Opendoor Technologies Inc (OPEN) 2021 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Opendoor First Quarter 2021 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference may be recorded. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加 Opendoor 2021 年第一季度收益電話會議。 （操作員指示）請注意，今天的會議可能會被錄音。 （操作員說明）

I'd now like to hand the conference over to your host today, Whitney Kukulka, Investor Relations. Please go ahead.

現在我想將會議交給今天的東道主投資者關係部惠特尼·庫庫爾卡 (Whitney Kukulka)。請繼續。

Good afternoon, ladies and gentlemen. Thank you for joining us for Opendoor's First Quarter 2021 Financial Results Conference Call. Joining me on the call today for prepared remarks are Eric Wu, Co-Founder and Chief Executive Officer; and Carrie Wheeler, Chief Financial Officer. President, Andrew Low Ah Kee, will be joining Carry and Eric for the Q&A portion of today's call.

女士們、先生們，下午好。感謝您參加 Opendoor 2021 年第一季度財務業績電話會議。今天與我一起參加電話會議並發表準備好的講話的是聯合創始人兼首席執行官 Eric Wu；和凱莉·惠勒，首席財務官。總裁 Andrew Low Ah Kee 將與 Carry 和 Eric 一起參加今天電話會議的問答部分。

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.

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. 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 March 31, 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.

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。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 SEC 文件（包括季度報告）中找到。截至 2021 年 3 月 31 日的 10-Q 表格報告將提交給 SEC。本次電話會議中所做的任何前瞻性陳述，包括對您的問題的答复，均基於截至今天的當前預期，Opendoor 不承擔因新的發展或其他原因而更新或修改這些陳述的義務，除非法律要求。

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 指標進行核對，請訪問我們的網站 Investor.opendoor.com。

Now I will turn the call over to Eric. Eric?

現在我將把電話轉給埃里克。埃里克？

Thank you, Whitney. And welcome to our 2021 Q1 earnings call. I'm excited to share our results as we significantly exceeded our guidance for Q1 and have strong momentum looking forward to Q2 and the remainder of the year.

謝謝你，惠特尼。歡迎參加我們的 2021 年第一季度財報電話會議。我很高興分享我們的結果，因為我們大大超出了第一季度的指導，並且對第二季度和今年剩餘時間有著強勁的勢頭。

Everything we do at Opendoor starts and ends with the customer. So let's start by hearing from one of our recent customers, the Bennett family, about their experience with Opendoor.

我們在 Opendoor 所做的一切都是以客戶為起點和終點。首先，讓我們聽聽我們最近的一位客戶 Bennett 家族講述他們使用 Opendoor 的體驗。

(presentation)

（推介會）

A special thank you to the Bennetts for choosing Opendoor. These are the stories that inspire us in our pursuit to make it possible to buy, sell and move at the tap of a button. Today, our digital products deliver far greater simplicity, certainty and speed than the traditional process. We always believe that the future of buying and selling a home can and will be as simple as hailing a ride or booking a flight. It seems that that future is a lot less distant now. We are seeing increasing consumer demand for digital products in a manner that is permanent. This seismic shift is showing up in our numbers as in Q1, we set a number of records. We sent a record number of offers, we saw record real seller conversion and we launched a record number of new markets. Lastly, we did so with a Net Promoter Score north of 80 from our sellers, telling us that customers love what we're building.

特別感謝 Bennett 夫婦選擇 Opendoor。這些故事激勵我們追求只需輕按按鈕即可進行買賣和移動的目標。如今，我們的數字產品比傳統流程提供了更大的簡單性、確定性和速度。我們始終相信，未來的房屋買賣可以而且將會像叫車或預訂航班一樣簡單。現在看來，這個未來已經不那麼遙遠了。我們看到消費者對數字產品的需求正在以永久性的方式不斷增長。這種巨大的轉變體現在我們的數據中，如第一季度，我們創造了多項記錄。我們發送了創紀錄數量的報價，我們看到了創紀錄的真實賣家轉化率，我們推出了創紀錄數量的新市場。最後，我們的賣家淨推薦值高達 80 以上，這表明客戶喜歡我們正在開發的產品。

Taking a step back, I often get the question whether Opendoor still resonates in today's market. We are experiencing the fastest home price appreciation in decades, with stories of homes getting more than 50 offers in the first weekend. It's certainly a seller's market. Yet, our results and metrics are saying, yes, Opendoor resonates because for our customers, we don't just stand for a cash offer and we aren't an iBuyer to them. Opendoor gives our customers the ability to win their next home, select their preferred closing date and transact without open houses, dozens of steps and upfront repairs, saving them months of time. What we've built is a digital end-to-end experience that delivers confidence and peace of mind at every step.

退一步來說，我經常被問到 Opendoor 是否仍然能在當今的市場中引起共鳴。我們正在經歷幾十年來最快的房價升值，有的房屋在第一個週末就收到了 50 多個報價。這當然是賣方市場。然而，我們的結果和指標表明，是的，Opendoor 引起了共鳴，因為對於我們的客戶來說，我們不僅僅代表現金報價，而且我們也不是他們的 iBuyer。 Opendoor 使我們的客戶能夠贏得他們的下一個房屋，選擇他們喜歡的成交日期並進行交易，而無需開放看房、數十個步驟和前期維修，從而節省了數月的時間。我們打造的是一種數字化的端到端體驗，讓每一步都充滿信心和安心。

In terms of results, in Q1, we generated $747 million of revenue, up 200% versus Q4 of 2020; $97 million of adjusted gross profit, up 154% versus Q4 of 2020; and an adjusted EBITDA loss of $2 million, down from a loss of $27 million in Q4 of 2020. This performance was driven by the same 3 areas of focus we discussed last quarter.

