Opendoor Technologies Inc (OPEN) 2023 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Opendoor Third Quarter 2023 Earnings Conference Call. (Operator Instructions).

美好的一天，感謝您的支持。歡迎參加 Opendoor 2023 年第三季財報電話會議。 （操作員說明）。

Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker today, Kimberly Niehaus, Investor Relations Officer. Please go ahead.

請注意，今天的會議正在錄製中。現在我想將會議交給今天的發言人，投資者關係官金伯利·尼豪斯 (Kimberly Niehaus)。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 in 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 condition, anticipated financial performance, business strategy and plans, market opportunity expansion, and management objectives for future operations. 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.

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、市場機會擴展以及未來營運管理目標的陳述。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。

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. 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.

其他可能導致實際結果與前瞻性陳述不同的資訊可以在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。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, Interim Chief Financial Officer; and Dod Fraser, President of Capital and Open Exchange. As a market-leading platform that is leveraging technology to transform and simplify the way people buy and sell their home, Opendoor has the opportunity to build a generational company and disrupt the massive market. Over the past year, our team has been hard at work scaling our customer acquisition channels and improving our pricing systems and cost structure. We believe we've laid the foundation to reaccelerate revenue next year as we build for a future of sustained profitable growth.

午安.今天與我通話的還有臨時財務長 Christy Schwartz；多德‧弗雷澤 (Dod Fraser)，資本與開放交易所總裁。作為一個利用科技改變和簡化人們買賣房屋方式的市場領先平台，Opendoor 有機會打造一家世代相傳的公司並顛覆龐大的市場。在過去的一年裡，我們的團隊一直在努力擴大客戶獲取管道並改善我們的定價系統和成本結構。我們相信，在我們為持續獲利成長的未來而努力的過程中，我們已經為明年收入的重新成長奠定了基礎。

In the third quarter, Opendoor purchased 3,136 homes. This was an increase of 17% quarter-over-quarter despite the fact that average new listings were down 8% within our buybox in our markets. demonstrating our ability to gain share despite lower market transaction volumes. Throughout 2023, we made cost structure and pricing accuracy improvements and pass those through to spread reductions which in turn enabled us to increase acquisitions quarter-over-quarter. These spreads improvements, combined with our growing partnership channels and plans to increase advertising spend in the first half of 2024 should allow us to accelerate home acquisitions next year.

第三季度，Opendoor 購買了 3,136 間房屋。儘管我們市場中黃金購物車的平均新上市數量下降了 8%，但這一季度環比增長了 17%。展示了我們在市場交易量較低的情況下獲得份額的能力。 2023 年全年，我們改進了成本結構和定價準確性，並透過這些改進降低了價差，從而使我們能夠逐季度增加收購量。這些價差的改善，再加上我們不斷增長的合作夥伴管道以及 2024 年上半年增加廣告支出的計劃，將使我們能夠在明年加速購房。

Our third quarter results demonstrate continued execution in what remains an uncertain U.S. housing market. Mortgage rates had a 22-year high of 8% in October, up over 100 basis points since reported Q2 results in August. Market clearance rates were still at historically healthy levels and declined more than expected with higher rates further depressing buyer demand. While these market moves do have implications for our business, we continue to operate within our risk management framework and focus on controlling what we can control.

我們第三季的業績表明，我們在仍不確定的美國房地產市場中繼續執行。 10 月抵押貸款利率達到 8%，創 22 年來新高，自 8 月公佈第二季業績以來上漲了 100 個基點以上。市場清盤率仍處於歷史健康水平，下降幅度超過預期，較高的清盤率進一步抑制了買家需求。雖然這些市場走勢確實對我們的業務產生了影響，但我們繼續在風險管理框架內運營，並專注於控制我們可以控制的事情。

Based on current conditions and signals we're observing, our plans to increase acquisition volumes next year have not changed. We continue to closely monitor leading indicators so that we can respond to shifts in the market.

根據目前的情況和我們觀察到的訊號，我們明年增加收購量的計畫並沒有改變。我們繼續密切監控領先指標，以便我們能夠應對市場的變化。

Acquisitions from our partnership channels increased 33% sequentially in Q3 and are up over 76% compared to Q1. We continue to make progress on expanding our partnership channels across online real estate platforms, agents, and homebuilders.

第三季來自我們合作夥伴通路的收購量連續成長了 33%，與第一季相比成長了 76% 以上。我們在擴大線上房地產平台、代理商和住宅建築商的合作管道方面繼續取得進展。

Our exclusive partnership with Zillow continues to scale and is live in 45 markets as of this week. With more opportunities for customer reengagement in this channel and our previously launched markets continuing to mature, we saw meaningful transaction growth in the quarter. In early October, we announced a partnership with eXp Realty, the largest independent real estate company in the world. This agreement enables eXp agents to request a cash offer on qualifying properties on behalf of the clients directly within their eXp dashboard. Ultimately, we believe Opendoor enables agents to better serve their clients and improve productivity.

我們與 Zillow 的獨家合作夥伴關係繼續擴大，截至本週已覆蓋 45 個市場。隨著客戶重新參與該管道的機會增多，以及我們先前推出的市場不斷成熟，我們在本季看到了有意義的交易成長。 10 月初，我們宣布與全球最大的獨立房地產公司 eXp Realty 建立合作夥伴關係。該協議使 eXp 代理商能夠代表客戶直接在其 eXp 儀表板中請求對符合條件的房產提供現金報價。最終，我們相信 Opendoor 能夠幫助代理商更好地服務客戶並提高生產力。

By leveraging AI and other technologies, we continue to drive operational excellence across our platform, including pricing, inventory management, and home operations. In terms of pricing, our proprietary home data asset that we've built over the last decade, coupled with deep human expertise is enabling Opendoor to build proprietary real-estate-specific AI models. For example, we use AI to extract home conditions from customer provided inputs such as chat conversations, images, and videos. These inputs are used by our centralized pricing team and improve our pricing accuracy with the objective of durably reducing spreads. For inventory management, we continue to develop technology and improved processes, to centralize operations and conduct quality control remotely.

