Opendoor Technologies Inc (OPEN) 2024 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to Opendoor's second-quarter 2024 earnings conference call. (Operator Instructions) Please be advised, today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Opendoor 2024 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to turn the conference over to your speaker today, Kimberly Niehaus, Head of Investor Relations. Please go ahead.

現在，我想將會議交給今天的發言人、投資者關係主管金伯利·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 on the Investor Relations section of our website at investor.opendoor.com. Please note that this call will be simultaneously webcast on the Investor Relations section of the company's corporate website.

謝謝，下午好。績效詳情及管理層評論詳情，請參閱我們的收益報告和股東信，詳情請訪問我們網站 investor.opendoor.com 的「投資者關係」版塊。請注意，本次電話會議將在本公司網站「投資人關係」版塊同步進行網路直播。

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 facts, 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. These statements are neither promises nor guarantees, and undue reliance should not be placed on them.

在我們開始之前，我想提醒您，以下討論包含聯邦證券法所定義的前瞻性陳述。除歷史事實陳述之外的所有陳述均可視為前瞻性陳述，包括但不限於有關 Opendoor 的財務狀況、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的管理目標的陳述。這些聲明既不是承諾也不是保證，不應過度依賴它們。

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, 2023, as updated by our periodic reports filed after that 10-K.

此類前瞻性陳述涉及風險和不確定性，可能導致實際結果與此處討論的結果有重大差異。可能導致實際結果與前瞻性陳述不同的其他信息，請參閱 Opendoor 最新的 10-K 表格年度報告（截至 2023 年 12 月 31 日）的“風險因素”部分，該報告由我們在該 10-K 之後提交的定期報告更新。

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

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

The following discussion contains references to certain non-GAAP financial measures. The company believes these non-GAAP financial measures are useful to investors as supplemental operational measurements to evaluate the company's financial performance. For a reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP metric, please visit our website at investor.opendoor.com.

以下討論包含對某些非 GAAP 財務指標的引用。該公司認為，這些非公認會計準則財務指標對投資者而言是有用的，可以作為評估公司財務表現的補充營運指標。如需了解這些非 GAAP 財務指標與最直接可比較的 GAAP 指標的對照表，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.

現在我將電話轉給 Opendoor 執行長 Carrie Wheeler。

Good afternoon. Also on the call with me today are Christy Schwartz and Dod Fraser. At Opendoor, our vision is to build the most trusted e-commerce platform for residential real estate, and we're focused on building a durable generational business that customers love so that one day, every seller will start their home-selling journey with Opendoor.

午安.今天與我一起通話的還有克里斯蒂·施瓦茨 (Christy Schwartz) 和多德·弗雷澤 (Dod Fraser)。在 Opendoor，我們的願景是打造最值得信賴的住宅房地產電子商務平台，我們專注於打造客戶喜愛的持久代際業務，以便有一天，每個賣家都能透過 Opendoor 開始他們的房屋銷售之旅。

We're proud of our performance in the second quarter. Revenue, contribution margin, and adjusted EBITDA all outperformed guidance, and acquisitions grew nearly 80% year over year. At the same time, our seller NPS reached the highest level we've seen in two years, proof of the strength of our customer value proposition. Home sellers desperately need an alternative to the traditional real estate process, and that's exactly what we're providing.

我們對第二季的表現感到自豪。營收、貢獻利潤率和調整後的 EBITDA 均超出預期，收購年增近 80%。同時，我們的賣家 NPS 達到了兩年來的最高水平，證明了我們客戶價值主張的實力。房屋賣家迫切需要一種替代傳統房地產流程的方法，而這正是我們所提供的。

During the quarter, we continued to make meaningful progress growing our top of funnel to reach more sellers and expanding our product offering to convert more customers. Today, our buy-box is just north of $650 billion. This is a massive addressable market that we're going after.

在本季度，我們繼續取得有意義的進展，擴大我們的通路頂端以接觸更多的賣家，並擴大我們的產品供應以轉換更多的客戶。如今，我們的購買額已超過 6500 億美元。這是一個我們正在追求的巨大潛在市場。

One of the most important ways we can grow our top of funnel is by increasing awareness of our brand and our products. Year-to-date, we've seen that over one in four true sellers or customers within our buy-box that ultimately went on to list or sell their home, had previously entered their home address on our website. And while that's something to celebrate, we also recognize that we have a significant opportunity to expand our reach.

我們擴大漏斗頂端的最重要方法之一是提高我們品牌和產品的知名度。今年迄今為止，我們發現，在我們的購買框中，超過四分之一的真正賣家或客戶最終掛牌或出售了他們的房屋，之前曾在我們的網站上輸入過他們的家庭住址。雖然這是值得慶祝的事情，但我們也意識到我們有一個擴大影響力的重要機會。

We want all sellers to start their journey with Opendoor. To do this, we have shifted our marketing mix toward brand media spend versus direct response. And as a result of our efforts to increase brand resilience, aided awareness and consideration have reached the highest levels in Opendoor history.

我們希望所有賣家都能從 Opendoor 開始他們的旅程。為了實現這一目標，我們將行銷組合轉向品牌媒體支出而非直接反應。由於我們努力提高品牌彈性，輔助知名度和考慮度已達到 Opendoor 歷史上的最高水準。

Importantly, while higher awareness brings more customers to the platform, it also improves conversion rates. As an example, in our markets where aided awareness is 45%, which is primarily our most mature markets, we see 33% higher offer to contract conversion rates when compared to markets with an awareness of 26%.

重要的是，更高的知名度不僅會為平台帶來更多客戶，還會提高轉換率。例如，在我們最成熟的市場中，輔助認知度為 45%，與認知度為 26% 的市場相比，我們的報價到合約的轉換率高出 33%。

Further, over half of our markets were launched in 2021 and 2022, right before the housing reset and our significant pullback in marketing spend, and these markets have awareness of less than 20%. We believe that with incremental investments, in time, these cohorts should provide significant tailwinds to future volume growth.

此外，我們超過一半的市場是在 2021 年和 2022 年推出的，就在住房重置和我們大幅削減行銷支出之前，這些市場的知名度不到 20%。我們相信，隨著投資的增加，隨著時間的推移，這些群體將為未來的銷售成長提供顯著的推動力。

We also have the ability to drive growth by expanding our product offering with a suite of products that best suits the needs of all sellers that come to us. For a decade, our flagship all-cash offer product has provided simplicity and certainty to sellers who are looking for an easier way to sell their home.

我們還能夠透過擴大我們的產品範圍，提供最適合所有賣家需求的產品套件來推動成長。十年來，我們的旗艦全現金報價產品為尋求更簡單方式出售房屋的賣家提供了簡單性和確定性。

However, we know that other sellers are interested in testing the market and listing their home on the MLS. And in an effort to better serve these customers, we've expanded list with Opendoor to nearly all of our markets in the second quarter.

