Opendoor Technologies Inc (OPEN) 2021 Q2 法說會逐字稿

Hello. Thank you for standing by, and welcome to the Opendoor Second Quarter 2021 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference may be recorded. (Operator Instructions) I would now like to hand the conference over to your speaker today, Elise Wang, VP of Investor Relations. Please go ahead.

你好。感謝您的耐心等待，歡迎參加 Opendoor 2021 年第二季度收益電話會議。 （操作員指示）請注意，今天的會議可能會被錄音。 （操作員指示）我現在想將會議交給今天的發言人，投資者關係副總裁 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.

謝謝你，下午好。有關我們業績的完整詳細信息和其他管理層評論，請參閱我們的收益發布和股東信函，您可以在我們網站 Investor.opendoor.com 的投資者關係部分找到這些內容。請注意，本次電話會議將在公司網站的投資者關係部分同時進行網絡直播。

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 未來財務業績以及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，並且涉及風險和不確定性，可能導致實際結果與此處討論的結果存在重大差異。

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 June 30, 2021, to be filed with the 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.

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 日的 10-K 表格年度報告的風險因素部分以及 Opendoor 的其他定期向 SEC 提交的文件中找到，包括截至2021 年6 月30 日的10-Q 表格季度報告將提交給SEC。本次電話會議中所做的任何前瞻性陳述，包括對您問題的答复，均基於截至今天的當前預期，Opendoor 不承擔更新或修改這些陳述的義務，無論是由於新的發展還是其他原因，除非有要求根據法律。

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.

以下討論可能包含非公認會計準則財務指標。如需將每項非 GAAP 財務指標與最直接可比的 GAAP 指標進行對照，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吳彥祖。

Thank you, Elise, and good afternoon. On the call today, I'm joined by Carrie Wheeler, our Chief Financial Officer; and Andrew Low Ah Kee, our President. I'm excited to share our outstanding second quarter results and the significant progress towards our goal of making it possible to buy, sell and move at the tap of a button.

謝謝你，伊莉斯，下午好。我們的首席財務官 Carrie Wheeler 也參加了今天的電話會議。以及我們的主席安德魯·劉亞基 (Andrew Low Ah Kee)。我很高興與大家分享我們出色的第二季度業績，以及我們在實現只需點擊按鈕即可購買、出售和移動的目標方面所取得的重大進展。

As always, the consumer experience is at the center of everything we do here at Opendoor. We recently hit a special milestone of completing our 100,000th customer transaction, and I'm proud to have that family, the Petitto's, share their experience with Opendoor.

一如既往，消費者體驗是我們在 Opendoor 所做的一切的中心。我們最近達到了一個特殊的里程碑，完成了第 100,000 筆客戶交易，我很自豪 Petitto 家族能夠分享他們與 Opendoor 的經驗。

(presentation)

（推介會）

Jack and Nicole's story is one of many that we hear every day from consumers who have trusted us with their most important financial transaction and to make their life transition a whole lot easier. We set out with an audacious goal, to redefine how people buy and sell a home, and we knew we could reach 100,000 consumers en route to millions.

傑克和妮可的故事是我們每天從消費者那裡聽到的眾多故事之一，他們信任我們為他們提供最重要的金融交易，並讓他們的生活轉變變得更加輕鬆。我們制定了一個大膽的目標，重新定義人們買賣房屋的方式，我們知道我們可以覆蓋 100,000 名消費者，進而覆蓋數百萬消費者。

But we didn't imagine it happening this quickly. We pride ourselves on our relentless focus on the consumer experience, pricing expertise and operational excellence, and our progress is clear in our results.

但我們沒想到事情發生得這麼快。我們為自己對消費者體驗、定價專業知識和卓越運營的不懈關注而感到自豪，我們的進步在我們的成果中顯而易見。

In the second quarter, our revenue grew 59% versus Q1 to nearly $1.2 billion. This top line outperformance, combined with our strong unit economics, led us to generate $25.6 million in adjusted EBITDA, which is $28 million higher than the prior quarter as well as $2.5 million in adjusted net income. What's even more exciting is that based on our current progress, our second half revenue run rate is on track to exceed our 2023 target, a full 2 years ahead of plan.

第二季度，我們的收入比第一季度增長 59%，達到近 12 億美元。這種出色的營收表現，加上我們強勁的單位經濟效益，使我們的調整後 EBITDA 達到 2560 萬美元，比上一季度高出 2800 萬美元，調整後淨利潤也高出 250 萬美元。更令人興奮的是，根據我們目前的進展，我們下半年的收入運行率有望超過 2023 年的目標，比計劃提前了整整 2 年。

These results are driven by the progress we've made across our 3 strategic priorities. Starting with existing market share growth, we continue to drive all-time highs again in seller offers and true seller conversion across our existing markets. In Q2, we acquired a total of 8,494 homes, the highest in our history by nearly 50%. This record volume was in part driven by our buybox expansion as we are now able to underwrite the majority of homes in all of our existing markets. We expect this increase in market coverage to play a key role in driving the next phase of our growth.

這些成果是由我們在 3 個戰略重點方面取得的進展推動的。從現有市場份額的增長開始，我們繼續在現有市場的賣家報價和真實賣家轉化率方面再次創下歷史新高。第二季度，我們總共購買了 8,494 套房屋，創歷史新高，增長了近 50%。這一創紀錄的銷量在一定程度上是由於我們的黃金購物車擴張所推動的，因為我們現在能夠承保所有現有市場中的大多數房屋。我們預計市場覆蓋範圍的擴大將在推動我們下一階段的增長中發揮關鍵作用。

We are also observing an increase in awareness of our product offering with direct traffic up 103% since the beginning of this year. This tells us our value proposition is resonating deeply with consumers and more and more home sellers are exploring Opendoor as an alternative to the traditional sale.

