Opendoor Technologies Inc (OPEN) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by.

美好的一天，感謝您的支持。歡迎參加 Opendoor 2024 年第三季財報電話會議。 （操作員說明）

Welcome to the Opendoor third-quarter 2024 earnings conference call.

(Operator Instructions)

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Kimberly Niehaus, Investor Relations.

現在，我想將會議交給今天的發言人、投資者關係部門的 Kimberly Niehaus。請繼續。

Please go ahead.

Thank you, and good afternoon.

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。在開始之前，我想提醒您，以下討論包含聯邦證券法含義內的前瞻性陳述。除歷史事實陳述外的所有陳述均可被視為前瞻性陳述，包括但不限於有關 Opendoor 財務狀況、預期財務業績、業務戰略和計劃、市場機會和擴張以及未來營運管理目標的陳述。

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.

Before we start, I would like to remind you that the following discussion contains forward-looking statements within the meaning of the federal securities laws.

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

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

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。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2023 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、未來事件或否則，法律要求的除外。以下討論包含某些非公認會計準則財務指標的參考。

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.

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.

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.

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

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

Good afternoon.

午安.今天與我通話的還有克莉絲蒂‧施瓦茨。在我們開始之前，我想花一點時間歡迎兩位新領導者加入我們的領導團隊。 Selim Freiha 於本週稍早加入我們，擔任我們的新財務官，Shrisha Radhakrishna 將於本月加入我們，擔任我們的新首席技術和產品長。這些領導者將帶來新的視角和深厚的專業知識，他們的嚴格成長和創新記錄將有助於塑造我們的未來道路。

Also on the call with me today is Christy Schwartz.

Before we get started, I'd like to take a moment to welcome 2 new leaders to our leadership team.

Selim Freiha joined us earlier this week as our new Chief Financial Officer, and Shrisha Radhakrishna will be joining as our new Chief Technology and Product Officer this month.

These leaders will bring fresh perspectives and deep expertise, and their track record of disciplined growth and innovation will help shape our path ahead.

I'd also like to thank Christy who has served as our interim CFO since September of 2022.

我還要感謝自 2022 年 9 月起擔任我們臨時財務長的 Christy。合作夥伴關係以及她對Opendoor 的許多持久貢獻。在 Opendoor，我們繼續看到巨大的機會來重新定義消費者在龐大的住宅房地產市場中的交易方式。價值超過 1 兆美元的數百萬筆交易都是在線下完成的，流程複雜、不確定、壓力大且耗時。

Christy joined Opendoor in 2016 and has helped guide the company these last 8 years, including leading our finance function for the past 2.

I'm deeply grateful for her partnership and her many lasting contributions to Opendoor.

At Opendoor, we continue to see tremendous opportunity to redefine how consumers transact within the massive residential real estate market.

Millions of transactions, well over $1 trillion worth are done offline, mired in a process that is complex, uncertain, stressful and time consuming.

We're focused on developing innovative products that leverage our purposeful platform to transform home selling, bringing simplicity, clarity and ease to consumers.

我們專注於開發創新產品，利用我們有目的的平台來改變房屋銷售，為消費者帶來簡單、清晰和輕鬆的體驗。這不是一項小任務，但我們正在取得有意義的進展，已經幫助數十萬名客戶充滿信心地出行。儘管第三季房地產市場充滿挑戰，但在整個業務強勁執行力的推動下，我們的收購量、收入、貢獻利潤和調整後的 EBITDA 均超出了我們的指導方針。我們也正在開發以賣家為中心的創新產品方面不斷取得進展。 Opendoor 因我們的全現金報價而廣受認可，這為賣家提供了簡單性和確定性。

This is no small task, but we're making meaningful progress having already helped hundreds of thousands of customers move with confidence.

Despite a challenging housing market in the third quarter, we delivered acquisition volumes, revenue, contribution profit and adjusted EBITDA ahead of our guidance, driven by strong execution across the business.

We also continue to make progress in developing innovative seller-focused products.

Opendoor is widely recognized for our all cash offer, which provides sellers with simplicity and certainty.

While many sellers come to us for a cash offer, there are others who want the opportunity to test the market for price discovery.