透過利用人工智慧和其他技術，我們繼續推動整個平台的卓越運營，包括定價、庫存管理和家庭運營。在定價方面，我們在過去十年中建立的專有家庭資料資產，加上深厚的人類專業知識，使 Opendoor 能夠建立專有的房地產特定人工智慧模型。例如，我們使用人工智慧從客戶提供的輸入（例如聊天對話、圖像和視訊）中提取家庭狀況。這些輸入由我們的集中定價團隊使用，並提高我們的定價準確性，以實現持久降低點差的目標。對於庫存管理，我們不斷開發技術和改進流程，以集中操作並遠端進行品質控制。

We get real-time home-specific signals from our proprietary home security system and customer and agent feedback from each home visit which enhances our ability to quickly and cost-effectively respond to issues. We've leveraged AI to automatically categorize feedback and extract data points. Maintenance quality has improved significantly with 99% of work meeting our quality standards of our statements of work. Additionally, agent feedback has indicated that listed home quality improved by over 10% throughout the year.

我們從專有的家庭安全系統中獲取即時家庭特定訊號，並從每次上門訪問中獲取客戶和代理商的回饋，這增強了我們快速且經濟高效地回應問題的能力。我們利用人工智慧自動對回饋進行分類並提取數據點。維護品質顯著提高，99% 的工作符合工作說明書的品質標準。此外，代理商回饋表明，掛牌房屋品質全年提高了 10% 以上。

Finally, we continue to enhance our transactions and operations platforms in Q3. We pilot an automated operator work assignment successfully to more effectively load balance work across operators and are expanding it to all operator groups over the next 2 quarters. We also recently revised our end-to-end CRM. Changes to the platform have enabled us to respond to customers faster, capture more useful structured data, and ensure that each step of the transaction is completed on time.

最後，我們在第三季繼續增強我們的交易和營運平台。我們成功試行了自動化操作員工作分配，以更有效地平衡操作員之間的工作負載，並將在接下來的兩個季度將其擴展到所有操作員組。我們最近也修改了端到端 CRM。平台的改變使我們能夠更快地回應客戶，捕獲更多有用的結構化數據，並確保交易的每一步都按時完成。

Switching gears for a minute. I wanted to make a comment on potential disruption in the real estate industry regarding the buyer broker commission. Just this week, a jury ruled against NAR and other brokerages in one of several lawsuits that are challenged in the practice of listing agents and therefore, home sellers, being required to pay the buyer brokerage commission.

切換齒輪一分鐘。我想就買方經紀人佣金對房地產行業的潛在幹擾發表評論。就在本週，陪審團在幾起訴訟中做出了對 NAR 和其他經紀公司不利的裁決，這些訴訟在上市代理人的做法中受到質疑，因此房屋賣家被要求向買家支付經紀佣金。

To be very clear, Opendoor's core business does not derive revenue from the buyer broker commission. On the contrary, the buyer broker commission is a cost that we pay when we resell our homes. The BBC currently represents approximately 2.5 points of our overall cost structure, which is meaningful. If the buyer broker commission will reduce or went away, those cost to us will be reduced.

需要明確的是，Opendoor 的核心業務並不會從買方經紀人佣金中獲得收入。相反，買方經紀人佣金是我們轉售房屋時支付的費用。 BBC 目前約占我們整體成本結構的 2.5 個百分點，這是有意義的。如果買方經紀人佣金減少或消失，我們的成本也會減少。

At Opendoor, we built our entire platform with a focus on giving customers transparency and choice as to how they sell their home. As such, we believe we're well positioned to improve the experience of sellers and buyers as changes in the real estate ecosystem materialize.

在 Opendoor，我們建立了整個平台，重點是為客戶提供出售房屋方式的透明度和選擇權。因此，我們相信，隨著房地產生態系統的變化，我們有能力改善賣家和買家的體驗。

Before I turn the call to Christy, I'd like to thank the Opendoor team for their continued hard work to reshape the real estate industry and fix a broken process. We believe we built the foundation for our future profitable growth as we exit the year with an improved cost structure, strong balance sheet, and scaled customer acquisition channels. And we remain steadfast in our mission to paralyze progress one move at a time.

在我打電話給 Christy 之前，我要感謝 Opendoor 團隊為重塑房地產行業並修復破損的流程而持續付出的辛勤努力。我們相信，隨著我們以改善的成本結構、強勁的資產負債表和擴大的客戶獲取管道結束這一年，我們為未來的獲利成長奠定了基礎。我們仍然堅定不移地履行我們的使命，一步一步地阻礙進展。

Christy will now review guidance on the financial results. Thank you.

克里斯蒂現在將審查財務業績指引。謝謝。

Thank you, Carrie. Our third quarter results reflect increased acquisition volume, the growing mix of our new book of inventory and our continued focus on cost discipline. We remain focused on delivering healthy risk-adjusted contribution margins and preserving capital through disciplined cost management.

謝謝你，嘉莉。我們第三季的業績反映了收購量的增加、新庫存簿的不斷增長以及我們對成本紀律的持續關注。我們仍然專注於提供健康的風險調整邊際收益，並透過嚴格的成本管理來保護資本。

We delivered $980 million of revenue in the third quarter, slightly exceeding the midpoint of our expected guidance range. We have continued to sell through our longest held homes with less than 150 old book homes not in resale contracts at quarter end. On the acquisition front, we purchased 3,136 homes in the third quarter, a 17% sequential increase despite a decline in market new listings within our buy-box.

我們第三季實現了 9.8 億美元的收入，略高於我們預期指導範圍的中點。我們繼續出售持有時間最長的房屋，截至季度末，未簽訂轉售合約的舊書房屋數量少於 150 套。在收購方面，我們在第三季購買了 3,136 套房屋，儘管我們的購買箱內的市場新上市房屋數量有所下降，但環比增長了 17%。

We returned to positive contribution margin in the third quarter generating positive 4.4% versus negative 4.6% in Q2 2023. These results were ahead of our implied guidance range of 3.2% to 4%. The outperformance reflects both the strong performance of our new book of homes as well as slightly higher mix of new book versus old book resales than expected.

