Opendoor Technologies Inc (OPEN) 2022 Q2 法說會逐字稿

Good day. Thank you for standing by, and welcome to the Opendoor's Second Quarter 2021 (sic) [2022] Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Elise Wang, Head of Investor Relations. Please go ahead.

再會。感謝您的支持，歡迎來到 Opendoor 的 2021 年第二季度（原文如此）[2022] 收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。我現在想把會議交給你今天的演講者，投資者關係主管 Elise Wang。請繼續。

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

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

Before we start, I would like to remind you that the following discussion contains forward-looking statements within the meaning of the federal securities laws, including, but not limited to, statements regarding Opendoor's 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. 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 最新的 10-K 表格年度報告（截至 2021 年 12 月 31 日）的風險因素部分中找到。在此做出的任何前瞻性陳述電話會議，包括對您的問題的回答，是基於管理層截至今天的當前期望和假設，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, Cofounder, 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.

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。

At Opendoor, we strive to empower our customers to make life-changing moves. To that end, I'd like to start our call with a story of Julie Damavandi, a recent customer of ours.

在 Opendoor，我們努力讓我們的客戶做出改變生活的舉動。為此，我想以我們最近的一位客戶 Julie Damavandi 的故事開始我們的通話。

(presentation)

（介紹）

Against the backdrop of the macro and housing market uncertainty, our product that delivers simplicity, certainty and speed is needed for our customers like Julie now more than ever. As such, in the second quarter, we helped over 14,000 homeowners move with peace of mind and delivered revenue of $4.2 billion, growing over 250% year-on-year, with record contribution profits of $422 million, adjusted EBITDA of $218 million and adjusted net income of $122 million.

在宏觀和房地產市場不確定的背景下，像 Julie 這樣的客戶現在比以往任何時候都更需要我們提供簡單、確定性和速度的產品。因此，在第二季度，我們幫助 14,000 多名房主安心搬家，實現收入 42 億美元，同比增長超過 250%，貢獻利潤達到創紀錄的 4.22 億美元，調整後 EBITDA 為 2.18 億美元，調整後淨收入1.22億美元。

In addition to our financial performance, we took important steps towards our goal of servicing home sellers nationwide and building a better home buying experience. We entered 6 new markets, bringing our total footprint to 51 markets and expanding our underwriting capabilities to cover nearly 30% of U.S. home transactions. We have also just announced our multiyear partnership with Zillow to give their hundreds of millions of monthly visitors, the ability to instantly request an Opendoor offer and sell their home online. It's rare that 2 market leaders come together and align on a vision and we believe this partnership will fundamentally change how people buy and sell a home.

除了我們的財務業績外，我們還朝著為全國購房者提供服務和建立更好的購房體驗的目標邁出了重要的一步。我們進入了 6 個新市場，使我們的總足跡達到 51 個市場，並擴大了我們的承保能力以覆蓋近 30% 的美國房屋交易。我們還剛剛宣布了與 Zillow 的多年合作夥伴關係，為他們的數億月度訪問者提供即時請求 Opendoor 報價並在線銷售他們的房屋的能力。很少有 2 位市場領導者走到一起並就願景達成一致，我們相信這種夥伴關係將從根本上改變人們買賣房屋的方式。

For homebuyers, we went live with our new Opendoor financing app in California, enabling our customers to get prequalified in less than 60 seconds. With the adoption that suggests we will achieve our highest attach of financing within just a few months of going live. And finally, we've officially launched Opendoor Exclusives, a first-of-its-kind marketplace that lets home buyers purchase an Opendoor home premarket via an e-commerce-like experience. In the words of a recent exclusive customer, "I felt like I was shopping for home on Amazon. The process was seamless and uncomplicated."

對於購房者，我們在加利福尼亞州推出了新的 Opendoor 融資應用程序，使我們的客戶能夠在 60 秒內獲得資格預審。採用表明我們將在上線後的短短幾個月內實現最高融資額。最後，我們正式推出了 Opendoor Exclusives，這是一個首創的市場，讓購房者可以通過類似電子商務的體驗購買 Opendoor 家居售前市場。用最近的一位獨家客戶的話來說，“我覺得我在亞馬遜上購物。這個過程無縫且簡單。”

So it's no surprise that we've already seen tremendous momentum and positive feedback of Opendoor Exclusives.

因此，我們已經看到 Opendoor Exclusives 的巨大勢頭和積極反饋也就不足為奇了。

While we are pleased with these results, the current market volatility is requiring us to be highly dynamic and rigorous in managing risk and overall inventory health. As most of you are aware, the housing market has moved rapidly over the second quarter. We saw a steep slowdown in home transaction velocity and home price appreciation from all-time highs, caused by a spike in interest rates and subsequently a change in mortgage rates at a speed we have not experienced in 40 years.

雖然我們對這些結果感到滿意，但當前的市場波動要求我們在管理風險和整體庫存健康方面保持高度動態和嚴格。正如你們大多數人所知，房地產市場在第二季度迅速發展。我們看到房屋交易速度和房價從歷史高位急劇放緩，這是由於利率飆升以及隨後抵押貸款利率以我們 40 年來從未經歷過的速度變化所致。

As a result, these macro shifts have led to a faster slowdown in housing than we had forecasted. To navigate this market movement, we have substantially increased our spread since May, which position our acquisition cohorts to meet or exceed our margin expectations.