我們還發現，自今年年初以來，我們的產品認知度有所提高，直接流量增長了 103%。這告訴我們，我們的價值主張與消費者產生了深刻的共鳴，越來越多的房屋賣家正在探索 Opendoor 作為傳統銷售的替代方案。

In our top 5 markets, for example, we are driving a combined acquisition run rate of over $8 billion. This momentum is further evidence of the seismic shift in consumer demand towards a modern real estate experience, and we are meeting this demand with a home sales experience that continues to exceed a Net Promoter Score of 80.

例如，在我們的前 5 個市場中，我們正在推動超過 80 億美元的合併收購運行率。這種勢頭進一步證明了消費者需求向現代房地產體驗的巨大轉變，我們正在通過淨推薦值繼續超過 80 的房屋銷售體驗來滿足這一需求。

Secondly, we continue our expansion efforts into new markets, making progress towards our goal of servicing buyers and sellers nationwide. We launched 12 new markets in the second quarter and 2 additional markets in July, which broadens our total market presence to 41 as of today. The scalability of our model is driven by our improvements in our launch playbook, investments in technology and automation and increased centralization, allowing us to expand into new markets quickly with limited upfront cost.

其次，我們繼續努力拓展新市場，朝著服務全國買家和賣家的目標邁進。我們在第二季度推出了 12 個新市場，並在 7 月份又推出了 2 個市場，截至目前，我們的市場份額總數已擴大至 41 個。我們模型的可擴展性是由我們對發布策略的改進、對技術和自動化的投資以及集中化程度的提高所驅動的，這使我們能夠以有限的前期成本快速擴展到新市場。

And finally, we continue to make progress towards our north star of building the end-to-end digital experience for every buyer and seller. Our product teams are driving towards an on-demand transaction that is simple, certain and fast.

最後，我們繼續朝著為每個買家和賣家打造端到端數字體驗的北極星方向取得進展。我們的產品團隊正在努力實現簡單、確定、快速的按需交易。

For sellers, we launched self-service assessments, allowing customers to completely self-serve and on-demand complete the home assessment with just their mobile device. This is not only a superior customer experience, but also reduces our cost structure allowing us to put more money in the pockets of our customers.

對於賣家，我們推出了自助評估，讓客戶只需通過移動設備即可完全自助、按需完成房屋評估。這不僅是卓越的客戶體驗，而且還降低了我們的成本結構，使我們能夠將更多的錢放入客戶的口袋。

For buyers, we continue to see significant growth of our buy with Opendoor products with the recent addition of Opendoor Backed Offers experiencing rapid adoption since launch less than 6 months ago. We are excited to share that our Buy with Opendoor products has crossed the $1 billion run rate and will continue to grow in scale at a rapid pace. This is a great example of the speed in which we were able to innovate to meet consumer demand on top of our platform.

對於買家來說，我們繼續看到 Opendoor 產品的購買量顯著增長，最近添加的 Opendoor 支持優惠自推出不到 6 個月以來得到了迅速採用。我們很高興地告訴大家，我們的 Buy with Opendoor 產品已突破 10 億美元的運行規模，並將繼續快速擴大規模。這是我們能夠在平台上進行創新以滿足消費者需求的速度的一個很好的例子。

Lastly, we know that 65% of sellers are also buyers, so we are integrating our products into one bundled experience. We were adding Buy with Opendoor for each of our sellers also looking to buy and bundling title, escrow and home loans to meet the transaction completely seamless and low cost. As we look ahead, we believe that a relentless focus on the consumer experience, developing the most accurate pricing engine and building the lowest cost platform are our foundation to become the clear digital one-stop shop for all homebuyers and sellers.

最後，我們知道 65% 的賣家也是買家，因此我們正在將我們的產品整合到一種捆綁體驗中。我們為每個希望購買和捆綁產權、託管和住房貸款的賣家添加了“Buy with Opendoor”，以滿足完全無縫且低成本的交易。展望未來，我們相信，對消費者體驗的不懈關注、開發最準確的定價引擎和構建成本最低的平台是我們成為所有購房者和賣家的清晰數字一站式商店的基礎。

Before I turn the call over to Carrie, I want to thank all of our teammates at Opendoor. It is their dedication and hard work in servicing our customers every day that allows us to deliver the industry's best-in-class conversion, best-in-class unit economics and best-in-class customer satisfaction.

在將電話轉給 Carrie 之前，我要感謝 Opendoor 的所有隊友。正是他們每天為客戶提供服務的奉獻精神和辛勤工作，使我們能夠提供業界一流的轉化率、一流的單位經濟效益和一流的客戶滿意度。

Thanks, Eric. A detailed summary of our second quarter financial results can be found in our shareholder letter, so I'm going to quickly walk through key second quarter highlights before moving on to Q&A.

謝謝，埃里克。我們第二季度財務業績的詳細摘要可以在我們的股東信中找到，因此我將快速瀏覽第二季度的主要亮點，然後再進行問答。

As Eric mentioned, we are driving strong momentum across our business. We achieved record acquisition volume in the quarter. We purchased 8,494 homes, up 136% versus Q1, largely driven by high conversion and buybox expansion in existing markets. We reached record real seller conversion and over 35% of our total homes purchased in Q2 were homes that we were not able to offer on as of the end of 2019.

正如埃里克提到的，我們正在推動整個業務的強勁發展勢頭。我們在本季度實現了創紀錄的收購量。我們購買了 8,494 套房屋，較第一季度增長 136%，這主要是由於現有市場的高轉化率和購買力擴張所致。我們的真實賣家轉化率達到了創紀錄的水平，截至 2019 年底，我們在第二季度購買的房屋總數中，有超過 35% 是我們無法提供的房屋。

Acquisition momentum has further accelerated into Q3, and we're on track to significantly exceed Q2 levels in the back half. On the resale front, we sold 3,481 homes in Q2, up 41% versus first quarter and generated revenue of nearly $1.2 billion, up 59% quarter-over-quarter. The increase in homes sold was due to ramping inventory levels and high transaction velocity in the supply-constrained market.

