Opendoor Technologies Inc (OPEN) 2025 Q3 法說會逐字稿

Hey, everyone. I'd like to welcome you all to Opendoor's inaugural open house earnings live stream. I'm Michael Judd, Opendoor's Head of Investor Relations.

大家好。歡迎大家參加 Opendoor 的首屆公開房屋收益直播活動。我是 Opendoor 的投資人關係主管 Michael Judd。

A few housekeeping items before we get started. Details of our results and additional management commentary are available in our earnings release, which can be found at investor.opendoor.com. The following discussion contains forward-looking statements within the meaning of the federal securities laws.

開始之前，先交代幾件事。我們的業績詳情和管理層的其他評論可在我們的盈利報告中查閱，該報告可在 investor.opendoor.com 上找到。以下討論包含聯邦證券法意義上的前瞻性陳述。

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.

除歷史事實陳述外，所有其他陳述均可被視為前瞻性陳述，包括但不限於有關 Opendoor 的財務狀況、預期財務業績、業務戰略和計劃、市場機會和擴張以及未來運營的管理目標的陳述。

These statements are neither promises nor guarantees, and undue reliance should not be placed on them. Such forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those discussed here.

這些聲明既非承諾也非保證，不應過度依賴這些聲明。此類前瞻性陳述涉及風險和不確定性，可能導致實際結果與此處討論的結果有重大差異。

Additional information that could cause actual results to differ from forward-looking statements can be found in the Risk Factors section of Opendoor's most recent annual report on Form 10-K for the year ended December 31, 2024, as updated by our quarterly report on Form 10-Q for the quarters ended June 30, 2025, and September 30, 2025, and other filings with the SEC.

有關可能導致實際結果與前瞻性聲明之間存在差異的其他信息，請參閱 Opendoor 截至 2024 年 12 月 31 日的最新年度報告（表格 10-K）中的“風險因素”部分，該部分內容已由我們截至 2025 年 6 月 30 日和 2025 年 9 月 30 日的其他季度報告進行證券委員會的數據委員會（表格 30-Q）進行。

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

本次網路直播中所做的任何前瞻性陳述，包括對您問題的回答，均基於管理層截至今日的合理預期和假設，除法律要求外，Opendoor 不承擔因新資訊、未來事件或其他原因而更新或修改這些陳述的義務。

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

以下討論涉及某些非公認會計準則財務指標。該公司認為，這些非GAAP財務指標可作為補充營運指標，幫助投資人評估公司的財務表現。如欲了解每項非GAAP財務指標與最直接可比較的GAAP指標的調節情況，請造訪我們的網站 investor.opendoor.com。

With that, let's get into the open house with Kaz and Christy.

接下來，讓我們和 Kaz 和 Christy 一起參觀開放日。

Good afternoon. My name is Kaz Nejatian. I'm a computer nerd turned lawyer, turned founder, but I think of myself primarily as a product manager. That's what I spent most of my career doing, building products and leading teams to build better products faster. I'm not the guy you invite your place if you want someone to bring to party. I'm the guy you invite your party if you want someone to fix your Sonos.

午安.我的名字是卡茲·內賈蒂安。我曾是電腦極客，後來成為律師，又成為創辦人，但我始終認為自己首先是一名產品經理。我職業生涯的大部分時間都花在了開發產品和帶領團隊更快地開發出更好的產品。如果你想邀請人來參加派對，我不是那種你會邀請的人。如果你想找人來修理你的 Sonos 音響系統，我就是你應該邀請來參加派對的那個人。

On my first day at work, I told our team at Opendoor that we're going to make a bunch of changes and that the new Opendoor would look nothing like the old one. And that's because, well, the old Opendoor had kind of lost its way. Before I tell you why I think Opendoor was broken, let me share you one example of the thing that has changed just in the last few weeks, so you can get a sense of the scale of the change.

我上班的第一天就告訴 Opendoor 的團隊，我們將進行一系列變革，新的 Opendoor 將與舊的 Opendoor 截然不同。那是因為，嗯，老 Opendoor 有點迷失了方向。在我告訴你為什麼我認為 Opendoor 出了問題之前，讓我先分享一個最近幾週發生的變化的例子，以便你了解變化的規模。

Look, on my first day at work on September 15, Opendoor had entered into contracts to buy 120 homes in the prior seven days. By last week of October, that number had risen to 230 homes. In seven weeks, we nearly doubled our speed of acquisition.

你看，在我9月15日上班的第一天，Opendoor在之前的七天內就簽訂了購買120套房屋的合約。到十月最後一周，這個數字已經上升到 230 戶。七週內，我們的用戶取得速度幾乎翻了一番。

I think it's reasonable to ask how can we move so fast right now when we used to move so God damn slowly. If you give me a couple of minutes, I'd like to tell you what caused the old Opendoor to be so broken. I think this diagnosis will kind of matter in how we rebuild Opendoor.

我覺得有理由問，為什麼我們現在能發展得這麼快，而過去我們卻發展得如此緩慢。如果您給我幾分鐘時間，我想告訴您是什麼原因導致舊版 Opendoor 如此糟糕。我認為這個診斷結果對我們如何重建 Opendoor 至關重要。

Having been inside the company for just over a month, it's kind of obvious to me that the old Opendoor had just lost faith in the power of software to make selling, buying and owning a home easier. It just kind of thought of itself as an asset manager trying to predict the economy.

加入公司一個多月後，我感覺很明顯，之前的 Opendoor 已經對軟體在簡化房屋買賣和擁有流程方面的作用失去了信心。它把自己定位成一家試圖預測經濟趨勢的資產管理公司。

And the previous Opendoor also didn't really believe in the power of AI to do anything, much less to make our work less toilsome. When I joined the team, I'm not kidding, there were a dozen people whose only job it was to copy and paste information from PDFs into glorified spreadsheets. The previous Opendoor also didn't really believe in itself.

而之前的 Opendoor 也並不真正相信人工智慧的力量，更不用說讓它減輕我們的工作負擔了。我剛加入團隊的時候，說真的，有十幾個人，他們唯一的工作就是把 PDF 文件中的資訊複製貼到簡易的電子表格裡。之前的 Opendoor 也對自己缺乏信心。

I was genuinely shocked when I found out that one of Opendoor's biggest expenses in the first half of this year was millions of dollars paid to a well-known consulting firm to tell Opendoor how to do its job. Everywhere I looked in my first 30 days, I found consultants making decisions that should have been made by executives.

當我發現 Opendoor 今年上半年最大的開支之一是向一家知名顧問公司支付了數百萬美元，讓他們告訴 Opendoor 如何開展工作時，我真的感到很震驚。在我入職的頭 30 天裡，我發現到處都是顧問在做本來就該由高階主管做出的決定。

Finally, the previous Opendoor had become so risk-averse that it no longer really believed in buying and selling homes. If you ignore COVID, we bought fewer homes in Q3 than we have since 2017 when Opendoor was just a tiny start-up.

最後，之前的 Opendoor 變得過於規避風險，以至於它不再真正相信房屋買賣。如果忽略新冠疫情的影響，我們在第三季購買的房屋數量比 2017 年以來任何時候都少，而 2017 年 Opendoor 還只是一家小型新創公司。

Look, in the last few weeks, we've reversed course on all of these decisions. We are ditching manager mode. We're now firmly in founder mode. We are refounding this company. This is Opendoor 2.0, and we believe different things. So what do we believe at Opendoor today?

你看，在過去的幾周里，我們已經改變了所有這些決定。我們要放棄管理模式。我們現在完全進入了創始人模式。我們正在重組這家公司。這是 Opendoor 2.0，我們秉持著不同的理念。那麼，如今Opendoor的理念是什麼呢？

We believe that we have to use all of our energy and every modern tool at our disposal to build products that make homeownership easier and less frictionful. We believe we're a software company, and our leverage comes from engineers writing code.

我們相信，我們必須利用所有精力和一切現代工具來打造讓房屋擁有更容易、更少摩擦的產品。我們認為我們是一家軟體公司，我們的優勢來自於工程師編寫的程式碼。

We believe machines are better at pricing assets than humans. We believe AI will empower us to avoid toilful work, and we can have a leaner and more aggressive company. We believe we are here to make hard decisions, and we will never ever abdicate that responsibility to management consultants.

我們認為機器在資產定價上比人類更勝一籌。我們相信人工智慧將使我們能夠避免繁重的工作，從而打造一個更精簡、更具進取心的公司。我們相信我們來到這裡是為了做出艱難的決定，我們絕對不會將這項責任推卸給管理顧問。

We believe in being operationally excellent, especially in marketing and corporate functions. When I was at Shopify, I insisted that we manage our marketing dollars like a hedge fund would manage its IRR. We're going to do the same thing here. We're going to spend money only on channels that give us great payback, and we're going to stop spray and pray marketing.

我們追求卓越的運營，尤其是在行銷和公司職能方面。當我在 Shopify 工作時，我堅持要像對沖基金管理其內部收益率 (IRR) 一樣管理我們的行銷資金。我們在這裡也要這樣做。我們將只把錢花在能帶來豐厚回報的管道上，我們將停止廣撒網式的行銷。

We believe slowing down buying homes just to buy them at a significant spread is a bad strategy. Look, the only folks who are going to sell their house at a large spread are people who know things that you don't know. They want to get rid of their house as fast as possible.

我們認為，為了獲得較大的價差而放慢購屋速度是一種糟糕的策略。你看，只有那些知道你不知道的事情的人，才能以較大的價差出售他們的房子。他們想盡快賣掉房子。

This is the definition of adverse selection. It's not a buying opportunity. It's a massive red flag. To use Wall Street terms, Opendoor is going to be kind of like a market maker in the future, not a prop desk. We're going to profit from flow, speed and tight spreads, not on bets on the direction of the economy.