雖然許多賣家向我們尋求現金報價，但也有其他賣家希望有機會測試市場以發現價格。我們已經透過 Opendoor 和我們的獨家產品製定了清單，以便我們能夠吸引這些賣家。我們的長期願景是讓每個賣家都從 Opendoor 開始旅程。我們相信，這些產品可以讓更多賣家在出售房屋時首先找到我們，從而擴大我們的影響力。 Opendoor 和獨家產品的清單都是具有經濟性的產品，無論是對於賣家還是對於Opendoor 來說，它們對我們的點差水平都不敏感，因此對宏觀的依賴程度較低，並且在很大程度上是輕資本的。

We've developed our list with Opendoor and our exclusive products so that we can address these sellers.

Our long-term vision is that every seller starts the journey with Opendoor.

We believe these offerings extend our reach by enabling many more sellers to come to us first when selling their home.

Both list with Opendoor and exclusives are products with economics, both for sellers and for Opendoor that are not sensitive to our spread levels and are thus less macro dependent and are largely capital-light.

Additionally, we observed an increase in our Net Promoter Score when these options are surfaced to sellers, an additional proof point that we're addressing a previously unmet consumer need.

此外，我們觀察到，當向賣家提供這些選項時，我們的淨推薦值有所增加，這進一步證明我們正在解決以前未滿足的消費者需求。雖然這一切還為時過早，但我們對 Opendoor 和獨家產品清單的長期潛力持樂觀態度。近期全國房地產經紀人協會和解協議帶來的實踐變化在本季度實施，提高了消費者購買和出售自己房產時的透明度和選擇。為了回應這項裁決，Opendoor 已開始從直接支付買方經紀人佣金的模式轉變為向買方提供優惠的模式，允許他們選擇如何使用這些資金，包括向買方經紀人付款的選項。我們預計這項裁決對更廣泛市場的影響將隨著時間的推移而變化，我們將相應地調整我們的策略，以最好地滿足客戶的需求。

While all this is early, we are optimistic about the long-term potential of list with Opendoor and exclusives.

Practice changes stemming from the recent National Association of Realtors settlement were implemented during the quarter, enhancing transparency and options for consumers when buying and selling their own.

In response to the ruling, Opendoor has begun transitioning from directly paying buyer broker commissions to a model that provides buyers with concessions, allowing them to choose how to use those funds, including the option to pay the buyer agents.

We anticipate that the impact of this ruling on the broader market is going to evolve over time, and we will adapt our strategy accordingly to best meet the needs of our customers.

We continue to contend with the challenged housing market and are making spread decisions with risk management top of mind.

我們繼續應對充滿挑戰的房地產市場，並在製定價差決策時將風險管理放在首位。儘管聯準會在9月實施了50個基點的降息，但抵押貸款利率的緩解是短暫的。利率上升和房價接近創紀錄的高點相結合，延長了人們對負擔能力的擔憂，使買家和賣家保持觀望。我們看到第三季主要房地產市場指標進一步惡化。退市率持續下降，清盤率下降幅度超過季節性典型。

Although the Fed implemented a 50 basis point rate cut in September, mortgage rate relief has been short-lived.

The combination of elevated rates and near record high home prices is prolonging affordability concerns, keeping buyers and sellers on the sidelines.

We saw further deterioration in key housing market indicators in the third quarter.

Delisting rates continue to decline and clearance rates declined more than seasonally typical.

Overall, the housing market is on track to experience the lowest level of existing home sales since 1995 for a second consecutive year.

整體而言，房地產市場的現房銷售量預計將連續第二年遭遇 1995 年以來的最低水準。為了應對上季度我們呼籲的房地產市場下滑，我們在 5 月份提高了利差，並且我們在整個第三季度繼續以較高的利差水平運營，優先考慮風險管理。較高的利差使我們能夠以可觀的利潤承保房屋，但它們確實會影響我們的整體收購量。我們的優勢之一是能夠透過動態調整利差水準來響應市場訊號並平衡成長與風險。我們仍然專注於減少淨虧損並最終實現調整後的淨利潤獲利能力。

In response to the step down in the housing market, which we called out last quarter, we raised spreads back in May, and we have continued to operate with elevated spread levels throughout Q3, prioritizing risk management.

Higher spreads enable us to underwrite homes to healthy margins, but they do impact our overall acquisition volumes.

One of our strengths is our ability to respond to market signals and balance growth versus risk by dynamically adjusting our spread levels.

We remain intently focused on reducing net losses and ultimately achieving adjusted net income profitability.

To this end, we are committed to taking steps to operate more efficiently.