從業績來看，第一季度我們實現了 7.47 億美元的收入，比 2020 年第四季度增長了 200%；調整後毛利潤為 9700 萬美元，較 2020 年第四季度增長 154%；調整後的 EBITDA 損失為 200 萬美元，低於 2020 年第四季度的 2700 萬美元損失。這一業績是由我們上季度討論的 3 個重點領域推動的。

First, we are driving existing market growth. In Q1, as I mentioned, we saw a record number of offer requests driven by increasing awareness and continued increases in our buy-box. Even with this surge in consumer demand, we are seeing real seller conversion at record levels. These improvements have enabled us to acquire 3,594 homes in Q1, up 78% versus the fourth quarter of 2020. Additionally, in Q1, we sold 2,462 homes. Between our buyers and sellers, this growth in transaction volume continues to drive our flywheel with greater awareness, customer adoption, marketing and operational efficiencies and, ultimately, market share.

首先，我們正在推動現有市場的增長。正如我所提到的，在第一季度，由於認知度的提高和購買力的持續增加，我們看到了創紀錄的報價請求數量。即使消費者需求激增，我們仍看到實際賣家轉化率達到創紀錄水平。這些改進使我們在第一季度收購了 3,594 套房屋，比 2020 年第四季度增長了 78%。此外，在第一季度，我們售出了 2,462 套房屋。在我們的買家和賣家之間，交易量的增長繼續推動我們的飛輪提高認知度、客戶採用率、營銷和運營效率，並最終提高市場份額。

Second, we are increasing our geographic footprint and scaling rapidly to new markets. In Q1, we launched 6 additional markets, which brought our total markets to 27 at the end of the quarter. Already in Q2, we've launched an additional 6 markets, bringing our total to 33 to date. We are getting better and more efficient at this. And in Q2, we launched 4 new markets on the same-day for the first time. This acceleration and market expansion lays the foundation for years of growth as we march towards our goal to serve every single homeowner nationwide.

其次，我們正在擴大我們的地理覆蓋範圍並迅速擴展到新市場。在第一季度，我們新增了 6 個市場，這使得我們的市場總數在季度末達到 27 個。在第二季度，我們又推出了 6 個市場，使迄今為止的市場總數達到 33 個。我們在這方面做得越來越好，效率也越來越高。在第二季度，我們首次在同一天推出了 4 個新市場。這種加速和市場擴張為我們多年來的增長奠定了基礎，因為我們正在朝著服務全國每一位房主的目標邁進。

Third, we are building the digital one-stop shop for real estate. Today, consumers come to Opendoor because they want a better way to move, whether they are buying, selling or both. We started by reimagining the home-selling experience, bringing simplicity, certainty and speed to an otherwise off-line, complex and time-consuming process. We then integrated title and escrow as a critical component of the transaction, substantially improving the customer experience while also opening up an incremental margin opportunity for us. Next, we expanded our suite of products to include Buy with Opendoor and Opendoor Home Loans, knowing that 2/3 of sellers are also buying. Similar to Opendoor, we are investing to make Buying with Opendoor and Financing with Opendoor just as simple, certain and fast.

第三，打造房地產數字化一站式服務。如今，消費者來到 Opendoor 是因為他們想要一種更好的出行方式，無論是購買、銷售還是兩者兼而有之。我們首先重新構想房屋銷售體驗，為原本離線、複雜且耗時的流程帶來簡單性、確定性和速度。然後，我們將所有權和託管作為交易的關鍵組成部分，大大改善了客戶體驗，同時也為我們提供了增量利潤機會。接下來，我們擴展了我們的產品套件，包括“Buy with Opendoor”和“Opendoor Home Loans”，因為我們知道 2/3 的賣家也在購買。與 Opendoor 類似，我們正在投資讓 Opendoor 購買和 Opendoor 融資變得簡單、確定和快速。

This past quarter, we launched Opendoor-backed Offers, allowing homebuyers to leverage Opendoor to submit cash bids, doubling their chances of their offer being accepted. Additionally, we've integrated our trade-in product into our seller experience, helping customers sell their existing home, buy and finance their next home, close with title and escrow and move seamlessly, all within the Opendoor suite of digital products. We will continue to leverage our pricing, technology, capital markets and operational infrastructure to build best-in-class products for movers nationwide.

上個季度，我們推出了 Opendoor 支持的報價，允許購房者利用 Opendoor 提交現金出價，從而使出價被接受的機會增加一倍。此外，我們還將以舊換新產品整合到賣家體驗中，幫助客戶出售現有房屋、購買下一套房屋並為其融資，完成所有權和託管並無縫轉移，所有這些都在 Opendoor 數字產品套件中進行。我們將繼續利用我們的定價、技術、資本市場和運營基礎設施，為全國搬家公司打造一流的產品。

This financial performance is the outcome of the hard work and focus by our teammates that occurs behind the scenes. These teammates obsess every day about how to improve the customer experience, the business and our culture. We are in the very early innings of this shift to a more digital experience in housing. We are energized by all the opportunities ahead, and we will continue to march against our vision to make it possible to buy, sell and move at the tap of a button.

