Opendoor Technologies Inc (OPEN) 2024 Q1 法說會逐字稿

Good day and thank you for standing by, and welcome to the Opendoor Technologies First Quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question and answer session to ask a question. During the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. For withdraw your question, please press star one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Kimberly Ni, house Investor Relations. Please go ahead.

美好的一天，感謝您的支持，歡迎參加 Opendoor Technologies 2024 年第一季財報電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節。在會議期間，您需要在電話上一一按星號。然後您將聽到一條自動訊息，建議您舉手。如需撤回您的問題，請再次按星號一。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，投資者關係部的 Kimberly Ni。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 dot 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，您可以在我們網站的投資者關係部分找到投資者：Opendoor.com。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 open-door financial condition, anticipated financial performance business strategy and plans, market opportunity 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，包括但不限於有關公開財務狀況、預期財務業績業務策略和計劃、市場機會擴展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.

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 Oberdorf most recent annual report on Form 10-K for the year ended December 31, 2023, 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.

可能導致實際結果與前瞻性陳述不同的其他資訊可在奧伯多夫截至2023 年12 月31 日的10-K 表格最新年度報告的風險因素部分中找到，該部分由我們於2023 年12 月31日提交的定期報告更新。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 dot Opendoor.com. I will now turn the call over to Carrie Wheeler, Chief Executive Officer, Sarah of Opendoor

以下討論引用了某些非公認會計原則財務指標，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。將這些非 GAAP 財務指標與最直接可比較的 GAAP 指標進行調整。請造訪我們的投資者網站 Opendoor.com。我現在將電話轉給 Opendoor 執行長 Carrie Wheeler

Good afternoon. Also on the call with me today is Chris Schwartz, Interim Chief Financial Officer, and David Fraser, President of capital and open exchange.

午安.今天與我通話的還有臨時財務長 Chris Schwartz 和資本與公開交易所總裁 David Fraser。

Our performance in the first quarter reflects our commitment to the three key operating principles we outlined at the beginning of the year, focus execution and results. Our North Star remains rescaling our business and building towards the future of sustained profitable growth as we drive the business towards positive adjusted net income.

我們第一季的業績反映了我們對年初概述的三個關鍵營運原則的承諾：聚焦執行和結果。我們的北極星仍在重新調整我們的業務規模，並在我們推動業務實現正調整淨利潤的同時，朝著持續獲利成長的未來邁進。

We are making progress along this path with first quarter revenue, contribution, profit and adjusted EBITDA results. All coming in ahead of our expectations. Further, we remain on track to meaningfully ramp acquisitions year on year each quarter in 2024 and deliver contribution margin within our target range of 5% to 7% in the first quarter, we nearly doubled our acquisition volume year over year.

我們正在沿著這條道路取得進展，包括第一季的收入、貢獻、利潤和調整後的 EBITDA 業績。一切都超出了我們的預期。此外，我們仍有望在 2024 年每季大幅增加收購量，並在第一季實現貢獻利潤率在 5% 至 7% 的目標範圍內，我們的收購量比去年同期幾乎翻倍。

Contribution margin was 4.8% and excluding approximately 50 homes in the old book, our contribution margin was over 5%. Notably, this marks the seventh consecutive quarter that our new book of homes generated contribution margin was in or above our annual target margin range, demonstrating the health of our unit economics across seasons and market environments.

邊際貢獻率為 4.8%，不包括舊帳簿中的約 50 戶房屋，我們的邊際貢獻超過 5%。值得注意的是，這標誌著我們的新房屋帳簿產生的邊際貢獻連續第七個季度達到或高於我們的年度目標邊際範圍，這證明了我們跨季節和市場環境的單位經濟效益的健康狀況。

We expect that our acquisition volume growth in 2024 will benefit from further expansion of our partnership channels. For example, at the end of February, our EXP reality partnership went live, enabling EXP. realities agents to easily requests an open-door cash offer for the clients and qualifying properties.

我們預計 2024 年收購量的成長將受益於我們合作管道的進一步擴展。例如，2 月底，我們的 EXP 現實合作夥伴關係上線，啟用了 EXP。現實代理可以輕鬆地為客戶和合格的房產請求公開現金報價。

This partnerships to continue to build on our brand awareness amongst the agents and provide another way for sellers to learn about the benefits of working with Opendoor. Earlier this year details began to emerge on the proposed National Association of Realtors settlement. We believe this settlement represents an important positive change for our industry by giving consumers more transparency and choice on how they transact and the housing market. In the near term, we expect the settlement to have a neutral to positive impact on our business.

這種合作關係將繼續增強我們在代理商中的品牌知名度，並為賣家提供另一種方式來了解與 Opendoor 合作的好處。今年早些時候，全國房地產經紀人協會擬議和解方案的細節開始浮現。我們相信，這項和解協議為我們的產業帶來了重要的正面變化，為消費者提供了更多的交易方式和房屋市場的透明度和選擇。在短期內，我們預期和解將對我們的業務產生中性至正面的影響。

As you've heard from us before, our business model does not rely on earning revenue from commissions paid to buyers' agents. Rather, those commissions are cost to us today, which we pay when we resell our homes over the long term, we believe the settlement will drive lower transaction costs. And if commissions do decline, Opendoor may be able to pass these cost savings back to consumers in the form of lower spreads, which means more cash for our sellers and more customers saying, yes, we'll generate the same margins.