這就是逆向選擇的定義。現在不是買進的好時機。這是一個非常明顯的危險訊號。用華爾街的術語來說，Opendoor 未來更像是做市商，而不是自營交易平台。我們將從交易流量、交易速度和較小的價差中獲利，而不是押注經濟走向。

Our business plan is simple: buy and sell lots and lots of homes quickly, be operationally excellent and increase our value to each homeowner by launching services like mortgage, insurance and warranty.

我們的商業計劃很簡單：快速買賣大量房屋，實現卓越的運營，並透過推出抵押貸款、保險和保固等服務來增加我們為每位房主創造的價值。

Starting last month, we reduced our spreads while simultaneously stepping up operational rigor and tightening our selection discipline. The goal is simple. We're going to make stronger first offers, buy more good homes and get more good sellers through our funnel.

從上個月開始，我們縮小了價差，同時加強了營運嚴格性，並收緊了選擇紀律。目標很簡單。我們將提高首次報價的競爭力，購買更多優質房產，並透過我們的管道吸引更多優質賣家。

To avoid adverse selection, we're building our inspection process from ground up, structured in-app video and audio, feed goes directly into AI that creates condition profiles that are validated through a standardized inspection process that give us great data.

為了避免逆向選擇，我們從零開始構建了我們的檢查流程，結構化的應用內視頻和音頻，數據直接輸入人工智能，人工智能會創建狀況概況，並通過標準化的檢查流程進行驗證，從而為我們提供大量數據。

The result is going to be a consistent high-fidelity view of every single home. This trust but verify approach is going to improve the speed and the quality of homes while giving us amazing data to adjust our process, allowing us to grow our portfolio without sacrificing pricing discipline, without giving up on asset quality and without slowing down transaction velocity.

最終將呈現出每棟房屋始終如一的高保真視圖。這種「信任但要核實」的方法將提高房屋的速度和質量，同時為我們提供驚人的數據來調整我們的流程，使我們能夠在不犧牲定價紀律、不放棄資產質量、不減慢交易速度的情況下擴大我們的投資組合。

But buying a great home isn't the end of our job, right? It's also important that when Opendoor buys a house, we provide value and services to both buyers and sellers. That's why earlier this week, we launched Opendoor Checkout. It's available in select markets now, and it's going to expand to our entire inventory soon.

但是買到一間好房子並不是我們工作的終點，對吧？同樣重要的是，當 Opendoor 收購房屋時，我們要為買賣雙方提供價值和服務。因此，本週早些時候，我們推出了 Opendoor Checkout。目前該產品已在部分市場推出，不久後將推廣至我們所有產品系列。

A buyer can walk into an Opendoor home, tour it and place an offer to buy it on opendoor.com without ever talking to a human being. We're shipping the buy now button for homes on the Internet. We're going to improve on this. We're going to add more products and more features for homeowners to simplify the home buying experience, starting with mortgages and warranties.

買家可以走進 Opendoor 的房屋，參觀房屋，並在 opendoor.com 上提交購買要約，而無需與任何人交談。我們正在向網路用戶推送「立即購買」按鈕。我們會在這方面進行改進。我們將為房主增加更多產品和功能，以簡化購屋體驗，首先從抵押貸款和保固開始。

Look, in the future, buying a home will be as seamless as buying a car from Tesla. You'll choose your home, your financing, your warranty, your insurance, all in one place, all in one flow. Right now, homeowners have to deal with a bunch of different companies, brokers, agents, a lot of different stuff to get what they need for a house.

展望未來，買房將會像從特斯拉買車一樣輕鬆方便。您可以在同一地點、透過一個流程選擇您的房屋、融資、保固和保險。現在，房主們為了買到房子，必須和很多不同的公司、經紀人、經紀人打交道，處理各種各樣的事情。

That doesn't make sense. We have the Internet. We're going to fix this. And over time, we'll add everything a homeowner needs when they need it, all bundled into one simple experience. Opendoor's goal is really simple. We're going to tilt the world in favor of homeowners and those working hard to become homeowners. That's our goal.

這說不通。我們有網路。我們會解決這個問題。隨著時間的推移，我們將添加房主在需要時所需的一切，並將所有功能整合到一個簡單的體驗中。Opendoor 的目標非常簡單。我們將改變世界格局，讓房主和那些努力成為房主的人受益。這就是我們的目標。

And we're going to pursue it with an incredible amount of aggression. Since my first day as the CEO of our company and our first day in this new Opendoor, we've launched over a dozen new products and features. They include things like an end-to-end AI home scoping, where machines instead of human beings decide what repairs are needed and what renovations need to be done.

我們將以極大的熱情去追求它。自從我擔任公司執行長的第一天，也是我們啟用新 Opendoor 的第一天以來，我們已經推出了十幾個新產品和功能。其中包括端到端的 AI 家庭評估，由機器而不是人類來決定需要進行哪些維修和翻新。

We've automated title and escrow, where AI has started doing some of the work that goes into closing a transaction. We've launched Opendoor's trade-in widget, where we help builders to offer a home trading program like they do in car dealerships.

我們已經實現了產權和託管的自動化，人工智慧已經開始承擔一些完成交易所需的工作。我們推出了 Opendoor 的以舊換新小部件，幫助建築商提供像汽車經銷商那樣的房屋以舊換新計劃。

The new Opendoor Key app allows agents, Opendoor experts and soon any homeowner to assess their homes just like an expert. Now we're going to fully power this with AI rather than someone showing up with a pen and paper. We launched Buyer Peace of Mind, giving people certainty when they buy their home with benefits like home warranty and early move-in.

全新的 Opendoor Key 應用程式可以讓經紀人、Opendoor 專家以及不久的將來任何房主像專家一樣評估自己的房屋。現在我們將完全依靠人工智慧來完成這項工作，而不是由人們拿著筆和紙來記錄。我們推出了“購屋安心計劃”，透過房屋保固和提前入住等福利，為購屋者提供保障。

We launched AI-powered multilingual agents, explaining home valuation to homeowners and helping them move forward with Opendoor. And we're launching a new partnership with Roam, connecting sellers with Roam's Assumable Mortgage platform to help them move when they want to.

我們推出了由人工智慧驅動的多語言代理，向房主解釋房屋估價，並幫助他們使用 Opendoor 進行後續操作。我們正在與 Roam 建立新的合作夥伴關係，將賣家與 Roam 的可轉讓抵押貸款平台連接起來，幫助他們在想要搬家時順利出售房產。

We've also made significant improvements in our SEO products, significantly increasing organic traffic. But closest to my heart has been our push to default to AI everywhere. And this has allowed our frontline operators to iterate without writing code.

我們的SEO產品也得到了顯著改進，自然流量大幅提升。但最讓我感到欣慰的是我們推動在所有領域預設使用人工智慧。這使得我們的第一線操作人員無需編寫程式碼即可進行迭代。

One of our non-technical teammates built a no-code tool that cut our quarterly inventory management process from 10 hours to about 7 minutes. And this list of launches should show you that we have this renewed aggression at Opendoor. We're going to focus on building great products. But aggression by itself is not a strategy. It's better than hope, but it's not enough. So here's our four-step plan to channel that energy.

我們團隊中一位非技術背景的同事開發了一款無需編寫程式碼的工具，將我們每季的庫存管理流程從 10 小時縮短到大約 7 分鐘。這份產品發布清單應該可以向你展示，Opendoor 已經重拾了進取精神。我們將專注於打造優秀的產品。但侵略本身並不是一種策略。這比希望好，但還不夠。所以，我們制定了以下四步驟計畫來引導這種能量。

First, by the end of next year, we will drive Opendoor to breakeven. We think about this in terms of adjusted net income on a 12-month go-forward basis. That means Opendoor will start generating cash and will never be forced to raise equity ever again. Second, we will drive significant positive unit economics while increasing the velocity at which we transact in homes. This includes launching financial services like mortgage.

首先，到明年年底，我們將使 Opendoor 實現收支平衡。我們從未來 12 個月的調整後淨收入的角度來考慮這個問題。這意味著 Opendoor 將開始產生現金流，並且永遠不必再被迫籌集股權。其次，我們將實現顯著的單位經濟效益提升，同時提高房屋交易速度。這包括推出抵押貸款等金融服務。

Third, as we increase our unit economics, we will change the company's focus from primarily building channels to transacting directly with buyers and sellers. We're also going to focus on reducing our days in possession rather than arbitrarily increasing spread, which has had genuine significant negative consequences for us.

第三，隨著我們單位經濟效益的提高，我們將把公司的重心從主要建立管道轉移到直接與買家和賣家進行交易。我們也將專注於減少病毒攜帶時間，而不是隨意增加傳播，因為這已經為我們帶來了真正嚴重的負面影響。

Fourth, once we've accomplished the first three steps, we're going to focus on allowing buyers and sellers to transact on Opendoor without having to buy or sell from Opendoor. This is going to significantly lower our capital risk, but more importantly, it's going to give folks options they want. Over time, as we succeed in these initiatives, Opendoor will change the homeownership experience in the same way Amazon changed the shopping experience, both directly and through its third-party marketplace.

第四，一旦我們完成了前三個步驟，我們將專注於讓買家和賣家在 Opendoor 上進行交易，而無需透過 Opendoor 進行買賣。這將大大降低我們的資本風險，但更重要的是，它將為人們提供他們想要的選擇。隨著我們這些舉措的不斷成功，Opendoor 將改變人們的房屋擁有體驗，就像亞馬遜改變了人們的購物體驗一樣，無論是直接改變還是透過其第三方市場改變。

Let me be clear, adjusted net income breakeven is a milestone, not a goalpost. We have a huge runway ahead of us. Yes, there's going to be some headwinds, we're going to get some things wrong, but we're committed to consistently delivering improved unit economics and you're going to begin seeing progress towards adjusted net income breakeven milestones as we clear old inventory and increase our acquisition speed.