結果，這些宏觀轉變導致房地產市場的放緩速度比我們預期的要快。為了應對這一市場動向，我們自 5 月以來大幅增加了價差，這使我們的收購群體能夠達到或超過我們的利潤率預期。

Second, we are prioritizing inventory health and selling down our existing inventory with price reductions that are in line with the speed, at which the market is moving. While this will lead to sequentially lower contribution margins in the second half of the year, these are disciplined actions that will enable strong financial performance beyond this transition period.

其次，我們將庫存健康放在首位，並通過與市場變化速度一致的降價方式出售現有庫存。雖然這將導致下半年的邊際貢獻連續下降，但這些都是有紀律的行動，將在過渡期之後實現強勁的財務業績。

We will balance short-term risk management with long-term transformational investments such as Opendoor Exclusives and our Zillow partnership and continue to build the experience that addresses the consumer needs better than anyone else out there. Importantly, we know this is our opportunity to improve our systems, strengthen our position, and emerge as the best marketplace to buy and sell a home.

我們將在短期風險管理與長期轉型投資（例如 Opendoor Exclusives 和我們的 Zillow 合作夥伴關係）之間取得平衡，並繼續打造能夠比其他任何人更好地滿足消費者需求的體驗。重要的是，我們知道這是我們改善系統、鞏固地位並成為買賣房屋的最佳市場的機會。

I will now turn the call over to Carrie to discuss our financial performance in more detail.

我現在將把電話轉給 Carrie，以更詳細地討論我們的財務業績。

Thanks, Eric. Q2 was another outstanding quarter. We delivered $4.2 billion in revenue, double-digit contribution margin and $122 million of adjusted net income, our best proxy for operating free cash flow. We also ended the quarter with a fortress balance sheet with $2.5 billion in cash, another $700 million in equity invested in homes, and over $11 billion of financing capacity. These results completed a record first half of 2022, as we leaned into an exceptionally strong housing market and captured additional earnings in anticipation of greater macro volatility in the second half of the year.

謝謝，埃里克。第二季度是另一個出色的季度。我們實現了 42 億美元的收入、兩位數的邊際貢獻和 1.22 億美元的調整後淨收入，這是我們運營自由現金流的最佳代表。我們還在本季度結束時擁有 25 億美元現金、另外 7 億美元投資於房屋的股權以及超過 110 億美元的融資能力的堡壘資產負債表。這些結果在 2022 年上半年完成了創紀錄的成績，因為我們傾向於異常強勁的房地產市場，並在預期下半年宏觀波動更大的情況下獲得了額外收益。

Moving from the second quarter and looking ahead, as Eric mentioned, we've seen the macro environment evolve rapidly over the course of Q2. With the Fed's aggressive response to curb inflation, resulting in the largest quarter-on-quarter increase in mortgage rates in 40 years. This led to a market change in housing market momentum and a faster than typical seasonal shift as weaning affordability sidelined many homebuyers.

正如埃里克所說，從第二季度開始展望未來，我們已經看到宏觀環境在第二季度迅速發展。隨著美聯儲積極應對抑制通脹，導致抵押貸款利率出現40年來最大的季度環比增幅。這導致房地產市場動能發生市場變化，並且由於負擔能力的下降使許多購房者處於邊緣地位，因此比典型的季節性變化更快。

We had long anticipated a slowdown in transaction volumes and in HPA from record levels. However, the pace with which this occurred was faster than anticipated. While the absolute level of transactions has moved slower, it remains in line with 2018 and 2019, and above the 2014, 2017 levels. In other words, homes are still selling, but at a slower pace than the record high sell-through rates seen in Q1 and early Q2.

長期以來，我們一直預計交易量和 HPA 將從創紀錄的水平放緩。然而，這件事發生的速度比預期的要快。雖然交易的絕對水平有所放緩，但仍與 2018 年和 2019 年持平，並高於 2014 年和 2017 年的水平。換句話說，房屋仍在銷售，但速度低於第一季度和第二季度初的創紀錄高銷售率。

In terms of HPA, there's usually a consistent seasonal month-over-month pattern to home price changes throughout the course of the year. HPA sharply accelerates in mid-February, peaks at the end of the first quarter, and then gradually moves to around 0 during the third quarter, resulting in low to no HPA in the second half of the year. In contrast, the speed with which HPA moved from peak levels early in Q2 was faster than our expectation and sharper than typical seasonal home price declines.

就 HPA 而言，全年房價變化通常具有一致的季節性逐月模式。 HPA 在 2 月中旬急劇加速，在第一季度末達到峰值，然後在第三季度逐漸移動到 0 左右，導致下半年 HPA 低至無。相比之下，HPA 在第二季度初從峰值水平轉變的速度快於我們的預期，並且比典型的季節性房價下跌幅度更大。

We saw 1 month rolling HPA move from approximately 300 basis points in early May to negative 100 basis points as of mid-July. We are beginning to observe a flattening out of the month-over-month change in HPA and may continue to see HPA trend in line with normal seasonal patterns for the remainder of the year.

