Opendoor Technologies Inc (OPEN) 2021 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Opendoor Fourth Quarter 2021 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded.

女士們，先生們，美好的一天，歡迎參加 Opendoor 2021 年第四季度收益電話會議。 （操作員說明）作為提醒，此電話會議正在錄音中。

I would now like to introduce your host for today's conference, Elise Wang, Vice President of Investor Relations. Thank you. Please go ahead.

我現在想介紹一下今天會議的主持人，投資者關係副總裁 Elise Wang。謝謝你。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 financial condition, anticipated financial performance, business strategy and plans, market opportunity and expansion and management objectives for future operations. 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，包括但不限於關於 Opendoor 財務狀況、預期財務業績、業務戰略和計劃的陳述，市場機會以及未來運營的擴展和管理目標。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 most recent annual report on Form 10-K for the year ended December 31, 2021, to be filed with the SEC and Opendoor's other periodic SEC filings. Any forward-looking statements made in this conference call, including responses to your questions, are based on management's current expectations and assumptions 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在 Opendoor 提交給 SEC 和 Opendoor 的截至 2021 年 12 月 31 日止年度的 10-K 表格最新年度報告的風險因素部分中找到其他定期提交給 SEC 的文件。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，均基於管理層截至今天的當前預期和假設。並且 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，除非法律要求。

The following discussion contains references to certain non-GAAP financial measures. The company believes these non-GAAP financial measures are useful to investors as supplemental operational measurements to evaluate the company's financial performance. 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.

以下討論包含對某些非公認會計原則財務措施的參考。該公司認為，這些非公認會計準則財務指標對投資者有用，可作為補充運營指標來評估公司的財務業績。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, Chairman and Chief Executive Officer of Opendoor.

我現在將把電話轉給 Opendoor 的聯合創始人、董事長兼首席執行官 Eric Wu。

Good afternoon. On the call with me is Carrie Wheeler, our Chief Financial Officer; and Andrew Low Ah Kee, our President. Our customers are at the center of everything we do. And per usual, let's start by hearing from one of them on the impact that Opendoor has had on their lives.

下午好。與我通話的是我們的首席財務官 Carrie Wheeler；和我們的總裁Andrew Low Ah Kee。我們所做的一切以客戶為中心。按照慣例，讓我們先聽聽其中一位關於 Opendoor 對他們生活的影響。

(presentation)

（介紹）

We are honored and proud to be helping families like the Thomases, who have trusted us with not only their home sale but also their home purchase so they can seamlessly move in one simple transaction. 2021 was a year that further demonstrated where we're heading, shifting away from a disjointed off-line process centered around lead generation and agents and towards a digital experience where consumers can buy, sell and move with just their mobile device.

我們很榮幸也很自豪能夠幫助像 Thomases 這樣的家庭，他們不僅信任我們的房屋銷售，而且還信任我們的房屋購買，因此他們可以在一次簡單的交易中無縫地搬家。 2021 年進一步證明了我們的發展方向，從以潛在客戶和代理商為中心的脫節的線下流程轉變為消費者可以僅通過移動設備購買、銷售和移動的數字體驗。

In the last 12 months, we generated $8 billion in revenue, representing over 200% growth versus the prior year. We delivered $525 million in contribution profit, up nearly 380% year-over-year. And on top of this growth in revenue and unit profits, we booked $58 million in positive adjusted EBITDA, up $156 million from the previous year. These financial results pulled forward our financial targets by years, significantly outperforming the ambitious expectations we set for ourselves across our key metrics. This tremendous growth was the result of focused execution and investments in our consumer experience, our consumer growth and our technology, pricing and operations platform.

在過去的 12 個月中，我們創造了 80 億美元的收入，與去年相比增長了 200% 以上。我們實現了 5.25 億美元的貢獻利潤，同比增長近 380%。除了收入和單位利潤的增長之外，我們的調整後 EBITDA 為 5800 萬美元，比上一年增加了 1.56 億美元。這些財務業績將我們的財務目標提前數年，大大超過了我們在關鍵指標上為自己設定的雄心勃勃的預期。這種巨大的增長是集中執行和投資於我們的消費者體驗、消費者增長以及我們的技術、定價和運營平台的結果。

In terms of our consumer experience, we centered our work on improving our seller experience and differentiating our buyer experience. For home sellers, we focused on automation and reducing the friction of steps to sell. We launched virtual assessments, allowing home sellers to complete a home inspection virtually. And then we launched self-service assessments, giving the customer the ability to complete an inspection themselves.

在我們的消費者體驗方面，我們的工作重點是改善我們的賣家體驗和差異化我們的買家體驗。對於房屋賣家，我們專注於自動化和減少銷售步驟的摩擦。我們推出了虛擬評估，允許賣家虛擬完成房屋檢查。然後我們推出了自助服務評估，讓客戶能夠自己完成檢查。

For homebuyers, we launched Opendoor Backed Offers, enabling buyers to make an offer backed by cash, which significantly increases their chances of winning their dream home and gives our customers a superpower, which has historically been exclusive for the wealthy. With our launch of Opendoor Complete, we combine 2 lengthy and disparate processes of selling your existing home and buying a new home into one simple experience. This is so impactful because it gives our customers control of their moving time line and eliminates costly double mortgages and costly double moves.

對於購房者，我們推出了 Opendoor Backed Offers，使買家能夠以現金為後盾提出報價，這大大增加了他們贏得夢想家園的機會，並為我們的客戶提供了一種超級大國，這在歷史上一直是富人獨有的。隨著我們推出 Opendoor Complete，我們將出售您現有房屋和購買新房屋的 2 個冗長且完全不同的過程整合到一個簡單的體驗中。這非常有影響力，因為它讓我們的客戶能夠控制他們的搬家時間線，並消除昂貴的雙重抵押貸款和昂貴的雙重搬家。

Furthermore, we acquired the RedDoor, Pro.com and Skylight teams, which will power our home personalization and digital mortgage efforts in 2022 and years to come. The result of all this work was both very high conversion at north of 35% of real sellers and a seller NPS of north of 80 in 2021.

此外，我們收購了 RedDoor、Pro.com 和 Skylight 團隊，這將為我們在 2022 年和未來幾年的家庭個性化和數字抵押貸款工作提供動力。所有這些工作的結果是，在 2021 年，真實賣家的轉化率非常高，超過 35%，賣家 NPS 超過 80。

In terms of our consumer growth, this year marked a very rapid increase in the number of customers we are serving. We brought in our market coverage with the addition of 23 new markets, up from a total of 21, demonstrating the scalability and robustness of our systems, playbooks and service offerings. We extended our partnerships with homebuilders, now partnering with over 70 homebuilders and online sites such as Realtor.com, giving more home sellers a better solution. We also saw significant increases in customers from reengaging homeowners who registered in previous years who are not yet ready to move, and this resulted in almost 30% of our acquisitions.

就我們的消費者增長而言，今年我們服務的客戶數量增長非常迅速。我們通過增加 23 個新市場（從原來的 21 個市場）擴大了我們的市場覆蓋範圍，展示了我們的系統、劇本和服務產品的可擴展性和穩健性。我們擴大了與房屋建築商的合作夥伴關係，現在與 70 多家房屋建築商和 Realtor.com 等在線網站合作，為更多的房屋賣家提供更好的解決方案。我們還看到，重新吸引在前幾年註冊但尚未準備好搬家的房主的客戶顯著增加，這導致了我們近 30% 的收購。

Furthermore, our improvements in awareness led to over 0.5 million new homeowners requesting an offer from Opendoor in 2021, which will also help us drive our reengagement efforts and growth in 2022 and beyond.

