Opendoor Technologies Inc (OPEN) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Opendoor Second Quarter 2023 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker today, Whitney Kukulka, Investor Relations with Blueshirt Group. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 Opendoor 2023 年第二季度收益電話會議。 （操作員指示）請注意，今天的會議正在錄製中。我現在想把會議交給今天的發言人，Blueshirt Group 投資者關係部門的惠特尼·庫庫爾卡 (Whitney Kukulka)。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 site at investors.opendoor.com. Please note that this call will simultaneously be 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信息和其他管理層評論，請參閱我們的收益發布和股東信函，您可以在我們網站的投資者關係部分找到這些信息：investors.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. 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 condition, 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運營管理目標的陳述。

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存在重大差異。可能導致實際結果與前瞻性陳述不同的其他信息可以在Opendoor 截至2022 年12 月31 日的最新10-K 表格年度報告的風險因素部分中找到，該部分已根據我們於2022 年12 月31 日提交的定期報告進行更新。那個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，均基於管理層目前合理的預期和假設，Opendoor 不承擔更新或修改這些陳述的義務，無論是由於新信息、未來的原因事件或其他情況，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 measurement 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 investors.opendoor.com.

以下討論包含對某些非公認會計準則財務指標的參考。該公司認為，這些非公認會計準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業績的補充運營指標。如需將每項非 GAAP 財務指標與最直接可比的 GAAP 指標進行核對，請訪問我們的網站 Investors.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 首席執行官 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 and Open Exchange.

下午好。今天與我通話的還有我們的臨時首席財務官克里斯蒂·施瓦茨 (Christy Schwartz)；多德·弗雷澤 (Dod Fraser)，資本與開放交易所總裁。

Opendoor's vision is to build the most trusted e-commerce platform for residential real estate where home buyers and sellers can transact with simplicity and certainty. Regardless of the macro environment, life and home transactions continue, and we're committed to being the first and most trusted place that people look to when considering their move.

Opendoor 的願景是打造最值得信賴的住宅房地產電子商務平台，讓購房者和賣家可以簡單、確定地進行交易。無論宏觀環境如何，生活和房屋交易都會繼續，我們致力於成為人們在考慮搬家時首先考慮的也是最值得信賴的地方。

And navigating the current environment, we're leveraging the lessons we've learned and focusing on what we can control. We have made significant progress in strengthening our offering, driving cost efficiencies and managing risk. We're building a healthy new book of inventory that demonstrates our ability to generate positive unit economics in what continues to be an uncertain time in the U.S. housing market.

在當前環境中，我們正在利用我們學到的經驗教訓並專注於我們可以控制的事情。我們在加強產品、提高成本效率和管理風險方面取得了重大進展。我們正在建立一個健康的新庫存賬簿，以證明我們有能力在美國房地產市場仍然不確定的時期產生積極的單位經濟效益。

We remain focused on making investments in durable growth levers in our pricing and operations platforms that will benefit us for years to come. We're doing what we've always done. We're leading with the consumer experience as we innovate, build and adapt Opendoor to be an all-weather product and the best option for millions of people who want to buy or sell a home.

我們仍然專注於對定價和運營平台中的持久增長槓桿進行投資，這將使我們在未來幾年受益。我們正在做我們一直在做的事情。我們在消費者體驗方面處於領先地位，我們創新、構建和改造 Opendoor，使其成為全天候產品，成為數百萬想要購買或出售房屋的人的最佳選擇。

We have intentionally moderated our acquisition pace this year to manage risk. We've maintained above-average spreads, resulting in lower conversion and higher customer acquisition costs in our direct-to-consumer paid marketing channels. We've leaned into our partnerships with homebuilders, agents, and online real estate platforms. These channels have fixed customer acquisition costs and thus are highly efficient and represent durable long-term partnerships for us.

今年我們有意放慢了收購步伐以管理風險。我們一直保持高於平均水平的價差，導致直接面向消費者的付費營銷渠道的轉化率較低，客戶獲取成本較高。我們已經與住宅建築商、代理商和在線房地產平台建立了合作夥伴關係。這些渠道具有固定的客戶獲取成本，因此效率很高，對我們來說代表著持久的長期合作夥伴關係。

In Q2, acquisition contracts and partnerships grew 78% sequentially and represented 40% of total acquisition contracts. We expect these partnerships to continue to grow. However, we also plan to increase our paid marketing to drive additional direct-to-consumer volume as we see more market stabilization and reduced spreads.

第二季度，收購合同和合作夥伴關係環比增長 78%，佔收購合同總數的 40%。我們預計這些合作夥伴關係將繼續發展。然而，隨著市場更加穩定和價差降低，我們還計劃增加付費營銷，以增加直接面向消費者的銷量。

Partnerships and paid marketing drive our top of funnel growth, bringing true sellers and registered sellers defined as those who have received an offer, but have not yet sold their home to Opendoor. Not everyone is a true seller at the time they request an offer, but we treat everyone as a possible future seller. Reengaging our base of registered sellers until they decide to sell their home requires de minimis incremental costs. Three quarters of acquisition contracts in Q2 were from sellers who didn't accept their initial offer, but accepted a subsequent one. We believe that growing our registered customer base, which gives us access to true sellers whenever they do choose to sell, will continue to be an important source of growth.

合作夥伴關係和付費營銷推動了我們漏斗頂部的增長，帶來了真正的賣家和註冊賣家，定義為那些已收到報價但尚未將房屋出售給 Opendoor 的賣家。並非每個人在請求報價時都是真正的賣家，但我們將每個人視為未來可能的賣家。重新吸引我們的註冊賣家群直到他們決定出售房屋需要最低限度的增量成本。第二季度四分之三的收購合同來自未接受最初報價但接受後續報價的賣家。我們相信，擴大我們的註冊客戶群，使我們能夠在真正的賣家選擇出售時接觸到他們，將繼續成為重要的增長源。

Direct-to-consumer paid marketing remains an important channel for us, delivering 60% of our contracts in Q2. However, given the higher spread environment, we have prioritized limited but highly effective marketing investments such as creative ad campaigns, brand media and consumer and agent influencer programs. Despite reducing marketing spend nearly 80% year-over-year in Q2, our aided brand awareness remained flat in the quarter.