然而，我們知道其他賣家有興趣測試市場並將他們的房子列入 MLS。為了更好地服務這些客戶，我們在第二季將 Opendoor 的合作範圍擴大到了幾乎所有市場。

We now give customers a choice of how they'd like to sell their home: selling directly to Opendoor or listing on the market. If they choose our listing product, we list their home with the help of one of our partner agents. And if they don't find the price they want, they have up to 30 days to accept our cash offer and complete their sale.

我們現在讓客戶選擇如何出售他們的房屋：直接賣給 Opendoor 或在市場上掛牌出售。如果他們選擇我們的上市產品，我們會在我們的合作代理商的幫助下列出他們的房屋。如果他們沒有找到他們想要的價格，他們最多有 30 天的時間來接受我們的現金報價並完成銷售。

Since launching this product, we've seen a nearly 10% uplift in NPS. Further, this capital-light offering has the potential to be accretive to both total volumes and margins as it gains traction over the long term.

自從推出該產品以來，我們已經看到 NPS 提升了近 10%。此外，隨著這種輕資本發行在長期內獲得發展，它有可能增加總交易量和利潤率。

While we are focused on enduring improvements to our business, we also have to make tactical decisions in the short term to strike the right balance of growth, margin, and risk against what continues to be a challenging housing backdrop. In the back half of the second quarter, we began observing and responding to signals that indicated additional slowing in the housing market.

在我們專注於持久改善業務的同時，我們還必須在短期內做出戰術決策，以在持續充滿挑戰的住房背景下實現成長、利潤和風險之間的適當平衡。在第二季後半段，我們開始觀察並應對顯示房地產市場進一步放緩的訊號。

The combination of higher delistings and slowing clearance rates led to a decline in month-over-month home price appreciation, or HPA. HPA entered negative territory in June, two months earlier than a typical year. In response to this weaker HPA, we began increasing spreads more than we had expected. This will weigh on acquisition volumes in the third quarter.

退市數量增加和清盤率放緩導致房價環比升值（HPA）下降。6 月房屋價格 (HPA) 進入負值區域，比往年提早兩個月。為了因應 HPA 的疲軟，我們開始以超出預期的幅度增加利差。這將對第三季的收購量造成壓力。

In addition, we have taken larger home level price drops to maintain clearance levels within our resale targets, which will impact our contribution margin. With an increasing probability of interest rate reductions by the fed in the second half of 2024, there are reasons to believe that we may benefit from any potential tailwinds in housing market activity.

此外，我們採取了更大幅度的房屋價格下降措施，以將清倉水準維持在我們的轉售目標範圍內，這將影響我們的貢獻利潤率。隨著聯準會在 2024 年下半年降息的可能性越來越大，有理由相信我們可能會受益於房地產市場活動的任何潛在順風。

That being said, we will continue to preserve flexibility in setting spreads to operate against a range of macroeconomic outcomes in 2024. While we expect the current macro to be temporary, the progress we've made growing our top of funnel and expanding our product offering, combined with the operating and cost discipline we're driving across the business, are enduring.

話雖如此，我們將繼續保持利差設定的靈活性，以應對 2024 年的一系列宏觀經濟結果。雖然我們預期當前的宏觀經濟狀況是暫時的，但我們在擴大通路頂端和擴展產品供應方面所取得的進展，加上我們在整個業務中推動的營運和成本紀律，都是持久的。

Today, we announced that our business unit Mainstay, is becoming an independent privately held company in conjunction with an outside equity investment led by Khosla Ventures. Mainstay is a comprehensive market intelligence and transaction platform for the single-family rental industry.

今天，我們宣布，我們的業務部門 Mainstay 將在由 Khosla Ventures 領投的外部股權投資的幫助下，成為一家獨立的私人控股公司。Mainstay 是針對單戶住宅租賃業的綜合市場情報和交易平台。

Mainstay was built as a separate business, leveraging Opendoor's data insights, transaction platform capabilities and enterprise customer relationships. This transaction sets up both Opendoor and Mainstay to focus on building their respective businesses with dedicated teams and resources.

Mainstay 作為一家獨立企業成立，利用 Opendoor 的數據洞察、交易平台功能和企業客戶關係。此次交易將使 Opendoor 和 Mainstay 能夠專注於透過專門的團隊和資源發展各自的業務。

Mainstay will be co-led by Dod Fraser, who's led the business' developments since inception, alongside a dedicated team. With today being his last earnings call, I want to extend my thanks to Dod for all his contributions to Opendoor.

Mainstay 將由 Dod Fraser 和一支專門團隊共同領導，Dod Fraser 自公司成立以來一直領導公司業務的發展。今天是他最後一次召開財報電話會議，我想向 Dod 為 Opendoor 所做的所有貢獻表示感謝。

As we look forward to the future, we remain as focused as ever on reinventing one of life's most important transactions. And to do that, we're positioned to rescale our business in a durable and sustainable way, so we can provide simplicity uncertainty to the millions of customers who will move in the years to come.

展望未來，我們仍將一如既往地專注於重塑生活中最重要的交易之一。為了實現這一目標，我們準備以持久和永續的方式重新調整我們的業務，以便我們能夠為未來幾年將會遷移的數百萬客戶提供簡單的不確定性。

Christy will now review our financial results and guidance.

克里斯蒂現在將審查我們的財務業績和指導。

Thank you, Carrie. Our second-quarter performance reflects strong execution and continued operating and cost discipline across the business. We delivered over $1.5 billion of revenue in the second quarter, exceeding the high end of our guidance range. This represents a 28% sequential increase in revenue, driven by acquisition volume growth over the last several quarters.

謝謝你，嘉莉。我們第二季的業績反映了整個業務的強勁執行力以及持續的營運和成本紀律。我們在第二季度實現了超過 15 億美元的收入，超過了我們預期範圍的上限。這意味著營收環比成長 28%，這得益於過去幾季收購量的成長。

On the acquisition side, we purchased 4,771 homes in the second quarter, ahead of our expectations. Acquisitions were up 78% versus 2Q '23 due to lower spreads and increase in marketing and contributions from partnership channels.

在收購方面，我們在第二季度購買了 4,771 套房屋，超出了我們的預期。由於價差縮小以及行銷和合作通路貢獻增加，收購量較 2023 年第二季成長了 78%。

Contribution margin was 6.3% in the second quarter, ahead of the high end of the implied guidance range. This outperformance was partially due to selling more newly listed homes with shorter holding times than anticipated.

第二季貢獻利潤率為 6.3%，高於隱含指引範圍的高端。這種優異表現部分是由於出售了更多新上市房屋且持有時間比預期短。

Adjusted operating expenses totaled $100 million for the quarter, lower than the guidance of $110 million and down from $107 million in the first quarter of 2024 due to a pullback in marketing spend and reduced fixed headcount hiring.

本季調整後的營運費用總計 1 億美元，低於預期的 1.1 億美元，且低於 2024 年第一季的 1.07 億美元，原因是行銷支出減少和固定員工招募減少。

Finally, adjusted EBITDA loss was $5 million, significantly outperforming the high end of our guidance range and an improvement from an adjusted EBITDA loss of $50 million in the first quarter. Adjusted EBITDA came in ahead of expectations due to contribution margin outperformance and ongoing cost discipline.

