Opendoor Technologies Inc (OPEN) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Opendoor's second-quarter 2025 earnings conference call. (Operator Instructions)

大家好，感謝您的收聽。歡迎參加 Opendoor 2025 年第二季財報電話會議。 （操作員指示）

Please be advised that today's conference is being recorded. (Operator Instructions)

請注意，今天的會議正在錄製中。 （操作員指示）

I would not like to hand the conference over to your speaker today, Michael Judd, Capital Markets and Investor Relations.

我不想將今天的會議交給你們的發言人、資本市場和投資者關係部門的 Michael Judd。

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。我們的績效詳情及管理層的其他評論，請參閱我們的收益報告和股東信，這些內容可在我們網站 investor.opendoor.com 的「投資者關係」欄位找到。請注意，本次電話會議將在本公司網站「投資人關係」欄位同步進行網路直播。

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 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.

在開始之前，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 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。

These statements are neither promises nor guarantees, and undue reliance should not be placed on them. Such forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those discussed here. 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 30, 2024, as updated by our quarterly report on Form 10-Q for the quarter ended June 30, 2025, and other filings with the SEC.

這些聲明並非承諾或保證，不應過度依賴。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本文所述結果有重大差異。其他可能導致實際結果與前瞻性陳述不同的信息，請參閱 Opendoor 截至 2024 年 12 月 30 日的最新 10-K 表年度報告的“風險因素”部分（該部分已由我們截至 2025 年 6 月 30 日的季度 10-Q 表季度報告更新），以及向美國證券交易委員會 (SEC) 提交的其他文件。

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.

本次電話會議上所做的任何前瞻性陳述，包括對您問題的回复，均基於管理層截至今日的合理預期和假設，Opendoor 不承擔更新或修改這些陳述的義務，無論是由於新資訊、未來事件或其他原因，除非法律另有規定。以下討論包含對某些非公認會計準則 (non-GAAP) 財務指標的引用。本公司認為，這些非公認會計準則 (non-GAAP) 財務指標可作為補充營運指標，幫助投資者評估公司的財務表現。

For reconciliation of these non-gap financial measures to the most directly comparable GAAP metric, please see our website at investor.openddoor.com.

有關這些非差距財務指標與最直接可比較的 GAAP 指標的調節，請造訪我們的網站 investor.openddoor.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。

Thank you for joining us. At Opendoor, our mission is straightforward but bold, to make selling your home simple, certain, and fast. For most people, selling a home is one of the biggest financial transactions of their lives, and too often, it's also one of the most stressful. We believe it doesn't have to be that way.

感謝您加入我們。 Opendoor 的使命直截了當，卻又大膽前進：讓您輕鬆、可靠、快速地出售房屋。對大多數人來說，出售房屋是他們一生中最大的財務交易之一，而且往往也是最令人緊張的事務之一。我們相信，情況並非如此。

Over the past 10 years, we've built deep infrastructure and real estate, pricing intelligence, operational capabilities, and a marketing engine that reaches high intent sellers. In doing so, we've amassed an unparalleled data set, photos, videos, agent notes, and customer interactions from millions of home visits.

過去十年，我們建構了深厚的基礎設施和房地產知識，建構了價格情報、營運能力以及觸達高意向賣家的行銷引擎。在此過程中，我們累積了無與倫比的資料集，包括數百萬次上門拜訪的照片、影片、經紀人筆記和客戶互動記錄。

This proprietary data fuels our AI. And that AI powers our flagship products, the cash offer, which delivers what traditional sales cannot speed, certainty, and control.

這些專有數據為我們的人工智慧提供動力。人工智慧也為我們的旗艦產品——現金報價——提供了傳統銷售無法提供的速度、確定性和控制力。

Our customers understand this. Over the past four years, our net promoter score has been near 80%, exceptional in any industry; and increasingly, agents understand it too. In fact, one in four of our acquisitions already come from an agent bringing us their client for a cash offer.

我們的客戶深諳此道。過去四年，我們的淨推薦值接近80%，在任何行業中都遙遙領先；而且越來越多的經紀人也深諳此道。事實上，我們四分之一的新增客戶都是由經紀人以現金報價的方式介紹給我們的。

We are now making the most important strategic shift in our history, moving from a single product to a distributed platform with multiple offerings delivered through agents. Agents already come to us every single day for a cash offer. We're simply changing the direction of traffic, putting the power of Opendoor into their hands so they can bring our products straight to the seller.

我們現在正在進行歷史上最重要的策略轉變，從單一產品轉向透過代理商提供多種產品的分散式平台。代理商每天都會來找我們索取現金報價。我們只是改變了流量的方向，將 Opendoor 的力量交到他們手中，讓他們能夠將我們的產品直接帶給賣家。

We have two things no one else can give an agent. One, unparalleled quality. We are not giving agents code names from a spreadsheet. We're putting them in the home with a motivated seller. Two, a differentiated product suite, more selling options powered by a trusted local advisor. Sellers can choose the certainty of a cash offer, the upside potential of a market listing, or hybrid of both.

我們擁有兩樣其他人無法給予經紀人的東西。第一，無與倫比的品質。我們不會提供經紀人電子表格中的代號。我們會讓他們與積極主動的賣家一起看房。第二，差異化的產品組合，由值得信賴的本地顧問提供的更多銷售選擇。賣家可以選擇確定的現金報價、潛在的市場掛牌價，或兩者兼而有之。

This means sellers get more choice, more speed, and more certainty. Sellers win, agents win, and Opendoor wins, because we can serve far more sellers, monetize more leads, and expand high margin capital li revenue streams.