我要明確一點，調整後淨收入損益平衡點是一個里程碑，而不是最終目標。我們面前還有很長的路要走。是的，我們會遇到一些阻力，也會犯一些錯誤，但我們致力於不斷提高單位經濟效益，隨著我們清理舊庫存和加快採購速度，你們將開始看到我們在調整後淨收入盈虧平衡點方面取得進展。

In my first month, we've already made significant progress on the first three steps. As we move towards breakeven adjusted net income, we're prioritizing durable cost reductions. Chris is going to talk about some of these, but I want to give you some examples.

在我上任的第一個月，我們已經在前三個步驟中取得了顯著進展。隨著我們逐步實現調整後淨收入損益平衡，我們將優先考慮持久性的成本削減。克里斯接下來會談到其中的一些問題，但我想先舉幾個例子。

We reduced spend on external software and have terminated or are in process to terminate over 20 software vendors to date. We've reduced spend on external consultants. Opendoor spent millions on management and PR consultants in the first half of 2025. The go-forward plan is zero. And to drive positive unit economics and increase the velocity at which we transact in home, we've significantly changed our buying behavior.

我們減少了對外部軟體的支出，迄今已終止或正在終止與 20 多家軟體供應商的合作關係。我們減少了對外部顧問的支出。Opendoor 在 2025 年上半年花費數百萬美元聘請管理和公關顧問。下一步計劃是零。為了提高單位經濟效益並加快房屋交易速度，我們大幅改變了購買行為。

For example, up until mid-October, when someone came to opendoor.com and typed in their address to sell us their house, we would have up to 11 Opendoor employees in the hot path of that sales contract closing. Today, that number in many of our flows is down to one person, and that one person is there to audit the machine to make sure we don't make unnecessary mistakes in underwriting.

例如，直到 10 月中旬，當有人造訪 opendoor.com 並輸入他們的地址以將房子賣給我們時，我們最多會有 11 名 Opendoor 員工處於促成該銷售合約完成的緊迫位置。如今，我們許多流程中的數字已經減少到只有一個人，這個人負責審核機器，以確保我們在核保過程中不會犯下不必要的錯誤。

In fact, we're now doing almost 750 home assessments per week using AI. It used to take us close to a day from the time we collected artifacts to time we complete assessments. In our new flows, this takes about 10 minutes. In the last week of September, we entered into contracts to buy 128 homes. In the last week of October, we entered into contracts to buy 230 homes.

事實上，我們現在每週使用人工智慧進行近 750 次家庭評估。過去，從我們收集文物到完成評估，通常需要將近一天的時間。在我們的新流程中，這大約需要 10 分鐘。9 月最後一周，我們簽訂了購買 128 套房屋的合約。10 月最後一周，我們簽訂了購買 230 套房屋的合約。

To accelerate transaction speeds and customer choice, we can now accept a USDC as a payment method for home purchases. And to make the company primarily D2C, we've turned on Opendoor's D2C flow once again. The company had completely shut down almost all of these flows.

為了加快交易速度並增加客戶的選擇，我們現在可以接受 USDC 作為房屋購買的支付方式。為了讓公司主要以 D2C 模式運作，我們再次啟用了 Opendoor 的 D2C 流程。該公司幾乎完全關閉了所有這些管道。

Look, while we want customers who want experts to be able to work with one, we are once again accepting customers who want to sell us their home directly. Last week, these customers made up over 20% of our total home assessed. And in a test we ran in mid-October on over 2,000 accounts created, we saw that our new D2C totally unoptimized funnel was able to convert 6x better than the non-D2C funnel.

你看，雖然我們希望想要與專家合作的客戶能夠與專家合作，但我們再次接受想要直接將房屋賣給我們的客戶。上週，這些客戶占我們評估房屋總數的 20% 以上。我們在 10 月中旬對創建的 2000 多個帳戶進行了測試，結果顯示，我們全新的 D2C 完全未經優化的銷售漏斗的轉換率比非 D2C 銷售漏斗高出 6 倍。

We're far, far from optimizing this, but we believe we have significant opportunity to improve our overall conversion. Okay, that's a lot.

我們距離優化還很遠，但我們相信我們有很大的機會提高整體轉換率。好的，這確實很多。

Before I hand off to Christy, I want to spend a minute to talk to you about previous decisions Opendoor made about its capital structure. Because look, I think it's important that you hear from me directly about this. When I took this job, I knew Opendoor needed a balance sheet that was fit for our ambitions. Every home needs a solid foundation. And for us, that's capital. There are aspects of our balance sheet that are just genuinely phenomenal.

在把麥克風交給克里斯蒂之前，我想花一分鐘時間和大家談談 Opendoor 之前在資本結構上所做的決定。因為我覺得這件事你最好能直接聽到我的聲音。當我接受這份工作時，我就知道 Opendoor 需要一份符合我們雄心壯志的資產負債表。每個房子都需要堅固的地基。對我們來說，那就是資本。我們的資產負債表上有些方面確實非常出色。

We have 10 different lending facilities with long-standing partners, some of them as long as nine years, who've demonstrated their ability to scale with us as we grow. Today, we can finance roughly 5,000 homes all at once and close at almost 100% advance rate at great prices. At our peak, that number was about 20,000, and we're going to get back there.

我們與長期合作夥伴建立了 10 個不同的貸款機制，其中一些合作夥伴的合作時間長達九年，他們已經證明，隨著我們的發展，他們有能力與我們共同擴大規模。如今，我們可以一次性為大約 5000 套住房提供融資，並以優惠的價格實現近 100% 的預付款率完成交易。巔峰時期，我們的用戶數量約為 2 萬，我們將重返那個水平。

And I'm genuinely confident that we can get there with our lending partners. But they're also part of our capital structure that were not focused on the long term. They seem to have been designed and driven by fear rather than setting us up to win.

我真心相信，我們能夠與貸款夥伴一起實現這一目標。但它們也是我們資本結構的一部分，而這些資本結構並非著眼於長期發展。它們似乎是為了讓我們取得勝利而設計和實施的，而不是為了讓我們獲勝。

To be blunt, when I joined, the balance sheet had a pink lock. The company had issued convertible notes with an early repayment that could have forced us to repay them in full before the end of this year. That would have been disastrous for the company. And my first priority was to remove this pressure and give us runway to execute on our vision.

坦白說，我剛加入公司時，資產負債表上還掛著一把粉紅色的鎖。該公司發行了可轉換債券，並附帶提前償還條款，這可能會迫使我們在今年年底前全額償還這些債券。那對公司來說將是災難性的。我的首要任務是消除這種壓力，給我們騰出時間來執行我們的願景。

Let me be clear, I despise dilution. If we issue a share, it has only one job: to make every other share worth more for our existing shareholders. But to give us some breathing room, I made a decision in my first week to use our existing ATM program to raise nearly $200 million. This bought us the time we needed to deal with the notes without a gun to our head.

我必須明確表示，我鄙視稀釋。如果我們發行新股，它只有一個作用：就是讓現有股東的每一股股票都更有價值。但為了給我們一些喘息的空間，我在上任第一週就決定利用我們現有的 ATM 計畫籌集近 2 億美元。這讓我們有時間在不受脅迫的情況下處理這些筆記。

Earlier today, we reached an agreement to retire the majority of these notes. We took the steps we needed to clean up our capital structure, and we now have the balance sheet we need to stop playing defense and start playing offense.

今天早些時候，我們達成協議，將註銷其中大部分債券。我們採取了必要的措施來清理我們的資本結構，現在我們擁有了所需的資產負債表，可以停止被動防守，開始主動進攻。

But there's a second part to this, and it's about you. We wouldn't be here without you, our shareholders. You believed in the long-term value of this business, even when our capital structure didn't really reflect it. And I don't believe in asking you to stay on this journey without sharing directly in the upside we're creating together.

但這件事還有第二部分，而這部分與你有關。如果沒有你們，我們的股東們，就沒有今天的我們。你相信這家企業的長期價值，即使當時我們的資本結構並沒有真正反映這一點。我不認為應該要求你繼續走完這段旅程，卻不直接分享我們共同創造的成果。

Look, public markets have a long history of taking shareholders for granted. We're not going to do that. In fact, we're going to reverse that. This is why we're issuing a dividend warrant. Each of you will receive three series of warrants, Series K, Series A and Series Z with exercise prices at $9, $13 and $17. One warrant for each series of 30 shares you hold. These warrants are going to cost you nothing and their value goes up as we make Opendoor into what it can be.

你看，公開市場長期以來一直把股東的利益視為理所當然。我們不會那樣做。事實上，我們要扭轉這種局面。這就是我們發行分紅權證的原因。你們每個人都將收到三系列認股權證，分別是 K 系列、A 系列和 Z 系列，行使價格分別為 9 美元、13 美元和 17 美元。每持有30股，即可取得一份認股權證。這些認股權證不會花費您任何費用，而且隨著我們把 Opendoor 發展壯大，它們的價值也會不斷提升。

We want to be on the same side of the table as our shareholder. We're returning some value to you today. You can sell the warrants as soon as you get them, but I'm hoping that you'll stay along for this ride, that you'll participate in what we are building together.

我們希望與股東站在同一陣線上。今天我們將為您帶來一些價值。你可以一拿到認股權證就賣掉，但我希望你能留下來，參與到我們共同打造的事業。

We're going to move forward together. And when Opendoor succeeds, our shareholders are going to share in that success. And yes, I'll admit it, it gives me just a bit of joy that this will totally ruin the night of a few short sellers.

我們將攜手前進。當 Opendoor 取得成功時，我們的股東也將分享這份成功。是的，我承認，想到這會徹底毀掉一些賣空者的夜晚，我確實感到一絲喜悅。

Look, we're building a new company, right the open. Opendoor 2.0 is committed to its community because we're building and because who we're building for matters. We're going to talk to you the way we talk in the office in plain English, sometimes with a few cuss words, but always with transparency. Please consider this our clean break from corpo jargon.

