Opendoor Technologies Inc (OPEN) 2024 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Opendoor Technologies Fourth Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Opendoor Technologies 2024 年第四季財報電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將有問答環節。（操作員指示）請注意，今天的會議正在錄音。

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

現在，我想將會議交給今天的發言人、投資者關係部金伯利·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. Before we start, I would like to remind you the following discussion contains forward-looking statements within the meaning of the federal securities laws.

謝謝，下午好。我們的績效詳情及額外的管理評論可在我們的收益報告和股東信中找到，您也可以在我們網站的投資者關係部分（網址為 investor.opendoor.com）找到。請注意，本次電話會議將在公司網站的投資者關係欄位同步網路直播。在我們開始之前，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。

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

除歷史事實陳述以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、市場機會以及未來運營的擴張和管理目標的陳述。

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 can 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 31st, 2024, as updated by our periodic reports filed after that 10-K.

這些聲明既不是承諾也不是保證，不應過度依賴它們。此類前瞻性陳述涉及風險和不確定性，可能導致實際結果與此處討論的結果有重大差異。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 2024 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. The following discussion contains references to certain non-GAAP financial measures.

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，除非法律另有規定。以下討論包含對某些非 GAAP 財務指標的引用。

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

該公司認為，這些非公認會計準則財務指標對投資人有用，可以作為評估公司財務表現的補充營運指標。有關這些非 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, everyone. Thanks for joining us today. With me today is Selim Freiha, our Chief Financial Officer. At Opendoor, we're on a mission to reinvent the US residential real estate industry, and in 2024 we took decisive steps to simplify our business, sharpen our focus, and drive towards sustainable, profitable growth.

大家下午好。感謝您今天加入我們。今天和我一起的是我們的財務長 Selim Freiha。在 Opendoor，我們的使命是重塑美國住宅房地產行業，並於 2024 年採取果斷措施簡化業務、集中精力並推動實現可持續的盈利增長。

Early in the year, we saw strong home acquisition momentum, but as macro signals pointed to potential instability in late Q2, we acted swiftly, adjusting our pricing to manage risk and maintain healthy unit economics. At the same time, we took proactive steps to strengthen our operations.

今年年初，我們看到了強勁的房屋購買勢頭，但由於宏觀信號指向第二季度末可能出現不穩定，我們迅速採取行動，調整定價以管理風險並保持健康的單位經濟。同時，我們採取積極措施加強我們的營運。

In Q3, we completed the separation of Mainstay, and in Q4, we launched a cost efficiency program and a workforce reduction to align our structure with our profitability goals. Despite persistent macro headwinds, we executed with discipline.

在第三季度，我們完成了 Mainstay 的分離，並在第四季度啟動了成本效率計劃並進行裁員，以使我們的結構與盈利目標保持一致。儘管宏觀環境持續面臨不利因素，我們仍嚴格執行任務。

In 2024, we purchased 30% more homes than in 2023. We improved contribution margin to 4.7%, up from negative 3.7% the year before, and we significantly reduced our adjusted net losses. As we enter 2025, we're seeing a slower start to the spring selling season with additional macro pressures compared to last year.

2024 年，我們購買的房屋比 2023 年多 30%。我們將貢獻利潤率從上年的負3.7%提高到4.7%，並且大幅減少了調整後的淨虧損。進入 2025 年，我們發現春季銷售季節的起步比去年同期放緩，並且宏觀壓力也更大。

On the supply side, clearance rates, meaning how quickly homes go under contract, are pacing 25% lower than last year. New listings are holding steady, but active listings are up nearly 20%, signaling a slowing market.

在供應方面，清盤率（即房屋簽約的速度）比去年下降了 25％。新房源數量保持穩定，但活躍房源數量增加近 20%，顯示市場正在放緩。

On the demand side, visits to new listings are down 20% to 25% while delistings are up over 30%, hitting decade highs as more sellers exit the market. And with little near-term rate relief in sight, the lock-in effect of low mortgage rates for sellers and affordability challenges for buyers will persist.

在需求方面，由於更多賣家退出市場，新房源的訪問量下降了 20% 至 25%，而退市量則上升了 30% 以上，創下了十年來的新高。而且，由於短期內利率下調的前景不樂觀，低抵押貸款利率對賣家的鎖定效應和買家面臨的負擔能力挑戰將持續存在。

Given these dynamics, we are refining our approach further, optimizing contribution profit dollars, exploring new revenue opportunities, and ensuring Opendoor is positioned to drive long-term value. Our commitment is clear, profitable, sustainable growth, and there are four key areas where we're focused on improving our cash offer business.

鑑於這些動態，我們正在進一步改進我們的方法，優化貢獻利潤，探索新的收入機會，並確保 Opendoor 能夠推動長期價值。我們的承諾是明確的、有利可圖的、可持續的成長，並且我們專注於四個關鍵領域來改善我們的現金報價業務。

First, we are setting spreads to optimize for contribution margin. Given the continued depressed housing backdrop and a particularly slow start to the spring selling season, we began increasing spreads in January to manage risk.

首先，我們設定利差來優化貢獻利潤。鑑於房地產市場持續低迷以及春季銷售旺季開局尤為緩慢，我們從一月份開始增加利差以管理風險。

As has always been the case, we will monitor key macro indicators and make prudent adjustments to spreads with a bias towards optimizing for contribution margin. Second, we are enhancing the customer experience. A better experience drives higher conversion.

與往常一樣，我們將監控關鍵的宏觀指標，審慎調整利差，以優化貢獻利潤率。第二，我們正在提升客戶體驗。更好的體驗可以帶來更高的轉換率。

We've enhanced our pricing models, improving price segmentation and market level spread accuracy so that we can better differentiate spreads across price points and expand our conversion. This has allowed us to drive improvements in conversion at like-for-like spreads.

我們改進了定價模型，提高了價格細分和市場水平價差的準確性，以便我們能夠更好地區分不同價格點的價差並擴大轉換。這使我們能夠在同類價差中提高轉換率。

Additionally, we know that many sellers come to Opendoor, get an offer, and then wait before making a decision. In fact, over 70% of our 2024 acquisitions came from sellers who declined their first offer, but later accepted a refresh one. This year we're strengthening our reengagement strategy so when sellers are ready, Opendoor's top of mind.