直接面向消費者的付費營銷仍然是我們的重要渠道，第二季度交付了 60% 的合同。然而，鑑於傳播環境較高，我們優先考慮了有限但高效的營銷投資，例如創意廣告活動、品牌媒體以及消費者和代理商影響者計劃。儘管第二季度的營銷支出同比減少近 80%，但我們的輔助品牌知名度在本季度仍然持平。

As we think about durably reducing spreads and reaccelerating growth, much is within our control, but we need to be nimble and reactive to what we're seeing in the broader housing market. The housing macro has improved since the beginning of the year. But sitting here today, we're looking for signals of further market stabilization, including a more certain outlook for HPA.

當我們考慮持久地減少利差和重新加速增長時，很多事情都在我們的控制範圍內，但我們需要對更廣泛的房地產市場所看到的情況保持靈活和反應。自年初以來，房地產宏觀形勢有所改善。但今天坐在這裡，我們正在尋找市場進一步穩定的信號，包括 HPA 前景更加確定。

We've taken prescriptive action on the things we can control as we navigate ongoing uncertainty. We are focused on investment to improve our pricing accuracy, inventory management and overall cost structure. These actions are intended to durably reduce spread charge to customers while still achieving our target contribution margin. An example is our continued investment into home condition, which relies on computer vision, AI-based condition modeling and interior assessments, all of which give us more structured data to improve our overall data insights, which in turn, informs home level pricing and pricing model accuracy.

在應對持續的不確定性時，我們對我們可以控制的事情採取了規範性行動。我們專注於投資以提高定價準確性、庫存管理和整體成本結構。這些行動旨在持久降低客戶的點差費用，同時仍然實現我們的目標貢獻率。一個例子是我們對家庭狀況的持續投資，這依賴於計算機視覺、基於人工智能的狀況建模和內部評估，所有這些都為我們提供了更多結構化數據，以改善我們的整體數據洞察力，從而為家庭定價和定價提供信息模型精度。

We remain steadfast in our mission to power life's progress one move at a time. The actions we are taking today reflect our commitment to returning the business to adjusted net income positive and will allow us to emerge from the cycle more resilient and positioned for market leadership. There's still much to do, and we're headed down as we continue to build a generational company that will transform home transactions for many years to come.

我們始終堅定不移地踐行我們的使命，一步一步推動生活進步。我們今天採取的行動反映了我們致力於使業務恢復調整後淨利潤為正值的承諾，並使我們能夠在周期中更具彈性並處於市場領導地位。我們還有很多工作要做，我們正在努力繼續打造一家世代相傳的公司，這將在未來許多年改變房屋交易。

With that, I'm going to turn the call over to Christy to review guidance and financial results.

這樣，我將把電話轉給克里斯蒂，以審查指導和財務業績。

Thank you, Carrie. Our second quarter results reflect progress in selling through our longest held homes while continuing to build into a new book of inventory. We remain focused on delivering healthy risk-adjusted contribution margins and preserving capital through disciplined cost management. We delivered $2 billion of revenue in the second quarter. This exceeded the high end of our revenue guidance by 7%, driven by strong market clearance rates and the sell-through of our longer-dated homes. Notably, 99% of the Q2 cohort, which is homes we made offers on between March and June of last year, was sold or under resale contract by quarter end.

謝謝你，嘉莉。我們第二季度的業績反映了我們持有時間最長的房屋的銷售進展，同時繼續建立新的庫存簿。我們仍然專注於提供健康的風險調整邊際收益，並通過嚴格的成本管理來保護資本。我們第二季度實現了 20 億美元的收入。得益於強勁的市場清盤率和長期房屋的售出，這超出了我們收入指導上限 7%。值得注意的是，第二季度的 99% 的房屋（即我們去年 3 月至 6 月期間提供的房屋）在季度末已售出或已簽訂轉售合同。

On the acquisition front, we purchased 2,680 homes in the quarter, down 81% versus Q2 of 2022. The decline versus the prior year comes primarily as a result of elevated spreads embedded in our offers since June of last year, coupled with sellers remaining on the sidelines. New listings in our buy box declined 21% year-over-year in the first quarter of 2023 and continued to decline to 31% year-over-year in the second quarter. We reduced the average spread offered between the first and second quarter of 2023 to reflect pricing model improvements related to home condition, reduced holding and selling costs due to shorter expected holding times, and a modest improvement in our view on home prices.

在收購方面，我們本季度購買了2,680 套房屋，與2022 年第二季度相比下降了81%。與上年相比下降的主要原因是自去年6 月以來我們的報價中包含的價差加大，加上賣家仍堅持購買房屋。場邊。 2023 年第一季度，我們黃金購物車中的新上市商品數量同比下降 21%，第二季度繼續下降至 31%。我們降低了2023 年第一季度和第二季度之間提供的平均價差，以反映與房屋狀況相關的定價模型的改進、由於預期持有時間縮短而降低的持有和銷售成本以及我們對房價看法的適度改善。

Even though spreads are still at elevated levels, the reduction translated to a 53% increase in acquisition volumes from Q1 to Q2 2023. Our Q2 contribution margin was negative 4.6% versus positive 10.1% in Q2 of 2022 and negative 7.7% in Q1 of 2023. These results were driven by the negative contribution margin performance of the old book of inventory, which represented 57% of our resale mix.

儘管利差仍處於較高水平，但這種下降導致收購量從2023 年第一季度到第二季度增加了53%。我們第二季度的貢獻利潤率為負4.6%，而2022 年第二季度為正10.1%，2023 年第一季度為負7.7%這些結果是由舊庫存賬簿的負面邊際貢獻表現推動的，舊庫存賬簿占我們轉售組合的 57%。

Our new book of homes continues to show strong margin performance, with this cohort generating gross margins of 14.4% and contribution margins of 10.6% in the second quarter. We expect this group of homes to perform in line with our revised contribution margin target of 5% to 7% once fully sold through. We expect contribution margin to return to positive in the third quarter when the new book of inventory composes a majority of resales.

我們的新房屋賬目繼續顯示出強勁的利潤率表現，第二季度毛利率為 14.4%，貢獻利潤率為 10.6%。我們預計，一旦全部售完，這組房屋的表現將符合我們修訂後的 5% 至 7% 的邊際收益目標。我們預計，當新庫存佔轉售的大部分時，第三季度邊際貢獻率將恢復正值。

Adjusted EBITDA loss was $168 million in the second quarter, inclusive of our previously recorded inventory valuation adjustments of negative $156 million. This beat the high end of our guidance range of an adjusted EBITDA loss of $180 million and is an improvement from an adjusted EBITDA loss of $341 million in Q1 of 2023. Adjusted operating expenses, which we define as the delta between contribution margin and adjusted EBITDA, was $78 million in Q2, down from $100 million in Q1 of 2023 and $204 million in Q2 of 2022, driven by reduced marketing spend, operational capacity and fixed expenses beginning in the second half of last year.