這一財務業績是我們團隊成員在幕後辛勤工作和專注的結果。這些團隊成員每天都專注於如何改善客戶體驗、業務和我們的文化。我們正處於向住房數字化體驗轉變的早期階段。我們對未來的所有機會充滿活力，我們將繼續朝著我們的願景前進，讓只需點擊按鈕即可進行買賣和移動。

I'll now turn it to Carrie.

我現在把它交給嘉莉。

Thanks, Eric. We provided commentary on our first quarter results in our shareholder letter. So let me quickly cover off on some of the highlights of the quarter before we move on to questions.

謝謝，埃里克。我們在股東信中對第一季度業績發表了評論。因此，在我們繼續提問之前，讓我快速介紹一下本季度的一些亮點。

As Eric said, we had an exceptional first quarter. Q1 performance demonstrated growing consumer demand for the Opendoor solution. We purchased 3,594 homes in Q1, up 78% versus Q4 and up 24% versus Q1 2020. Acquisition volume was driven by both record levels of offer growth and conversion as well as buy-box expansions and new market launches. As we continue to rapidly scale the business, we expect to surpass all-time highs for acquisition volumes in Q2.

正如埃里克所說，我們的第一季度表現非常出色。第一季度的表現表明消費者對 Opendoor 解決方案的需求不斷增長。我們在第一季度購買了 3,594 套房屋，與第四季度相比增長了 78%，與 2020 年第一季度相比增長了 24%。收購量的推動因素包括創紀錄的報價增長和轉化水平，以及黃金購物車擴張和新市場推出。隨著我們繼續快速擴展業務，我們預計第二季度的收購量將超過歷史最高水平。

On the retail side, we sold 2,452 homes in Q1, generating revenue of $747 million, an increase of 200% over Q4, significantly outperforming our guidance. This sequential growth was largely driven by higher inventory entering the quarter and high transaction velocity. Consistent with what we're seeing in the overall market, we are selling up through our inventory in 21 days from [list to pend] relative to 65 days in Q1 2020.

在零售方面，我們第一季度售出了 2,452 套房屋，收入為 7.47 億美元，比第四季度增長 200%，大大超出了我們的指導。這一環比增長主要是由於進入本季度的庫存增加和交易速度加快所致。與我們在整個市場中看到的情況一致，我們的庫存在[列表到待定]的 21 天內售完，而 2020 年第一季度為 65 天。

Average home price is also a tailwind for revenue performance with revenue per homes sold up 4% sequentially and up 19% versus the first quarter of 2020. As Eric has noted, we also launched 6 markets in Q1 and plan to have 9 more by the end of Q2. We're well on our way to being in 42 markets by year-end. We expect these new markets to contribute to meaningful revenue growth in 2022 and beyond.

平均房價也是收入表現的推動力，每套房屋銷售收入環比增長 4%，與 2020 年第一季度相比增長 19%。正如 Eric 指出的，我們還在第一季度推出了 6 個市場，併計劃到 2020 年再推出 9 個市場。第二季度末。我們有望在年底前進入 42 個市場。我們預計這些新市場將為 2022 年及以後的收入增長做出貢獻。

Our unit economics were strong in Q1, largely driven by a combination of a very fresh book of inventory, strong home price appreciation and our own inventory management strategies. Contribution profit was $76 million in Q1, up 142% from Q4 and up 97% versus the first quarter of 2020. This represented a margin of 10.2%, down 245 basis points quarter-on-quarter and up 712 basis points versus Q1 2020.

我們的單位經濟效益在第一季度表現強勁，這主要是由非常新鮮的庫存賬簿、強勁的房價升值和我們自己的庫存管理策略共同推動的。第一季度貢獻利潤為 7600 萬美元，比第四季度增長 142%，比 2020 年第一季度增長 97%。這意味著利潤率為 10.2%，比上一季度下降 245 個基點，比 2020 年第一季度增長 712 個基點。

Finally, adjusted EBITDA was close to breakeven with a loss of $2 million in Q1 compared to a loss of $27 million in Q4 2020 and $28 million loss in the year ago period. Adjusted EBITDA margin was negative 0.3% in Q1 versus negative 10.9% in Q4 2020 and negative 2.3% in Q1 2020. EBITDA was well ahead of our guidance due to revenue upside, unit margin performance and the benefits of higher average home prices, all of which provide incremental leverage against our operating expense base. Adjusted operating expenses, as measured by the difference between contribution profit and adjusted EBITDA, were $78 million, up from $59 million in Q4 2020. Adjusted net income was negative $21 million in Q1 or negative 2.8% of revenue.

最後，調整後的 EBITDA 接近盈虧平衡，第一季度虧損 200 萬美元，而 2020 年第四季度虧損 2700 萬美元，去年同期虧損 2800 萬美元。調整後 EBITDA 利潤率第一季度為負 0.3%，而 2020 年第四季度為負 10.9%，2020 年第一季度為負 2.3%。由於收入增長、單位利潤率表現以及平均房價上漲的好處，EBITDA 遠遠領先於我們的指引。這為我們的運營費用基礎提供了增量槓桿。按貢獻利潤與調整後 EBITDA 之間的差額衡量，調整後運營費用為 7800 萬美元，高於 2020 年第四季度的 5900 萬美元。第一季度調整後淨利潤為負 2100 萬美元，佔收入的負 2.8%。

With regard to our balance sheet, we raised approximately $860 million in a primary equity offering in February, ending the quarter with $2.1 billion in cash and marketable securities. We are well capitalized to fund our growth and product initiatives.