進入第三季度，收購勢頭進一步加速，我們有望在後半段大幅超過第二季度的水平。在轉售方面，我們第二季度售出 3,481 套房屋，比第一季度增長 41%，收入近 12 億美元，比第一季度增長 59%。房屋銷售量的增加是由於供應緊張的市場中庫存水平上升和交易速度較高。

Revenue growth exceeded our initial expectations, primarily due to acquisition strength fueled by record offer growth and conversion. Based on our resale strategies, enabled by our position as principal versus a traditional agent, we moderated our resale pace against our inventory at the end of Q2 and into Q3. We believe this maximizes the ROI in our portfolio while still maintaining very healthy absolute clearance levels and hold periods. You should expect that we will continually evaluate and tune our resale strategies based on market dynamics and seasonality.

收入增長超出了我們最初的預期，主要是由於創紀錄的報價增長和轉化推動了收購力度。根據我們作為委託人而非傳統代理商的轉售策略，我們在第二季度末和第三季度根據庫存調整了轉售步伐。我們相信，這可以最大限度地提高我們投資組合的投資回報率，同時仍然保持非常健康的絕對清算水平和持有期限。您應該期望我們會根據市場動態和季節性不斷評估和調整我們的轉售策略。

Unit margins were strong in the quarter, with adjusted gross margin up 50 basis points versus Q1 at 13.5% and contribution margin up 60 basis points versus Q1 at 10.8%. Our ability to use data and technology to manage our inventory resale is a structural advantage that's beneficial to our margins. We use data to manage our sell-through velocity and margin and a portfolio approach to optimize price compared to individual sellers who don't have that same level of insight. Furthermore, we continue to drive efficiency in our cost structure, which resulted in over 200 basis points of structural improvement over the last year.

本季度單位利潤率強勁，調整後毛利率較第一季度上升 50 個基點，達到 13.5%，貢獻利潤率較第一季度上升 60 個基點，達到 10.8%。我們使用數據和技術來管理庫存轉售的能力是一種結構性優勢，有利於我們的利潤。與不具備同等洞察力的個人賣家相比，我們使用數據來管理我們的銷售速度和利潤，並使用組合方法來優化價格。此外，我們繼續提高成本結構效率，去年結構性改善超過 200 個基點。

In addition to these durable improvements, we did see higher-than-expected home price appreciation, or HPA, as a tailwind to margins. We also continue to benefit from having a healthy inventory mix weighted to recently acquired homes. We anticipate both these benefits to moderate during the course of the second half. As a result, as we also indicated last quarter, we are planning for our contribution margins to trend lower in the second half of the year. Normalizing for these temporary benefits, we would expect contribution margin to trend to the mid-single-digit level.

除了這些持久的改善之外，我們確實看到高於預期的房價升值（HPA）是利潤率的推動因素。我們還繼續受益於對最近購買的房屋進行加權的健康庫存組合。我們預計下半年這些好處都會減弱。因此，正如我們上季度表示的那樣，我們計劃下半年的貢獻率呈下降趨勢。將這些暫時收益正常化後，我們預計邊際貢獻率將趨於中個位數水平。

As we operate at ever greater scale and leverage our structural advantages around resale strategy and cost structure, we feel confident in our ability to deliver our target contribution margin in any HPA environment.

隨著我們的經營規模越來越大，並利用我們在轉售策略和成本結構方面的結構優勢，我們對在任何 HPA 環境中實現目標邊際貢獻的能力充滿信心。

Adjusted EBITDA in the quarter was $26 million compared to negative $2 million in Q1. Adjusted EBITDA margin was 2.2%, up from negative 0.3% in Q1. Adjusted EBITDA was well ahead of our expectations due to revenue outperformance and strong unit economics, both of which provided incremental leverage against our operating expense base. Adjusted operating expenses, or the delta between adjusted EBITDA and contribution profit, were $102 million in Q2, up $24 million quarter-over-quarter. We expect Q3 sequential OpEx to increase approximately $30 million from Q2 levels as we continue to invest behind the growth of the business.

本季度調整後 EBITDA 為 2600 萬美元，而第一季度為負 200 萬美元。調整後 EBITDA 利潤率為 2.2%，高於第一季度的負 0.3%。由於收入表現出色和強勁的單位經濟效益，調整後的 EBITDA 遠遠超出了我們的預期，這兩者都為我們的運營費用基礎提供了增量槓桿。第二季度調整後運營費用（即調整後 EBITDA 與貢獻利潤之間的差額）為 1.02 億美元，環比增加 2400 萬美元。隨著我們繼續投資支持業務增長，我們預計第三季度的連續運營支出將比第二季度的水平增加約 3000 萬美元。

We ended the quarter with positive adjusted net income of $2.5 million, or 0.2% of revenue compared to negative $21 million or negative 2.8% of revenue in Q1.

本季度結束時，我們的調整後淨利潤為正 250 萬美元，佔收入的 0.2%，而第一季度為負 2100 萬美元，佔收入的 2.8%。

Turning to the balance sheet. We ended Q2 with $1.8 billion in cash and cash equivalents and marketable securities and total borrowing capacity of $4.3 billion across our nonrecourse, asset-backed facilities. As we continue to outpace our prior growth projections, we're well positioned to scale our borrowing capacity in support of our rapid growth.

轉向資產負債表。截至第二季度末，我們的現金和現金等價物以及有價證券為 18 億美元，無追索權、資產支持設施的總借貸能力為 43 億美元。隨著我們繼續超越之前的增長預測，我們已做好充分準備來擴大借貸能力，以支持我們的快速增長。

And as we look ahead, we're optimistic about our outlook. Starting with what we're seeing for the housing market, which continues to be underpinned by strong demand and tight supply. While inventory levels did pick up sequentially in Q2, they remain at multi-decade lows in terms of available supply. Real mortgage rates remain low and homeownership levels are still well off their previous decade highs, further supporting demand for housing.