第二季度調整後 EBITDA 損失為 1.68 億美元，其中包括我們之前記錄的負 1.56 億美元的庫存估值調整。這超過了我們調整後EBITDA 虧損1.8 億美元的指導範圍上限，並且比2023 年第一季度調整後EBITDA 虧損3.41 億美元有所改善。調整後運營費用，我們將其定義為邊際貢獻與調整後EBITDA之間的差值由於去年下半年開始營銷支出、運營能力和固定費用減少，第二季度的營收為7800 萬美元，低於2023 年第一季度的1 億美元和2022 年第二季度的2.04億美元。

We expect adjusted operating expenses to be approximately $100 million in the third quarter of 2023. The sequential increase from the second to third quarter reflects our expectation to begin rebuilding inventory at a modest pace in the third quarter.

我們預計 2023 年第三季度調整後的運營費用約為 1 億美元。第二季度到第三季度的連續增長反映了我們預計將在第三季度開始以適度的速度重建庫存。

Turning to our balance sheet. We ended the second quarter with $1.1 billion in total shareholders' equity, which is an increase of $50 million from the first quarter of 2023. This was partially driven by our convertible note repurchase in May which was done at a substantial discount to face value. Combined with the repurchase we completed in March, this reduced our convertible note obligation by almost 50% from $978 million to $510 million.

轉向我們的資產負債表。第二季度結束時，我們的股東權益總額為11 億美元，比2023 年第一季度增加了5000 萬美元。這在一定程度上是由於我們5 月份以相對面值大幅折扣的價格回購了可轉換票據。加上我們 3 月份完成的回購，我們的可轉換票據債務減少了近 50%，從 9.78 億美元減少到 5.1 億美元。

We ended the second quarter with $1.6 billion in total capital, which includes $1.2 billion in unrestricted cash, cash equivalents and marketable securities and $269 million of equity invested in homes and related assets net of inventory valuation adjustments. At quarter end, we had $10.1 billion in nonrecourse asset-backed borrowing capacity comprised of $5.4 billion of senior revolving credit facilities and $4.7 billion of senior and mezzanine term debt facilities, of which total committed borrowing capacity was $4.3 billion.

截至第二季度末，我們的總資本為16 億美元，其中包括12 億美元的非限制性現金、現金等價物和有價證券，以及投資於房屋和相關資產（扣除庫存估值調整）的2.69 億美元的股權。截至季度末，我們擁有101 億美元的無追索權資產支持借款能力，其中包括54 億美元的高級循環信貸安排和47 億美元的高級和夾層定期債務安排，其中總承諾借款能力為43 億美元。

During the quarter, we wound down the last of our 2 dedicated Q2 offer cohort financing facilities given the substantial progress we've made in selling through these homes.

鑑於我們在銷售這些房屋方面取得了實質性進展，在本季度，我們減少了最後 2 個專門的第二季度優惠同類融資安排中的最後一個。

Turning to guidance. We expect third quarter revenue to be between $950 million and $1 billion, and adjusted EBITDA loss to be between $60 million and $70 million. 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. We expect to perform within our 5% to 7% contribution margin target beginning in Q4 of 2023.

轉向指導。我們預計第三季度收入將在 9.5 億美元至 10 億美元之間，調整後 EBITDA 損失將在 6000 萬美元至 7000 萬美元之間。我們預計第二季度將標誌著負邊際貢獻的最後一個季度，正邊際貢獻水平將從第三季度開始，屆時我們的新庫存占我們轉售的大部分。我們預計從 2023 年第四季度開始，將實現 5% 至 7% 的邊際貢獻率目標。

We are managing our business to return to positive adjusted net income, which is our best proxy for operating cash flow, and we believe we have the cost structure and balance sheet in place to do so. We expect to reach ANI breakeven at steady state annual revenue of $10 billion, or approximately 2,200 acquisitions and resales per month at our target contribution margin range of 5% to 7%.

我們正在管理我們的業務，以恢復正的調整後淨利潤，這是我們經營現金流的最佳指標，我們相信我們已經具備實現這一目標的成本結構和資產負債表。我們預計 ANI 的盈虧平衡點為年收入 100 億美元，或者每月約 2,200 次收購和轉售，我們的目標貢獻利潤率範圍為 5% 至 7%。

While the overall state of the housing market has improved relative to our expectations at the beginning of the year, and we anticipate opportunistically making modest spread reductions in the back half of 2023, we are continuing to operate with elevated spreads to account for ongoing home price uncertainty. We expect to return to revenue growth in 2024. While getting to ANI breakeven as an important destination, it is not the end of the journey.

雖然房地產市場的整體狀況相對於我們年初的預期有所改善，並且我們預計將在 2023 年下半年適時適度縮小利差，但我們將繼續以較高的利差進行操作，以應對持續的房價不確定。我們預計 2024 年將恢復收入增長。雖然實現 ANI 盈虧平衡是一個重要目標，但這並不是旅程的終點​​。

Given the inherent lag in our business between home acquisition and resale, the period in which we reach the ANI breakeven inflection point will be impacted by the pace at which we lean into growth. If our acquisition pace exceeds our resale pace, we would recognize certain acquisition and inventory holding costs such as marketing, financing and variable SG&A costs before realizing the corresponding revenue.

鑑於我們的業務在房屋收購和轉售之間存在固有的滯後性，我們達到 ANI 盈虧平衡拐點的時期將受到我們增長速度的影響。如果我們的收購速度超過我們的轉售速度，我們將在實現相應收入之前確認某些收購和庫存持有成本，例如營銷、融資和可變的銷售、管理及行政費用。

The second half of 2023 will showcase our continued investments in our pricing and operations platforms, durable growth levers and improving our overall cost structure via efficiency and automation. I'd like to thank our Opendoor team members for their pursuit of these initiatives and their dedication to serving our customers. With our reduced cost structure, healthy book of inventory, and strong capital position, we are very encouraged by the go-forward outlook.