此外，我們知道許多賣家來到 Opendoor，獲得報價，然後等待再做出決定。事實上，我們 2024 年的收購中超過 70% 的房屋來自那些拒絕了第一次報價但後來接受了更新報價的賣家。今年，我們正在加強我們的重新參與策略，因此當賣家做好準備時，Opendoor 是首要考慮因素。

Third, we are better aligning our marketing strategy to seasonal buying and selling patterns. We'll focus our marketing efforts to more closely align with when our spreads tend to be lower and when Opendoor's value proposition for customers is even greater. This will result in increased acquisitions in Q4 and Q1 and will position us to sell those homes in the spring and summer selling seasons when buying demand typically peaks.

第三，我們正在更好地調整我們的行銷策略以適應季節性的買賣模式。我們將集中我們的行銷努力來更緊密地適應我們的利差趨於較低和 Opendoor 為客戶提供的價值主張更大的時期。這將導致第四季度和第一季的收購量增加，並使我們能夠在購買需求通常達到高峰的春季和夏季銷售季節出售這些房屋。

In Q2 and Q3, we expect to scale back marketing spend and, in turn, acquisitions since homes acquired in those quarters will be sold into a lower demand environment and recognize lower price appreciation over the holding period. This strategy aligns our marketing spend to how our spreads change throughout the year and allows us to benefit from seasonal price swings and maximize the value of every transaction.

在第二季和第三季度，我們預計將縮減行銷支出，從而減少收購，因為在這些季度購買的房屋將在需求較低的環境中出售，並且在持有期間價格升值幅度較低。這項策略使我們的行銷支出與全年的價差變化保持一致，並使我們能夠從季節性價格波動中獲益，並最大化每筆交易的價值。

And fourth, we're continuing to operate with greater discipline. We enter 2025 as a leaner, more efficient organization and will continue to drive efficiencies throughout the year. Beyond improving and expanding our cash offer business, we're also focused on expanding our offerings to serve even more sellers and unlock new revenue opportunities.

第四，我們將繼續以更嚴格的紀律開展工作。我們將以更精簡、更有效率的組織姿態邁入 2025 年，並​​將在全年持續提高效率。除了改善和擴大我們的現金報價業務之外，我們還致力於擴大我們的服務範圍，以服務更多的賣家並發掘新的收入機會。

We are growing List with Opendoor and our Marketplace. In 2024, we expanded List with Opendoor to nearly all of our markets, and we launched Marketplace in Charlotte and Raleigh. These products give more sellers more choices.

我們正在透過 Opendoor 和我們的市場擴大清單。2024 年，我們將 List with Opendoor 擴展到幾乎所有市場，並在夏洛特和羅利推出了 Marketplace。這些產品給予了更多賣家更多的選擇。

In 2025, we'll continue expanding them, ensuring sellers can choose the option that best fits their needs. We're also helping more sellers who are outside of our buy box. Many high-intent sellers visit our site every day, even if their homes don't fit within our buy box. We see a significant opportunity to connect these sellers with agents helping them successfully transact while creating new revenue streams for Opendoor.

2025 年，我們將繼續擴大這些範圍，確保賣家能夠選擇最適合自己需求的選項。我們也在幫助更多不在我們的購買框內的賣家。每天都有許多有意願的賣家造訪我們的網站，即使他們的房子不適合我們的購買框。我們看到了一個巨大的機會，將這些賣家與代理商聯繫起來，幫助他們成功完成交易，同時為 Opendoor 創造新的收入來源。

At Opendoor, we're driven by our mission, transforming the real estate experience by making it seamless, convenient, and certain for sellers and buyers. Our customers continue to reinforce the value of our platform every day, and as we move forward, our focus remains the same building a profitable, sustainable business that delivers innovative solutions for sellers, buyers, and agents alike.

在 Opendoor，我們以使命為動力，透過為賣家和買家提供無縫、便利和確定的房地產體驗來改變房地產體驗。我們的客戶每天都在不斷強化我們平台的價值，隨著我們不斷前進，我們的重點始終如一：打造一個盈利的、可持續發展的業務，為賣家、買家和代理商提供創新的解決方案。

And with that, I'll turn it over to Selim for the financial overview.

接下來，我將把財務概覽交給 Selim。

Thank you, Carrie. In the fourth quarter, we exceeded the high end of our outlook for acquisitions, revenue, contribution margin, and adjusted EBITDA. We delivered $1.1 billion of revenue in the fourth quarter, up 25% versus the same quarter in 2023, representing 2,822 homes sold. Revenue for the full year was $5.2 billion compared to $6.9 billion in 2023, due primarily to a lower starting inventory balance entering 2024.

謝謝你，嘉莉。在第四季度，我們的收購、收入、貢獻利潤率和調整後 EBITDA 均超出了預期的高端。我們在第四季度實現了 11 億美元的收入，比 2023 年同期成長 25%，售出 2,822 套房屋。全年營收為 52 億美元，而 2023 年為 69 億美元，主要歸因於 2024 年初庫存餘額較低。

On the acquisition side, we purchased 2,951 homes in the fourth quarter compared to 3,683 in the same quarter last year as spread levels remain elevated. However, we were able to accelerate our pace of acquisition as we moved through the quarter as we saw improvements in conversion at given spread levels. These conversion gains were enabled by enhancements to our product flow and improvements to our pricing models. For the full year, we acquired 14,684 homes, up 31% versus 2023.

在收購方面，我們在第四季度購買了 2,951 套房屋，而去年同期為 3,683 套，利差水準仍然較高。然而，隨著我們在本季看到給定利差水準下的轉換率有所提高，我們能夠加快收購步伐。這些轉換率的提高得益於我們產品流程的增強和定價模型的改進。全年我們收購了 14,684 套房屋，較 2023 年成長 31%。

Contribution profit was $38 million in the fourth quarter versus $30 million in Q4 2023, representing a contribution margin of 3.5%. For the full year, contribution profit improved by $0.5 billion to $242 million, versus a loss of $258 million in 2023. And for the full year, contribution margin was 4.7% versus negative 3.7% in 2023 and just shy of our annual target margin range of 5% to 7%.

第四季的貢獻利潤為 3,800 萬美元，而 2023 年第四季的貢獻利潤為 3,000 萬美元，貢獻利潤率為 3.5%。就全年而言，貢獻利潤增加了 5 億美元，達到 2.42 億美元，而 2023 年的虧損為 2.58 億美元。就全年而言，貢獻利潤率為 4.7%，而 2023 年為-3.7%，略低於我們 5% 至 7% 的年度目標利潤率範圍。

Adjusted EBITDA loss was $49 million in the fourth quarter, representing a $20 million year-over-year improvement. For the full year, our adjusted EBITDA loss was $142 million, versus a loss of $627 million in 2023. This improvement in adjusted EBITDA losses was primarily driven by improved contribution profit and better expense management.

