Opendoor Technologies Inc (OPEN) 2025 Q4 法說會逐字稿

I'm Michael Judd, Opendoor's Head of Investor Relations. Welcome to Opendoor's fourth quarter 2025 earnings live stream. Details of our results and additional management commentary are available in our earnings release, which can be found at investor.opendoor.com.

我是 Opendoor 的投資人關係主管 Michael Judd。歡迎收看 Opendoor 2025 年第四季財報直播。有關我們業績詳情和管理層補充評論，請參閱我們的盈利報告，該報告可在 investor.opendoor.com 上找到。

The following discussion contains forward-looking statements within the meaning of the federal securities laws. All statements other than the 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.

以下討論包含聯邦證券法意義上的前瞻性陳述。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 Marsh's recent annual report on Form 10-K for the year ended December 31, 2025, and other filings with the SEC.

有關可能導致實際結果與前瞻性聲明存在差異的其他信息，請參閱 Opendoor 旗下 Marsh 截至 2025 年 12 月 31 日止年度的 10-K 表格年度報告的“風險因素”部分以及向美國證券交易委員會提交的其他文件。

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 measures to evaluate the company's financial performance. For a reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP metrics, 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財務指標作為補充營運指標，對投資人評估公司的財務表現是有用的。如欲了解這些非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, everyone. Early in my career, I used to write a plan that told my team what we were going to get done during any given cycle. Then at the end of the cycle, I would go through a dock and color every sentence of the plan, green, yellow or red based on whether we had done what we said we would do and if we're on track to go where we wanted to go, I've kind of always found it useful to write things down, so you can hold yourself to account.

大家下午好。在我職業生涯早期，我經常制定計劃，告訴我的團隊我們在每個給定的周期內要完成什麼。然後，在周期結束時，我會查看計劃表，並根據我們是否完成了我們所說的事情以及我們是否朝著我們想要的方向前進，將計劃中的每一句話塗成綠色、黃色或紅色。我一直覺得把事情寫下來很有用，這樣你就可以對自己負責。

With that in mind, I'd like to remind you of the last financial open house. In my -- open house, I told you that we had a 4-step plan to turn Opendoor around with renewed energy. Let's go back in time and listen to what I said.

有鑑於此，我想提醒大家上次的財務開放日。在我的開放日上，我告訴大家，我們有一個四步驟計劃，要讓 Opendoor 重煥生機。讓我們回到過去，聽聽我當時說了什麼。

So here is our 4-step plan to channel that energy First, by the end of next year, we will drive open door 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 we'll never force to raise equity ever again. Second, we will drive significant positive economics while increasing the velocity at which we transacted homes. This includes launching financial services like mortgage.

所以，我們制定了以下四步驟計畫來引導這種能量：首先，到明年年底，我們將實現收支平衡。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，我們將永遠不再需要籌集股權。其次，我們將推動顯著的正面經濟效益，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. 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. Today, I want to grade Opendoor against these four steps.

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。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。今天，我想根據以下四個步驟對 Opendoor 進行評分。

And then I'll give you some details.

然後我會給你一些細節。

Here's the bottom line. We did what we said we would do. But let's go through this line by line. So we're on track, our first step. We're driving Opendoor to be adjusted and income positive by the end of 2026 on a 12-month go-forward basis.

這就是問題的關鍵。我們說到做到。但我們不妨逐行分析。所以，我們正照計畫進行，踏出了第一步。我們正在努力使 Opendoor 在 2026 年底前實現調整併在未來 12 個月內實現正收入。

The goal is simple: Start by generating cash and it never be forced to raise equity ever again. Second, since September, we've increased our acquisition velocity by 300%. We bought 537 homes last week alone. In the last in the third quarter, we did only 128. And we grew while we drove significant positive unit economics.

目標很簡單：首先要產生現金流，這樣就永遠不必再被迫籌集股權融資。其次，自 9 月以來，我們的收購速度提高了 300%。光是上週我們就購買了537套房產。第三季最後一場比賽，我們只完成了 128 場。我們實現了成長，同時也取得了顯著的單位經濟效益。

This improvement is a result of deliberate change to our product our pricing strategy and our operations.

這項改進是我們對產品、定價策略和營運進行刻意改變的結果。

Most importantly, our October 2025 cohort, which is the first full cohort under Opendoor 2.0. And it's the first one with enough sell-through data is performing really well. I'll get back to this in a second. Third line, we grew our DTC acquisition contracts while reducing our average days in possession. Comparing this last week to the last week of the third quarter, we've grown our DTC acquisitions by almost 70% and reduced our days in possession by almost 25%.

最重要的是，我們 2025 年 10 月的學員（即 Opendoor 2.0 下的第一批完整學員，也是第一批擁有足夠銷售數據的學員）表現非常出色。我稍後會再處理這個問題。第三，我們增加了 DTC 收購合約的數量，同時減少了平均持有天數。與第三季最後一週相比，本週我們的 DTC 收購量成長了近 70%，庫存週轉天數減少了近 25%。

Fourth, we've made it easier for sellers to choose the path that works best for them. And increasingly, they're choosing our capital-light product Cash. In the last week of Q3, cash plus was about 19% of our total contracts. Last week, it was 35%. And of a much higher volume.

第四，我們讓賣家更容易選擇最適合自己的道路。而且，越來越多的人選擇我們資本投入較少的現金產品。第三季最後一周，現金加現金的合約約占我們總合約的 19%。上週是35%。而且數量多很多。

To give you a sense, cash plus was over 600% bigger last week than it was in the last week of Q3. This is the first step towards our goal of allowing buyers and sellers to eventually transact directly with each other.

為了讓大家有個概念，上週現金及現金餘額比第三季最後一週增加了 600% 以上。這是我們實現最終目標——讓買賣雙方直接進行交易——的第一步。

Christy is going to go through all the details of all the financials. But before she does, I want to say this. We laid out a plan for you. We're going to turn this company around, and we laid that plan out during Opendoor 2.0s, first open house. That plan is working.

克里斯蒂將詳細審查所有財務資訊。但在她開口之前，我想說幾句。我們為你制定了計劃。我們將扭轉這家公司的局面，我們在 Opendoor 2.0 的第一次開放日上製定了這項計劃。這個計劃奏效了。

We're green all across. We're already delivering results and are on track to deliver against our mission. In a minute, I'm going to tell you a lot about our product changes and all the things we've done since Q3. I'm really proud of how fast our team is moving and how much we're shipping. And the list I'll tell you about is a public CEO's dream. It sounds good in the script, it looks amazing in a pitch deck. But look, I know what this sounds like.

我們到處都是綠色環保的。我們已取得成果，並正按計劃實現我們的使命。稍後我會詳細介紹我們的產品變化以及自第三季以來我們所做的一切。我為我們團隊的快速行動和產品交付量感到非常自豪。而我接下來要講的這份清單，正是上市公司CEO夢寐以求的。劇本裡聽起來不錯，簡報裡看起來也很棒。但是，我知道這話聽起來像什麼。

New products, expanded TAM, ops improvement, pricing efficiencies and a bunch of business school words like strategic operationalization of north than paradigm shifts with best-in-class synergy, Oh, flywheel. Look, I get it. Every public company does a stupid as that pretend folks can look at the slope of a graph.

新產品、擴大的 TAM、營運改善、定價效率以及一堆商學院術語，例如策略營運化、最佳協同效應的範式轉移、飛輪效應等等。我明白了。每家上市公司都會做一件蠢事，那就是假裝人們能看懂圖表的斜率。

One of my favorite investors, [Sir John Templeton] used to say, the four most dangerous words in investing are; this time, it's different. So I'm not going to sit here and say random, school words and ask you to believe that this time is different. This time, I'm going to show you our October acquisition cohort, which is the first cohort of Opendoor 2.0 that has had a reasonable sell-through data is on track to be the most profitable October cohort in company history.