最後，調整後的 EBITDA 虧損為 500 萬美元，大大超過了我們預期範圍的高端，並且比第一季調整後的 EBITDA 虧損 5,000 萬美元有所改善。由於貢獻利潤率的優異表現和持續的成本控制，調整後的 EBITDA 超出了預期。

Turning to our balance sheet. We ended the quarter with $1.2 billion in total capital, which primarily includes $809 million in unrestricted cash and marketable securities and $300 million of equity invested in homes and related assets.

轉向我們的資產負債表。本季結束時，我們的總資本為 12 億美元，主要包括 8.09 億美元的非限制性現金和有價證券以及 3 億美元的投資於房屋和相關資產的股權。

We also had $7 billion in non-recourse asset-backed borrowing capacity composed of $3 billion of senior revolving credit facilities and $4 billion of senior and mezzanine term debt facility, of which total committed borrowing capacity was $2.3 billion.

我們還擁有 70 億美元的無追索權資產支持借款能力，其中包括 30 億美元的優先循環信貸額度和 40 億美元的高級和夾層定期債務額度，其中承諾借款能力總額為 23 億美元。

Before we get into guidance, I'd like to provide a few additional comments on the Mainstay transaction. Mainstay will operate independently, and Opendoor will retain less than 50% ownership on a fully diluted basis.

在我們獲得指導之前，我想就 Mainstay 交易提供一些額外的評論。Mainstay 將獨立運營，而 Opendoor 將在完全稀釋的基礎上保留不到 50% 的所有權。

The company is in the process of assessing the financial statement impact of the fundraise, but we do not anticipate recognizing Mainstay's ongoing financial results in Opendoor's income or loss from operations going forward.

該公司正在評估此次融資對財務報表的影響，但我們預計不會將 Mainstay 的持續財務表現計入 Opendoor 未來的營業收入或營業虧損。

In the first half of 2024, Mainstay business had a de minimis impact on Opendoor's revenue and contribution profit and incurred approximately $17 million of adjusted operating expenses. Our 3Q guidance reflects reductions in operating expenses as a result of the Mainstay transaction, which closed one month into the quarter.

2024 年上半年，Mainstay 業務對 Opendoor 的營收和貢獻利潤影響甚微，並產生了約 1,700 萬美元的調整後營運費用。我們的第三季指引反映了由於本季一個月後完成的 Mainstay 交易而導致的營運費用的減少。

As Carrie mentioned, in the back half of the second quarter, we began observing signals in leading macro metrics that indicated additional slowing in the housing market. In response, we have increased spreads more than previously anticipated and slowed marketing spend to ensure dollars are being spent efficiently. These actions will put pressure on third quarter acquisitions, which we expect to be up slightly year over year.

正如 Carrie 所提到的，在第二季後半段，我們開始觀察到主要宏觀指標中顯示房地產市場進一步放緩的訊號。作為回應，我們提高了利差，超過了先前的預期，並減緩了行銷支出，以確保資金得到有效利用。這些措施將對第三季的收購帶來壓力，我們預期收購量將較去年同期略有上升。

We will continue to acquire homes at spreads we believe are appropriate as we manage our business against a dynamic housing backdrop. We expect third quarter revenue to be between $1.2 billion and $1.3 billion; contribution profit between $35 million and $45 million, which implies a contribution margin of 2.9% to 3.5%; and adjusted EBITDA loss between $70 million and $60 million.

在動態的住房背景下管理我們的業務時，我們將繼續以我們認為合適的價差收購房屋。我們預計第三季營收在 12 億美元至 13 億美元之間；貢獻利潤在 3,500 萬美元至 4,500 萬美元之間，這意味著貢獻利潤率為 2.9% 至 3.5%；調整後的 EBITDA 虧損在 7,000 萬美元至 6,000 萬美元之間。

We expect adjusted operating expenses to be approximately $105 million. We are maintaining our target clearance levels via larger-than-anticipated price drops on our homes, the impact of which will weigh on contribution margin, as reflected in our third quarter guidance. If current macro trends persist, there is a risk our full year contribution margin may fall below our 5% to 7% annual contribution margin target.

我們預計調整後的營運費用約為 1.05 億美元。我們透過比預期更大的房屋價格下降來維持我們的目標清倉水平，其影響將對貢獻利潤率產生影響，正如我們第三季度的指導所反映的那樣。如果目前的宏觀趨勢持續下去，我們的全年貢獻利潤率可能會低於 5% 至 7% 的年度貢獻利潤率目標。

We are pleased with our second-quarter performance and continue to make progress on the things we can control. We will continue to evaluate our cost structure to mitigate losses and we remain committed to make progress in increasing acquisitions and substantially decreasing our adjusted net income losses for the year as compared to 2023.

我們對第二季的表現感到滿意，並繼續在我們能夠控制的事情上取得進展。我們將繼續評估我們的成本結構以減少損失，並將繼續致力於在增加收購方面取得進展，並與 2023 年相比大幅減少今年的調整後淨收入損失。

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

現在我想將電話轉給接線員，以便解答疑問。

(Operator Instructions) Dae Lee, JPMorgan.

（操作員指示）摩根大通 Dae Lee。

Great. Thanks for taking the questions. I have two. The first one, like what do you attribute to recent softness in the housing market? And wondering if this is something that continues to get worse? Or has it stabilized? Or are you seeing any signs of improvement?

偉大的。感謝您回答這些問題。我有兩個。第一個問題，您認為近期房地產市場的疲軟原因是什麼？並想知道這種情況是否會繼續惡化？或是已經穩定下來了？或您看到任何改善的跡象嗎？

And then secondly, just given the worst macro outlook, do you feel the need to tap into the ATM program that you announced back in last earnings call?

其次，考慮到最糟糕的宏觀前景，您是否覺得有必要利用您在上次收益電話會議上宣布的 ATM 計劃？

Hey, Dae, it's Carrie. I'll start with that. So with respect to the macro, what we saw really late May was a worsening of signals as it relates to clearance. So clearance about 35% lower this year than last year. So just homes selling more slowly, taking longer days on market.

嘿，Dae，我是 Carrie。我先從那裡開始。因此，就宏觀而言，我們在 5 月下旬看到的是與清關相關的訊號惡化。因此今年的清倉量比去年低了約 35%。因此，房屋銷售速度會變慢，上市時間也會變長。

We saw delistings really start to accelerate, and they're a decade high. We've been in the market now for 10 years, and they're at a level we have not seen in our operating history. About one in five sellers are not seeing the price they hope to realize and they're putting themselves off the market. That's creating like a shadow book of inventory that's out there.

我們看到退市速度確實開始加速，並且達到了十年來的最高水準。我們進入該市場已有 10 年了，目前我們的經營水準還未達到這個水準。大約五分之一的賣家沒有看到他們希望實現的價格，因此他們放棄了市場。這就像是創建了一個存在的庫存影子簿。

All of those have been weighing on home prices. And so that's what we've been responding to. We raised rates in response to that -- I mean, sorry, we spread in response to that. Really pull back on acquisition pacing and on marketing spend.