展望未來，我們對前景感到樂觀。首先是我們所看到的房地產市場，強勁的需求和緊張的供應繼續支撐著房地產市場。儘管第二季度庫存水平確實有所回升，但就可用供應量而言，仍處於數十年來的低點。實際抵押貸款利率仍然較低，住房擁有率仍遠低於前十年的高點，進一步支撐了住房需求。

On the HPA front, we're observing a moderation from the recent all-time highs, and we're reflecting this in our pricing. That said, given our outlook for continued strong housing fundamentals, we expect HPA to remain elevated even when considering normal year-end seasonality.

在 HPA 方面，我們觀察到近期歷史高點有所放緩，我們的定價也反映了這一點。儘管如此，鑑於我們對住房基本面持續強勁的前景，我們預計即使考慮到正常的年底季節性因素，HPA 仍將保持在較高水平。

But taking a step back, it's important to remember that the key macro driver behind our results is the massive secular shift in consumer demand for integrated digital-first solution to buy and sell a home. Our proprietary pricing capabilities allow us to optimize our acquisition and resale strategies and be a market maker across all market conditions. We're seeing clear evidence of this through our record results in what is arguably the hottest seller’s market in history, giving us the confidence that we will be a share gainer across all cycles.

但退一步來說，重要的是要記住，我們結果背後的關鍵宏觀驅動因素是消費者對買賣房屋的集成數字優先解決方案的需求發生了巨大的長期轉變。我們專有的定價能力使我們能夠優化收購和轉售策略，並成為所有市場條件下的做市商。通過我們在可以說是歷史上最熱門的賣方市場中取得的記錄結果，我們看到了明確的證據，這讓我們有信心在所有周期中都將成為份額增長者。

Turning to our guidance. Given current market dynamics and our accelerating momentum, we expect acquisitions and revenue growth to remain strong in the back half. For the third quarter, we forecast revenue to be between $1.8 billion and $1.9 billion, which represents 56% sequential growth over Q2 '21 at the midpoint of the expected range.

轉向我們的指導。鑑於當前的市場動態和我們不斷加速的勢頭，我們預計下半年收購和收入增長將保持強勁。對於第三季度，我們預計收入將在 18 億美元至 19 億美元之間，比 2021 年第二季度環比增長 56%，處於預期範圍的中點。

As a leading indicator of our momentum, we had a record 8,158 homes under contract to be purchased at the end of Q2, representing $3 billion of value. That is more than double the number of homes we had under contract at the end of Q1. We expect adjusted EBITDA to be between $15 million and $25 million, and that represents a 1% margin at the midpoint of the expected range. This reflects our planned moderation in contribution margins, as I mentioned earlier.

作為我們勢頭的領先指標，我們在第二季度末簽訂了創紀錄的 8,158 套待售房屋合同，價值 30 億美元。這是我們第一季度末簽訂合同的房屋​​數量的兩倍多。我們預計調整後的 EBITDA 將在 1500 萬美元至 2500 萬美元之間，這意味著預期範圍中點的利潤率為 1%。正如我之前提到的，這反映了我們計劃調整邊際收益。

As we look at our second half trajectory, it's helpful to put into context the acceleration we've seen in our business year-to-date. As Eric mentioned, we're operating at a second half revenue run rate that tracks to the 2023 target we provided at the time of our listing just 7 months ago. We've effectively pulled forward our financial plan by 2 years on both the top and bottom lines.

當我們審視下半年的發展軌跡時，將我們今年迄今在業務中看到的加速聯繫起來是有幫助的。正如埃里克（Eric）提到的，我們下半年的收入運行速度與我們 7 個月前上市時提供的 2023 年目標一致。我們的財務計劃在營收和利潤上都有效地提前了兩年。

We're extremely proud of our teams for making this possible. It's clear that our value proposition is resonating with customers more than ever, and we're relentlessly focused on building our business for scale and continuing to delight our customers with a best-in-class experience that's simple, fast and certain.

我們為我們的團隊使這一切成為可能感到非常自豪。顯然，我們的價值主張比以往任何時候都更能引起客戶的共鳴，我們堅持不懈地致力於擴大業務規模，並繼續通過簡單、快速和確定的一流體驗來取悅我們的客戶。

And with that, I'd like to open up the call now for questions. Thank you.

說到這裡，我想現在開始電話提問。謝謝。

(Operator Instructions) Our first question comes from Ygal Arounian with Wedbush Securities.

（操作員指令）我們的第一個問題來自 Wedbush Securities 的 Ygal Arounian。

I guess the first one is for Eric. Can we just dig into Opendoor Backed Offers and Buy with Opendoor a little more, and maybe get a little bit more color on how that flywheel is working? You noted, I think it was $1 billion run rate at OBO. What was that referencing exactly?

我想第一個是給埃里克的。我們能否進一步深入了解 Opendoor 支持的優惠並通過 Opendoor 購買，並且可能對飛輪的工作原理有更多了解？您提到過，我認為 OBO 的運行費用為 10 億美元。那到底指的是什麼？

And then Zillow highlighted a product that kind of gives discounts around different things to bring someone in all the way from the top of the funnel to the bottom of the funnel. Is that something you guys have thought about doing as well?

然後 Zillow 重點介紹了一種產品，該產品可以針對不同的事物提供折扣，從而將某人從漏斗的頂部帶到漏斗的底部。你們也想過這樣做嗎？

And then for Carrie, can you expand on the strategy around moderating resale pace in Q2 and Q3? And why that -- why do you use that approach? I just want to understand that a little bit better.

然後，對於 Carrie，您能否詳細闡述第二季度和第三季度放緩轉售步伐的策略？為什麼——你為什麼使用這種方法？我只是想更好地理解這一點。

Not sure if we got cut off. Did you guys hear my questions?