瞧，我們正在創建一家新公司，就在這片土地上。Opendoor 2.0 致力於服務社區，因為我們正在建設，而且我們為誰建設至關重要。我們將用辦公室裡那種直白的英語和你們交流，有時會帶點髒話，但始終保持透明。請將此視為我們與企業術語的徹底決裂。

We're just going to talk to you and tell you when we make mistakes. And we know that this transparency is not a burden. It's a feature of your trust in us. We want to hear from our shareholders, your ideas, your questions and even product bugs because we want to fix things fast and build better. If you haven't already seen this, my DMs are open to X.com.

我們只是想跟你談談，告訴你我們什麼時候犯了錯。我們知道，這種透明度並非負擔。這是您對我們的信任。我們希望聽到股東們的意見、想法、問題，甚至是產品缺陷，因為我們希望快速解決問題，打造更好的產品。如果你還沒看到的話，我的私訊對 X.com 開放。

I am more bullish today about Opendoor's ability to change homeownership than I was when I took this job. I'm more bullish because I see a lot more of what is happening inside the company than folks see from the outside. And I think one of the ways in which we can bring you all along for this journey is to just communicate more frequently, more directly and tell you what we are doing, what's working, what's not.

與我剛接手這份工作時相比，我現在對 Opendoor 改變房屋所有權的能力更加樂觀。我比較看好這家公司，因為我比外界人士更了解公司內部正在發生的事。我認為，讓大家參與這段旅程中來的一個方法就是更頻繁、更直接地溝通，告訴大家我們正在做什麼，哪些有效，哪些無效。

Christy is going to tell you a bit more about how we intend to do this after she shares our third quarter results. Christy?

克里斯蒂將在公佈我們第三季業績後，向大家詳細介紹我們打算如何實施這項計劃。克里斯蒂？

Thank you, Kaz. Our third quarter results reflect the deliberate choices made earlier in the year to prioritize risk management over volume growth, defined by wide spreads and a risk-averse posture that treated buying homes as something to avoid rather than our core business.

謝謝你，卡茲。我們第三季的業績反映了今年早些時候做出的深思熟慮的選擇，即優先考慮風險管理而不是銷量增長，其特點是價差較大，並且採取規避風險的態度，將購房視為應該避免的事情，而不是我們的核心業務。

The numbers tell the story. In the third quarter, we purchased 1,169 homes, roughly in line with the expectations shared at Q2 earnings, but well below our recent historical acquisition volumes. We delivered revenue of $915 million, above the high end of our guidance as we deliberately cleared old inventory before the slower winter selling season.

數字說明了一切。第三季度，我們購買了 1169 套住房，與第二季財報中公佈的預期大致相符，但遠低於我們近期的歷史收購量。由於我們在冬季銷售淡季到來之前特意清理了舊庫存，我們實現了 9.15 億美元的收入，高於我們預期的上限。

When you stop buying homes, you don't just lose volume, you lose the ability to manage your inventory mix. We were left selling through older homes that were selected under the old strategy, and that showed up in our margins.

停止購買房屋，不僅會減少房屋數量，還會失去管理庫存組合的能力。我們只能出售那些按照舊策略挑選的老房子，這影響了我們的利潤率。

GAAP gross profit was $66 million in Q3 compared to $105 million in Q3 of the prior year. GAAP gross margin was 7.2%, down 40 basis points year-over-year. Contribution profit was $20 million and contribution margin was 2.2% compared to contribution profit of $52 million and contribution margin of 3.8% in Q3 2024.

第三季GAAP毛利為6,600萬美元，而去年同期為1.05億美元。GAAP毛利率為7.2%，較去年同期下降40個基點。2024 年第三季貢獻利潤為 2,000 萬美元，貢獻毛利率為 2.2%，而 2024 年第三季貢獻利潤為 5,200 萬美元，貢獻毛利率為 3.8%。

On costs, prior leadership did meaningful work to restructure our cost base, and we will continue that effort. Third quarter GAAP operating expenses totaled $134 million. Adjusted operating expenses were $53 million, a 41% improvement from $90 million in the third quarter of 2024. This improvement was driven by disciplined cost management across all components, marketing, operations and fixed operating expense. As we rescale acquisitions, we're doing it from the structurally lower cost base.

在成本方面，前領導層在重組成本結構方面做了大量卓有成效的工作，我們將繼續這項工作。第三季GAAP營運費用總計1.34億美元。調整後的營運費用為 5,300 萬美元，比 2024 年第三季的 9,000 萬美元減少了 41%。這項改進得益於對所有組成部分、行銷、營運和固定營運費用進行嚴格的成本管理。隨著我們調整收購規模，我們正從結構性較低的成本基礎出發進行收購。

Net loss for the third quarter was $90 million compared to a loss of $78 million in Q3 '24. The prior year number included a $14 million gain from the Mainstay deconsolidation. Adjusted net loss totaled $61 million, an improvement from an adjusted net loss of $70 million in the prior year period.

第三季淨虧損為 9,000 萬美元，而 2024 年第三季虧損為 7,800 萬美元。上一年的數字包含了從 Mainstay 剝離中獲得的 1400 萬美元收益。調整後的淨虧損總額為 6,100 萬美元，較上年同期經調整後的淨虧損 7,000 萬美元有所改善。

These are the results of the old Opendoor. What matters now is what comes next. Earlier, you heard the plan for Opendoor 2.0. I'd like to take a moment to walk through the foundation it runs on, our capital. We ended the quarter with $962 million in unrestricted cash and $187 million of equity invested in homes. We held 3,139 homes, representing $1.1 billion in net inventory. We had $7.6 billion in non-recourse asset-backed borrowing capacity, of which total committed borrowing capacity was $1.8 billion.

這些都是舊版 Opendoor 的結果。現在重要的是接下來會發生什麼。之前，你們聽到了 Opendoor 2.0 的計畫。我想花點時間介紹它的運作基礎，也就是我們的資金。本季末，我們擁有 9.62 億美元的非限制性現金和 1.87 億美元的房屋投資權益。我們擁有 3,139 套住房，淨庫存價值 11 億美元。我們擁有 76 億美元的無追索權資產支持借款能力，其中已承諾借款總額為 18 億美元。

As Kaz mentioned, we have executed three substantial capital transactions to set our balance sheet up for the scale ahead. First, the rapid increase in our stock price triggered a condition in our 2030 convertible notes that could have required us to repay the full principal balance in cash during the fourth quarter of 2025.

正如 Kaz 所提到的，我們已經完成了三筆重大資本交易，為未來的規模擴張奠定了資產負債表的基礎。首先，我們股價的快速上漲觸發了我們 2030 年可轉換票據中的一項條款，該條款可能要求我們在 2025 年第四季以現金償還全部本金餘額。

Using our at-the-market or ATM equity program, we proactively raised equity in September 2025, selling 21.6 million shares at a weighted average price per share of $9.26 for nearly $200 million of gross proceeds. Second, today, we refinanced a substantial portion of the 2030 notes with equity. As a reminder, these notes bear interest at a 7% annual rate. The combination of these two transactions add meaningful liquidity to our balance sheet, reduce our cash interest costs and provide enhanced financial flexibility.

利用我們的「以市價發行股票」或「ATM股票發行」計劃，我們在2025年9月積極籌集了股票，以每股9.26美元的加權平均價格出售了2160萬股股票，總收益近2億美元。其次，今天我們用股權對 2030 年到期票據的大部分進行了再融資。提醒各位，這些票據的年利率為 7%。這兩項交易的結合，為我們的資產負債表增加了重要的流動性，降低了我們的現金利息成本，並提供了更大的財務靈活性。

Third, to align Opendoor's upside with all shareholders, our Board declared a pro rata warrant dividend. Every shareholder will receive three series of freely tradable warrants for every 30 common shares held as of the November 18 record date with exercise prices of $9, $13 and $17.

第三，為了使 Opendoor 的收益與所有股東的利益一致，我們的董事會宣布按比例派發認股權證股利。截至 11 月 18 日登記日，每位股東每持有 30 股普通股，將獲得三系列可自由交易的認股權證，行使價格分別為 9 美元、13 美元和 17 美元。

Zooming out, we believe we have the right capital setup for the Opendoor 2.0 operating model, higher volumes, faster turns, tighter spreads and more products to serve homeowners. Now let me tell you how we're executing against that model and how you can hold us accountable.

從更宏觀的角度來看，我們相信我們已經為 Opendoor 2.0 營運模式建立了合適的資本結構，實現了更高的銷量、更快的周轉率、更小的價差以及更多的產品來服務房主。現在讓我來告訴你們我們是如何按照這個模式執行的，以及你們如何監督我們的工作。

We are targeting to reach adjusted net income profitability by the end of 2026 measured on a forward 12-month basis. To get there, we're focused on three key management objectives that we monitor internally. For each objective, I want to frame for you why this matters, what we're doing and how you can hold us accountable.

我們的目標是到 2026 年底實現調整後淨利獲利，以未來 12 個月為基準進行衡量。為了實現這一目標，我們專注於三個關鍵的管理目標，並在內部進行監控。對於每一個目標，我想向你們說明為什麼這件事很重要，我們正在做什麼，以及你們如何監督我們。

First, scale high-quality acquisitions. More volume means more revenue from transactions and ancillary services plus better leverage of our cost base. Further, market concentration creates a flywheel. When we own meaningful share in a market, we attract more inventory, which attracts more buyers, which attracts more sellers.

首先，擴大高品質收購的規模。交易量越大，交易和輔助服務的收入就越多，成本基礎的使用率就越高。此外，市場集中度會形成良性循環。當我們在一個市場中擁有相當大的份額時，我們就能吸引更多的庫存，從而吸引更多的買家，進而吸引更多的賣家。

We have multiple initiatives underway to drive this growth. Most importantly, as Kaz described earlier, we started reducing our average spread while increasing our operational rigor and selection, stronger offers for high velocity, high-quality homes, discipline on higher-risk homes.