2023 年下半年，我們將展示我們對定價和運營平台、持久增長槓桿以及通過效率和自動化改善整體成本結構的持續投資。我要感謝我們的 Opendoor 團隊成員對這些舉措的追求以及他們對服務客戶的奉獻。憑藉我們降低的成本結構、健康的庫存和強大的資本狀況，我們對未來的前景感到非常鼓舞。

I'd now like to turn the call over to the operator to open up the line for Q&A.

我現在想將電話轉給接線員以開通問答線路。

(Operator Instructions) Our first question comes from the line of Dae Lee with JPMorgan.

（操作員指令）我們的第一個問題來自摩根大通的 Dae Lee 線路。

I have 2. So first one is the partnership. It sounds like it's a pretty core component to your second half expectations and growth in 2024. And it looks like the mix grew from about 1/3 now towards 40% customer. So could you help unpack what drove that growth? And as you look ahead, how should we think about the mix of partnership as a overall volume percent?

我有 2 個。第一個是夥伴關係。聽起來它是您下半年預期和 2024 年增長的一個非常核心的組成部分。而且看起來這個組合從現在的約 1/3 增長到了 40% 的客戶。那麼您能幫忙解釋一下推動這種增長的因素嗎？展望未來，我們應該如何考慮合作夥伴的組合佔總銷量的百分比？

And then secondly, on your adjusted OpEx [acting] on quarter-over-quarter, I think you talked about growing your inventory in 3Q as the main driver. So can you just help us understand like what incremental costs are actually growing today? Is it more about brand spend? Or do you need more headcount to drive more inventory?

其次，關於您季度環比調整後的運營支出，我認為您談到了第三季度庫存增長是主要驅動力。那麼您能否幫助我們了解當今實際增加的增量成本是多少？更多的是關於品牌支出嗎？或者您是否需要更多的員工來增加庫存？

Dae, it's Carrie. I'm happy to take the partnership question, and I'll hand over to Christy to talk about adjusted OpEx. I missed you a little bit on that first question, but I think I got the gist of it. If I missed something, just please jump in.

黛，是嘉莉。我很高興回答合作夥伴關係問題，我將把調整後的運營支出交給克里斯蒂來討論。在第一個問題上我有點想念你，但我想我已經明白了它的要點。如果我錯過了什麼，請加入。

On the partnership side, for us, just as a reminder, partnerships include homebuilders, includes agents, and includes the online real estate platform, which for us is Zillow, Realtor and Redfin. And we like these channels for a variety of reasons, one of them being that they are fixed from a customer acquisition cost standpoint. So they are agnostic to spread and durable kind of in all environments. As you noticed, it was a really nice growth driver of contracts for us in the quarter. It was 40% of our overall contract mix. They grew almost 80% in total quarter-on-quarter.

在合作夥伴方面，對我們來說，提醒一下，合作夥伴包括房屋建築商，包括代理商，還包括在線房地產平台，對我們來說是 Zillow、Realtor 和 Redfin。我們喜歡這些渠道的原因有很多，其中之一是從客戶獲取成本的角度來看，它們是固定的。因此，它們對所有環境中的傳播和持久性都是不可知的。正如您所注意到的，這對於我們本季度的合同來說是一個非常好的增長動力。它占我們整體合同組合的 40%。它們的總季度環比增長了近 80%。

We don't break out the various parts of what makes up partnerships. But I would say, if you think about the evolution of those over time, we've been in business with the homebuilders for a long time, and it's a great channel for us that is a trading customer with a natural use of the Opendoor product. Agents, also a group that we've been working with for a long time. But as we move into an elevated spread environment, we've really recognized the power of the partnership with agents and have leaned into that channel and driven the incremental growth from them over the last year plus, and we continue to expect to do so.

我們不會分解構成合作夥伴關係的各個部分。但我想說，如果你考慮一下這些隨著時間的推移的演變，我們已經與房屋建築商開展業務很長時間了，對於我們這樣一個自然使用Opendoor 產品的貿易客戶來說，這是一個很好的渠道。代理商，也是我們長期合作的一個群體。但當我們進入一個更高的傳播環境時，我們真正認識到與代理商合作的力量，並傾向於該渠道並在過去的一年多里推動了他們的增量增長，我們繼續期望這樣做。

And then the last part of that is online real estate, which for us is the most nascent of the 3, and we are just ramping really the Zillow relationship, for example, 5 to 25 markets in the last quarter. And that's just starting to grow really nicely. So probably in that order in terms of growth without getting into specifics as to actual mix. Christy, do you want to talk about the OpEx piece?

最後一部分是在線房地產，這對我們來說是三個中最新生的部分，我們只是在真正加強 Zillow 關係，例如上個季度的 5 到 25 個市場。這才剛剛開始發展得很好。因此，就增長而言，可能按照這個順序，而不涉及實際組合的具體細節。克里斯蒂，你想談談運營支出部分嗎？

Yes, absolutely. So I'll start by saying that we're still very focused on optimizing costs, and we are making progress throughout the P&L in that effort. As a reminder, adjusted OpEx is the delta between contribution profit and adjusted EBITDA. And so the dip in adjusted OpEx that you saw in the second quarter is a reflection of the relationship between contribution profit and adjusted OpEx.

是的，一點沒錯。因此，我首先要說的是，我們仍然非常注重優化成本，並且我們在整個損益表方面正在努力取得進展。提醒一下，調整後的運營支出是貢獻利潤與調整後的 EBITDA 之間的差值。因此，您在第二季度看到的調整後運營支出的下降反映了貢獻利潤與調整後運營支出之間的關係。

When inventory is growing, adjusted OpEx will bear additional costs related to that growth. Conversely, when inventory is contracting, as it did in 2Q, adjusted OpEx will benefit from the movement of some of these costs, specifically holding costs related to the resale cohort to contribution margin. As we begin rebuilding inventory at a modest pace in the third quarter, we expect $100 million per quarter to be an appropriate estimate.

當庫存增長時，調整後的運營支出將承擔與增長相關的額外成本。相反，當庫存收縮時，就像第二季度那樣，調整後的運營支出將受益於其中一些成本的變動，特別是與轉售群體相關的持有成本對貢獻邊際的影響。隨著我們在第三季度開始以適度的速度重建庫存，我們預計每季度 1 億美元是一個合適的估計。

Our next question comes from the line of Jason Helfstein with Oppenheimer.