第四季調整後 EBITDA 虧損為 4,900 萬美元，較去年同期減少 2,000 萬美元。全年而言，我們的調整後 EBITDA 虧損為 1.42 億美元，而 2023 年的虧損為 6.27 億美元。調整後 EBITDA 損失的改善主要得益於貢獻利潤的提高和費用管理的改善。

Turning to our balance sheet, we ended the year with 6,417 homes, representing $2.2 billion in net inventory, up 22% from the prior year. We also had $1.1 billion in total capital, which includes $679 million in unrestricted cash and marketable securities and $306 million of equity invested in homes and related assets net of inventory valuation adjustments.

回顧我們的資產負債表，截至今年年底，我們共有 6,417 套房屋，淨庫存為 22 億美元，比上一年增長 22%。我們還擁有 11 億美元的總資本，其中包括 6.79 億美元的無限制現金和有價證券以及 3.06 億美元的投資於房屋和相關資產的股權（扣除庫存估價調整）。

We also had $6.9 billion in nonrecourse asset-backed borrowing capacity composed of $3 billion of senior revolving credit facilities and $3.9 billion of senior and mezzanine term debt facilities, of which total committed borrowing capacity was $2.2 billion. In early 2025, we strengthened our capital position by amending and extending the term of certain debt facilities.

我們還擁有 69 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 39 億美元的高級及夾層定期債務額度，其中總承諾借款能力為 22 億美元。2025 年初，我們透過修改和延長某些債務期限來加強我們的資本狀況。

We have successfully renewed three revolving credit facilities and one term debt facility at consistent or improved credit spreads, while both of our mezzanine facilities were extended through 2027. The successful extension of these credit facilities is a testament to the ongoing support and confidence of our capital partners and positions us well to continue executing on our business plans.

我們已成功續簽三筆循環信貸額度和一筆定期債務額度，信貸利差保持穩定或有所改善，而我們的兩項夾層信貸額度均已延長至 2027 年。這些信貸安排的成功延長證明了我們的資本合作夥伴的持續支持和信心，並使我們能夠繼續執行我們的業務計劃。

As we enter 2025, we are focused on ensuring attractive unit economics in our cash offer business, operating with strong cost discipline, and making progress on our path to profitability. The macro real estate environment has been marked by higher interest rates for buyers and entrenched homeowners with existing low-rate mortgages who remain on the sidelines. While many of the changes and programs we are putting in place are helping to counter some of these pressures, we anticipate that these headwinds will continue to impact our performance in the near-term.

進入 2025 年，我們專注於確保現金報價業務具有吸引力單位經濟效益，嚴格控製成本，在盈利的道路上取得進展。宏觀房地產環境的特點是，對於買家和持有低利率抵押貸款但仍然持觀望態度的老房主來說，利率上升。雖然我們正在實施的許多變革和計劃有助於應對其中的一些壓力，但我們預計這些不利因素將在短期內繼續影響我們的業績。

Our outlook expectations for the first quarter of 2025 include the following. Revenue is expected to be between $1 billion and $1.075 billion, contribution profit between $40 million and $50 million, which implies a contribution margin of 4% to 4.7%, adjusted EBITDA loss between $40 million and $50 million, adjusted operating expenses of approximately $90 million and non-cash stock-based compensation expense between $13 million and $15 million, which represents a decline of over 50% year over year.

我們對 2025 年第一季的展望包括以下內容。預計收入在 10 億美元至 10.75 億美元之間，貢獻利潤在 4,000 萬美元至 5,000 萬美元之間，這意味著貢獻利潤率為 4% 至 4.7%，調整後的 EBITDA 虧損在 4,000 萬美元至 5,000 萬美元之間，調整後的現金費用約為 10 萬美元，100 萬美元的平均營運費用萬美元之間，較去年同期下降超過 50%。

We expect home acquisitions of over 3,500 in the first quarter, up slightly year-over-year. Normalizing for bulk purchases we made in the first quarter of last year that are not expected to repeat this year, acquisition growth would be up over 10% year-over-year.

我們預計第一季房屋購買量將超過 3,500 套，較去年同期略有成長。由於我們去年第一季進行了大宗採購，預計今年不會再出現此類採購，因此採購量將年增超過 10%。

As Carrie mentioned, we are evolving our home acquisition strategy to enable us to concentrate our selling activity in the spring and summer selling season when buyer demand and home price appreciation are higher. This will also result in fewer homes acquired in the middle of the year relative to Q1 and Q4.

正如 Carrie 所說，我們正在改進我們的房屋收購策略，以便我們能夠將銷售活動集中在春季和夏季銷售季節，因為此時買家需求和房價升值較高。這也將導致年中購屋數量相對於第一季和第四季有所減少。

Additionally, while we continue to believe that 5% to 7% is an appropriate annual contribution margin for our business, our margin will fluctuate from quarter-to-quarter driven by seasonality and other factors. Our strategy for this year is to continue to enhance our pricing effectiveness, improve our customer experience and offerings, and drive efficiencies that we expect will meaningfully improve our adjusted net losses on a year-over-year basis.

此外，雖然我們仍然認為 5% 到 7% 是我們業務合適的年度貢獻利潤率，但我們的利潤率會因季節性和其他因素而逐季度波動。我們今年的策略是繼續提高定價效力、改善客戶體驗和產品並提高效率，我們預計這將顯著改善我們調整後的淨虧損。

Longer term, we are focused on implementing the strategy that Carrie discussed, building on our platform to position Opendoor to achieve profitable growth amidst varying real estate backdrops.

從長遠來看，我們專注於實施 Carrie 所討論的策略，在我們的平台基礎上，使 Opendoor 在不同的房地產背景下實現盈利增長。

With that, I will ask the operator to open the line for questions.

說完這些，我將請接線生開通熱線回答問題。

(Operator Instructions)

（操作員指令）

Dae Lee with JPMorgan

摩根大通的 Dae Lee

Great. Thanks for taking my questions. I have two, first one for you, Selim. Could you elaborate a bit more on your cost savings and cost efficiency opportunities? And I guess with the housing market being depressed for more than two years now, could you talk about how you're thinking about balancing the need to achieve profitability at current housing levels versus maintaining operational scale? Then secondly could you give us an update on what you're seeing from Marketplace in Charlotte and Raleigh that gives you confidence to expand the offering more broadly? Thank you.