這意味著賣家將擁有更多選擇、更快速度和更確定性。賣家共贏，代理商共贏，Opendoor 也共贏，因為我們可以服務更多賣家，將更多潛在客戶轉化為收益，並拓展高利潤的資本收入來源。

We began piloting this new approach in select markets last quarter. The early proof points were compelling. 2 times more customers are reaching a final underwritten cash offer relative to our traditional flow. We're delivering offers faster with streamlined in-home agent assessments. Listing conversion rates are 5 times higher. And we're unlocking more capitalized earnings through our share of listing commissions.

上個季度，我們開始在部分市場試行這種新方法。早期的成效令人信服。與傳統流程相比，最終達成承保現金報價的客戶數量增加了兩倍。我們透過精簡的上門經紀人評估流程，更快地交付報價。掛牌轉換率提高了五倍。此外，我們也透過掛牌佣金分成，釋放了更多資本化收益。

On the strength of these results, we've gone from pilot to full rollout in record time. Today, partner agents are live in every market we operate. Our next phase is optimization; more agents, better tools, better training, and more products. We've launched our key agent iOS app, so agents can do high-fidelity home assessments right from their phones, enriching our AI, and deepening the customer connection. Being in the home gives agents a chance to guide the seller through every option. And we believe that face-to-face trust will be a powerful driver of conversion.

憑藉這些成果，我們以創紀錄的速度從試點走向全面推廣。如今，合作代理已遍佈我們營運的每個市場。我們的下一階段是優化：增加代理數量、改進工具、提升培訓品質並推出更多產品。我們已推出核心代理 iOS 應用，讓代理商可以直接透過手機進行高精度房屋評估，從而豐富我們的人工智慧功能，並深化與客戶的聯繫。親臨現場讓代理商有機會指導賣家了解各種選擇。我們相信，面對面的信任將成為轉化的強大驅動力。

We've also launched Cash Plus, a hybrid product designed for sellers who want the convenience of a cash offer but hope to maximize upside by going to market. Opendoor provides immediate cash to the seller, gets the home list ready, and works with the partner agent to list the home.

我們還推出了 Cash Plus，這是一款混合型產品，專為希望享受現金報價便利，但又希望透過上市獲得最大收益的賣家而設計。 Opendoor 會立即向賣家提供現金，準備好房屋清單，並與合作經紀人合作掛牌出售房屋。

Upon resale, the seller can receive additional proceeds after expenses. For sellers, it's the best of both worlds. For agents, it's another competitive tool and keeps them engaged with the customer throughout the sales process. For Opendoor, it's a better risk adjusted product that uses less capital, protects our downside, and aligns our incentives even more closely with the customers.

轉售後，賣家扣除費用後可獲得額外收益。對賣家來說，這是兩全其美的選擇。對代理商來說，這是另一種競爭工具，讓他們能夠在整個銷售過程中與客戶保持互動。對 Opendoor 來說，它是一款風險調整後效果更佳的產品，它佔用的資金更少，能夠保護我們的下行風險，並使我們的激勵措施與客戶更加緊密地結合起來。

We are building a vibrant distributed ecosystem. Agents comes to us for cash offers. We're bringing sellers to partner agents. Sellers gain more choice, more speed, more certainty, and Opendoor gains more opportunities to monetize leads, serve customers, and expand high margin revenue streams.

我們正在建立一個充滿活力的分散式生態系統。代理商向我們尋求現金報價。我們將賣家引薦給合作代理商。賣家將獲得更多選擇、更快的速度和更確定性，而 Opendoor 也將獲得更多機會將潛在客戶轉化為現金、服務客戶並擴大高利潤收入來源。

This is a flywheel. The more agents we enable, the more sellers we serve. The more transactions we handle, the stronger our platform gets. Our marketing dollars become more efficient, as we monetize more of the sellers who come to us. And as we grow transactions, we further leverage our cost structure. Value compounds for customers, agents, and shareholders alike.

這就像一個飛輪。我們賦能的代理商越多，我們服務的賣家就越多。我們處理的交易越多，我們的平台就越強大。隨著我們能從更多賣家身上獲利，我們的行銷資金也變得更有效率。隨著交易量的成長，我們的成本結構也得到了進一步優化。客戶、代理商和股東的價值都將實現複合成長。

We are making these changes amidst a very challenging housing market. The second half of 2025 will reflect lower acquisition and resale volumes due to the macro environment and continued high spreads, seasonality, and the fact that we are early in our transition. Our near-term outlook, however, does not reflect what we're building towards durability, relevance, and scale for the next decade. We know exactly where we're going and we're taking decisive steps to get there.

我們是在房地產市場充滿挑戰的背景下做出這些改變的。由於宏觀環境、持續的高價差、季節性因素以及我們正處於轉型初期，2025年下半年的購屋和轉售量將有所下降。然而，我們的短期展望並未反映出我們為未來十年的持久性、相關性和規模化而建構的目標。我們清楚知道自己的目標，並採取果斷的措施來實現這一目標。

With that, I'll hand it over to Selim for the financials.