所有這些都對房價造成壓力。這就是我們一直在回應的問題。為了應對這一情況，我們提高了利率——抱歉，我們是為了應對這一情況而提高了利率。真正放慢收購步伐並減少行銷支出。

With respect to your question about the ATM, I'm going to hand it over to Christy.

關於您關於 ATM 的問題，我將把它交給 Christy。

Hi, Dae. Thanks for the question. Just as a reminder, as of the end of the quarter, we have $1.1 billion inclusive of cash, marketable securities, and equity in our homes and related assets. We'll continue to be opportunistic and flexible in managing our capital base as we demonstrate with our convertible note repurchases in 2023 and in implementing the ATM last quarter. We did not utilize the ATM in the previous quarter, as you can see in our 10-Q, but we don't speak to future capital issuances.

你好，Dae。謝謝你的提問。提醒一下，截至本季末，我們擁有 11 億美元，包括現金、有價證券以及房屋和相關資產的權益。我們將繼續把握機會，靈活管理我們的資本基礎，正如我們在 2023 年回購可轉換票據和上個季度實施 ATM 所證明的那樣。正如您在我們的 10-Q 中所看到的，我們在上一季沒有使用 ATM，但我們沒有談論未來的資本發行。

Got it. Just as a follow-up to your answer to my first question. It doesn't feel like macro conditions hasn't really changed, right? Mortgage rates are holding somewhat steady, and there is as the federal cost rates. So just wondering like why do you think sellers and buyers are behaving like this despite what seems to be a pretty stable macro environment?

知道了。這只是我第一個問題的回答的後續。感覺宏觀條件好像沒有真正改變，對嗎？抵押貸款利率保持相對穩定，聯邦成本利率也保持相對穩定。所以我只是想知道為什麼儘管宏觀環境似乎相當穩定，但您認為賣家和買家卻表現得如此？

Yeah. I mean what we're seeing now in underwriting across our buy-box, about one-third of the US residential market, and we're taking in new signals every single day, and this is definitely what we are seeing in terms of like where seller expectations are and like how buyers are responding. And I just think if buyer affordability is a real issue here. We are seeing new listings coming up. We're not seeing the pace of sell-through.

是的。我的意思是，我們現在在購買框的承保中看到，大約有三分之一的美國住宅市場，我們每天都在接收新的訊號，這絕對是我們所看到的，例如賣家的期望在哪裡，以及買家的反應如何。我只是認為買家的承受能力是否是一個真正的問題。我們看到有新的上市資訊出現。我們沒有看到銷售速度。

And this delisting phenomenon, Dae, like there's a chart in the back of our shareholder letter you may want to look at. I don't think this has gotten a lot of action in some of the industry talk, but I think it's a real factor that is weighing on the industry.

至於這種退市現象，Dae，你可能想看看我們給股東信後面的一張圖表。我不認為這在某些行業討論中引起了很大的反響，但我認為這是影響行業的一個真正因素。

Obviously, we all know that there's pretty low transaction volumes right now that would have not picked up. And just the phenomenon not a lot of buyers and sellers who are relatively frozen right now.

顯然，我們都知道，目前的交易量相當低，而且不會上升。目前出現的現像是買家不多，賣家也相對冷淡。

Got it. Thank you.

知道了。謝謝。

Ygal Arounian, Citi.

花旗銀行的 Ygal Arounian。

Hi, guys. Max on for Ygal. I guess just my first question on your comments on the contribution margin may be coming in lower than that 5% to 7%. Just how do we think about that as it rolls through the year? And looking through your -- like the prior book, we noticed that 2Q did better with selling the -- some of the newer homes first. So can you just speak to maybe the health of the older book and how that compares?

嗨，大家好。馬克斯 (Max) 代替伊格爾 (Ygal)。我想我關於您對貢獻利潤率的評論的第一個問題可能是低於 5% 到 7%。隨著時間的推移，我們該如何看待這個問題呢？透過查看您的——就像之前的書一樣，我們注意到第二季度在銷售一些較新的房屋方面表現更好。那麼，您能否談談這本舊書的健康狀況以及與舊書相比如何？

Yes. This is Christy here. Thanks for the question. So we're not providing guidance for 4Q. We provided the guidance for 3Q. For 4Q, I'll just caution that it is seasonally a softer quarter than that typically sees lower HPA.

是的。我是克里斯蒂。謝謝你的提問。因此我們不提供第四季度的指導。我們提供了第三季的指導。對於第四季度，我只想提醒大家，從季節性來看，這是一個比通常 HPA 較低的季度更為疲軟的季度。

In terms of the health of the book and the newer book, as we mentioned, in the second half of last quarter and the second quarter, we saw additional softness in the housing market, including slowing clearance, increased delistings, worsening HPA.

就現有和新房的健康狀況而言，正如我們所提到的，在上個季度的後半段和第二季度，我們看到房地產市場進一步疲軟，包括清盤速度放緩、退市數量增加、房屋價格惡化。

And at that time, we increased spreads, and we feel good about the homes that we've acquired after those increases. We enacted home level price drops to operate against our resale targets, and that impacts contribution margin, but it also enables us to clear that portfolio quickly.

當時，我們提高了利差，我們對利差上調後購買的房屋感到滿意。我們制定了房屋價格下降政策來達到我們的轉售目標，這會影響貢獻利潤率，但也使我們能夠快速清理該投資組合。

Yeah. Everything that Christy said, the only thing I would pile on top of that is we were acting quickly to the environment we're seeing. So yes, there's some pressure on the homes we already owned. We're operating to manage within our resale targets. That shows up in Q3 margin guide.

是的。克里斯蒂所說的一切，我唯一要強調的是，我們正在根據所見的環境迅速採取行動。所以是的，我們已經擁有的房屋確實面臨一些壓力。我們正在努力實現我們的轉售目標。這體現在第三季利潤指南。

And then we get to reset. And as we raise spreads now we're buying a new set of homes, and we like the way those early cohorts are performing, and we're being nimble. We're announcing inflows and outflows. I think this is just good risk management.

然後我們重新開始。隨著我們提高利差，我們現在正在購買一套新房，我們喜歡早期群體的表現，而且我們很靈活。我們正在宣告流入和流出情況。我認為這只是良好的風險管理。

Okay. Thanks. That's helpful. And then just maybe on expenses. Just with the maybe tougher macro, do you expect that there is more like cost optimizations that you'll need to undertake to reach that adjusted net income target?

好的。謝謝。這很有幫助。然後也許只是費用方面。面對可能更嚴峻的宏觀情勢，您是否預期需要採取更多類似成本優化的措施才能實現調整後的淨收入目標？

Yeah, absolutely. So I'll start by saying that we're still very focused on durably optimizing our cost structure. We've made and are continuing to make meaningful progress throughout the P&L. In terms of looking forward, we guided to $105 million.