不確定我們是否被切斷了。你們聽到我的問題了嗎？

Got it. Ygal, I think we are on mute, so let me first thank you for the question. And so I might tag team this with Andrew. But digging into Opendoor Backed Offers, we are excited by the progress we made.

知道了。 Ygal，我想我們處於靜音狀態，所以首先讓我感謝您提出的問題。所以我可能會用安德魯來標記這個團隊。但深入研究 Opendoor 支持的優惠後，我們對所取得的進展感到興奮。

We launched the feature less than 6 months ago when we're seeing rapid adoption. It's very clear that buyers love this service and are attaching to buy with Opendoor. One of the things we look at as a leading indicator is, of the homes we sell, how many customers are saying, yes, to Buy with Opendoor? And in some of our mature markets, we're seeing a 50% attach.

我們在不到 6 個月前推出了該功能，當時我們看到了快速採用。很明顯，買家喜歡這項服務並願意通過 Opendoor 購買。我們將其視為領先指標的因素之一是，在我們銷售的房屋中，有多少客戶表示願意通過 Opendoor 購買？在我們的一些成熟市場中，我們看到了 50% 的附加率。

That means for every 2 homes we sell, we're seeing 1 customer say yes to Buy with Opendoor, which is part of our flywheel. To the second part of that question, we're seeing a $1 billion GMV number. Again, it's very early since launch, and we're seeing rapid adoption in some of our core cities we're focused on driving attach.

這意味著我們每售出 2 套房屋，就有 1 位客戶同意使用 Opendoor 購買，這是我們飛輪的一部分。對於該問題的第二部分，我們看到的 GMV 數字為 10 億美元。再說一遍，自推出以來還很早，我們看到它在我們專注於推動附加值的一些核心城市中得到了快速採用。

So we're really excited about the product market fit there, about the growth and subsequently, the conversion that we'll see into services from that. You mentioned the bundled services. It's something that we've been focused on for years, transparently. We've talked a lot about building a digital one-stop shop, and we've made big investments in our platform to make that possible. And for us, this means the consumers can buy sell and move at the tap of a button. And that's been our product vision for a very long time.

因此，我們對適合那裡的產品市場、增長以及隨後我們將看到的服務的轉換感到非常興奮。您提到了捆綁服務。顯然，這是我們多年來一直關注的事情。我們已經就建立數字化一站式商店進行了很多討論，並且我們在我們的平台上進行了大量投資以使之成為可能。對我們來說，這意味著消費者只需按一下按鈕即可購買、出售和移動。長期以來，這一直是我們的產品願景。

We integrated title and escrow in 2017, and that was a big step towards that vision. We launched Buy with Opendoor and Home Loans as additional steps. And we're leading the way, and we're building the connective tissue between all of these services in-house to make it truly seamless for the consumer.

我們於 2017 年整合了所有權和託管，這是朝著這一願景邁出的一大步。作為附加步驟，我們推出了“Buy with Opendoor”和“Home Loans”。我們正在引領潮流，我們正在內部構建所有這些服務之間的結締組織，使其真正為消費者提供無縫服務。

I'll pass it to Carrie to answer the second part of your question.

我會把它交給嘉莉來回答你問題的第二部分。

Thanks, Eric. Ygal, so resale, let me answer that in 2 parts. One is how we think about resale, and we'll talk about what we're doing today.

謝謝，埃里克。 Ygal，所以轉售，讓我分兩部分回答這個問題。一是我們如何看待轉售，我們將討論我們今天所做的事情。

We are structurally better at selling in the market. We are operating as a principal, not an agent, not a single-home seller. That means we're making decisions that are all economically-based, they are formed by substantial amounts of data and we're doing that against a diversified scale portfolio, very different from how any individual home seller agent is going to make those same decisions.

從結構上來說，我們更擅長在市場上銷售。我們以委託人的身份運營，而不是代理人，也不是單一房屋賣家。這意味著我們做出的決策都是基於經濟的，它們是由大量數據形成的，而且我們是針對多元化規模的投資組合做出的，這與任何個人房屋賣家代理商做出相同決策的方式非常不同。

And we're managing resale relative to the environment we're in. And we're balancing all the time, how we maximize return on our portfolio. At the same time, we manage risk and our balance sheet/inventory balance.

我們正在根據我們所處的環境來管理轉售。我們一直在平衡如何最大化我們的投資組合回報。同時，我們管理風險和資產負債表/庫存餘額。

That's the approach to resale. With respect to the comment that we slowed resale in Q2, which we did, I would say that it was just, frankly, a different flavor of that, though. I mean we are still selling into a very, very receptive market for residential housing. We are maintaining very healthy sell-through rates in terms of how quickly we're selling through our inventory base, and we're still managing the very short holding period relative to the historical averages.

這就是轉售的方法。關於我們在第二季度放慢轉售速度的評論（我們確實這樣做了），我想說，坦率地說，這只是一種不同的風格。我的意思是，我們仍在向一個非常非常容易接受的住宅市場出售產品。就我們的庫存基礎銷售速度而言，我們保持著非常健康的售出率，並且相對於歷史平均水平，我們仍然管理著非常短的持有期。

So they did moderate relative to, say, prior quarter. But again, I think we feel very good still about how we are selling down and managing our inventory. And in Q3, you'll see us pick up that resale pace just to foreshadow that as we respond to seasonality. That's just what we do.

因此，與上一季度相比，他們確實有所放緩。但同樣，我認為我們對如何銷售和管理庫存仍然感覺非常好。在第三季度，您會看到我們加快轉售步伐，這只是為了預示我們應對季節性的情況。這就是我們所做的。

Okay. And then just a quick follow-up on OBO and home loans. Anything you can share in terms of the attach rate there or how OBO is driving the mortgage product?