我最喜歡的投資者之一[約翰·鄧普頓爵士]過去常說，投資中最危險的四個字是：這次不一樣了。所以我不會坐在這裡說些無關緊要的、學院派的詞彙，然後要求你們相信這次的情況有所不同。這次，我將向大家展示我們十月份的收購批次，這是 Opendoor 2.0 的第一批收購批次，銷售數據相當不錯，有望成為公司歷史上盈利最高的十月份收購批次。

Again, when it comes to the key metric that matters, our contribution margin, October 2025 is on track to be the most profitable October since open door was incorporated. And we achieved this in the middle of the most aggressive market expansion in Opendoor's history. Given that this isn't really the strongest housing market, this performance I think, shows a structural shift in how we operate. A shift that I genuinely think will be durable across macro cycles. We are no longer a prop desk, we're now a market maker.

再說一遍，就關鍵指標——我們的貢獻毛利率而言，2025 年 10 月預計將成為自 Open Door 公司成立以來盈利最高的 10 月。而且，我們是在 Opendoor 歷史上最激進的市場擴張時期取得這一成就的。鑑於目前的房地產市場並不算強勁，我認為這樣的表現顯示我們的營運方式發生了結構性轉變。我真心認為這種轉變將在宏觀週期中持續存在。我們不再是自營交易平台，我們現在是做市商。

And I want to put a finer point on this cohort. What makes this cohort significant isn't just the margin level. It's the shape of the cohort. From 10% to 50% sold through, our margin degradation relative to home price appreciation has been the lowest of any cohort in our history, not any October cohort, any cohort period. That October cohort is going so well is not a plan.

我想就這群人再補充一點。這群人之所以重要，不僅是因為其利潤率。這是群體的組成。從 10% 到 50% 的銷售完成率來看，相對於房價上漲，我們的利潤率下降幅度是我們歷史上所有批次中最低的，不是任何 10 月份的批次，而是所有批次期間的最低水平。十月那批學員進展如此順利，這並非計畫的一部分。

It's a proof point. The product launches I'm going to talk to you about are in promises of things that might work. [Data] explanation for why October happened and why it's repeatable.

這是一個例證。接下來我要跟大家談的產品發布，都是一些可能奏效的承諾。 [數據]解釋了為什麼十月會出現這種情況，以及為什麼這種情況可以重複發生。

Now look, because we're committed to transparency, let me get ahead of a couple of things. October was not our largest cohort by volume. But it was about double the size of what we were doing just a few months ago. We're not getting lucky on a few homes in a friendly market. And given how the past few weeks have gone I believe we're on track to significantly increase our acquisition size as we said we would do.

現在，因為我們致力於保持透明，所以讓我先說明幾件事。10 月並不是我們銷量最大的一年。但這大約是我們幾個月前所做工作的兩倍。我們不可能在市場行情好的情況下，只靠幾間房子就走運。鑑於過去幾週的情況，我相信我們正按計劃大幅增加收購規模，正如我們之前所說的那樣。

What October shows is that the structural changes we made under Opendoor 2.0 are working. And then we're compounding those learnings into every single cohort going forward. We have a lot left to prove, I know that. But for the first time, we're not asking you to take our word for it. This is a new company.

十月的數據顯示，我們在 Opendoor 2.0 下進行的結構性改革正在發揮作用。然後，我們將這些經驗應用在未來每一屆學員身上。我知道，我們還有很多需要證明的地方。但這一次，我們不再要求你們相信我們的話。這是一家新公司。

Look, the way I think about my job is that my job is to build Opendoor as those product just like Tesla builds robots to build cars, my job is to build the tools and the systems inside Opendoor to help us build a great product.

你看，我對我的工作的看法是，我的工作是把 Opendoor 打造成一款優秀的產品，就像特斯拉製造機器人來製造汽車一樣，我的工作是建立 Opendoor 內部的工具和系統，以幫助我們打造一款偉大的產品。

In the last few months, we've made a great deal of progress on this front. I don't want to spend a lot of time talking about this, but I kind of want to take a second to talk about the most important part of it. As -- says, the team you build is a company you build, not the plan you make. Today, 18 people report to me an Opendoor. Of those 18, 10 didn't even work at Opendoor a year ago.

在過去的幾個月裡，我們在這方面取得了巨大的進展。我不想花太多時間談論這件事，但我想花一點時間談談其中最重要的部分。正如——所說，你組建的團隊才是你打造的公司，而不是你所製定的計畫。今天，有 18 人向我舉報了 Opendoor 事件。這 18 人中，有 10 人一年前甚至不在 Opendoor 工作。

Our 10-K filing has a list of our executive team, and you can look at it, how does [single by] those people on that list was in our last filing.

我們的 10-K 文件中列出了我們的高階主管團隊，您可以查看一下，看看名單上的這些人是如何在我們上一份文件中做出貢獻的。

Since I joined Opendoor, we have a new Chief Operating Officer and new CFO and new President and new Chief Growth Officer and new Chief People Officer and a new Chief Business Officer. This is a world-class leadership team that I would put up against any other tech company. And on top of this, Opendoor 2.0 is a single most [AI built] company in the public market that I know of.

自從我加入 Opendoor 以來，我們迎來了新的營運長、新的財務長、新的總裁、新的首席成長長、新的首席人力資源長和新的商務長。這是一支世界一流的領導團隊，我敢說它足以與任何其他科技公司相媲美。除此之外，據我所知，Opendoor 2.0 是公開市場上最[人工智慧建構]的公司之一。

Let me give you an example. Not that long ago after we bought a home, someone on our team would set their desk and manually pull up data from five different systems, things like property records, inspection [notes], HOA docs, pricing history, contract trends, stuff like that. And they would copy these things field by field into a seller disclosure PDF. It took hours per home, every single time. Last week, someone at Opendoor, shipped an AI workflow that does all of this kind of automatically with no humans in the loop.

我舉個例子。不久前，在我們買房之後，我們團隊中的某個人會坐在辦公桌前，手動從五個不同的系統中調出數據，例如房產記錄、檢查[筆記]、業主協會文件、價格歷史、合約趨勢等等。他們會將這些資訊逐項複製到賣方揭露PDF文件中。每次每戶都要花好幾個小時。上週，Opendoor 的某位員工發布了一個 AI 工作流程，可以自動完成所有這些操作，而無需人工幹預。

It creates our data warehouse [cross references] inspection history and generates a plain English disclosure summary, fills a compliance PDF and then sends it up for review.

它會建立我們的資料倉儲[交叉引用]檢查歷史記錄，並產生簡明英文揭露摘要，填寫合規性 PDF，然後將其發送以供審核。

But here's the best part. Other companies talk about how AI native their engineers are. The person I just talked about, that person is a non-engineer. He works at our ops team. He built this in his spare time in a week.

但最精彩的部分來了。其他公司都在談論他們的工程師有多精通人工智慧。我剛才提到的那個人，他不是工程師。他在我們營運團隊工作。他利用空閒時間，花了一周時間建成了這個。

[No ticket field, no Sprint plan], no one asked them to do this. He understood this simple fact. It's work time. And our primary weapon is our ability to prompt machines to create a new world. And he's not the only person doing this, our ops team, sales team, compliance teams, they're all building their own tools now.

[沒有票務訊息，也沒有Sprint套餐]，沒有人要求他們這樣做。他明白了這個簡單的道理。工作時間到了。我們的主要武器是我們有能力讓機器創造一個新世界。而且他不是唯一這樣做的人，我們的營運團隊、銷售團隊、合規團隊，他們現在都在開發自己的工具。

Now if this is what our ops team does I want you to imagine what our engineers are up to. So when I say we default to AI, I don't mean engineers use [Copilot]. That's not what I mean. Opendoor is a different type of company. It's a company where everyone, everyone is learning how to think like an engineer.