我們看到 1 個月的滾動 HPA 從 5 月初的約 300 個基點變為 7 月中旬的負 100 個基點。我們開始觀察到 HPA 的逐月變化趨於平緩，並且可能會繼續看到 HPA 趨勢與今年剩餘時間的正常季節性模式一致。

Our performance for the second half of the year will reflect this transition in the housing market to lower transaction velocity, lower HPA and longer holding times beyond normal seasonal trends. As discussed in our shareholder letter, we've taken and are continuing to take swift and decisive actions to; one, adjust pricing to sell homes expeditiously; and two, adjust new acquisition home pricing to reflect market conditions, and enable those cohorts to perform in line with our target expectations. Our focus on inventory health and risk management inform 3 key pricing decisions we made in the quarter.

我們下半年的表現將反映房地產市場向低於正常季節性趨勢的較低交易速度、較低 HPA 和更長持有時間的轉變。正如我們在股東信中所討論的，我們已經並將繼續採取迅速和果斷的行動：一、調整價格，加快賣房；第二，調整新購置房屋定價以反映市場狀況，並使這些群體的表現符合我們的目標預期。我們對庫存健康和風險管理的關注為我們在本季度做出的 3 個關鍵定價決策提供了依據。

First, we substantially increased spreads embedded in our acquisition offers beginning in May. However, given how quickly our spreads increased and the time lag we have between making an offer and when an acquisition closes, we saw a gap between spreads at offer versus close time for specific cohorts of homes during the quarter. We made the decision to close on those homes and not to reprice or cancel contracts. We believe that this is a critical brand investment that will pay dividends for years to come.

首先，從 5 月開始，我們大幅提高了收購要約中的價差。然而，考慮到我們的價差增長速度有多快，以及我們在提出要約和收購完成之間存在時間差，我們發現本季度特定房屋群的要約價差與收盤時間之間存在差距。我們決定關閉這些房屋，不重新定價或取消合同。我們相信這是一項至關重要的品牌投資，將在未來幾年內獲得回報。

Second, we have adjusted down listed prices on our inventory to stay in line with the market to drive sell-through. While these price reductions will impact our contribution margins in the second half beyond the impact of seasonality, our decision to prioritize earnings in the first half gives us flexibility to take such actions.

其次，我們已經下調了庫存的掛牌價格，以與市場保持一致以推動銷售。雖然這些降價將影響我們下半年的貢獻率，而不是季節性的影響，但我們在上半年優先考慮收益的決定使我們能夠靈活地採取此類行動。

Finally, we are continuing to operate with sustained higher spread levels for the new acquisitions we're making. The combination of these higher spreads and lower marketing spend will reduce our acquisition pace. This, in turn, will shift our resale mix in the coming quarter to longer-dated homes that are usually at lower margin. Our plan is to resume a higher acquisition pace as the housing market stabilizes.

最後，對於我們正在進行的新收購，我們將繼續以持續更高的價差水平運營。這些較高的點差和較低的營銷支出相結合將降低我們的收購速度。反過來，這將在下一季度將我們的轉售組合轉移到通常利潤率較低的長期房屋。隨著房地產市場的穩定，我們的計劃是恢復更高的收購速度。

Our Q3 guidance contemplates the impact of these actions as well as a broader range of outcomes that could arise given uncertain market conditions. Therefore, guidance has a wider range than what we've provided in past quarters.

我們的第三季度指導考慮了這些行動的影響，以及在不確定的市場條件下可能出現的更廣泛的結果。因此，指導的範圍比我們在過去幾個季度提供的範圍更廣。

Our revenue outlook is for $2.2 billion to $2.6 billion, which reflects expectations for fewer homes sold in the quarter, given a slower resale pace, as well as the impact of a lower acquisition pace that subsequently impacts resale volumes.

我們的收入前景為 22 億至 26 億美元，這反映了由於轉售速度放緩以及隨後影響轉售量的較低收購速度的影響，本季度售出房屋減少的預期。

EBITDA guidance for negative $175 million to negative $125 million reflects this revenue range, the impact of our decision not to cancel offers in Q2, price reductions we're taking on inventory to clear, and anticipated resale mix. We are managing adjusted operating expenses down versus Q2 at approximately $190 million for Q3. Expense reductions will be driven primarily by ramping down third-party capacity built into our operations and focusing marketing spend on our most efficient channels.

負 1.75 億美元至負 1.25 億美元的 EBITDA 指導反映了這一收入範圍、我們決定在第二季度不取消報價的影響、我們為清理庫存而採取的降價措施以及預期的轉售組合。與第二季度相比，我們正在管理調整後的運營費用，第三季度約為 1.9 億美元。費用削減將主要通過降低我們運營中內置的第三方能力以及將營銷支出集中在我們最有效的渠道上來推動。

Finally, our guide implies a contribution margin of approximately 1.7% at the midpoint of our range.

最後，我們的指南暗示在我們範圍的中點處的邊際貢獻約為 1.7%。

In summary, we recognize that market conditions will continue to be fluid in the second half of the year. We will continue to be nimble and responsive, leveraging our dynamic pricing, operational expertise and low cost structure. We have a very strong balance sheet by design, with cash and marketable securities totaling $2.5 billion and $11 billion of financing capacity.