偉大的。感謝您回答我的問題。我有兩個，第一個是給你的，塞利姆。能否詳細說明您的成本節約和成本效率機會？我想，由於房地產市場已經低迷兩年多了，您能否談談您如何考慮在當前住房水平下實現盈利的需求與保持運營規模之間取得平衡？其次，您能否向我們介紹夏洛特和羅利市場的最新情況，以使您有信心更廣泛地擴大產品範圍？謝謝。

Yes, Dae, I'll take your question on operating costs. Look, we've taken significant action in the latter half of the year to reduce our overall fixed cost base. We've talked about it before. We executed the disposition of Mainstay as well as did a RIF and implemented other cost savings initiatives. And what we said at the time that we did that, that we expected that to deliver $85 million worth of cost savings. And as we look towards '25, we'll continue to look for areas of efficiency within the business and how to operate more effectively and drive further cost savings as we progress throughout the year. Looking at it from a longer-term perspective, I would say that you know in this environment, we are optimizing for contribution profit and working to significantly reduce our losses, which we have done in 2024, down $500 million year-over-year, and we expect again to materially reduce our losses in 2025. That will be driven in part by improved contribution profit or contribution margin as well as the full year impact of the cost-efficiency programs that we put into place. And in terms of how we think about scale over time, we believe we have rightsized and will continue to rightsize the business for the scale we're operating at today from a fixed cost perspective, but also feel like we can at our current fixed cost levels, we think we can support a higher level of growth in the medium term, should that come to pass. Don't feel like we need to scale those costs back up within reason, but it's all dependent on you know the growth outlook for the business over the long-term.

是的，Dae，我會回答你關於營運成本的問題。你看，我們在今年下半年採取了重大措施來降低我們的整體固定成本基礎。我們之前已經討論過它了。我們執行了 Mainstay 的處置，進行了 RIF 並實施了其他成本節約措施。我們當時說過，我們預計此舉將節省 8,500 萬美元的成本。展望25年，我們將繼續尋找業務中的高效領域，以及如何更有效地運營，並在全年進步過程中進一步節省成本。從長遠來看，我想說，在這種環境下，我們正在優化貢獻利潤並努力大幅減少我們的損失，我們在 2024 年已經做到了這一點，同比減少了 5 億美元，我們預計 2025 年將再次大幅減少我們的損失。這在一定程度上得益於貢獻利潤或貢獻利潤率的提高，以及我們實施的成本效率計劃對全年的影響。至於我們如何看待長期規模，我們認為從固定成本的角度看，我們已經並將繼續根據目前運營的規模調整業務規模，但我們也覺得，在目前的固定成本水平下，我們可以在中期內支持更高水平的增長，如果這種情況發生的話。我們不需要在合理範圍內減少這些成本，但這完全取決於業務的長期成長前景。

Hey, Dae. It's Carrie. I'll take the Marketplace question per your comments. So we have been in Texas, mostly Dallas, for quite some time and we recently expanded into last year to Raleigh and Charlotte. And reason being twofold. One customers saying yes to trial Marketplace, high take rate on that to people opting into the product, and then a pretty good clearance rate into Marketplace, notwithstanding the fact that just you know we have a lot less visibility than you would have for that home on MLS. What we think we're creating in Marketplace is a different kind of seller who has some aspirations to sell certainly, but is shy of wanting to put their home on the MLS. Oftentimes, because of home condition, it's not list-ready. But they want to trial something, and they can always fall back to the cash offer, but they don't want to expose themselves to the taint of days on market and all that. And they're just not in a position to do that. In this market, having those kinds of homes available to buyers, given affordability pressures, is something we're still focused on pursuing, and so we'll continue to iterate and test in a very measured investment way in the three markets we've got.

嘿，Dae。是嘉莉。我將根據您的評論回答市場問題。我們已經在德克薩斯州（主要是達拉斯）待了很長一段時間，去年我們擴展到了羅利和夏洛特。原因有兩點。一位客戶同意試用 Marketplace，對於選擇該產品的人來說，接受率很高，然後 Marketplace 的清算率也相當不錯，儘管你知道我們在 MLS 上對那套房子的了解程度要低得多。我們認為，我們在市場上創造的是一種不同的賣家，他們確實有出售房屋的願望，但又不願將自己的房子放到 MLS 上。很多時候，由於家庭條件的原因，它還沒有準備好列入清單。但他們想要嘗試一些東西，而且他們總是可以退回到現金報價，但他們不想讓自己暴露在市場上的污點和所有這些之中。但他們沒有能力做到這一點。在這個市場中，考慮到負擔能力的壓力，讓買家能夠買到這類房屋是我們仍然致力於追求的目標，因此我們將繼續在我們現有的三個市場以非常有節制的投資方式進行迭代和測試。

Got it. Thank you.

知道了。謝謝。

Ygal Arounian with Citigroup

花旗集團的 Ygal Arounian

Hey, guys. Good afternoon. I'll ask about the other third-party products just the List with Opendoor and what you're seeing since you've expanded that into all of your markets and what the opportunity you think might be on these products, moving them outside of your buy box. And there's, I guess, a good amount of debt that's you know coming due in '25 and '26. And just as that starts to play out, how you think about the current interest rate environment, capital needs, liquidity, and what your approach is going to be there? Thank you.

嘿，大家好。午安.我會詢問有關其他第三方產品（例如 Opendoor 的 List）的情況，以及自從您將其擴展到所有市場以來您看到的情況，以及您認為這些產品可能存在哪些機會，可以將它們移出您的購買框。我想，有大量債務將在 25 年和 26 年到期。當這一切開始發揮作用時，您如何看待當前的利率環境、資本需求、流動性，以及您將採取什麼措施？謝謝。

Sure. Hey, Ygal. It's Carrie. Let me touch base really quickly on List with Opendoor. I'll hand it over to Selim to talk about balance sheet. So List with Opendoor, just as a reminder, that's letting someone access the market, test it, with the certainty of like Opendoor cash offer for a finite period of time. In all markets towards the end of last year, so still relatively small for us in terms of overall percentage of revenue. In this environment, given where we are with spreads and just what we feel as it continues to be a soft macro, it will be something we will lean more into in 2025. Selim?