如果這是我們維運團隊的工作，請你們想像一下我們的工程師們都在忙什麼。所以，當我說我們預設使用人工智慧時，我的意思並不是說工程師會使用人工智慧。[副駕駛]。我不是那個意思。Opendoor是一家與眾不同的公司。這是一家每個人都在學習如何像工程師一樣思考的公司。

With that, let's talk about what we built. We shipped a lot in Q4. I'll try to move through this fast, but I want you to see how what we shipped cause the October results, okay? We shipped across three fronts. Better products, bigger markets and stronger margins.

接下來，我們來談談我們建造了什麼。第四季我們出貨量很大。我會盡量快速地講完，但我想讓你們明白我們推出的產品是如何影響十月份的業績的，好嗎？我們從三個方面同時發貨。更好的產品、更大的市場和更高的利潤率。

And we did this, well, faster. First, we made our products better for buyers, [ancestors]. -- For years, years, Opendoor's product was a one size fits all product. You want to sell a home, here's an offer, take it or leave it.

而且我們做得更快。首先，我們致力於讓產品更好地服務買家，[先輩們]。 ——多年來，Opendoor 的產品一直都是千篇一律的。你想賣房子，這是報價，接受或拒絕都可以。

Look, all sellers are not the same. Someone with 80% equity in their home doesn't have the same needs as someone with 20%. But under the old model, both of these folks pay the same fee which means that we're taking on risk that neither side wanted. The seller didn't need it, and we didn't want it, but the product forced it. That's not a pricing problem.

你看，並不是所有賣家都一樣。房屋淨值達到 80% 的人和房屋淨值只有 20% 的人的需求是不一樣的。但在舊模式下，這兩個人支付相同的費用，這意味著我們承擔了雙方都不願承擔的風險。賣家不需要，我們也不想要，但產品本身要求我們這麼做。這不是價格問題。

It's not an underwriting problem. It's a product problem. So we fixed it. We now put the ability to change the offer that fits your needs into your hands.

這不是承保問題。這是產品問題。所以我們解決了這個問題。現在，您可以依照自身需求調整優惠方案。

You choose how much cash you want upfront and the fee adjusts, take less upfront, pay less fees. Often a lot less. Every dollar that a seller does not need upfront is a dollar that we don't need to put at risk and a dollar that they don't need to pay for. So they pay less, and we make more. It's a win-win and also allows us to serve customers that we could have never like served before.

你可以選擇預付多少現金，費用會隨之調整；預付金額越少，支付的費用就越少。通常要少得多。賣家不需要預付的每一美元，就是我們不需要承擔風險的一美元，也是他們不需要付的一美元。這樣他們付的錢就少了，我們賺的錢就變多了。這是一個雙贏的局面，同時也讓我們能夠服務以前從未想過要服務的客戶。

This risk reduction, it allows us to do something else, too. It allows us to tighten spreads on our core cash product. It's early, but from best I can tell this is working. We're seeing demand that we would have never seen before. And because we're seeing a lot of extra demand, we also launched -- app.

風險降低後，我們還可以做其他事情。這使我們能夠收緊核心現金產品的價差。現在下結論還為時過早，但就我目前所見，這方法奏效了。我們看到了前所未有的需求。由於我們看到了很多額外的需求，我們也推出了——應用程式。

We --. -- takes pictures of their home and AI does assessment work. No human is needed. And because denim in the loop, in January, we nearly doubled the number of homes that we assessed compared to September. And so far this month, about half the homes we've assessed have needed zero people to show at your doorstep.

我們——拍攝他們家的照片，然後人工智慧進行評估工作。不需要人類。正因為牛仔佈在循環中，1 月我們評估的房屋數量幾乎是 9 月的兩倍。本月至今，我們評估的房屋中約有一半無需任何人上門看房。

On top of this, we expanded our bioproducts, Opendoor checkout. As of this morning, it is now live in 40 states. Opendoor checkout embeds mortgage preapproval directly to it also supports Opendoor's Euros home credit where we give the brave men and women of America's armed forces $4,000 towards closing costs of a home. Opendoor checkout also includes the Opendoor guarantee. It allows for free cancellation, warranty and early movement.

除此之外，我們還擴展了我們的生物產品，Opendoor 結帳。截至今天早上，該服務已在40個州上線。Opendoor 結帳系統直接嵌入了抵押貸款預審批功能，同時還支持 Opendoor 的歐元購房信貸計劃，該計劃為美國武裝部隊的勇敢男女提供 4,000 美元的購房費用補貼。Opendoor 結帳也包含 Opendoor 保證。它允許免費取消、保固和提前搬家。

We also launched our seller guarantee. When a seller sells us a house using Cash Plus, they now get a chance to make sure they like how we are selling the home. If they don't, they can just undo the transaction and take the home back by paying us a low restocking fee.

我們也推出了賣家保障計劃。當賣家使用「現金加價」的方式將房屋賣給我們時，他們現在有機會確保他們滿意我們出售房屋的方式。如果他們不滿意，他們可以取消交易，支付少量重新上架費後把房子收回去。

Okay. That was a core product. Outside the core product, we also expanded our growth levers. To start, we dramatically expanded how many people we could serve by expanding our geo coverage and our buy box. It took Opendoor from 2015 to 2025 to become available as an option for about 1/3 of the homes in the U.S., 10 years.

好的。那是一款核心產品。除了核心產品之外，我們也拓展了成長槓桿。首先，我們透過擴大地理覆蓋範圍和購買框，大幅增加了我們可以服務的人數。從 2015 年到 2025 年，Opendoor 花了 10 年才成為美國約三分之一家庭的選項。

Opendoor 2.0 almost tripled that in about 10 weeks. Thanks to AI, our product went from being available to about one to every three homeowners to being available to nearly every homeowner in the [Lower 48].

Opendoor 2.0 在大約 10 週內幾乎實現了三倍的成長。由於人工智慧，我們的產品從最初只有大約三分之一的房主可以使用，發展到幾乎所有房主都可以使用。[美國本土48州]

Now you would expect that, that kind of rapid expansion would reduce risk, sloppy underwriting margin compression, operational blow-ups. We saw the opposite. You'll hear Christy talk about our margin guide points in a bit. But the new system is working. And it's already generating thousands of incremental qualified leads per week with zero incremental marketing spend.

現在人們會認為，這種快速擴張會降低風險、減少承保疏忽導致的利潤率壓縮和營運崩潰。我們看到的情況恰恰相反。稍後您會聽到克里斯蒂談到我們的利潤率指導原則。但新系統運作良好。而且，它每週都能產生數千個新增的合格銷售線索，而無需增加任何行銷支出。

making this work while required us to build across almost [200 MLS] data sets we need over 100 brokerage regions and expose 150 standardized attributes. This was hard work.

要實現這一點，我們需要建立近 [200 個 MLS] 資料集，我們需要 100 多個經紀區域，並公開 150 個標準化屬性。這很辛苦。

But we believe software should not be limited by ZIP codes. And as we expand our product, we also significantly improved our data ingestion. We now have a nearly real-time data ingestion with over 1,000 pipelines. They serve our new market-agnostic pricing tools, and we also have a new [ML] model that predicts customer conversion propensity at the time of underwriting. It uses like a dozen different data points so we can best target our sales and marketing efforts.

但我們認為軟體不應該受郵遞區號的限制。隨著我們產品的擴展，我們也顯著改進了數據採集。我們現在擁有超過 1000 條管道，實現了近乎即時的資料攝取。它們為我們新的與市場無關的定價工具提供服務，我們還有一個新的[ML]模型，可以在承保時預測客戶的轉換傾向。它利用十幾個不同的數據點，以便我們更好地進行銷售和行銷活動。

And because we have all these new potential customers, we also focused on making sure we can grow profitably.