說完這些，我將把財務事宜交給塞利姆 (Selim)。

Thank you, Carrie. We delivered a strong second quarter at $1.6 billion in revenue. We achieved our first quarter of adjusted EBITDA profitability in three years. This outcome is an indicator of the meaningful operating leverage we have driven and provides a roadmap for what AI breakeven could look like in the future.

謝謝Carrie。我們第二季業績強勁，營收達到16億美元。我們實現了三年來首季調整後EBITDA獲利。這項業績顯示我們已大幅提升營運槓桿，並為未來AI損益平衡的前景提供了藍圖。

Our Q2 performance reflects deliberate choices we've made, including increased marketing spend in Q4 2024 and Q1 2025 to acquire more homes ahead of the spring selling season and widening offer spreads in Q2 2025 to manage risk, as we prioritize marketing spend efficiency and discipline underwriting.

我們第二季的業績反映了我們深思熟慮的選擇，包括在 2024 年第四季度和 2025 年第一季度增加行銷支出，以便在春季銷售季節之前購買更多房屋，並在 2025 年第二季度擴大報價差價以管理風險，因為我們優先考慮行銷支出效率和承保紀律。

On the acquisition side, we purchased 1,757 homes in the second quarter, slightly ahead of our expectations, but down year over year driven by meaningfully wider spreads and accompanying reduced marketing spend.

在收購方面，我們在第二季度購買了 1,757 套房屋，略高於我們的預期，但由於價差大幅擴大以及隨之而來的營銷支出減少，導致同比下降。

Contribution profit was $69 million in the second quarter, representing a contribution margin of 4.4%. This was down from $95 million and 6.3% in Q2 2024, driven by a higher mix of older inventory in our Q2 resale cohorts.

第二季貢獻利潤為 6,900 萬美元，貢獻利潤率為 4.4%。低於 2024 年第二季的 9,500 萬美元和 6.3%，原因是第二季轉售客戶群中舊庫存佔比較高。

Adjusted EBITDA was $23 million in the second quarter compared to a loss of $5 million in Q2 2024.

第二季調整後 EBITDA 為 2,300 萬美元，而 2024 年第二季虧損 500 萬美元。

Turning to our balance sheet, we ended the quarter with 4,538 homes representing $1.5 billion in net inventory. We also had $1.1 billion in total capital, primarily comprised of $789 million in unrestricted cash and $167 million of equity invested in homes, net of inventory evaluation adjustments.

回顧我們的資產負債表，截至本季末，我們擁有4,538套房屋，淨庫存達15億美元。此外，我們的總資本為11億美元，主要包括7.89億美元的非限制性現金和1.67億美元的房屋投資淨值（扣除庫存評估調整）。

At quarter end, we had $7.8 billion in non-recourse asset-backed borrowing capacity, of which total committed borrowing capacity was $2 billion.

截至本季末，我們的無追索權資產支持借貸能力為 78 億美元，其中承諾借貸能力總額為 20 億美元。

In May, we issued $325 million of convertible senior notes due in 2030. This transaction allowed us to extend the maturities on $246 million of our existing converts by four years and add $75 million in cash to our balance sheet.

5 月份，我們發行了價值 3.25 億美元的可轉換優先票據，到期日為 2030 年。此次交易使我們能夠將現有 2.46 億美元可轉換票據的期限延長四年，並為我們的資產負債表增加 7,500 萬美元現金。

Turning to our outlook, the housing market has further deteriorated over the course of the last quarter. Persistently high mortgage rates continue to suppress buyer demand, leading to lower clearance and record delistings. Our second half expectations take into account current macro dynamics, typical seasonal patterns in our cash offer business, and the early-stage nature of our platform evolution, which is not yet a material contributor to our results.

展望未來，房地產市場在上個季度進一步惡化。持續的高抵押貸款利率持續抑制購屋需求，導致清盤率下降，退市數量創歷史新高。我們對下半年的預期考慮了當前的宏觀經濟動態、現金報價業務的典型季節性模式，以及我們平台轉型的早期階段，該階段尚不會對我們的業績產生重大影響。

Our guidance for the third quarter of 2025 includes the following: approximately 1,200 homes acquired, revenue between $800 million and $875 million, contribution margin of 2.8% to 3.3%. Adjusted EBITDA between negative $28 million and negative $21 million. And stock-based compensation expense between $10 million and $12 million. And while we're not providing full year guidance at this time, I would like to add some additional color for the balance of the year.

我們對2025年第三季的業績預期包括：購置約1,200套房屋，營收在8億至8.75億美元之間，貢獻利潤率在2.8%至3.3%之間。調整後息稅折舊攤提前利潤（EBITDA）在-2800萬美元至-2100萬美元之間。股票薪資支出在1000萬美元至1200萬美元之間。雖然我們目前尚未提供全年業績預期，但我想為今年的剩餘時間提供一些補充。

We expect Q4 revenue to decline sequentially at a similar level to the Q3 sequential decline based on the dynamics I just mentioned. Contribution margin will also be pressured in the second half by an unfavorable mix of older lower margin homes given lower acquisition volumes, likely putting our goal of year-on-year contribution margin improvement out of reach.

根據我剛才提到的動態，我們預計第四季營收將環比下降，降幅與第三季相似。下半年，由於收購量下降，老舊房源利潤率較低，不利的銷售組合也將為貢獻利潤率帶來壓力，這很可能使我們實現貢獻利潤率同比提升的目標難以實現。

Thanks, Selim. I want to acknowledge the great deal of interest in Opendoor lately and that we're grateful for. We welcome engagement from all of our investors, including the many shareholders who are new to the company. We appreciate your enthusiasm for what we're building and we're listening intently to your feedback.