我們在第三季度恢復了正貢獻利潤率，貢獻率為正 4.4%，而 2023 年第二季度為負 4.6%。這些結果超出了我們 3.2% 至 4% 的隱含指導範圍。這一優異表現既反映了我們新房預訂的強勁表現，也反映了新房與舊房轉售比例略高於預期。

Our new book of homes generated gross margins of 12% and contribution margin of 9.2% in the third quarter. Adjusted EBITDA loss was $49 million in the third quarter, inclusive of our previously recorded inventory valuation adjustments of negative $29 million. This beat the high end of our guidance range and is an improvement from an adjusted EBITDA loss of $168 million in the second quarter of 2023.

第三季我們的新房屋帳目毛利率為 12%，貢獻利潤率為 9.2%。第三季調整後的 EBITDA 損失為 4,900 萬美元，其中包括我們先前記錄的負 2,900 萬美元的庫存估值調整。這超出了我們指導範圍的上限，並且比 2023 年第二季調整後 EBITDA 虧損 1.68 億美元有所改善。

Adjusted operating expenses, which we define as the delta between contribution profit and adjusted EBITDA were $92 million in Q3, up from $78 million in Q2 2023, and down from $189 million in Q3 2022. The sequential increase reflects the fact that we began rebuilding inventory in the third quarter, while the decline versus the prior year period reflects our improved cost structure.

調整後營運費用（我們將其定義為貢獻利潤與調整後EBITDA 之間的差額）為9,200 萬美元，高於2023 年第二季的7,800 萬美元，低於2022 年第三季的1.89 億美元。環比成長反映了我們開始重建庫存的事實第三季度的同比下降反映了我們成本結構的改善。

Adjusted operating expenses outperformed our prior guidance of $100 million, due primarily to the timing of certain expenses that we now expect to incur in 4Q '23. We expect adjusted operating expenses to be approximately $120 million in the fourth quarter, which reflects both the shift in some expenses from 3Q to 4Q and as well as our expectation to continue rebuilding inventory while continuing to prioritize cost discipline.

調整後的營運費用超出了我們之前 1 億美元的指導，這主要是由於我們現在預計在 2023 年第四季產生的某些費用的時間安排。我們預計第四季度調整後的營運費用約為1.2 億美元，這不僅反映了一些費用從第三季到第四季的轉變，也反映了我們在繼續優先考慮成本控制的同時繼續重建庫存的預期。

Turning to our balance sheet. We ended the third quarter with $1 billion in total shareholders' equity, which is a decrease of $66 million from the second quarter of 2023. We ended the third quarter with $1.5 billion in total capital which includes $1.2 billion in unrestricted cash, cash equivalents, and marketable securities. And $182 million of equity invested in homes and related assets net of inventory valuation adjustments. At quarter end, we had $8.4 billion in nonrecourse asset-backed borrowing capacity composed of $3.9 billion of senior revolving credit facilities and $4.5 billion of senior and mezzanine term debt facilities, of which total committed borrowing capacity was $3 billion.

轉向我們的資產負債表。第三季末，我們的股東權益總額為10 億美元，比2023 年第二季減少了6,600 萬美元。第三季末，我們的總資本為15 億美元，其中包括12 億美元的非限制性現金、現金等價物、及有價證券。扣除庫存估值調整後，1.82 億美元的股權投資於房屋及相關資產。截至季末，我們擁有84 億美元的無追索權資產支持借款能力，其中包括39 億美元的高級循環信貸安排和45 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30 億美元。

As Carrie mentioned, mortgage rates reached 8% in October, their highest level in over 20 years and up over 100 basis points since we reported second quarter results in August. This increase in rates softened buyer demand, amplifying the typical seasonal decline in market clearance rates. The impact of this is reflected in our outlook for the balance of the year.

正如 Carrie 所提到的，10 月份抵押貸款利率達到 8%，這是 20 多年來的最高水平，自我們 8 月份報告第二季度業績以來，上漲了 100 個基點。利率的上漲削弱了買家的需求，放大了市場清盤率的典型季節性下降。其影響反映在我們對今年剩餘時間的展望中。

First, as market clearance rates have slowed, our pace of resales is likewise reduced, impacting projected fourth quarter revenue. Second, we reduced home level list prices in order to meet our clearance objectives, which flows through to lower revenue and contribution margins. And third, as a result of slower resale clearance rate some sales from the old book shifted out of the third quarter. We expect the impact of those tail homes will be a drag on the overall fourth quarter contribution margin given their margin profile.

首先，隨著市場清倉率放緩，我們的轉售速度也相應放緩，影響了預計的第四季營收。其次，我們降低了家庭標價，以實現我們的清倉目標，這會導致收入和貢獻率下降。第三，由於轉售清倉率放緩，舊書的部分銷售轉移到了第三季。鑑於其利潤率狀況，我們預計這些尾屋的影響將拖累第四季的整體貢獻利潤率。

Responding to seasonality and market changes is a normal part of our portfolio management process, including balancing the pace of inventory inflows and outflows. With that in mind, we expect fourth quarter revenue to be between $800 million and $850 million; contribution profit between $15 million and $25 million, which implies a contribution margin of 1.9% to 2.9%; adjusted EBITDA loss between $105 million to $95 million; and adjusted operating expenses of approximately $120 million.

因應季節性和市場變化是我們投資組合管理流程的正常組成部分，包括平衡庫存流入和流出的速度。考慮到這一點，我們預計第四季營收將在 8 億美元至 8.5 億美元之間；貢獻利潤在1500萬美元至2500萬美元之間，這意味著貢獻邊際為1.9%至2.9%；調整後的 EBITDA 損失在 1.05 億美元至 9,500 萬美元之間；調整後的營運費用約為 1.2 億美元。

In line with the expectations outlined back in May, we continue to expect fourth quarter home purchases to be about 3,000 and roughly flat quarter-over-quarter. With less than 150 old book homes not under contract at the quarter end, we expect to return to more normalized inventory turns of 3 to 3.5x per year. There are other factors that may cause inventory turns to vary quarter-to-quarter, most notably seasonality, but we believe it's helpful to keep in mind as you model our inventory acquisition and resale pace throughout the year.