因為我們擁有這麼多新的潛在客戶，所以我們也專注於確保能夠實現獲利成長。

I want to tell you something a little counterintuitive. Usually, CEOs get in front of the [masters] and say, we're focused on cutting costs. And usually, that doesn't work, and actually, it increases costs. So we didn't do that. We didn't focus on cutting costs to improve margins.

我想告訴你一些可能有點違反直覺的事情。通常情況下，CEO們會走到（管理階層）面前說，我們專注於削減成本。通常情況下，這樣做行不通，實際上還會增加成本。所以我們沒有那樣做。我們沒有把重點放在削減成本以提高利潤率。

we focused on improving the product and taking pride in our code and the costs started disappearing kind of under owned. Look, products frequently get better by removing things, not adding them. By deleting code, not writing it. So we deleted a lot of things which just weren't needed.

我們專注於改進產品，並以我們的程式碼為榮，成本開始下降，有點像被低估了一樣。你看，產品往往是通過去除某些東西而不是添加某些東西來改進的。透過刪除程式碼而不是編寫程式碼來實現。所以我們刪除了很多不必要的東西。

Last quarter, I talked to you about the actual debt that was weighing down the company. We're now focused on a different kind of debt, but one that is just generally equally pernicious. There's a concept in engineering called Tech Debt. It's the accumulated cost of every short cut, every extra layer, every micro service that was added for no goddam reason. This tech debt across the entire stack is the reason that it's 2026 and connecting an office printer still feels a little like diffusing a bomb.

上個季度，我曾和你談過公司面臨的沉重債務負擔。我們現在關注的是另一種債務，但這種債務的危害性同樣不容小覷。工程學中有一個概念叫做技術債。這是所有走捷徑、所有額外層級、所有毫無理由添加的微服務的累積成本。整個技術堆疊中存在的這種技術債務，正是導致到了 2026 年，連接辦公室印表機仍然感覺像是在拆除一顆炸彈的原因。

And honestly, before the recent changes, Opendoor wasn't that much better than your printer. We weren't just clearing tech debt. We're also caring organizational debt. And the interest payments on these bad decisions were just killing us. So we started paying this down and the results are just wonderful.

說實話，在最近的改動之前，Opendoor 並沒有比你的印表機好多少。我們不僅僅是在償還技術債。我們也在關注組織債務。這些錯誤決定所帶來的利息簡直要了我們的命。所以我們開始分期付款，結果非常棒。

When Opendoor entered 2025 and our annual run rate costs and hosting was $12 million a year. Exiting 2025, Opendoor 2.0's cost and hosting infrastructure is less than $5 million a year. We haven't just significantly cut the cost of providing our products to our customers. We've also made the product better. We also significantly increased impolite used in our valuation model.

2025 年，Opendoor 的年度營運成本和託管費用為每年 1,200 萬美元。到 2025 年底，Opendoor 2.0 的成本和託管基礎設施每年將低於 500 萬美元。我們不僅大幅降低了向客戶提供產品的成本。我們也改進了產品。我們也大幅增加了估值模型中使用的不禮貌詞彙。

while decreasing our cost. This means that the run time in our model was reduced by about 50% from 12 hours to 5.5 hours. The entire plan can now run in a script that's about 50 lines of code and the future building -- are now 90% cheaper. This saves us at least $1 million a year.

同時降低我們的成本。這意味著我們模型的運行時間從 12 小時減少到 5.5 小時，減少了約 50%。整個計劃現在可以用大約 50 行程式碼的腳本運行，未來的建築成本現在降低了 90%。這樣每年至少可以為我們節省100萬美元。

We also replaced third-party tools with in-house vision models for thinking through home conditions. Not only did this save us a few million dollars in backfill costs for large sale experiments, it also brought a core AI capability fully in-house and cut the processing time. For 100,000 listings from 34 hours to just 4, cheaper, better, faster.

我們也用內部視覺模型取代了第三方工具，以便更好地思考家庭環境。這不僅為我們節省了數百萬美元的大型銷售實驗的補充成本，而且還將核心人工智慧能力完全納入公司內部，並縮短了處理時間。10萬個商品訊息，從34小時縮短到只需4小時，更便宜、更好、更快。

On top of this, we also cut over $1 million in costs by replacing SaaS tools with more constative and genuinely better AI alternative. And we stop paying for tools we barely used land and expand SaaS no longer works inside Opendoor. And we didn't just cut costs and focus on better infrastructure. We also invested in advanced ML models and data-driven pricing strategies. They're improving our margins per home, while maintaining or actually improving our conversion rate.

除此之外，我們還透過以更具代表性、真正更好的 AI 替代方案取代 SaaS 工具，節省了超過 100 萬美元的成本。我們停止為幾乎沒用過的工具付費，土地和擴展 SaaS 在 Opendoor 內不再有效。我們不僅削減了成本，還專注於改善基礎設施。我們也投資了先進的機器學習模型和數據驅動的定價策略。他們提高了我們每戶的利潤率，同時保持甚至提高了我們的轉換率。

Our home sale pricing is now powered by our new ML model that avoids Opendoor's previous policy of just blanketed price drugs. The model now helps us make targeted pricing decisions for every single home. We also built a new home level days in possession model using real demand signals. I think this is going to increase our dispersion by about 2x.

我們現在採用新的機器學習模型來控制房屋銷售價格，該模型避免了 Opendoor 先前只對藥品進行一刀切定價的政策。該模型現在可以幫助我們針對每一套住宅做出有針對性的定價決策。我們也利用真實需求訊號建構了一個新的房屋入住天數模型。我認為這將使我們的分散程度增加約 2 倍。

Okay, that's a lot. Let's take a step back. Look, I opened this call by creating Opendoor against the plan that we laid out last quarter, green, yellow, red. We're not caring. We're going to keep doing this every single quarter.

好的，這確實很多。讓我們退後一步。你看，我今天開電話會議時，首先提到的就是根據我們上個季度製定的計劃（綠色、黃色、紅色）創建 Opendoor。我們不在乎。我們將每個季度都這樣做。

You can track our acquisition contracts and our progress in real time, accountable about indoor.com. We're going to revisit this every single quarter just like we did right now, and we're going to make it reflect our path to profitability. As we learn more, we'll tell you more. You can see the results of our work, what we ship and whether it moved the needle. Please hold us to it.

您可以透過 interior.com 即時追蹤我們的收購合約和進度。我們將像現在這樣，每個季度都重新審視這項工作，並使其反映我們的獲利路徑。隨著我們了解更多信息，我們會告訴您更多。您可以看到我們工作的成果，我們交付的產品以及它是否產生了影響。請督促我們履行承諾。

We're asking you to hold us accountable because this matters.

我們請求你們監督我們，因為這很重要。

There are millions of families in this country where the experience of buying or selling a home is so bad, so slow so uncertain that people who want to do it just don't. This is a hard problem or we're going to fix it. And for the first time, we have the team, technology and the proof points to actually do it. If you have questions about anything, the --, seriously, --, I'll try to answer your questions. We're not hiding behind consultants or scripted callbacks.

在這個國家，有數百萬家庭的購房或售房經歷非常糟糕、緩慢且充滿不確定性，以至於想買房或賣房的人最終都放棄了。這是一個棘手的問題，要嘛我們解決它，要嘛我們就解決它。而且，我們第一次擁有了團隊、技術和成功案例，可以真正做到這一點。如果你有任何問題，真的，我會盡力回答你的問題。我們不會躲在顧問或預先寫好的回電腳本背後。

That's not how we operate. Christy is going to walk you through the numbers, but to steal a bit of her thunder, the numbers are good. Christy?

