Opendoor Technologies Inc (OPEN) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Opendoor Technologies First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Opendoor Technologies 2023 年第一季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Elise Wang, Vice President, Investor Relations. Please go ahead.

現在我想將會議交給今天的發言人，投資者關係副總裁 Elise Wang。請繼續。

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

謝謝你，下午好。有關我們業績的詳細資訊和其他管理層評論，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路直播。

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. All statements other than statements of historical fact are statements that could be deemed forward-looking, including, but not limited to, statements regarding Opendoor's financial conditions, anticipated financial performance, business strategy and plans, market opportunity and expansion and management objectives for future operations.

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。除歷史事實陳述外的所有陳述均可被視為前瞻性陳述，包括但不限於有關 Opendoor 財務狀況、預期財務業績、業務戰略和計劃、市場機會和擴張以及未來營運管理目標的陳述。

These statements are neither promises nor guarantees and undue reliance should not be placed on them. Such forward-looking statements 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 most recent annual report on Form 10-K for the year ended December 31, 2022 as updated by our periodic reports filed after that 10-K.

這些聲明既不是承諾也不是保證，不應過度依賴它們。此類前瞻性陳述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有重大差異。可能導致實際結果與前瞻性陳述不同的其他資訊可以在 Opendoor 截至 2022 年 12 月 31 日的最新 10-K 表格年度報告的風險因素部分找到，該報告由我們之後提交的定期報告更新10-K。

Any forward-looking statements made on this conference call, including responses to your questions, are based on management's reasonable current expectations and assumptions as of today and Opendoor assumes no obligation to update or revise them, whether as a result of new information, future events or otherwise, except as required by law.

本次電話會議上所做的任何前瞻性陳述，包括對您的問題的答复，均基於管理層截至今天的合理當前預期和假設，Opendoor 不承擔更新或修改這些陳述的義務，無論是由於新信息、未來事件或其他情況，法律要求的除外。

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準則財務指標的引用。該公司認為，這些非公認會計原則財務指標對於投資者來說是有用的，可以作為評估公司財務表現的補充營運指標。如需將每個非 GAAP 財務指標與最直接可比較的 GAAP 指標進行對照，請造訪我們的網站 Investor.opendoor.com。

I will now turn the call over to Carrie Wheeler, Chief Executive Officer of Opendoor.

我現在將把電話轉給 Opendoor 執行長 Carrie Wheeler。

Good afternoon. Also on the call with me today is Christy Schwartz, our Interim Chief Financial Officer; and Dod Fraser, President of Capital Markets and our Enterprise business.

午安.今天與我通話的還有我們的臨時財務長 Christy Schwartz；以及資本市場和企業業務總裁 Dod Fraser。

At Opendoor, our vision is to build the most trusted e-commerce platform for residential real estate, a $1 trillion history that remains static and broken. The process of buying and selling a home today remains complicated, time-consuming, stressful and offline. We are at the forefront of transforming this status quo, so consumers can buy, sell and move between homes with simplicity and confidence.

在 Opendoor，我們的願景是建立最值得信賴的住宅房地產電子商務平台，這個價值 1 兆美元的歷史仍然靜止且破碎。如今買賣房屋的過程仍然複雜、耗時、壓力大且離線。我們處於改變這一現狀的最前沿，讓消費者可以輕鬆、自信地購買、出售和搬家。

Over the last 9 years, we've developed a magical product that home sellers want and need. Our conversion rates continue to exceed our expectations and past performance on a spread adjusted basis. And we've built unique pricing and operations capabilities to become one of the largest buyers and sellers of homes in the country. These are the things that differentiate us, particularly in times of macro uncertainty.

在過去的 9 年裡，我們開發了一款房屋賣家想要和需要的神奇產品。我們的轉換率持續超越我們的預期和過去在利差調整的基礎上的表現。我們已經建立了獨特的定價和營運能力，成為全國最大的房屋買家和賣家之一。這些是我們與眾不同的地方，特別是在宏觀不確定的時期。

While we are seeing some stabilization following what has been the steepest transition in housing in 40 years, home sellers continue to be on the sidelines. The number of new listings within our buy box were down almost 25% in the first quarter, versus prior year. Market clearance is trending higher than expected as a result of this lack of supply, but the outlook for home prices continues to be uncertain.

儘管經歷了 40 年來最急劇的住房轉型之後，我們看到了一些穩定的情況，但房屋賣家仍然處於觀望狀態。第一季度，我們黃金購物車內的新上市商品數量與去年同期相比下降了近 25%。由於供應不足，市場清倉趨勢高於預期，但房價前景仍不確定。

In light of this macro backdrop, it's imperative that we continue to operate with caution and discipline. Specifically, we expect to maintain double-digit spreads for the rest of 2023, as we grow a new book of inventory that comfortably meets our margin targets. Given the impact this will continue to have on conversion, we are focused on expanding our low-cost partnership channels, including home builders agents and online real estate platforms to attract more sellers.