此外，我們在意識方面的提高導致超過 50 萬新房主在 2021 年向 Opendoor 申請報價，這也將有助於我們在 2022 年及以後推動我們的重新參與努力和增長。

Last but not least, our core technology, pricing and operations platforms dramatically improved last year. We made improvements to our home operation system, Opendoor Scout, as well as the virtualization and centralization of multiple labor processes. This has resulted in our ability to deliver 3x more home assessments and repairs with a similar level of operational staffing as 2 years ago. This also enabled significantly faster turnaround times and over 170 basis points of cost structure improvements.

最後但同樣重要的是，我們的核心技術、定價和運營平台在去年得到了顯著改善。我們對家庭操作系統 Opendoor Scout 以及多個勞動流程的虛擬化和集中化進行了改進。這使我們能夠以與 2 年前相似的運營人員水平提供 3 倍以上的家庭評估和維修服務。這也顯著加快了周轉時間和超過 170 個基點的成本結構改進。

We continued our investments in pricing as our pricing system is our secret sauce. We analyzed hundreds of data points about each individual home we assessed, and we ingested millions of new data points, including image data and demand signals. This work led to a significant reduction of pricing variance and the expansion of our buybox by over 50%.

我們繼續在定價方面進行投資，因為我們的定價系統是我們的秘訣。我們分析了關於我們評估的每個家庭的數百個數據點，並採集了數百萬個新數據點，包括圖像數據和需求信號。這項工作顯著減少了定價差異，並將我們的購買箱擴大了 50% 以上。

Looking forward to 2022, we will take big steps towards our vision for a fully digital experience while significantly growing our audience, revenue and contribution profit. First, given the positive customer feedback we are seeing, we will expand and grow Opendoor Complete and Buy with Opendoor as part of our suite of product offerings. We will continue to expand to more markets nationwide, including some of the largest markets in the U.S., such as recently launched SF Bay Area.

展望 2022 年，我們將朝著實現完全數字化體驗的願景邁出一大步，同時顯著增加我們的受眾、收入和貢獻利潤。首先，鑑於我們看到的積極客戶反饋，我們將擴展和發展 Opendoor Complete and Buy with Opendoor 作為我們產品套件的一部分。我們將繼續向全國更多市場擴張，包括美國一些最大的市場，例如最近推出的順豐灣區。

We will continue to invest in our goal of having the lowest-cost platform, automation and scalability, which will lead to lower costs for consumers and expanded contribution margins. We will continue to build on top of our differentiated pricing engine, being the only company to acquire the data and pricing insights necessary to price homes at scale. And finally, we will more deeply integrate home financing and home personalization into an e-commerce-like checkout flow when buying a home. Given the strength of our team, executional focus, market leadership and innovations in flight, 2022 will prove to be a defining year for Opendoor.

我們將繼續投資於我們的目標，即擁有成本最低的平台、自動化和可擴展性，這將降低消費者的成本並擴大貢獻利潤率。我們將繼續在我們的差異化定價引擎之上構建，成為唯一一家獲得大規模定價房屋所需的數據和定價洞察力的公司。最後，我們將在購房時更深入地將房屋融資和房屋個性化融入類似電子商務的結賬流程中。鑑於我們團隊的實力、執行重點、市場領先地位和飛行創新，2022 年將被證明是 Opendoor 決定性的一年。

Last, I want to thank our Opendoor teammates for your tireless work in servicing and delighting our customers during one of their most important life transitions.

最後，我要感謝我們的 Opendoor 團隊成員，感謝您在客戶最重要的人生轉變之一期間為服務和取悅客戶所做的不懈努力。

I'll now turn it over to Carrie to discuss our financial performance and expectations for Q1 and the year.

我現在將把它交給 Carrie 討論我們對第一季度和今年的財務業績和預期。

Thanks, Eric. 2021 was a record year for Opendoor, and we're entering 2022 with strong momentum. Q1 revenue is expected to be between $4.1 billion to $4.3 billion, up 460% year-on-year at the midpoint. Adjusted EBITDA is expected to be in the range of $30 million to $40 million, up $37 million year-over-year at the midpoint.

謝謝，埃里克。 2021 年是 Opendoor 創紀錄的一年，我們正以強勁的勢頭進入 2022 年。第一季度收入預計在 41 億美元至 43 億美元之間，中點同比增長 460%。調整後的 EBITDA 預計在 3,000 萬美元至 4,000 萬美元之間，中點同比增長 3,700 萬美元。

Let me first touch base on some of the key financial highlights for 2021, including our strong finish in the fourth quarter, and then I'll address our outlook. As always, you'll find all the details in the shareholder letter that we published today.

讓我首先談談 2021 年的一些關鍵財務亮點，包括我們在第四季度的強勁表現，然後我將討論我們的前景。與往常一樣，您將在我們今天發布的股東信中找到所有詳細信息。

Once again, we meaningfully exceeded our revenue guidance. We delivered a record $3.8 billion in sales in the fourth quarter, up 1,435% versus prior year. This outperformance was driven by our resale and operating capabilities, enabling us to lean into strong market demand. We ended the year with $8 billion in total revenue, 211% higher than 2020. And most importantly, we finished the year at a pace more than 2 years ahead of the plan that we came to market with when we went public at the end of 2020.

再一次，我們有意義地超出了我們的收入指導。我們在第四季度實現了創紀錄的 38 億美元銷售額，比去年同期增長 1,435%。這種優異表現是由我們的轉售和運營能力推動的，使我們能夠依靠強勁的市場需求。我們以 80 億美元的總收入結束了這一年，比 2020 年增長了 211%。最重要的是，我們以比我們在年底上市時進入市場的計劃提前 2 年多的速度結束了這一年。 2020 年。

Our contribution margin was 4% in the fourth quarter, which was in line with our internal expectations. As a reminder, our margin trajectory was consistent with what we guided to throughout 2021, driven by temporary factors in the first part of the year related to a highly favorable inventory mix and conservative underwriting decisions relative to our HPA forecasting. We exceeded our expectations for the year with contribution margins of 6.5% relative to the guardrails we've indicated for 4% to 6% annually.

我們第四季度的邊際貢獻率為 4%，符合我們的內部預期。提醒一下，我們的利潤率軌跡與我們在整個 2021 年的指導一致，這是由今年上半年與高度有利的庫存組合和相對於我們的 HPA 預測的保守承保決策相關的臨時因素驅動的。我們超出了我們對這一年的預期，相對於我們指出的每年 4% 到 6% 的護欄，我們的貢獻率為 6.5%。

Adjusted EBITDA was $0.4 million in the fourth quarter, and we ended 2021 with positive $58 million versus negative $98 million in 2020.

第四季度調整後的 EBITDA 為 40 萬美元，我們在 2021 年結束時為正 5800 萬美元，而 2020 年為負 9800 萬美元。

We ended the year with 17,009 homes in inventory, representing $6.1 billion in value, which was up 1,208% versus last year. We purchased a total of 9,639 homes in Q4, in line with what we indicated back in Q3 when we moderated our acquisition pace to ensure we could deliver a seamless customer experience and manage our system-wide operations capacity. Acquisitions were balanced by 9,794 homes sold in the quarter. That volume was over 11x the volume of Q4 2020. This is a reflection of our system's capabilities that allowed us to increase capacity to repair and list homes during the quarter, enabling us to manage our backlog of homes despite the trade labor shortages impacting the housing industry.