我們不是這樣運作的。克里斯蒂將為大家講解這些數字，但為了不讓她搶風頭，我必須說，這些數字很不錯。克里斯蒂？

Thank you, Kaz. Bottom line, we're executing. Last quarter, we laid out three goals: scale acquisitions, improved unit economics and resale velocity and build operating leverage, and we delivered on all 3. We increased acquisitions 46% from the third quarter. Our October 2025 acquisition contract cohort is over 50% sold through or in resale contract.

謝謝你，卡茲。總之，我們正在執行。上個季度，我們制定了三個目標：擴大收購規模、提高單位經濟效益和轉售速度、建立營運槓桿，而我們實現了所有這三個目標。我們收購業務比第三季成長了 46%。在我們 2025 年 10 月的收購合約批次中，超過 50% 已透過或轉售合約售出。

This represents over a 2x improvement in resale velocity compared to October 2024 and a roughly 50% improvement from October 2023. And at 50% sold through. This cohort is yielding the highest contribution margins for an October acquisition cohort in company history. And we delivered all of this while reducing fixed operating expenses and holding trailing 12-month variable operations expense flat as a percentage of revenue.

與 2024 年 10 月相比，轉售速度提高了 2 倍以上；與 2023 年 10 月相比，轉售速度提高了約 50%。已售出50%。該批新進員工的貢獻利潤率是公司歷史上 10 月收購員工群體中最高的。而且，我們在降低固定營運費用的同時，也維持了過去 12 個月可變營運費用佔收入的百分比不變。

Our fourth quarter results reflect the early days of Opendoor 2.0. While we implemented the operational changes Kaz described, it's important to note that 94% of the homes we sold in Q4 were acquired before October. We were clearing the old book while building the new one with higher quality homes. In the fourth quarter, we purchased 1,706 homes, an increase of 46% from Q3. It marked an important inflection point as we shifted from the high spread posture of the first three quarters to a more tailored approach.

我們第四季的業績反映了 Opendoor 2.0 的早期階段。雖然我們實施了 Kaz 所描述的營運變更，但值得注意的是，我們在第四季度售出的房屋中有 94% 是在 10 月之前獲得的。我們一邊清除舊有的模式，一邊建造新的、更高品質的房屋。第四季度，我們購買了 1706 套房屋，比第三季度增加了 46%。這標誌著一個重要的轉折點，我們從前三個季度的高分散策略轉向了更有針對性的方法。

We provided stronger offers for higher-quality homes with greater expected resale velocity and maintained higher spreads for lower quality homes with elevated risk and slower resale clearance expectations.

我們為預期轉售速度較快、品質較高的房屋提供較優惠的價格，而為風險較高、轉售速度預期較慢、品質較低房屋維持較高的價差。

We delivered revenue of $736 million, representing a 20% quarter over quarter decline meaningfully better than our guidepost of a 35% quarter over quarter decline. We sold through more aged inventory than initially forecasted, a direct result of the resale velocity improvements we've made. As anticipated, our margins faced near-term pressure as we work through legacy inventory. GAAP gross profit was $57 million in Q4 compared to $66 million in Q3. GAAP gross margin was 7.7%, up 50 basis points sequentially.

我們實現了 7.36 億美元的收入，環比下降 20%，遠優於我們先前設定的環比下降 35% 的目標。我們售出的滯銷庫存比最初預測的要多，這直接得益於我們提高了轉售速度。正如預期的那樣，由於我們需要清理歷史庫存，我們的利潤率在短期內面臨壓力。第四季GAAP毛利為5700萬美元，第三季為6600萬美元。GAAP毛利率為7.7%，季增50個基點。

Contribution profit was $7 million, and contribution margin was 1% compared to contribution profit of $20 million and contribution margin of 2.2% in Q3. This sequential decline reflects the continued clearing of older, lower quality inventory acquired during the prior high sped strategy and Q3 is historically low acquisition volumes, leaving us with minimal new inventory to improve the mix.

貢獻利潤為 700 萬美元，貢獻毛利率為 1%，而第三季貢獻利潤為 2,000 萬美元，貢獻毛利率為 2.2%。這一連續下降反映了先前高速策略期間購入的較舊、品質較低的庫存的持續清理，而第三季的採購量歷來較低，因此我們幾乎沒有新的庫存來改善產品組合。

Adjusted EBITDA loss was $43 million compared to $33 million in Q3 and exceeded the favorable end of our guidance range of a high 4s to mid-$50 million loss. Net loss for the fourth quarter was $1.1 billion compared to $90 million in Q3. This included a $933 million noncash loss from last quarter's convertible note refinancing. Adjusted net loss, which excludes that item, totaled $62 million compared to $61 million in Q3.

調整後的 EBITDA 虧損為 4,300 萬美元，而第三季為 3,300 萬美元，超過了我們先前給出的 4,000 萬美元至 5,000 萬美元虧損的有利範圍。第四季淨虧損為 11 億美元，而第三季淨虧損為 9,000 萬美元。其中包括上季可轉換債券再融資造成的 9.33 億美元非現金損失。經調整後的淨虧損（不包括該項目）總計 6,200 萬美元，而第三季為 6,100 萬美元。

Turning to our balance sheet and capital structure. We ended the quarter with $962 million in unrestricted cash and $133 million of equity invested in homes. We held 2,867 homes at quarter end, representing $925 million in net inventory. Our nonrecourse asset-backed borrowing capacity remains robust at $7.2 billion with total committed borrowing capacity of $1.6 billion in sites built over years of partnership with our lenders provided us the flexibility to scale as we execute our growth plan.

接下來來看看我們的資產負債表和資本結構。本季末，我們擁有 9.62 億美元的非限制性現金和 1.33 億美元的房屋投資權益。截至季末，我們擁有 2,867 套住房，淨庫存價值 9.25 億美元。我們擁有 72 億美元的無追索權資產支持借款能力，總承諾借款能力為 16 億美元。多年來，我們與貸款機構合作建造的場地為我們提供了靈活擴展規模的能力，從而能夠更好地執行我們的成長計劃。

Last earnings call, we announced the refinancing of the majority of our convertible notes with equity, eliminating a near-term repayment trigger. We reduced our cash interest burden and we issued the warrants dividend to align our shareholders directly with the upside we're working to create. The foundation is set for Opendoor 2.0 operating model, and now we're focused on delivery.

在上一次財報電話會議上，我們宣布用股權對大部分可轉換債券進行再融資，消除了近期償還觸發條件。我們降低了現金利息負擔，並發行了認股權證股息，以使我們的股東能夠直接受益於我們正在努力創造的收益。Opendoor 2.0 營運模式的基礎已經奠定，現在我們專注於交付。

As we introduced last quarter, we are executing against three management objectives we believe are key to reaching profitability. The table in our earnings release shows our progress against each objective. Let me walk you through the highlights. First, scale acquisitions. We increased homes purchased by 46% quarter over quarter from 1,169 homes in Q3 to 1,706 homes in Q4.

正如我們上個季度所介紹的，我們正在執行我們認為對實現盈利至關重要的三個管理目標。我們的財報表格顯示了我們在實現每個目標方面取得的進展。讓我帶你回顧一下重點內容。首先，進行規模收購。我們第四季房屋購買量較上季成長 46%，從第三季的 1,169 套增加到 1,706 套。

Last week, we signed 530 acquisition contracts, up from 236 contracts at the time of our last earnings call. You can continue to track our weekly progress on our dashboard at accountable.opendoor.com.

上週，我們簽署了 530 份收購合同，高於上次財報電話會議時的 236 份合約。您可以繼續透過 accountable.opendoor.com 上的儀表板追蹤我們每週的進度。

Second, improve unit economics and resale velocity. We made significant progress on resale velocity this quarter. the percentage of Opendoor homes on the market for greater than 120 days decreased from 51% at the end of Q3 to 33% at the end of Q4, an 18-percentage-point improvement in a single quarter. This reflects the operational changes we've made to move homes faster, better pricing, more robust monitoring system and an improved buyer experience through products like open door checkout.