就我們的資產負債表而言，我們在 2 月份的首次股權發行中籌集了約 8.6 億美元，本季度末現金和有價證券為 21 億美元。我們擁有充足的資本來資助我們的增長和產品計劃。

I'd also like to touch base on stock-based compensation expense this quarter, which was $239 million. As I noted in our prior earnings call, this expense is much larger than we'd expect in a typical quarter and is primarily related to historical equity awards to employees realized as a result of going public in December 2020. For your modeling purposes, you should expect stock-based compensation expense to be down to $175 million in Q2 and then settle in at approximately $70 million in each of Q3 and Q4.

我還想談談本季度基於股票的薪酬支出，該支出為 2.39 億美元。正如我在之前的財報電話會議中指出的那樣，這筆費用比我們在典型季度中預期的要大得多，主要與 2020 年 12 月上市所實現的對員工的歷史股權獎勵有關。出於建模目的，您預計第二季度股票薪酬費用將降至 1.75 億美元，然後第三季度和第四季度分別穩定在 7000 萬美元左右。

Overall, we feel very good about the year ahead. For the second quarter, we expect revenue to range from $1.025 billion to $1.075 billion, and adjusted EBITDA of negative $5 million to positive $5 million. On the revenue side, the high end of guidance implies approximately 44% sequential growth from Q1 levels.

總體而言，我們對未來的一年感覺非常好。我們預計第二季度營收為 10.25 億美元至 10.75 億美元，調整後的 EBITDA 為負 500 萬美元至正 500 萬美元。在收入方面，指導上限意味著較第一季度水平環比增長約 44%。

Looking ahead to the second half, we expect Q2 to mark a record number of home acquisitions. As another leading indicator of our momentum, we had a record 4,027 homes under contract to be purchased at the end of Q1 or $1.3 billion in value, which compares to 1,742 homes under contract at the end of Q4. I'd also note that we've previously talked about 2021 revenue being weighted to the back half of the year, with roughly 1/3 of revenue coming in the first half. Notwithstanding the strong performance we anticipate for the first half, we do still expect those same revenue proportions to roughly play out in 2021.

展望下半年，我們預計第二季度的購房數量將創下歷史新高。作為我們勢頭的另一個領先指標，我們在第一季度末有創紀錄的 4,027 套待購買合同房屋，價值 13 億美元，而第四季度末有 1,742 套合同房屋。我還想指出的是，我們之前討論過 2021 年收入被加權到下半年，其中大約 1/3 的收入來自上半年。儘管我們預計上半年業績強勁，但我們仍然預計 2021 年將大致實現相同的收入比例。

With respect to adjusted EBITDA, we expect Q2 unit margins to benefit from similar trends in Q1 and that contribution margins will moderate in the back half of the year as inventory mix normalizes. Furthermore, we expect adjusted operating expenses to increase sequentially throughout the year. The dollar step-up in OpEx in Q1 is a good framework for thinking through sequential trends across the remaining quarters as we make continued investments in marketing, technology and people.

就調整後的 EBITDA 而言，我們預計第二季度的單位利潤率將受益於第一季度的類似趨勢，並且隨著庫存組合正常化，貢獻利潤率將在今年下半年放緩。此外，我們預計調整後的運營費用全年將環比增加。隨著我們對營銷、技術和人員的持續投資，第一季度運營支出的美元上漲是一個很好的框架，可以用來思考剩餘季度的連續趨勢。

We believe our Q1 results and outlook are reflective of Opendoor's market leadership and the strong secular shift of consumers increasingly looking to digital-first, integrated solutions to buy and sell a home. We have the team, technology and operating platform to execute on our mission and deliver long-term value for our customers, our partners and shareholders.

我們相信，我們第一季度的業績和前景反映了 Opendoor 的市場領導地位，以及消費者日益尋求數字優先、集成解決方案來買賣房屋的強烈長期轉變。我們擁有團隊、技術和運營平台來執行我們的使命，為我們的客戶、合作夥伴和股東創造長期價值。

That concludes our formal remarks. I'd like to turn the call back to the operator, and we'll open up the line to questions. Thank you.

我們的正式發言到此結束。我想將電話轉回給接線員，我們將開放線路供提問。謝謝。

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

（操作員說明）我們的第一個問題來自 Jason Helfstein 和 Oppenheimer。

I'm going to ask two. So how much of the increase in the average revenue per home was a function of home price appreciation versus greater success in selling attachment services? And then how should we be thinking about kind of the average revenue per home for the remainder of the year? So that's kind of one, to the extent you can talk about that. And then number two, you kind of noted the ability to move into more expensive homes. I think you cited like a $1.6 million home, I think in it was Florida or L.A. or something. I think, historically, many of us have thought about iBuying as limited to like homes below like $0.5 million. So just talk about how the ability to kind of work in that price area opens up a bigger market.

我要問兩個。那麼，每戶平均收入的增長有多少是房價升值與銷售附屬服務取得更大成功的結果呢？那麼我們應該如何考慮今年剩餘時間內每個家庭的平均收入呢？所以這就是一種，在某種程度上你可以談論這一點。第二，你注意到有能力搬進更昂貴的房子。我想你提到的是價值 160 萬美元的房屋，我想那是在佛羅里達州或洛杉磯什麼的。我認為，從歷史上看，我們很多人都認為 iBuying 僅限於 50 萬美元以下的房屋。因此，只需談談在該價格區域工作的能力如何打開更大的市場。

Jason, it's Carrie. Thanks for the question. So with respect to what we saw in Q1, 200% increase in quarter-on-quarter revenue, first of all, the vast, vast majority of that was driven by volume growth. I think of the 200%, more than 190 points of that comes from volume growth. We were the beneficiary of an increase in higher average resale prices. There's 2 factors to that: one is HPA, as you know; the other factors are continued success in advancing our buy-box. Buy-box incorporates more things than just price. But certainly, price is a key component. I think that market you referenced was actually Los Angeles. We're up to $1.4 million, $1.6 million right now in that market. And we'll continue to edge up across all our markets over time. That's one.