總而言之，我們認識到下半年市場狀況將繼續波動。利用我們的動態定價、運營專業知識和低成本結構，我們將繼續保持敏捷和反應迅速。我們設計的資產負債表非常強大，現金和有價證券總額為 25 億美元，融資能力為 110 億美元。

Clearly, we have the resources and are well positioned to successfully navigate this transition in the housing markets, and we remain steadfast in our pursuit of our long-term mission and goal of building a profitable generation company.

顯然，我們擁有資源並處於有利地位，可以成功駕馭房地產市場的這一轉變，我們將堅定不移地追求我們的長期使命和建立盈利發電公司的目標。

I will now open up the call for questions. Thank you.

我現在將打開提問的電話。謝謝你。

(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。

So I guess, like a few thoughts. So one, it seems that this is a hard business to forecast on a quarterly basis, just given the near-term volatility, but as you play this out over bigger numbers, it's more predictable. So I guess, one, would you think about potentially maybe shifting to annual guidance? And then two, obviously, there's a fixed cost base you need to cover and when you slow down as you're guiding to in the second quarter, you don't cover that. That being said, this partnership with Zillow is obviously pretty significant, what it could save you on marketing. So maybe if you can opine as to how fast that can get up and running and maybe like a magnitude of what you think that can mean for savings on the sales and marketing side.

所以我想，就像一些想法。因此，考慮到近期的波動性，這似乎是一項很難按季度預測的業務，但是當你在更大的數字上進行預測時，它就更容易預測了。所以我想，一個，你會考慮可能轉向年度指導嗎？然後是兩個，顯然，你需要覆蓋一個固定的成本基礎，當你按照第二季度的指導放慢速度時，你不會覆蓋它。話雖如此，與 Zillow 的這種夥伴關係顯然非常重要，它可以為您節省營銷費用。因此，也許您可以就啟動和運行的速度發表意見，或者您認為這對銷售和營銷方面的節省意味著什麼。

Jason, it's Carrie. I'll take the first part of that. I mean I think what's hard to forecast is a 40-year move in mortgage rates over a single quarter. I mean that's ultimately what we've been navigating here. And that has really been the challenge as opposed to an ability to forecast quarter-to-quarter. I mean what we're navigating is a very different macro forecast than what we have been embedding in our expectations.

傑森，是嘉莉。我將採取第一部分。我的意思是我認為很難預測的是一個季度內抵押貸款利率的 40 年變化。我的意思是這最終是我們一直在這裡導航的。與季度預測能力相比，這確實是一個挑戰。我的意思是，我們正在導航的是一個與我們一直在我們的預期中嵌入的非常不同的宏觀預測。

We had been building spreads and increases in those for a long time, as you know, in anticipation of a housing slowdown that would be in line with other past slowdowns. But what we saw with this very large and very fast moving rates in a single quarter, again, it's a 1 in 40-year type scenario. And so we've been navigating a much steeper slope.

如您所知，我們長期以來一直在建立價差和增長，以預期房地產放緩將與過去的其他放緩一致。但是，我們在一個季度中看到的這種非常大且非常快速的變動率，同樣是 40 年中的 1 種情景。所以我們一直在更陡峭的斜坡上航行。

Outside of that, I think our systems are doing exactly what they're designed to do, which is responding very, very quickly, adjusting prices to market, and we've been raising spreads on new acquisitions.

除此之外，我認為我們的系統正在完全按照它們的設計目的進行，即響應非常非常快，根據市場調整價格，並且我們一直在提高新收購的利差。

And then, Jason, it's Andrew. With respect to the Zillow partnership, we're excited about what's ahead there. We do think it has the potential to help us serve meaningfully more customers over the midterm. The teams, given that we just announced the deal today, are hard at work putting that together, and we expect it to be live in the coming months. For us, it's a major milestone on our journey to have every homeowner in the country start to move with an Opendoor offer. We're combining Zillow's category-leading audience over 200 million monthly uniques with our leading platform and solution. And we're excited about the potential that, that offers.

然後，傑森，是安德魯。關於 Zillow 合作夥伴關係，我們對未來的發展感到興奮。我們確實認為它有可能幫助我們在中期為更多客戶提供有意義的服務。鑑於我們今天剛剛宣布了這筆交易，這些團隊正在努力將其整合在一起，我們預計它將在未來幾個月內上線。對我們來說，這是我們旅程中的一個重要里程碑，讓該國的每個房主都開始使用 Opendoor 優惠。我們將 Zillow 超過 2 億每月唯一身份的類別領先的受眾與我們領先的平台和解決方案相結合。我們對它提供的潛力感到興奮。

And our next question comes from the line of Robert Zeller with Truist.

我們的下一個問題來自 Robert Zeller 與 Truist 的對話。

This is Robert Zeller on for Naved Khan from Truist. So if we're just comparing the environment and volatility today versus 3Q of 2021, I think when you guys first started widening your spreads. I think you mentioned in the letter you're starting to see flattening out of the month-over-month changes in HPA. So would you say the highest volatility period is likely now behind us and you think it might be easier to forecast rate changes, HPA, inventory levels heading into the back half of the year or into 2023?