為此，我們致力於採取措施提高營運效率。今年，我們對成本結構進行了重大改進。 8 月，我們宣布剝離 Mainstay，預計每年可節省約 3,500 萬美元的成本。今天，我們宣布裁員約 300 人，約佔員工總數的 17%。除了降低成本之外，我們還扁平化我們的組織結構，使我們能夠更快、更有效率地採取行動。

Over the course of this year, we've made significant improvements to our cost structure.

In August, we announced the separation of Mainstay, which is expected to provide approximately $35 million of annual cost savings.

And today, we announced a headcount reduction of about 300 people or roughly 17% of our workforce.

In addition to reducing our costs, we are flattening our org structure to allow us to move faster and more efficiently.

This was a difficult decision and not taken lightly but it is the right choice for our business.

這是一個艱難的決定，並非輕率做出的，但對於我們的業務來說，這是正確的選擇。我要感謝所有即將離任的團隊成員的辛勤工作和奉獻精神，將 Opendoor 打造為今天的樣子。儘管住房環境仍然充滿挑戰，但我們正在積極加強我們的業務和產品。我們不會被當前的市場狀況嚇倒，並相信隨著市場正常化，我們將處於有利地位，能夠受益並抓住機遇，打造一家世代相傳的公司。克里斯蒂現在將審查我們的財務業績和指導。

And I'd like to thank all of our departing team members for their hard work and dedication in building Opendoor into what it is today.

While the housing environment remains challenging, we are proactively strengthening our business and our offering.

We are undeterred by current market conditions and believe that as the market normalizes, we are well positioned to benefit and seize the opportunity to build a generational company.

With that, Christy will now review our financial results and guidance.

Thank you, Carrie.

謝謝你，嘉莉。我們第三季的業績反映了強大的執行力和成本紀律，同時繼續應對充滿挑戰的住房環境。我們第三季實現了 14 億美元的收入，超出了我們指導範圍的上限。在收購方面，我們在第三季購買了 3,504 套房屋，超出了我們的預期，比上一季下降了 27%。這一下降是由於我們的價差水平提高以及從 5 月下旬開始的營銷支出縮減所致，因為我們觀察到宏觀環境正在惡化的信號，特別是清盤率、退市和每月房價上漲。

Our third quarter performance reflects strong execution and cost discipline while continuing to navigate a challenging housing environment.

We delivered $1.4 billion of revenue in the third quarter, exceeding the high end of our guidance range.

On the acquisition side, we purchased 3,504 homes in the third quarter, ahead of our expectations and down 27% sequentially.

This decline was a result of our elevated spread levels alongside a pullback in marketing spend beginning in late May as we observed signals that the macro environment was deteriorating, particularly clearance rates, delistings and monthly home price appreciation.

Contribution margin was 3.8% in the third quarter, ahead of the high end of our guidance range.

第三季貢獻利潤率為 3.8%，高於我們指導範圍的上限。這項業績得益於轉售清倉率略高於預期，再加上優惠和買方經紀人佣金降低的小幅影響（分別反映在收入和直銷成本中）。本季調整後的營運支出總計9,000 萬美元，低於我們指引的1.05 億美元，也低於2024 年第二季的1 億美元。 ），加上由於我們繼續在整個業務範圍內實行成本紀律，因此固定和可變費用低於預期。最後，調整後的 EBITDA 損失為 3800 萬美元，由於貢獻邊際表現出色和持續的成本控制，大大超出了我們指導範圍的高端。

This performance was aided by slightly higher resale clearance than expected, coupled with a small impact from lower concessions and buyer broker commissions, which are reflected in revenue and direct selling costs, respectively.

Adjusted operating expenses totaled $90 million for the quarter, lower than our guidance of $105 million and down from $100 million in the second quarter of 2024.

This outperformance was due to a pullback in advertising spend, which was $15 million in the quarter, coupled with lower-than-expected fixed and variable expenses as we continue to exercise cost discipline throughout the business.

Finally, adjusted EBITDA loss was $38 million, significantly outperforming the high end of our guidance range due to contribution margin outperformance and ongoing cost discipline.

Turning to our balance sheet.

轉向我們的資產負債表。截至本季末，我們的總資本為 12 億美元，其中主要包括 8.37 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 2.18 億美元的股本。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 億美元的高級循環信貸安排和 40 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 23 億美元。正如嘉莉所提到的，雖然我們年初預計將在宏觀中性環境中運營，但我們看到房地產市場仍然面臨壓力。儘管由於聯準會預期降息，抵押貸款利率在本季跌至 2 年低點，但此後已反彈至 7% 以上。

We ended the quarter with $1.2 billion in total capital, which primarily includes $837 million in unrestricted cash and marketable securities and $218 million of equity invested in homes and related assets.