謝謝，塞利姆。我想感謝大家最近對 Opendoor 的濃厚興趣，我們對此深表感謝。我們歡迎所有投資者的參與，包括許多新加入公司的股東。我們感謝大家對我們正在建立的事業的熱情，並正在認真傾聽大家的回饋。

This increased visibility is an opportunity to tell our story to a broader audience. We intend to make the most of it. We've been laying the groundwork to execute on the strategy we have laid out to serve every seller possible. To build a profitable business and in doing so to create long term shareholder value. We look forward to updating you on our progress in the coming quarters.

提升的曝光度是我們向更廣泛的受眾講述我們故事的機會。我們打算充分利用這個機會。我們一直在為執行我們制定的策略奠定基礎，以服務所有可能的賣家。打造獲利業務，並以此創造長期股東價值。我們期待在未來幾季向您報告我們的進展。

And 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來解答問題。

(Operator Instructions) Dae K Lee, JP Morgan.

（操作員指示） Dae K Lee，JP Morgan。

Great, thanks for taking my question. First one, for Selim, with regards to your Q3 guidance, you talked about macro conditions worsening throughout 2Q. Is it kind of stable now, or do you -- are you still seeing incremental softness heading into the back half?

太好了，感謝您回答我的問題。首先，請問Selim，關於您對第三季的預期，您提到宏觀經濟在第二季有所惡化。現在經濟狀況比較穩定嗎？還是說，您認為下半年經濟還會持續疲軟？

And I think you talked about the 3Q, not including meaningful impact from the newer initiatives, like the agents -- working with agents, like how long does that process take and when do you expect that to be a more meaningful contributor? And then I have a follow-up.

我記得您談到了第三季度，但不包括新措施帶來的有意義的影響，例如與代理商的合作。這個過程需要多長時間？您預計什麼時候會做出更有意義的貢獻？然後我還有一個後續問題。

Hey, Dae, thanks for the questions. I'll take the first one and Carrie talk a little bit about our new initiatives. Just in terms of the macro and what we see, I would say yes. I think at the current moment things seem to have stabilized, definitely well below where things were at the beginning of Q2.

嘿，Dae，謝謝你的提問。我先回答第一個問題，Carrie 可以簡單談談我們的新措施。就宏觀經濟和我們目前的情況來看，我的答案是肯定的。我認為目前情況似乎已經穩定下來，肯定遠低於第二季初的水平。

We did see sort of ongoing deterioration throughout the quarter. And now things seem to be in a bit of a stable pattern. And so, our outlook for both Q3 and Q4 assume that we stay at or around this sort of overall macro environment subject to seasonality adjustments that are normal for this time of year.

我們確實看到整個季度情況持續惡化。現在情況似乎已經趨於穩定。因此，我們對第三季和第四季的展望假設，整體宏觀環境將維持在或接近目前的水平，但會受到季節性因素的影響，而季節性因素在每年的這個時候都是正常的。

On the topic of like when can we see the impact of all the changes we're talking about, our new go-to market, our expanded product suite, I'd say a couple of things.

關於我們何時能看到我們正在談論的所有變化、我們的新市場、我們擴展的產品套件的影響，我想說幾件事。

One is we're going to see the impact of that show up in conversion and in contracts long before we see it hit the P&L for a couple of reasons. One is we have been ramping into Key Connection markets throughout the last quarter or so. Now, line in every single market, but certainly ramping and our job right now is to optimize, get more agents, more training, and get them live.

一方面，由於一些原因，我們將在看到其對損益的影響之前，就看到其在轉換率和合約中體現出來。一方面，我們在過去一個季度左右一直在大力拓展 Key Connection 市場。現在，我們在每個市場都佈局，但肯定會繼續擴張。我們現在的工作是優化，招募更多客服人員，進行更多培訓，並讓他們積極投入營運。

Two, there's just a natural lag between when we enter into a contract and where -- or a listing agreement and then when that home actually gets sold and when we recorded with revenue. So if you think about ramping activity, a lag between contractor, listing to when we actually realized it on the P&L, we're going to see the real impact of this going to show up in 2026.

第二，從簽訂合約到掛牌協議，再到房屋實際售出並記錄收入，這之間存在著自然的滯後。所以，考慮到承包商、掛牌到我們實際在損益表中實現收益之間的滯後，我們將在2026年看到其真正的影響。

And then the last point would be Cash Plus. That's a meaningful growth lever for us, we believe, based on what we're seeing so far on our pilot markets incremental to conversion. But that's in a handful of markets ramping very quickly. Next quarter, when we have this call, it'll be in all markets. But again, that's going to take some time to kind of get in the hands of all of our Key Connection agents.

最後一點是 Cash Plus。根據我們目前在試點市場看到的轉換增量，我們認為這對我們來說是一個有意義的成長槓桿。但這只在少數市場發展迅速。下個季度，當我們接到電話會議時，它將推廣到所有市場。不過，這需要一些時間才能普及到我們所有的 Key Connection 代理。

Got it. And as a quick follow up, does these new initiatives like Key Connections or Cash Plus change your contribution margin profile of the business?