我們正在推行多項措施來推動這項成長。最重要的是，正如 Kaz 之前所描述的那樣，我們開始降低平均價差，同時提高營運的嚴格性和選擇標準，為高成交量、高品質的房屋提供更有力的報價，並對高風險房屋採取更嚴格的監管。

We're pairing that with AI-driven scoping and standardized pre-offer inspections to raise conversion and cut time and costs from offer to acquisition. You can track our progress against our acquisition goals through the end of 2026 on our new dashboard at accountable.opendoor.com. Individual weeks will fluctuate, holidays, weather, local market events will be focused on the trajectory over time.

我們將此與人工智慧驅動的範圍界定和標準化的報價前檢查相結合，以提高轉換率並縮短從報價到收購的時間和成本。您可以透過造訪 accountable.opendoor.com 上的全新儀表板，追蹤我們截至 2026 年底的收購目標來完成進度。每週的進度都會有所波動，假日、天氣和當地市場事件等因素都會影響最終的進度軌跡。

Second, improve unit economics and resale velocity. Speed and profitability per transaction enable us to build a sustainable business while enduring macroeconomic changes. Higher profitability per transaction gives us the ability to decrease the spreads embedded in our offers, leading to more acquisitions. This objective is supported by our tailored spread framework.

其次，提高單位經濟效益和轉售速度。交易速度和每筆交易的獲利能力使我們能夠在應對宏觀經濟變化的同時，建立可持續發展的業務。每筆交易更高的獲利能力使我們能夠降低報價中的價差，從而促成​​更多收購。我們量身訂製的銷售框架為實現這一目標提供了支持。

By pricing more aggressively for high-quality, faster-selling homes and maintaining discipline on higher-risk assets, we expect our acquisition mix to skew toward more marketable homes that need less repair and renovation. We expect this to shorten the time from acquisition to listing and days on market, thereby reducing our holding costs.

透過對高品質、銷售速度快的房屋採取更積極的定價策略，並對高風險資產保持謹慎態度，我們預計我們的收購組合將向更易銷售、需要較少維修和翻新的房屋傾斜。我們預計這將縮短從收購到上市的時間和上市天數，從而降低我們的持有成本。

Second, we are innovating at an incredible pace with a renewed focus on execution and a culture of challenging everything to be better. Much of our product innovation is designed to automate workflows and increase resale velocity, supporting a business model focused on turns, not spread.

其次，我們正以驚人的速度進行創新，重新專注於執行，並創造一種挑戰一切以求做得更好的文化。我們的許多產品創新旨在實現工作流程自動化並提高轉售速度，從而支援以周轉率而非價差為中心的商業模式。

You can hold us accountable to improving resale velocity by tracking the percentage of Opendoor homes on the market for greater than 120 days, which we report quarterly in our 10-Q. You can also follow our product, feature and partnership launches on accountable.opendoor.com to see how we're building the velocity into the business.

您可以追蹤 Opendoor 房屋在市場上停留超過 120 天的百分比，以此來監督我們提高轉售速度的情況，我們會在 10-Q 季度報告中按季度公佈該數據。您也可以造訪 accountable.opendoor.com 關注我們的產品、功能和合作夥伴關係發布情況，以了解我們如何提升業務發展速度。

Third, build operating leverage. We will scale transactions faster than fixed costs. So each additional home adds accretive profit. We're cutting aggressively in the right places, eliminating consultants, removing redundant tools and software, reducing marketing waste and streamlining operations while simultaneously reinvesting a portion of those savings into engineering and AI automation.

第三，建立經營槓桿。我們將以高於固定成本的速度擴大交易規模。因此，每增加一套住房，就能增加利潤。我們正在正確的地方大力削減開支，裁減顧問，移除冗餘的工具和軟體，減少行銷浪費，簡化運營，同時將節省下來的部分資金再投資於工程和人工智慧自動化。

Importantly, we expect to shift our overall operating expense profile toward variable components that flex with volumes rather than remain fixed through cycles. You can hold us accountable by tracking two specific metrics we report quarterly in our 10-Q.

重要的是，我們預計整體營運費用結構將轉向隨銷售變化而浮動的部分，而不是在周期中保持不變的部分。您可以追蹤我們在 10-Q 季報告中報告的兩個特定指標來監督我們。

Fixed operating expenses should hold relatively steady as we rescale volumes and trailing 12-month operations expense as a percentage of trailing 12-month revenue should hold relatively steady or decrease over time. These three objectives are the foundation of our path to profitability, and we're building in the open so you can track our progress along the way.

隨著我們調整業務規模，固定營運費用應保持相對穩定，過去 12 個月的營運費用佔過去 12 個月收入的百分比應保持相對穩定或隨著時間的推移而下降。這三個目標是我們實現盈利的基礎，我們正在公開透明地進行建設，以便您可以隨時追蹤我們的進度。

Turning to our outlook. Our guidance is going to look different than what you've seen in previous quarters. Our business is changing rapidly. Just in the past few weeks, our acquisition contract speed increased by nearly 2x. We're focused on execution and outcomes, not on benchmarking every turn during the transformation of this scale.

展望未來。我們的業績指引將與前幾季有所不同。我們的業務正在快速變化。僅在過去幾週，我們的收購合約速度就提高了近 2 倍。我們關注的是執行和結果，而不是在如此大規模的轉型過程中每一步都進行基準測試。

Our results in the upcoming quarter are largely the outcome of us managing decisions that were made several months ago. We're focused now on making the right long-term decisions for the business, not managing the short-term guidance. What matters and what we want to be held accountable for are the actions we take from here and the results they drive over time.

我們下一季的業績很大程度上取決於我們對幾個月前所做決策的執行情況。我們現在專注於為公司做出正確的長期決策，而不是管理短期績效指引。真正重要的是，也是我們希望被追究責任的，是我們接下來採取的行動以及這些行動隨著時間的推移所帶來的結果。

Our destination is clear, adjusted net income profitability by the end of next year, measured on a 12-month go-forward basis. We've already seen the levers in this business work. You can't build a breakeven business in a spreadsheet. You build it by shipping product, operating with discipline and learning from the market.

我們的目標很明確，即到明年年底實現調整後淨利獲利，以未來 12 個月的業績為衡量標準。我們已經看到這些商業槓桿發揮了作用。你不可能用電子表格建立一個收支平衡的商業模式。透過推出產品、嚴謹營運和從市場中學習來建立它。

For the near term, I will provide you with these guideposts. Acquisition rescaling. We're committed to rescaling acquisition volumes. We expect fourth quarter 2025 acquisitions to increase by at least 35% from Q3 as our product launches and pricing strategy changes take hold. You can track our weekly acquisition progress at accountable.opendoor.com.

短期內，我將為你們提供這些指導原則。收購規模調整。我們致力於調整收購規模。我們預計，隨著產品發布和定價策略調整的實施，2025 年第四季的收購量將比第三季增加至少 35%。您可以透過 accountable.opendoor.com 追蹤我們每週的收購進度。

Revenue. We expect Q4 revenue to be higher from the outlook we provided at Q2 earnings, but decrease approximately 35% quarter-over-quarter due to low inventory levels from Q3's reduced acquisition volumes.

收入。我們預計第四季營收將高於我們在第二季財報中給出的預期，但由於第三季採購量減少導致庫存水準較低，預計將季減約 35%。

Contribution margin. Our priority since mid-September has been to clear old inventory homes selected under the previous strategy that prioritize spread over quality. That's pressured our contribution margin sequentially since April through October. And we believe we bottomed out in October. Margins will improve through the end of the year as we replace legacy inventory with better homes, but Q4 contribution margin will be below Q3 as we reverse the downward trend.

邊際貢獻。自 9 月中旬以來，我們的首要任務是清理先前根據優先考慮分佈範圍而非品質的策略選定的舊庫存房屋。從4月到10月，這持續對我們的貢獻利潤率構成壓力。我們認為，我們在十月觸底。隨著我們用更好的房屋替換舊庫存，利潤率將在年底前有所改善，但第四季度貢獻利潤率將低於第三季度，因為我們將扭轉下降趨勢。

Cost discipline. We are focused on continuing to manage and improve our cost structure. Adjusted operating expenses for the 12 months ended June 30, 2025, were $307 million. For the 12 months ending June 30, 2026, we expect to spend $255 million to $265 million. Excluding the $15 million cash make-whole award for our CEO, this is a year-over-year decrease of approximately $62 million or 20% at the midpoint.

成本控制。我們致力於持續管理和改善成本結構。截至 2025 年 6 月 30 日的 12 個月，調整後的營運費用為 3.07 億美元。截至 2026 年 6 月 30 日的 12 個月內，我們預計將支出 2.55 億美元至 2.65 億美元。如果不包括支付給執行長的 1,500 萬美元現金補償金，則年減約 6,200 萬美元，以中間值計算減少 20%。

We expect to achieve these savings while concurrently investing in engineering and AI automation to drive further operating leverage. We're cutting the waste and reinvesting in what matters.

我們期望在實現這些成本節約的同時，還能投資於工程和人工智慧自動化，進一步提高營運效率。我們正在減少浪費，並將資金重新投入到真正重要的事情上。

Finally, adjusted EBITDA. Given the near-term margin pressure as we clear old inventory, we expect Q4 2025 adjusted EBITDA loss in the high $40 million to mid-$50 million.

最後是調整後的 EBITDA。鑑於清理舊庫存帶來的短期利潤率壓力，我們預計 2025 年第四季調整後 EBITDA 虧損將在 4,000 萬美元至 5,000 萬美元之間。

We're building Opendoor 2.0 in the open, holding ourselves accountable to measurable objectives and giving you the transparency to track our progress. The journey won't be perfectly linear, but our conviction in the destination and in the levers that get us there is unwavering.

我們正在以開放的方式建立 Opendoor 2.0，對可衡量的目標負責，並讓您能夠透明地追蹤我們的進展。這段旅程不會完全一帆風順，但我們對目的地以及實現目的地的方法的信念堅定不移。

With that, Michael, I'll turn it over to you for questions.

那麼，邁克爾，接下來就交給你提問了。

Great. Thanks, Christy. Our first question comes to us from video submission from Vlad Tenev.