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

As Carrie mentioned, while we started the year off expecting to be operating in a macro-neutral environment, what we've witnessed as the housing market that remains under pressure.

While mortgage rates fell to 2-year lows during the quarter in response to anticipated rate cuts from the Fed, they have since rebounded to over 7%.

Homeowners remain locked in to existing low rate mortgages and buyer affordability constraints are still prominent.

房主仍受制於現有的低利率抵押貸款，買家承受能力的限制仍然很突出。這種動態已轉化為季節性調整後的年銷售速度低於 400 萬套房屋。作為回應，我們第三季的利差高於去年第三季的利差。這些行動給我們第四季度的收購帶來了壓力，我們預計收購數量將略高於 2,200 架。正如我們之前討論的，在第四季度和第一季度，房價季節性通常使我們能夠在報價中嵌入較低的價差，因為這些房屋將在春季銷售季節出售。

This dynamic has translated into a seasonally adjusted annual sales pace of under 4 million homes.

In response, our third quarter spreads were higher than those seen in the third quarter of last year.

These actions put pressure on our fourth quarter acquisitions, which we expect to be just north of 2,200.

As we've previously discussed, during the fourth and first quarters, home price seasonality generally enables us to embed lower spreads into our offers, given these homes will be sold into the spring selling season.

While spreads are higher than last year, they are coming down sequentially due to this dynamic.

雖然利差高於去年，但由於這種動態，利差正在逐年下降。我們將繼續以我們認為合適的價差收購房屋，因為我們管理業務的成長、利潤和風險，我們將回應市場訊號，包括由於利率降低而可能提高清盤率、退市率和 HPA。我們預計第四季營收將在 9.25 億美元至 9.75 億美元之間，貢獻利潤將在 1,500 萬美元至 2,500 萬美元之間，這意味著貢獻利潤率為 1.6% 至 2.6%。調整後的 EBITDA 損失在 7,000 萬至 6,000 萬美元之間。我們預計調整後的營運費用（我們將其定義為貢獻利潤與調整後的 EBITDA 之間的差值）約為 8,500 萬美元。

We will continue to acquire homes at spreads we believe are appropriate as we manage our business for growth, margin and risk and we will respond to market signals, including potential improvements in clearance rates, delisting rates and HPA as a result of rate reductions.

We expect fourth quarter revenue to be between $925 million and $975 million, contribution profit between $15 million and $25 million, which implies a contribution margin of 1.6% to 2.6%.

And adjusted EBITDA loss between $70 million and $60 million.

We expect adjusted operating expenses, which we define as the delta between contribution profit and adjusted EBITDA to be approximately $85 million.

Our fourth quarter contribution margin guidance reflects lower home price appreciation during the hold period due to the softer housing environment.

我們第四季的邊際貢獻指引反映了由於住房環境疲軟而導致持有期內房價升值下降。此外，由於收購速度較慢，導致轉售組合有利於較舊的、利潤率較低的房屋，而不是較新的、利潤率較高的房屋，因此利潤率面臨壓力。值得注意的是，我們的收入和利潤指引的中點意味著全年貢獻利潤率為 4.5%，僅比我們的年度目標利潤範圍低 50 個基點，同時在極其困難的房地產市場環境中運作。我們預計，我們今天宣布的裁員將帶來約 5,000 萬美元的年化節省，而我們 8 月宣布的 Mainstay 分離將帶來額外 3,500 萬美元的年化節省。該公司預計第四季度將產生總計約 1700 萬美元的重組費用，這些費用與我們減少人力和其他重組成本有關。

Additionally, margins are under pressure due to slower acquisition rates which lead to a resale mix that favors older, lower-margin homes over newer higher-margin homes.

To note, the midpoint of our revenue and margin guidance implies a full year contribution margin of 4.5%, just 50 basis points shy of our annual target margin range while operating in an incredibly difficult housing market environment.

We expect to see approximately $50 million in annualized savings from the reduction in force we announced today and an additional $35 million in annualized savings from the separation of Mainstay that we announced in August.

The company expects to incur a total of approximately $17 million in restructuring expenses in the fourth quarter related to our reduction in force and other restructuring costs.

We are pleased with our third quarter performance, and we'll continue to focus on the things we can control.