到年底，我們有 17,009 套房屋庫存，價值 61 億美元，比去年增長 1,208%。我們在第四季度總共購買了 9,639 套房屋，這與我們在第三季度放緩收購步伐以確保我們能夠提供無縫的客戶體驗並管理我們系統範圍的運營能力時所表明的一致。本季度售出的 9,794 套房屋平衡了收購。該數量是 2020 年第四季度數量的 11 倍以上。這反映了我們系統的能力，使我們能夠在本季度提高維修和掛牌房屋的能力，使我們能夠在貿易勞動力短缺影響房屋的情況下管理積壓的房屋行業。

As a result, we entered Q1 from a position of strength. Our repair time lines for new acquisitions are back to historical norms. We've built in greater operational capacity and flexibility, and our inventory is healthy.

結果，我們從強勢的位置進入了 Q1。我們新收購的維修時間線已恢復到歷史標準。我們已經建立了更大的運營能力和靈活性，我們的庫存也很健康。

I'd call out that we're providing a new inventory metric to offer more insight into the overall health of our portfolio. We maintain a highly disciplined approach to inventory management, including how we manage the duration of our holding periods. As part of that, we track the number of days that our home was listed on the market. As of year-end, only 8% of our listed homes have been in the market for more than 120 days, which is well within the range that we manage to. Moreover, this metric indicates that our inventory is far healthier than the market, which had 24% of homes listed for more than 120 days when filtered for our buybox.

我想說我們正在提供一個新的庫存指標，以便更深入地了解我們投資組合的整體健康狀況。我們保持高度規範的庫存管理方法，包括我們如何管理持有期的持續時間。作為其中的一部分，我們跟踪我們的房屋在市場上上市的天數。截至年底，我們上市的房屋中只有 8% 的上市時間超過 120 天，這完全在我們能夠做到的範圍內。此外，該指標表明我們的庫存比市場要健康得多，市場上有 24% 的房屋在我們的購買箱過濾後上市超過 120 天。

Turning now to our guidance. As I mentioned earlier, we expect first quarter revenue to be between $4.1 billion and $4.3 billion, which represents 460% growth year-over-year at the midpoint. We entered Q1 with a strong inventory balance, which will enable us to meet the elevated demand we're seeing in the housing market, resulting in a high rate of sell-through for our homes. Therefore, we expect to pull in some revenue that would have ordinarily landed in Q2 into the first quarter. While it's difficult to predict with precision exactly when transactions close, we expect to generate approximately $8 billion in revenue for the first half of the year, representing over 300% growth year-on-year.

現在轉向我們的指導。正如我之前提到的，我們預計第一季度收入將在 41 億美元至 43 億美元之間，中點同比增長 460%。我們以強勁的庫存平衡進入第一季度，這將使我們能夠滿足我們在房地產市場看到的高需求，從而導致我們房屋的高銷售率。因此，我們預計將在第一季度獲得一些通常會在第二季度登陸的收入。雖然很難準確預測交易何時結束，但我們預計上半年將產生約 80 億美元的收入，同比增長超過 300%。

Adjusted EBITDA is expected to be between $30 million and $40 million, which represents a 0.8% margin at the midpoint of the expected range. Adjusted OpEx, which we define as that delta between contribution margin and adjusted EBITDA, is forecasted to be up approximately $20 million versus Q4, as we continue to invest across our pricing capabilities, platform scaling, adjacent services and marketing. Contribution margins are expected to be up sequentially in Q1, consistent with our guidance.

調整後的 EBITDA 預計在 3,000 萬美元至 4,000 萬美元之間，相當於預期範圍中點的 0.8% 利潤率。調整後的運營支出，我們定義為邊際貢獻與調整後 EBITDA 之間的差值，預計將比第四季度增加約 2000 萬美元，因為我們將繼續投資於我們的定價能力、平台擴展、相鄰服務和營銷。與我們的指導一致，預計第一季度的貢獻率將連續上升。

Before I open the call for questions, I want to echo Eric and thank all of our teammates, our customers and our shareholders for your support of Opendoor in what was an incredible year of progress and growth. We are energized and we're focused on delivering on our vision to provide an end-to-end home buying and selling experience that is simple, fast and certain.

在我開始提問之前，我想回應 Eric，並感謝我們所有的隊友、我們的客戶和我們的股東在 Opendoor 取得令人難以置信的進步和成長的一年中的支持。我們充滿活力，我們專注於實現我們的願景，即提供簡單、快速和確定的端到端購房體驗。

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

有了這個，我現在開始提問。謝謝你。

(Operator Instructions) Your first question comes from the line of Stephen Ju from Credit Suisse.

（操作員說明）您的第一個問題來自Credit Suisse 的Stephen Ju。

So Eric and Carrie, access to capital was pretty crucial to your ability to purchase an old inventory. So would you talk about whether there's been any sort of change in stance from your bankers in terms of the existing credit lines and as you prepare for additional growth in the future, access to additional credit lines? And also, is there anything we should be thinking about in terms of potential changes to your inventory holding period, which I believe historically was around 90 to 100 days?

因此，Eric 和 Carrie，獲得資金對於您購買舊庫存的能力至關重要。那麼，您能否談談您的銀行家在現有信貸額度方面的立場是否有任何變化，以及在您為未來的額外增長做準備時，是否可以獲得額外的信貸額度？此外，關於庫存持有期的潛在變化，我認為歷史上大約是 90 到 100 天，我們應該考慮什麼？

Thanks, Stephen. I'll ask Carrie to take this.

謝謝，斯蒂芬。我會請嘉莉接受這個。

Stephen, so with respect to our financing, we're well capitalized with what we have in hand today to support our growth plans for 2022. We have financing for over $10 billion of inventory. And if you think about how our turns work across the course of the year, that would be north of $30 billion of home acquisition firepower. We have not seen a change with -- in terms of our ability to attract financing from our lenders. Since the exit of other people in our category, in fact, we've actually added to our overall facility since the fall.

斯蒂芬，所以關於我們的融資，我們手頭的資金充足，可以支持我們 2022 年的增長計劃。我們有超過 100 億美元的庫存融資。如果你想想我們在一年中的輪換如何運作，那將超過 300 億美元的購房火力。就我們從貸方吸引融資的能力而言，我們沒有看到任何變化。事實上，自從我們類別中的其他人退出以來，我們實際上已經從秋季開始增加了我們的整體設施。

With respect to your question around holding periods, we did see an increase in holding periods in Q4. When you think about how we hold inventory, there's sort of 2 segments. There's the moment we acquire to when we list, and then there's we list until we sell. What we saw elongated in Q4 is what we call that prelist period, and that was a function of working through some of the homes we acquired -- lots of homes we acquired in Q3 as we worked through that backlog in Q4. And we exit the year with that repair time line back to where we want it to be in terms of historical standards.

關於您關於持有期的問題，我們確實看到第四季度的持有期有所增加。當您考慮我們如何持有庫存時，可以分為兩個部分。有我們獲得上市的那一刻，然後我們上市直到我們出售。我們在第四季度看到的延長期就是我們所說的預售期，這是我們收購的一些房屋的功能——我們在第三季度收購了很多房屋，因為我們在第四季度處理了積壓的工作。我們以修復時間線結束這一年，回到我們希望它在歷史標準方面的位置。

Your next question comes from the line of Jason Helfstein from Oppenheimer.

您的下一個問題來自 Oppenheimer 的 Jason Helfstein。

Two questions. The first, revenue came in better, I think, than many of us were looking for. But I think gross profit was more in line. And so just -- maybe just help us understand just maybe some of the dynamics kind of on the gross profit line this quarter. And then just any comments on kind of attach products and kind of maybe an updated time line would you expect to be with kind of the attach and ancillary revenue maybe as a percent of the mix by the end of the year.