是的，絕對是如此。因此，我首先要說的是，我們仍然非常注重持久優化我們的成本結構。我們已經並將繼續在整個損益表中取得有意義的進展。就未來展望而言，我們預計該金額將達到 1.05 億美元。

That's comprised of two components for how it relates to Q2. One is that we expect to remove some costs from the system because of the Mainstay transaction, that's approximately a $5 million reduction.

它由兩個部分組成，與 Q2 的關係如下。一是，我們預計透過 Mainstay 交易可以從系統中消除一些成本，大約減少 500 萬美元。

But then the OpEx guidance, the increase gives us some flexibility to operate in a dynamic environment, especially as we consider deploying marketing dollars later in the quarter. We've been operating at about $100 million or less of OpEx for the last six quarters at a variety of volumes. And we believe that, that $100 million does give us a lot of flexibility to scale.

但是，根據營運支出指導，這一增長為我們在動態環境中運營提供了一定的靈活性，特別是當我們考慮在本季度稍後部署行銷資金時。過去六個季度，我們的營運支出一直在 1 億美元或更少的水平上，且規模各不相同。我們相信，這 1 億美元確實為我們的擴充提供了很大的靈活性。

Yeah. Agree with everything Christy said, I'd also say, just stepping back, we know that we need to manage the business to a place where we are profitable, where we're generating positive cash flow, and the entire organization is really geared towards that. And that is what we are going to manage for. And so if we're not pacing where we need to be in volume, we're going to continue to look hard at our cost structure.

是的。同意克里斯蒂所說的一切，我還想說，退一步來說，我們知道我們需要將業務管理到一個可以盈利、可以產生正現金流的地方，整個組織都真正朝著這個方向努力。這就是我們要努力實現的目標。因此，如果我們不能按照我們需要的量來發展，我們將繼續認真審視我們的成本結構。

Okay. Thanks, guys.

好的。謝謝大家。

Nick Jones, Citizens JMP.

尼克瓊斯 (Nick Jones)，公民 JMP。

Great. Thanks for taking the questions. I have two. The first one, in the letter, you called about 20% -- 28% of consumers within your buy-box. It came and asked for a quote or a price or an offer, went down to list homes. Can you speak to how that rate has fluctuated, particularly given, I guess, increased delistings when -- that things start to increase as maybe people have more confidence they can sell? Just curious as to how that metric maybe has moved over time.

偉大的。感謝您回答這些問題。我有兩個。在第一封信中，你聯絡了購買框內大約 20% 到 28% 的消費者。它來詢問報價、價格或報價，然後去列出房屋。您能否談談該比率是如何波動的，特別是考慮到退市數量增加的情況——隨著人們對出售房產的信心增強，情況開始好轉？只是好奇這個指標隨著時間的推移是如何變化的。

I think the stat, Nick, that you're referencing is within the markets we are in today of true sellers. So those are people who with -- within a buy-box, 28% of true sellers to find is people who they either took an open offer. If they didn't take that up on the offer, they went and listed their home on the market. About one-third of the people in those markets have come to us and enter their home. That's the stat I think you're referring to.

尼克，我認為你所引用的統計數據是屬於我們今天所處的真正賣家的市場。因此，在購買框中，28% 的真正賣家是那些接受公開報價的人。如果他們不接受這個提議，他們就把房子掛牌出售。這些市場中大約有三分之一的人來到我們這裡並進入他們的家。我認為這就是您所指的統計數據。

Yes.

是的。

And how is that fluctuating?

那它是如何波動的呢？

Yes.

是的。

I mean it's something that we are -- yeah, sorry. Yeah, I mean, it's higher in more mature markets, it's lower in less mature markets at a very high level. I mean a lot of that has to just do with awareness and us being in the market for longer, signs on the street, more inventory for people to go and understand the value proposition.

我的意思是這是我們的——是的，抱歉。是的，我的意思是，在較成熟的市場中，這一比例較高，而在較不成熟的市場中，這一比例較低。我的意思是，這在很大程度上與意識有關，我們在市場上停留的時間更長，在街上設置標誌，提供更多的庫存，讓人們了解價值主張。

So where we've been for longer, we have higher awareness, we convert better and more people are coming to us first to start their home selling journey. And our goal, over time, is to graduate our more immature markets and get them to a place where it's not one in four are people coming to us, it's hopefully all over time, frankly, are starting their home journey with us.

因此，在我們存在的時間較長的地方，我們的知名度較高，轉換率較高，並且有更多的人會首先來找我們，開始他們的房屋銷售之旅。而我們的目標是，隨著時間的推移，讓那些還不成熟的市場逐步發展，讓它們達到這樣的水平：不是四分之一的人會來找我們，而是希望隨著時間的推移，坦率地說，所有人都能和我們一起開始他們的回家之旅。

Got it. And then maybe along the same thread. As we think about more mature markets versus less mature markets and just overall awareness of Opendoor. I mean, how should we think about your strategy around maybe increasing brand spend or marketing spend ahead of an improving resi real estate market?

知道了。然後也許沿著同一條線索。當我們考慮到更成熟的市場與不太成熟的市場以及對 Opendoor 的整體認識時。我的意思是，在房地產市場好轉之前，我們應該如何考慮增加品牌支出或行銷支出的策略？

It would seem like if you have quite a bit of cash, maybe you'd want to start spending ahead of things improving? Or is this an indication that you and the team view things is still pretty precarious, we need more quarters of evidence that volumes coming back on? I guess, just overall, like why not start spending more money ahead of, I guess, rates coming down if that's just a way to unlock volume?

看起來如果你有相當多的現金，也許你會想在情況好轉之前開始消費？或者這是否表明您和您的團隊對事情的看法仍然相當不穩定，我們需要更多季度的證據來證明交易量正在回升？我想，總的來說，如果這只是一種釋放交易量的方式，為什麼不在利率下降之前開始花更多的錢？

Yeah, Nick, a really good question. I'd say a couple of things. If you look back at where we've been based since 2022, when we did cut a lot of marketing spend. We've been able to drive a lot more awareness on the back of, frankly, lower dollars, and that's because we've been changing mix.

是的，尼克，這是一個非常好的問題。我想說幾件事。如果回顧一下我們自 2022 年以來的情況，我們確實削減了大量行銷支出。坦白說，我們能夠在成本降低的情況下提高更多的知名度，這是因為我們一直在改變產品組合。

We've been taking money away from paid marketing and really leaning in a brand in creative, and that has been driving for what is now the highest level of awareness we've had across our markets in our history, which is great because when we have high awareness, people trust us and conversion response commensurately.

我們一直在從付費行銷中抽取資金，真正依靠創意打造品牌，這推動了我們在各個市場中達到歷史上最高的知名度，這很好，因為當我們擁有很高的知名度時，人們就會信任我們，轉換反應也會相應增加。

We would like to invest more on brand over time. I think we're always moderating our total amount of marketing spend relative to where we are and how effective that is vis-à-vis how -- where our spreads are set. But your meta point is right, but over time, the way for us to grow top of funnel and grow awareness is we're going to continue to invest in brand because we think that's just going to set us up for success in the future and just expand the pie.