傑森，是嘉莉。謝謝你的提問。因此，就我們在第一季度看到的情況而言，收入環比增長 200%，首先，其中絕大多數是由銷量增長推動的。我認為其中 200%、190 多個點來自銷量增長。我們是平均轉售價格上漲的受益者。這有兩個因素：一是 HPA，如您所知；二是 HPA。其他因素是我們在提升購買力方面的持續成功。購買按鈕包含的不僅僅是價格。但毫無疑問，價格是一個關鍵因素。我認為你提到的那個市場實際上是洛杉磯。我們目前在該市場的銷售額高達 140 萬美元、160 萬美元。隨著時間的推移，我們將繼續在所有市場上取得優勢。這是一個。

With respect to kind of the outlook for the balance of the year as it relates to resale prices, I think when you step back, the market right now for housing is very strong. You know that. We're in a trifecta of very low rates, record low inventory and an incredibly strong pent-up demand for housing. That's resulted in very high and very fast rate of HPA. Given those inputs, we don't see those dissipating for the balance of the year and housing will continue to be strong. With respect to resale price trend, what I could say as we're not providing guidance for the back half of the year specifically, I would expect those to continue to be positive quarter-on-quarter for the balance of the year. And that's, again, a combination of buy-box expansion, our city mix will continue to evolve as we're in more and more markets and then the last part of that is HPA tailwind.

就與轉售價格相關的今年剩餘時間的前景而言，我認為退一步來說，目前的住房市場非常強勁。你懂的。我們正處於極低的利率、創紀錄的低庫存以及令人難以置信的強勁的被壓抑的住房需求之中。這導致 HPA 的速度非常高且非常快。考慮到這些投入，我們認為今年剩餘時間這些投入不會消失，住房市場將繼續強勁。關於轉售價格趨勢，我可以說，由於我們沒有具體提供今年下半年的指導，我預計今年剩餘時間的轉售價格趨勢將繼續呈正值。這又是購買力擴張的結合，隨著我們進入越來越多的市場，我們的城市組合將繼續發展，最後一部分是 HPA 的推動力。

Yes, the only thing I'll add, Jason, is that our aspirations are to service all homeowners nationwide. And our teams are working hard and focused on expanding the buy-box and launching, obviously, new markets. And so we're expanding the types of homes we operate in, the types of -- the different price points. And really, the goal is to service every home in all the markets we operate in.

是的，傑森，我唯一要補充的是，我們的願望是為全國所有房主提供服務。我們的團隊正在努力工作，專注於擴大購買力並推出新市場。因此，我們正在擴大我們經營的房屋類型、不同價位的類型。事實上，我們的目標是為我們經營的所有市場中的每個家庭提供服務。

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. I guess, first, Carrie, could you remind us kind of what the impact of increasing interest rates might be on the business and Opendoor's ability to kind of mitigate increasing interest rates and the impact, I guess, on the bottom line? And then the second question really is just record low kind of inventory levels or multi-decade low inventory levels. Maybe taking a step back, as things normalize, have you contemplated the pendulum swinging the other way? Does it kind of shift to a buyer's market when the frenzy is over? Is it going to be a more challenged environment for maybe a different reason?

偉大的。我想，首先，Carrie，您能否提醒我們，利率上升可能對業務產生什麼影響，以及 Opendoor 緩解利率上升的能力以及我想對利潤的影響？第二個問題實際上只是創紀錄的低庫存水平或幾十年來的低庫存水平。也許退一步，隨著事情恢復正常，你是否考慮過鐘擺會朝另一個方向擺動？當狂熱結束後，是否會轉向買方市場？是否會因為不同的原因而成為一個更具挑戰性的環境？

Great. Good to hear your voice, Nick, thanks for the question. So with respect to interest rates and in terms of our cost structure and what we might have to pass on to customers in terms of fees if there is an increase in rate, we'd expect that the impact actually would be quite modest. An example, 100 basis point increase in rates would translate to a 25 basis point move in our cost structure given our inventory turns, so quite manageable in our view.

偉大的。很高興聽到你的聲音，尼克，謝謝你的提問。因此，就利率而言，就我們的成本結構而言，如果利率上升，我們可能必須以費用的形式轉嫁給客戶，我們預計影響實際上會相當溫和。舉個例子，考慮到我們的庫存周轉率，利率增加 100 個基點將意味著我們的成本結構變化 25 個基點，因此我們認為這是可以管理的。

The second part of your question just was around record low inventory levels but also just what if the market were to go from being very HPA positive right now to something more neutral or even negative. And what I would say is our model is really designed to work across all kinds of markets: up markets, flat markets, down markets. You should think of us as a market maker and also a provider. So in a market environment where HPA would have turned negative, we can choose to increase spreads to account for that decline. So declines in HPA will be offset by increased spreads. And certainly, in a down market, which is more uncertain for consumers, we believe that the certainty our product provides will be an even greater value to customers in that scenario.