與 5 月份概述的預期一致，我們繼續預計第四季度購房量約為 3,000 套，環比基本持平。截至季末，未簽訂合約的舊書房數量不到 150 套，我們預計庫存週轉率將恢復到每年 3 至 3.5 倍的更正常水準。還有其他因素可能會導致庫存週轉率按季度變化，尤其是季節性因素，但我們認為，在對全年庫存採購和轉售速度進行建模時，記住這一點會很有幫助。

We continue to manage our business to return to positive adjusted net income, our best proxy for operating cash flow and believe we have the cost structure and balance sheet in place to do so. I'd now like to turn the call over to the operator to open up the line for Q&A.

我們將繼續管理我們的業務，以恢復正調整淨利潤，這是我們衡量營運現金流的最佳指標，並相信我們擁有實現這一目標的成本結構和資產負債表。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 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。

I guess I saw the comments on the NAR lawsuit and kind of recent judgment on Missouri. If commissions were to come down, and I realize maybe it lowers your cost a little bit, but does that then change the value proposition and the spread dynamic in your go-to-market and how you can expect your homes to convert, I guess, if we kind of see this out longer term?

我想我看到了對 NAR 訴訟的評論以及最近對密蘇裡州的判決。如果佣金下降，我意識到這可能會稍微降低您的成本，但這是否會改變您進入市場的價值主張和價差動態以及您如何期望您的房屋轉換，我想，如果我們能從長遠來看這一點呢？

Nick, it's Carrie. I mean short answer is no. It doesn't. We're here to serve someone looking to sell their home with simplicity and certainty and that's the fee we charge today. And as I said earlier in my comments, the buyer broker commission for us is a cost we pay out and then we sell our homes if that comes down. At worst, it's a neutral return in terms of our overall margins over time.

尼克，這是嘉莉。我的意思是簡短的回答是否定的。事實並非如此。我們在這裡為那些想要簡單而確定地出售房屋的人提供服務，這就是我們今天收取的費用。正如我之前在評論中所說，我們的買方經紀人佣金是我們支付的費用，如果費用下降，我們就會賣掉我們的房子。最糟糕的情況是，隨著時間的推移，我們的整體利潤率會得到中性回報。

Great. And as we think about, I guess, 2024, how much of an overhang will affordability continue to be? I mean do we really need to see transaction volumes kind of normalized semi-historic levels for things to kind of improve and growth to kind of reaccelerate and margins to come through? Is it kind of a longer-term view? Or do you think the expansion of the buybox that you talked to and those in the shareholder letter is enough to kind of continue to grow and navigate the current environment?

偉大的。當我們思考時，我想，到 2024 年，負擔能力將繼續面臨多大的壓力？我的意思是，我們真的需要看到交易量達到正常化的半歷史水平，以便事情有所改善，成長重新加速，利潤率得以實現嗎？這是一種更長遠的觀點嗎？或者您認為您所交談過的購買框以及股東信中的購買框的擴展是否足以繼續增長並應對當前的環境？

Yes. I mean I think we feel really comfortable with our ability to grow and navigate. I think as we've talked about in past calls, I think it's important to distinguish between price stability and volumes from a -- we really care most about price stability because that allows us to reduce our spreads. From a volumes perspective, as we mentioned in the letter, our addressable market today is $600 billion. And so we just need a small fraction of that addressable market to scale back to profitable cash flow breakeven.

是的。我的意思是，我認為我們對自己的成長和導航能力感到非常滿意。我認為，正如我們在過去的電話會議中所討論的那樣，我認為區分價格穩定和交易量非常重要——我們真正最關心的是價格穩定，因為這使我們能夠減少利差。從銷售的角度來看，正如我們在信中提到的，我們今天的潛在市場為 6000 億美元。因此，我們只需要該目標市場的一小部分即可縮小規模，以實現獲利的現金流量損益平衡。

Nick, it's Carrie. The only thing I want to add on to Dod's good answer is that we have been showing throughout the course of the year that we're gaining share, and we're gaining share against a declining market. And I think that's having a value prop and what we're putting into the market for customers and our focus is continuing to do so. .

尼克，這是嘉莉。我唯一想對國防部的良好答案補充的是，我們在這一年中一直在表明我們正在獲得份額，並且我們在不斷下滑的市場中獲得份額。我認為這有一個價值支柱，以及我們為客戶投入市場的東西，我們的重點是繼續這樣做。 。

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。

Just want to focus on prices and spreads for a little bit. I'm sure you're not surprised about that. So on reference call right now, just talked about seeing some signals of home prices softening in their view, that's a good thing. I know that obviously has an impact on how you think about the world. And so I may have missed some of the commentary, but just your thoughts on spreads right now as we get through the end of this year and into next year. And what you're factoring in or thinking about in terms of home prices as we kind of work through what's been more of a challenged environment than last time we spoke.

只是想稍微關心一下價格和點差。我相信你對此並不感到驚訝。因此，在現在的參考電話中，剛剛談到看到一些房價疲軟的訊號，在他們看來，這是一件好事。我知道這顯然會影響你對世界的看法。因此，我可能錯過了一些評論，但隨著我們度過今年年底並進入明年，您現在對傳播的想法只是。當我們在比上次談話更具挑戰性的環境中工作時，您會考慮或考慮房價方面的因素。

So like first off, let's just sort of step back and look at what the year has been like. So 2023, we're still seeing 4 million homes being sold in the U.S. annually. To your point, we have observed low supply, but we've also paired that with resilient buyer demand. And so what we've seen is supply and demand largely stay in balance, which has resulted in home price stability.

首先，讓我們回顧一下這一年的情況。因此，到 2023 年，我們仍會看到美國每年售出 400 萬棟房屋。就您的觀點而言，我們觀察到供應量較低，但我們也將其與彈性的買家需求結合。所以我們看到的是供需基本上保持平衡，這導致了房價的穩定。

The metric we really focus a lot on is market clearance or the pace of resales. We look at that because it really helps reflect the balance of supply and demand. And if you look at the back of our shareholder letter, market clearance continues to be above historical periods.