明白了。接下來我想問一下，像 Key Connections 或 Cash Plus 這樣的新舉措會改變貴公司的獲利貢獻狀況嗎？

I think, with respect to the various outcomes or the product suite that we have, I think Cash Plus enables us to have more confidence in being able to deliver within our target contribution margin range. It's a better risk adjusted process, or a risk adjusted product for us, in addition to the fact that the initial cash outlay is lower than it would be otherwise for a normal cash offer.

我認為，就我們現有的各種成果或產品套件而言，Cash Plus 使我們更有信心在目標貢獻利潤率範圍內交付產品。對我們來說，這是一個更好的風險調整流程，或者說是一個風險調整產品，而且它的初始現金支出低於普通現金報價。

And then with respect to listing outcomes, that is high margin revenue for us, but obviously will not show up as much on the revenue line but should help contribution margin over time.

然後就上市結果而言，這對我們來說是高利潤收入，但顯然不會在收入線上顯示太多，但隨著時間的推移應該有助於貢獻利潤率。

Understood, thank you.

明白了，謝謝。

Ryan Tomasello, KBW.

瑞安·托馬塞洛（Ryan Tomasello），KBW。

Hi, everyone, this is Juan on for Ryan, and thank you for taking questions. On the 4Q guidance commentary, when the company says that it expects a sequential decline in 4Q revenue similar to what the 3Q guidance implies, is that going to be on an absolute dollar basis or on a percent basis? And similarly, with the $50 million third-quarter OpEx guidance be a good run rate for fourth quarter as well?

大家好，我是 Juan，代替 Ryan 回答問題。謝謝大家的提問。關於第四季的業績指引，當公司表示預期第四季營收將季減，與第三季業績指引的下降幅度類似時，這是指絕對金額還是百分比？同樣，鑑於第三季 5,000 萬美元的營運支出指引，第四季的營運率也應該保持良好嗎？

Thanks for the questions, and sorry that the sequential guidance comment was not clear. But just to clarify, that's sequential on a percentage basis, not on a dollar basis.

感謝您的提問，很抱歉關於連續指引的評論不夠清晰。需要澄清的是，這是按百分比計算的連續指引，而不是按金額計算的連續指引。

And then in terms of $50 million OpEx run rate, I would say, no, it's going to move from quarter to quarter. We've talked about in the past our new marketing strategy, which is heavier in Q1 and Q4, to align with the time of year when spreads are lower and we're acquiring homes in advance of the spring selling season.

至於5000萬美元的營運支出運行率，我想說，不會，它會逐季度變化。我們之前討論過新的行銷策略，會在第一季和第四季加大行銷力度，以配合一年中價差較低的時期，而且我們會在春季銷售旺季到來之前購房。

And so we would expect a heavier marketing load in Q4 and Q1 and a lighter marketing load in Q2 and Q3. And so what you have in Q3 is a lighter marketing load, all SQL. So we would expect OpEx to ramp back up in Q4 and Q1 driven by marketing.

因此，我們預期第四季和第一季的行銷負擔會加重，而第二季和第三季的行銷負擔將減輕。因此，第三季的行銷負擔會減輕，全部都是SQL。因此，我們預計在行銷的推動下，第四季和第一季的營運支出將回升。

Okay, that's clear. And I have just a quick follow up with the shift to more of a buyer's market across parts of the country, are you seeing any notable increases in request volumes from sellers in those markets? And generally, how are you thinking about the potential for more seller demand coming into the platform?

好的，很清楚。我想快速跟進一下，全國部分地區市場正在向買方市場轉變，您是否看到這些市場賣家的請求量有顯著增長？總的來說，您如何看待更多賣家需求進入該平台的潛力？

Yeah, I would say, no. Our guidance and our outlook doesn't imply that there is any increase in seller demand coming because we haven't yet seen an increase in buyer demand leading to higher clearance. If and when that does happen, then we would expect more sellers to be comfortable taking offers and wanting to sell their homes, but we're not currently seeing that, and our guidance doesn't imply that that's going to happen.

是的，我想說，不會。我們的指引和展望並不意味著賣家需求會增加，因為我們還沒有看到買家需求增加導致清盤率上升。如果這種情況真的發生，我們預計會有更多賣家樂於接受報價並願意出售房屋，但目前我們還沒有看到這種情況，我們的指引並不意味著這種情況會發生。

And then how do we think about demand generally speaking, we are -- like I mentioned before, we're aligning our marketing spend to points in time in the year when we can be acquisitive and acquire homes ahead of the spring selling season when you tend to have higher buyer demand and can realize better prices.

那麼，我們一般如何看待需求呢？就像我之前提到的，我們將行銷支出與一年中的某些時間點相匹配，以便在春季銷售季節之前進行收購併購買房屋，因為那時買家需求往往更高，可以獲得更好的價格。

And so we are going heavier in marketing, as I mentioned in Q4 and Q1, to drive more acquisitions at a time when spreads historically have been lower/ And then we lean back out in the summer months when the focus is more on resale than it is on us being buyers in the market at that time.

因此，正如我在第四季度和第一季提到的那樣，我們將加強行銷力度，以在歷史價差較低的時候推動更多的收購/然後，在夏季，我們將重點放在轉售上，而不是我們當時作為市場買家。

Got it, thanks.

明白了，謝謝。

Ygal Arounian, Citigroup.

花旗集團的 Ygal Arounian。

Hi, this is Wayne Trinh on for Ygal. I just wanted to ask about the distributed platform. It seems to be performing well with the twice as many customers reaching a cash offer and getting that offer faster.