正如您之前從我們那裡聽說的，我們的商業模式並不依賴於透過向買家代理人支付佣金來賺取收入。相反，這些佣金​​是我們今天的成本，從長遠來看，我們在轉售房屋時支付這些佣金，我們相信和解將降低交易成本。如果佣金確實下降，Opendoor 或許能夠以更低的價差形式將這些節省的成本轉嫁給消費者，這意味著我們的賣家可以獲得更多現金，更多的客戶會說，是的，我們將產生相同的利潤。

We also believe the settlement could result in more transactions as commissions decrease, which may encourage more consumers to transact directly, including through the Opendoor platform. Instead of lifting on Amazon. We believe that Opendoor stands to benefit as consumers rethink how they buy and sell homes.

我們也認為，隨著佣金減少，和解可能會帶來更多交易，這可能會鼓勵更多消費者直接進行交易，包括透過 Opendoor 平台進行交易。而不是在亞馬遜上提升。我們相信，隨著消費者重新思考如何買賣房屋，Opendoor 將會受益。

We spent the last decade building for this future. We're off to a strong start in 2024 as you ramp our volumes in a sustainable and durable fashion. And during a time when the industry has the potential to undergo a major change in how consumers are thinking about how to sell or buy a home, we are very well positioned as the largest digital platform for residential real estate transactions. We're empowering consumers with more control and a simple, certain and transparent offering during one of life's most important transactions Kristie will now review our financial results and guidance.

我們在過去的十年裡為這個未來而建立。隨著您以可持續和持久的方式增加我們的產量，我們將在 2024 年迎來一個良好的開始。在這個行業有可能在消費者如何出售或購買房屋的方式上發生重大變化的時期，我們作為最大的住宅房地產交易數位平台處於非常有利的地位。我們正在為消費者提供更多控制權，並在人生中最重要的交易之一中提供簡單、確定和透明的服務。

Thank you, Carrie. Our first quarter results reflect our ongoing commitment to rescaling the business, generating strong unit economics and operating with disciplined cost management. We delivered $1.2 billion of revenue in the first quarter, exceeding the high end of our guidance range. This represents a 36% sequential increase in revenue driven by our acquisition volume growth last year and coinciding with a pickup in clearance rates as is typical for this time of year.

謝謝你，嘉莉。我們第一季的業績反映了我們對調整業務規模、產生強勁的單位經濟效益以及嚴格的成本管理營運的持續承諾。我們第一季實現了 12 億美元的收入，超出了我們指導範圍的上限。這意味著我們的收入環比增長了 36%，這是由於我們去年的收購量增長所推動的，而且與每年這個時候的清倉率上升相一致。

On the acquisition side, we purchased 3,458 homes in the first quarter, up 98% versus first quarter 2023, primarily due to spread reductions made throughout last year, coupled with added contributions from our partnership channels. We delivered contribution margin of 4.8% in the first quarter ahead of the high end of our implied guidance range. Contribution margin improved by more than 100 basis points sequentially. As there were fewer old book home sales, we continue to expect full year contribution margin within our annual target range of 5% to 7%.

在收購方面，我們在第一季購買了 3,458 套房屋，比 2023 年第一季度增長了 98%，這主要是由於去年全年價差的減少，以及我們合作夥伴通路的貢獻增加。我們第一季的貢獻率達到 4.8%，高於我們隱含指導範圍的上限。貢獻邊際環比提高超過 100 個基點。由於舊書屋銷售量減少，我們繼續預計全年貢獻率將在 5% 至 7% 的年度目標範圍內。

Adjusted operating expenses totaled $107 million for the quarter, up from $99 million in the fourth quarter of 2023, driven by increased marketing spend of nearly 60% sequentially and below our guidance of $120 million. Finally, adjusted EBITDA loss was $50 million, outperforming the high end of our guidance range and an improvement from an adjusted EBITDA loss of $69 million in the fourth quarter of '23.

本季調整後營運費用總計 1.07 億美元，高於 2023 年第四季的 9,900 萬美元，原因是行銷支出較上季增加近 60%，但低於我們 1.2 億美元的指引。最後，調整後的 EBITDA 損失為 5000 萬美元，超出了我們指導範圍的上限，並且比 2023 年第四季度調整後的 EBITDA 損失 6900 萬美元有所改善。

Turning to our balance sheet, we ended the quarter with $1.3 billion in total capital, which includes $1 billion in unrestricted cash and marketable securities of $181 million of equity invested in homes and related assets net of inventory valuation adjustments.

談到我們的資產負債表，本季末我們的總資本為13 億美元，其中包括10 億美元的非限制性現金和有價證券，以及投資於房屋和相關資產的1.81 億美元的有價證券（扣除庫存估值調整後）。

We also had $8 billion in nonrecourse asset-backed borrowing capacity composed of $3.8 billion of senior revolving credit facilities and $4.2 billion of senior and mezzanine term debt facilities, of which total committed borrowing capacity was $2.5 billion.

