready to scale.

當然，謝謝。上個季度，我們分享了我們在 Opendoor Backed Offers 上達到了 10 億美元的 GMV 里程碑，這確實與產品市場有關，我們的 Opendoor Backed Offers 正在幫助客戶更成功地贏得他們的下一個家。目前，我們專注於可擴展性，確保我們服務的技術和運營平台已準備好擴展。

For the comments on our core business, we know that those upfront investments are critical to delivering great experiences over time, and we're focused on investing there. We continue to make progress. As you called out, we launched Opendoor Complete last week, which helps the nearly 2/3 of sellers who are also buying, have certainty on their sale and the equity in their home, have the power of an Opendoor Backed Offers to bring their next home and the convenience of lining up all the dates. All the power of Opendoor's innovation in one seamless offering.

對於對我們核心業務的評論，我們知道這些前期投資對於隨著時間的推移提供出色的體驗至關重要，我們專注於在那裡進行投資。我們繼續取得進展。正如您所說，我們上週推出了 Opendoor Complete，這有助於近 2/3 的也在購買的賣家確定他們的銷售和房屋淨值，擁有 Opendoor Backed Offers 的力量來帶來他們的下一個家和排隊所有日期的便利。 Opendoor 創新的所有力量都在一個無縫的產品中。

We also announced the acquisition of RedDoor, a fully digital mortgage brokerage that delivers a truly delightful customer experience. Eric mentioned it in the prepared remarks, a buyer can go from app install to prequal in less than 60 seconds. We're focused on getting the integration and licensing done and look forward to rolling that out in the early part of next year. Overall, we're seeing strong signs that the end-to-end digital experience is what our customers create, and we're confident that our strategy and execution will deliver for years to come.

我們還宣布收購 RedDoor，這是一家提供真正令人愉悅的客戶體驗的全數字抵押貸款經紀公司。 Eric 在準備好的評論中提到，買家可以在不到 60 秒的時間內從應用安裝到預審。我們專注於完成集成和許可，並期待在明年年初推出。總體而言，我們看到強烈跡象表明端到端數字體驗是我們的客戶創造的，我們相信我們的戰略和執行將在未來幾年內實現。

And our next question comes from Stephen Ju from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Stephen Ju。

I'm sorry if this was covered a little bit earlier, but can you talk about your level of inventory buildup this quarter? Should we be thinking that the traditional holding period of around 90 to 100 days may be elongating a bit here, so you can give yourself a little bit more time to refurbish, given the labor constraints? Or is there another operational factor that's going into your decision here?

很抱歉，如果這個問題早些被提及，但你能談談你本季度的庫存積累水平嗎？我們是否應該認為，傳統的大約 90 到 100 天的持有期在這裡可能會延長一點，所以考慮到勞動力的限制，您可以給自己多一點時間進行翻新嗎？或者是否還有其他操作因素會影響您的決定？

And I guess there's probably nuances for each market, but are you finding that the time line to launch each subsequent city, your market is coming down as you get more practiced and, at this point, how much prep work or time line does it really take to go into each new market?

而且我想每個市場可能都有細微差別，但是您是否發現啟動每個後續城市的時間線，隨著您的練習越來越多，您的市場正在下降，在這一點上，它真的有多少準備工作或時間線進入每個新市場？

Stephen, it's Carrie. Maybe I'll touch base a little bit on inventory health and I'll ask Andrew speak to the last part of your question. Yes, inventory grew a lot in the last quarter. That's a function of us growing. It's a good thing, and we feel good about what we own right now in the pace of our resale.

斯蒂芬，是嘉莉。也許我會稍微談談庫存健康狀況，我會請安德魯談談你問題的最後一部分。是的，庫存在上個季度增長了很多。這是我們成長的一個功能。這是一件好事，我們對我們現在在轉售過程中所擁有的東西感覺良好。

Our resale pace is going to be slower or faster, depending on the market environment we're in and certainly time of year. There's one consideration there. I mean people don't love moving during the holidays. So Q4 may be slower. Q1 a little bit faster, et cetera. We factor our resale expectations into how we price and how we manage our inventory. And I'd say that Q4 reflects that resale pace and where we're at right now against what continues to be a very healthy housing market. Nothing fundamentally has changed really about our holding period. So I'll ask Andrew to comment on the latter part of your question.