我們對第三季的業績感到滿意，我們將繼續專注於我們可以控制的事情。我們致力於盡可能有效率地經營，以便為客戶提供最具吸引力的優惠，同時增強我們的財務業績，以實現盈虧平衡的里程碑。我現在想將電話轉給接線員以開通提問線路。

We are committed to operating as efficiently as possible in order to offer the most attractive offers to our customers while also strengthening our financial performance in service of reaching our breakeven milestone.

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

(Operator Instructions)

（操作員說明）

Ygal Arounian, Citigroup.

Ygal Arounian，花旗集團。

I guess just first, taking kind of a big picture view of where we are in the housing market and the year where I think like you guys said well below where we expected rates have moved up again.

我想首先要對我們在房地產市場的狀況以及今年的情況有一個總體的了解，就像你們所說的那樣，利率再次上升，遠低於我們的預期。展望明年，至少我們今天所處的情況，看起來仍將是一個充滿挑戰的市場。

Looking into next year, which at least where we are today, it looks like it will continue to be a challenging market.

And then tying that to the $10 billion run rate, you guys have kind of that framework that you've laid out for getting to just net of breakeven, the reduction in force here.

然後將其與 100 億美元的運行率聯繫起來，你們已經制定了某種框架，以實現盈虧平衡，即這裡的力量減少。你能再告訴我們我們在哪裡嗎？怎樣才能達到收支平衡？您認為如果明年市場持續面臨挑戰，您是否會面臨這種風險？或是有更高的成本效率？如何思考我們今天所處的位置以及如何實現該目標？

Can you just lay out again where we are?

What it takes to get to breakeven?

Do you think this risk positions you if the market continues to be challenged next year?

Or is there more cost efficiencies?

Just how to think about where we are today and how we get to that target?

Ygal, it's Christy here.

Ygal，我是克里斯蒂。謝謝你的提問。我們繼續專注於實現正的調整後淨收入。我們今天採取的行動，以及上季宣布的 Mainstay 分拆，都是為了降低我們的成本結構，以更快地實現 ANI 損益平衡。

Thank you for the question.

We continue to remain focused on achieving positive adjusted net income.

The actions we've taken today, alongside the Mainstay separation announced last quarter, are in service of reducing our cost structure to reach ANI breakeven sooner.

That said, there's a number of factors that impact our ability to get to ANI positive, including the macro environment, our spreads, CM performance, et cetera.

也就是說，有許多因素會影響我們實現 ANI 為正值的能力，包括宏觀環境、我們的利差、CM 表現等。因此，雖然我們今天沒有提供框架的更新，但我們已經採取了有意義的步驟來降低成本結構，並且我們將繼續尋求其他效率。

And so while we are not giving an update on the framework today, we have taken meaningful steps to reduce our cost structure, and we'll continue to look for other efficiencies.

One thing I do want to note is that the actions we've taken today were primarily in our fixed cost structure and will not impair our ability to rescale the business.

我確實想指出的一件事是，我們今天採取的行動主要是在我們的固定成本結構中，不會損害我們重新調整業務規模的能力。當房地產市場轉變時，我們專注於發展業務，並且我們致力於以可持續的方式做到這一點。

We are focused on growing the business when the housing market turns, and we're intent on doing that in a sustainable way.

Okay.

好的。因此，作為後續行動，可能與框架和一般問題有關。輕資產產品，我知道它們還很早期，但是您能否分享您在那裡看到的更多內容？您如何考慮擴大這些規模以及步伐？隨著時間的推移，您期望這些或希望它們在整個業務中佔據多大的份額？

And so as a follow-up and probably related to the framework and just the general question.

The asset-light products, and I know they're early, but if you could just share a little bit more color on what you're seeing there?

How you think about expanding those and what pace?

And over time, how important or how big a piece of the overall business do you expect those or want those to be?

Ygal, it's Carrie.

伊加爾，是嘉莉。一些評論。其中之一是 Opendoor 的名單，現在是全國性的，並且表現符合我們的預期，甚至可能比我們預期的還要好。我們認為這很大程度上是我們核心細胞直接業務的增量。這是市場動盪的客戶。

A couple of comments.

One, the list of Opendoor, that's nationwide now, and is performing within our expectations, probably even better than that.

And we think it's incremental largely to our core cell direct business.

This is a customer who has market turmoil.

They want to make sure that they understand the full market value potential of their home.