你問題的第二部分只是圍繞創紀錄的低庫存水平，但如果市場從現在對 HPA 非常積極的態度轉變為更加中性甚至消極的態度會怎樣。我想說的是，我們的模型實際上是為適應各種市場而設計的：上漲市場、平淡市場、下跌市場。您應該將我們視為做市商，同時也是提供商。因此，在 HPA 可能變為負數的市場環境中，我們可以選擇增加利差來應對這種下降。因此，HPA 的下降將被價差的增加所抵消。當然，在消費者更加不確定的低迷市場中，我們相信我們的產品提供的確定性將為這種情況下的客戶帶來更大的價值。

Last point I would say is when you think about macro, for us, obviously, housing macro is always top of mind. But so is what's going on right now is a massive secular tailwind that's driving digital adoption. I believe that we are going to continue to be market share gainers across all cycles as a result of that. Certainly, we are right now. And we expect that the value proposition, as I said, only increases in times of uncertainty for sellers.

我要說的最後一點是，當你考慮宏觀時，對我們來說，顯然，住房宏觀始終是首要考慮的。但現在正在發生的是推動數字化採用的巨大長期順風。我相信，因此，我們將在所有周期中繼續成為市場份額的獲得者。當然，我們現在就是這樣。正如我所說，我們預計價值主張只會在賣家不確定的時期增加。

Our next question comes from Ed Yruma with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Ed Yruma。

I guess, first, just on the expansion of the buy-box. Is this a process that you can apply systematically to other cities? How quickly can you kind of increase maybe the aperture in terms of the expense of the homes you're buying? I guess on the flip side, is there an opportunity to target more value-priced homes? I guess, is my first question. And then second, obviously, velocity remains incredibly high. Should we expect that that begins to normalize as we head into the back half of the year?

我想，首先，只是關於購買按鈕的擴展。這個流程可以系統地應用到其他城市嗎？就您購買的房屋的費用而言，您能以多快的速度增加光圈？我想另一方面，是否有機會瞄準更有價值的房屋？我想，這是我的第一個問題。其次，顯然，速度仍然非常高。當我們進入今年下半年時，我們是否應該期望這種情況開始正常化？

Ed, it's Andrew here. I'll take the first part of that, and then I'll turn the second piece over to Carrie. With respect to buy-box, yes, we believe that's a repeatable process. The team has done a great job building that into a systematic capability that we're constantly looking for places where we can provide our offering to more consumers. As Eric mentioned, our aspiration is that every seller in the United States can take advantage of what Opendoor offers. And so the team is hard at work identifying features, tuning our pricing models so that we can acquire those homes. Importantly, it's more than just price. It's also dimensions like the age of a home, the condition of a home that enable us to drive continuous improvement against that buy-box.

艾德，我是安德魯。我會拿走第一部分，然後把第二部分交給嘉莉。關於購買按鈕，是的，我們相信這是一個可重複的過程。該團隊在將其構建為系統化能力方面做得非常出色，我們不斷尋找可以向更多消費者提供產品的地方。正如 Eric 提到的，我們的願望是美國的每個賣家都能利用 Opendoor 提供的服務。因此，團隊正在努力確定功能，調整我們的定價模型，以便我們能夠購買這些房屋。重要的是，這不僅僅是價格。房屋的年齡、房屋的狀況等維度也使我們能夠針對購買按鈕進行持續改進。

Carrie, do you want to take the second point?

嘉莉，你想接受第二點嗎？

Yes. Thanks for the question, Ed. So on velocity, as I said earlier, the market right now for housing is very strong given the inputs I talked about: rates, constrained inventory, pent-up demand for housing. We expect those to persist for the balance of the year. Velocity would follow from that. There's a chance I feel that it could slow. I don't see that as a material impact to our model and our results.

是的。謝謝你的提問，艾德。因此，就速度而言，正如我之前所說，考慮到我談到的因素：利率、有限的庫存、被壓抑的住房需求，目前的住房市場非常強勁。我們預計這些情況將持續到今年剩餘時間。速度隨之而來。我覺得它有可能會減慢。我認為這不會對我們的模型和結果產生實質性影響。

Our next question comes from Ygal Arounian with Wedbush Securities.

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

First question, just on the improvements and the real seller conversion reaching a record there. Can you talk about some of the things you've done to improve the conversion and how you think about pricing or offers that you make in the current environment? As you've noted, you expect HPA to continue to move up over the course of the year. Just how do you think about that? And what's driving that real seller conversion? And then the second question, I guess, on your philosophy around inventory. I think still one of the biggest pushbacks you get from investors is holding on or having meaningful levels of inventory in case of a market downturn or things cool off. And you're stepping up and buying a lot more homes in 2Q, getting to record rates. Do you expect over time for purchases and sales to kind of equal out but your inventory stays stable and you're buying as much as you're selling? How do you think of that over time?

第一個問題，只是關於改進和真實賣家轉化率達到記錄。您能否談談您為提高轉化率所做的一些事情以及您如何看待在當前環境下提供的定價或優惠？正如您所指出的，您預計 HPA 在這一年中將繼續上升。您對此有何看法？是什麼推動了真正的賣家轉化？我想，第二個問題是關於您關於庫存的哲學。我認為，投資者給你帶來的最大阻力之一仍然是持有或保持有意義的庫存水平，以防市場低迷或情況降溫。第二季度你將加緊購買更多房屋，價格創歷史新高。您是否預計隨著時間的推移，採購和銷售會持平，但您的庫存保持穩定並且您的購買量與銷售量相同？隨著時間的推移，您對此有何看法？

Sure thing. So in terms of conversion strength and what's underneath that, we're absolutely seeing that record real seller conversion. And there's really 2 factors underneath that. The first is consumers value a best-in-class experience that's simple, certain, fast and trusted. We've made 7 years of investment in that experience, and we continue to improve that experience day by day. And we continue to grow the awareness and trust around it. And the second thing is that consumers care about net proceeds. And we're able to deliver more to consumers because we've driven improvements in our cost structure, our pricing engine and our inventory management, in addition to the strength of HPA and the velocity of the housing market. Those pieces, we're constantly looking at the pricing and the competitiveness of our offers, and we feel good about it.