我們的轉售速度會變慢或變快，這取決於我們所處的市場環境，當然還有一年中的時間。這裡有一個考慮因素。我的意思是人們不喜歡在假期裡搬家。所以第四季度可能會慢一些。 Q1 快一點，等等。我們將我們的轉售預期納入我們如何定價和如何管理我們的庫存。我想說的是，第四季度反映了轉售速度以及我們現在所處的位置，而房地產市場仍然非常健康。我們的持有期並沒有從根本上真正改變。所以我會請安德魯對你問題的後半部分發表評論。

Sure. And I think 2 parts in there, the first around holding periods. Overall, we did, as I mentioned, take steps to proactively manage the overall system period -- system balance because that holding period is elongated. We're confident that the supply will be balanced with our demand outlook across the vast majority of our 44 market footprint by the end of the year.

當然。而且我認為其中有兩個部分，第一個部分圍繞持有期。總的來說，正如我所提到的，我們確實採取了措施來主動管理整個系統週期——系統平衡，因為持有期被延長了。我們有信心，到今年年底，我們 44 個市場足跡中絕大多數的供應將與我們的需求前景保持平衡。

Now certainly, we see some of the labor constraints that are so prevalent across the country right now, but it's really important to call out that the homes we buy are generally in good conditions. We typically do small jobs like repairs, so getting a home resale ready doesn't require specialty labor. So we feel good about our ability to have that system completely in balance by the end of this year.

現在，當然，我們看到現在全國普遍存在一些勞動力限制，但重要的是要指出我們購買的房屋通常狀況良好。我們通常做維修等小型工作，因此準備好房屋轉售不需要專業勞動力。因此，我們對在今年年底之前使該系統完全平衡的能力感到滿意。

And then I think you also had a question in there around the time to launch in additional cities. Look, we've more than doubled our market footprint. We started the year with 21 markets. We're now in 44. That 23 market increase is really a testament to our team's execution and the refinement of the playbook that we've made. You saw us actually not only launch 23 markets year-to-date, but you saw us launch 6 markets in a single day. And that's a function of the time and investment in centralizing teams so that we could launch and scale more quickly and the team continues to be hard at work to expand our footprint nationwide. So we feel good about our playbooks there.

然後我想你在其他城市推出的時候也有一個問題。看，我們的市場足跡增加了一倍多。今年年初我們有 21 個市場。我們現在是 44。23 的市場增長確實證明了我們團隊的執行力和我們制定的劇本的完善。您看到我們實際上不僅今年迄今推出了 23 個市場，而且您看到我們在一天內推出了 6 個市場。這是集中團隊的時間和投資的功能，以便我們可以更快地啟動和擴展，並且團隊繼續努力在全國范圍內擴大我們的足跡。所以我們對那裡的劇本感覺很好。

And our next question comes from Michael Ng from Goldman Sachs.

我們的下一個問題來自高盛的 Michael Ng。

This is Adam Hotchkiss on for Mike. I have 2. First, you mentioned the record real seller conversion, which, I think, given the bidding wars in the market and high velocity of homes going through the traditional process seems to be quite impressive. Could you give us a sense for what dynamics you think are driving this in the quarter?

這是邁克的亞當霍奇基斯。我有 2。首先，您提到了創紀錄的真實賣家轉化率，我認為，考慮到市場上的競價戰以及通過傳統流程的房屋的高速度，這似乎令人印象深刻。您能否讓我們了解一下您認為在本季度推動這一趨勢的動力是什麼？

And then second, with the 45% of acquisitions you mentioned coming from the expanded buybox since 2019, could you give us a sense of how much of that is new markets versus the expansion of the buybox in some of your other core markets? I guess it would just be good to get a sense of how quickly you ramp the buybox in more heterogeneous markets as you launch them and what gives you the confidence there?