在這種宏觀背景下，我們必須繼續謹慎和自律地經營。具體來說，我們預計在 2023 年剩餘時間內將維持兩位數的利差，因為我們將增加新的庫存，並輕鬆滿足我們的利潤目標。考慮到這將繼續對轉換產生影響，我們致力於擴大我們的低成本合作夥伴管道，包括房屋建築商代理商和線上房地產平台，以吸引更多賣家。

We expect these channels to be highly scalable and allow us to reach more customers in a cost-effective way. We've partnered with over 90 homebuilders across the country where we facilitate a trade-in for customers of new build homes, enabling a simple and seamless move from their existing home. We've also partnered with thousands of agents to give them another option in the toolkit to sell their clients' homes with speed and ease. We are seeing a growing number of agents make Opendoor a regular part of their service offering. Over 50% of contracts sourced via an agent relationship in the past 12 months came from agents who had previously done business with us. We are continuing to deepen these partnerships through our improved agent access rewards program that incentivizes repeat transactions and a referral offering that agents utilize to introduce sellers directly to us.

我們希望這些管道具有高度可擴展性，並使我們能夠以經濟高效的方式接觸更多客戶。我們與全國 90 多家住宅建築商合作，為新建住宅的客戶提供以舊換新的便利，讓他們能夠簡單、無縫地從現有住宅搬出。我們還與數千名代理商合作，為他們提供工具包中的另一種選擇，以快速輕鬆地出售客戶的房屋。我們看到越來越多的代理商將 Opendoor 作為其服務的常規組成部分。在過去 12 個月中，超過 50% 透過代理關係簽訂的合約來自先前與我們有業務往來的代理商。我們將透過改進的代理商准入獎勵計劃（該計劃鼓勵重複交易）以及代理商用來直接向我們介紹賣家的推薦服務，繼續深化這些合作夥伴關係。

And finally, we now have partnerships with the top 3 online real estate platforms by visitor traffic in the country, Zillow, Redfin and Realtor.com. We expect to grow acquisition volumes via these platforms as we get to market parity over time, enabling us to reach the hundreds of millions of homeowners that visit these portals every month.

最後，我們現在與國內訪客流量前 3 名的線上房地產平台 Zillow、Redfin 和 Realtor.com 建立了合作夥伴關係。隨著時間的推移，我們預計將透過這些平台增加收購量，使我們能夠接觸到每月訪問這些入口網站的數億房主。

Furthermore, we are continuing to iterate on our marketplace offering, Exclusives. In our pilot market of Plano, almost 60% of sellers we pitched in Q1 agreed to enroll into Opendoor Exclusives. Amongst these sellers, we're tapping into a category of customers we're calling semiserious. They are those who are interested in selling at some point depending on price, but are not yet ready to commit to listing their home on the MLS.

此外，我們正在繼續迭代我們的市場產品，獨家產品。在我們的普萊諾試點市場，我們在第一季推介的賣家中，近 60% 同意加入 Opendoor Exclusives。在這些賣家中，我們正在開發一類我們稱之為半嚴肅的客戶。他們是那些有興趣在某個時候根據價格出售房屋，但尚未準備好承諾在 MLS 上列出房屋的人。

We believe these are largely incremental to the customers we serve with our current cash offering. We are encouraged by these early signals, and we'll continue to iterate on this product offering this year to hone the customer experience and drive liquidity in that market.

我們相信，這些對於我們目前提供的現金服務所服務的客戶來說很大程度上是增量的。我們對這些早期訊號感到鼓舞，今年我們將繼續迭代該產品，以磨練客戶體驗並推動該市場的流動性。

Another focus area for us in 2023 is the strengthening of our operating pricing platforms so that we can deliver greater efficiencies and higher unit economics over time. In Q1, we evolved our in-person home assessment process to gather additional home condition and home feature data. We also implemented technology to better capture an action on the home condition feedback that we collect for home across multiple sources throughout our ownership cycle.

2023 年我們的另一個重點領域是加強我們的營運定價平台，以便我們能夠隨著時間的推移提供更高的效率和更高的單位經濟效益。在第一季度，我們改進了現場房屋評估流程，以收集額外的房屋狀況和房屋特徵資料。我們也採用了科技來更好地捕捉我們在整個擁有週期中透過多個來源收集的家庭狀況回饋的行動。

Together, these improvements enable us to better understand home condition, both pre-acquisition and for owned homes and optimize acquisition and resale pricing at a per home level. We have also expanded our repair and renovation capabilities through platform and process investments, enabling us to perform targeted renovations. Beginning in the fourth quarter of last year, we applied selective home condition improvements in almost 2,500 of our longest held homes, which has in turn allowed us to drive faster sell-through rates on these homes than planned.