當然可以。因此，就轉化強度及其背後的內容而言，我們絕對看到了創紀錄的真實賣家轉化。這背後確實有兩個因素。首先，消費者看重簡單、確定、快速和值得信賴的一流體驗。我們已經在這種體驗上進行了 7 年的投資，並且我們不斷地日復一日地改進這種體驗。我們不斷提高對此的認識和信任。第二件事是消費者關心淨收益。我們能夠為消費者提供更多服務，因為除了 HPA 的實力和房地產市場的發展速度之外，我們還推動了成本結構、定價引擎和庫存管理的改進。在這些方面，我們不斷關注我們產品的定價和競爭力，我們對此感覺良好。

It's Carrie. On the second part of your question around inventory. Just to step back. So in today's market, which we all know is inventory constrained, we have not been constrained in our ability to acquire homes. As Andrew said, 3,500 homes acquired this quarter, up from 2,000 last quarter. And perhaps, more importantly, if you think about the future, over 4,000 homes sitting in contract right now. So despite the constraints of this environment, we've not been constrained in our ability to acquire homes. And then in a market that was more normal or certainly less constrained, I suspect our job gets even easier.

是嘉莉。關於你關於庫存的問題的第二部分。只是要退一步。因此，在當今的市場上，我們都知道庫存有限，但我們購買房屋的能力並沒有受到限制。正如安德魯所說，本季度購買了 3,500 套房屋，高於上季度的 2,000 套。也許，更重要的是，如果你考慮一下未來，現在有超過 4,000 套房屋處於合同狀態。因此，儘管受到這種環境的限制，我們購房的能力並沒有受到限制。然後，在一個更加正常或更少受到限制的市場中，我懷疑我們的工作會變得更加容易。

Can I ask one more follow-up, just on Opendoor-backed Offers? It seems like an incredibly compelling product to bring buyers or sellers into the funnel. And you noted that's had some impact on -- or at least it ties together with the mortgage product. Can you talk about that for a second and any lift you've seen in mortgage conversion and improvements in how that part of the flywheel works?

我可以就 Opendoor 支持的優惠再詢問一個後續問題嗎？這似乎是一個令人難以置信的引人注目的產品，可以將買家或賣家帶入渠道。您指出，這對抵押貸款產品產生了一些影響，或者至少與抵押貸款產品有關。您能談談這個問題以及您在抵押貸款轉換方面看到的任何提升以及飛輪這部分工作方式的改進嗎？

Yes, thank you for the question. This is Eric. We're excited by the progress and early signal around Opendoor-backed Offers. Obviously, in today's climate, it's competitive. And if you're a home shopper, you want your offers to be as competitive as possible. So the thing I love about this, we're able to leverage the capabilities we've built over the past 7 years and provide a new feature to our customers who are also buying homes. And so there's early signal, and we're very excited by the progress to date. I'll have Andrew kind of address the second part, which is how does that apply to home loans and the progress there.

是的，謝謝你的提問。這是埃里克。我們對 Opendoor 支持的優惠的進展和早期信號感到興奮。顯然，在當今的環境下，它具有競爭力。如果您是家庭購物者，您希望您的報價盡可能具有競爭力。因此，我喜歡這一點的是，我們能夠利用過去 7 年建立的功能，為同樣購買房屋的客戶提供新功能。現在已經出現了早期信號，我們對迄今為止的進展感到非常興奮。我將請安德魯談談第二部分，即這如何適用於住房貸款以及那裡的進展。

Yes. If you actually go through the product experience, which I'd encourage you to do on Opendoor-backed Offers, you'll see it's totally seamless in terms of its integration with our mortgage offering. And that seamless customer experience, removing friction while creating value for them, we see turn into higher levels of attach. And we absolutely see our Home Loans product attach at higher rates with Opendoor-backed Offers than we do in other places. So we view the uptake and the consumer acceptance of that product as a tailwind to the Home Loans side of things, absolutely.

是的。如果您真正體驗過產品體驗（我鼓勵您在 Opendoor 支持的優惠上進行體驗），您會發現它與我們的抵押貸款產品的集成是完全無縫的。我們看到，這種無縫的客戶體驗，消除摩擦，同時為他們創造價值，將轉化為更高水平的依戀。我們絕對看到我們的住房貸款產品與 Opendoor 支持的優惠的利率比我們在其他地方更高。因此，我們認為該產品的採用和消費者接受度絕對是住房貸款方面的順風車。

Our next question comes from Yoni Yadgaran with Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的 Yoni Yadgaran。

Two, if I may. So the first one is around kind of ramping new markets. You guys have been fairly aggressive in the last quarter or 2, more than halfway towards your full year goal. As you go into new markets, specifically, as you're seeing strong HPA trends, you are seeing expanded buy-box, strong conversion rates, are you seeing a faster ramp in those markets as a result than you otherwise were expecting? Can you maybe talk about how the piece of rent in those new markets has looked like so far? And I guess it's early relative to historical or pre-COVID levels. And second question is around just supply of lumber as well as service providers have been absolutely constrained in this environment in addition to a tightened inventory market for housing itself. Is that at all impacting days where you guys hold it or your ability to kind of quickly resell a home once you do purchase it?