兩個問題。首先，我認為收入比我們許多人所期待的要好。但我認為毛利潤更符合預期。所以只是 - 也許只是幫助我們了解本季度毛利潤線上的一些動態。然後只是對附加產品類型的任何評論，以及可能更新的時間表，您是否希望在年底前附加類型和輔助收入可能佔總收入的百分比。

Jason, I'll take that first part and then hand it over. With respect to where we ended up Q4, first of all, we feel really good about how we ended the year, delivered revenue well beyond expectations to beat the $650 million and landed contribution margin and EBITDA in line with our guidance. And what you saw in the gross margin line and the CM and then down to EBITDA line is that we made the decision to intentionally clear more inventory to free up that systems capacity we talked about coming out of Q3, having a lot of homes on hand, wanting to make sure that we did not degrade the customer experience. And then we met our overall financial targets for the quarter, which we did. And then we're set up very well to walk into Q1 with a healthy book of inventory and our systems capacity back in line where we want it to be.

傑森，我會拿第一部分，然後把它交出來。關於我們在第四季度結束時的表現，首先，我們對今年結束時的表現感到非常滿意，實現的收入遠遠超出預期，超過了 6.5 億美元，並使邊際貢獻和 EBITDA 符合我們的指導。您在毛利率線和 CM 以及 EBITDA 線中看到的是，我們決定有意清理更多庫存以釋放我們談到的從第三季度開始的系統容量，手頭有很多房屋，希望確保我們不會降低客戶體驗。然後我們實現了本季度的總體財務目標，我們做到了。然後，我們的設置非常好，可以帶著健康的庫存賬簿進入第一季度，我們的系統容量又回到了我們想要的水平。

I'll hand it over to Andrew now to talk about part 2.

我現在把它交給 Andrew 來討論第 2 部分。

Sure. Jason, on adjacent services, our title business continues to perform exceptionally well. We've grown it to become one of the largest title agencies in the country. On buyer and mortgage, those offerings are growing quickly, but they're still small compared to our core business, which has now a run rate of over $15 billion.

當然。 Jason，在相關服務方面，我們的產權業務繼續表現出色。我們已將其發展成為該國最大的產權代理機構之一。在買方和抵押貸款方面，這些產品正在快速增長，但與我們的核心業務相比，它們仍然很小，目前的運行率超過 150 億美元。

Taking a step back, our approach to delivering on our long-term goals for services is to focus first on the consumer experience, then to scale it to all markets and then to maximize margins. We're on the first step, which is building the best experience in the market and seamlessly integrating it with the rest of Opendoor. We're seeing some positive signals. Our buyer NPS is currently 60, and we're increasing awareness in a few targeted markets.

退後一步，我們實現服務長期目標的方法是首先關註消費者體驗，然後將其擴展到所有市場，然後最大化利潤。我們正邁出第一步，即在市場上打造最佳體驗，並將其與 Opendoor 的其餘部分無縫集成。我們看到了一些積極的信號。我們的買家 NPS 目前是 60，我們正在提高一些目標市場的知名度。

Additionally, in the fourth quarter, as you know, we acquired RedDoor. We believe that it is a best-in-class mortgage experience, and we expect it to launch later in the first half. We believe this approach of focusing on the customer experience before we scale is the right one to deliver on our long-term goal of increasing contribution margin from 4% to 6% to the high single digits.

此外，如您所知，在第四季度，我們收購了 RedDoor。我們相信這是一流的抵押貸款體驗，我們預計它將在上半年晚些時候推出。我們相信，這種在擴大規模之前關注客戶體驗的方法是實現我們將貢獻率從 4% 提高到 6% 至高個位數的長期目標的正確方法。

Your next question comes from the line of Michael Ng from Goldman Sachs.

您的下一個問題來自高盛的 Michael Ng。

Just two, if I could. First, based on the strong 1Q guidance for EBITDA and the commentary around adjusted OpEx, it sounds like there's an implied improvement in gross margin sequentially. I'm just wondering if you could talk a little bit more about that and what's driving that implied gross margin improvement? And then I have a quick follow-up.

如果可以的話，就兩個。首先，基於強勁的第一季度 EBITDA 指引和有關調整後的運營支出的評論，聽起來毛利率隱含的連續改善。我只是想知道你是否可以多談一點，以及是什麼推動了隱含的毛利率提高？然後我有一個快速跟進。

Michael, yes. No, you're exactly right. With respect to what we guided to for Q1 relative to EBITDA and then the OpEx guide we gave, we are seeing sequential improvement in contribution margins in Q1. We look to manage, as you know, that 4% to 6% guardrail on an annual basis, but we'll be well within that for the first quarter.

邁克爾，是的。不，你完全正確。關於我們第一季度相對於 EBITDA 的指導，然後是我們給出的運營支出指導，我們看到第一季度的邊際貢獻連續改善。如您所知，我們希望每年管理 4% 到 6% 的護欄，但我們將在第一季度很好地做到這一點。

Great. And then I was just wondering if you could talk a little bit more about the $8 billion revenue outlook for the first half. I guess what does that imply for purchases in the first quarter? Is that moderating? And how does the current macroeconomic outlook affect that, if at all?

偉大的。然後我只是想知道你是否可以多談談上半年 80 億美元的收入前景。我猜這對第一季度的購買意味著什麼？那是緩和嗎？如果有的話，當前的宏觀經濟前景如何影響這一點？

Yes. I'm happy to address that. So what we're seeing right now is a very healthy robust housing market, and what's implied within our Q1 guide is that we will continue. We're seeing incredible demand for our homes and a strong sell-through rate. We want to give people a little bit of context about the potential shape for the first half of the year. So excellent revenue, another quarter, we think, of record revenue in Q1. We may pull a little bit of revenue from Q2 into Q1, and that's really what we're trying to indicate with the $8 billion guide. Year-over-year, still fantastic growth, up 200-plus percent quarter-on-quarter -- I'm sorry, year-over-year for both quarters. So that's what we're trying to indicate with the first half guide.

是的。我很高興解決這個問題。因此，我們現在看到的是一個非常健康、強勁的房地產市場，我們的第一季度指南暗示我們將繼續下去。我們看到對我們房屋的驚人需求和強勁的銷售率。我們想為人們提供一些關於今年上半年潛在形態的背景信息。如此出色的收入，我們認為，另一個季度是第一季度創紀錄的收入。我們可能會將一些收入從第二季度拉到第一季度，這正是我們試圖用 80 億美元的指南來表明的。同比增長仍然驚人，環比增長 200% 以上——對不起，兩個季度都同比增長。這就是我們試圖在上半部分指南中指出的內容。

Your next question comes from the line of Edward Yruma from KeyBanc Capital Markets.

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

I guess first, impressive that I think you said that 30% of transactions are driven by repeats. I just want to understand this topic a little bit more. I guess that's pretty surprising given the relative youth of the business. And kind of where do you think that reengaged number could go to over time?

我想首先，令人印象深刻的是，我認為您說過 30% 的交易是由重複驅動的。我只是想多了解一下這個話題。鑑於該行業相對年輕，我想這相當令人驚訝。你認為隨著時間的推移，重新參與的數字會去哪裡？

And then as a follow-up, just wanted to understand, I know Opendoor Complete will be a big focus in the medium term. I guess what level of investment is still required within that business? Or do you feel like it's kind of all set?

然後作為後續行動，我只是想了解一下，我知道 Opendoor Complete 將成為中期的一大焦點。我想該業務還需要什麼水平的投資？或者你覺得一切都準備好了？

Thanks, Ed. I'll take the first part, and I'll pass it to Andrew for the second part. One of the things that we've been surprised by is our ability to reengage previously registered homeowners. And historically, we haven't had that large of a pool. And as we've grown the offering for people that are interested in understanding what their home is worth and what they can unlock with Opendoor, we've been able to reengage that pool of customers through the years and then convert them into sellers. We see that pattern pulling forward into the future, where our current pool of customers who haven't sold with us and have not sold in the market will be potential sellers for us to tap into in quarters and years to come.