我們真正關注的指標是市場清理或轉售速度。我們關注這一點是因為它確實有助於反映供需平衡。如果你看看我們股東信的背面，你會發現市場清理仍然高於歷史時期。

So the homes we're buying today, we'll be selling those into the spring selling season next year. 4Q acquisitions for us have historically been some of our strongest cohorts given the month-over-month home price tailwinds that started to show up in mid-February. So we will continue to monitor our leading indicators, monitor clearance and be disciplined about balancing growth margin and risk. But this has thus far been a stable house price market, and that is in part why we've been able to take our spreads down.

因此，我們今天購買的房屋將在明年春季銷售季節出售。考慮到 2 月中旬開始出現的逐月房價順風，第四季的收購歷來是我們最強勁的一批。因此，我們將繼續監控我們的領先指標，監控清理情況，並嚴格平衡成長利潤和風險。但迄今為止，這是一個穩定的房價市場，這也是我們能夠降低利差的部分原因。

Got it. Maybe just a follow-up on that. So how does -- what year were you talking about here, align with the lower clearance rates you're seeing and lowering the prices right now? Is it more of a seasonal factor? I just want to make sure I understand and make that bridge.

知道了。也許只是後續行動。那麼，您在這裡談論的是哪一年，如何與您所看到的較低的清盤率相一致並降低現在的價格？是不是季節性因素比較多？我只是想確保我理解並搭建這座橋樑。

Very much a seasonal factor and part of our risk management framework. So we saw that softening, and wanted to stay in line with our clearance targets. And so to your point, that is a short-term effect. And if you sort of roll forward the cost another month or 2, November and December, it's a very -- you'll see market new listings go down 50% between October and December.

很大程度上是季節性因素，也是我們風險管理框架的一部分。因此，我們看到了這種疲軟的情況，並希望與我們的清理目標保持一致。所以就你的觀點而言，這是短期效應。如果你將成本再推算一個月或兩個月，也就是 11 月和 12 月，你會發現 10 月到 12 月期間市場新掛牌量下降了 50%。

And so both supply and demand shift in a significant way for November and December, people don't want to move during the holidays. So it's very much a short-term, near-term phenomenon. And I think if you look again at those starts in the back from a price perspective, a nominal home price perspective, that continues to show stability really in line with what we've seen in prior years.

因此，11 月和 12 月的供給和需求都會發生重大變化，人們不想在假期期間搬家。所以這在很大程度上是一種短期現象。我認為，如果你從價格角度、名目房價角度再次審視後面的那些開工項目，你會發現它繼續表現出穩定性，與我們前幾年所看到的情況一致。

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

我們的下一個問題來自柯蒂斯·內格爾與美國銀行的對話。

Great. Maybe just kind of tacking on Nick's points, just in terms of thinking about, I guess, the setup for '24. So rates are high, clearance rates lower, I guess some of that's seasonal, but why not kick back the buying just a little bit. So, look, things are obviously super volatile. So maybe lower some of the inventory risk and again, just such a soft market.

偉大的。也許只是對尼克的觀點進行補充，我想，只是考慮一下 24 週年的安排。因此，利率很高，清倉率較低，我猜其中一些是季節性的，但為什麼不稍微減少一點購買呢？所以，看，事情顯然非常不穩定。因此，也許可以降低一些庫存風險，而且市場如此疲軟。

And then just as a follow-up, could you give us a little more color on the marketing spend? It sounds like that's to gear up, I think, spring selling season next year. But yes, more detail on that. Is that what drove the shift, I guess, into 4Q?

作為後續行動，您能給我們更多有關行銷支出的資訊嗎？我認為，這聽起來像是為明年的春季銷售季節做準備。但是，是的，更多細節。我猜這就是推動第四季轉變的原因嗎？

Well, just on the 4Q acquisitions, what we said was they would be sort of approximately 3,000, which is flat quarter-over-quarter. I also mentioned a moment ago, 4Q acquisitions historically are some of our strongest cohorts. I think it's really important to remember that the homes that we're buying right now will be selling early next year into that very positive spring selling season.

嗯，就第四季的收購而言，我們所說的數量約為 3,000 筆，與上一季持平。我剛才也提到，從歷史上看，第四季的收購是我們最強勁的一批收購。我認為重要的是要記住，我們現在購買的房屋將在明年初進入非常積極的春季銷售季節出售。

So I think starting with that, I think the -- I mean I couldn't quite tell if you're asking if we were -- if we should be decreasing or increasing from an increasing perspective, given those listing volumes in the market, increasing volumes is hard, given what I mentioned about just new listings being down significantly in months like November and December.

所以我認為從這一點開始，我認為——我的意思是，如果你問我們是否——考慮到市場上的上市量，我們是否應該從增加的角度減少或增加，考慮到我提到的新掛牌量在11 月和12 月等月份大幅下降，增加銷售量是很困難的。

It was decreasing just again, on a sort of potential inventory risk question on a volatile market, right? 3 months is a long time, that's sort of the point.

由於波動市場上的潛在庫存風險問題，它再次下降，對吧？ 3個月是一段很長的時間，這就是重點。

I think that's where if you sort of track through to the price changes you see in February and March, those are 100, 200 basis point positives. And so I think that's where we are setting our spreads so that we feel comfortable we will hit that annual contribution margin targets that we've guided to, that 5% to 7%, so that those new acquisitions will perform in line with our targets.

我認為，如果你追蹤 2 月和 3 月的價格變化，你會發現這些變化是 100、200 個基點的正面影響。因此，我認為這就是我們設定利差的地方，以便我們能夠放心地實現我們所指導的年度邊際貢獻率目標，即 5% 至 7%，以便這些新收購的業績符合我們的目標。

Okay.

好的。

And Curtis, did you have a follow-on question as related to marketing?

柯蒂斯，您還有與行銷相關的後續問題嗎？

Yes, I did. So it sounds like marketing spend was either increasing or shifting from 3Q to 4Q, I couldn't quite tell because the fixed costs are going up a bit quarter-to-quarter. So just hoping to square that and what type of marketing we're putting in the market?