我們還擁有 80 億美元的無追索權資產支持借款能力，其中包括 38 億美元的高級循環信貸安排和 42 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 25 億美元。

Additionally, this morning we established an at-the-market or ATM program, which allows us to sell up to $200 million in equity through open market transactions within the next three years, we are making progress towards achieving positive adjusted net income. And as we demonstrated with our convertible note repurchases in 2023, which generated over $200 million of shareholders' equity.

此外，今天早上我們建立了一個市場或 ATM 計劃，該計劃允許我們在未來三年內透過公開市場交易出售最多 2 億美元的股權，我們正在朝著實現正調整淨利潤方面取得進展。正如我們在 2023 年的可轉換票據回購中所證明的那樣，回購產生了超過 2 億美元的股東權益。

We are managing our balance sheet with discipline. We feel that putting this program in place provides us the flexibility to fund future growth should we need it. We planned to be prudent and patient and utilizing the ATM to ensure we are optimizing our cost of capital.

我們正在嚴格管理資產負債表。我們認為，實施該計劃為我們提供了在需要時為未來成長提供資金的靈活性。我們計劃保持謹慎和耐心，並利用 ATM 來確保優化資本成本。

Looking ahead, we expect our second quarter revenue to be between $1.4 billion and $1.5 billion contribution profit between $75 million and $85 million, which implies a contribution margin of 5.4% to 5.7% and adjusted EBITDA loss between $35 million and $25 million. We expect adjusted operating expenses to be approximately $110 million.

展望未來，我們預計第二季營收將在14 億美元至15 億美元之間，貢獻利潤將在7,500 萬美元至8,500 萬美元之間，這意味著貢獻利潤率為5.4% 至5.7%，調整後的EBITDA 損失將在3500 萬美元至2500 萬美元之間。我們預計調整後的營運費用約為 1.1 億美元。

Additionally, as a result of our increased marketing spend, we have seen an uptick in ACQUISITION contracts in the latter part of the quarter. This, coupled with continued marketing spend and alongside seasonality, tailwinds should result in home purchases of over 4,500 homes in the second quarter. Given the selling season can peak during the second quarter, we expect our acquisitions to be flat or modestly lower on a sequential basis in the third quarter.

此外，由於我們增加了行銷支出，我們發現本季後半段的收購合約有所增加。再加上持續的行銷支出和季節性因素，第二季的購屋量應超過 4,500 套。鑑於銷售季節可能在第二季達到頂峰，我們預計第三季的收購量將持平或略有下降。

However, the first quarter should be the trough for quarterly purchases this year. We are pleased with our execution during the first quarter. We remain on track to increase acquisitions on a year-over-year basis each quarter in 2024, while delivering an annual contribution margin in our target range and operating efficiently, which should substantially decrease our adjusted net income losses for the year.

不過，第一季應該是今年季採購的低谷。我們對第一季的執行感到滿意。我們仍有望在 2024 年每個季度同比增加收購，同時實現我們的目標範圍內的年度邊際貢獻並高效運營，這將大幅減少我們當年調整後的淨收入損失。

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

我現在想將電話轉給接線員以開通提問線路。

Thank you. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one. Again, we exit you please limit yourself to one question and one follow-up. Please stand by while we compile the Q&A roster.

謝謝。提醒一下，要提問，請在電話上按星號一一，然後等待宣布您的名字。若要撤回您的問題，請按星號一一。再次強調，請您只回答一個問題和一個後續行動。我們正在整理問答名單，請稍候。

Yes.

是的。

Our first question comes from the line of David Lee with JPMorgan. Your line is now open.

我們的第一個問題來自摩根大通的大衛李（David Lee）。您的線路現已開通。

Great.

偉大的。

Thanks for taking the question. I have to ask the first one I appreciate the color on the acquisition through the year, but curious how like macro condition kind of change your expectation for Coeur clearance rate going forward and get those mortgage rates ticked up again this week for second half that could that impact? What are your outlook going forward?

感謝您提出問題。我必須問第一個，我很欣賞今年收購的色彩，但很好奇觀條件如何改變你對未來 Coeur 清算率的預期，並使抵押貸款利率在下半年再次上升，這可能會改變你的預期。那個影響？您對未來有何展望？

Sure.

當然。

They are happy to start us.com. I think in the sort of maybe just zoom out from a macro perspective and reiterating what we said on the letter from what we are most focused on and have been for the last 18 month plus is continued price stability.

他們很高興創辦 us.com。我認為，也許只是從宏觀角度縮小範圍，並重申我們在信中所說的內容，我們最關注的是過去 18 個月以來的持續價格穩定。

And that really is the key input for us in terms of how we set spreads and how we manage growth end markets. And so we continue to see a balance of supply and demand. And we do think even with some rate relief in the back half of the year, that should actually be a tailwind for the business in terms of market transaction volumes going up.