謝謝，埃德。我會拿第一部分，然後我會把它交給安德魯做第二部分。我們感到驚訝的一件事是我們能夠重新吸引以前註冊的房主。從歷史上看，我們沒有那麼大的游泳池。隨著我們為有興趣了解他們的房屋價值以及他們可以通過 Opendoor 解鎖什麼的人們提供更多產品，多年來我們已經能夠重新吸引該客戶群，然後將他們轉變為賣家。我們看到這種模式在未來會向前發展，我們目前尚未與我們一起銷售且尚未在市場上銷售的客戶群將成為我們在未來幾個季度和幾年內利用的潛在賣家。

I'll have Andrew speak to Opendoor Complete.

我會讓 Andrew 與 Opendoor Complete 通話。

Sure. And just taking a step back, we just launched Opendoor Complete in November. And we launched Complete with the belief that we could help the 2/3 of our sellers who are also buying with their journey. Opendoor Complete brings together selling and buying into that one seamless experience. We're excited by the early signal. It's still early days, and we're focused right now on raising awareness amongst sellers in a few target markets. And the incremental investment associated with that is pretty small.

當然。退後一步，我們剛剛在 11 月推出了 Opendoor Complete。我們推出 Complete 的信念是，我們可以幫助 2/3 也在購買旅程的賣家。 Opendoor Complete 將銷售和購買整合到一種無縫體驗中。我們對早期的信號感到興奮。現在還處於早期階段，我們現在專注於提高幾個目標市場賣家的意識。與此相關的增量投資非常小。

Your next question comes from the line of Curtis Nagle from Bank of America.

您的下一個問題來自美國銀行的 Curtis Nagle。

Just wanted to go back to the commentary on gross margin and make sure I understand what drove the 7.3% rate. What was that due to, clearing homes? Or just, yes, what drove, I guess, the sequential decline in the quarter relative to 3Q? And I'm not sure I understood what the implication was for 1Q. I think you talked to contribution margin. But do we expect that to go up in the first quarter?

只是想回到關於毛利率的評論，並確保我理解是什麼推動了 7.3% 的利率。那是因為什麼，清理房屋？或者只是，是的，我猜是什麼推動了該季度相對於第三季度的連續下降？而且我不確定我是否理解 1Q 的含義。我想你談到了邊際貢獻。但我們預計第一季度會上升嗎？

Yes. I'm happy to take that, Curtis. So if we step back, when you think about the margin trajectory for 2021 and kind of what drove that trajectory, we've been very explicit that we had 2 large but temporary factors that were driving excess margin in the first half of the year. One was we came into the year with essentially no inventory, having kind of sold our inventory during COVID and rebuilding that back up. That was really good for margins, and we knew it would dissipate throughout the course of the year, and it has. So it's kind of back to normal given the $6 billion inventory balance.

是的。我很高興接受這個，柯蒂斯。因此，如果我們退後一步，當您考慮 2021 年的利潤率軌跡以及推動該軌蹟的某種因素時，我們非常明確地指出，我們有 2 個大但暫時的因素導致上半年利潤率超額。一個是我們進入這一年基本上沒有庫存，在 COVID 期間出售了我們的庫存並重建了備份。這對利潤率非常有利，我們知道它會在整個一年中消散，而且確實如此。因此，鑑於 60 億美元的庫存餘額，它有點恢復正常。

And the second part of that was the fact that as we came -- turning on our market, we came into the first part of the year, we deliberately made some conservative underwriting decisions relative to what was that time very, very high HPA. And that flowed through into resales, into realized margins. Again, that was relatively excessive, relative to our 4% to 6% sort of guardrail. So it wasn't that we missed on gross margin. It was like when we disclosed the trajectory, we called it for all year long.

第二部分是事實，當我們來到 - 打開我們的市場，我們進入今年上半年，我們故意做出一些相對於當時非常非常高的 HPA 的保守承保決定。這流向了轉售，進入了已實現的利潤。同樣，相對於我們 4% 到 6% 的護欄來說，這相對過多。所以這並不是我們錯過了毛利率。就像當我們披露軌跡時，我們一整年都在調用它。

So that's Q4. Q1, what we're seeing is back to sequential contribution margin increases quarter-on-quarter, and that will flow through to also the gross margin.

這就是第四季度。第一季度，我們看到的是，邊際貢獻率環比增長，這也將影響毛利率。

Right. I mean, can you be a little bit more specific on the gross margin? Just -- I mean, should it go back to 8%, 9%, up from 7%? Any commentary there?

對。我的意思是，你能更具體地談談毛利率嗎？只是——我的意思是，它應該從 7% 回到 8%、9% 嗎？那裡有評論嗎？

We're not really guiding -- we're not really guiding to gross margin, but you can back into it because you're smart. You can do the math with my EBITDA and then add back. We're not guiding to gross margin. What I would say is we feel good about how the quarter is going to play out. And ultimately, what we are guiding to is that annual baseline of 4% to 6% contribution.

我們並沒有真正指導——我們並沒有真正指導毛利率，但你可以回到它，因為你很聰明。您可以使用我的 EBITDA 進行數學計算，然後再添加回來。我們沒有指導毛利率。我想說的是，我們對本季度的表現感覺良好。最終，我們所引導的是 4% 到 6% 貢獻的年度基線。

Okay. Fair enough. And then just as a follow-up, the commentary in terms of, I guess, the interplay between 1Q and 2Q, right? So maybe -- I guess I'll use the words a little pull forward. How much of that do you think could be related to people accelerating purchases ahead of rates and price appreciation still going up, I guess, on a declining second derivative but still going up? So yes, how much do you think that could be a factor?

好的。很公平。然後作為後續，我猜是關於 1Q 和 2Q 之間相互作用的評論，對吧？所以也許--我想我會用一些詞向前拉。你認為這在多大程度上與人們在利率和價格升值之前加速購買有關，我猜，在二階衍生品下降但仍在上漲的情況下？所以是的，你認為這在多大程度上是一個因素？

What we're seeing is an incredible demand for homes. There may be a little bit of what you said, which is people are looking to purchase in advance of the specter of rising mortgage rates. Ultimately, I think we're designed to respond to whatever mile in the environment we're working in, whether rates are going up or they're going down or they're neutral. So this is more about just the shape of how the quarters were coming into than any commentary necessarily about our ability to acquire homes or sell-through.

我們看到的是對房屋的驚人需求。您所說的可能有一點點，即人們希望在抵押貸款利率上升的幽靈之前購買。歸根結底，我認為我們的設計是為了應對我們工作環境中的任何一英里，無論利率上升、下降還是中性。因此，這更多地是關於季度如何形成的，而不是任何關於我們獲得房屋或銷售能力的評論。

Your next question comes from the line of Ygal Arounian from Wedbush.

您的下一個問題來自 Wedbush 的 Ygal Arounian。

First, on the macro front, I want to ask about inventory specifically, broadly not Opendoor inventory but just the limited inventory in the market and how that's impacting your business, both on the sell side, what you're seeing in prices and how that's reflecting. And also, how do you think about acquisitions in a limited inventory environment? If inventory continues to be at record lows as we kind of go through the year, how that factors in how you think about pricing, the number of acquisitions? Presumably, it'd be easier to sell homes in a tighter inventory environment. Just how that dynamic can play out for you guys. And then I have a follow-up.