總而言之，這些改進使我們能夠更好地了解房屋狀況（包括預購房屋和自有房屋），並優化每套房屋的收購和轉售定價。我們還透過平台和流程投資擴大了維修和改造能力，使我們能夠進行有針對性的改造。從去年第四季開始，我們對近 2,500 套持有時間最長的房屋進行了選擇性房屋狀況改善，這反過來又使我們能夠比計劃更快地推動這些房屋的售出率。

These are just some examples of platform improvements we are executing against with the goal of delivering at least 100 basis points of contribution margin improvement next year, incremental to our current annual target range of 4% to 6%. And finally, we have further rightsized our operating capacity to reflect the overall decline in market transaction volumes and our reduced pace of acquisitions. In April, we announced a workforce reduction of approximately 22% or 560 employees, primarily focused on volume-based roles across operations, transactions and G&A groups.

這些只是我們正在執行的平台改進的一些範例，我們的目標是明年實現至少 100 個基點的貢獻邊際改進，比我們目前 4% 至 6% 的年度目標範圍有所增量。最後，我們進一步調整了營運能力，以反映市場交易量的整體下降和收購步伐的放緩。 4 月份，我們宣布裁員約 22%，即 560 名員工，主要集中在營運、交易和 G&A 團隊中基於數量的職位。

We expect this to deliver savings of approximately $50 million in annualized expenses. While this was a difficult decision, it was necessary to ensure that we can continue to deliver on our long-term vision and serve customers for years to come. As we look forward to next quarter and beyond, we remain as focused as ever on improving the lives of customers and building a durable generational company. We know we have the right products, unique capabilities, the capital and the best team to not only weather this cycle, but emerge stronger and more resilient than we've ever been.

我們預計這將節省約 5000 萬美元的年化費用。雖然這是一個艱難的決定，但有必要確保我們能夠繼續實現我們的長期願景並在未來幾年為客戶提供服務。展望下個季度及以後，我們將一如既往地致力於改善客戶的生活並打造一家持久的世代公司。我們知道，我們擁有合適的產品、獨特的能力、資本和最好的團隊，不僅能夠度過這個週期，而且比以往任何時候都更強大、更有彈性。

With that, I'll pass the call over to Christy to discuss our financial highlights.

接下來，我會將電話轉給克里斯蒂，討論我們的財務亮點。

Thank you, Carrie. Our first quarter results reflect the progress we've made in selling through our old book of home while building into a new book of healthy inventory, the continued reduction of our cost structure and our focus on capital and book value preservation. We delivered $3.1 billion of revenue, which exceeded our guidance as overall market sell-through rates outperformed our expectations due to a significant decline in new listing volumes and therefore, limited supply.

謝謝你，嘉莉。我們第一季的業績反映了我們在透過舊的房屋帳簿銷售同時建立健康庫存的新帳簿方面取得的進展、我們成本結構的持續降低以及我們對資本和帳面價值保值的關注。我們實現了 31 億美元的收入，超出了我們的指導，因為新上市數量大幅下降導致供應有限，整體市場售出率超出了我們的預期。

These macro dynamics, coupled with our success in completing targeted home condition improvements allowed us to pull forward sales of old book homes. In particular, 92% of the Q2 cohort, which is homes we made offers on between March and June of last year is sold or in contract as of quarter end. On the acquisition front, we purchased 1,747 homes in the first quarter, down 81% versus the first quarter of 2022.

這些宏觀動態，加上我們成功完成有針對性的房屋狀況改善，使我們能夠推動舊書房屋的銷售。特別是，截至季度末，我們去年 3 月至 6 月期間提供的第二季房屋中有 92% 已售出或簽約。在收購方面，我們在第一季度購買了 1,747 套房屋，比 2022 年第一季下降了 81%。

The reduction in acquisitions has been driven by 2 primary factors. First, with sellers in a holding pattern, we observed an increasing decline in new market listings versus last year, from a 17% decline in January to a 27% decline by March. Second, we saw a decline in offered contract through seller conversion due to higher spreads year-over-year. Although it is worth noting that conversion has improved from approximately 10% going into the first quarter to 15% as of March as a result of a modest reduction in spreads. In response to these 2 factors, we pulled back on marketing spending by 45% versus prior year.