我們的下一個問題來自傑森·赫夫斯坦和奧本海默的對話。

This is Chad on for Jason. So I mean, now that it sounds like you're starting to at least lean back a little bit into growth with kind of housing market prices stabilizing on a sequential basis, how should we think kind of taking a step back about the normalized growth of the business with the bad cohort gone and the housing market seemingly bottomed? And then I have one more.

這是查德（Chad）代替傑森（Jason）。所以我的意思是，現在聽起來你至少開始稍微回歸增長，房地產市場價格連續穩定，我們應該如何考慮對經濟正常化增長後退一步不良群體消失、房地產市場似乎觸底的生意？然後我還有一個。

It's Carrie. Let me talk a little bit about that. Normalized growth, right? There's some commentary just given what we've weathered over the last couple of years, which is a lot of growth and then obviously weathering the cycle.

是嘉莉。讓我談談這一點。正常增長，對嗎？鑑於我們在過去幾年中所經歷的情況，有一些評論，即大量增長，然後顯然經受住了周期。

I'd say rightly as a reminder, what we're expecting for the back half of this year is a pretty steady pace at around 1,000 acquisitions per month or 3,000 homes per quarter. And as we lean into the back half of the year, like into Q4 when seasonality becomes a tailwind, right now it's a headwind, we will start to reduce spreads. That will allow us to drive more volumes. It will allow us to increase our paid marketing spend in a more efficient way. And obviously, we'll continue to lean to the partnership channels we've been talking about. Those will continue to grow. And that will drive more volume into next year. So that's really the near-term growth outlook.

我想說的是，作為提醒，我們預計今年下半年的採購量將相當穩定，每月購買量約為 1,000 套，或每季度購買量為 3,000 套房屋。當我們進入下半年時，就像進入第四季度時，季節性因素成為順風，而現在則是逆風，我們將開始減少利差。這將使我們能夠推動更多銷量。它將使我們能夠以更有效的方式增加付費營銷支出。顯然，我們將繼續傾向於我們一直在談論的合作夥伴渠道。這些將繼續增長。這將推動明年的銷量增加。這就是近期的增長前景。

The next market for us is to double volumes, and that's where margins usually meddle in. Next year will be back to kind of that steady state breakeven adjusted net income target we have, 1,000 to 2,200 contracts for our acquisitions.

我們的下一個市場是銷量翻倍，而這通常是利潤率介入的地方。明年我們將回到穩態盈虧平衡調整後的淨利潤目標，即我們的收購合同為 1,000 至 2,200 份。

And then any update on Opendoor Exclusives? It sounds like you're just kind of still in testing phase there.

那麼 Opendoor Exclusives 有什麼更新嗎？聽起來你還處於測試階段。

Yes. We're continuing to focus on perfecting the consumer experiences we've talked about the last couple of quarters. We're sitting in [plane] surrounding market. We're focused on making sure we can really improve product market here. So no significant update from where we were last. I would say that consumer propensity to put their homes in the marketplace remains really high. Around 2/3 people say, yes. So give me a cash offer from Opendoor and then give us some amount of time to come back to you. We think we can better that with an offer from whether that's an institution or another buyer we're aware of in the market.

是的。我們將繼續專注於完善我們過去幾個季度討論過的消費者體驗。我們坐在[飛機]周圍的市場。我們致力於確保我們能夠真正改善這裡的產品市場。因此，與上次相比沒有重大更新。我想說，消費者將房屋放到市場上的傾向仍然很高。大約 2/3 的人說，是的。因此，請向我提供 Opendoor 的現金報價，然後給我們一些時間來回复您。我們認為，無論是機構還是我們在市場上認識的其他買家提供的報價，我們都可以做得更好。

So we're encouraged by some of the early signs we see, but I would just caution it's still early. The end here remains small, but we continue to be optimistic about the long-term prospects for exclusives and for the continued evolution of our business to be more capital light and serve more home sellers over time.

因此，我們看到的一些早期跡象令我們感到鼓舞，但我想提醒一下，現在還為時過早。這裡的結局仍然很小，但我們仍然對獨家產品的長期前景以及我們業務的持續發展持樂觀態度，隨著時間的推移，資本更加輕，並為更多的房屋賣家提供服務。

Our next question comes from the line of Ygal Arounian with Citigroup.

我們的下一個問題來自花旗集團的 Ygal Arounian。

I want to follow up on Chad's question actually on the Exclusives piece. I mean it doesn't sound like the strategy is changing around being a little bit more capital. It does feel like it's being pushed out or rolled out a little bit more slowly. Is that a fair characterization? I think we were kind of targeting in those markets being at 30% by the end of the year, if I remember correctly. And I think we're still ways off from that. So maybe just help us kind of like bridge from where we are today to where you want the goals to be.

我想在獨家報導中跟進查德的問題。我的意思是，聽起來戰略並沒有圍繞增加一點資本而改變。確實感覺它被推出或推出得更慢了一點。這是一個公平的描述嗎？如果我沒記錯的話，我想我們的目標是到年底將這些市場的佔有率提高到 30%。我認為我們距離這個目標還有很長的路要走。因此，也許只是幫助我們從我們今天的處境到您想要的目標之間架起一座橋樑。

Sure. I'm happy to address that. So what we said is in the markets in which we have Exclusives, we will want to be at 30% of our volumes in those markets running through the marketplace. We actually hit that last quarter. As the market flattens, so will our volumes, too. So we -- I think this is more for us right now about again, perfecting the consumer experience and being [late] with the actual percentage of volumes are tracking to. But we're still focused on meeting those metrics by the end of the year. We'll see how it plays out.

當然。我很高興解決這個問題。因此，我們所說的是，在我們擁有獨家產品的市場中，我們希望將這些市場中 30% 的銷量通過市場進行運營。我們實際上在上個季度就做到了這一點。隨著市場趨平，我們的銷量也會趨於平淡。所以我們——我認為現在對我們來說更重要的是，完善消費者體驗並[遲到]跟踪實際的銷量百分比。但我們仍然專注於在年底前達到這些指標。我們將看看結果如何。

And then on the inventory acquisition strategy, reducing the spreads later in the year, maybe kind of similarly on a bridge to 2024 and as we think about like scaling back to where you guys have been historically before we kind of slowed things down here. And what's proven to be still low inventory environment, a lot of reluctancy from homeowners to sell still, which can kind of drag on from here.