首先，在宏觀方面，我想具體詢問庫存，一般不是 Opendoor 庫存，而只是市場上有限的庫存以及這對您的業務有何影響，無論是在賣方方面，您在價格中看到的情況以及情況如何反映。此外，您如何看待有限庫存環境下的收購？如果隨著我們這一年的過去，庫存繼續處於創紀錄的低位，那麼這將如何影響您對定價和收購數量的看法？據推測，在更緊張的庫存環境中出售房屋會更容易。這種動態如何為你們發揮作用。然後我有一個跟進。

Sure. I'll try and hit all of that, and you'll correct me where I missed something, Ygal, on the way. First part of your question is how are we responding to the current housing environment, what are we seeing in terms of just overall macro for housing. Our outlook for housing for 2022 remains really robust. I mean, rate increases notwithstanding, what we're seeing is all-time lows for supply. I mean, inventory is as low as it has ever been for this time of the year going back to like 1980 when Lennar started tracking it. And we -- and at the same time, we're seeing continued strong demand for homes. We're seeing that in the Q1 guidance numbers we just talked about. We're seeing it in our clearance rates. So we don't -- we -- our forecast for the balance of the year is just that as -- we will continue to be very strong. That's on the resale side for us as you think about what market we're selling into.

當然。我會努力完成所有這些，你會糾正我在路上遺漏的地方，Ygal。您問題的第一部分是我們如何應對當前的住房環境，我們在住房的整體宏觀方面看到了什麼。我們對 2022 年的住房前景仍然非常樂觀。我的意思是，儘管利率上升，但我們看到的是供應的歷史最低點。我的意思是，當 Lennar 開始跟踪它時，一年中這個時候的庫存就像 1980 年一樣低。而且我們 - 同時，我們看到對房屋的持續強勁需求。我們在剛剛談到的第一季度指導數字中看到了這一點。我們在清盤率中看到了這一點。所以我們不 - 我們 - 我們對今年剩餘時間的預測只是 - 我們將繼續非常強大。當您考慮我們的銷售市場時，這對我們來說是轉售方面。

The second part of your question was on the acquisition side. In this constrained supply environment, what I can say is we're not having issues with acquiring homes, and we actually don't see it as an issue going forward. Reason being consumers are coming to Opendoor because of what we offer, which is a superior alternative to the traditional listing process that's certain -- simple, certain and fast. And at a time when it's really hard to buy your home, being able to do what we just talked about in Opendoor Complete, being able to marry both sides of this transaction, buy your home and sell your home at the same time and be -- have that assurance on both sides of the transaction, has been a really powerful thing for consumers. We think that's fueling our business, too.

你問題的第二部分是關於收購方面的。在這種供應受限的環境下，我能說的是我們在購買房屋方面沒有問題，而且我們實際上並不認為這是一個未來的問題。原因是消費者來到 Opendoor 是因為我們提供的服務，它是傳統上市流程的絕佳替代方案——簡單、確定和快速。在買房真的很困難的時候，能夠做我們剛才在 Opendoor Complete 中談到的事情，能夠嫁給交易的雙方，同時買房和賣房，然後—— - 在交易雙方都有這種保證，對消費者來說是一件非常強大的事情。我們認為這也在推動我們的業務發展。

The last thing I'd add to that is we see the growth with sellers and the amount of customers coming to Opendoor for our solutions as an indication of the strength of our product market fit. The alternatives are to list and sell, and that clearly is not a challenge. But people are still choosing Opendoor because of what we're providing in market.

我要補充的最後一件事是，我們看到賣家的增長以及為我們的解決方案來到 Opendoor 的客戶數量表明我們的產品市場契合度。替代方案是上市和銷售，這顯然不是一個挑戰。但是人們仍然選擇 Opendoor，因為我們在市場上提供的產品。

Got it. Okay. That's really helpful there. And then I wanted to touch on pricing. You guys kind of called out a couple of times in the call and in investor letter your breakthroughs and your pricing processes and improvements there. Just maybe a quick 2-parter there. Has the exit of Zillow helped you on your pricing at all? And then on the improvements, could we think about that as potentially over time giving you the ability to drive better profitability than what you've talked about?

知道了。好的。那裡真的很有幫助。然後我想談談定價。你們在電話會議和投資者信中多次呼籲您的突破以及您的定價流程和改進。可能只是一個快速的 2-parter 那裡。 Zillow 的退出對你的定價有幫助嗎？然後在改進方面，我們是否可以認為隨著時間的推移，這可能會讓你有能力推動比你所說的更好的盈利能力？

Yes. It's a good question. We know that market leadership will be very beneficial to the business in the short term and long term. In terms of vis-à-vis coming in and out of the market, it hasn't modified our plan. And again, we've built a pricing advantage over the course of 8 years through both better modeling and as well as collecting local data through this time period. But our pricing continues to improve, and it will compound over time as we process more homes, as we analyze more homes, as we resell more homes. And that's not a function of whether there's competition or not.

是的。這是個好問題。我們知道，市場領導地位在短期和長期內對企業都非常有利。在進出市場方面，它並沒有改變我們的計劃。再一次，我們在 8 年的時間里通過更好的建模和在這段時間內收集本地數據建立了定價優勢。但是我們的定價在不斷提高，隨著我們處理更多房屋、分析更多房屋以及轉售更多房屋，它會隨著時間的推移而復雜化。這與是否存在競爭無關。

Okay. And potentially more -- better margins than we've talked about as you improve there? Or is that kind of built into the way you've talked about it?

好的。並且可能更多 - 比我們所說的更高的利潤率，因為你在那裡有所改善？還是你所說的那種內置的方式？

Sorry, can you repeat the second part of that question?

對不起，你能重複那個問題的第二部分嗎？

As you improve, is that built into the kind of profitability that you've talked about? Or could that kind of drive improvements to what you've outlined?

隨著你的進步，這是否包含在你所說的那種盈利能力中？或者這種推動改進你所概述的？

We view it as it gives us optionality. It enables us to either capture the improvements as contribution margin, or we can improve our pricing with consumers, which fuels additional growth. And so we view both the pricing improvements as well as operational gains with scale economies as optionality to either drive more contribution margin or drive more growth.

我們認為它給了我們選擇權。它使我們能夠將改進捕獲為邊際貢獻，或者我們可以改進與消費者的定價，從而推動額外的增長。因此，我們將定價改進以及規模經濟帶來的運營收益視為推動更多邊際貢獻或推動更多增長的選擇。

Your next question comes from the line of Ryan Tomasello from KBW.

您的下一個問題來自 KBW 的 Ryan Tomasello。

In terms of your buybox expansion, where do you think the 60% can go, say, over the next year and longer term? And then as a follow-up to that, in the shareholder letter, you highlighted your intent to expand capabilities beyond single-family. And I was hoping you can elaborate on what opportunities that opens up for Opendoor and the unique considerations that -- there would be in terms of customer acquisition there and underwriting that different product.

就你的buybox擴張而言，你認為60%的人在明年和更長期會去哪裡？然後作為後續行動，在股東信中，您強調了將能力擴展到單戶家庭之外的意圖。我希望你能詳細說明 Opendoor 帶來了哪些機會，以及在客戶獲取和承保不同產品方面會有哪些獨特的考慮。

Yes. So Ryan, Andrew here. 60% could have been more. I would start by saying 60% is already higher than many thought we might ever be able to cover. It's decidedly not niche. In principle, we should be able to cover the entire market. In practical terms, the effort to cover the range of tail scenarios that might exist out there aren't likely to be worth it. But certainly, we believe there's room to continue to grow.

是的。所以瑞安，安德魯在這裡。 60% 本來可以更多。我首先要說 60% 已經比許多人認為我們能夠覆蓋的要高。這絕對不是利基市場。原則上，我們應該能夠覆蓋整個市場。實際上，覆蓋可能存在的尾部場景範圍的努力可能不值得。但可以肯定的是，我們相信還有繼續增長的空間。

And then in terms of expanding the coverage more broadly, condos, townhomes, other types of properties, again, we believe our investments in our pricing capability and the sophistication we've got there is going to enable us to continue to grow and expand our market coverage.