是的，我做到了。因此，聽起來行銷支出要么增加，要么從第三季度轉移到第四季度，我不太清楚，因為固定成本逐季度略有上升。那麼只是希望能夠平衡這一點以及我們在市場上投入什麼類型的行銷？

Curtis, it's Christy. So on marketing, basically our adjusted OpEx, there's 3 main components: marketing; fixed costs; variable SG&A. Those are all relatively flat between Q3 and what we're guiding to for Q4. In the letter, and I think in the prepared remarks as well, I mentioned that there was some shift between 3Q and 4Q, and that's just some expenses that we had expected in 3Q that are going to actually come through in 4Q. It's not specific to marketing.

柯蒂斯，我是克里斯蒂。因此，在行銷方面，基本上我們調整後的營運支出有 3 個主要組成部分：行銷；固定成本;變數 SG&A。第三季與我們指引的第四季相比，這些都相對持平。在信中，我認為在準備好的發言中，我提到第三季度和第四季度之間存在一些轉變，這只是我們在第三季度預計的一些費用，這些費用將在第四季度實際實現。它並不特定於行銷。

The other thing about the guide to the $120 million in fixed -- or sorry, adjusted OpEx, total adjusted OpEx. That's the dynamic that we've seen in the past, which is when we rebuild inventory especially at a high rate compared to resales, holding costs that will eventually move to contribution profit when that inventory is sold through burden adjusted OpEx as the inventory is growing. And so that's some of the uptick you're seeing in Q4. We plan to lean into paid marketing a bit starting in Q1.

關於 1.2 億美元固定（或抱歉，調整後營運支出，調整後營運支出總額）指南的另一件事。這就是我們過去看到的動態，即當我們以高於轉售的速度重建庫存時，隨著庫存的增長，當庫存通過負擔調整後的運營支出出售時，持有成本最終將轉化為貢獻利潤。這就是您在第四季度看到的一些增長。我們計劃從第一季開始轉向付費行銷。

Yes. I mean just to add on to that, I mean, the consistent motion for us during the course of the year, given what Dod said earlier about listing volumes in Q4, it's a relatively quiet marketing quarter for us and we lead into more marketing spend in Q1. And we expect to do so next year, along with the fact there are spreads at a level right now we can make those investments in a cost-effective way. So that's a pretty natural motion for us.

是的。我的意思是補充一點，我的意思是，考慮到多德之前所說的第四季度的上市量，我們在這一年中的一致行動，這對我們來說是一個相對安靜的營銷季度，我們導致了更多的行銷支出在第一季。我們預計明年就會這樣做，鑑於目前的利差水平，我們可以以具有成本效益的方式進行這些投資。所以這對我們來說是一個非常自然的動作。

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。

Sorry, Carrie, if this has already been asked. But on Sitzer and Burnett, is it right to think that the buyer agent commission changes, that will be contribution profit dollar neutral for you guys? And then secondly, can you give color on your plans for early 2024? I'm just curious what kind of macro environment you guys are embedding in your plans? And this current rate environment kind of holds into 2024, do you still target achieving the steady-state $10 billion revenue and net income positive sometime in 2024?

抱歉，嘉莉，如果已經有人問過這個問題了。但就西澤和伯內特而言，認為買方代理佣金發生變化，這對你們來說將是貢獻利潤美元中性，這是正確的嗎？其次，能否詳細說明 2024 年初的計畫？我只是好奇你們的計劃中包含了什麼樣的宏觀環境？目前的利率環境會持續到 2024 年，您是否仍目標在 2024 年某個時候實現 100 億美元的穩態收入和正淨利？

Dave, let me take the first part on the NAR stuff and then I'll hand over to talk about the macro and maybe Christy will follow up with breakeven, we'll do a briefer here. On the first part, which is the NAR part, your question was, would it be margin neutral to us if the buyer broker commission were to come down. And that's our view. Again, that's a cost item for us, it's not a revenue item. And so we think the worst case, it's neutral to us from a margin perspective. That was easier. Dod, do you want to take the macro question?

戴夫，讓我先談談 NAR 的事情，然後我將討論宏觀問題，也許克里斯蒂會跟進盈虧平衡，我們將在這裡做一個簡短的介紹。第一部分，即 NAR 部分，您的問題是，如果買方經紀人佣金下降，對我們來說保證金是否是中性的。這就是我們的觀點。再說一次，這對我們來說是一個成本項目，而不是一個收入項目。因此，我們認為最糟糕的情況是，從利潤角度來看，這對我們來說是中性的。那更容易了。 Dod，你想回答宏觀問題嗎？

Yes, I think on your macro question, I think there's a couple of points, some that I mentioned a moment ago, which are, from a market clearance perspective or the pace of resales, that is still above historical norms, excluding '21 and '22, which were outlier years. We are still seeing very healthy pace of resales and a balance of supply and demand. I think the place that we are focused is really monitoring for supplier demand shocks that would then translate through to home price changes. We have not seen this, but one of the advantages of our business model and the ability to adjust spreads rapidly is exactly that, which is if we see a change, we can adapt quickly.

是的，我認為關於你的宏觀問題，我認為有幾點，我剛才提到的一些，從市場清倉的角度或轉售的速度來看，仍然高於歷史標準，不包括‘21’和' 22，這是異常年份。我們仍然看到轉售速度非常健康以及供需平衡。我認為我們關注的地方實際上是監控供應商需求衝擊，然後這些衝擊將轉化為房價變動。我們還沒有看到這一點，但我們的商業模式和快速調整利差的能力的優勢之一正是，如果我們看到變化，我們可以快速適應。

And then just to close things off with [A&I] breakeven, our framework hasn't changed. The whole organization is focused on returning to cash flow breakeven. The time line depends on what we're seeing in the housing market, which continues to be dynamic. And we will continue to respond to market signals. And therefore, we aren't going to commit to a specific month.

然後，為了以[A&I]損益平衡結束一切，我們的框架沒有改變。整個組織的重點是恢復現金流損益平衡。時間表取決於我們在房地產市場上看到的情況，房地產市場仍然充滿活力。我們將繼續響應市場訊號。因此，我們不會承諾特定的月份。

As a business, we're always balancing growth, margin and risk. In 2023, we were focused on risk, which led to reduced growth but outperformance on new book margins. In 2024, we'll continue to balance gross margin risk, and we will track leading real-time metrics. That said, sitting here today, we do believe that doubling volumes from here is achievable given current spreads, our growing partnership channels and plans for cost-effective marketing investment in the first half of 2024.