這確實是我們如何設定利差以及如何管理成長終端市場的關鍵投入。因此，我們繼續看到供需平衡。我們確實認為，即使下半年利率有所下調，從市場交易量上升的角度來看，這實際上應該成為該業務的順風車。

And one of the points and pieces of the shareholder letter that we added this year or this quarter sorry, is around seasonality and how that impacts spreads. And so that is really the primary driver of spread changes right now, which is for this time of year, we typically do increased spreads, but happy to have carry out on as it relates to the volume trajectory for the rest of the year

抱歉，我們今年或本季新增的股東信中的要點和內容之一是關於季節性及其影響傳播的方式。因此，這確實是目前價差變化的主要驅動因素，在每年的這個時候，我們通常會增加價差，但很高興能夠繼續下去，因為這與今年剩餘時間的交易量軌跡有關

To put acquisitions in context. So as we said in our remarks, almost doubled acquisitions year on year in the first quarter and then a guide for Q2, which would be up beyond, call it over 70% year on year. I'm sort of doubled. We doubled Q1 year on year, up 70% in the guide year on year. So the macro has not been and tailwind for us certainly day. It's been it's been a headwind but in terms of focus what we control, we're really pleased with the fact that many in a quarter where new listing for the market in our bylaws was up only 6%. We showed 98% acquisition growth and feel good about where we ended the quarter. We're up 24% in contracts sequentially in Q1, and that's feeding into what feels like a really solid Q2 guide in terms of acquisition growth. So we're going to focus on what we can control in this moment. And it's just proof of what we're doing in terms of share gains and acquisition momentum.

將收購放在背景中。因此，正如我們在評論中所說，第一季的收購量同比幾乎翻了一番，然後第二季的指導值將超過，稱其同比增長超過 70%。我有點雙標了我們第一季年增了一倍，年增 70%。因此，宏觀經濟對我們來說並不是順風車。這是一個逆風，但就我們控制的重點而言，我們真的很高興，因為我們章程中的市場新上市數量在一個季度僅增長了 6%。我們的收購成長率達到了 98%，並且對本季結束的情況感到滿意。第一季我們的合約量連續成長了 24%，這為第二季的收購成長提供了非常可靠的指導。因此，我們將專注於此此刻我們可以控制的事情。這只是我們在股票收益和收購動能方面所做工作的證明。

Okay, great.

好的，太好了。

And then as a follow-up, it sounds like your first quarter adjusted OpEx didn't increase as much as expected sequentially, mostly due to more direct hiring. So does that mean I guess, twofold, like is your marketing ramp going according to plan? And two was the more moderate hiring because there was a change in view on volume? Or was that because you guys think you can do more than that?

作為後續行動，聽起來第一季調整後的營運支出並沒有像預期那樣連續成長，這主要是由於更直接的招募。那麼，我猜這是否意味著您的行銷計劃是否按計劃進行？二是招募更加溫和，因為對數量的看法改變了？還是因為你們認為自己可以做更多的事情？

Thanks for the question, Dave. This is Christie here. So you know, as a reminder, our adjusted OpEx is composed of three main pieces. Our fixed costs, our marketing, our variable SG&A, are fixed costs. We are continuing to make meaningful reductions and take costs out of our system and continuing to refine and on some of that is what you're seeing in the outperformance. Our marketing that we did increase it as we had indicated, it went up $10 million quarter over quarter, and we don't expect meaningful increases to our marketing spend for the remainder of the year and then are variable G&A is the part that will vary with volume. And so of [107] is where it was in Q1, and we've guided to one [110] for Q2.

謝謝你的提問，戴夫。這是克里斯蒂。所以你知道，提醒一下，我們調整後的營運支出由三個主要部分組成。我們的固定成本、我們的行銷、我們的可變SG&A，都是固定成本。我們正在繼續進行有意義的削減，降低我們系統的成本，並繼續改進，其中一些就是您在出色表現中看到的。正如我們所指出的，我們的行銷支出確實增加了，季度環比增加了1000 萬美元，我們預計今年剩餘時間裡我們的行銷支出不會有有意義的增加，然後是可變的一般行政費用是會變化的部分與音量。因此，[107] 就是第一季的位置，我們為第二季引導了一個 [110]。

Okay. Understand.

好的。理解。

Thank you.

謝謝。

Thank you. Our next question comes from the line of Yigal Arounian with Citi. Your line is now open.

謝謝。我們的下一個問題來自 Yigal Arounian 與花旗銀行的關係。您的線路現已開通。

Hey, good afternoon, guys. I suppose they start on following up on the first question on acquisition strategy in rates. And it sounds like no change really to your strategy here. But the just thinking with the recent rate spike aligning with kind of what starts the heart of the buying and selling season, if that's impacting how you're thinking about things at all? And then is that and maybe just an update on your kind of current market and buy box expansion strategy or path how you're thinking about that?

嘿，下午好，夥計們。我想他們會開始跟進有關費率收購策略的第一個問題。聽起來你的策略並沒有真正改變。但是，最近的利率飆升與買賣季節的核心一致，這是否會影響您對事物的思考方式？那麼這可能只是您當前市場和購買框擴張策略的更新，或者您對此的思考方式？

If you go to Carrie, can you just be a little bit more your first question, I wasn't quite following that of branded seasonality.

如果你去嘉莉​​，你能再問一下你的第一個問題嗎？

Questioner, Walt or.

發問者，沃爾特或。

Yes, a little bit more on the recent rates Sligro we've seen over the past couple of weeks, it's been a pretty meaningful increase in mortgage rates and that's coinciding with at the heart of the buying and selling season and any expectations that that might soften the market in the core key part of the market or the key part of the seasonal market and if that's impacting how you're thinking about things, it sounds like it's not, but just curious if you're taking any of that into consideration.