然後在更廣泛地擴大覆蓋範圍，公寓，聯排別墅，其他類型的房產方面，我們相信我們對定價能力的投資和我們在那裡的成熟度將使我們能夠繼續增長和擴大我們的市場覆蓋。

And then maybe you can elaborate on the benefits of the various partnerships you have for customer acquisition, particularly with homebuilders. Is that driving a material portion of your volume today? And are there additional partnerships you could explore for larger customer acquisition funnels, perhaps with financial institutions or maybe even brokerages that could fit into the model?

然後，也許您可以詳細說明您在獲取客戶方面所擁有的各種合作夥伴關係的好處，尤其是與房屋建築商的合作夥伴關係。這是否推動了您今天交易量的重要部分？是否還有其他合作夥伴可以探索更大的客戶獲取渠道，可能與金融機構甚至可能適合該模型的經紀公司合作？

Yes. It's Eric. We view some of these partnerships as extremely beneficial to both partners and consumers. And so in the example of homebuilders, which does drive substantial volume for the business, it's a win-win-win. So the homebuilder gets certainty of execution. The consumer oftentimes is looking to buy a new build, contingent on selling their current home. And so we're able to help the homebuilder continue with the build and finish the home for the consumer with certainty there will be funds, and the consumer is able to make an offer on that new build without a contingency. And conversely, we are able to acquire inventory, which then fuels our flywheel. And so we really love the win-win-win situation with homebuilders. And we do view many other partners we have in the pipeline in that are also -- a lot of those as win-win-win situation.

是的。是埃里克。我們認為其中一些合作夥伴關係對合作夥伴和消費者都極為有利。因此，以房屋建築商為例，這確實為業務帶來了可觀的銷量，這是雙贏的。因此，房屋建築商獲得了執行的確定性。消費者通常希望購買新建築，這取決於出售他們目前的房屋。因此，我們能夠幫助房屋建築商繼續建造並為消費者完成房屋，並且肯定會有資金，並且消費者能夠在沒有意外情況的情況下對新建築提出報價。相反，我們能夠獲得庫存，然後為我們的飛輪提供燃料。所以我們真的很喜歡與房屋建築商的雙贏局面。我們確實認為我們在籌備中的許多其他合作夥伴也是——其中很多是雙贏的局面。

In terms of where we can go from here, my belief is that every single homeowner in the U.S. wants to start their journey with an Opendoor offer. And they want to understand how much their home is worth and the equity they have in their home and how to move seamlessly. And so wherever the customer is, we will be looking to explore partnerships there and again, in our march to expand to every single homeowner in the U.S.

就我們可以從哪裡開始而言，我相信美國的每個房主都希望以 Opendoor 報價開始他們的旅程。他們想了解他們的房屋價值多少，房屋淨值以及如何無縫移動。因此，無論客戶在哪裡，我們都將尋求一次又一次地探索合作夥伴關係，以擴大到美國的每一位房主。

Your next question comes from the line of Justin Ages from Berenberg.

您的下一個問題來自 Berenberg 的 Justin Ages。

I'm just hoping you can expand upon the investments that you're making and the proprietary tool that you called out, seeing as you mentioned that they were improving your ability to get houses back on the market.

我只是希望您可以擴展您正在進行的投資和您所調用的專有工具，正如您提到的那樣，它們正在提高您將房屋重新投放市場的能力。

Sure. Our investments in our technology and operations platform is core to our ability to grow and scale and serve every customer across the country, as Eric just called out. You're seeing us invest in capabilities like virtualization, centralization and externalization to actually let us grow and ramp capacity more quickly.

當然。正如 Eric 剛才所說，我們對技術和運營平台的投資是我們發展、擴展和服務全國每一位客戶的能力的核心。您會看到我們投資於虛擬化、集中化和外部化等功能，以真正讓我們更快地增長和提升容量。

What do those words actually mean? Virtualization means the ability to do something by video, which means the consumer may actually be able to do it themselves and self-serve via video. Centralization, on the other hand, lets us work -- take work out of the field and bring it to central teams, which lets us more agilely manage capacity across our now footprint of 45 different markets. And then externalization lets us use both our own teammates in talent as well as our third parties to flex capacity, to accommodate demand when we see surges. And so those are just some of the examples of the investments we're making in our platform and that we believe we're able to uniquely make, given our market leadership and scale.

這些話實際上是什麼意思？虛擬化意味著通過視頻做某事的能力，這意味著消費者實際上可以自己做這件事並通過視頻自助服務。另一方面，集中化讓我們能夠工作——將工作帶出現場並將其帶到中央團隊，這讓我們能夠更靈活地管理我們現在覆蓋的 45 個不同市場的容量。然後外部化讓我們既可以利用我們自己的人才隊友，也可以利用我們的第三方來靈活產能，以在我們看到激增時滿足需求。因此，這些只是我們在平台上進行投資的一些例子，鑑於我們的市場領導地位和規模，我們相信我們能夠做出獨特的投資。

No. That's helpful, and I appreciate the color. And then just one more, if I could, on competition. You mentioned that the exit of Zillow haven't -- you haven't seen really impacts of that. But in terms of other competitors in the markets where you overlap, are you finding that there's a lot of bidding for the same house, given the buybox is relatively the same? Or are the markets still deep enough where you're not really bumping shoulders just yet?

不，這很有幫助，我很欣賞這種顏色。如果可以的話，再談一場比賽。你提到 Zillow 的退出沒有 - 你還沒有看到真正的影響。但就您重疊的市場中的其他競爭對手而言，您是否發現在購買箱相對相同的情況下，同一房子有很多競標？還是市場仍然足夠深，您還沒有真正碰到肩膀？

I'm not sure I'd look at it that way. Again, this is Eric. Competition has not impeded our growth, and we do define our competition as the 99% of transactions that are off-line. The other thing I would lean on is that -- I think about is that we have developed some robust and deep capabilities in pricing and operations that enable us to be very competitive in markets that we're in and be the market leader and then grow much faster with a far better cost structure.

我不確定我會這樣看。再次，這是埃里克。競爭並沒有阻礙我們的發展，我們確實將競爭定義為 99% 的離線交易。我要依靠的另一件事是 - 我認為我們已經在定價和運營方面開發了一些強大而深入的能力，使我們能夠在我們所在的市場中非常有競爭力，成為市場領導者，然後成長速度更快，成本結構更好。

And so the point I want to make is that we're -- our starts are aimed at the 99% of transactions that are off-line. And no one is working as hard as us to build a digital, integrated and seamless consumer experience. And so we remain focused on that.

所以我想說的是，我們的目標是 99% 的離線交易。沒有人像我們一樣努力打造數字化、集成化和無縫的消費者體驗。所以我們仍然專注於此。

Your next question comes from the line of Ryan McKeveny from Zelman & Associates.

您的下一個問題來自 Zelman & Associates 的 Ryan McKeveny。

Congrats on the progress and results this year. So a high level one here. So my sense is there's a couple, what I'll call, high-level overlays of uncertainty that investors are thinking through. And these would be, one, the impact of rising rates on the business, maybe not in terms of the availability of financing, as you talked about. But what about in terms of inventory financing costs? And maybe also in relation to just affordability, the potential impact to sales and pricing?

祝賀今年取得的進展和成果。所以這裡是高水平的。所以我的感覺是，有幾個，我稱之為，投資者正在考慮的不確定性的高級疊加。這些將是，一，利率上升對業務的影響，也許不是在融資的可用性方面，正如你所說的。但在存貨融資成本方面呢？也許還與負擔能力有關，對銷售和定價的潛在影響？

And then the second area is just inventory impairment risk. So can you talk a little about how you're managing the interest rate risk to the business? And maybe even late 2018 is a decent example where rates rose, housing slowed. So curious how the business fared at that time and then if you can talk about the process of just managing the inventory risk.