當然。嘿，伊加爾。是嘉莉。讓我快速地與 Opendoor 聯繫一下 List 的情況。我將把話題交給塞利姆 (Selim) 來討論資產負債表。因此，Opendoor 的清單只是提醒一下，它允許某人進入市場並對其進行測試，並且可以在有限的時間內確定 Opendoor 的現金報價。截至去年年底，所有市場在我們整體收入中所佔的比例仍然相對較小。在這種環境下，考慮到我們所處的利差狀況，以及我們認為宏觀經濟將繼續走軟，我們將在 2025 年更加傾向此。塞利姆？

Yes, on the balance sheet. Look, we've planned to significantly reduce losses year-over-year, as we've indicated, and we feel good about our overall liquidity position. In regards to our facilities, entering this year, we have recently amended or extended more than half of our facilities, increasing our borrowing capacity at similar or better credit spreads. And over 90% of our 8 billion of available borrowing capacity is now extended through at least 2026. We've done this in and amongst a difficult market environment, which demonstrates solid credit performance, financability of our assets, and the steady commitment of our long-term lending partners. We currently have $1.1 billion in capital, and while we don't comment on future capital transactions, with regards to our converts, they don't mature until August of 2026. That's a year and a half out from now. And we're constantly evaluating our capital structure and opportunistically assessing the market for ways to support our balance sheet. But overall we feel good about where we are right now.

是的，在資產負債表上。你看，正如我們所指出的，我們計劃大幅減少同比損失，我們對我們的整體流動性狀況感到滿意。關於我們的融資安排，進入今年，我們最近修改或延長了一半以上的融資安排，以相似或更好的信用利差提高了我們的借貸能力。在我們 80 億美元的可用借貸能力中，90% 以上現已延長至至少 2026 年。我們在艱難的市場環境中做到了這一點，證明了我們穩健的信貸表現、資產的融資能力以及長期貸款合作夥伴的堅定承諾。我們目前擁有 11 億美元的資本，雖然我們不對未來的資本交易發表評論，但就我們的轉換而言，它們要到 2026 年 8 月才會到期。那還是從現在起一年半的事了。我們不斷評估我們的資本結構，並抓住機會評估市場，尋找支持我們資產負債表的方法。但總體而言，我們對目前的狀況感到滿意。

Okay. And maybe if I could ask one more follow-up just bigger picture. As we all know the market continues to be challenging and you're rightsizing for the current market environment, but with hopes that one day this starts to improve. How are you balancing, maybe the way you thought about the previous buy box in the markets you were operating in and how you approach expansion and then opportunity? Meaning would the target be to kind of go after the same addressable market? Does it -- do you narrow it down to regions and areas where you can get better contribution margins? Does that approach change at all? Have you thought about that or are you just kind of busy working through what's been this real challenging market right now? Thank you.

好的。也許我可以再問一個更大的問題。眾所周知，市場持續面臨挑戰，您正在根據當前的市場環境進行調整，但希望有一天這種情況會開始改善。您是如何取得平衡的？ 也許是您對先前經營的市場中的購買方塊的看法，以及您如何進行擴張和把握機會？這意味著目標是否都是追逐同一個目標市場？您是否會將範圍縮小到可以獲得更好貢獻利潤的地區和區域？這種方法有改變嗎？您是否考慮過這個問題，還是您只是在忙於解決當前這個真正充滿挑戰的市場？謝謝。

Yes, let me take that, Ygal. I mean I would say we haven't pulled back on all the buy box expansion we've made, whether it's geographically or price point. What we have done is gotten a lot better at price segmentation and how we adjust for the right spread for the right home at the right time. So one of the things we talked about in the Shareholder Letter is we've had meaningful gains on a spread adjusted basis in conversion. And so what we'll continue to challenge our team to and make improvements is like let's get better at pricing that home. And if certain segments are challenging, Florida condos for example, we're going to be really wide and discriminating on our pricing in turn. But we have not, we're not retrenching from our buy box today. Does that answer your question?

是的，讓我來接受它，伊加爾。我的意思是，我們會說我們並沒有放棄已經做出的所有購買框擴展，無論是從地域還是價格角度而言。我們所做的是在價格細分方面取得了很大的進步，並且知道如何在合適的時間為合適的房屋調整合適的價差。因此，我們在致股東信中談到的一件事是，我們在轉換過程中根據利差調整獲得了有意義的利益。因此，我們將繼續挑戰我們的團隊並做出改進，讓我們更好地為房屋定價。如果某些細分市場具有挑戰性，例如佛羅裡達州的公寓，我們將會相應地擴大覆蓋範圍並進行差異化定價。但我們並沒有，今天我們並沒有削減我們的購買量。這回答了你的問題嗎？

Nick Jones of Citizens

公民尼克瓊斯

Great. Hi. Thanks for taking the questions. I guess first can you talk about exclusive listings? Because this is increasingly a topic of conversation in the industry. To the extent I think folks have tried in the past to maybe bypass the MLS or really kind of own their kind of own unique content or inventory. Can you talk about how you said maybe fitting into your playbook or if that's kind of a good or bad for the business?

偉大的。你好。感謝您回答這些問題。我想首先您可以談談獨家上市嗎？因為這越來越成為業界熱議的話題。在某種程度上，我認為人們過去曾嘗試繞過 MLS 或真正擁有自己獨特的內容或庫存。你能談談這是否適合你的劇本或這對業務來說是好是壞嗎？

Yes, I mean, obviously we just talked about Marketplace exclusives for us. I mean, at the highest level, we're on the right side of consumers, consumer-first business. I think CCP is about giving consumers full access, and transparency, and availability. All those things are critical. But I also think at the same time there's room for evolution. It doesn't always work for everyone to expose their home to the MLS, and we think people should have choice. So to the extent that there's innovation in the traditional system, we're all for it, so long as it's in favor of consumer choice, which again, Marketplace for us is in that strike zone. It's about giving customers an option to do something around their home and explore liquidity, shy of having to expose it to the full MLS.

是的，我的意思是，顯然我們剛剛談論了我們的 Marketplace 獨家產品。我的意思是，從最高層次來說，我們站在消費者的立場上，我們經營的是消費者至上的業務。我認為 CCP 是為了給予消費者完全的存取權、透明度和可用性。所有這些都至關重要。但同時我也認為還有進化的空間。將自己的房屋公開到 MLS 並不總是對每個人都有效，我們認為人們應該有選擇。所以，只要傳統系統有所創新，我們都會全力支持，只要它有利於消費者的選擇，而對我們來說，市場就處於這個有利區域。它為客戶提供了一種選擇，讓他們可以在家中做一些事情並探索流動性，而不必將其暴露給完整的 MLS。

Makes sense. And then I guess I want to go back and double click deeper on costs. If you think towards the path to profitability, this model, I guess, should work in like a single market. You have a certain amount of infrastructure, so you can scale. You know to what end do you try to get more aggressive, really bringing costs down and focusing on less markets just to kind of maintain the business or grow within a smaller geography versus kind of maintaining maybe a larger infrastructure, larger cost basis to kind of wait for the tides to change in the industry? Thanks.