他們希望確保了解房屋的全部市場價值潛力。他們仍然可以獲得現金報價的保證，但他們希望兩者兼得，我們可以透過上市產品來實現這一點。我們發現，當我們現在向他們提供兩種選擇時，我們現在稱之為以您的方式出售，您可以透過現金報價快速出售簡單的某些產品，您可以透過清單出售它。它的淨推薦值更高，轉換率更高，對我們的整體業務有增值作用。我們還有其他事情要做，以使其對客戶來說更加無縫和更加神奇。

They will still have the assurance of a cash offer, but they'd like to have both, and we can enable that through the listing product.

And what we're finding is when we present them now with 2 options, which we call now is like sell your way, you can sell simple certain fast via cash offer, you can sell it via listing.

It's higher Net Promoter Score, it's higher conversion, it's accretive to our overall business.

We've got other things to do to make it more seamless and more magical for the customer.

We're going to continue to work on that for the balance of the year.

我們將在今年剩下的時間裡繼續致力於此。這就是令我們感到鼓舞的清單。另一部分是市場。這實際上是及時的，因為這一周我們實際上從一個市場轉向本週在卡羅來納州推出，這很棒。這是因為我們繼續看到我們在達拉斯試驗的良好萌芽，即客戶對市場說「是」。

So that's the list, which we're encouraged by.

The other piece of it is marketplace.

This is actually timely because this is the week that we actually went from being in one market to launching this week in the Carolinas, which is great.

And that's because we continue to see pretty good green shoots for what we've been trialing in Dallas, which is customers saying yes to marketplace.

These are customers who would like to think about selling their home, but for whatever reason, cannot access the MLS in the traditional way, they are not list ready potentially, and we can provide them with alternative solutions.

這些客戶想要考慮出售房屋，但無論出於何種原因，無法以傳統方式存取 MLS，他們可能尚未準備好名單，我們可以為他們提供替代解決方案。因此，我們將繼續在市場上開展工作。我想說它現在還很小，但我們受到足夠的鼓勵，希望將其帶到其他市場並繼續努力。隨著時間的推移，目標是實現業務組合多元化，減少資本密集度。我們認為這是 2025 年我們將重點關注的兩個確實可靠的證據。

So we're going to continue to work on marketplace.

I would say it's very small right now, but we're encouraged enough to want to bring it to other markets and continue to work on it.

The goal over time is to diversify the mix of the business, to be less capital intensive.

And we think these are 2 really solid proof points that we're going to focus on in 2025.

Ryan Tomasello, KBW.

瑞安·托馬塞洛，KBW。

I appreciate the prepared remarks, Carrie, on NAR settlement and your approach there.

Carrie，我很欣賞您就 NAR 解決方案所準備的發言以及您的做法。我希望這能更多地說明 Opendoor 如何提供這些讓步，如果你採取全面的方法並在一定限度的買方代理佣金範圍內做出讓步。

I was hoping this to unpack that a bit more in terms of how Opendoor is approaching offering these concessions, if you're taking a blanket approach and making concessions up to a certain limit of buyer agent commission.

And then just looking at your direct selling costs, it looks like they came down pretty meaningfully about 50 bps of a decline from where they've been running.

然後只要看看你的直銷成本，看起來它們比之前的運行成本大幅下降了約 50 個基點。這本質上是我們應該將您視為迄今為止從較低佣金中看到的好處嗎？

Is that essentially what we should view as the benefit you've seen thus far from lower commissions?

Yes.

是的。瑞安，這是嘉莉。這是個好問題。有幾件事。因此，我們已經開始從支付一攬子買家經紀人佣金過渡到向買家提供優惠。

Ryan, it's Carrie.

That's a good question.

A couple of things.

So we have begun transitioning from paying a blanket buyer broker commission to offering concessions to buyers.

If you bring us the best offer we get, we're going to offer concessions.

如果您給我們最好的報價，我們將提供優惠。它不是公式化的，它可以變化。買家可以決定如何使用這些特許權資金，無論這些資金是在他們的口袋裡還是他們將用它來支付他們帶來交易的代理商費用。我們是不可知論者。我們只是想確保我們在轉售的基礎上為我們解決最好的結果。

It is not formulaic, it can vary.

And that buyer gets to decide how they want to deploy those concession dollars, whether that's in their pockets or they're going to use that to pay for the agent, they brought to the transaction.

We're agnostic.

We just want to make sure that we are solving for the best outcome for us on a resale basis.

So what you're seeing today for us right now is that the combination of buyer broker commission and what we're spending money on in terms of concessions.