大家好，我是 Ygal 的 Wayne Trinh。我想問一下關於分散式平台的情況。這個平台似乎表現不錯，獲得現金報價的客戶數量增加了一倍，而且他們獲得報價的速度也更快了。

Can you just walk us through how it's kind of done since you've gone into rapid expansion? And can you talk about the share economics you'll have there with agents between conversions and lead generation?

您能不能跟我們簡單介紹一下，自從你們進入快速擴張階段以來，你們是如何運作的？您能不能談談你們與代理商在轉換率和潛在客戶開發方面獲得的分成比例？

I'm happy to do that. Let's talk a little bit about why we're doing this. First of all, to make it clear, I'll talk about what we're seeing on the conversion side, which is exciting, and then we'll talk about unit economics.

我很樂意這麼做。我們來聊聊為什麼要這麼做。首先，為了清晰起見，我會先談談我們在轉換率方面取得的進展，這令人興奮，然後我們再談單位經濟效益。

On the why, based on what we've been trialing over the last quarter or so, is that pairing our sellers with an agent early in the selling journey drives incremental conversion. An agent is able to get to a customer early. They can contextualize a suite of options, not just one option, but a whole range of alternatives for how they sell, and they guide that seller to the best outcome, and that converts better.

原因在於，根據我們過去一個季度左右的試驗，在銷售流程的早期就為賣家安排一位經紀人可以提高轉換率。經紀人能夠儘早與客戶取得聯繫。他們可以將一系列選項（不只是一個選項，而是一系列的銷售方案）具體化，引導賣家獲得最佳結果，從而提高轉換率。

So, so far what we're seeing is, twice as many customers getting through our funnel all the way to a final underwriting than we have seen historically on our traditional direct to consumer flow. That means we have more customers than we have a chance to convert on. We're seeing total conversion to selling outcomes be higher.

所以，到目前為止，我們看到，透過我們的管道最終獲得承保的客戶數量是我們傳統直銷流程的兩倍。這意味著我們的客戶數量超過了我們能夠轉換的客戶數量。我們看到總轉換率正在上升。

We're seeing 5 times more people convert to a listing than otherwise we would have, be able to monetize the lead into those are all great proof points. We're seeing some small amount of degradation of cash conversion so far, but that was anticipated, and we believe it's temporary.

我們看到，轉換到房源的人數比我們預期的多5倍，能夠將潛在客戶轉化為收入，這些都是很好的證明。到目前為止，我們看到現金轉換率略有下降，但這是預期的，我們相信這只是暫時的。

Two reasons for that. One, our spreads are wide right now given macro and seasonality; and two, our agents are still early on in getting trained in using the cash offer as part of their everyday motion. Probably most importantly though, is we don't have Cash Plus in any of those numbers yet. Where we have got Cash Plus in our pilot markets, it's incremental to cash conversion.

原因有二。首先，考慮到宏觀經濟和季節性因素，我們目前的利差較大；其次，我們的代理商仍在接受培訓，將現金優惠作為日常業務的一部分。不過，或許最重要的是，我們目前還沒有在這些數字中反映出 Cash Plus 的潛力。在我們試點市場中，雖然已經推出了 Cash Plus，但這只是現金轉換的增量。

In other words, more people are choosing the Cash Plus option than they are choosing cash, and we think that should be a durable conversion lever to serve more sellers than we're seeing today on the cash side. So that's the conversion story with respect to economics, I think in terms of how this all rolls through for agents or for us or for both, I assume.

換句話說，選擇「現金加付款」選項的人比選擇現金的人多，我們認為這應該是一個持久的轉換槓桿，能夠服務於比目前現金支付方式更多的賣家。所以，從經濟角度來看，這就是轉換過程，我想，這取決於這一切對代理商、對我們，或是對雙方的影響。

Okay. Go.

好的。去吧。

Yeah, so on the Cash Plus versus cash economics, the way to think about it at a high level, we're valuing the home in the exact same way we do today for our traditional cash offer product. We're just providing less cash up front.

是的，所以，從宏觀角度來看，Cash Plus 與現金交易的經濟效益相比，我們對房屋的估值方式與我們現在對傳統現金報價產品估值的方式完全相同。只是我們預付的現金較少。

The seller is still able to unlock a ton of their equity. They can pack up. They can move out. They can do what they need to do next. We'll take on the burdens of repairs and we'll take on the burden of getting listed with that partner agent. But that seller gets additional proceeds after the resale net of expenses.

賣家仍然可以解鎖大量資產。他們可以打包行李，搬出去，做下一步該做的事情。我們會承擔維修費用，也會負責與合作代理商掛牌出售。但賣家在扣除轉售費用後，還能獲得額外收益。

Selim said this earlier, but just to be very clear, it reduces our capital needs. It gives us better downside protection. And it still targets a similar contribution margin to our historical cash offer product, but we think the likelihood of hitting that target is higher in this model.

塞利姆之前也說過，但需要明確的是，它降低了我們的資本需求。它為我們提供更好的下行保護。它的目標利潤率仍然與我們歷史上的現金報價產品相似，但我們認為，在這種模式下，達到這一目標的可能性更高。

In terms of the economics to the agents, they get their listing commission on the back end when that home resells. On the listing, to the extent that we have taken one of our customers, paired them with an agent, that agent eventually goes on to list the home for that customer. There's a listing commission involved. The agent earns that, and we take a share of that commission.