其次，你提到的 45% 的收購來自 2019 年以來擴大的購買箱，你能否告訴我們其中有多少是新市場，而不是你其他一些核心市場的購買箱擴張？我想了解一下你在推出更多異構市場時的購買箱速度有多快，以及是什麼讓你在那裡有信心？

Yes, I appreciate the question, Adam. So we're -- like you mentioned, we're seeing record highs in 2 vectors, which is offer requests and then real seller conversion. And what I can highlight is that we have been in a continued focus on 3 vectors to drive conversion, which is simplicity to our team speed. The last factor that we've started to focus on is really trust. And we see that as we get dense in markets word of mouth takes over and MPS is north of 80, and that helps to drive additional conversion and offer awareness. To the second part of the question, I'll pass it to Carrie to talk about the market -- the buybox expansion.

是的，我很欣賞這個問題，亞當。所以我們 - 就像你提到的那樣，我們在 2 個向量中看到了創紀錄的高點，即報價請求和真正的賣家轉化。我可以強調的是，我們一直在持續關注 3 個向量來推動轉換，這對我們的團隊速度來說很簡單。我們開始關注的最後一個因素是真正的信任。我們看到，隨著我們在市場上的口口相傳越來越密集，MPS 超過 80，這有助於推動額外的轉化並提高知名度。對於問題的第二部分，我將把它交給 Carrie 來談談市場——buybox 擴展。

Yes, I'm happy to. So the 45% increase in buybox you've seen since the 2019 time period, the vast majority of that is driven by what's in our existing markets. It's just expanding the surface area we can cover within a given market, whether that's home type or price or age, what have you, it's really mostly driven by the existing market side.

是的，我很高興。因此，自 2019 年以來，buybox 增加了 45%，其中絕大多數是由我們現有市場的驅動。它只是擴大了我們在給定市場中可以覆蓋的表面積，無論是房屋類型、價格還是年齡，你有什麼，它實際上主要是由現有市場方面驅動的。

And our next question comes from Edward Yruma from KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Edward Yruma。

This is Abi Zvejnieks on for Ed. So I know that penetration of iBuying is still low, but do you believe that sellers were cross-shopping different iBuyers? And then if so, have you seen any localized pricing changes due to the exit of Zillow?

這是 Ed 的 Abi Zvejnieks。所以我知道 iBuying 的滲透率仍然很低，但你相信賣家在交叉購物不同的 iBuyer 嗎？如果是這樣，您是否看到由於 Zillow 的退出而導致的任何本地化定價變化？

And then a second part to the question, it seems like the buybox has expanded to higher value homes. But are you also open to older housing stock or homes that acquire more repair, remodel?

然後問題的第二部分，似乎buybox已經擴展到更高價值的房屋。但是，您是否也對舊房或需要更多維修、改造的房屋持開放態度？

I appreciate the question. So the first part of the question was, have we observed cross-shopping in iBuying? And what is the impact of less competition? I think what we've seen is that if we can meet customer expectations and deliver, again, on a simple, certain and fast transaction that people will say yes to Opendoor. And while there are cases where people are cross-shopping, we're investing heavily in the experience, our operational capabilities to lower the cost and our pricing accuracy to win the trust of our customers. Again, conversion is north of 35%. So cross-shopping hasn't at all impaired our ability to grow. And in fact, there is, in our perspective, too much demand for our product.

我很欣賞這個問題。所以問題的第一部分是，我們是否在 iBuying 中觀察到交叉購物？競爭減少有什麼影響？我認為我們所看到的是，如果我們能夠滿足客戶的期望並再次以簡單、確定和快速的交易方式交付，人們就會對 Opendoor 說“是”。雖然存在人們交叉購物的情況，但我們在體驗、降低成本的運營能力和定價準確性方面投入了大量資金，以贏得客戶的信任。同樣，轉化率在 35% 以上。所以交叉購物並沒有削弱我們的成長能力。事實上，在我們看來，對我們的產品有太多的需求。

And on your question around buybox changes, as Carrie mentioned, that's really expanding our coverage of homes that we can offer on. We want to delight more customers with the experiences we offer, and that could be any number of dimensions that drive that expansion. It could be an older home. It could be the home price. It could be a little bit around home condition. It could be -- take your pick of a long list of different attributes that drive that expansion. And our team has been really good about finding those opportunities where we were not making offers to customers and expanding our offering to them while making sure that we felt really good about the pricing accuracy and our ability to forecast.