有道理。然後我想我需要回去雙擊以更深入地了解成本。如果你想實現獲利，我猜這種模式應該在單一市場中發揮作用。您擁有一定數量的基礎設施，因此您可以擴展。您知道您要採取什麼行動來變得更積極，真正降低成本並專注於更少的市場以維持業務或在較小的地域範圍內發展，而不是維持更大的基礎設施和更大的成本基礎以等待行業潮流的變化？謝謝。

Yes, I think we do look at that trade-off, and we discuss that trade-off internally quite a bit. We are comfortable with the geographic spread that we have today, the resources that we have in place in the various markets relative to the level of inventory and buying and selling that we're doing there. So no plans to retrench or pull back in any markets just for the purpose of cost savings. We do look at it at the contribution margin level for each market for the homes we're buying in those markets. And as long as we're getting the contribution margins that we want to see then there's no real reason to think about shrinking our addressable market.

是的，我認為我們確實考慮了這種權衡，並且我們在內部也對這種權衡進行了大量討論。我們對目前的地理分佈、我們在各個市場所擁有的資源以及我們在這些市場的庫存水準和買賣情況感到滿意。因此，我們不會為了節省成本而縮減或撤出任何市場的計劃。我們確實會根據每個市場所購買房屋的貢獻毛利水準來考慮這個問題。只要我們獲得我們想要的貢獻利潤，那麼就沒有理由考慮縮小我們的潛在市場。

Ben Black with Deutsche Bank

德意志銀行的 Ben Black

Hi. This is Jeff Steiner on for Ben. Thanks for taking my questions. Just quickly I mean given that you ended the year with just under 50% of your inventory kind of having been on market over 120 days and you talked about how clearance rates are down 25% to start the year. Is that going to be sort of an overhang on the contribution margins you're able to attain? Like moving, I know in 1Q you're guiding to 4% to 4.7%. But as we move into 2Q and maybe the full year, is that something to think about when thinking about the full year '25 contribution margins? And then just as kind of a follow-up earlier you talked about adjusting your pricing model to kind of take into account different price points. Is there any -- and I know you brought up the segmentation -- the regional segmentation. Is there anything in price points that you might be seeing as far as more success in one price point versus the other, whether it be on the spread or clearance rates or is one maybe a drag that's really kind of what's keeping some of the lower clearance rates? Thank you.

你好。這是 Jeff Steiner 為 Ben 主持的節目。感謝您回答我的問題。我簡單說一下，考慮到你們在年底時，有將近 50% 的庫存已經在市場上銷售超過 120 天，而你們談到年初的清盤率下降了 25%。這是否會對你能實現的貢獻利潤產生一定的影響？就像移動一樣，我知道您在第一季的預期是 4% 到 4.7%。但是，隨著我們進入第二季度甚至全年，在考慮全年 25 年貢獻利潤率時是否需要考慮這一點？然後，就像之前的後續問題一樣，您談到了調整定價模型以考慮不同的價格點。有沒有——我知道你提到了細分——區域細分。在價格點方面，您是否認為某個價格點比另一個價格點更成功，無論是價差還是清盤率，或者是否有一個因素可能是導致清盤率較低的真正原因？謝謝。

Thanks, Ben. Let me take the question on DOM and contribution margin to start and then I'll hand it over to Carrie. So, yes, we ended the year with 46% of our homes and inventory at greater than 120 day DOM, which was up year-over-year. As you probably know, this metric does tend to fluctuate based on seasonal factors, market dynamics, and our resale strategies. A little bit of context on that. First and foremost, our acquisitions in the quarter in Q4 were down 20% year-over-year. And so as a result, you would expect the share of 120 day plus DOM homes to be higher on a year-over-year basis because we have slightly less fresh inventory this year versus last year. Secondarily, I would say, we slowed home level price drops in Q4 as the market started to slow. We did not want to sell those homes into a lower demand environment. And so as we slowed that obviously that extends the DOM of the overall share of the DOM over 120 days. Taking a step back from that, what I would say is, for Q1 we are below the 5% to 7% contribution margin range, which is implied in our guidance. But we are confident in our ability to deliver 5% to 7%, even with the inventory that being a little bit older. We are seeing the tail of inventory that we bought in the spring at lower spreads come through in our results. That puts about a point of pressure on our contribution margin for Q1 that we don't think will repeat or be a factor in Q2 and beyond. But cohorts we've acquired more recently are starting to sell through at higher contribution margin levels, which does give us the confidence to be able to operate within 5% to 7%. And so we don't like overall, as we're managing the portfolio, we don't view those longer DOM homes to be a significant overhang.

謝謝，本。讓我先回答關於 DOM 和貢獻利潤率的問題，然後我將把它交給 Carrie。因此，是的，到今年年底，我們有 46% 的房屋和庫存處於超過 120 天的 DOM 狀態，同比增長。您可能知道，該指標確實會根據季節性因素、市場動態和我們的轉售策略而波動。對此有一點了解。首先，我們第四季的收購年減了 20%。因此，您可以預期 120 天以上的 DOM 房屋份額將比去年同期更高，因為今年我們的新庫存比去年略少。其次，我想說，隨著市場開始放緩，我們在第四季減緩了房屋價格的下跌。我們不想在需求較低的環境下出售這些房屋。因此，當我們放慢速度時，顯然會將 DOM 的總體份額延長至 120 天以上。退一步來說，我想說的是，對於第一季度，我們的貢獻利潤率低於 5% 至 7% 的範圍，這在我們的指導中有所暗示。但我們有信心實現 5% 至 7% 的增幅，即便庫存稍微陳舊。我們看到，春季以較低價差購買的庫存尾部已在我們的業績中顯現出來。這對我們第一季的貢獻利潤率造成了一定壓力，我們認為這種情況不會在第二季及以後重複出現，也不會成為影響因素。但我們最近獲得的群體開始以更高的貢獻利潤率進行銷售，這確實給了我們信心能夠在 5% 到 7% 的範圍內運作。因此，總體而言，我們不喜歡，因為我們管理投資組合，我們不認為那些較長的 DOM 房屋會成為重大懸而未決的問題。

Great. And I'll just maybe make a couple of comments on some of the conversion gains we're seeing. We implemented a new pricing model in Q4 and what has resulted is benefits to conversion like-for- like spread seeing higher conversion, really because of better price segmentation, so not changing like what price points we're willing to acquire or willing to make an offer on. It's really about do we understand market level dynamics better, better home level accuracy for things like unit level condition or the expected liquidity for an individual home in a given market. When we are able to do that, we found that we can lower spreads for what we believe to be easier to sell homes. That increases conversion in that segment because our offers are relatively more attractive. Alternatively, we'll increase spreads for harder to sell homes and we don't see an equivalent reduction in conversion for those harder to sell homes. And the net of those two things expands our conversion frontier. So that's -- those are the gains we've been seeing so far, which has been a real benefit to volumes which has been great.