就經紀人的經濟效益而言，當房屋轉售時，他們會獲得掛牌佣金。在掛牌過程中，如果我們為一位客戶配對了經紀人，那麼這位經紀人最終會為該客戶掛牌出售房屋。這其中涉及掛牌佣金。經紀人賺取佣金，而我們從中抽取一部分。

Our shares are at the high end of industry standard, because our lead quality, frankly, is so strong and high converting. And what that gives us is capitalized high margin revenue.

我們的股價處於行業高位，因為我們的潛在客戶品質非常高，坦白說，轉換率很高。這給我們帶來了高利潤率的資本化收入。

All right, very helpful. Thank you.

好的，非常有幫助。謝謝。

And then my second question would be on the pace of acquisitions. Last quarter, you talked about barbell kind of shape. I guess, are you still thinking about the same way? And is there any sense you can give us of the magnitude of sequential increase from Q3 to Q4?

我的第二個問題是關於收購的步伐。上個季度，您談到了「槓鈴式」的收購。我想，您現在還在思考這個問題嗎？您能告訴我們從第三季到第四季度，季增的幅度是多少嗎？

Yeah, we are still thinking about it in the same way. Obviously, all our SQL for the macro environment, as we've been responsive to that and we've adjusted our pace according to what we see in the macro.

是的，我們仍然以同樣的方式思考這個問題。顯然，我們所有的SQL都是針對宏觀環境的，因為我們對此做出了回應，並根據宏觀環境的情況調整了我們的節奏。

But as we currently sit here today, we would expect acquisitions to sequentially scale back up in Q4 relative to Q3, but we're not in a position to guide or give color on how much that could be or what that could look like. It's really dependent on what happens with the macro environment, where we set spreads, and the progress that we make on this platform pivot. And so we'll update you on that in 90 days.

但就目前情況來看，我們預期第四季的收購規模將相對第三季有所回落，但我們無法預測或透露具體幅度或具體情況。這實際上取決於宏觀環境的變化、我們設定的利差以及我們在這個平台轉型上的進展。因此，我們將在90天內向您更新相關資訊。

Got it. Thank you.

明白了。謝謝。

Andrew Boone, Citizens.

安德魯·布恩，公民。

Thanks so much for taking the questions. I wanted to ask about the new platform and just kind of where is agent and consumer awareness within some of kind of your oldest markets. How are you guys thinking about driving the awareness of kind of newer offerings and changing the consumer perception of what Opendoor is?

非常感謝您回答這些問題。我想問一下關於新平台的問題，以及在你們一些老牌市場中，代理商和消費者的認知度如何。你們是如何考慮提升新產品的知名度，並改變消費者對 Opendoor 的認知的？

And then, I'd love just something a little bit more tactical as we think about the back half of '25. Can you just talk about the trend and spreads and how we should think about spreads in terms of offers for the back half of the year? Thanks so much.

然後，我想問一些關於2025年下半年的策略性問題。您能否談談趨勢和利差，以及我們應該如何從下半年的報價角度來考慮利差？非常感謝。

I'll go first. Carrie. Thanks for the question. A couple of things. First of all, how are we going to get the word out about Key Connections to agents? One of the things I think it's important to understand is we already have 25% of our business coming to us today from agent partners. Those are agents who fully understand the power and importance of having a cash offer in hand when they're going to a listing appointment, and they're kind to us with their customer asking for a cash offer today.

我先說。 Carrie，謝謝你的提問。我想問幾個問題。首先，我們如何向經紀人宣傳 Key Connections？我認為需要了解的一點是，我們目前已有 25% 的業務來自我們的經紀人合作夥伴。這些經紀人非常了解在參加掛牌交易時手頭上有現金報價的重要性，而且他們也非常樂意接受我們今天提出的現金報價。

So we already have tons of agent relationships. They understand the power of it. They know that they can rely on it. We don't retra. We close on time. We make it very easy and seamless for them to extend that offer to their client.

我們已經擁有大量的代理關係。他們了解它的力量，知道可以信賴它。我們不會重複報價，我們按時完成交易。我們讓他們能夠輕鬆無縫地向客戶提供這項服務。

This is just us changing the flow of traffic. This is us taking our high intent seller leads and putting in the hands of agent partners.

這只是我們在改變流量。我們把高意向賣家的線索交給了代理商夥伴。

My sense of what we're going to see is that this is going to become very symbiotic, right? Agents coming to us, us going to agents, on the news of some of the marketing we've done recently around our key agent app, our push on Key Connections, we have a ton of inbounds from agents who understand what this could mean for their business.

我感覺我們即將看到的是，這將變成一種共生關係，對吧？經紀人來找我們，我們也去找經紀人。最近我們圍繞著關鍵經紀人應用程式和 Key Connections 做了一些行銷活動，收到了許多經紀人的來信，他們明白這對他們的業務意味著什麼。

They understand what it means for their next lead. We're solving a problem for them. They're not having to go find their next customer. They understand they get a differentiated suite of products to sell to their clients that they can't get anywhere else. They understand the quality of our leads.