收購減少是由兩個主要因素驅動的。首先，由於賣家處於持有狀態，我們觀察到新市場掛牌量與去年相比下降幅度越來越大，從 1 月的 17% 下降到 3 月的 27%。其次，由於年比價差較高，我們發現賣方轉換導致的合約報價下降。值得注意的是，由於利差適度減少，轉換率已從第一季的約 10% 提高到 3 月的 15%。為了因應這兩個因素，我們將行銷支出比去年減少了 45%。

Our contribution margin was negative 7.7% in the first quarter, which is a reflection of the resale performance of our old book of inventory. These longer-dated lower-margin homes comprised 75% of our resales in the quarter. In contrast, sales from our new book of homes generated a contribution margin of 8.5% in the quarter. We continue to expect these newer acquisition cohorts to deliver margins in excess of our annual contribution margin target of 4% to 6% once fully sold through.

第一季我們的邊際貢獻率為負 7.7%，這反映了我們舊庫存帳簿的轉售表現。這些期限較長、利潤較低的房屋佔本季轉售量的 75%。相比之下，本季我們新房屋銷售的貢獻率為 8.5%。我們繼續預計，一旦全部售完，這些新的收購群體將提供超過我們 4% 至 6% 的年度貢獻利潤率目標的利潤率。

Adjusted EBITDA loss was $341 million in the first quarter, which is inclusive of previously recorded inventory valuation adjustments of $295 million on homes sold in the period. As a reminder, over the last 9 months, we've been reducing our operational capacity, marketing spend and fixed expenses in response to the macro environment and the intentional slowdown in our purchasing activity. As such, our adjusted operating expenses, which we define as the delta between contribution profit or loss and adjusted EBITDA totaled $100 million for the quarter, down from $156 million in the first quarter of 2022 and a peak of $204 million in the second quarter of 2022.

第一季調整後 EBITDA 損失為 3.41 億美元，其中包括先前記錄的該期間出售房屋的 2.95 億美元庫存估值調整。提醒一下，在過去 9 個月裡，我們一直在減少營運能力、行銷支出和固定費用，以應對宏觀環境和有意放緩的採購活動。因此，本季調整後的營運費用（我們將其定義為貢獻利潤或虧損與調整後EBITDA 之間的差值）總計1 億美元，低於2022 年第一季的1.56 億美元和2022 年第二季度高峰2.04 億美元。

Turning to our balance sheet. We ended the quarter with $1.3 billion in unrestricted cash, cash equivalents and marketable securities and $459 million of equity invested in our homes. We also had $10.7 billion in nonrecourse asset-backed facilities. Additionally, in March, we invested $101 million to repurchase $189 million of our outstanding convertible notes at a substantial discount, reducing our total future debt obligations.

轉向我們的資產負債表。截至本季末，我們擁有 13 億美元的非限制性現金、現金等價物和有價證券，以及 4.59 億美元的股權投資於我們的房屋。我們還有 107 億美元的無追索權資產支持貸款。此外，3月份，我們投資了1.01億美元，以大幅折扣回購了1.89億美元的未償還可轉換票據，從而減少了我們未來的債務總額。

Looking ahead, we plan to continue to operate with a cautious approach via home pricing, expense management and capital discipline, given the uncertainty of the near-term macro environment. Given typical housing seasonality, we expect spreads to remain relatively elevated throughout the remainder of the year.

展望未來，鑑於近期宏觀環境的不確定性，我們計劃繼續在房價、費用管理和資本紀律方面採取謹慎的態度。鑑於典型的住房季節性，我們預計利差在今年剩餘時間內將保持相對較高的水平。

Turning to guidance. We expect our Q2 revenue to be between $1.75 billion and $1.85 billion and adjusted EBITDA loss to be between $180 million and $200 million. Adjusted OpEx is expected to be around $90 million, which generally reflects savings from the April reduction in force. Consistent with this guidance, we expect the second quarter to mark the last quarter of negative contribution margin, with positive contribution margin levels beginning in Q3 when our fresh book of inventory comprises the majority of our resales.

轉向指導。我們預計第二季營收將在 17.5 億美元至 18.5 億美元之間，調整後 EBITDA 損失將在 1.8 億美元至 2 億美元之間。調整後的營運支出預計約為 9000 萬美元，這通常反映了 4 月裁員帶來的節省。根據這項指導，我們預計第二季度將標誌著負邊際貢獻的最後一個季度，正邊際貢獻水準將從第三季度開始，屆時我們的新庫存占我們轉售的大部分。

With that, I will now open the call for questions.

現在，我將開始提問。

(Operator Instructions) Our first question comes from the line of Nick Jones with JMP Securities.

（操作員指示）我們的第一個問題來自 JMP 證券的 Nick Jones。

Maybe one just around outlook. As contribution profit improved after 2Q, should we expect us to kind of sequentially improve through the remainder of the year? And then, I guess, does that kind of trickle down to EBITDA as well? Because it looks like there's a pretty good step up from kind of 1Q results to 2Q guide on EBITDA. So how should we think about that, I guess, as we kind of get to the rest of '23?