其次，提高單位經濟效益和轉售速度。本季我們在房屋轉售速度方面取得了顯著進展。 Opendoor 房源在市場上停留超過 120 天的比例從第三季末的 51% 下降到第四季末的 33%，一個季度內提高了 18 個百分點。這反映了我們為加快房屋銷售速度、提供更優惠的價格、建立更強大的監控系統以及透過開放式結帳等產品改善買家體驗而做出的營運變更。

In addition, the margin performance and resale velocity of the October acquisition cohort demonstrates the improvements we've made in pricing and selection. I also want to be clear about what this means for our go-forward strategy. October's margins thus far have come in above our long-term target range. That's a good problem to have, but you should not expect every quarter to look like October on a margin basis. You should expect us to reinvest that spread advantage into growth.

此外，10 月收購批次的利潤率表現和轉售速度顯示我們在定價和選擇方面取得了改善。我還想明確說明這對我們未來的策略意味著什麼。10 月迄今的利潤率均高於我們的長期目標範圍。這是個好問題，但你不應該指望每季的利潤率都像十月那麼好。您應該期待我們將這種價格優勢再投資於成長。

faster turns, broader coverage and more competitive offers, while we aim to maintain contribution margins within our target range. You can track our product, feature and partnership launches on accountable.opendoor.com to see how we're continuing to build velocity into the business.

更快的周轉速度、更廣泛的覆蓋範圍和更具競爭力的報價，同時我們力求將利潤率保持在目標範圍內。您可以在 accountable.opendoor.com 上追蹤我們的產品、功能和合作夥伴關係的發布情況，以了解我們如何持續加快業務發展速度。

Third, build operating leverage. On our last earnings call, we committed to holding fixed operating expenses flat and trailing 12-month operations expense, the variable component of our operating expenses, flat or down as a percentage of revenue. We achieved both goals. Fixed operating expenses were $35 million in Q4 2025 compared to $37 million in Q3 2025. And $43 million in Q4 2024, down $2 million quarter over quarter and $8 million year over year.

第三，建立經營槓桿。在上次財報電話會議上，我們承諾將固定營運費用保持不變，並將過去 12 個月的營運費用（即我們營運費用中的可變部分）佔收入的百分比保持不變或下降。我們實現了兩個目標。2025 年第四季固定營運費用為 3,500 萬美元，而 2025 年第三季為 3,700 萬美元。2024 年第四季為 4,300 萬美元，季減 200 萬美元，年減 800 萬美元。

Our trailing 12-month operations expense as a percentage of trailing 12-month revenue held steady at 1.3% in Q4.

第四季度，我們過去 12 個月的營運費用佔過去 12 個月收入的百分比保持穩定在 1.3%。

As we scale acquisitions from this lower cost base, we expect meaningful operating leverage to emerge in 2026. These three objectives remain the foundation of our path to profitability, and we're executing against them with discipline, transparency. As I said last quarter, you can't build a great business in a spreadsheet. You build it by shipping product, operating with discipline and learning from the market.

隨著我們利用較低的成本基礎擴大收購規模，我們預計 2026 年將出現顯著的營運槓桿效應。這三個目標仍然是我們實現獲利的基礎，我們將以嚴謹、透明的方式執行這些目標。正如我上個季度所說，你不可能只憑電子表格就打造出一家偉大的企業。透過推出產品、嚴謹營運和從市場中學習來建立它。

Now let me give you some guideposts for Q1 and the year ahead. Acquisitions. Our profitability framework remains unchanged. We're targeting approximately 6,000 quarterly home acquisitions as we exit Q4 2026. As we've learned more in production, we're refining our acquisition trajectory to be more weighted to the back half of the year.

現在讓我為大家介紹一下第一季以及未來一年的發展方向。收購。我們的獲利能力框架保持不變。我們的目標是到 2026 年第四季末，每季完成約 6,000 套房屋收購。隨著我們在生產中累積了更多經驗，我們正在調整收購策略，使其更加專注於下半年。

We're investing Q1 and Q2 and improving how the funnel operates to scale more efficiently. This means refining conversion, sharpening pricing and developing adjacent services to bolster unit economics.

我們將在第一季和第二季進行投資，並改善銷售漏斗的運作方式，以更有效率地擴大規模。這意味著要改善轉換率、優化定價策略並開發相關服務，以提高單位經濟效益。

You'll also notice we've updated how we present accountable.opendoor.com. We replaced the cumulative projections chart with a single view that shows weekly actuals, a fitted trend line with its slope and a projected range for where we plan to be. Cumulative charts can mask what actually matters, whether we're accelerating and whether we're progressing towards our year-end targets. This view shows you both. We'll update the projected range each quarter as we learn more.

您也會注意到我們更新了 accountable.opendoor.com 的呈現方式。我們用單一視圖取代了先前的累積預測圖表，該視圖顯示每週的實際資料、擬合趨勢線及其斜率，以及我們計劃達到的預測範圍。累積圖表可能會掩蓋真正重要的事情，例如我們是否正在加速發展，以及我們是否朝著年底目標邁進。此視圖可同時顯示兩者。我們將根據掌握的更多信息，每個季度更新預測範圍。

On revenue, we expect a decrease of approximately 10% quarter over quarter. This is a direct function of entering Q4 with low inventory levels due to the prior high spread acquisition strategy and the successful clearing of aged inventory in Q4. We're focused on scaling acquisitions throughout Q1 to rebuild inventory with higher quality homes that underpin our improved unit economics.

營收方面，我們預計將季減約 10%。這是由於前期高價採購策略以及第四季度成功清理了滯銷庫存，導致第四季度庫存水準較低而直接導致的。我們正集中精力在第一季擴大收購規模，以重建庫存，提供更高品質的房屋，從而提升我們的單位經濟效益。

Contribution margin. The mix of old inventory versus fresh inventory drives margins and Q1 2026 will reflect the shift. We made a concerted push in Q4 to clear legacy inventory. The homes we're selling in Q1 2026 are more representative of our new model, higher quality and faster turns. Our contribution margin bottomed out in September and has been improving every month since we expect to exit Q1 with the highest contribution margin we've posted since Q2 2024.

邊際貢獻。舊庫存與新庫存的組合決定了利潤率，2026 年第一季將反映出這種變化。我們在第四季度集中精力清理了遺留庫存。我們在 2026 年第一季銷售的房屋更能代表我們的新模式，品質更高，週轉速度更快。我們的貢獻毛利率在 9 月觸底，此後每個月都在改善，我們預計第一季結束時的貢獻毛利率將達到自 2024 年第二季以來的最高水準。

Finally, on adjusted EBITDA, we expect Q1 2026 adjusted EBITDA loss in the low to mid-$30 million. This represents continued sequential improvement as we maintain cost discipline while simultaneously investing in automation and product velocity. Last quarter, we showed you the blueprint. This quarter, the house is going up. Our goal remains adjusted net income profitability by the end of this year on a 12-month go-forward basis.

最後，關於調整後的 EBITDA，我們預計 2026 年第一季調整後的 EBITDA 虧損將在 3,000 萬美元左右。這代表著我們在維持成本控制的同時，不斷增加對自動化和產品速度的投資，以實現持續的循序漸進的改進。上個季度，我們向你們展示了藍圖。本季度，房子正在建設中。我們的目標仍然是在今年年底實現調整後淨利潤盈利，並在未來 12 個月內保持盈利。

We have a lot of work ahead of us, but the proof points are building, and we intend to keep earning your confidence every quarter.