好的。然後是關於 OBO 和住房貸款的快速跟進。您可以分享一下那裡的附加利率或 OBO 如何推動抵押貸款產品嗎？

Ygal, it's Andrew. As we've been pressing on services, our focus really has been on driving that buyer product, and that's because we know there's very strong attach between that buyer offering and the whole host of other services that go around it. We've been focused, therefore, I'm really pressing on the buyer offering as the leading indicator as the tip of the spear, so to speak, around driving private engagement services.

伊加爾，是安德魯。當我們一直在強調服務時，我們的重點實際上是推動買家產品，這是因為我們知道買家提供的服務與圍繞它的所有其他服務之間存在非常緊密的聯繫。因此，我們一直關注買家提供的服務，將其作為矛尖的領先指標，可以這麼說，圍繞推動私人參與服務。

Our next question comes from Nick Jones with Citi.

我們的下一個問題來自花旗銀行的尼克·瓊斯。

Great. 2. First, your profitability comes in kind of better than expected. Could you potentially accelerate market launches today? Is that an opportunity in this market to be able to do that?

偉大的。 2. 首先，你的盈利能力比預期要好。您今天有可能加速市場發布嗎？在這個市場上這是一個能夠做到這一點的機會嗎？

And then the second question is that was interesting on the homeowners that came back after the first offer. What are your thoughts on that dynamic? And does that increase as a percent of the offers you're buying, the Opendoor solution kind of marinates for these homeowners?

第二個問題對於第一次報價後回來的房主來說很有趣。您對此動態有何看法？隨著您所購買的報價的百分比增加，Opendoor 解決方案是否會為這些房主做好準備？

Sure. Happy to take both of those. In terms of our overall launch cadence, launch sequence, we're really pleased that we're on track to deliver our 21 markets in 2021.

當然。很高興接受這兩個。就我們的整體發布節奏、發布順序而言，我們非常高興能夠在 2021 年向 21 個市場交付產品。

As Eric mentioned, we currently launched 20 markets this year, and the new launches are performing really well. We honed that launch playbook and continued to refine it. You saw us launch 6 quarters -- 6 markets in a single day this quarter. And given that we're on track to deliver those market launch goals, and that at the same time, our run rate acquisition volume is really where we're targeting in our 3-year plan, we're shifting some of the resources away from incremental market launches, really to help us operationally scale to meet that massive demand, and also driving more and better integration as we execute on that digital one-stop shop that Eric has been talking about. Our focus is really on scaling the business and providing an absolute best-in-class experience to our customers right now versus more markets.

正如 Eric 提到的，我們今年目前推出了 20 個市場，而且新推出的市場表現非常好。我們打磨了發布手冊並繼續完善它。您看到我們在本季度的一天內推出了 6 個季度——6 個市場。鑑於我們正在實現這些市場啟動目標，同時，我們的運行率收購量確實是我們三年計劃中的目標，我們正在轉移一些資源來自增量市場的推出，真正幫助我們在運營上擴展以滿足巨大的需求，並在我們執行埃里克一直在談論的數字一站式商店時推動更多更好的集成。我們的重點實際上是擴大業務規模，並為我們的客戶提供絕對一流的體驗，而不是更多的市場。

With respect to the second part of your question or your second question around homeowners that came back. We think it's a powerful testament to the brand experience that we offer. The experience we offer is the sum total -- the brand we have is the sum total of all the interaction the customer has. And we think that the fact that 35% of our Q2 acquisitions actually came from customers who first engaged with us before the beginning of the year, speaks to the value that customers see and receive from Opendoor. And that they're willing to engage at different points in time as we build up our offering, as we build up awareness, that those people come back and that they really value the offer and the service that we deliver.

關於您問題的第二部分或關於回來的房主的第二個問題。我們認為這是對我們提供的品牌體驗的有力證明。我們提供的體驗是總和——我們擁有的品牌是客戶所有互動的總和。我們認為，第二季度 35% 的採購實際上來自於年初之前首次與我們接觸的客戶，這一事實說明了客戶從 Opendoor 看到和獲得的價值。當我們建立我們的產品時，當我們建立意識時，他們願意在不同的時間點參與進來，讓這些人回來，並且他們真正重視我們提供的產品和服務。

Yes. One more thing to add on top of that, Nick, is that our -- there's a world where every single home seller starts their journey of a move with an Opendoor offer. And that can happen 12 months from the move or 6 weeks, and we're excited to really drive towards that outcome.

是的。尼克，除此之外還要補充的一件事是，在我們的世界裡，每個房屋賣家都以 Opendoor 報價開始他們的搬家之旅。這可能會在搬遷後 12 個月或 6 週內發生，我們很高興能夠真正推動這一結果。

That's great. Just maybe a quick follow-up on that. What do you think happens? Like do they come, get an offer and then maybe talk to an agent and start kind of realizing what they're going to have to go through to sell it and they're just kind of like this seems easier and better? I mean any thoughts on maybe what they're doing between the first offer when they come back?

那太棒了。也許只是對此進行快速跟進。你認為會發生什麼？就像他們來了，得到報價，然後也許與經紀人交談，並開始意識到他們將必須經歷什麼才能出售它，他們只是有點像這樣看起來更容易更好？我的意思是，當他們回來時，對他們在第一次報價之間可能做什麼有什麼想法嗎？

Well, it's a high consideration transaction. And so there's a lot of things that will line up for people to move. And reminding us of why people move, they have a new family, they just got married, they have a new job or they're downsizing.

嗯，這是一筆高價交易。因此，有很多東西會排隊供人們移動。並提醒我們人們為什麼要搬家，他們有一個新的家庭，他們剛剛結婚，他們有一份新工作或者他們正在縮小規模。

And it's not just about the equity in their current home, but there's other things that impact that time line. But what they want from Opendoor is a certainty, simplicity and speed of the sell-side transaction today. And so they come to Opendoor to get a signal of what they could afford in their next purchase, to have the certainty they can complete that transaction, and they will actually work with us over the course of many months to ensure that, at that time they need to transact, we're there for them. And so it's not really an impulse decision to sell, it's actually a planned move.