作為一家企業，我們始終在成長、利潤和風險之間取得平衡。 2023年，我們專注於風險，這導致成長放緩，但新書利潤率表現出色。 2024年，我們將繼續平衡毛利率風險，並追蹤領先的即時指標。也就是說，今天坐在這裡，我們確實相信，考慮到目前的價差、我們不斷增長的合作夥伴管道以及 2024 年上半年具有成本效益的營銷投資計劃，銷量翻一番是可以實現的。

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 to drill down again on OpEx. Any chance you can just provide some absolute guardrails for the level of OpEx needed to support perhaps a wide range of purchase volume assumptions next year? I guess the $120 million in the fourth quarter, is that something -- that obviously doesn't include the marketing spend, but as you mentioned, is certainly being burdened by higher holding costs. So any just general guardrails relative to the $120 million in 4Q for what is a reasonable expectation for next year?

只是為了再次深入研究營運支出。您是否有機會為支持明年廣泛的採購量假設所需的營運支出水準提供一些絕對的護欄？我想第四季度的 1.2 億美元是這樣的——這顯然不包括行銷支出，但正如你所提到的，肯定會承受更高的持有成本的負擔。那麼，相對於第四季的 1.2 億美元，明年的合理預期是多少呢？

Ryan, it's Christy. Thanks for the question. For A&I breakeven, we expect that to happen at $10 billion steady-state revenue, meaning acquisitions are roughly equal to resales. And so at $10 billion with 4% to 5% adjusted OpEx, that's what we're marching towards.

瑞安，這是克里斯蒂。謝謝你的提問。對於 A&I 損益平衡，我們預計穩態收入將達到 100 億美元，這意味著收購大致等於轉售。因此，調整後的營運支出為 100 億美元，調整後的營運支出為 4% 至 5%，這就是我們的目標。

As I discussed earlier, as we're building revenue, you can have -- or sorry, building inventory you can have buildup in operating expense for the holding costs that you're incurring and as your inventory is kind of outpacing your revenue.

正如我之前討論的，當我們增加收入時，你可以——或者抱歉，建立庫存，你可以增加運營費用，以支付你所產生的持有成本，並且你的庫存有點超過你的收入。

I think the one other point to add on to that is if you think about our operating costs in sort of 4Q versus 3Q taking out the size of this time, the adjustments, those are basically flat quarter-to-quarter. So we are, I think, trying to continue to be disciplined about cost management. And to your point, the real change will be in marketing spend.

我認為另一點需要補充的是，如果你考慮我們第四季與第三季的營運成本，除去這次調整的規模，這些基本上是季度與季度持平的。因此，我認為，我們正在努力繼續嚴格執行成本管理。就您而言，真正的改變將在於行銷支出。

Got it. And then a follow-up, just to not belabor the point on the commission lawsuits. But in addition to the one question that Nick posed earlier, another question that we're getting is around the potential disruption to the MLS system and the impact that, that could have to Open.

知道了。然後是後續行動，只是為了避免過度闡述佣金訴訟的要點。但除了尼克之前提出的一個問題之外，我們收到的另一個問題是關於美國職業足球大聯盟系統的潛在中斷以及這可能對開放造成的影響。

On the one hand, you could argue that a weaker value proposition to use the MLS could provide more flexibility for sellers to consider an alternative innovative model like Opendoor. And on the other, it's possible -- is it possible that a disruption to the MLS could pose a risk to any data that you rely on from those databases to power your pricing models? Obviously, a dense topic, but just trying to unpack all the different moving pieces here and the puts and takes.

一方面，您可能會認為，使用 MLS 的較弱價值主張可以為賣家考慮 Opendoor 等替代創新模式提供更大的靈活性。另一方面，MLS 的中斷是否可能會對您依賴這些資料庫來支援定價模型的任何資料帶來風險？顯然，這是一個密集的話題，但只是試圖解開這裡所有不同的移動部分以及放置和取出。

Yes. So I think if you think about our business model, we're trying to give customers choice. And we're trying -- we're focused on giving transparency to the process and letting them pick the best solution for them. And I think if you look at our NPS scores and sort of how customers have reacted to the product, they love our product. So I think we're very well positioned to continue to offer these products to customers.

是的。所以我認為如果你考慮我們的商業模式，我們正在努力為客戶提供選擇。我們正在努力—我們專注於提高流程透明度，讓他們選擇最適合他們的解決方案。我認為，如果你看看我們的 NPS 分數以及客戶對產品的反應，你會發現他們喜歡我們的產品。因此，我認為我們完全有能力繼續向客戶提供這些產品。

I think on the data side, obviously, we have been building our home data store now for 10 years. And so we feel -- I think we are almost one of the best positions to capitalize on any data components, especially (inaudible). So I think we are well positioned on all fronts and whatever unfolds.

我認為在數據方面，顯然我們已經建立我們的家庭資料儲存已有 10 年了。所以我們覺得——我認為我們幾乎是利用任何資料組件的最佳位置之一，尤其是（聽不清楚）。所以我認為我們在所有方面以及無論發生什麼都處於有利位置。

I do think, as Carrie mentioned, these things likely unfold slowly but in either a slow unfolding or a fast unfolding, I think we're well positioned for it.

我確實認為，正如嘉莉所提到的，這些事情可能會緩慢展開，但無論是緩慢展開還是快速展開，我認為我們都處於有利位置。

(Operator Instructions) Our next question comes from the line of Jason Helfstein with Oppenheimer & Company.

（操作員說明）我們的下一個問題來自 Oppenheimer & Company 的 Jason Helfstein。

This is Chad on for Jason. Can you maybe help us quantify the slowdown from rates coming out of the quarter as it relates to the fourth quarter guidance? It kind of sounds like in the letter, you're still confident in hitting the $10 billion run rate target at some time in '24. So just kind of trying to understand how you ramp to kind of 3x what the fourth quarter revenue is going to be.