正如 Carrie 所提到的，關於您關於購買箱變化的問題，這確實擴大了我們可以提供的房屋的覆蓋範圍。我們希望通過我們提供的體驗來取悅更多的客戶，而這可能是推動這種擴展的任意數量的維度。這可能是一個老房子。可能是房價。這可能與家庭狀況有關。它可能是 - 選擇一長串推動這種擴張的不同屬性。我們的團隊非常善於發現那些我們沒有向客戶提供報價的機會，並將我們的產品擴展到他們，同時確保我們對定價準確性和我們的預測能力感到非常滿意。

(Operator Instructions) And our next question comes from Ryan McKeveny from Zelman & Associates.

（操作員說明）我們的下一個問題來自 Zelman & Associates 的 Ryan McKeveny。

Eric and Carrie, congrats on the results. So obviously, inventory risk management is clearly top of mind here. And Carrie, you mentioned risk management in the DNA of the company. So at the end of the day, obviously, we can see the results in terms of the unit margins, obviously, remaining good. The inventory valuation impairment staying very modest relative to the size of the inventory.

埃里克和嘉莉，祝賀結果。顯然，庫存風險管理顯然是這裡的首要考慮因素。 Carrie，你提到了公司 DNA 中的風險管理。所以在一天結束時，顯然，我們可以看到單位利潤率方面的結果，顯然，保持良好。相對於存貨規模，存貨估值減值保持非常溫和。

So to ask what several of my colleagues on the call have asked but a bit different way, part of it fairly relates to the pricing accuracy at the start, but then there's also managing things once in inventory managing that resell pace. Can you talk about your philosophy around whether it's managing cohorts based on geography or time and inventory? And ultimately, just thinking about that tailor risk of the portfolio and kind of how you think about managing that to avoid the situation where you get caught with some inventory that's maybe not selling for where you thought it would? Just general thoughts on the risk management side would be helpful.

因此，要問我在電話會議上的幾位同事提出的問題，但方式有所不同，其中一部分與一開始的定價準確性相當相關，但在庫存管理中也有管理轉售速度的事情。您能否談談您的理念是基於地理位置還是時間和庫存來管理群組？最終，只需考慮投資組合的量身定制的風險，以及您如何考慮管理該風險以避免您陷入某些可能無法按預期出售的庫存的情況？只是對風險管理方面的一般想法會有所幫助。

Sure. I'm happy to give you some more color on that. I mean as you said, we highlighted in our remarks, it really is part of our DNA. We spend as much time on the risk management side as we do thinking about the acquisition side. I mean, obviously, those 2 things are paired together. We're constantly looking at cohort performance and making sure that they are performing in line with where we expected. We hold our own feet to the fire on that every day.

當然。我很高興給你更多的顏色。我的意思是，正如你所說，我們在講話中強調，這確實是我們 DNA 的一部分。我們花在風險管理方面的時間與考慮收購方面的時間一樣多。我的意思是，顯然，這兩件事是配對的。我們一直在關注同類群組的表現，並確保他們的表現符合我們的預期。我們每天都堅持自己的腳在火上。

We're not just looking at geographies, Ryan, but we're looking at home segment, home price segments, you name it to understand relative to the expectations we had, how are they performing over time and that feeds into our ability to forecast and manage it to the margin ranges we have.

Ryan，我們不僅關注地域，而且關注家庭細分市場、房價細分市場，您可以將其命名為了解相對於我們的預期，隨著時間的推移它們的表現如何，這有助於我們的預測能力並將其管理到我們擁有的保證金範圍內。

We have a big team, a very smart people who spend all their time on this topic of pricing and investment led by our Chief Investment Officer, but the ownership of risk and the risk management systems really extend beyond that. It's core to not just the pricing team. Our ops team is held accountable for managing accounts and risk. Our finance team thinks about certainly capital markets. We meet regularly on a topic of risk management at the very senior levels of the Opendoor management team and then down from there. So it's really core to what we do and just part of our daily operating game. It has to be.