偉大的。我可能只想針對我們看到的一些轉換收益發表一些評論。我們在第四季度實施了一種新的定價模式，其結果是轉換率提高了，同類價差也提高了，這實際上是因為價格細分得更好了，所以我們願意獲得的價格點或願意報價的價格點並沒有改變。這其實關乎我們是否能更了解市場層面的動態，更了解家庭層面的準確性，例如單位層級的狀況或特定市場中單一住宅的預期流動性。當我們能夠做到這一點時，我們發現我們可以降低我們認為更容易出售的房屋的價差。由於我們的報價相對更有吸引力，因此這會增加該領域的轉換率。或者，我們會增加較難出售的房屋的利差，但我們發現這些較難出售的房屋的轉換率並沒有相應降低。這兩件事結合起來擴大了我們的轉換邊界。這就是我們迄今為止所看到的收益，對銷售產生了真正的好處。

(technical difficulty) with KBW.

（技術難題）與 KBW。

Sorry, I jumped on late, so if you already hit on this, my apologies. But just broadly speaking on operating expenses, if you can provide any color on how you're thinking about managing that level through the year relative to the levels you're guiding to for the first quarter, any color on just additional efficiencies that we might expect to come through for the balance of the year? Thanks.

抱歉，我來晚了，所以如果你已經意識到這一點，我深表歉意。但從廣義上講，就營運費用而言，您是否可以提供一些細節，說明您如何考慮管理全年的水平（相對於您預計的第一季水準），是否可以提供一些細節，說明我們可能預期在今年剩餘時間實現的額外效率？謝謝。

Yes, so our operating expenses in Q4 were $87 million and our guidance for this quarter is $90 million, which implies a slight uptick in OpEx from Q4 to Q1. That increase is really driven by variable OpEx and is a result of the fact that we have higher inventory or we expect to have higher inventory in Q1. As you've seen, our acquisition guidance implies sequential growth in acquisitions, which is going to lend itself to running with a higher inventory balance through the course of the quarter and that will drive related costs higher on a quarter-over-quarter basis. Beyond that, what I would say is we would expect costs to come down over the balance of the year as we get the full impact of the cost savings initiatives that we've mplemented thus far and look to further drive cost optimization and efficiency within the business as well as the marketing -- adjusting our marketing strategy and aligning our marketing spend more closely to periods of time in the year when our spreads are lower and that marketing can be more effective, which is generally speaking in Q1 and Q4 relative to Q2 and Q3.

是的，我們第四季的營運費用為 8,700 萬美元，而本季的預期為 9,000 萬美元，這意味著第四季的營運支出較第一季略有上升。這一成長實際上是由可變營運支出推動的，也是因為我們的庫存更高或預計第一季的庫存會更高。正如您所看到的，我們的收購指引意味著收購的連續成長，這將導致本季庫存餘額增加，並將推動相關成本環比上升。除此之外，我想說的是，我們預計成本將在今年剩餘時間下降，因為我們將充分享受迄今為止實施的成本節約舉措帶來的影響，並期待進一步推動業務和營銷中的成本優化和效率——調整我們的營銷策略，使我們的營銷支出更緊密地與一年中利差較低、營銷更有效的時期保持一致，一般來說，第一季度和第四季度相對於第二季度和第三季度相對。

Great. I appreciate all that color and then again apologies if you already touched on this, but just relative to the breakeven targets you've previously set for run rate, acquisition volume, and revenue, I think $10 billion of revenue, obviously a lot has changed over the last year in terms of your approach to the business and the efficiencies you're driving on the expense base. So any update on what type of framework we should be thinking about for acquisition pace and topline revenue that could drive breakeven?

偉大的。我很感激您詳細的描述，如果您已經談及這一點，我再次向您表示歉意，但僅相對於您之前為運行率、收購量和收入設定的盈虧平衡目標，我認為 100 億美元的收入，顯然在過去一年裡，您在業務方法和您在費用基礎上提高的效率方面發生了很大變化。那麼，對於我們應該考慮什麼類型的框架，以實現收購速度和營業收入以實現收支平衡，您有什麼更新嗎？

Yes, just again sort of a reminder that we are focused on significantly reducing our ANI losses again in 2025 relative to 2024 in service of being in a position to be able to get to breakeven sooner. We have not updated the framework specifically, but you can expect that the amount of volume and revenue that we would need to deliver on at ANI breakeven is significantly lower versus the prior framework.

是的，再次提醒一下，我們專注於在 2025 年相對於 2024 年再次大幅減少 ANI 損失，以便能夠更快地實現收支平衡。我們還沒有具體更新該框架，但你可以預期，我們在 ANI 盈虧平衡時需要實現的交易量和收入將比之前的框架顯著降低。

We do that by focusing on delivering contribution margin in the target range of 5% to 7% by operating with spread levels that enable us to achieve positive unit economics and realizing margins within this target upon resale. On the cost side, as we've discussed, we made significant progress on optimizing our cost structure.

我們透過專注於實現 5% 至 7% 的目標範圍內的貢獻利潤率來實現這一目標，透過以使我們能夠實現正單位經濟的利差水平進行運營，並在轉售時實現此目標內的利潤率。在成本方面，正如我們所討論的，我們在優化成本結構方面取得了重大進展。

The actions that we took in the second half of the year are all in service of reaching ANI breakeven sooner. We entered this year leaner, more efficient, and we'll continue to drive further cost efficiencies. If I take a step back, given all the work that we've done and will continue to do, we believe we're extremely well positioned to leverage any favorable shifts in the housing markets.