這不僅僅是關於他們當前房屋的淨值，還有其他因素會影響這個時間線。但他們希望從 Opendoor 獲得的是當今賣方交易的確定性、簡單性和速度。因此，他們來到 Opendoor 是為了了解他們在下次購買時能負擔得起什麼，並確定他們可以完成該交易，並且他們實際上將在幾個月的時間內與我們合作，以確保到那時他們需要進行交易，我們隨時為他們服務。因此，出售並不是一個衝動的決定，而是一個有計劃的舉動。

(Operator Instructions) Our next question comes from Jason Helfstein with Oppenheimer.

（操作員說明）我們的下一個問題來自 Jason Helfstein 和 Oppenheimer。

I'll ask 2. So given the large HPA, are you using that as an opportunity to reduce service fees to consumers? And then second, I guess, any commentary on percent of homes purchased for over $1 million and how that compared to first quarter?

我會問2.那麼鑑於HPA較大，你們是否以此為契機來降低消費者的服務費？其次，我想，對購買超過 100 萬美元的房屋的百分比有什麼評論嗎？與第一季度相比如何？

Jason, this is Andrew. I'm happy to (inaudible). We continue to offer a flat fee of 5% that you're seeing in the market. That said, I wouldn't over anchor on [seat]. We're calibrating our pricing every day to make sure that we're offering really competitive value. Over time, we've seen the customers really focus and care about the net cash that they receive in an offer.

傑森，這是安德魯。我很高興（聽不清）。我們繼續提供您在市場上看到的 5% 的固定費用。也就是說，我不會在[座位]上拋錨。我們每天都在調整我們的定價，以確保我們提供真正有競爭力的價值。隨著時間的推移，我們發現客戶真正關注並關心他們在報價中收到的淨現金。

And we're trying to keep things simple for a consumer, which is why we're setting fees at or below what you would see in the traditional market. And we're seeing this resonate strongly for consumers, with record high conversion that we mentioned earlier, that simplicity is pulling through.

我們努力讓消費者的事情變得簡單，這就是為什麼我們將費用設定為等於或低於傳統市場的費用。我們看到這引起了消費者的強烈共鳴，我們之前提到的轉化率創歷史新高，簡單性正在得到體現。

Your second question, I believe, just around percent of homes purchased over $1 million. We made really good strides this quarter, continue to increase the buybox. A good part of that is price, increasing the cap on where we're topping in terms of pricing given markets.

我認為，你的第二個問題是，購買價值超過 100 萬美元的房屋中大約有 % 是這樣的。本季度我們取得了很大的進步，繼續增加購買力。其中很大一部分是價格，這提高了我們在給定市場定價方面的最高上限。

There are other components we talked about in the past, home types, zip codes, what have you. I can't break out for you exactly what percent was driven by mix shift because of buybox. But it was reasonable chunk, I would say. But the reality is most of our existing markets and we were approaching our business was driving the majority, vast majority of our revenue in Q2.

還有我們過去討論過的其他組成部分，房屋類型、郵政編碼等等。我無法為您詳細說明由於黃金購物車而導致的混合轉變所佔的百分比。但我想說，這是合理的。但現實是，我們現有的大部分市場和我們正在開展的業務正在推動我們第二季度的大部分收入。

And just can I ask a quick follow-up? Is there any current limitations to expanding the mortgages product? How are you thinking about scaling it?

我可以要求快速跟進嗎？目前擴大抵押貸款產品是否有任何限制？您如何考慮擴大規模？

Yes. As we talked about earlier, as we've been pressing on services, our focus has really been on driving that buyer product, where we see a compelling consumer value proposition to help people be more successful in [winning the home of their dream] with that offer, and we know there's really high attach. And so as we look to grow and scale that business very much we're focused on the buyer product as a leading indicator.

是的。正如我們之前談到的，由於我們一直在大力發展服務，因此我們的重點實際上是推動買家產品，我們看到了令人信服的消費者價值主張，可以幫助人們在[贏得夢想之家]方面取得更大成功那個報價，我們知道它的附加值非常高。因此，當我們希望大力發展和擴大該業務時，我們將買家產品作為領先指標。

Our next question comes from Mike Ng with Goldman Sachs.

我們的下一個問題來自高盛的 Mike Ng。

I was just wondering if you could talk a little bit about what's happened with Opendoor and iBuyer market share in some of the, I guess I would call it, like more mature iBuyer markets like Phoenix. I think there have been a couple of reports that they're down from pre-pandemic levels. I'd just love to hear a little bit more about what you're seeing there and whether or not it's indicative of where you can get to investor markets.

我只是想知道您是否可以談談 Opendoor 和 iBuyer 市場份額在某些（我想我會這樣稱呼它）的情況，比如像鳳凰城這樣更成熟的 iBuyer 市場。我認為有幾份報告稱它們比大流行前的水平有所下降。我只是想听聽更多關於您在那裡看到的情況，以及它是否表明您可以進入投資者市場。

Michael, I appreciate the question. And we're actually -- from an iBuyer standpoint, we're above pre-pandemic levels in terms of market share. And especially within our ecosystem of Opendoor, we're well above pre-pandemic market share levels.

邁克爾，我很欣賞這個問題。事實上，從 iBuyer 的角度來看，我們的市場份額高於大流行前的水平。尤其是在我們的 Opendoor 生態系統中，我們遠遠高於大流行前的市場份額水平。

The business is really driven on acquisitions. And so we measure ourselves based on the homes that we're acquiring. And again, we have exceeded pre-pandemic highs.