我們有一個龐大的團隊，一個非常聰明的人，他們把所有的時間都花在了由我們的首席投資官領導的定價和投資這個話題上，但風險的所有權和風險管理系統確實超出了這個範圍。這不僅僅是定價團隊的核心。我們的運營團隊負責管理賬戶和風險。我們的財務團隊當然會考慮資本市場。我們定期在 Opendoor 管理團隊的最高層就風險管理的主題開會，然後從那裡開始。所以它是我們工作的核心，也是我們日常運營遊戲的一部分。它一定要是。

That's helpful, Carrie. Second question, so on the labor of materials side of things for renovation. So obviously, whether it's homebuilders, whether it's renovators, there are constraints and makes sense to call out the Opendoor Scout platform. I guess to take it a step further and think of big picture as opposed to the near term, the acquisitions of Pro.com and Skylight, should we think of those as platforms that can get you guys over the long term into things like customizations, upgrades, options that a customer could actually come in kind of digitally and start customizing some things and become in theory and added income stream over time? Maybe just some commentary on Pro.com and Skylight and how that ties in?

這很有幫助，嘉莉。第二個問題，等裝修材料方面的勞動。所以很明顯，無論是房屋建築商，還是裝修商，都存在限制，並且需要調用 Opendoor Scout 平台。我想更進一步，考慮大局而不是短期，收購 Pro.com 和 Skylight，我們是否應該將這些視為可以讓你們長期從事定制等工作的平台，升級，客戶實際上可以以數字方式進入並開始定制一些東西並在理論上成為並隨著時間的推移增加收入流的選項？也許只是對 Pro.com 和 Skylight 的一些評論以及它們之間的關係？

Yes, it's a good question and a good idea. So we -- I've known the founders of Pro and Skylight for years. And in my perspective, it's rare to find teams that understand the complexity and have the expertise to combine logistics and technology, and that's why we acquired these companies. These teams are passionate about solving consumer problems in housing that has technology capabilities that can pull forward our road map, and they're going to be working on helping us scale Opendoor.

是的，這是一個好問題和好主意。所以我們 - 我認識 Pro 和 Skylight 的創始人多年。在我看來，很難找到了解複雜性並擁有將物流和技術相結合的專業知識的團隊，這就是我們收購這些公司的原因。這些團隊熱衷於解決住房中的消費者問題，他們擁有可以推動我們的路線圖的技術能力，他們將致力於幫助我們擴展 Opendoor。

The second part of your question is, do we want to apply these capabilities in the future to help consumers personalize homes and add revenue streams? It's something that we dream about. It's something that we will put into motion once we feel comfortable with our operational scale. And lastly, more importantly, that we can deliver on a fantastic consumer experience in that category. And I think it's something that we can do in the future.

您問題的第二部分是，我們是否希望在未來應用這些功能來幫助消費者個性化家居並增加收入來源？這是我們夢寐以求的事情。一旦我們對我們的運營規模感到滿意，我們就會付諸實施。最後，更重要的是，我們可以在該類別中提供出色的消費者體驗。我認為這是我們將來可以做的事情。

And I'm showing no further questions. I would now like to turn the call back over to Eric Wu for closing remarks.

我沒有再提出任何問題。我現在想把電話轉回給 Eric Wu 做結束語。

I just want to spend a second to thank our teammates here at Opendoor that put in the hard work when no one is looking to delight our customers. These results are a byproduct of that hard work and the teammates around the table that spend on nights and weekends helping our customers. Thank you.

我只想花一點時間感謝我們在 Opendoor 的隊友，他們在沒有人希望取悅我們的客戶時付出了辛勤的工作。這些結果是辛勤工作的副產品，以及在晚上和周末幫助我們的客戶的同事們。謝謝你。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝你。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。