偉大的。謝謝你，克里斯蒂。我們的第一個問題來自 Vlad Tenev 提交的影片。

What's up, Kaz? By the way, we're super pumped that you guys are streaming live to retail on Robinhood. I think the question on everyone's mind is what's going on with tokenization? How real is it? And how do you think it could revolutionize the homeownership experience?

卡茲，你好嗎？順便說一句，我們非常興奮你們在 Robinhood 上進行零售直播。我認為大家最關心的問題是：代幣化到底是怎麼回事？它有多真實？你認為它將如何徹底改變房屋擁有體驗？

Thanks, Vlad. Thanks for hosting us. Look, I'm such a big fan of Robinhood, and I hope that we can continue to do things together. Our mission at Opendoor is to tilt the world towards homeowners and those working hard to become homeowners. And I love that Robinhood does some of the same things, this whole thing of taking power away from fancy people and giving to average person.

謝謝你，弗拉德。謝謝你們的款待。我非常喜歡 Robinhood，希望我們能繼續合作。Opendoor 的使命是讓世界向房主和那些努力成為房主的人傾斜。我很喜歡 Robinhood 的一些做法，就是把權力從有錢人手中奪走，交給普通人。

Now to answer your question, look, I have a habit of not announcing products before they're launched. That's because I build products, not spreadsheets. And I think it's important that we ship things before we talk about them. And I don't want to say we're going to do this next week, but I generally can't imagine a future where real estate is not tokenized.

現在來回答你的問題，你看，我有個習慣，就是產品上市前不會提前宣布。那是因為我開發的是產品，而不是電子表格。我認為，在討論產品之前，先把產品推出來是很重要的。我不想說我們下週就會這麼做，但我通常無法想像房地產不進行代幣化的未來。

And I also can't imagine a future where Opendoor isn't leading innovation in real estate. Look, asset tokenization is not a side quest for us. Tokenization allows us to increase the speed of transactions, decrease the cost of transaction and broaden base of homeownership. That's our job.

而且，我也無法想像 Opendoor 未來不會引領房地產產業的創新。聽著，資產代幣化對我們來說並非次要目標。代幣化使我們能夠提高交易速度，降低交易成本，並擴大房屋所有權的基礎。那是我們的工作。

Today, we talked about how we can now accept USDC. This week, I bought Bitcoin on my own laptop so we can start developing. And we've begun talking with partners about how we can work across stablecoins and tokenization. The work is active. We're very serious about it, and we'll tell you more when we launch something.

今天，我們討論了我們現在如何接受 USDC。這週，我用自己的筆記型電腦買了比特幣，這樣我們就可以開始開發了。我們已經開始與合作夥伴探討如何在穩定幣和代幣化領域中合作。這項工作正在進行中。我們對此非常認真，等產品推出時會告訴大家更多。

Great. Our next question comes to us also via video submission from Eric Jackson.

偉大的。我們的下一個問題也是透過影片提交的，提問者是艾瑞克傑克森。

Eric Jackson, welcome. On behalf of the entire OPEN Army, we are thrilled to have you here leading the charge. I have two questions. Can you say specifically what the headcount is now at the company? I believe it was 1,407 over the summer.

埃里克傑克遜，歡迎。我謹代表整個 OPEN Army，非常高興您能來到這裡，領導這場衝鋒陷陣。我有兩個問題。能具體說明一下公司目前的員工人數嗎？我記得夏季期間是 1407 人。

And second, can you say more about the revenue opportunities that you see around iBuying? Do you expect to add mortgage and title and other ancillary services? Zillow experimented with doing this a few years ago by acquiring a legacy company, and that didn't really take. So what is the Kaz approach to revenue? And how do you expect to grow this in the coming quarters? Thank you, again.

其次，能否詳細談談您認為 iBuying 有哪些收入機會？您計劃增加抵押貸款、產權和其他輔助服務嗎？幾年前，Zillow 曾嘗試透過收購一家老牌公司來實現這一目標，但並沒有真正成功。那麼，Kaz 的營收策略是什麼？那麼，您預計在接下來的幾個季度中如何實現這一目標的成長？再次感謝。

Thanks, Eric. Look, to start with, I think Opendoor has had far too complicated structure for a company of this size. To give you a sense, we've had 11 different HR software products. We're going to go down to one. As of this morning, there were 1,100 people working at Opendoor. And the most important thing isn't the number of people, but how aggressive and efficient those people are. I believe every single Opendoor employee needs to be 2x to 3x more aggressive and more efficient than the average employee in tech.

謝謝你，埃里克。首先，我認為對於一家如此規模的公司來說，Opendoor 的結構過於複雜。舉個例子，我們用過 11 種不同的人力資源軟體產品。我們將減少到只剩一個。截至今天早上，Opendoor共有1,100名員工。最重要的不是人數，而是這些人有多積極、多有效率。我認為 Opendoor 的每一位員工都需要比科技業普通員工更具進取心和效率 2 到 3 倍。

We will have the most aggressive software company in the public market because our mission is incredibly important. And like I said in the prepared remarks, our job is to be incredibly mindful of OpEx and to reduce our fixed OpEx over time so that it becomes a smaller and smaller part of our income statement.

我們將成為公開市場上最具進取心的軟體公司，因為我們的使命極為重要。正如我在準備好的演講稿中所說，我們的工作是高度重視營運支出，並隨著時間的推移減少固定營運支出，使其在損益表中佔比越來越小。

On the second question, look, I'm incredibly bullish on what I call services. When I joined Shopify, Shopify was 50-50 in its revenue between SaaS and services. Today, services are 75% of Shopify's revenue. And while I didn't have everything to do with it, I had something to do with it and was the services guy at Shopify.

關於第二個問題，你看，我對所謂的「服務業」非常看好。當我加入 Shopify 時，SaaS 和服務收入各佔一半。如今，服務收入佔 Shopify 收入的 75%。雖然這件事並非完全由我負責，但我確實參與其中，而且我是 Shopify 的客服人員。

The reason why these embedded fintech things typically don't work is because they're usually designed by some dude in a Boardroom trying to figure out how can I make more money from my users. That's what it typically work. And that's just not how users interact with products.

這些嵌入式金融科技產品通常不成功的原因是，它們通常是由董事會裡的某個人設計的，他試圖弄清楚如何從用戶身上賺取更多錢。通常情況下就是這樣。但用戶與產品互動的方式並非如此。

We will build excellent products. They will feel whole, and you will buy a home from Opendoor the same way you buy a car from Tesla or something from Amazon. They will feel like one product, and there won't be a different -- bunch of different cross-sell motions that you have to keep feeling that you're talking to different companies. I hope that answers your question.

我們將打造卓越的產品。他們會感到身心完整，而你從 Opendoor 購買房屋就像從特斯拉購買汽車或從亞馬遜購買商品一樣。它們會感覺像是一個產品，不會有各種各樣的交叉銷售手段，讓你一直感覺自己在和不同的公司交談。希望我的回答能解答你的疑問。

Great. Our next question comes from Zach H, who asks, when will we see a dramatic change in profitability?

偉大的。下一個問題來自 Zach H，他問：我們什麼時候才能看到獲利能力發生巨大變化？

Next year. The answer is next year, we're going to see a dramatic change in profitability.

明年。答案是明年，我們將看到獲利能力發生巨大變化。

Zach, let me walk you through some of the details. So as we shared in the prepared remarks, we are driving the company to adjusted net income profitability exiting 2026 on a 12-month go-forward basis.

札克，​​讓我來給你詳細解釋。正如我們在準備好的發言稿中所述，我們正努力推動公司在 2026 年底實現調整後淨利潤盈利，並預計未來 12 個月將持續盈利。

The framework to achieve that goal requires us to rescale acquisitions. We guided to rescaling acquisitions, growing them by 35% quarter-over-quarter for Q4 2025, and we are driving to exit Q4 2026 by buying somewhere around 6,000 homes. You can track that -- our progress against that goal and hold us accountable to that goal at accountable.opendoor.com, which will be updated weekly.

實現這一目標的框架要求我們調整收購規模。我們指導調整收購規模，在 2025 年第四季實現環比增長 35%，並力爭在 2026 年第四季末收購約 6000 套房屋。您可以造訪 accountable.opendoor.com 來追蹤我們實現該目標的進度，並監督我們是否達到該目標。該網站每週都會更新。

On the margin side, we expect to get contribution margin of 5% to 7% as we approach the acquisitions with renewed rigor, decreasing tail homes, improving days in possession and therefore, holding costs. In addition, as we get more shots on goal and buy more homes, we get the opportunity to attach more products and drive margin from ancillary services.

在利潤率方面，我們預計隨著我們以更嚴格的態度對待收購，減少尾房，改善持有天數，從而降低持有成本，我們將獲得 5% 至 7% 的貢獻利潤率。此外，隨著我們獲得更多的銷售機會和購買更多的房屋，我們就有機會附加更多產品，並透過輔助服務提高利潤率。

We expect financing costs of 2% to 3% of revenue. These costs are highly sensitive to our turns and will benefit from our faster resale velocity. We're targeting adjusted OpEx of 3% to 4% of revenue. We expect to leverage our existing fixed OpEx structure, as Kaz mentioned, to invest slightly more in marketing, but with the discipline that Kaz discussed earlier, and we expect to scale operations marginally as we rescale volumes. That's a framework. It's not new guidance. But it's -- yes, go ahead.

我們預計融資成本為收入的 2% 至 3%。這些成本對我們的周轉率非常敏感，並且會受益於我們更快的轉售速度。我們的目標是將調整後的營運支出控制在收入的 3% 到 4% 之間。正如 Kaz 所提到的，我們計劃利用現有的固定營運支出結構，在行銷方面投入更多資金，但要遵循 Kaz 之前討論過的紀律，並且我們預計隨著業務量的調整，營運規模也會略微擴大。那是一個框架。這並非新的指導方針。但是——是的，繼續。

I'm going to add a little to this, if you don't mind. Look, I spent the last few years of my career at Shopify, and I think folks would say that I had something, though obviously not everything to do with Shopify's profitability and growth. In late 2022, when I became Shopify's Chief Operating Officer, I'm going to read this because it was a quote. There was an analyst that said, quote Shopify will lose money every year through 2025. Profitability is nowhere to be seen.