然後在庫存收購策略上，在今年晚些時候減少價差，也許在通往 2024 年的橋樑上有點類似，當我們考慮縮小到你們歷史上的水平之前，我們有點放慢了速度。事實證明，庫存環境仍然較低，房主仍然不願出售，這可能會從現在開始持續下去。

Can you just expand on the strategy to purchase more? Do you think about what level of spread you might need to entice people more to get out their homes? I know there's always going to be a certain amount of people that need to move and your product delivers a lot of value for that. But if we're getting back to real revenue growth next year and starting to scale the business back up, I feel like inventory levels and people's willingness to move needs to go up or you have to kind of push the needle for people a little bit, if that makes sense.

您能否擴展購買更多產品的策略？您是否考慮過需要什麼程度的傳播才能吸引人們更多地走出家門？我知道總會有一定數量的人需要搬遷，而您的產品為此提供了很多價值。但如果我們明年要恢復實際收入增長並開始擴大業務規模，我覺得庫存水平和人們搬家的意願需要上升，或者你必須為人們提供一點幫助，如果有道理的話。

Why don't we start on the sort of macro layer of that question, then we can move on from there. I think when we think about what stability in the housing market looks like, we need stable home pricing so we can reduce our spreads. And so if you look at where we sit today, there's just a much wider distribution of outcomes, which we have reflected in higher spreads. And so it's that pricing stability, which really will allow us to reduce our spreads. We do not need market volumes to fully recover.

我們為什麼不從這個問題的宏觀層面開始，然後我們可以從那裡繼續前進。我認為，當我們考慮房地產市場的穩定性時，我們需要穩定的房價，這樣我們才能減少利差。因此，如果你看看我們今天的情況，就會發現結果的分佈範圍更廣，這反映在更高的利差中。因此，定價的穩定性確實能讓我們減少利差。我們不需要市場量來完全恢復。

If you kind of zoom out from it, we're talking about a $2 trillion market with [RCAM] being $650 billion. So we need a slightly bigger slice of a very big market despite the lower volumes that we're in today. So what we're focused on is what we can control. We can reduce spreads through improving our cost structure, which improves conversion and unlocks marketing spend. We're focused on keeping our partnership channels, which are long-term growth drivers. So really, all of those actions we're taking drive incremental acquisition volumes and will allow us to reaccelerate those volumes as we've discussed in 2024.

如果你稍微縮小一下範圍，我們正在談論一個 2 萬億美元的市場，其中 [RCAM] 為 6500 億美元。因此，儘管我們今天的銷量較低，但我們需要在一個非常大的市場中佔據更大的份額。所以我們關注的是我們可以控制的事情。我們可以通過改善成本結構來減少利差，從而提高轉化率並釋放營銷支出。我們專注於保持我們的合作夥伴渠道，這是長期增長的動力。事實上，我們正在採取的所有這些行動都會推動增量收購量，並使我們能夠像我們在 2024 年討論的那樣重新加速這些收購量。

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

我們的下一個問題來自 JMP 證券的 Nick Jones。

I guess just first, with kind of the success you're having acquiring through partnership channels, is it fair to assume there's maybe some wiggle room to continue to take sales and marketing and operations costs down as you maybe pull back your own kind of [debt] to consumer spend? And then on top of that, through those channels, is Opendoor able to build kind of strong brand awareness? Or does the kind of partner brand supercede your ability to kind of generate brand through those channels?

我想首先，隨著您通過合作夥伴渠道獲得的成功，可以公平地假設可能有一些迴旋餘地繼續降低銷售、營銷和運營成本，因為您可能會撤回自己的類型[債務]消費者支出？除此之外，通過這些渠道，Opendoor 是否能夠建立某種強大的品牌知名度？或者這種合作夥伴品牌是否會取代您通過這些渠道創建品牌的能力？

Nick, it's Carrie. You would imagine that as fixed CAC channels continue to grow potentially and outstrip some of the direct-to-consumer channels that we may be driving with paid marketing, we should be able to leverage our overall marketing costs over time. We want to make cost-effective paid marketing investment so long as our spreads allow us to do so, right? That's not a driver of volumes, but we're not going to invest those dollars if it's not high return. So we'll see how it develops over time, but our long-term objective for sure is to continue to leverage our marketing spend. And we've been able to do that as we grown in scale. We grown in awareness, we've been able to market nationally.

尼克，這是嘉莉。您可能會想像，隨著固定 CAC 渠道繼續潛在增長，並超過我們可能通過付費營銷推動的一些直接面向消費者的渠道，我們應該能夠隨著時間的推移利用我們的整體營銷成本。只要我們的點差允許，我們就希望進行具有成本效益的付費營銷投資，對嗎？這不是銷量的驅動因素，但如果回報率不高，我們就不會投資這些美元。因此，我們將看到它隨著時間的推移如何發展，但我們的長期目標肯定是繼續利用我們的營銷支出。隨著我們規模的擴大，我們已經能夠做到這一點。我們的意識不斷提高，我們已經能夠在全國范圍內進行營銷。

And one of the things we called out in our most recent shareholder letter is that as we reduced our paid spend, we have leaned into what we think has been some pretty good creative around the brand side. And even though we've taken market expense down 80%, brand awareness for us has been sustained static, which is great. It's a testament, I think to just what we're -- customers are continuing to know about -- starting to know about Opendoor and come to us organically. So more to come.

我們在最近的股東信中指出的一件事是，隨著我們減少付費支出，我們已經傾向於在品牌方面進行一些我們認為非常好的創意。儘管我們的市場費用下降了 80%，但我們的品牌知名度一直保持不變，這很好。我認為這證明了我們的情況——客戶繼續了解——開始了解 Opendoor 並有機地來找我們。未來還會有更多。

And then any comments on the kind of 2024 objectives? Is there any change in kind of cadence or timing to some of the positive adjusted EBITDA, net income and $10 billion annualized run rate? Are those kind of goals still intact?

那麼對於 2024 年的目標有何評論？調整後的正 EBITDA、淨利潤和 100 億美元年化運行率的節奏或時間是否有任何變化？這些目標仍然完好​​無損嗎？

Yes. This is Christy here. Happy to take that question. We absolutely remain committed to returning the ANI breakeven point next year and assuming some level of market stabilization, that would come at a steady state of $10 billion annualized revenue. It requires us to take volumes from where they are today to 2,200, which Carrie talked to a little bit earlier. And we absolutely believe that we have the balance sheet, the fixed rate capital structure and the cost structure to return there.