這是來自 Truist 的 Naved Khan 的 Robert Zeller。因此，如果我們只是將今天的環境和波動性與 2021 年第三季度進行比較，我想當你們剛開始擴大價差時。我認為您在信中提到您開始看到 HPA 的逐月變化趨於平緩。那麼，您是否會說最高波動期現在可能已經過去，您認為預測利率變化、HPA、庫存水平可能會更容易進入今年下半年或 2023 年？

And then sticking with mortgage rates, I mean, we've seen them starting to come down recently. So do you think that, that could provide a catalyst or a tailwind to that homebuyer demand starting to come back in the back half of the year or early 2023?

然後堅持抵押貸款利率，我的意思是，我們最近看到它們開始下降。那麼您是否認為，這可能會為今年下半年或 2023 年初開始回升的購房需求提供催化劑或順風？

Robert, I'll take that as well. I mean, with respect to the spread increases, again, as you mentioned, we have been increasing spreads going all the way back to last fall, but we moved them up to what has been record levels really starting in May on the heels of all the changes we saw in mortgage rates. We moved them up quickly and we moved them up materially. And we continue to operate today at those sustained higher levels of spreads, in part because the housing market continues to be quite fluid, and we want to make sure that we're building substantial conservatism, and we're appropriately managing for risk over the back half of the year.

羅伯特，我也會接受的。我的意思是，關於點差的增加，再次，正如你所提到的，我們一直在增加點差，直到去年秋天，但我們從 5 月開始將它們提高到真正的創紀錄水平。我們看到的抵押貸款利率的變化。我們迅速將它們向上移動，並在物質上將它們向上移動。我們今天繼續以持續較高的利差水平運作，部分原因是房地產市場仍然非常不穩定，我們希望確保我們正在建立實質性的保守主義，並且我們正在適當地管理風險後半年。

The second part of your question about mortgage rates, would they be coming down? Again, I love the forecast that I think what we want to do right now is focus on clearance, risk management and build into fresher inventory. And as we acquire new homes, we're doing that with substantially higher spreads and feel very good about our ability to create new cohorts that will perform in line with our expectations. And I would say the spreads we're operating with now, would embed, frankly, a more negative macro outlook than what we're seeing in this very moment. But again, that's a risk management decision.

關於抵押貸款利率的問題的第二部分，它們會下降嗎？再一次，我喜歡我認為我們現在要做的預測是專注於清理、風險管理和建立更新鮮的庫存。當我們購買新房時，我們正在以更高的價差來做這件事，並且對我們創造符合我們預期的新群體的能力感到非常滿意。我想說的是，坦率地說，我們現在所使用的價差將嵌入比我們目前所看到的更為負面的宏觀前景。但同樣，這是一個風險管理決策。

And our next question comes from the line of Dae Lee with JPMorgan.

我們的下一個問題來自摩根大通的 Dae Lee。

So the first one, kind of following up on the prior question of demand. So this pullback in demand, are you seeing this across all of your markets? And do you think this is a temporary pullback? And if it is, like what do you think could get the demand flowing again?

所以第一個，是對先前需求問題的跟進。因此，這種需求回落，您是否在所有市場都看到了這種情況？你認為這是暫時的回調嗎？如果是的話，你認為什麼能讓需求再次流動？

And then secondly, could you talk a little bit more about Opendoor Exclusives? What's your long-term vision for this product? And how large do you think this could be as a percentage of homes that you sell?

其次，你能多談談 Opendoor Exclusives 嗎？您對該產品的長期願景是什麼？您認為這佔您出售的房屋的百分比有多大？

This is Andrew. I can take the first part of that, and then Eric can speak to Exclusives. In terms of what we're seeing across markets, we are absolutely seeing different performance and trajectory across our market footprint. On the East Coast, our markets are tending to perform well, particularly in the Southeast and Florida. Our central markets are a bit more mixed and our Western markets notably Phoenix, Vegas, Sacramento, Tucson are a bit more challenged. Broadly, I think it highlights the importance of having a 50-plus market footprint and the geographic diversification that, that offers. Eric, do you want to talk to Exclusives?

這是安德魯。我可以接受第一部分，然後 Eric 可以與 Exclusives 交談。就我們在各個市場看到的情況而言，我們在整個市場足跡中絕對看到了不同的表現和軌跡。在東海岸，我們的市場往往表現良好，特別是在東南部和佛羅里達州。我們的中部市場更加複雜，而我們的西部市場，尤其是鳳凰城、維加斯、薩克拉門托、圖森則面臨更大的挑戰。從廣義上講，我認為它強調了擁有 50 多個市場足跡以及由此帶來的地域多元化的重要性。 Eric，你想和 Exclusives 談談嗎？

Yes. With regards to the long-term vision around Exclusives, what I can say is that we know how broken the process is to buy a home, and it feels more like Craigslist and Amazon. And we're going to change that. We're going to make it a simple, seamless experience. And we really believe this is a win for customers and a win for Opendoor. A few features that we launched are; one, there's a buy now price, and this really removes multiple counterparties and the need for negotiations, and you probably bought a home, it's a lot of back and forth and a lot of uncertainty. We've provided appraisal price match guarantee, which removes the issue around price and gives our customers peace of mind that they're paying a fair price.