也許只是展望一下。隨著第二季後貢獻利潤的改善，我們是否應該期望我們在今年剩餘時間內會有所改善？然後，我想，這也會滲透到 EBITDA 嗎？因為看起來從第一季的結果到第二季 EBITDA 的指導有了相當好的進步。那麼，我想，當我們進入 23 年剩下的時間時，我們應該如何考慮這個問題？

Nick, it's Christy here. And thank you for the question. For contribution margin, as you know right now and in Q2, we're still selling through the old book of homes. But once those clear out, you will see improved margins. And as we said, we expect them to be positive starting in Q3. There is a slight tail we expect to be mostly sold or in contract by the end of Q2, but the ones that are in contract will sell through in Q3 and be a little bit of a drag on contribution margin. So I think it's correct for you to think about it as increasing in the second half of the year. And then that will flow down to EBITDA.

尼克，我是克里斯蒂。謝謝你的提問。對於邊際貢獻，正如您現在和第二季所知，我們仍在透過舊的房屋帳本進行銷售。但一旦這些問題解決，你就會看到利潤率的提高。正如我們所說，我們預計他們從第三季開始將表現積極。我們預計，到第二季末，大部分已售出或處於合約狀態的產品將出現輕微的尾部變化，但處於合約狀態的產品將在第三季度售出，並對邊際貢獻率產生一點拖累。所以我認為你認為下半年會增加是正確的。然後這將流向 EBITDA。

It's also important to note that EBITDA contains the release of our impairment adjustments, our inventory valuation adjustments that we recorded in prior periods. And so as those homes that have those inventory valuation adjustments sell through, which is the old book of inventory, you won't see those in EBITDA anymore.

同樣重要的是要注意，EBITDA 包含我們在前期記錄的減損調整和庫存估值調整的發布。因此，當那些進行了庫存估值調整的房屋售出時，這是舊的庫存簿，您將不再在 EBITDA 中看到這些房屋。

Got it. Makes sense. And then maybe one on the balance sheet. As inventories come down, restricted cash has remained relatively high. Can you remind us kind of the dynamic between the restricted cash position and the inventory position?

知道了。有道理。然後也許是資產負債表上的一項。隨著庫存下降，受限制的現金仍然相對較高。您能提醒我們一下受限現金部位和庫存部位之間的動態嗎？

You're right, the restricted cash has gone up. The majority of the restricted cash increase relates to our term debt facilities, so they don't revolve. So either they're collateralized by inventory or they're collateralized by restricted cash. In our 10-Q, there's a good breakdown that shows those entities. But it's really just collateralizing the asset-backed debt. And on that cash, we do earn interest income. So you can think about that excess cash as earning interest income to offset the interest expense.

你是對的，限制現金增加了。大部分受限制的現金增加與我們的定期債務融資有關，因此它們不會循環。因此，它們要么以庫存作為抵押，要么以受限現金作為抵押。在我們的 10-Q 中，有一個很好的細分來顯示這些實體。但它實際上只是對資產支持債務進行抵押。利用這些現金，我們確實賺取了利息收入。因此，您可以將多餘的現金視為賺取利息收入以抵消利息支出。

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

我們的下一個問題來自 Dae Lee 與摩根大通的對話。

I apologize, if I missed this on your prepared remarks, but how should we think about your home acquisition pace going forward? Like should that follow the normal seasonality? Or do you expect that to accelerate as you're going through the back half?

如果我在您準備好的發言中錯過了這一點，我深表歉意，但是我們應該如何考慮您未來的購房步伐？就像應該遵循正常的季節性嗎？或者你預計在後半段比賽中這種情況會加速嗎？

Yes. I mean I -- it's Carrie. Thanks for the question. I would guide to do a couple of things. One is what we tried to indicate in our remarks is we've seen our spreads come down meaningfully from the back half of the year into the first part of this year and conversion has followed, i.e., conversion has improved, and we have been able to increase our pace of acquisitions.

是的。我是說我──這是嘉莉。謝謝你的提問。我會指導做幾件事。一是我們在講話中試圖表明的是，我們已經看到我們的利差從今年下半年到今年上半年顯著下降，並且轉換也隨之而來，即轉換有所改善，我們已經能夠加快我們的收購步伐。

Sitting here today, I would think about us being at a pace of around 1,000 acquisitions per month. And that's a pretty good baseline for you to think about for the balance of the year. And that's under the assumption that, as we indicated in our remarks, we expect right now our spreads to be pretty much at this level for the back half.

今天坐在這裡，我會想到我們每月大約 1,000 次收購的速度。這是您在今年餘下時間考慮的一個非常好的基準。這是基於這樣的假設，正如我們在評論中指出的那樣，我們預計現在下半年的利差將基本上處於這個水平。

Got it. And I guess a follow-up. I mean what would you need to see for the acquisition pace to pick up higher?