是的。這是克里斯蒂。很高興回答這個問題。我們絕對仍然致力於明年恢復 ANI 盈虧平衡點，並假設市場達到一定程度的穩定，即年收入穩定在 100 億美元。這要求我們將數量從現在的水平減少到 2,200，Carrie 早些時候曾談到過這一點。我們絕對相信我們擁有資產負債表、固定利率資本結構和回報的成本結構。

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

我們的下一個問題來自 KBW 的 Ryan Tomasello。

Just unpacking the OpEx commentary a bit further here. Is the $100 million quarterly run rate enough to support the $10 billion breakeven target? Just trying to understand how we should think about any investment needs balancing the efficiencies you're getting on the partnership side and making sure models are rational here.

這裡只是進一步解開 OpEx 評論。 1 億美元的季度運行率是否足以支持 100 億美元的盈虧平衡目標？只是想了解我們應該如何考慮任何投資需求，平衡您在合作夥伴方面獲得的效率並確保模型在這裡是合理的。

Ryan, thanks for the question. It's Christy. And yes, the $10 billion breakeven target, there's 3 basic components there, the contribution margin targets, the adjusted OpEx, and interest expense. For breakeven, we need to be at the higher end of our increased contribution margin target range of 5% to 7%. We expect to be 4% to 5% for adjusted OpEx and 2% to 3% for interest expense.

瑞安，謝謝你的提問。是克里斯蒂。是的，100 億美元的盈虧平衡目標有 3 個基本組成部分：邊際貢獻目標、調整後的運營支出和利息支出。為了實現盈虧平衡，我們需要達到提高的邊際貢獻率目標範圍的上限，即 5% 至 7%。我們預計調整後的運營支出為 4% 至 5%，利息支出為 2% 至 3%。

And then I guess just more of a nuanced question in terms of acquisition funnels. Curious if you're seeing any uptick in the amount of homes you're buying from the institutional side, like SFR REITs or even the short-term rental players given that those platforms seem to be calling their portfolios there. Is that an attractive way to kind of supplement the acquisition pipeline here?

然後我想在收購渠道方面有一個更微妙的問題。好奇您是否看到從機構方面購買的房屋數量有所增加，例如 SFR REIT，甚至是短期租賃公司，因為這些平台似乎在那裡調用他們的投資組合。這是一種補充收購渠道的有吸引力的方式嗎？

So obviously, we've been engaged with those partners for our entire existence. So we're very close to all of them. I certainly can't comment on specific individual partners, but I do think we are -- in the same way that we're useful for consumers to provide that simplicity and certainty, we can do the same thing for institutions. So we are actively talking to them both about their disposition strategies and their acquisition strategies because obviously, that -- we can help solve for both of those.

顯然，我們自始至終都與這些合作夥伴保持著密切的聯繫。所以我們與他們所有人都非常接近。我當然不能對特定的個人合作夥伴發表評論，但我確實認為我們可以為消費者提供簡單性和確定性，就像我們可以為機構做同樣的事情一樣。因此，我們正在積極與他們討論他們的處置策略和收購策略，因為顯然，我們可以幫助解決這兩個問題。

And I do think -- just to add on one more point there. I think the -- if you look at aggregate industry volumes for single-home rental, those are obviously down quite a bit. And so that, they are sort of being more patient with deployment of capital, certainly versus where they were last year. But we're positioned well to capitalize on any increases as well as any sort of turnover they do -- natural turnover they do in their portfolio.

我確實認為——只是再補充一點。我認為，如果你看看單屋租賃的行業總銷量，你會發現這些銷量明顯下降了很多。因此，他們對資本配置更加耐心，當然與去年相比。但我們處於有利位置，可以充分利用任何增長以及他們所做的任何形式的周轉——他們在投資組合中所做的自然周轉。

(Operator Instructions) Our next question comes from the line of Curtis Nagle with Bank of America.

（操作員指令）我們的下一個問題來自美國銀行的 Curtis Nagle 線路。

Maybe just changing the topic just a little bit. Curious if you guys could go back into the market for the converts. I think you've done a couple of deals now where you bought it at pretty nice discounts. I don't think the bonds are at lows, but still at a pretty nice discount to principal. So yes, just curious what you're thinking from a capital allocation, that endpoint? Or are we going to be reserving capital for an acceleration of inventory into next year?

也許只是稍微改變一下話題。很好奇你們是否可以回到皈依者市場。我想你現在已經做了幾筆交易，以相當不錯的折扣購買了它。我不認為債券處於低點，但相對本金仍有相當大的折扣。所以是的，只是好奇您對資本配置的看法，那個終點是什麼？或者我們是否要儲備資金以加速明年的庫存？

So obviously, we did do 2 of those over the course of the year and we have basically taken that principal down by almost half, as Christy alluded to earlier. Happy with the execution, happy with the pricing, happy with the equity change there. If you sort of look at our shareholders' equity, that's actually up in the last quarter by $50 million.

很明顯，我們在這一年裡確實做了其中兩次，而且我們基本上已經將本金減少了近一半，正如克里斯蒂早些時候提到的那樣。對執行感到滿意，對定價感到滿意，對那裡的股權變化感到滿意。如果你看一下我們的股東權益，上個季度實際上增加了 5000 萬美元。

I think going forward, we don't comment on future transactions of that sort. I think the balancing act for us always is have the right amount of liquidity and capital in the system for us to weather all scenarios. And so very comfortable with the capital position we're in today, but I won't comment on future transactions.

我認為展望未來，我們不會對此類未來交易發表評論。我認為對我們來說，平衡的做法始終是在系統中擁有適量的流動性和資本，讓我們能夠應對所有情況。對我們今天所處的資本狀況非常滿意，但我不會對未來的交易發表評論。

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

我們的下一個問題來自 Ryan McKeveny 與 Zelman & Associates 的對話。

This might be for Dod on contribution margins. So on the new book homes that were sold this quarter, 10.5% CM up from 8.5% last quarter. So I guess, first question is just on that step-up sequentially. Should we think of that as mostly a function of the increase in HPA generally that we've kind of seen this year?

這可能適用於國防部的邊際貢獻。因此，就本季度售出的新書房屋而言，CM 增長了 10.5%，高於上季度的 8.5%。所以我想，第一個問題只是按順序進行。我們是否應該認為這主要是我們今年看到的 HPA 普遍增加的結果？

And then hoping you can maybe connect the guidance for getting to the 5 to 7 CM by 4Q. Obviously, on an overall basis, that will be good to get back to. But I guess maybe just help sort of bridge where you're at on that new book margin today. And what's the path from there to the 5 to 7, assumingly also on "new book homes" mostly in the fourth quarter, whether it's pricing, seasonality, spread dynamics? Just kind of curious if you can help connect those dots a bit.