是的。關於 Exclusives 的長期願景，我可以說的是，我們知道買房的過程有多糟糕，感覺更像 Craigslist 和亞馬遜。我們將改變這一點。我們將使它成為一種簡單、無縫的體驗。我們真的相信這是客戶的勝利，也是 Opendoor 的勝利。我們推出的一些功能是；第一，有一個立即購買的價格，這確實消除了多個交易對手和談判的需要，而且您可能已經買了房子，這是很多來回和很多不確定性。我們提供了評估價格匹配保證，消除了圍繞價格的問題，讓我們的客戶放心，他們正在支付公平的價格。

And then lastly, we built an e-commerce like experience, and it's really magical. Opendoor, we actually found that by providing these homes exclusively on Opendoor, it drives us audience. So said another way, we're using our unique supply to aggregate direct buyer demand. And this can have a significant positive impact on unit economics, obviously, because with a direct demand funnel, we can look at transaction costs, decrease close times and increase services attach.

最後，我們建立了類似電子商務的體驗，這真的很神奇。 Opendoor，我們實際上發現，通過在 Opendoor 上獨家提供這些房屋，它可以吸引我們的觀眾。換一種說法，我們正在使用我們獨特的供應來聚合直接買家的需求。顯然，這會對單位經濟產生顯著的積極影響，因為通過直接需求漏斗，我們可以查看交易成本，減少關閉時間並增加服務附加。

So we think the impact can be substantial over time. I would say that to the party question, how big can this get? I do view this as an important start of a fundamental shift in why and how direct buyers work with Opendoor and it does unlock a tremendous amount of opportunity in the medium term for us.

因此，我們認為隨著時間的推移，影響可能會很大。我會說黨的問題，這能有多大？我確實認為這是直接買家為何以及如何與 Opendoor 合作的根本性轉變的重要開始，它確實為我們在中期釋放了大量機會。

And our next question comes from the line of Nick Jones with JMP Securities.

我們的下一個問題來自 JMP Securities 的 Nick Jones。

I guess just revisiting the Zillow partnership. It sounds like that's going to attract a significant amount of volume. I mean how do you think about managing the amount of -- I mean, I guess, people requesting quotes versus what you can fill. And then I guess the second question on that, with kind of Zillow's upper funnel, does that change the pace at which you'll enter new markets from here?

我想只是重新審視 Zillow 的合作夥伴關係。聽起來這將吸引大量的音量。我的意思是你如何看待管理數量——我想，我想，人們請求報價與你可以填寫的數量。然後我猜第二個問題，關於 Zillow 的上漏斗，這會改變你從這裡進入新市場的速度嗎？

Sure. So we are excited about the potential volume. I think 1 of the things that is unique about the Opendoor platform and that we've built is the flexibility we've embedded in it. We've obviously been able to scale up significantly over the last 24 months. And equally, as we're looking at the third quarter on lower volumes, we're able to take some of that flexible capacity out of the system. And so our ability to support a meaningful partner like Zillow is absolutely there, and it's 1 of the things that differentiates our platform.

當然。所以我們對潛在的數量感到興奮。我認為 Opendoor 平台和我們構建的獨特之處之一是我們嵌入其中的靈活性。在過去的 24 個月中，我們顯然能夠顯著擴大規模。同樣，當我們看到第三季度的產量較低時，我們能夠從系統中取出一些靈活的容量。因此，我們絕對有能力支持像 Zillow 這樣有意義的合作夥伴，這是我們平台與眾不同的地方之一。

In terms of the pace of market launch, we're in 50-plus markets across the country, covering 30% of all transactions. So we feel very good about that footprint. We are still opening markets, but our focus, given the dynamic market environment right now, is really on managing the existing footprint that we have.

在上市速度方面，我們在全國50多個市場，覆蓋了所有交易的30%。所以我們對這個足跡感覺很好。我們仍在開放市場，但鑑於目前充滿活力的市場環境，我們的重點實際上是管理我們現有的足跡。

And our next question comes from the line of Justin Ages with Berenberg.

我們的下一個問題來自 Justin Ages 與 Berenberg 的對話。

Just looking ahead and given the volatility, I understand that this might be difficult to answer. But as the kind of market transitions to more of a buyer's market, is there an opportunity for you guys to see this through and increase the inventory, because you have the ability to buy what are good houses, just not at the right time to sell them?

展望未來並考慮到波動性，我知道這可能很難回答。但是隨著這種市場向買方市場的轉變，你們是否有機會看到這一點並增加庫存，因為您有能力購買好房子，只是在不合適的時間出售他們？

Yes, Justin, it's Eric. I mean the short answer is, yes. We fundamentally believe that we're providing a tremendous amount of value for sellers, and we've built that experience in the system over the course of 8 years, and we're best-in-class at that. And we're also becoming very good at servicing buyers and understanding how to resell homes efficiently, improving that experience for agents and buyers, and launching Exclusives on top of that. And so if you take a step back, it's the marketplace for managing. We want to make sure that we have sellers coming to the platform and delighting them, and we have buyers coming to the platform and delighting them, and really touched around Opendoor homes.