這是查德（Chad）代替傑森（Jason）。您能否幫助我們量化本季利率的放緩，因為它與第四季度的指導相關？聽起來好像在信中，您仍然有信心在 24 年的某個時候達到 100 億美元的運行率目標。因此，我只是想了解如何將第四季的收入提高到 3 倍。

I mean, there are a series of charts in the back of the shareholder letter actually. If you want, you can take a look at sort of like the pace of market clearance. I think Dod made his comment earlier, it remains healthy by any historical measure. And we always do disclose seasonally in the back half of the year, but there was a little extra slowdown starting in October on the back of seeing mortgage rates spike up to 8%, maybe 10%, 15% worse than we anticipated.

我的意思是，股東信的後面實際上有一系列圖表。如果你願意，你可以看看市場清倉的速度。我認為多德早些時候發表了他的評論，從任何歷史標準來看，它仍然是健康的。我們總是在下半年進行季節性披露，但從 10 月開始，由於抵押貸款利率飆升至 8%、也許 10%、15%，比我們預期的還要糟糕，經濟放緩了一些。

So we reacted to that. We took some moves as we outlined in the shareholder letter, and you're seeing that show up in our guide for Q4. I think the more important point is like where do we go from here and what has that done to plan for us for 2024? Now we are in pace to like hit the volume targets we were talking about, which is how do we double? How do we go from 1,000 to, kind of 2,000 plus per month. And sitting here today, there's really nothing I'm seeing that suggests we should change course.

所以我們對此做出了反應。正如我們在股東信中所概述的那樣，我們採取了一些舉措，您會在我們的第四季指南中看到這些舉措。我認為更重要的一點是我們接下來要走向何方，這對我們 2024 年的計畫做了什麼？現在我們正在努力實現我們所謂的銷售目標，這就是我們如何翻倍的方法？我們如何從每月 1,000 到 2,000 多？今天坐在這裡，我確實沒有看到任何跡象表明我們應該改變路線。

Dod mentioned earlier, we're looking for price stability. We've actually seen that this year. We're seeing very constrained supply, people reluctant to list their homes, pretty resilient buyer demand relative to that constrained supply. And that dynamic has persisted. And we, frankly, are forecasting for that will continue for us for in 2024, and that's a good set up for us to value homes, be able to acquire them and then sell them against that backdrop.

多德之前提到，我們正在尋求價格穩定。今年我們實際上已經看到了這一點。我們看到供應非常有限，人們不願意掛牌出售自己的房屋，相對於供應有限，買家的需求相當有彈性。這種動力一直持續存在。坦白說，我們預測這種情況將在 2024 年持續下去，這對於我們評估房屋、能夠購買並在這種背景下出售它們來說是一個很好的設置。

Second, we've got seasonality coming up here. We're in the sort of seasonal doldrums of residential real estate right now. Those headwinds turn into tailwinds starting in the first part of next year. So there are some purchases we make today that we can be like those a lot, and we will be looking at those in a stronger spring selling season. That's a good thing for volumes.

其次，我們這裡有季節性。我們現在正處於住宅房地產的季節性低迷之中。從明年上半年開始，這些不利因素將變成有利因素。因此，我們今天進行的一些採購可能會很像那些，我們將在春季銷售旺季關注這些採購。這對於銷量來說是件好事。

And then there's been on top of just a lot of work done this year to take spreads down. A lot of cost work, a lot of work done to improve price accuracy. We've invested a lot of those gains back into spreads to take them down to a level we feel is appropriate for where the market is today. And at that level, we're able to invest more into marketing on a cost-effective basis. Again, that will help amplify volumes in Q1. And we've got partnership channels that are growing, that will also be enabled by that.

今年除了做了大量工作之外，還做了很多工作來降低利差。大量的成本工作，大量的工作都是為了提高價格準確性。我們已將大量收益重新投資到利差中，以將其降低至我們認為適合當今市場狀況的水平。在這個層面上，我們能夠在具有成本效益的基礎上對行銷進行更多投資。同樣，這將有助於擴大第一季的銷售。我們的合作夥伴通路正在不斷成長，這也將由此實現。

So all of those things, frankly, make us feel good about the volume assumptions we're making for 2024. We're always going to operate within a risk framework. We're always going to be responsive to what is going on in housing. It is very dynamic. The risk management framework is imperative to us. We're always going to balance the inflows and outflows that we did in fourth quarter in reaction to the mortgage rate spike. But I mean, at a high level, we're still on track to continue to increase our volumes.

因此，坦白說，所有這些事情都讓我們對 2024 年所做的銷售假設感到滿意。我們始終會在風險框架內運作。我們始終會對住房領域發生的事情做出反應。它非常有活力。風險管理框架對我們來說至關重要。我們總是會平衡第四季的流入和流出，以應對抵押貸款利率飆升。但我的意思是，在高水準上，我們仍然有望繼續增加銷售量。

Thank you. And I'm currently showing no further questions at this time. I'd like to hand the call back over to Carrie Wheeler for closing remarks.

謝謝。目前我沒有提出任何進一步的問題。我想將電話轉回給凱莉·惠勒 (Carrie Wheeler) 作結束語。

Great. Thank you. First of all, thank you for joining us today. As we exit 2023, I just want to say I'm proud of the work that the Opendoor team has been doing to be just a stronger, more resilient company. The housing market, for sure, continues to be challenging, but I am confident that changes we've been working on this year, we've implemented will benefit us for years to come.

偉大的。謝謝。首先，感謝您今天加入我們。在 2023 年即將結束之際，我只想說，我對 Opendoor 團隊為成為更強大、更有彈性的公司所做的工作感到自豪。當然，房地產市場仍然充滿挑戰，但我相信，我們今年一直在努力和實施的變革將使我們在未來幾年受益。

Have no doubt about it. We are very focused on getting back to positive cash flow, and we're committed that we're going to manage our cost structure and our balance sheet to ensure that we get there, because the opportunity we have in front of us is massive and we're going to deliver against it.

對此毫無疑問。我們非常注重恢復正現金流，我們致力於管理我們的成本結構和資產負債表，以確保我們實現這一目標，因為我們面前的機會是巨大的，我們將兌現這一承諾。

So thank you for listening to us today, and we look forward to speaking with you all next quarter.

感謝您今天聆聽我們的講話，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。