然後希望您能在第四季度之前連接到 5 到 7 CM 的指導。顯然，總體而言，回到這一點會很好。但我想也許只是幫助你在今天的新書利潤上架起一座橋樑。從那裡到 5 到 7 的路徑是什麼，假設也主要在第四季度的“新書屋”上，無論是定價、季節性還是價差動態？只是有點好奇你是否能幫忙把這些點聯繫起來。

Yes, I'll start and then Christy can jump in on the fourth quarter piece. So if you sort of look back at the first half of this year and look at market volumes, they were actually past where they were in 2014 to 2019. So it was a very tight supply and was paired with strong consumer demand to buy homes. And so that resulted in home prices outperforming our expectations. That, plus the cost reductions we've executed allowed us to reduce spreads, which, to your question, resulted in both margin outperformance and, as we highlighted, plus 53% growth quarter-over-quarter in the second quarter.

是的，我先開始，然後克里斯蒂就可以加入第四節的部分。因此，如果你回顧一下今年上半年的市場銷量，就會發現它們實際上已經超過了 2014 年至 2019 年的水平。因此，供應非常緊張，而且消費者的購房需求也很強勁。因此，房價超出了我們的預期。再加上我們執行的成本削減措施，使我們能夠減少利差，對於您的問題，這導致了利潤率表現出色，並且正如我們強調的那樣，第二季度環比增長了 53%。

If you look forward to the second half of this year, we do still expect to see obviously negative month-over-month home price changes, which are baked into our current spreads. This goes back to the point I made earlier about there just being a much wider distribution of outcomes around home prices right now given the current market conditions.

如果你展望今年下半年，我們仍然預計房價會出現明顯的環比負變化，這已納入我們當前的利差中。這又回到了我之前提出的觀點，即考慮到當前的市場狀況，目前房價的結果分佈更加廣泛。

As we talked about earlier, we do expect to reduce spreads in the fourth quarter, given both incremental cost savings and home price seasonality, which leads to increased conversion, allows us to reramp paid marketing and will reaccelerate volumes in the first quarter. So I think that's the sort of macro overlay. Hopefully, that connects those dots. And then, Christy, if you want to tackle the margin piece, margin progression.

正如我們之前談到的，考慮到增量成本節約和房價季節性，我們確實預計第四季度會減少價差，這會導致轉化率增加，使我們能夠重新調整付費營銷，並將在第一季度重新加速銷量。所以我認為這就是某種宏觀疊加。希望這能將這些點聯繫起來。然後，克里斯蒂，如果你想解決邊緣問題，那就是邊緣進展。

Yes. Ryan, it's Christy here. So the margin progression from Q3 to Q4, keep in mind that in Q3, about 1% of that 99% of the Q2 offer cohort is in contract. So those homes will close in Q3, plus we still have 1 more percent to sell. So there's a bit of drag in Q3 from the old book. In Q4, that is mostly gone, and that is why we expect to be in our targeted range of 5% to 7% by Q4.

是的。瑞安，我是克里斯蒂。因此，從第三季度到第四季度的利潤率進展，請記住，在第三季度，第二季度 99% 的報價群體中約有 1% 處於合同狀態。因此，這些房屋將在第三季度關閉，而且我們還有 1% 的房屋可供出售。所以第三季度的舊書有一些拖累。在第四季度，這種情況基本上消失了，這就是為什麼我們預計到第四季度將達到 5% 至 7% 的目標範圍。

And Carrie, you made a comment, and generally over time, you've talked about like there's periods in the year that are kind of headwinds versus tailwinds. And I think you mentioned that as you get to 4Q, things shift from headwind to tailwind. Is that commentary just sort of alluding to the seasonality of pricing? Like if you're buying homes in the fourth quarter, presumably, there are homes you might be selling in kind of 1Q, 2Q next year when generally, pricing is a bit stronger. Just curious if you...

嘉莉，你發表了評論，一般來說，隨著時間的推移，你談到了一年中的某些時期是逆風與順風。我想你提到，當你進入第四季度時，事情會從逆風轉向順風。該評論是否只是暗示定價的季節性？就像如果您在第四季度購買房屋一樣，大概您可能會在明年第一季度、第二季度出售一些房屋，而一般來說，價格會稍強一些。只是好奇如果你...

Sorry. That's exactly it. I mean that's seasonality in nutshell. Prices tend to be softer in the second half, stronger in the first half. Market volumes tend to follow that same pattern. And so we would look to reduce our spreads in Q4 in anticipation of, again, seasonal tailwinds on pricing moving into the first quarter next year. Market volumes picking up also in the first quarter next year and selling into that strong first half of 2024. That's a rhythm we're super familiar with. We manage seasonality every single year. So it's been -- it's quite consistent.

對不起。就是這樣。簡而言之，我的意思是季節性。下半年價格趨於疲軟，上半年價格趨於走強。市場成交量往往遵循相同的模式。因此，我們希望減少第四季度的利差，因為預計明年第一季度定價將再次出現季節性順風。明年第一季度市場成交量也會有所增加，並在 2024 年上半年銷售強勁。這是我們非常熟悉的節奏。我們每年都會管理季節性。所以它是非常一致的。

This concludes the question-and-answer session. I will now hand the call back over to Carrie Wheeler for closing remarks.

問答環節到此結束。現在，我將把電話轉回凱麗·惠勒 (Carrie Wheeler) 進行總結髮言。

Thanks very much. I just want to say thanks for joining us today. As I hope comes across, we really focused this year on what we can control, and we've made substantial progress in stabilizing the business and really using this time to make improvements that we think we will benefit for years to come.

非常感謝。我只想對您今天加入我們表示感謝。正如我希望的那樣，我們今年真正專注於我們可以控制的事情，我們在穩定業務方面取得了實質性進展，並真正利用這段時間進行了改進，我們認為我們將在未來幾年受益。

Thank you for your support to our shareholders. And thanks to the Opendoor team for their continued hard work and dedication, and we will talk to you next quarter.

感謝您對我們股東的支持。感謝 Opendoor 團隊持續的辛勤工作和奉獻精神，我們將在下個季度與您交談。

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。您現在可以斷開連接。