是的，賈斯汀，是埃里克。我的意思是簡短的回答是，是的。我們從根本上相信我們正在為賣家提供巨大的價值，並且我們在 8 年的時間裡在系統中積累了這種經驗，我們在這方面是一流的。我們也變得非常擅長為買家提供服務，了解如何有效地轉售房屋，改善代理商和買家的體驗，並在此基礎上推出 Exclusives。因此，如果您退後一步，那就是管理市場。我們希望確保我們有賣家來到平台並取悅他們，我們有買家來到平台並取悅他們，並且真正觸動了 Opendoor 房屋。

And so to your question, do we view this as an opportunity to grow inventory? The answer is yes. We're managing that growth with proper spreads to ensure that we hit our contribution margin targets while also managing risk. And so those are the dynamics at play, and we're continuing to invest in our platforms so we can grow.

所以對於你的問題，我們是否認為這是增加庫存的機會？答案是肯定的。我們正在通過適當的利差來管理這種增長，以確保我們在實現邊際貢獻目標的同時管理風險。因此，這些都是在發揮作用的動力，我們將繼續投資於我們的平台，以便我們能夠成長。

Great. And then 1 follow-up, if I could. Can you give us any insight into the early returns in the Northeast markets? There's been a few questions bouncing around of how translatable the model is to markets where the homes maybe aren't as similar.

偉大的。如果可以的話，然後進行 1 次跟進。您能否介紹一下東北市場的早期回報？關於該模型在房屋可能不那麼相似的市場上的可轉換性，存在一些問題。

We're still in early days in the Northeast markets. All of those markets launched relatively recently over the course of the first half of this year. And so it's early days. And our playbook for market launch is very focused early on making sure we feel really good about the quality of our underwriting. And as we're proactively managing against the dynamic macro that we've been talking about, we're looking at each and every market. But as you'd expect, in our more complex markets, we're slowing our pace as we manage that book of inventory.

我們在東北市場仍處於早期階段。所有這些市場都是在今年上半年相對較新推出的。所以現在還為時過早。我們的市場啟動手冊非常注重早期確保我們對承保質量感到非常滿意。當我們主動管理我們一直在談論的動態宏觀時，我們正在關注每一個市場。但正如您所料，在我們更複雜的市場中，我們正在放慢我們管理庫存的步伐。

And our next question comes from the line of Ryan Tomasello with KBW.

我們的下一個問題來自 Ryan Tomasello 與 KBW 的對話。

Can you provide some color around the impairment, how many homes is that related to and if that was concentrated in specific markets? And then a follow-up question on your spreads. Can you say where your service fee stands on average today? And if you feel like stronger expected conversion that you mentioned could actually can tell you to take those service fees higher, as you look to take your foot off the gas this year in terms of the acquisition piece?

您能否提供一些關於減值的顏色，與多少房屋相關以及是否集中在特定市場？然後是關於您的點差的後續問題。你能說一下你今天的平均服務費是多少嗎？如果你覺得你提到的更強烈的預期轉換實際上可以告訴你提高這些服務費，因為你希望今年在收購方面放慢腳步？

Sure. I'll take that, Ryan. So on the impairment, we don't break out it by geography or by month of cohort. But I would say it is just meant to reflect as of June 30, our expectations for forward HPA and resell policies at the time. Certainly, since then we continue to respond to what is a rapidly changing macro environment, and we have and will continue to adjust our pricing to reflect that.

當然。我會接受的，瑞恩。因此，在減值方面，我們不會按地理位置或按月份劃分。但我想說這只是為了反映截至 6 月 30 日，我們當時對遠期 HPA 和轉售政策的期望。當然，從那時起，我們繼續應對快速變化的宏觀環境，我們已經並將繼續調整我們的定價以反映這一點。

With respect to your second question around conversion and fee and I think 1 of the things we've been talking about for a little while and has become, frankly, more significant as of late is that notwithstanding higher spreads. We have seen conversion, outperform our expectation on a spread adjusted basis. So just to unpack your comment, we have a service fee that's static in all our markets, it's 5%. We manage spreads via value we provide to the customer. And that is what have we have increased measurably, particularly in May on the heels of the mortgage rate move.

關於你關於轉換和費用的第二個問題，我認為我們已經討論了一段時間的事情之一，坦率地說，最近變得更重要的是，儘管點差更高。我們已經看到轉換，在價差調整的基礎上超出了我們的預期。因此，只是為了打開您的評論，我們在所有市場都有固定的服務費，即 5%。我們通過提供給客戶的價值來管理點差。這就是我們顯著增加的，特別是在抵押貸款利率變動之後的 5 月份。

So notwithstanding the fact that spreads have increased, I'd say we still see conversion performing quite nicely on a spread adjusted basis. And importantly, as we see the housing market start to stabilize, our expectation is that we can start to adjust spreads over time and that's 2 way door for us. We'll be able to grow back into acquisition volumes.

因此，儘管點差有所增加，但我想說我們仍然看到轉換在點差調整的基礎上表現相當不錯。重要的是，當我們看到房地產市場開始穩定時，我們的預期是隨著時間的推移我們可以開始調整利差，這對我們來說是雙向的。我們將能夠重新增長到收購量。

And if I can just squeeze 1 more in on the expense levers you're pulling in relation to, I think, the $190 million you're guiding to for 3Q. How much more room is there for efficiencies to the extent the market does continue to deteriorate? And if we should expect an additional sequential moderation into the fourth quarter in the expense base?