因此，您今天看到的就是買方經紀人佣金和我們在優惠方面花錢的組合。這個數字比上一季略有下降。你還看不到這一切。你現在看到的是，你看到銷售成本從第二季到第三季大幅下降，我認為收入的 2.8% 下降到了收入的 2.4%。這就是我們看到的買方經紀人佣金的下降。

That has come down a little bit quarter-on-quarter.

You can't see all that yet.

What you are seeing right now is you're seeing selling costs come down meaningfully Q2 to Q3, I think it was like 2.8% of revenue down to 2.4% of revenue.

That is the decline we're seeing in buyer broker commission.

But the way buyer concession shows up, it's like an offset to revenue.

但從買家讓步的表現來看，這就像是收入的抵銷。所以今天你其實看不到這一點。因此，我們將不得不開始考慮這些成本的總額以及這些成本如何隨著時間的推移而變化，而且它們已經下降了一點。我認為現在畫一條直線還為時過早，說這是趨勢。我認為，隨著時間的推移，當我們有更多的證據時，例如我們已經兩個月了，它會變得更有意義，真的，對吧？

So you actually can't see that today.

So we're going to have to start to think about those costs in total and how those evolve over time, and they're down a smidge.

I think it's too early to draw a straight line, say this is the trend.

And I think if it gets more meaningful over time when we have more proof points like we're two months into this, really, right?

But if we have more proof points then we can provide you all with more transparency on how to think about those costs on a combined basis.

但如果我們有更多的證據，那麼我們就可以提供大家更多的透明度，讓大家了解如何綜合考慮這些成本。但到目前為止，我想說，可能會進行一些壓縮，它的可持續性如何。我認為系統中的每個人仍在試圖弄清楚代理商，包括消費者自己。

But so far, I'd say, some compression probably, how sustainable it is.

I think everyone in the system is still trying to figure this out agents, consumers ourselves included.

Got it.

知道了。就三角測量讓步及其出現位置而言，這是非常有用的顏色。然後，如果只堅持一般行業慣例，爭論似乎已經從佣金轉移到了其他 MLS 政策，例如明確的合作。所以我只是希望你能分享你的想法，關於吸引力的任何變化或明確合作的回滾如何影響Opendoor 的故事和價值主張，我想，換句話說，MLS 在上市方面的堡壘較弱的行業會如何影響Opendoor 的故事和價值主張？

That's super helpful color in terms of triangulating the concessions and where that shows up.

And then sticking with just general industry practices, it seems like the debate has shifted to the next thing away from commissions into other MLS policies like clear cooperation.

So I was just hoping you can share your thoughts around how any changes there of appeal or rollback of clear cooperation plays into the Opendoor story and value proposition I guess, said another way, would an industry where the MLS has a weaker stronghold on listings to be a net positive or a negative for your business over the long run?

And I guess I would say at a high level is like anything that is consumer first is something we're aligned with.

我想我會說，從高層次來看，就像任何消費者至上的事情都是我們所認同的。我的意思是，這就是我們所建立的精神和我們所代表的精神。如果你考慮最高層的明確合作，那就是透過 MLS 為人們提供完全的存取可用性和透明度，就像我們都支持這一點一樣。顯然，這對我們的業務也有好處。同時，還有進化的空間，因為有些人不適合 MLS。因此，就傳統系統中正在發生的創新而言，我們也贊成這一點。所以最終，我們將與消費者的選擇保持一致。我們看到了 MLS 應該以當前形式存在的許多原因。除此之外，可能還有其他對消費者有利的事情，他們會支持。

I mean that's sort of the ethos of what we've built and what we stand for.

And if you think about clear cooperation at the highest level, it's about giving people full access availability and transparency through the MLS and like we're all for that.

Obviously, that's good for our business, too.

And at the same time, there is room for evolution because there are people for whom the MLS doesn't work.

And so to the extent that there's innovation that's happening in the traditional system, we're in favor of that too.

So ultimately, we're going to align with consumer choice.

We see a lot of reasons why MLS should exist in their current form.

There could be other things that stand up alongside that, that are good for consumers that will be supportive of.

(Operator Instructions)

（操作員說明）

Nick McAndrew, Zelman & Associates.

尼克·麥克安德魯，Zelman & Associates。

Carrie, you might have mentioned this briefly, but just on the continued rollout of list with Opendoor going from 17 markets at the beginning of the year to nearly all of them.