我們面前還有很多工作要做，但我們已經取得了一些成績，我們打算每季都繼續贏得您的信任。

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. Okay. We've had a handful of questions that sent around a common theme, we grab two of them. First, [Zack H] asks, where is Opendoor app currently compared to expectations and profitability and where we like to be.

偉大的。謝謝你，克里斯蒂。好的。我們收到了一些問題，這些問題都圍繞著一個共同的主題，我們選取其中兩個進行分析。首先，[Zack H]問道，Opendoor 應用程式目前與預期和獲利能力相比如何，以及我們希望達到的目標是什麼。

And Ryan Tomasello from KBW asks, according to your accountability dashboard, acquisition contract volumes are running at or below the low end of your targets. Aside from seasonal factors, what are the primary macro or pricing drivers preventing a faster ramp?

KBW 的 Ryan Tomasello 問道，根據你們的問責儀表板，收購合約量處於或低於你們目標的下限。除了季節性因素外，還有哪些主要的宏觀或價格因素阻礙了更快的成長？

Thanks for the questions. Look, to be blunt, we're right where we need to be. We're on track if you told me three months ago that we'd be here, I would have told you you're being a little too optimistic. Last quarter, we laid out a 4-step plan, and I think we're great across all four steps. We did what we said we would do and it's working.

謝謝大家的提問。坦白說，我們現在所處的位置正是我們應該在的位置。如果三個月前你告訴我我們會走到今天這一步，我會覺得你有點太樂觀了。上個季度，我們制定了一個四步驟計劃，我認為我們在每個步驟上都做得很好。我們說到做到，而且效果不錯。

Our contribution margin bottomed out in September has improved every single month after that. We're going to exit Q1 with the highest contribution margin we've had since Q2 2024 Look, it's early, but things are going well. And to be clear about it, this isn't the macro helping us. This is us helping ourselves.

我們的邊際貢獻率在9月觸底後，每個月都有所改善。我們將以自 2024 年第二季以來最高的貢獻毛利率結束第一季。你看，現在還早，但一切都很順利。需要明確的是，這不是宏觀經濟在幫助我們。這是我們在自助。

So [can ask you a question], the reason we said our goal was adjusted net income profitability at the end of this year on a 12-month go-forward basis, is because that is what needed to make sure open doors are tired in cash and doesn't need to raise equity ever again. That's our goal. But just like Google Map find to different routes to get home, we're finding the best route to get home. And -- a step back before that.

所以[可以問你一個問題]，我們之所以說我們的目標是在今年年底實現調整後的淨利潤盈利能力（以未來 12 個月為基礎），是因為我們需要確保資金周轉暢通，不再需要籌集股權融資。這就是我們的目標。但就像Google地圖會找到兩條不同的回家路線一樣，我們也在尋找回家的最佳路線。而在此之前，我們還要退一步。

Before we become NI profitable, we're going to become adjusted EBITDA profitable. Now I think adjusted EBITDA is not the best metric for measuring our business, and I'm not about to give you guidance think layers have very particular feelings about me saying guidance. But to be transparent about it, the plan I have on this laptop right now, has us being adjusted EBITDA profitable on the annual basis starting in Q2, right? Things are going well. Things change and company building is a little messy, but things are going really well.

在實現淨利潤利潤之前，我們將先實現調整後 EBITDA 獲利。現在我認為調整後的 EBITDA 不是衡量我們業務的最佳指標，我也不打算給出業績指引，因為我認為律師們對我給予業績指引有非常特殊的感受。但坦白說，我目前在這台筆記型電腦上的計劃是，從第二季度開始，我們將實現年度調整後 EBITDA 盈利，對吧？一切進展順利。情況瞬息萬變，公司建設也難免有些混亂，但目前一切進展順利。

Now I think there's a question behind a question. Like an actual hard question here, which is, why are you at the bottom end of your acquisition goals? Let me say two things. First, I reserve the right to wake up smarter every single morning than I was yesterday. I want to learn.

現在我覺得這個問題背後還有另一個問題。這裡有一個非常棘手的問題，那就是，為什麼你的客戶獲取目標處於最低水平？我要說兩件事。首先，我保留每天早上醒來都比昨天更聰明的權利。我想學習。

And I've learned a lot in the last three months. I've learned that the levers we have at our disposal are generally working faster than I expected. And we've discovered, we've had levers that I didn't think we would have. So if we want to hit the top end of the range, we could do it very easily.

過去三個月裡，我學到了很多。我發現我們目前掌握的手段通常比我預期的要有效得多。而且我們發現，我們擁有了一些我之前認為我們不會擁有的槓桿。所以如果我們想達到範圍的上限，我們可以很容易地做到。

But that would come at a cost. And I want to tell you about the cost. So in a product company, you always basically have two choices. You can invest in product or you can invest in growth. That's the back and forth, right?

但這樣做是有代價的。我想跟你們說說費用問題。所以在產品公司裡，你基本上總是有兩個選擇。你可以投資產品，也可以投資成長。就是這樣來回拉鋸，對吧？

Engineers are your most precious resource and they can usually work on one of two things. And like here's what I mean by that is like when you invest in product, you're putting fuel in the tank, when you invest in growth, you're spending that fuel. And this is actually like key difference between product companies and not. Right now, I want to invest in having the best product we can before we go and invest in growth again. So I'm choosing to work on the funnel rather than the number that just happens to come out at the end of the funnel.

工程師是你最寶貴的資源，他們通常只能從事以下兩件事之一。我的意思是，當你投資產品時，就像是在加油；當你投資成長時，就像是在消耗燃料。這其實是產品公司與非產品公司之間的關鍵差異。現在，我想先把精力放在打造最好的產品上，然後再把資金投入成長。所以我選擇專注於銷售漏斗本身，而不是漏斗末端碰巧出現的那個數字。

Let me give you an example. It actually matters. So early in January, we took four engineers aside. And we asked them to work on our mortgage product. Those engineers could have worked on the Opendoor app.

我舉個例子。這確實很重要。一月初，我們把四位工程師叫到一旁。我們請他們參與我們抵押貸款產品的研發。這些工程師原本可以參與 Opendoor 應用的開發。

And I think the Opendoor app is genuinely bad. And fixing it would be good and it would lead to growth. But we bought 500 homes last week and growth is going well, and we have lots of levers. So we chose to work on our mortgage product and our infrastructure over the Opendoor app. And because of that, we're going to launch our mortgage product in beta this week.

我覺得Opendoor這款應用程式確實很糟糕。解決這個問題是件好事，而且會促進發展。但我們上週購買了 500 套住房，成長勢頭良好，而且我們有很多控製手段。因此，我們選擇專注於我們的抵押貸款產品和基礎設施，而不是 Opendoor 應用程式。因此，我們將在本週推出我們的抵押貸款產品的測試版。

Okay. Let may be blunter. We built a mortgage product in less than 10 weeks. People told me it would take at least a year. We did it in 10 weeks.

好的。或許可以更直白一些。我們在不到 10 週的時間內就開發了一款抵押貸款產品。人們告訴我這至少需要一年。我們花了10週就完成了。

This is genuinely better for the long-term growth of the company. than hitting the top end of the old accountable range.

這確實更有利於公司的長期發展，比達到舊責任範圍的上限好得多。

What matters to us is our profitability. And in order to get there, the thing that matters is the pace by which we exit this year. what Christy just said, 6,000 last quarter. I am very confident in the levers we have and the levers we have built, and we can hit that pace. I'm very confident where than it was three months ago.

我們最關心的是獲利能力。而要實現這個目標，關鍵在於我們今年結束前的速度。就像克里斯蒂剛才說的，上個季度6000人。我對我們現有的資源和已經建立的機制非常有信心，我們能夠達到那個速度。我現在的狀況比三個月前好得多。

That's why I'm so comfortable that we can take a moment to spend time investing in product to put fuel in the tank, so we can burn it later.