是的，更多關於我們在過去幾週看到的 Sligro 近期利率，抵押貸款利率的增長相當有意義，這與買賣季節的核心以及任何可能出現的預期相吻合。性市場的關鍵部分，如果這影響了你對事物的思考方式，聽起來好像沒有，但只是好奇你是否考慮到其中任何一個。

I mean, certainly we're taking all those signals all the time. And we're watching very closely kind of what the market is telling us in terms of clearing rates, nice trending and prices we did talk a little bit in the shareholder letter about this is the time of year where we do start to increase spreads a bit because we expect that the homes that we're offering on today, we'll be sold in a post the spring selling season. So we'd expect those homes to have less of a gain to them have reflected in slightly higher spreads. So those are adjustments we make every day every week with the team and we certainly are reflecting what we have coming down the pike given recent rate increases.

我的意思是，我們當然一直在接收所有這些訊號。我們正在非常密切地關注市場在清算率、良好趨勢和價格方面告訴我們的信息，我們在股東信中確實談到了，這是一年中我們確實開始增加利差的時候因為我們預計今天提供的房屋將在春季銷售季節後出售。因此，我們預期這些房屋的收益會較小，這反映在利差略高的情況下。因此，這些是我們每週每天都會與團隊一起進行的調整，我們當然也反映了考慮到最近利率上漲的情況。

Doug, you want to add under?

道格，你想添加到下面嗎？

Yes, they go in and out on it. If you look at some of the charts in the back of the chart where you can see what we're observing from a new lithium perspective from And although there's a slight lag there, we really haven't seen a sort of a meaningful change on the back of the recent rate changes in terms of lifting volumes, which is really the key driver and input to our acquisition targets.

是的，他們進進出出。如果你看一下圖表後面的一些圖表，你可以看到我們從新的鋰角度觀察到的情況，雖然有一點滯後，但我們確實沒有看到任何有意義的變化。 ，這確實是我們收購目標的關鍵驅動因素和投入。

Okay. That's helpful. And and maybe just a little bit more color on the ATM equity offering, a little more detail on how it works. Why now can you do more of this? How should we be thinking about that?

好的。這很有幫助。也許只是 ATM 股票發行多一點色彩，對其運作方式有更多細節。為什麼現在你可以做更多這樣的事？我們該如何思考這個問題？

Yes. I mean, I think I'd just start with level setting on where we are from a balance sheet perspective. So as you can see from our financials, we've got over $1 billion in cash, $1.3 billion, total capital, $8 billion of debt capacity. I think we feel very good about executing our business plan again with our current capital base. Now, really the ATM for us gives us, the ability to opportunistically raise equity over the next three years, I think is really important. It's a three-year program.

是的。我的意思是，我想我首先從資產負債表的角度來確定我們所處的位置。正如你從我們的財務數據中看到的，我們擁有超過 10 億美元的現金、13 億美元的總資本和 80 億美元的負債能力。我認為我們對於利用現有的資本基礎再次執行我們的業務計劃感覺非常好。現在，自動櫃員機確實為我們提供了在未來三年內機會主義籌集股本的能力，我認為這非常重要。這是一個為期三年的計劃。

And because of how they're structured, we do that at a lower fee and that market. So there's no discount to market. So we really view it as a tool and toolkit for us as a business to opportunistically fund future growth. It is one of many ways we could implement that, but we wanted to get it out there.

由於它們的結構，我們以較低的費用和市場來做到這一點。所以市面上沒有折扣。因此，我們確實將其視為我們企業為未來成長提供機會的工具和工具包。這是我們實現這一目標的多種方法之一，但我們希望將其付諸實踐。

Visiting these programs are very common in capital-intensive businesses like the rig sector or biotech but there is actually a growing list of technology companies putting these in place, especially post-COVID. I think people will sort of realize how useful they can be. Carvana has one Zillow has one, Tesla has one. And so to Chris's point earlier, we were opportunistic last year in repurchasing the convertible notes created over $200 million of equity. We do not plan to utilize the ATM immediately. We'll be patient with this, and we don't plan to do that this quarter.

在鑽機行業或生物技術等資本密集型企業中，訪問這些計劃非常常見，但實際上越來越多的科技公司實施了這些計劃，尤其是在新冠疫情之後。我認為人們會意識到它們有多有用。 Carvana 有一台 Zillow 有一台，Tesla 有一台。因此，正如克里斯早些時候所說，去年我們回購了價值超過 2 億美元的可轉換票據，這是一個機會主義的做法。我們不打算立即使用 ATM。我們將對此保持耐心，但我們不打算在本季這樣做。

Got it.

知道了。

That's really helpful. Thank you.

這真的很有幫助。謝謝。

Thank you. Our next question comes from the line of Nick Jones with Citizen's GMP. Your line is now open.

謝謝。我們的下一個問題來自 Nick Jones 與 Citizen 的 GMP。您的線路現已開通。

Great.

偉大的。

Thanks for taking the questions. I guess maybe one on a path to positive adjusted EBITDA on the but I mentioned net income has been a nice cadence over the last few quarters as we kind of think about shipping the rest of the year. Is it right to kind of think of 14 maybe being a weaker quarter throughout the year, but maybe not as big as Q1. And then are we kind of on a linear path from the are you confident that we can kind of get to positive adjusted EBITDA, I guess, maybe even this year or next year?