知道了。我想會有後續行動。我的意思是，您需要看到什麼才能加快收購步伐？

I mean, for us, acquisition pace has a lot to do with where we are in spreads because that drives conversion for us. And for us to decrease spreads, we're really looking for is stabilization. Or said another way, we need a lot less volatility in the system. Implicit in our spreads right now, what we're baking in is a modest amount of home price appreciation for the back half of the year.

我的意思是，對我們來說，收購速度與我們的價差有很大關係，因為這會推動我們的轉換。為了減少利差，我們真正尋求的是穩定。或者換句話說，我們需要減少系統的波動性。目前，我們的利差隱含著今年下半年房價的小漲。

So we want mortgage rates to stabilize. We think that will lead to volume stabilization, in turn, that will lead to a little more stabilization on pricing and that allow us to compress spreads. But for the balance of the year, just given the range of uncertainty around how Q3, Q4 can play out, we're going to continue to hold spreads pretty high.

因此，我們希望抵押貸款利率能夠穩定。我們認為這將導致成交量穩定，反過來，這將導致定價更加穩定，並使我們能夠壓縮利差。但對於今年餘下的時間，考慮到第三季和第四季的不確定性，我們將繼續將利差保持在相當高的水平。

(Operator Instructions) Our next question comes from the line of Ryan Tomasello with KBW.

（操作員說明）我們的下一個問題來自 KBW 的 Ryan Tomasello。

Just on the expense efficiency. It sounds like the $90 million of OpEx in the quarter is what you're thinking about as a full run rate of the $50 million of expense savings. Just wanted to clarify that piece. And then as you ramp volumes into 2024 to the $10 billion breakeven level, do you feel like you can achieve that with the same level of OpEx? Or should we be modeling some additional investment in marketing spend in just general overhead to support that volume increase?

只是在費用效率上。聽起來您認為本季 9000 萬美元的營運支出是 5000 萬美元費用節省的全部運行率。只是想澄清那件事。然後，當您在 2024 年將銷售量提高到 100 億美元的損益平衡水平時，您是否認為可以透過相同水準的營運支出來實現這一目標？或者我們應該在一般管理費用中對行銷支出進行一些額外的投資來支持銷售的成長？

Ryan, this is Christy. Thank you for the question. On the $90 million for operating expense, I think that does contemplate the reduction in force that we just had in April. And so that is a relatively safe amount to model forward. To get to $10 billion, I would expect some increase in marketing, probably more in the first half of the year. But yes, that's a good place to start.

瑞安，這是克里斯蒂。謝謝你的提問。關於 9000 萬美元的營運費用，我認為這確實考慮到了我們四月剛剛削減的兵力。因此，這是一個相對安全的模型向前推進量。為了達到 100 億美元，我預計行銷力道會增加，可能會在今年上半年增加更多。但是，是的，這是一個很好的起點。

Yes. I mean the other thing I want to point you to is we try to provide a little more color in our letter, Ryan, around partnerships and the fact that we are leaning heavily into the fact that we have a number of low-cost channels ala online real estate, we're in the very early days of our Zillow partnership. We're now across all our markets with Redfin and Realtor.com, and we have a lot of optimism for how those are going to play out over time. We're also very enthusiastic about what we're seeing out of the agent channel right now. Again, it's a low-cost, highly scalable channel for us.

是的。我的意思是，我想向您指出的另一件事是，瑞安，我們試圖在我們的信中提供更多關於合作夥伴關係的色彩，以及我們非常傾向於我們擁有許多低成本管道這一事實。我們現在透過 Redfin 和 Realtor.com 涉足所有市場，並且我們對這些市場隨著時間的推移將如何發揮非常樂觀。我們對目前從代理商管道看到的情況也非常感興趣。同樣，這對我們來說是一個低成本、高度可擴展的管道。

And we're seeing lots of activity on the homebuilder side, where we're partnering with 8 of the 10 big ones, 90-plus homebuilders. And as you know, new builds right now is a pretty active part of the home category. So -- well, Christy, you're totally right, to get back to $10 million, we're going to spend a little bit more money on marketing. But we are also leaning into these channels that we think are quite scalable and again, come to us with very attractive CAC economics attached to them.

我們看到住宅建築商方面有很多活動，我們正在與 10 家大型建築商中的 8 家、90 多家住宅建築商合作。如您所知，目前新建的住宅是住宅類別中非常活躍的一部分。所以，克里斯蒂，你說得完全正確，為了回到 1000 萬美元，我們將在行銷上多花一點錢。但我們也傾向於這些我們認為具有相當可擴展性的管道，並且再次向我們提供非常有吸引力的 CAC 經濟效益。

Okay. Got it. And then I believe on the last call, you talked about Exclusives continuing to ramp through next year and targeting more material volume potentially in 2025. Is that still the time line that you think is achievable here as you continue to iterate the platform? Just any updates around your expansion targets there beyond your initial test markets.