如果您不介意的話，我想補充一點。你看，我職業生涯的最後幾年都在 Shopify 度過，我想人們會說我為 Shopify 的盈利能力和增長做出了貢獻，雖然顯然不是全部。2022 年底，當我成為 Shopify 的營運長時，我會讀這篇文章，因為它引用了一句話。有分析師表示，“Shopify到2025年每年都會虧損。”獲利能力完全無從談起。

Well, Shopify became profitable two quarters after I became COO, and it has been profitable ever since and have hit the Rule of 40 every quarter. Companies don't become profitable in Excel sheets. The way this works pragmatically is what Jung and I did at Shopify.

嗯，在我擔任營運長兩個季度後，Shopify 開始獲利，並且從那時起一直獲利，每個季度都達到了 40 法則的目標。公司不是靠Excel表格就能獲利的。從實際角度來看，這種做法的運作方式正是我和 Jung 在 Shopify 所做的事。

You create a list of projects, you put odds -- adjusted odds of success against each of them and you execute every single day. At Shopify, we had a few dozen of these, three or four of them ended up really mattering. And we have the same list here. We have a list of projects.

你列出一系列項目，為每個項目設定成功機率（調整後的成功機率），然後每天執行。在 Shopify，我們有幾十個這樣的案例，但最終只有三、四個真正發揮了作用。我們這裡也有同樣的清單。我們有一份項目清單。

And the reason I say we're going to drive to profitability is because this is not a passive thing. It's not just going to happen to us. We know what we are going to do. We're going to take those actions, and we're going to exit 2026 profitable on a go-forward basis. Sorry, I cut you off.

我之所以說我們要實現獲利，是因為這不是一件被動的事。這不僅會發生在我們身上。我們知道我們要做什麼。我們將採取這些行動，並力爭在 2026 年底前實現持續獲利。抱歉，我打斷了你。

Our next question comes to us from Victoria B.

我們的下一個問題來自 Victoria B.

Short sellers keep attacking Opendoor, spreading negativity and driving the stock down despite strong progress. What’'s your strategy as CEO to fight these daily short-selling pressures, protect shareholders, and make sure the market sees Opendoor's true strength?

儘管 Opendoor 取得了強勁的進展，但賣空者仍然不斷攻擊該公司，散佈負面消息，導致股價下跌。身為首席執行官，您採取了什麼策略來應對這些日常的賣空壓力，保護股東，並確保市場看到 Opendoor 的真正實力？

Look, I care a great deal about our average shareholder. And you've seen us do some things today to help align us to our average shareholder. Having said that, I don't spend that much of my time thinking about short sellers. I never worked on Wall Street, and I generally don't understand why these people do what they do. It just seems deeply boring and like just bad for the soul. I mostly just pity them. They don't really build anything.

你看，我非常關心我們的普通股東。今天你們也看到了我們採取的一些措施，這些措施有助於使我們的利益與普通股東的利益保持一致。話雖如此，我並沒有花太多時間思考賣空者的問題。我從未在華爾街工作過，我通常也不理解這些人為什麼會做他們所做的事。感覺非常無聊，對心靈有害。我更多的是同情他們。他們實際上什麼也沒建造。

Look, we run the company for long-term owners, not for people that bet against us every week. And what matters to us is execution week in, week out. How fast we buy and sell homes, how operationally excellent we are, how we turn over inventory.

聽著，我們經營公司是為了長期股東，而不是為了那些每週都跟我們打賭的人。對我們來說，最重要的是每週都能穩定執行到位。我們買賣房屋的速度有多快，我們的營運有多出色，我們的庫存週轉率有多高。

And I think the best way to deal with short sellers is just prove them wrong through numbers. Every quarter, we're going to improve unit economics. Every quarter, we're going to get better. Every week, we're going to show you the numbers. We're going to do all the right things. And I think when you do that, the score takes care of itself.

我認為對付賣空者的最好方法就是用數據證明他們錯了。每個季度，我們都會努力提高單位經濟效益。每個季度，我們都會進步。我們每週都會向大家展示這些數據。我們會做所有正確的事。我認為當你這樣做的時候，分數自然就會水到渠成。

Great. Our next question comes from Dae Lee from JPMorgan. How do you define Open's identity? What do you see as its biggest strength? And how will you leverage that to achieve sustainable growth and profitability as Open navigates the currently depressed housing market and longer term?

偉大的。我們的下一個問題來自摩根大通的 Dae Lee。您如何定義 Open 的身份？你認為它最大的優點是什麼？面對當前低迷的房地產市場以及更長遠的未來，Open 將如何利用這一優勢實現永續成長和獲利能力？

That's a great question. I'll take it first, if you don't mind. Look, Opendoor is a software company. We're not a hedge fund waiting for macro to turn around. That's not our job. Our job is to help people sell, buy and own homes. And our leverage comes from building excellent products. And you do that by writing excellent code. So that's the largest source of our leverage, right?

這是一個很好的問題。如果你不介意的話，我先拿吧。你看，Opendoor 是一家軟體公司。我們不是那種坐等宏觀經濟好轉的對沖基金。那不是我們的工作。我們的工作是幫助人們出售、購買和擁有房屋。我們的競爭優勢來自於打造優秀的產品。而做到這一點的方法就是編寫優秀的程式碼。所以這是我們最大的籌碼來源，對吧？

Codes written by our engineers, data on our databases and the models we have and we're improving the value not just the valuation of home, but dispersion on them and days in possession. And I firmly believe that the best software companies are built in hard times because the times forces you to be disciplined, right? You end up having to care about your user more. You end up building deeper integrations that solve more of the problem. So when times get good, you end up having abnormally large profits. I'm very bullish on the company.

我們工程師編寫的程式碼、我們資料庫中的數據以及我們擁有的模型，不僅提高了房屋的估值，還提高了房屋的分散程度和持有天數。我堅信，最好的軟體公司都是在艱難時期建立起來的，因為時代會迫使你變得自律，對吧？最終，你會更關心你的用戶。最終，你會建立出更深層的集成，從而解決更多的問題。所以，當情況好轉時，你最終會獲得異常豐厚的利潤。我非常看好這家公司。

Just in the last couple of weeks, we've shown that we can grow acquisitions relatively quickly. I think we grew 60% on acquisitions just this past week. We'll see how much we grow next week. And we've shown that we have relatively good levers in this company.

就在過去幾週，我們已經證明我們可以相對快速地實現收購成長。我認為光是上週，我們透過收購就實現了 60% 的成長。讓我們來看看下週能成長多少。我們已經證明，我們公司擁有相對較好的槓桿。

And when you decide that you're going to do that, you have the good levers, you have great software and you have the balance sheet that we do, you get the chance to go on offense. And I really like our odds, and I think things are starting to work for us.

當你決定要這樣做的時候，你擁有良好的槓桿、優秀的軟體和我們這樣的資產負債表，你就有機會採取進攻策略。我非常看好我們的勝算，我覺得事情開始對我們有利了。

Great. Our next question comes to us from Ryan Tomasello from KBW. Does management intend to continue to emphasize the Cash offer as Opendoor's primary product? Or do you envision moving the business more capital light? Will the Key Agent program be the primary distribution channel for the cash offer? And if so, how should we think about potential bottlenecks on growth given this high-touch approach tied to agents?

偉大的。下一個問題來自 KBW 的 Ryan Tomasello。管理階層是否打算繼續強調現金收購作為 Opendoor 的主要產品？還是您設想讓公司採取更輕資本營運的方式？重點代理商計劃是否會成為現金獎勵的主要分銷管道？如果真是如此，考慮到這種與代理商密切相關的高接觸式方法，我們應該如何看待成長方面可能存在的瓶頸？

That's just not how I think of the business, to be honest. Let me answer your question first. Look, I think companies fail when they think of themselves first and their users second. Like our job is to serve our users and people come to us to sell or buy a home. That's why they come to us. And our job is to meet them where they are.

說實話，我並不那樣看待這個行業。讓我先回答你的問題。我認為，如果公司先考慮自身利益，其次才考慮用戶，那麼它們就會失敗。我們的工作就是服務用戶，人們來找我們是為了買賣房屋。這就是他們來找我們的原因。我們的工作就是從他們所在的地方去滿足他們的需求。

Some of them want to use an expert, some of them don't. And the question is, how do we answer? I think Cash is a great product. I think Cash Plus is a great product. We're going to have different products along both the risk and the ownership axis because I think that's just not the final two products we're going to have. And I like our D2C model. I think we talked about how in our tests early on, it has been converting 6x better.

他們當中有些人想聘請專家，有些人則不想。問題是，我們該如何回答？我認為Cash是一款很棒的產品。我認為 Cash Plus 是一款很棒的產品。我們將在風險和所有權這兩個維度上推出不同的產品，因為我認為這不會是我們最終會推出的兩種產品。我喜歡我們的D2C模式。我想我們之前討論過，在早期的測試中，它的轉換率提高了 6 倍。

So I think the question isn't really one of which channel are you going to pick. We're going to pick the channels that allow us to have the maximum impact on behalf of our users. And I firmly believe in our DTC channels are going to be the future of the company. And if there are users that want to use experts, we want to serve them where they are.

所以我覺得問題不在於你會選擇哪個頻道。我們將選擇能夠最大限度地為用戶帶來影響的管道。我堅信，我們的 DTC 管道將是公司的未來。如果有用戶想要尋求專家協助，我們希望在他們方便的地方為他們提供服務。

Great. We have a few questions on sustainable acquisition growth, so I'll read for you those out. One from Ygal at Citi. How are you expecting to manage guardrails and acquisitions as you pick up pace? Another from Andrew at Citizens. Can you talk about controlling the long tail and how those purchases have outsized losses? And Nick McAndrew at Zelman. How do you balance near-term transaction growth with your stated goal of evolving into a platform business?