感謝您提出問題。我想也許是正向調整後的 EBITDA 邁進，但我提到淨利潤在過去幾季一直是一個很好的節奏，因為我們有點考慮今年剩餘時間的運輸。認為 14 季可能是全年表現較弱的季度，但可能沒有第一季那麼嚴重，這種想法是否正確？然後，我們是否處於某種線性路徑上，您是否有信心我們可以實現正調整後的 EBITDA？

Nick, it's Carol. I'll take that. And what I would say at a high level is what we are indicating is that we are on this path increasing acquisitions year on year for every quarter for 2024. And we feel good about delivering within our 5% to 7% contribution margin target.

尼克，這是卡羅爾。我會接受的。我想說的是，我們所表明的是，我們正走在 2024 年每季逐年增加收購的道路上。

And all of that goes together to substantially reduce the losses we're seeing in the system. So without giving you specifics or guiding to kind of where EBITDA is going to fall in subsequent quarters. I just had a very feeling good about the path we're on. You substantially improve kind of the bottom line of the business.

所有這些結合在一起，大大減少了我們在系統中看到的損失。因此，沒有向您提供具體資訊或指導，說明 EBITDA 在後續幾季將下降到什麼程度。我對我們所走的道路感覺非常好。您大大提高了業務的利潤。

It is helpful. And then maybe a higher level question. Carrie, you mentioned with the NAR settlement. I think there's some headlines the DOJ might be taking a look or a closer look at the NAR on, I think you said in your comments that folks might bypass the MLS on at a high level, the NAR. and the ML. as well as kind of the original marketplace, whatever 100 plus years ago.

這很有幫助。然後也許是一個更高層次的問題。 Carrie，你提到了 NAR 和解協議。我認為司法部可能會仔細研究 NAR 上的一些頭條新聞，我想您在評論中說過，人們可能會在高級別上繞過 MLS，即 NAR。和機器學習。以及一百多年前的原始市場。

And there are components that they create the sense of urgency that the potential damages the selling and buying experience? And do you think this is the start of kind of their dominance in the ecosystem to potentially starting to wane? And is that kind of a long-term secular tailwind for Opendoor?

還有哪些因素會造成緊迫感，進而可能損害買賣體驗？您認為這是他們在生態系統中的主導地位可能開始減弱的開始嗎？這對 Opendoor 來說是一種長期的長期動力嗎？

Yes. It's a good question, and I just want to clarify my comments. I think this is now positive. First of all, for consumers and it's good for consumers. That's good for Opendoor municipal about giving more choice and transparency and agency in and of homebuyers in terms of how they want to engage with an agent The reason I think we're so set up well in this context is because we have this direct platform.

是的。這是一個很好的問題，我只是想澄清我的評論。我認為現在這是積極的。首先，對消費者來說，這對消費者來說是件好事。這對Opendoor 市政機構來說是有好處的，因為它可以為購房者提供更多的選擇、透明度和代理權，讓他們了解如何與經紀人打交道。的原因是因為我們有這個直接的平台。

I wasn't talking about homes going off the MLS. There's been some talk about that. We think the MIF is a great thing because it's democratic everyone can understand kind of what's available for sale, but it really says to certain buyers or sellers and they decide I don't imagine this transaction or I can dial in the amount of advice.

我不是說脫離美國職業足球大聯盟的房屋。對此已有一些討論。我們認為MIF 是一件很棒的事情，因為它是民主的，每個人都可以了解可供出售的商品，但它確實對某些買家或賣家說，他們決定我不想像這筆交易，或者我可以撥入大量建議。

I need to get the only place you can sell your home directly today and the only place you can buy down directly with an e-commerce transaction is Opendoor, but we are the only direct platform in the industry. So no matter how the real estate ecosystem evolves we're really set up well to take advantage of that. And there's lots of talk about touring and having to get out, you know, buyer representation agreement for and sell turnarounds.

我需要找到今天唯一可以直接出售房屋的地方，唯一可以透過電子商務交易直接購買的地方是 Opendoor，但我們是業界唯一的直接平台。因此，無論房地產生態系統如何發展，我們都已經做好充分準備來利用這一點。還有很多關於巡迴演出和必須退出的討論，你知道，買家代表協議和銷售週轉。

We want to give the consumer like total agency to do what is right for them in whatever way they wanted it, including if they wanted to convert them. So my comments were not about like off the MLS. We're supportive of the MLS. It's really about enabling consumers to go direct.

我們希望為消費者提供全面的代理權，讓他們以任何他們想要的方式做適合他們的事情，包括他們是否想轉變他們。所以我的評論並不是關於美國職業足球大聯盟的。我們支持美國職業足球大聯盟。這其實是為了讓消費者能夠直接購買。

Got it. Really helpful. Thanks, Gary.

知道了。真的很有幫助。謝謝，加里。

Well, thank you. Our next question comes from the line of Jason Helfstein with Oppenheimer. Your line is now open.