好的。知道了。然後我相信在上次電話會議上，您談到了明年獨家產品將繼續增加，並可能在2025 年實現更多的材料量。嗎？只是圍繞您最初測試市場之外的擴張目標的任何更新。

Yes. I think the most salient update on Exclusives we can give right now is that we're really encouraged by the early signs we're seeing. If you think about what we're doing right now, we're just focusing on a single market, iterating, learning and testing. We've had some incredibly good signal. We're tapping into this customer segment called the latent seller, which is a seller that wants to sell at some point, time line to be determined, but they don't want to list it, right? But they do want to sell it and if it's easy, they love the offers, and they want to do it the way that's seamless. And what's interesting about that to us is those customers are incremental to what we're seeing on the sales direct side. That's number one.

是的。我認為我們現在可以提供的關於獨家內容的最重要的更新是，我們對所看到的早期跡象感到非常鼓舞。如果你想想我們現在正在做的事情，我們只是專注於單一市場，迭代、學習和測試。我們收到了一些非常好的訊號。我們正在利用這個稱為潛在賣家的客戶群，這是一個想要在某個時候出售的賣家，時間線待定，但他們不想列出來，對嗎？但他們確實想出售它，如果很容易，他們會喜歡這些優惠，並且他們希望以無縫的方式進行。對我們來說有趣的是，這些客戶比我們在直接銷售方面看到的客戶數量有所增加。這是第一名。

And two, we believe we're unearthing a category of supply that we wouldn't access otherwise. So that's encouraging. And then we're seeing buyers engage with the platform because they're getting these homes they can't get anywhere else. They're now sitting on MLS. And in a very short period of time, within the quarter, we're driving to, I think, north of 3% listing share in Plano alone.

第二，我們相信我們正在挖掘一種我們無法透過其他方式獲得的供應類別。所以這是令人鼓舞的。然後我們看到買家參與該平台，因為他們得到了在其他地方找不到的房屋。他們現在坐在美國職業足球大聯盟（MLS）上。我認為，在很短的時間內，即本季度內，我們僅在普萊諾的上市份額就突破了 3%。

So that's not the 2025 metric. I know you want. But I'd say, well, the numbers are small on an absolute basis, what's really encouraging are the growth that we're seeing and the number of sellers and buyers coming to the platform. And we're going to stay focused on making sure that we are perfecting the customer experience. We're going to drive for liquidity in that market and then we're going to look to expand it over time.

所以這不是 2025 年的指標。我知道你想要。但我想說的是，從絕對數量來看，這個數字很小，真正令人鼓舞的是我們看到的成長以及來到該平台的賣家和買家的數量。我們將繼續專注於確保完善客戶體驗。我們將推動該市場的流動性，然後隨著時間的推移，我們將尋求擴大流動性。

(Operator Instructions) Our next question comes from the line of Jay McCanless with Wedbush.

（操作員說明）我們的下一個問題來自 Jay McCanless 和 Wedbush 的線路。

The first one I had, a little surprised to hear that you're starting to bring the spreads down already. Could you talk about maybe -- I know you don't like to hear the percentage, but maybe the magnitude of how much those spreads have come down since the fall of '22?

我的第一個，聽到你們已經開始降低點差，我有點驚訝。你能談談也許——我知道你不喜歡聽到百分比，但也許自 22 年秋季以來這些利差下降了多少？

Yes. So since the fall, they're down approximately 500 basis points. So basically off of peak, we're down about 500 basis points. I think we -- part of that was done this year on the back of seeing the stabilization in house prices. So one of my favorite charts that's in the back of the shareholder letter is our month-over-month home price appreciation.

是的。因此自秋季以來，它們已經下跌了大約 500 個基點。所以基本上是脫離峰值，我們下跌了大約 500 個基點。我認為我們今年所做的部分工作是在看到房價穩定的情況下完成的。因此，我最喜歡的股東信後面的圖表之一是我們的房價逐月升值。

We talked about this a bit last quarter, but we saw an improvement there, and that's carried through the full first quarter. So we actually saw positive home prices in the first quarter. That said, in the back half, normal seasonality is basically flat to slightly negative home prices. And so given the uncertainty on rates, we have continued to maintain high above average spreads for this time of year.

上個季度我們對此進行了一些討論，但我們看到了那裡的改進，並且這貫穿了整個第一季。因此，我們實際上在第一季看到了積極的房價。也就是說，下半年，正常的季節性房價基本上持平至小幅負值。因此，考慮到利率的不確定性，我們在每年這個時候繼續保持高於平均的利差。

Okay. And then when you talked about the homebuilding channel, I mean, I know you all have been in Lennar's sales offices for a long time, Horton, et cetera. I guess maybe what have you done this quarter or recently that's above and beyond what we've seen out in the field previously? And maybe talk to the economics of it, if you can.