他們明白這對他們的下一條線索意味著什麼。我們正在為他們解決問題。他們不必再費力尋找下一個客戶。他們明白，他們獲得了一套差異化的產品來銷售給他們的客戶，而這些產品是他們在其他地方無法獲得的。他們了解我們線索的品質。

We are putting them in the home. That's not a lead you get somewhere else. It's totally differentiated. And so I don't really foresee a lot of problems getting this into the hands of agents and having it kind of stem from there.

我們把他們安置在家裡。這不是你在其他地方獲得的線索。這是完全不同的。因此，我預計把這些產品交到經紀人手中，並在那裡進行推廣，不會有很多問題。

Consumers -- listen, we've been marketing for a long time to consumers. We get lots of sellers that come to us. Our brand awareness has continue to create over time. We'll continue to market to consumers. Our number one job right now is to take more of those many sellers that come to us and convert them, monetize those leads through the agent channel. That's what we're excited to do.

消費者——聽著，我們長期以來一直面向消費者行銷。很多賣家主動聯絡我們。我們的品牌知名度隨著時間的推移而不斷提升。我們將繼續面向消費者進行行銷。我們目前的首要任務是吸引更多賣家，並將他們轉化為客戶，並透過代理商管道將這些潛在客戶轉化為現金。這正是我們樂於做的事。

Yeah. And then with respect to spreads in a normal seasonal environment, I would say that spreads tend to peak in late summer or late spring early summer. And then they will trend down from there throughout the course of the second half, before they will start to come back up in late winter and early spring. That's what we -- how we normally manage the business. And so all of SQL, that is what we would expect to see between now and the end of the year.

是的。關於正常季節性環境下的利差，我認為利差通常在夏末或春末夏初達到高峰。然後，在整個下半年，利差會從那裡開始下降，然後在冬末春初開始回升。這就是我們通常管理業務的方式。因此，對於所有SQL來說，這是我們預計從現在到年底都會看到的情況。

(Operator Instructions) Nick McAndrew, Zelman & Associates.

（操作員指示）Nick McAndrew，Zelman & Associates。

Hey, guys. Thanks for taking my questions. Maybe just to start, you've noted that spreads have remained elevated and above historical norms, just given weaker clearance rates, and I'm just wondering if you could provide any color or translate some of that to how much cushion you're building into today's pricing environment and what kind of home price volatility you expect in the back half of the year?

大家好。感謝你們回答我的問題。首先，您提到，由於清盤率較低，差價一直居高不下，高於歷史平均。我想問您能否解釋一下，或者解釋一下您在當前定價環境下準備了多少緩衝，以及您預計今年下半年房價會出現什麼樣的波動？

Yeah, so generally, we strive to set price to enable us to deliver within our target contribution margin range. And so that that's how we set our spreads or approach setting our spreads. The challenge that I sort of reference in the in the comments is when we assume a certain macro and then the macro further deteriorates, it starts to eat into any cushion that we have, and therefore, makes it more difficult for us to hit the target contribution margin range. But that is generally the approach that we take.

是的，一般來說，我們力求將價格設定在目標貢獻利潤率範圍內。這就是我們設定利差的方式，或者說設定利差的方法。我在評論中提到的挑戰是，當我們假設某個宏觀經濟指標，而該指標進一步惡化時，它就會開始侵蝕我們現有的緩衝，使我們更難達到目標貢獻利潤率範圍。但這通常是我們採取的方法。

And then with respect to home prices, home price appreciation tends to vary sort of depending on the time of year. In the spring is when you tend to see the highest or positive home price appreciation. And then as you get into the fall and winter, home price appreciation tends to negative. It's no different to what we're planning today.

就房價而言，房價上漲趨勢往往會根據一年中的時間而有所不同。春季通常是房價漲幅最高或為正的時期。而到了秋季和冬季，房價上漲趨勢往往會為負。這與我們今天預測的並無二致。

The only difference that we saw, I would say, in Q2, is the positive home price appreciation period of time this year was actually the shortest that it has been in quite a number of years. We provide some charts on that in the back of our Shareholder Letter that I would refer you to. I think that can be a helpful guide to understand that.

我想說，我們在第二季度看到的唯一變化是，今年房價上漲的持續時間實際上是多年來最短的。我們在致股東信的背面提供了一些圖表，請參考。我認為這對理解這一點很有幫助。

That's helpful. Thank you. And Selim, maybe just a follow up for you. I know you've established the ATM equity offering about a year ago, and it doesn't look like you've accessed it to date even with the recent improvement in stock price and volume. So I'm just curious if you can talk about the environment or circumstances in which you would consider raising capital through the ATM? Thank you.

這很有幫助，謝謝。 Selim，我想問你接下來的問題。我知道你大約一年前就啟動了ATM股權發行項目，儘管最近股價和交易量都有所回升，但看起來你至今還沒有啟動。所以，我很好奇，你能不能談談在什麼樣的環境下，你會考慮透過ATM融資？謝謝。

Yeah. Like, generally speaking, we don't comment on future capital raises. As for the ATM, no, we have not used it yet. We have a year and a half remaining to use it, and we'll be opportunistic in how we leverage it. And beyond that, I would say there's not much more I can say.

是的。一般來說，我們不會對未來的融資發表評論。至於ATM，我們還沒用過。我們還有一年半的時間可以使用它，我們會根據情況靈活運用。除此之外，我想說的不多。

Great, thank you.

太好了，謝謝。

Thank you. This concludes the conference. Thank you for your participation. You may not disconnect.

謝謝。會議到此結束。感謝您的參與。請勿斷開連接。