該業務實際上是由收購驅動的。因此，我們根據我們正在購買的房屋來衡量自己。我們再次超過了大流行前的高點。

One additional point I'd like to make is the appetite for a simple turn and fast digital experience is we think it's mainstream. And all homeowners crave what we're offering. And so when it comes to the long-term potential of what we may call an iBuyer, we think over the long haul, it could be the majority of transactions.

我還想指出的另一點是，我們認為對簡單轉向和快速數字體驗的需求是主流。所有房主都渴望我們提供的產品。因此，當談到我們所謂的 iBuyer 的長期潛力時，我們認為從長遠來看，它可能是大多數交易的關鍵。

And so we're already seeing significant market share gains in our mature markets. And we don't expect that to decelerate, in fact, we believe that can accelerate.

因此，我們已經在成熟市場中看到了顯著的市場份額增長。我們預計這種情況不會減速，事實上，我們相信這種情況會加速。

Our next question comes from Edward Yruma with KeyBanc Capital Markets.

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

I guess first on the acquisition cadence, you guys indicated in the shareholder letter that has kind of accelerated further into 3Q. You've also mentioned, though, that you did get some pickup from a bigger buybox.

我想首先是關於收購節奏，你們在股東信中指出，第三季度收購節奏進一步加快。不過，您也提到，您確實從更大的黃金購物車中獲得了一些收益。

I guess as you adjust for HPA normalizing, have you seen any change in kind of your close rates or the customers that are using your service? And then as a follow-up, just thinking about this comment on your 2023 guide and kind of pulling forward 2 years, are you now implying that these are kind of, I guess, HPA kind of sustainable trends going forward and that we should expect this to look more like you had initially planned in 2023?

我想當您針對 HPA 正常化進行調整時，您是否發現您的成交率或使用您服務的客戶有任何變化？然後作為後續行動，想想你對 2023 年指南的評論以及向前推進 2 年，你現在是否暗示這些是，我猜，HPA 類型的可持續趨勢，我們應該期待這看起來更像您在2023 年最初的計劃嗎？

Thanks for the question. So first part of that is acquisition cadence. When I think about the drivers, they really fuel the awesome pickup we had in volumes. A bunch of factors go into that. One, we're in more markets, right? We've almost doubled our footprint year-on-year. Growing consumer awareness of our offering, and part of that has been increasing our investment in marketing, and that's been very effective. Increased buybox size to your question, so that just means we can turn more consumer interest into a real offer, which is great. And the last point to point, Andrew talked about earlier, which is just the success we've had with the reengagement funnel. I'd also say at the same time, we're seeing an increase in sort of consumer quality and intent, and all that is driving higher acquisition volumes.

謝謝你的提問。因此，第一部分是收購節奏。當我想到車手時，他們確實為我們批量生產的出色皮卡提供了動力。這涉及到很多因素。第一，我們有更多的市場，對吧？我們的足跡同比幾乎增加了一倍。消費者對我們產品的認識不斷增強，其中一部分就是增加了我們在營銷方面的投資，這是非常有效的。增加了您的問題的購買框規模，這意味著我們可以將更多消費者的興趣轉化為真正的報價，這很棒。安德魯之前談到的最後一點是，這就是我們在重新參與渠道方面取得的成功。同時我還要說，我們看到消費者質量和意圖的提高，所有這些都推動了更高的購買量。

Second part of your question is just, I believe, unless you want to reframe it, is around how we're thinking about margin ex-HPA and what's the outlook for margins going forward? A couple of things on that. I kind of bucket our margin structure into 2 components. Certainly, there has been a component of our margins where we're seeing tailwind from unprecedented levels of HPA. And this continued fresh inventory mix we talked about in the past, we've called out both of those factors as things that are benefiting us, but they will deteriorate over time, and they'll come down in the second half.

我認為，你的問題的第二部分是圍繞我們如何考慮 HPA 之外的利潤率以及未來利潤率的前景如何，除非你想重新構建它。關於這一點有幾點。我將我們的利潤結構分為兩個部分。當然，我們的利潤率中有一個組成部分是從前所未有的 HPA 水平中看到的。我們過去談到的這種持續的新鮮庫存組合，我們已經將這兩個因素稱為對我們有利的事情，但它們會隨著時間的推移而惡化，並且會在下半年下降。

The biggest collar on our margin structure is that we continue to drive a very low-cost system. We called that 200 basis points of improvement year-on-year, which is fantastic, and we continue to optimize our own portfolio and management capabilities.

我們利潤結構的最大限制是我們繼續推動一個非常低成本的系統。我們稱之為同比改進 200 個基點，這太棒了，我們將繼續優化我們自己的投資組合和管理能力。

I called out for [CM] to moderate in the back half of the year. As we've been doing the last 2 quarters, but I called it out to expect mid-single digits in the second half. And I would think of that as a good proxy for where we think the business is operating today on a sustained basis. So our long-term margin targets we talked about previously, those still hold. We're just frankly tracking well ahead of where we thought we'd be right now.

我呼籲[CM]在今年下半年進行適度的調整。正如我們過去兩個季度所做的那樣，但我預計下半年的業績將達到中個位數。我認為這是一個很好的指標，可以反映我們認為該業務目前持續運營的情況。因此，我們之前談到的長期利潤率目標仍然有效。坦率地說，我們只是遠遠超出了我們現在的預期。

And I'm not showing any further questions at this time. I would now like to turn the call back over to Eric Wu for any further remarks.

目前我不會提出任何進一步的問題。我現在想把電話轉回給吳宇森，請他發表進一步的評論。

I just want to end by thanking our customers. And these are customers that really do trust Opendoor with their largest and most important financial decision, so I just want to give all of our customers throughout the years, a huge thank you.

最後我想感謝我們的客戶。這些客戶確實信任 Opendoor 做出的最大、最重要的財務決策，所以我想向多年來我們所有的客戶表示衷心的感謝。

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

謝謝。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。