我們希望隨著時間的推移在品牌上投入更多資金。我認為，我們總是會根據目前的狀況以及相對於我們的價差設定方式而言的有效性來調整我們的行銷總支出。但你的元觀點是正確的，但隨著時間的推移，我們發展漏斗頂端和提高知名度的方式是我們將繼續投資品牌，因為我們認為這將為我們未來的成功奠定基礎並擴大蛋糕。

Great. Thank you. If I could squeeze in one more. The buyer agent contracts are going to, I think be implemented in a couple of weeks here. Is that included? Any impact of that included in the guidance? Is there anything to flag on how you're thinking about how that may impact the ecosystem maybe in 3Q?

偉大的。謝謝。如果我能再擠進一個。我認為買方代理合約將在幾週內實施。包括在內嗎？指南中是否包含該影響？您是否認為這可能會對第三季的生態系統產生影響？

Yeah. We're -- it's early yet. I'd say we've been doing some experimentation to understand how this is all going to roll out so that we are ready. I'd say one of the things that we are seeing in our market is about 10 to 15 basis points of pressure on the commission rate since April. And while that's not a huge amount, it's decidedly different than all prior years where that rate has been pretty flat. So change is coming.

是的。我們——還早。我想說，我們一直在做一些實驗來了解這一切將如何展開，以便我們做好準備。我想說，我們在市場上看到的一個現像是，自 4 月以來，佣金率面臨約 10 至 15 個基點的壓力。雖然這個數字並不是很大，但與前幾年持平的成長率相比，還是有顯著差異的。所以改變即將到來。

We know that it's going to take some time to educate home buyers and home sellers and agents. We see that as we interact with them as we experiment how we're going to show up with like how we're going to compensate buyers.

我們知道教育購屋者、賣屋者和代理商需要一些時間。我們在與他們互動時發現，我們會嘗試如何向買家提供補償。

The thing we're most focused on long term is we think this is better for consumers, so it's better for us. It's going to take down the cost of the transaction. It's going to lower friction, and we can pass it on to consumers and drive more transactions.

我們最關注的長期問題是，我們認為這對消費者更有利，因此對我們來說也更有利。這將降低交易成本。它將減少摩擦，我們可以將其傳遞給消費者並推動更多的交易。

And we think as people become more educated, the potential to lean into the fact that we have the only direct e-commerce platform to buy a home is really important and people as we come educate as a cost of additional agents to help should lean into our direct platform because we can share more savings with them. So we'll see. It's going to be interesting this summer.

我們認為，隨著人們受教育程度的提高，我們擁有唯一的直接購房電子商務平台這一事實的潛力非常重要，隨著我們以額外代理商的成本來教育人們，人們應該依靠我們的直接平台，因為我們可以與他們分享更多的節省。我們拭目以待。今年夏天將會很有趣。

Thanks, Carrie.

謝謝，嘉莉。

Ben Black, Deutsche Bank.

德意志銀行的班·布萊克。

This is Jeff on for Ben. Thanks for taking the question. When you think about managing the balance between maintaining your home clearance rates when there's a multi-month period of like home price appreciation volatility -- while also having a core focus on reducing spreads, how do you manage that balance?

我是傑夫，代替班。感謝您回答這個問題。當您考慮在房價連續數月上漲波動的情況下維持房屋清算率與以降低價差之間取得平衡時，您該如何管理這種平衡？

Because as you go through this period of volatility, you're lowering price in order to get the homes off your balance sheet, but then at the same time, focusing on lowering the spreads to which you acquire homes. So how do you manage that balance?

因為當你經歷這個波動時期時，你會降低價格以便將房屋從你的資產負債表中刪除，但同時，你會專注於降低你購買房屋的利差。那麼如何實現這種平衡呢？

Yeah. I mean we talk a lot externally and internally about managing for growth and margin and risk. And one of the ways we manage for risk is we have the well-defined resale targets by market and in total across our portfolio. And those are pretty sacrosanct for us.

是的。我的意思是，我們在內部和外部都討論了很多有關成長、利潤和風險的管理。我們管理風險的方法之一是，我們針對各個市場以及整個投資組合製定明確的轉售目標。這些對我們來說都是非常神聖的。

We make sure that we are clearing our inventory so that we are not creating a mismatch between inflows and outflows and that we're number one managing for risk. And there may be some cost to that sometimes. And we think that though is the appropriate risk management decision. And that's healthy.

我們確保清理庫存，這樣就不會造成流入和流出之間的不匹配，並且我們在風險管理方面處於領先地位。有時這可能會產生一些成本。我們認為這是適當的風險管理決策。這很健康。

So is this the model is working as intended and maybe like the 5% to 7% contribution margin target is over time target, but we're going to experience maybe some volatility in that number quarter over quarter depending on how HPA trends play out. Is that the right way to think about it, about the model?

那麼，這個模型是否按預期運行，也許像 5% 到 7% 的貢獻利潤率目標是隨著時間的推移而實現的目標，但根據 HPA 趨勢如何發展，我們可能會經歷這個數字的季度波動。這是思考該模型的正確方式嗎？

Yes. I mean we very much give an annual target by design. Like over the course of the year, we want to be within that 5% to 7% range and nothing about that has changed. In terms of where we want to manage the business to, you may have some quarter-to-quarter volatility because of seasonality or market swings. But I think the point is as we let instrument our system so that we are managing for balance sheet health and delivering margins within an annual guide.

是的。我的意思是，我們非常有計劃地設定年度目標。就像在這一年一樣，我們希望保持在 5% 到 7% 的範圍內，這一點沒有任何變化。就我們想要管理業務而言，由於季節性或市場波動，可能會出現一些季度波動。但我認為關鍵在於，當我們讓我們的系統發揮作用時，我們就能管理資產負債表的健康，並在年度指導範圍內實現利潤率。

Great. Thank you. And one quick follow-up on the NAR question. Did you think that played a factor at all in sellers freezing up and taking homes off the market? Do you think that there's any maybe sellers are waiting to sell their homes post-NAR settlement and get lower -- pay lower fees?

偉大的。謝謝。接下來是關於 NAR 問題的快速跟進。您是否認為這是導致賣家凍結並將房屋撤出市場的因素？您是否認為，賣家可能正在等待 NAR 結算後出售房屋，以獲得更低的費用？

I mean, not really, to be honest, I don't think so.

我的意思是，事實並非如此，說實話，我不這麼認為。

Great. Thank you.

偉大的。謝謝。

Curt Nagle, BofA.

美國銀行的 Curt Nagle。

Great. Thanks so much for taking the questions. So the comment, Carrie, you just made on the bps 10 to 15 bps decline in commission rates is really interesting. It sounds like there's an average. So I guess, are you seeing a uniform decline across agents or are you seeing some agents getting really aggressive on rates, right, or offered rates and that's dragging down the overall average? What's the composition of that statistic?