Carrie，您可能已經簡單地提到過這一點，但只是在 Opendoor 不斷推出的名單中，從年初的 17 個市場增加到幾乎所有市場。您可以根據選擇使用 Opendoor 清單的賣家類型添加任何內容。我只是好奇是否有特定的人口統計或客戶群對該選項的參與度高於傳統的現金報價模式？

Anything you can add in terms of the type of sellers that are choosing to use list with Opendoor.

I'm just curious if there are particular demographics or customer segments that are showing higher engagement with that option versus, say, the traditional cash offer model?

No, in terms of like there's not a unique demographic I can point to and say it's this but not this and distinct from what we engage with today in our core selling Sell Direct offer, which is a pretty broad swath of home sellers like across the entire demo, which you'd expect to see in the United States.

不，就好像沒有一個獨特的人群而言，我可以指出並說是這個，但不是這個，並且與我們今天在核心銷售直接銷售優惠中所參與的內容不同，這是一個相當廣泛的房屋賣家，例如整個整個演示，您希望在美國看到。確實如此，但你們中的一些人喜歡這樣的保證：他們確切地知道何時可以出售，但也想測試他們的房屋在市場上的價值。

It's really -- but some of you love the assurance that they know exactly when they can sell, but also wants to test their value of their home on the market.

And this gives them a 30-day window to do that.

這給了他們 30 天的時間來做到這一點。如果出於某種原因，他們有一些時間壓力或需要滿足的時間，他們可以在一定的時間窗口內依靠該提議。但如果他們想要繼續列出它，我們很高興讓他們也這樣做，並且在他們身邊有一個安全網。所以在演示方面沒有什麼真正不同的。

And if for whatever reason, they have some time pressures or a time that they need to meet, they can fall back on that offer with a certain window of time.

But to the extent that they want to go ahead and list it, we're happy to have them do that, too, and just have that safety net alongside them.

So nothing really distinct in terms of demo.

Got it.

知道了。這很有幫助。然後只是好奇——所以我知道品牌知名度和漏斗頂端成長一直是過去的關鍵焦點。透過利用合作夥伴管道，將行銷資金更多地轉向品牌媒體，您可以添加任何顏色嗎？您是否發現較成熟的市場與較新的市場之間的轉換率有任何差異？

That's helpful.

And then just curious to -- so I know brand awareness and top of funnel growth have been key focus points in the past.

And any color you can add just on what you're seeing from shifting marketing dollars more toward brand media, leveraging partnership channels?

And if you're seeing any differences in conversion rates between maybe more mature markets versus newer ones?

Yes.

是的。我的意思是，我想說的是，我們將繼續在行銷方面進行投資，因為正如您所說，我們發現，提高我們的品牌知名度，提高信任度，提高轉換率。因此，在那些我們有更多時間和意識的市場中，我們自然會在同類基礎上進行更高的轉換。因此，我們將繼續投資於品牌。

I mean I'd say at a high level, we're going to continue to invest in marketing because exactly what you said, which is like we have found that driving higher brand awareness for us, drives higher trust and that drives higher conversion.

So in those markets where we have more time and awareness, we just naturally convert higher on a like-for-like basis.

And so we're going to continue to invest in brand.

Trying what else I can tell you that would be helpful.

嘗試我能告訴你的其他事情會有幫助。我想說，在第三季度，我們根據利差情況稍微縮減了行銷支出。我認為在第四季度，當我們考慮進入春季銷售季節時，我們將尋求機會主義投資，但我們將繼續推進品牌，因為我們認為這只是為我們提升所有船隻的上漲浪潮。

I would say in Q3, we pulled back a little bit on our marketing spend just in light of where spreads were.

I think in Q4, we'll look to invest opportunistically as we think about leaning into the spring selling season, but we're going to continue to drive into brand because we think it's just a rising tide to lift all boats for us.

And I'm showing no further questions at this time.

目前我不會再提出任何問題。我想將電話轉回給凱莉·惠勒 (Carrie Wheeler) 作結束語。

I'd like to hand the call back over to Carrie Wheeler for closing remarks.

Great.

偉大的。謝謝，接線生。謝謝大家本季的時間。我們一如既往地感謝您提出的問題，並期待在第四季度與您交談。

Thanks, operator.

Thanks, everyone, for your time this quarter.

We appreciate the questions as always, and we look forward to speaking to you in Q4.

This concludes today's conference call.

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。

Thank you for your participation.

You may now disconnect.