然後第二個領域只是庫存減值風險。那麼您能談談您如何管理企業的利率風險嗎？甚至可能在 2018 年末是一個很好的例子，利率上升，住房放緩。很好奇當時的業務表現如何，然後您是否可以談論僅管理庫存風險的過程。

And on that second point, I'm sorry, I know this is long, is there a normal level of impairments as a percent of inventory that we should think is relatively normal, considering some homes will always be at kind of the tail end of things? Any thoughts on those would be great.

關於第二點，我很抱歉，我知道這很長，是否存在正常水平的減值作為我們應該認為相對正常的庫存百分比，考慮到一些房屋總是處於尾端事物？任何關於這些的想法都會很棒。

Ryan, I'll do my best to remember all that, but you'll keep me honest as I go through it. The first part about interest rates and the impact to us, headline is that we do expect rate increases, but we expect the impact to our P&L to be quite manageable. We're modeling an increase in our unit costs at approximately 20 to 30 basis points over the course of the year, and that's a relatively small impact to our overall cost structure on a per home basis. And moreover, we embed those costs in our offers. And so we'll look to pass it on to the consumer.

瑞恩，我會盡力記住這一切，但當我經歷這些時，你會讓我誠實。關於利率和對我們的影響的第一部分，標題是我們確實預計加息，但我們預計對我們的損益表的影響是可以控制的。我們正在模擬我們的單位成本在一年中增加了大約 20 到 30 個基點，這對我們每戶的整體成本結構的影響相對較小。此外，我們將這些成本嵌入到我們的報價中。因此，我們希望將其傳遞給消費者。

There are assumptions that go into that guidance, including how to clear inventory turns over the course of the year, this layering of the current LIBOR curve and how some expectation for how our facilities come in over time, over the course of the year, fixed versus floating. But overall headline for us is we expect interest rate increases to be manageable. That was part one of your question.

該指南中有一些假設，包括如何在一年中清理庫存周轉、當前 LIBOR 曲線的這種分層以及對我們的設施在一年中如何隨著時間的推移進入的一些預期是如何固定的相對於浮動。但對我們來說，總體標題是我們預計加息是可控的。這是你問題的一部分。

Part two was around, I believe, just the overall housing market and the specter for increasing rates or...

第二部分是圍繞著，我相信，只是整個房地產市場和提高利率的幽靈或......

Yes, that. And then, I guess, part three was just on the inventory valuation side of things.

就是那個。然後，我想，第三部分只是在庫存估值方面。

Yes. Let me hit that right now for a second. We understand the focus on overall inventory management and the health of our portfolio. That's why we -- you saw it, yes, we came with a new metric that people can look to as one measure of inventory health that we look at, which is days on market on an absolute basis and also relative to the overall market. As of the end of the year, just 8% of our listed inventory was at 120 days or older days on market, and we're a lot healthier than the overall market because that same metric for the overall market was 24%. So that's one.

是的。讓我現在打一秒鐘。我們了解對整體庫存管理和投資組合健康的關注。這就是為什麼我們 - 你看到了，是的，我們提出了一個新指標，人們可以將其視為我們所關注的庫存健康狀況的一種衡量標準，即絕對的上市天數，也相對於整個市場。截至今年年底，我們上市庫存中只有 8% 的庫存天數為 120 天或更早，而且我們比整體市場健康得多，因為整體市場的相同指標是 24%。所以這是一個。

And the reason -- part of the reason for giving that metric is -- and I'm happy to talk about impairment, it's not a great measure for how we're doing. I mean, the ultimate measure you should hold us accountable for is how we're doing on contribution margin delivery and how those resale cohorts are showing up in our P&L quarter-to-quarter. Impairment is an accounting standard, and it's not a good measure of overall portfolio performance for us when we are really managing our business more like an asset manager because it's just taking down the things that are negative, and it doesn't actually do the reverse, which is mark up the things that are positive.

原因 - 給出該指標的部分原因是 - 我很高興談論減值，這不是衡量我們做得如何的好方法。我的意思是，你應該讓我們負責的最終衡量標準是我們在貢獻保證金交付方面的表現，以及這些轉售群體如何出現在我們的季度損益表中。減值是一種會計標準，當我們真正像資產經理一樣管理業務時，它並不是衡量整體投資組合業績的好方法，因為它只是消除了負面的東西，實際上並沒有做相反的事情，這是標記積極的事情。

So it's a measure that we will provide consistently because we're required to by GAAP. It's not a very good measure of how we're performing. The ultimate measure should be in CM, and then we've given you this new inventory metric. I would say what we saw in the last quarter was very modest on impairment.

因此，這是我們將始終如一地提供的衡量標準，因為 GAAP 要求我們這樣做。這不是衡量我們表現的一個很好的衡量標準。最終的衡量標準應該是 CM，然後我們為您提供了這個新的庫存指標。我想說的是，我們在上個季度看到的減值情況非常溫和。

Yes. Second question or maybe the fourth question here, in terms of the market coverage. So you had significant expansion in '21, and you expect more expansion in '22. Can you maybe just talk about the benefits of that geographic diversification? And as we think about the concentration of the portfolio, where are the concentrations the greatest? Are they at desired levels? And maybe how does the new market expansion potentially add some geographic diversification?

是的。就市場覆蓋率而言，第二個問題或者可能是第四個問題。所以你在 21 年有了顯著的擴張，你預計在 22 年會有更多的擴張。您能談談地域多元化的好處嗎？當我們考慮投資組合的集中度時，哪裡的集中度最高？他們是否處於理想的水平？也許新的市場擴張可能會增加一些地域多元化？

Yes. I mean, I think that falls within the risk management bucket, as you said. I mean, one of the beauty is that as we continue to expand in terms of scale and a number of markets is the benefits of diversification relative to overall risk management. We really do manage the portfolio on an aggregate basis across all our markets. And so we see the benefits of diversification by geography, by home types and by what may be going on in an individual market where we can weave it across 45 and counting.

是的。我的意思是，正如你所說，我認為這屬於風險管理範疇。我的意思是，其中一個美妙之處在於，隨著我們在規模和多個市場方面繼續擴大，多元化相對於整體風險管理的好處。我們確實確實在所有市場的總體基礎上管理投資組合。因此，我們看到了多元化的好處，包括地域、家庭類型以及個別市場可能發生的情況，我們可以將其編織到 45 個並且還在增加。

There are no further questions at this time. I would now like to turn the conference back to Eric Wu, Chief Executive Officer.

目前沒有其他問題。我現在想把會議轉回給首席執行官 Eric Wu。

Thanks. In closing, I just want to say that we're extremely proud of the results we delivered in 2021 across all of our key metrics. I want to personally thank our teammates who put in the hard work to build our products and delight our customers. For our shareholders, we are heads down in innovating for consumers and building the best business, and we are well on our way to fulfilling our mission. Thank you for joining.

謝謝。最後，我只想說，我們對 2021 年在所有關鍵指標上取得的成果感到非常自豪。我要親自感謝我們的隊友，他們為打造我們的產品和取悅我們的客戶付出了辛勤的工作。對於我們的股東，我們在為消費者創新和建立最好的業務方面埋頭苦幹，我們正在履行我們的使命。感謝您的加入。

This concludes today's conference call. Thank you for participating, and have a wonderful day. You may all disconnect.

今天的電話會議到此結束。感謝您的參與，祝您有美好的一天。你們都可以斷開連接。