偉大的。非常感謝您回答這些問題。因此，Carrie，您剛才就佣金率下降 10 到 15 個基點所作的評論確實很有趣。聽起來好像有一個平均值。所以我想，您是否看到所有代理商的報價都出現了統一的下降，或者您是否看到一些代理商在報價上變得非常激進，對吧，或者提供的報價是否拖累了整體平均水平？該統計數據的組成是什麼？

That statistic is across our markets. So against the market that we can underwrite today. Overall, buyer broker commission for those markets in total, putting aside what we're doing. That's where the pressure is coming in. It's pretty dispersed, like it's not any one market driving the vast majority of that.

該統計數據涵蓋了我們所有的市場。因此我們今天可以針對市場進行承保。總體而言，撇開我們正在做的事情不談，這些市場的買方經紀人佣金總額。這就是壓力產生的地方。它相當分散，好像不是任何一個市場推動著其中的絕大部分。

Right. No, I understand it from a market perspective, but I'm just saying are the per agent, right? Are they all taking it down a little bit? Or do you have any agents that are getting really aggressive on the rates, and that's dragging down the average? That's the distinction I'm trying to figure out.

正確的。不，我從市場角度理解這一點，但我只是說每個代理商都是這樣的，對嗎？他們是不是都把它稍微降低了一點？或者你們是否有代理商對價格採取非常激進的態度，從而拉低了平均價格？這就是我試圖弄清楚的區別。

I mean, I think we have an 80/20 rule anyway on agents in terms of the fact that length of -- a small percentage of agents drive the vast majority of the transaction volumes. So by definition, I guess, there is a few number of agents who are driving most of those changes in terms of on the sell side, is the reps coming, right? The sellers deciding they want to pay less to the buyer.

我的意思是，我認為我們對代理商有一條 80/20 規則，即一小部分代理商推動了絕大多數交易量。因此，根據定義，我猜，有少數代理商在推動賣方方面的大部分變化，銷售代表會來嗎？賣家決定少付錢給買家。

Okay. Got it. And then just what's the latest thinking on the '26 converts? I know it's, I think, about a year or so before the turn current, but cash did dip a bit in 2Q. Should we expect to be opportunistic as you have been in the past in terms of buying at a discount or is the priority more preserved cash or I don't know, maybe cap ATM? How are you thinking about that?

好的。知道了。那麼，對於 26 位皈依者的最新想法是什麼？我知道，我認為，這大約是當前轉變發生前一年左右的時間，但第二季現金確實有所下降。我們是否應該像您過去一樣，在折扣購買方面抓住機會，或者優先考慮保留更多現金，或者我不知道，也許是 ATM 上限？您對此有何看法？

Yeah. Go ahead, Dod.

是的。繼續吧，國防部。

I was going to say just I think -- look, we obviously don't comment on future capital transactions, and we'll always look to optimize our capital structure, but no comment with future repurchases.

我本來想說，我認為——你看，我們顯然不會對未來的資本交易發表評論，而且我們總是會尋求優化我們的資本結構，但對未來的回購不予評論。

Okay. Fair enough. Understood. Thanks.

好的。很公平。明白了。謝謝。

(Operator Instructions) Ryan Tomasello, KBW.

（操作員指示）Ryan Tomasello，KBW。

Hi, everyone. Thanks for taking the questions. Just to put a finer point around the shifts you're making in the marketing strategy. What's driving that in terms of changes you're seeing around why you're choosing to do that now versus something you might have done earlier or later? And then in terms of mix, how has brand spend contributed to the overall marketing, but historically, where is that mix going?

大家好。感謝您回答這些問題。只是為了更詳細地說明您在行銷策略上所做的轉變。就您所看到的變化而言，是什麼推動了這項改變？為什麼您選擇現在做這件事，而不是之前或之後做的事情？然後就組合而言，品牌支出對整體行銷有何貢獻，但從歷史上看，這種組合走向何方？

And do you see this as net neutral to the marketing budget on a normalized basis? I mean through the moving pieces with the 3Q OpEx guide, it sounds like that's going to be up sequentially despite the moving pieces with Mainstay. So just trying to understand if this is additive to the marketing budget overall or more of just a mix shift. Thanks.

您是否認為這對行銷預算而言在正常情況下是淨中性的？我的意思是，透過第三季營運支出指南中的變動部分，聽起來儘管 Mainstay 中的變動部分有所變化，但這仍將持續上升。所以只是想了解這是否會增加整體行銷預算，還是只是混合轉變。謝謝。

Ryan, it's Christy here. I can start by taking the marketing budget and forward-looking question. And so we did reduce our advertising spend in the second quarter over the first quarter. I think our first quarter was $27 million.

瑞安，我是克里斯蒂。我可以從行銷預算和前瞻性問題開始。因此，與第一季相比，我們在第二季確實減少了廣告支出。我認為我們第一季的收入是 2700 萬美元。

And then we brought it down to $21 million in the second quarter as we were increasing spreads. The operating expense guide that we provided for Q3 does give us some flexibility to consider deploying marketing dollars later in the quarter.

然後，隨著我們擴大利差，我們在第二季將其降至 2,100 萬美元。我們為第三季提供的營運費用指南確實為我們提供了一定的靈活性，可以考慮在本季後期部署行銷資金。

And maybe just a comment on your question about how marketing strategy has evolved. I would say if you go back maybe 2022, we've gone from heavy local spend to now having the size and scale to be effective at marketing nationally. You've seen some of our advertising campaigns and some of our work, but we couldn't do that cost effectively at 20 markets, we can do it at 50-plus.

也許只是針對您關於行銷策略如何演變的問題發表一下評論。我想說，如果回顧 2022 年，我們已經從大量的本地支出發展到現在擁有在全國範圍內有效行銷的規模。您已經看到了我們的一些廣告活動和一些工作，但我們無法在 20 個市場上以經濟高效的方式做到這一點，但我們可以在 50 多個市場上做到這一點。

And the other change in mix has been mostly paid in mostly online or a lot of it direct mail too, certainly, and now being able to put more and more of that mix and plus there and put it into brand and creative.

組合中的另一個變化主要是透過線上支付或直接郵寄支付，當然，現在我們能夠將越來越多的組合和附加功能投入品牌和創意中。

And even though we may have had less dollars certainly coming out of 2022, we've seen like a heavy return on investment show up in the form of higher awareness and higher conversion. I'm happy to go on from there but I wanted to make sure I responded to your question first.

儘管 2022 年我們的收入肯定會減少，但我們已經看到了豐厚的投資回報，表現為更高的知名度和更高的轉換率。我很高興繼續，但我想確保我首先回答了你的問題。

Yeah, that's helpful. I guess maybe just to clarify on one of the other sub-questions of the question, which is if this is additive or net neutral, I guess, notwithstanding the pullback that you made last quarter in response to market conditions?