我們下半年採取的措施都是為了盡快實現ANI收支平衡。今年我們變得更加精簡、更有高效，我們將繼續進一步提高成本效率。如果我退一步考慮，考慮到我們已經做過的以及將繼續做的所有工作，我們相信我們完全有能力利用房地產市場的任何有利變化。

We have made meaningful progress towards ANI positive, but the macro environment continues to be a headwind, so we are maintaining elevated spread levels, optimizing for contribution profit dollars rather than volume, while managing our risk and exploring other ways to monetize our funnel. We think as macro conditions stabilize, we can reduce spreads, drive higher conversions and volumes, and take advantage of a much lower cost structure, which all should serve us well in our path to profitability.

我們在實現 ANI 正成長方面取得了有意義的進展，但宏觀環境仍然是一個阻力，因此我們保持較高的利差水平，優化貢獻利潤而不是交易量，同時管理我們的風險並探索其他方式來將我們的管道貨幣化。我們認為，隨著宏觀條件的穩定，我們可以降低利差，提高轉換率和銷量，並利用更低的成本結構，這些都將有助於我們獲利。

Thanks for taking the questions.

感謝您回答這些問題。

McAndrew with Zelman & Associates.

麥克安德魯 (McAndrew) 與 Zelman & Associates 合作。

Hey, guys. Thanks for taking my questions. Maybe just to start, I think, Carrie you mentioned this a little earlier, but launching Marketplace in two new markets as well as List with Opendoor in nearly all markets. I'm just curious on how often you see any cross-product migration from sellers. And I think what I mean is, are there ever times where a seller might want to pivot from one solution to another and because you offer these additional products, you're able to keep them in the ecosystem or is it a different type of seller that's attracted to kind of each product? Thanks.

嘿，大家好。感謝您回答我的問題。也許只是開始，我想，Carrie，你之前提到過這一點，但在兩個新市場推出了 Marketplace，並且在幾乎所有市場與 Opendoor 一起推出了 List。我只是好奇您看到賣家跨產品遷移的頻率是多少。我想我的意思是，有沒有賣家可能想從一種解決方案轉向另一種解決方案的情況，因為你提供這些額外的產品，你能夠將他們留在生態系統中，或者是不同類型的賣家被每種產品所吸引？謝謝。

Yes, I mean, what I'd say is what we have built and what we're known for is the greatest call to action for home sellers in real estate, which is like get an offer online and sell your home in minutes. And that's what people come to us for and we use it. It works really, really well. We know that because lots of people in the industry are using it, including agents.

是的，我的意思是，我想說的是，我們所建造的以及我們所聞名的，是對房地產房屋賣家最有力的號召，就像在網上獲得報價並在幾分鐘內出售您的房屋一樣。這就是人們來找我們的原因，我們也利用了它。效果確實非常好。我們知道這一點，因為業內很多人都在使用它，包括代理商。

So people who come to us are looking for a selling solution and then we are able to say to them, if that cash offer doesn't meet your needs, by the way, you can explore, you've got some market FOMO, you want to test the market, you can do that with the assurance of a backstop. And potentially, in those select markets, you can explore an off-MLS listing in a less exposing way.

因此，來找我們的人是尋求銷售解決方案，然後我們可以告訴他們，如果現金報價不能滿足您的需求，順便說一句，您可以探索一下，您有一些市場 FOMO，您想測試市場，您可以在保證支持的前提下做到這一點。而且，在這些特定市場中，您可以以不太暴露的方式探索非 MLS 房源。

You don't have to get your home ready for resale, you don't have to do all the open houses. And again, with some assurance that you can default back to the cash offer. So we do exactly what you suggested is we're leveraging the strength of this incredible funnel we have of high-intent sellers. And then our job is to be the best place to sell and give people all these solutions if the cash offer doesn't fit them perfectly.

您不必將您的房子做好轉售的準備，您也不必舉辦所有的開放參觀活動。並且再次保證您可以預設回傳現金報價。因此，我們完全按照您的建議去做，利用我們擁有的高意向賣家這個令人難以置信的管道的力量。然後，我們的工作就是成為最佳銷售場所，如果現金報價不完全適合他們，我們就為人們提供所有這些解決方案。

Got it. That's helpful. Thank you. And then maybe just to follow-up too, in the Shareholder Letter you mentioned expanding your approach to capitalizing on a lot of the high-intent leads that Opendoor the website generates. And I'm just wondering if there's any color you can add on maybe how you think about potentially monetizing that portion of leads that falls outside of your buy box? Thanks.

知道了。這很有幫助。謝謝。然後也許只是為了跟進，在股東信中，您提到擴大您的方法以利用 Opendoor 網站產生的大量高意向潛在客戶。我只是想知道您是否可以補充一些內容，也許您如何考慮將購買框架之外的潛在客戶轉化為現實？謝謝。

Yes, I mean, similar theme, right? We've got this incredible funnel. We don't convert all of it. We think there's a great potential to convert many more people to an outcome. We want to help people get to their selling outcome. And we had 1.5 million people show up and enter their address on our website last year. We did not convert 1.5 million people certainly. But there are lots of people come to us who are looking for a solution, and we can't offer it to them because they're out of our buy box, right? We're not servicing that market per se. But what we can do is attach them to or introduce them to an agent in their market that can go on to help them figure out that solution. And so again, it's another way for us to monetize all the traffic and leads that we have and get customers to an answer to help them sell and generate some revenue, by the way, which is, not capital intensive, more capital light. So we're focused on doing more of that and in 2025 and beyond.

是的，我的意思是，類似的主題，對嗎？我們有這個令人難以置信的漏斗。我們不會轉換所有內容。我們認為，這項成果具有巨大的潛力，能夠讓更多的人受益。我們希望幫助人們實現銷售成果。去年有150萬人造訪了我們的網站並輸入了他們的地址。我們肯定沒有讓150萬人皈依。但是有很多人來找我們尋求解決方案，而我們卻無法為他們提供解決方案，因為他們不在我們的購買範圍內，對嗎？我們本質上並不是為那個市場提供服務。但我們能做的是，聯繫或介紹他們所在市場的代理商，以幫助他們找到解決方案。因此，這是我們將所有流量和潛在客戶貨幣化的另一種方式，並讓客戶得到答案，幫助他們銷售並產生一些收入，順便說一句，這不是資本密集的，而是更輕資本的。因此，我們致力於在 2025 年及以後做更多這樣的事。

Great. That's helpful. Thank you.

偉大的。這很有幫助。謝謝。

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

謝謝。我現在沒有其他問題了。我想將電話轉回給執行長 Carrie Wheeler，請她做最後發言。

I just wanted to say thank you to everyone for joining us today and we look forward to reporting on progress next quarter. Take care.

我只想對今天加入我們的大家說聲感謝，我們期待下個季度報告進展。小心。

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。