偉大的。我們有一些關於永續收購成長的問題，我這就替你們讀。來自花旗銀行的Ygal。隨著發展速度的加快，您打算如何管理監理措施和收購事宜？來自 Citizens 的 Andrew 也提到了這一點。您能談談如何控制長尾效應，以及為何這些購買行為會造成巨大損失嗎？還有 Zelman 的 Nick McAndrew。如何平衡近期交易成長與發展成為平台型企業的既定目標？

Okay. I'll try to take these one at a time. I think the tail question is actually the best question. Let me take that one first. So what you actually want to have is a lot of dispersion in your model, right? Opendoor historically have not had that, where it has kind of like just had a peanut butter spread across its space.

好的。我會盡量一次處理一個問題。我認為關於尾巴的問題才是最好的問題。讓我先處理這個。所以你實際上想要的是在模型中具有很大的離散度，對嗎？Opendoor 從歷史上看並沒有這種情況，它的辦公空間就像塗了一層花生醬一樣。

We now have significant dispersion, and this is basically all we talk about is how we can have excellent offer on good homes where we know days in possession is going to be low and be more careful on longer days in possession homes. And we have a new process for inspecting every home to make sure that we don't get caught by surprise. This is a trust but verify approach that I talked about, which will be great because it will both, a, variable cost and b, more importantly, allows us to have lots of data on our servers.

我們現在面臨著很大的分散性，我們基本上都在討論如何才能在交房時間短的優質房屋中獲得極佳的報價，同時對交房時間較長的房屋更加謹慎。我們制定了一套新的房屋檢查流程，以確保不會有意外情況。這就是我之前提到的「信任但要核實」的方法，這種方法很棒，因為它既可以降低可變成本，更重要的是，還可以讓我們在伺服器上儲存大量資料。

Last question second. I don't think these two things are at conflict. Look, at Shopify, we had high growth and high free cash flow. I think these two things actually go together because when you buy lots of homes, you get opportunities to sell lots of homes. And when you sell lots of homes, you get opportunity to attach additional services to them. And I think these two things go hand-in-hand.

第二個問題。我認為這兩件事並不衝突。你看，Shopify 實現了高成長和高自由現金流。我認為這兩件事實際上是相輔相成的，因為當你購買很多房產時，你就有很多機會出售很多房產。當你賣出很多房子時，你就有機會為它們附加額外的服務。我認為這兩件事是相輔相成的。

And to answer your first question last. Look, I think we have shown that we have really good levers at our disposal. Morgan and the growth team have been working only for a couple of weeks now. But every single day, we're seeing improvement on buying the types of home we want to buy, and we really like our top of funnel. We have cut marketing and have seen acquisition go up, which is always a good sign. Am I missing something?

最後再回答你的第一個問題。你看，我認為我們已經證明我們擁有非常有效的手段。Morgan 和成長團隊至今才工作了幾個星期。但是，我們每天都能看到我們想要購買的房屋類型的購買情況有所改善，我們非常滿意我們目前的銷售漏斗頂端。我們削減了行銷預算，但用戶獲取量卻增加了，這始終是一個好兆頭。我是不是漏掉了什麼？

That's great. We have another question from Ben Black with DB. There's a few in there, but his last question was, in what ways can AI be an accelerant to growth?

那太棒了。我們還有來自DB的Ben Black提出的問題。裡面有一些問題，但他最後一個問題是：人工智慧在哪些方面可以加速經濟成長？

I mean, look, in all the ways, and basically all the ways. Look, I don't spend that much of my time worrying about like the problems Opendoor has traditionally had on this area because there have been different types of problems. I spend a lot of time about what the problems are today.

我的意思是，你看，在所有方面，基本上所有方面。你看，我不會花太多時間擔心 Opendoor 在這方面傳統上遇到的問題，因為問題的類型有很多。我花了很多時間思考當今存在的問題。

Let me give you one example. I talked about this a bit. We would have up to 11 people touch a home before we had a sales contract go out for it. Today, in many of our flows, that's down to one. And the job of that one person is to watch the machine, right? This significantly reduces OpEx per home that we acquire, far, far, far fewer human beings, far more machines. This is better speed, better user experience, lower OpEx, win, win and win.

我舉個例子。我稍微談到了這一點。在正式簽訂銷售合約之前，我們最多會讓 11 個人參觀過一棟房子。如今，在我們的許多流程中，這個數字已經降到了一個。而那個人的工作就是看守機器，對吧？這大大降低了我們購買的每套住宅的營運成本，大大減少了人力投入，大大增加了機器投入。這樣一來，速度更快，使用者體驗更好，營運成本更低，可謂一舉多得。

And then secondly, on the -- just the top of funnel part. You've seen us cut marketing and we cut marketing when I came in and increase acquisition. We're able to do this because we can optimize our funnels and put more of the experience in the hand of the user. And by the way, AI is also able to help us explain to our users the valuation of each home.

其次，就是漏斗頂部的部分。你們已經看到我們削減了行銷預算，我上任後也削減了行銷預算，同時增加了用戶獲取量。我們之所以能夠做到這一點，是因為我們可以優化我們的銷售漏斗，並將更多的體驗權交給用戶。順便一提，人工智慧還可以幫助我們向用戶解釋每間房屋的估值。

So across top of funnel, middle of funnel, bottom of funnel, already, we are seeing the impact of AI. And we're also seeing the impact on closing, which is the last step, where we've had machines do much of their work for closing these days, and that's just going to continue.

因此，無論是在銷售漏斗的頂部、中部或底部，我們都已經看到了人工智慧的影響。我們也看到了對收尾環節的影響，收尾是最後一步，如今我們已經讓機器完成了很多收尾工作，這種情況還會繼續下去。

Great. We had one more question from Margarita M, who asks, how can you guys make homeownership easier for younger generations?

偉大的。Margarita M 還有一個問題，她問：你們怎麼能讓年輕一代更容易擁有住房？

I mean this is like the fundamental goal of the company. Look, home prices have increased by something like 50% since 2020. Mortgage rates are much higher than they used to be. Housing inventory is far too low. Typical sale is taking like 60-plus days and like one in seven deals are falling through.

我的意思是，這就像是公司的根本目標。你看，自 2020 年以來，房價已經上漲了大約 50%。抵押貸款利率比以前高得多。房屋庫存嚴重不足。典型的銷售流程需要60多天，而且大約七分之一的交易會失敗。

And the average time for a person to buy a home is almost 40 now. This is just terrible because it's harming our communities, harming our families and people who want to own are facing real barriers. People feel trapped in their homes because of mortgage rates. This is why we announced our partnership with Roam today.

現在一個人買房的平均時間接近40年。這太糟糕了，因為它傷害了我們的社區，傷害了我們的家庭，想要擁有房產的人也面臨著真正的障礙。由於抵押貸款利率高，人們感到被困在家中。這就是我們今天宣布與Roam建立合作夥伴關係的原因。

But the enemy really isn't any one group of people or any one company. That's just not how it works. The enemy is the process. There are so many people involved in the process of you buying and selling a home that the costs are just out of hand.

但真正的敵人並非任何特定群體或任何特定公司。事情並非如此。敵人是過程。買賣房屋的過程中涉及的人太多，成本根本無法控制。

And one of the things I'm super excited about is the fact that we can underwrite a home gives us excellent power to underwrite mortgages and the fact that we can do things that allow you to buy a home earlier, buy a better home earlier and know that you have the peace of mind to buy it, is going to be a key part of the company's future. But that's the mission, right, tilt the world towards homeowners and people who are working hard to become homeowners.

讓我感到非常興奮的一點是，我們能夠對房屋進行承銷，這賦予了我們強大的抵押貸款承銷能力。我們能夠讓您更早購買房屋，更早購買更好的房屋，並讓您安心購買，這將是公司未來發展的關鍵部分。但這就是我們的使命，對吧，讓世界向房主和那些努力成為房主的人傾斜。

Great. We're getting close to the top of the hour. So that was our last question. So Kaz, if you have any closing remarks?

偉大的。快到整點了。這是我們的最後一個問題。卡茲，你還有什麼要補充的嗎？

Yes. Let me -- thanks. I appreciate it. Thanks for your question, folks. Look, I spend most of my day in Cursor and GitHub. I don't spend much of my time in spreadsheets. I started writing code on my Commodore 64 when I was 6. And I'm opinionated about what Opendoor's product should look like.

是的。讓我來——謝謝。謝謝。謝謝大家的提問。你看，我一天的大部分時間都花在 Cursor 和 GitHub 上。我並不常使用電子表格。我6歲時就開始在我的Commodore 64電腦上寫程式碼。我對 Opendoor 的產品應該是什麼樣子有自己的看法。

We are a product company building software to enable homeownership. And you've seen us launch many products, like dozens of products just in the past few weeks, and you should expect us to do the same. And you should expect us to be operationally excellent and incredibly mindful of your dollars as our shareholders.

我們是一家產品公司，致力於開發幫助人們擁有住房的軟體。你們已經看到我們推出了許多產品，例如在過去幾週內就推出了幾十種產品，你們應該預料到我們也會這樣做。身為股東，您應該期望我們運作出色，並且對您們的每一分錢都格外謹慎。

You're going to see us be accountable. We're going to make mistakes along the way, but at every single step, you're going to see us care deeply about our mission and be transparent as we build. I'm incredibly bullish. I am more bullish today than I was when I took this job. And I think we're going to actually make a change and make a real difference in the future of homeownership in this country.

你們將會看到我們承擔責任。我們一路走來肯定會犯錯，但每一步，你都會看到我們對使命的無比重視，以及我們在建設過程中保持的透明度。我非常看好這家公司。我現在比剛接手這份工作時更樂觀。我認為我們真的會做出改變，對這個國家未來的房屋所有權產生真正的影響。

Great. With that, we'll conclude our third quarter open house.

偉大的。至此，我們的第三季開放日就結束了。