好的。然後，當您談到房屋建築渠道時，我的意思是，我知道你們都在 Lennar 的銷售辦公室工作了很長時間，Horton 等。我想也許您本季度或最近所做的事情超出了我們之前在該領域看到的範圍？如果可以的話，也許可以談談它的經濟學。

So I can't comment on the economics specifically, but that is, as Carrie alluded to, a very low-cost CAC channel for us. I think the piece there is really the trade-in product, which has been a staple of ours for 6 years now. To your point, we started with the largest, and we continue to have an on-the-ground marketing team that is out there in the field, helping new home sale consultants explain the product to customers and really help us create and allow for that trade-in product that makes it so seamless for every customer.

因此，我無法具體評論經濟問題，但正如 Carrie 所提到的，這對我們來說是一個成本非常低的 CAC 管道。我認為這確實是以舊換新產品，六年來它一直是我們的主要產品。就您而言，我們從最大的開始，我們繼續擁有一支現場行銷團隊，幫助新房銷售顧問向客戶解釋產品，並真正幫助我們創造並實現這一點以舊換新產品，讓每位客戶都能無縫享受。

Okay. And then just one other question. Why not print the contribution margin after interesting words there, the reason that's been removed from some of the disclosures?

好的。然後還有一個問題。為什麼不在有趣的文字後面列印貢獻邊際，這是從一些披露中刪除的原因？

Yes, Jay, this is Christy. So we removed it last quarter, and that's because we've really kind of changed the way that we're financing our homes. A lot has changed to these senior term loans, and we have some items that are not fully utilized right now. And so it kind of reflects our current capital market structure. Dod, do you want to add anything?

是的，傑伊，這是克里斯蒂。所以我們上個季度取消了它，那是因為我們確實改變了我們為住房融資的方式。這些高級定期貸款發生了很多變化，我們有一些項目目前尚未充分利用。這在某種程度上反映了我們當前的資本市場結構。多德，你想補充什麼嗎？

Yes. I think a good example is what I alluded to earlier, which is we have senior term facilities today where we have positive interest expense and interest income offset each other because of that restricted cash balance we're carrying. And so allocating to a home level to load it into contribution margin was something that was -- we just could -- it's not -- there's not a clean mapping of that. So that's where we did remove that disclosure.

是的。我認為一個很好的例子是我之前提到的，我們今天擁有高級定期貸款，由於我們持有的現金餘額有限，我們的正利息支出和利息收入相互抵消。因此，分配到一個家庭級別以將其加載到貢獻邊際中是 - 我們只是可以 - 它不是 - 沒有一個清晰的映射。這就是我們刪除該披露的地方。

I think one of the things that is helpful if you're trying to understand the interest cost, though, is given where our inventory balances are now and given that those are fixed rate lending facilities, we have $2.9 billion in fixed rate term facilities. Those are very moldable from a cash interest expense perspective because they're fixed. There's no LIBOR attached to it, no volatility.

不過，我認為，如果你想了解利息成本，其中一件事是有幫助的，考慮到我們現在的庫存餘額，並且考慮到這些都是固定利率貸款便利，我們有29 億美元的固定利率定期便利。從現金利息支出的角度來看，這些是非常可塑的，因為它們是固定的。沒有倫敦銀行同業拆借利率 (LIBOR)，也沒有波動性。

I will now turn the conference back over to Carrie Wheeler for closing remarks.

現在我將把會議轉回凱莉·惠勒（Carrie Wheeler）做閉幕詞。

Thanks. I just want to thank everyone for joining us today. And I want to underscore that we remain extremely focused on operating with a ton of excellence and discipline in this moment. Macro aside, there's no doubt that real estate is going to continue to move online, and that customers want the certainty and convenience of our product.

謝謝。我只想感謝大家今天加入我們。我想強調的是，此時此刻，我們仍然非常專注於以卓越和紀律來運作。撇開宏觀因素不談，毫無疑問，房地產將繼續向線上轉移，客戶希望我們產品的確定性和便利性。

So we're focused to continue to innovate, make investments that position us to come through this with greater resilience and on the path to market leadership and building a profitable business. So that's it. Thank you. Shout out by the way to all our Opendoor teammates who are making this happen every day, and we look forward to talking with you next quarter.

因此，我們專注於繼續創新，進行投資，使我們能夠以更大的彈性渡過難關，走上市場領導地位並建立盈利業務。就是這樣。謝謝。順便向我們所有每天都在實現這一目標的 Opendoor 隊友表示感謝，我們期待下個季度與您交談。

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。您現在可以斷開連線。