嗯，謝謝。我們的下一個問題來自傑森·赫爾夫斯坦和奧本海默的對話。您的線路現已開通。

Hey, thanks. This is Chad on for Jason. So on homes purchased were down slightly sequentially, but there was a nice increase increase in the sequential homes under contract. So just framing like what's going on there? Is that just normal seasonality or is there something that's just giving you more confidence to lean back into buying.

嘿，謝謝。這是查德（Chad）代替傑森（Jason）。因此，購買的房屋數量環比略有下降，但合約房屋數量卻出現了不錯的增長。那麼只是像那裡發生的事情一樣？這只是正常的季節性因素還是有什麼因素可以讓您更有信心重新購買。

And then I'm not yes, I mean, that's sort of the market has slowed enough. And also we offer the customer a great deal of choice about when they close their home. So I focus less on like the quarter to quarter because the contract in one quarter may close may slip to close another quarter. This is about, I think the focus should be on like the year-over-year growth we're proposing for showing up.

然後我不同意，我的意思是，市場已經放緩得足夠多了。我們還為客戶提供了多種選擇何時關閉房屋的選擇。因此，我不太關注季度與季度之間的情況，因為一個季度的合約可能會滑到另一個季度的合約結束。我認為重點應該放在我們提議的同比增長上。

And to your point, Chad, like we had really nice. We ended the quarter with a really nice number of contracts in the Q2 of 24% versus Q4. So just nice momentum going through the quarter. And that really feeds into that contract momentum really feeds into what is a strong guide for over 45 hundred and acquisitions in Q2.

就你的觀點而言，查德，我們過得很愉快。本季結束時，我們第二季的合約數量比第四季高出 24%。所以整個季度的勢頭很好。這確實助長了合約勢頭，為第二季超過 4500 筆收購提供了強有力的指導。

Okay.

好的。

I think I would make you I guess I want to say I wouldn't make too much of the, you know, the down slightly versus Q4?

我想我會讓你我想我想說我不會做太多，你知道，與第四季度相比略有下降？

Yes.

是的。

Fair enough. And then just on the EXP. partnership, just on <unk>, anything else you can share there and how meaningful could that be not kind of over the long run?

很公平。然後就在 EXP 上。合作夥伴關係，就在 上，您還可以在那裡分享任何其他內容，從長遠來看，這有何意義？

Yes. Happy to give a little more context there, but it's still very early. So we just launched in February, we're seeing sort of steadily steady weekly growth and launch. But just in February, it's like low end. So I think the sort of key piece there is it really helps broaden our reach into the agent community of DXC has 70,000 agents in their network and we're growing.

是的。很高興能提供更多背景信息，但現在還為時過早。所以我們剛剛在二月推出，我們看到了每週穩定的成長和推出。但就在二月，這就像低端。因此，我認為其中的關鍵部分確實有助於擴大我們在 DXC 代理社群中的影響力，其網路中有 70,000 名代理，而且我們正在不斷成長。

And so we are actually quite excited about the sort of brand expansion opportunities, the understanding of our product and as well, the specific application of the XTI.s were embedded directly into their workflows and doing, but we made it really simple and easy for EXD. agents to you utilize our product and going back to what Carrie said earlier, like we're on the side of transparency and choice for customers. This is another option for them and when they're talking to their customers.

因此，我們實際上對品牌擴張機會、對我們產品的了解以及 XTI.s 的具體應用直接嵌入到他們的工作流程和操作中感到非常興奮，但我們讓它變得非常簡單和容易EXD。您的代理商使用我們的產品，回到 Carrie 之前所說的，就像我們站在透明度和為客戶提供選擇的一邊一樣。這是他們與客戶交談時的另一個選擇。

Got it.

知道了。

Thanks.

謝謝。

Thank you. As a reminder, to ask a question at this time, please press star one one on your touchtone telephone.

謝謝。提醒一下，此時要提問，請按下您的按鍵式電話上的星號一一。

Our next question comes from the line of Ryan Tomasello with KBW. Your line is now open.

我們的下一個問題來自 KBW 的 Ryan Tomasello。您的線路現已開通。

Hi, Ron. Thanks for taking the questions. I'm just trying to parse through the different comments on the seasonal cadence of purchase volumes. I think in your prepared remarks you said you expect purchase volumes to increase sequentially in every quarter, but in the shareholder letter, you say on page 12 that you actually are expecting purchase volumes in 3Q to be flat to decline modestly. So am I missing something there? And can you just clarify that commentary and then beyond.

嗨，羅恩。感謝您提出問題。我只是試著解析對購買量季節性節奏的不同評論。我認為您在準備好的發言中表示，您預計每個季度的採購量將連續增加，但在股東信中，您在第12 頁上表示，您實際上預計第三季度的採購量將持平並小幅下降。那我是不是錯過了什麼？您能否澄清一下該評論，然後再澄清一下。

Yes, I think just from a seasonal perspective, how should we be thinking about 4Q volumes with normal seasonality?

是的，我認為僅從季節性角度來看，我們應該如何考慮正常季節性的第四季銷售？

Yes.

是的。

Let me trying to parse it any flat quarter over quarter versus year over year is the piece that I think was the different.