是的，這很有幫助。我想也許只是為了澄清問題的另一個子問題，也就是說，這是附加的還是淨中性的，我想，儘管上個季度您根據市場狀況做出了回調？

The shift in spend, I would call it neutral. It's been like if the pie is six, we're just moving around the dollars differently. Obviously, we flex marketing up and down sometimes depending on where we are in the cadence of the year or when spreads are really low, we can market more aggressively.

我認為支出的轉變是中性的。就好像如果餡餅有六個，我們只是以不同的方式移動美元。顯然，我們有時會根據一年中的節奏或當價差真的很低時調整行銷策略，我們可以更積極地進行行銷。

We want to market into that. We may pull back as spreads are high. But the general point is like this isn't about adding a bunch of brand dollars, it's about allocating away from other things into what's more cost-effective brand-building channels for us because we know that as we grow brand, it's like lists all our distribution channels.

我們想向這個市場推銷產品。由於利差較高，我們可能會撤退。但總的說來，這並不是要增加大量的品牌資金，而是要將其他資金分配到對我們來說更具成本效益的品牌建設管道中，因為我們知道，隨著品牌的發展，這就像列出了我們所有的分銷管道。

Got it. And then just turning to the balance sheet and financing, what visibility do you feel like you have into the maturities coming on the pipeline next year and I guess, even more in 2026? Just in terms of pricing and other terms around capacity and advance rates and just generally your comfort level with having enough financing capacity at favorable enough terms to fund the business as you look to scale from here.

知道了。然後談到資產負債表和融資，您覺得對明年即將到期的債務有什麼了解，我猜 2026 年會更多嗎？僅就定價以及有關產能和預付率的其他條款而言，以及一般而言，當您希望從這裡擴大規模時，您是否有足夠的融資能力和足夠優惠的條件來為業務提供資金，這讓您感到滿意。

Yeah. I'm happy to cover it. So we've set up our capital structure with a lot of different lenders for a reason, which gives us flexibility. Second, we've set up the capital structure to have staggered-rolling maturities. So if you go back really each quarter, every year, we are extending maturities across our capital stack.

是的。我很樂意報道它。因此，我們與許多不同的貸款機構建立了資本結構，這給了我們靈活性。其次，我們建立了交錯滾動到期的資本結構。因此，如果你回顧一下每季、每年的情況，你會發現我們都在延長資本結構的期限。

So we continue to be able to roll them. We're comfortable with -- our lenders are comfortable with the balance sheet. So we feel very comfortable with both the relationships and the capacity that we have to continue to roll them.

因此我們能夠繼續滾動它們。我們對我們的資產負債表感到滿意——我們的貸方對我們的資產負債表感到滿意。因此，我們對彼此的關係以及繼續發展這種關係的能力感到非常滿意。

Ryan McKenevy, Zelman Associates.

麥肯尼維（Ryan McKenevy），澤爾曼聯合公司（Zelman Associates）。

Hey, guys. This is Nick on for Ryan. Thanks for taking our questions. One quick one on the partnership side. Is there any color you can add in terms of which partnership channel or channels have been the most significant in terms of volume contribution? And then I have a follow-up after.

嘿，大家好。這是 Nick 代替 Ryan 上場。感謝您回答我們的問題。關於合作方面，我只想簡單說一下。您能否補充說明哪些合作管道在銷售貢獻上最為突出？然後我會進行後續跟進。

Hey, Nick. We've never broken down our partnership channel and who contributes what amongst homebuilders, agents, and the online real estate players. They're all important. And as a group, as we said before, it's 40% plus of our volume. So we don't discriminate between the various mix.

嘿，尼克。我們從未細分過我們的合作管道，也從未細分過房屋建築商、代理商和線上房地產參與者之間的貢獻。它們都很重要。作為一個集團，正如我們之前所說，這占我們銷量的 40% 以上。所以我們不會區分不同的混合物。

Got it. That's helpful. Thank you.

知道了。這很有幫助。謝謝。

I can give a little more tidbit, which is like we've been with homebuilders for a long time. We've been with agents for a long time and growing. And then the online real estate folks for us are newer but important.

我可以再透露一點消息，就好像我們已經和房屋建築商合作了很長時間一樣。我們與代理商合作已很長時間並且不斷發展。對我們來說，線上房地產人員雖然較新，但很重要。

Got it. Yeah. Thanks for the clarity. And then maybe switching gears, just as we look around the country, there's obviously many markets seeing inventory up on a year-over-year basis with some more than others, Florida, for example.

知道了。是的。謝謝你的澄清。然後也許換個話題，正如我們環顧全國一樣，顯然許多市場的庫存都在同比增長，有些市場的庫存比其他市場的庫存更多，例如佛羅裡達州。

And I'm just curious if that growth in inventory is helping you expand acquisitions in certain locations more than others? And then maybe on the home price side, if there's any differences in price or margin trends on resales as a result of those inventory dynamics?

我只是好奇，庫存的成長是否有助於您在某些地區比其他地區擴大收購？那麼在房價方面，由於庫存動態，轉售的價格或利潤趨勢是否有任何差異？

No. It's not really. I think the growing levels of inventory you're seeing also is weighing on things like clearance rates that we talked about and the fact that people are sitting out there for longer and not seeing their homes turn and the pressure we talked on home prices and delisting rates coming up.

不。事實並非如此。我認為，您所看到的庫存水平不斷增長也會對我們談到的清盤率等因素產生影響，而且人們在外面待的時間更長，看不到他們的房子轉手，以及我們談到的房價和退市率的壓力。

So we're seeing inventory growing, but inventory getting stale and that pressure is clearing and that makes us very attuned to how we're clearing our book of inventory and making sure that we're managing within our resell guardrails. Particularly at this time of the year as things start to slow seasonally.

因此，我們看到庫存正在增長，但庫存變得陳舊，壓力正在消除，這讓我們非常關注如何清理庫存，並確保我們在轉售護欄內進行管理。特別是在每年的這個時候，隨著季節變化，一切開始放緩。

Got it. Thank you so much.

知道了。太感謝了。

You're welcome.

不客氣。

And I'm not showing any further questions at this time. I'd like to turn the call back over to Carrie Wheeler for any closing remarks.

我現在不想再問任何問題。我想將電話轉回給 Carrie Wheeler 做最後發言。

Appreciate it. Thanks, everyone, for joining us today. We're pleased with where our results came out for the second quarter. We know the housing market continues to be challenging. We also know it will never last forever. It's going to be temporary. And the improvements we're making today to drive future growth will be enduring. Look forward to connecting with you next quarter.

非常感謝。感謝大家今天加入我們。我們對第二季的業績感到滿意。我們知道房地產市場仍然充滿挑戰。我們也知道它不會永遠持續下去。這只是暫時的。我們今天為推動未來成長所做的改進將是持久的。期待下個季度與您聯繫。

Thank you. Ladies and gentlemen, this does conclude today's presentation. You may now disconnect and have a wonderful day.

謝謝。女士們、先生們，今天的演講到此結束。現在您可以斷開連接並享受美好的一天。