而且，如果我可以在您為第三季度指導的 1.9 億美元所涉及的支出槓桿上再擠 1 次。在市場繼續惡化的情況下，效率還有多少空間？如果我們應該期望在第四季度的支出基礎上出現額外的連續放緩？

We're aggressively managing down our costs. The $190 million that you referenced is, call it, a high single-digit quarter-over-quarter decrease. And we expect to exit the quarter on a run rate at an even lower level than that. There's really 3 main levers we're pulling to do that. The first is we're flexing down our third-party capacity pretty aggressively, as we scaled up.

我們正在積極地降低成本。你提到的 1.9 億美元，稱之為，季度環比下降了個位數。我們預計本季度的運行率會低於此水平。我們確實有 3 個主要槓桿來做到這一點。首先是隨著我們擴大規模，我們正在非常積極地降低我們的第三方能力。

We're very deliberate about leveraging third-party labor versus hiring. So for example, in the first half, nearly 40% of our home operations passed were carried out by third-party labor and we're in the process of dialing that capacity back.

我們非常慎重地考慮利用第三方勞動力而不是招聘。因此，例如，在上半年，我們通過的近 40% 的家庭運營是由第三方勞動力進行的，我們正在恢復該產能。

Second, we're focusing our marketing spend on our most efficient, highest return channels given the high spread environment. And then finally, the team is really scrubbing every aspect of our spending, and we expect that to continue to come down over the course of the year.

其次，鑑於高傳播環境，我們將營銷支出集中在我們最有效、最高回報的渠道上。最後，團隊確實在清理我們支出的各個方面，我們預計這一數字將在今年繼續下降。

And our next question comes from the line of Jason Weaver with Compass Point.

我們的下一個問題來自 Jason Weaver 的 Compass Point。

As it pertains to just broad consumer adoption trends, I wonder what you are seeing regarding offer request rate as a percentage of your average site visitors. Is that rising given the uncertain environment?

由於它僅涉及廣泛的消費者採用趨勢，我想知道您所看到的報價請求率佔您的平均網站訪問者的百分比。鑑於不確定的環境，這種情況會上升嗎？

In Q2, I think we talked about seeing record offers, which was obviously good to see. We've made meaningful investments in our brand. And what we know is that as we grow awareness of our solution, we grow the business ultimately over time. And so certainly, we're seeing those investments move the needle.

在第二季度，我認為我們談到了看到創紀錄的報價，這顯然很高興。我們對我們的品牌進行了有意義的投資。我們所知道的是，隨著我們對解決方案的認識不斷提高，我們最終會隨著時間的推移發展業務。所以當然，我們看到這些投資起到了推動作用。

Okay. And if I could follow up with just 1 more. Bridging off 1 of the prior questions, the $82 million mark. I'm curious about that against the language that you've stated that you may look to reduce prices to be able to clear out some of this inventory going forward. So should we expect to see valuation marks of similar like magnitude in fourth -- in third and fourth quarter?

好的。如果我可以再跟進 1 個。取消之前的一個問題，即 8200 萬美元大關。我很好奇你所說的語言，你可能希望降低價格以便能夠清除一些庫存。那麼，我們是否應該期望在第四季度——第三和第四季度看到類似幅度的估值標記？

I can't sit here today and give you a forecast for 9/30 in terms of impairment, but we will go through that same methodology again. My comment was just we impair homes, we revalue them based on what we know at the time, based on a forward expectation of where home prices are going and the resale policies we have in place. But given how dynamic the market is right now, we're going to continue to adjust pricing and resell policy, as we work to drive clearance across the target portfolio. And that will be the basis for where we mark homes as of 9/30. But I can't sit here today and give you a number or direction.

我今天不能坐在這裡，就減值而言給你 9/30 的預測，但我們將再次採用相同的方法。我的評論只是我們損害了房屋，我們根據我們當時所知道的，基於對房價走勢的前瞻性預期以及我們現有的轉售政策來重新評估它們。但鑑於目前市場的動態，我們將繼續調整定價和轉售政策，因為我們努力推動目標投資組合的清算。這將是我們在 9/30 之前標記房屋的基礎。但我今天不能坐在這裡，給你一個數字或方向。

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

我沒有再提出任何問題。我想把會議轉回給 Eric Wu 做進一步的評論。

Thank you. To close this out, I want to say that we're focused on the long term, and I do want to remind us of a few things. We spent the past 8 years improving and making efficient how we buy homes. And this has made us best-in-class at that. We have shifted a tremendous amount of resources and focus and now becoming the best seller in the world of homes. We are the only company vertically integrated as a principle with the incentive alignment to improve and optimize that system. This means we will become the best buyer and the bestseller of homes, and this capability will underpin our platform.

謝謝你。為了結束這一點，我想說我們專注於長期，我確實想提醒我們一些事情。在過去的 8 年中，我們改進並提高了我們購買房屋的效率。這使我們在這方面成為一流的。我們已經轉移了大量的資源和重點，現在成為了家居世界中最暢銷的產品。我們是唯一一家垂直整合為原則的公司，通過激勵調整來改進和優化該系統。這意味著我們將成為最好的買家和最暢銷的房屋，而這種能力將支撐我們的平台。

Thank you for attending.

感謝您的出席。

This concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.

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。大家，有一個美好的一天。