讓我試著解析一下季度與同比的持平情況，我認為這是不同的部分。

Brian, to your specific question on 3Q. So year over year were increasing every quarter. What we are, what we have also been letter is over 45 hundred in the second quarter, flat to slightly down in the third quarter. And then we did say the first quarter would be the lowest of the year.

Brian，回答你在 3Q 上提出的具體問題。所以每季逐年增加。我們收到的訊息是，第二季超過 4500 個，第三季持平甚至略有下降。然後我們確實說過第一季將是今年最低的。

So 4Q will be above the first quarter given where we are and sort of given how fourth 4Q tends to unfold but you've got some headwind on market volumes and marketing spend, marketing spend, but you've got some great tailwinds around low spreads. And so that was what we were thinking year over year was quarter over quarter.

因此，考慮到我們所處的位置以及第四季度的發展趨勢，第四季度將高於第一季度，但市場容量和行銷支出方面存在一些阻力，但在低利差方面存在一些巨大的阻力。這就是我們逐年逐季思考的情況。

That essentially right.

這基本上是正確的。

Okay.

好的。

Got it.

知道了。

That's really helpful. And maybe just to entertain for a moment on a more extreme scenario with respect to the NAR settlement and industry structure. Clearly the consensus opinion, at least from most folks you talk with expect commission rates to decline. But even then I think the international comparisons again in a more extreme scenario would suggest something that could be substantially worse in terms of fewer homebuyers using agents, perhaps compression on the listing side, I guess again, just to entertain a scenario is there is there a if lower is there a clearing rate in terms of commission rates and all in transaction costs where the Opendoor model perhaps needs to pivot in terms of the value proposition that it's providing relative to the benchmark rate that is prevailing commissions.

這真的很有幫助。也許只是為了考慮一下關於 NAR 和解和行業結構的更極端的情況。顯然，共識是，至少與您交談的大多數人都預計佣金率會下降。但即便如此，我認為在更極端的情況下再次進行國際比較會表明，就使用代理商的購房者減少而言，情況可能會更糟，也許是上市方面的壓縮，我再次猜測，只是為了考慮一種情況是否存在a 如果佣金率和所有交易成本方面的清算率較低，則 Opendoor 模型可能需要根據其提供的相對於現行佣金基準率的價值主張進行調整。

I guess a couple of things. One is we provide something that you can't get in a traditional transaction. So we provide most certainty, no fall through rates and almost simplicity, no listings, no during repairs on spec, no doing open houses like all the incredible amount of friction.

我想有幾件事。一是我們提供了您在傳統交易中無法獲得的東西。因此，我們提供最大的確定性，沒有失敗率，而且幾乎很簡單，沒有列表，沒有按規格進行維修，沒有像所有令人難以置信的摩擦一樣進行開放參觀。

And certainly that goes with traditional listing, we're just providing something very different. And today we charge a premium to the traditional listing for that through our spreads, right? We have now the service fee and there's an incremental spread, and that's in part to some margin targets. And it's just we're paying if people are paying a premium for this or the simplicity that we provide.

當然，這與傳統的清單一樣，我們只是提供一些非常不同的東西。今天，我們透過點差向傳統上市收取溢價，對吧？我們現在有服務費，並且有增量利差，這部分是為了一些利潤目標。如果人們為此或我們提供的簡單性支付額外費用，我們就會付出代價。

And I think in the event that there is more spread compression, I'm sorry, more fee compression to the point you're trying to bring across, right. We will adjust with the market. And I right and don't worry a lot about our ability to continue to like have an incredible value prop because again, it provides something that is just so different and where there's a premium in it like there's a lot of value, just why we have such a high converting product when we can deliver at a reasonable price the extent of higher broker commissions come down. Likewise, we've said that ultimately it's probably a pass through to probably neutral.

我認為，如果有更多的點差壓縮，我很抱歉，更多的費用壓縮到你想要傳達的程度，對吧。我們會根據市場進行調整。我是對的，不用太擔心我們是否有能力繼續喜歡擁有令人難以置信的價值支柱，因為它再次提供了一些非常不同的東西，並且其中有溢價，就像有很多價值一樣，這就是為什麼我們當我們能夠以合理的價格提供如此高的轉換產品時，較高的經紀人佣金就會下降。同樣，我們已經說過，最終可能會過渡到中性。

There may be some interim benefits gas. So the real question will be like how do you seller listing fees change over time, and we'll see how the market responds post July will be with Spirit prepare to responding.

可能會有一些中期的利氣。因此，真正的問題是賣家的上市費用如何隨著時間的推移而變化，我們將看看 7 月後市場如何反應，Spirit 準備做出回應。

Correct.

正確的。

Appreciate that color.

欣賞那個顏色。

Thanks, Carrie,

謝謝，嘉莉，

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。

Just thanks, everyone. For joining us today and hope you heard we are pleased with the results to kick off this year. The housing market's challenging for sure, but we are staying focused on you can see that our team is executing really well, and we are driving results, and we look forward to updating you on further progress next quarter.

只是謝謝大家。今天就加入我們，希望您聽到我們對今年開始的結果感到滿意。房地產市場肯定充滿挑戰，但我們將繼續關注您可以看到我們的團隊執行得非常好，並且我們正在推動成果，我們期待在下個季度向您通報進一步進展的最新情況。

This concludes today's conference call. Thank you for your participation. 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。