如果可以的話，兩個。所以第一個是圍繞新市場的發展。你們在過去一兩個季度表現得相當積極，已經完成了全年目標的一半以上。當您進入新市場時，特別是當您看到強勁的 HPA 趨勢時，您會看到擴大的購買力和強勁的轉化率，您是否會看到這些市場的增長速度比您預期的更快？您能否談談到目前為止這些新市場的租金情況如何？我想，相對於歷史水平或新冠疫情之前的水平，現在還為時過早。第二個問題是，除了住房本身的庫存市場收緊之外，木材的供應以及服務提供商在這種環境下也受到了絕對的限制。這是否會影響你們持有房屋的日子或您購買房屋後快速轉售房屋的能力？

So on the first question around market launch, we're well on the way towards hitting that doubling of our market footprint that we've been talking about. We've made significant progress this year. And we're seeing, in the first quarter, our capability is now actually such that we can do multiple launches in a single day. So it's a testament to the work the team has done over time here to really hone that machine. Our focus on new markets is really about ensuring we have accurate pricing and repeatable, scalable processes and operations. As we see that come together in a market, we begin to ramp up acquisitions, which is why the impact of new markets is relatively small in the current year but creates a foundation for growth for years to come. So no real change from our perspective with regard to the new market launch or ramp.

因此，關於市場啟動的第一個問題，我們正在順利實現我們一直在談論的市場足跡翻倍的目標。今年我們取得了重大進展。我們看到，在第一季度，我們的能力實際上可以在一天內進行多次發布。因此，這證明了團隊長期以來為真正磨練這台機器所做的工作。我們對新市場的關注實際上是為了確保我們擁有準確的定價以及可重複、可擴展的流程和運營。正如我們看到的那樣，我們開始加大收購力度，這就是為什麼今年新市場的影響相對較小，但卻為未來幾年的增長奠定了基礎。因此，從我們的角度來看，新市場的推出或升級並沒有真正的變化。

And then the second part of your question was really around how some of the considerations around building supplies may be impacting our [reno] days or repair days or time to list. We're certainly like everyone in the industry seeing some of those supply chain pinch points. We're not heavily dependent on lumber per se. But across the entire spectrum of what goes into a home, there are shortages. And we're seeing that. It's not materially impacting our hold periods right now.

然後，您問題的第二部分實際上是圍繞建築供應的一些考慮因素如何影響我們的[雷諾]天數或維修天數或列出時間。我們當然像行業中的每個人一樣看到了其中一些供應鏈的關鍵點。我們本身並不嚴重依賴木材。但在所有進入家庭的物品中，都存在短缺。我們也看到了這一點。目前它對我們的持有期沒有產生重大影響。

We have a follow-up question from the line of Jason Helfstein with Oppenheimer.

我們有一個來自傑森·赫夫斯坦和奧本海默的後續問題。

Andrew, good to connect with you again. I just want to ask about OVO. I mean so just how does that flywheel work? Is it if you get OVO-ed, you have to sell your home through you? Just how does that work? Because it's kind of newer product to us.

安德魯，很高興再次與您聯繫。我只是想問一下OVO的情況。我的意思是，飛輪是如何工作的？如果你被OVO ed了，你必須通過你賣掉你的房子嗎？究竟是如何運作的呢？因為它對我們來說是一種較新的產品。

Jason, it's Eric. Yes. No, it's really just -- it's an option for the customer. And again, we're excited because the customers are electing and choosing to work with Buy with Opendoor because of this feature. But it's not required. Again, we have 2 really big customer pools. One is that there's hundreds of thousands of sellers coming to the site and requesting offers on a quarterly basis. And secondly, we also have hundreds of thousands, if not millions, of home visitors who also are coming to our homes and looking for a place to buy. And so the 2 customer pools allow us to promote Buy with Opendoor-backed Offers. And again, it's not a requirement to use our service, but it's certainly something we want to provide as a value, and customers are choosing it.

傑森，是埃里克。是的。不，這實際上只是——這是客戶的一個選擇。再次，我們很興奮，因為客戶選擇並選擇與 Buy with Opendoor 合作是因為這個功能。但這不是必需的。同樣，我們有兩個非常大的客戶群。一是每個季度都有數十万賣家訪問該網站並請求報價。其次，我們還有數十萬甚至數百萬的家庭訪客，他們也來到我們的家中尋找購買的地方。因此，這兩個客戶群使我們能夠通過 Opendoor 支持的優惠來推廣“購買”。再說一遍，這不是使用我們服務的必要條件，但這肯定是我們希望提供的價值，並且客戶正在選擇它。

That concludes today's question-and-answer session. I'd like to turn the call back to Eric for closing remarks.

今天的問答環節到此結束。我想將電話轉回給埃里克，讓他作結束語。

Great. I just want to thank everyone for joining our Q1 earnings call. Before I sign off, I'd like to thank our customers who choose Opendoor to help them with their life transition and to my teammates for their dedication to our customers every single day. Thank you.

偉大的。我只想感謝大家參加我們的第一季度財報電話會議。在結束之前，我要感謝選擇 Opendoor 來幫助他們實現人生轉型的客戶，並感謝我的隊友每天為我們的客戶奉獻的精神。謝謝。

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

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。