也因為如此，我才如此放心，我們可以抽出時間投資產品，為未來發展積蓄力量。

I promise I will never ever sell the future growth of our company at a discount. We're going to do the right thing and focus on the things that matter. Look, our October results proved something. They proved that what we are doing is working. The bets and the actions we've taken are the proof points we need to know we can get to profitability.

我保證絕對不會以低價出售我們公司的未來發展機會。我們將做正確的事，專注於重要的事情。你看，我們十月的業績證明了一些事情。他們證明了我們所做的一切都是有效的。我們所採取的賭注和行動，就是我們能夠實現獲利的有力證明。

So we're going to invest in product and then growth.

所以我們會先投資產品，然後再投資成長。

Great. Our next question comes to us via video submission from --.

偉大的。我們的下一個問題來自一位用戶的影片投稿。——。

Hey Kaz, hope you and the Opendoor team are doing great. My question today is about artificial intelligence. Obviously, this has become really pronounced in the market. But what are you guys using it for internally? And how should that change the customer experience in the open door product moving port?

嘿，Kaz，希望你和Opendoor團隊一切都好。我今天的問題是關於人工智慧的。顯然，這種情況在市場上已經變得非常明顯。但你們內部是用它來做什麼的呢？那麼，在開放式產品運輸港口，這又將如何改變顧客體驗呢？

I think the best example I can give you for AI use is what's happening at Opendoor in underwriting. Give me some rope. I love football. I think it's a great support, but I hate the fact that in any given football game, there's about 11 minutes of football and three hours of not football, dressed up as football. And when I got here, Opendoor's work day was kind of the same.

我認為人工智慧應用的最佳例子就是 Opendoor 在核保領域所做的事情。給我根繩子。我喜歡足球。我認為這是一個很棒的支持，但我討厭這樣一個事實：在任何一場足球比賽中，只有大約 11 分鐘是真正的足球，而其餘三個小時則不是足球，只是披著足球的外衣。當我來到這裡時，Opendoor 的工作日也差不多是這樣。

Like a lot of not work dressed up as a work, a lot of [coil] that humans should not do anymore.

就像很多偽裝成工作的無用之事，很多人類不該再做的事情。

Now look, every company says AI. It's like a buzz water today. And honestly, a lot of it sounds to me like --. Look, real estate is basically the last industry that is untouched by technology where we pretend humans have a better sense of what an asset is worth than a model that's been trained on decades of data and for a long time at Opendoor, we pretended that was true, too. But machines are better at something than humans.

現在你看，每家公司都在談論人工智慧。今天這簡直就像一杯氣泡水。說實話，很多聽起來都像是…——。你看，房地產基本上是最後一個尚未受到科技影響的行業，我們假裝人類比經過數十年數據訓練的模型更能判斷資產的價值，而 Opendoor 也曾長期假裝這是真的。但機器在某些方面比人類更勝一籌。

Look, humans do taste machines do -- data creating documents, machines do math. Here's my principal. Humans do humans work and machines do machines work, right? And -- but human work is the work that machines cannot competently do yet.

你看，人類會品嚐，機器也會——資料會創建文檔，機器會進行數學運算。這是我的校長。人做人該做的事，機器做機器該做的事，對吧？但是──人類的工作是機器目前還無法勝任的工作。

So what can't they do yet, for example. The last mile of our work they can't do yet. So the house [that backs] on to a highway. The machines are bad. --.

那麼，例如，他們目前還不能做什麼？我們工作的最後一公里，他們現在還做不了。所以，就是那棟背靠公路的房子。這些機器不好。——。

That's where human judgment comes in. Our problem at Opendoor was never that we had humans in the process. The problem we had was that we had humans doing the wrong part of the process. So what have we changed, right? Our analysts are no longer doing valuations today.

這就需要人類的判斷了。Opendoor 的問題從來都不是流程中有人參與。我們遇到的問題是，我們讓員工做了流程中錯誤的部分。那麼我們究竟改變了什麼呢？我們的分析師現在不再進行估值工作。

They're auditing what AI has prepared. They are working on evaluating the output rather than doing paper work to prepare the input, right?

他們正在審核人工智慧準備的內容。他們致力於評估產出，而不是做文書工作來準備投入，對嗎？

You go back to football, this is fun. AI kind of lets us run a new huddle offense faster and more efficient, but the [QB] still calls the plays. So I think you asked what should investors expect? Like actually, what customers do you expect first because that's actually more important. Customers should expect a fair and fast offer with fewer errors.

你回到足球場上，這很有趣。人工智慧讓我們能夠更快、更有效率地執行新的進攻戰術，但四分衛仍然負責指揮進攻。所以，我想你問的是投資人應該期待什麼？實際上，你首先應該考慮的是哪些客戶，因為這才是更重要的。客戶應該期待獲得公平、快速且錯誤較少的報價。

Investors should expect declining partial expense as a portion of our revenue like we talked about and a company that doesn't move as slow as the San Francisco port.

投資者應該預期部分支出佔收入的比例像我們之前討論的那樣下降，而且公司的發展速度不會像舊金山港那樣緩慢。

So there's also a separate thing. I think that a key thing folks don't appreciate about AI. AI constitutionally destroy some businesses and improves others, right? If you're a point solution selling SaaS, I feel sorry for you. But if you deal with a real world where the primary problems are pricing and operational complexity and variance, AI is basically like manna from heaven, it's the thing we need to make the business work.

所以還有另一件事。我認為這是人們對人工智慧沒有充分認識的一個關鍵點。人工智慧從憲法角度來看，確實會摧毀一些企業，同時也會促進另一些企業的進步，對嗎？如果你銷售的是單一解決方案的SaaS產品，我為你感到遺憾。但如果你面對的是一個主要問題是定價、營運複雜性和差異性的現實世界，那麼人工智慧基本上就像天降甘霖，它是我們讓業務運作起來所需要的。

I want to stop now.

我想就此打住。

Great. Our next question comes to us via video submission from Catherine --

偉大的。我們的下一個問題來自凱瑟琳的影片投稿。--

I'm Catherine Morgans from Portland, Oregon. I became a shareholder in open door in 2021. I was inspired to invest in the company following my experience using Opendoor to sell my home. It was the most streamlined and painless home selling experience that I've ever had. And I cannot imagine should I ever need to sell a home again in the future using any other option.

我是來自俄勒岡州波特蘭的凱瑟琳摩根斯。我於 2021 年成為 Open Door 的股東。我使用 Opendoor 出售房屋的經驗激勵我投資這家公司。這是我經歷過的最方便、最輕鬆的賣房體驗。我無法想像將來如果需要再次出售房屋，會選擇其他方式。

I've been following the progress of Opendoor mainly via the [data door discord] and it's been very thrilling over the past six months to see of the innovation, especially with the improved implementation of AI to enhance operations and sharpen modeling. So as far as I'm concerned, things are looking very good on the, let's call it, the software front.

我主要透過 [數據門 Discord] 關注 Opendoor 的發展，在過去的六個月裡，看到它的創新令人非常興奮，特別是人工智慧的改進應用，以增強營運和提高建模能力。就我而言，軟體方面的情況看起來非常好。

My question has to do with, let's call it, the human front or the customer front. And that is how do we get to the point where sellers think I'm going to try Opendoor first before even considering going via a realtor. How do we turn that corner where Opendoor becomes the default first option that people try when they're ready to sell their home?

我的問題與，我們姑且稱之為，人為因素或客戶因素有關。正因如此，賣家才會認為我會先嘗試 Opendoor，然後再考慮透過房地產經紀人。我們如何扭轉局面，讓 Opendoor 成為人們準備賣房時的首選平台？

Yes. That's a great question. Defaults are like incredibly powerful. And usually, folks talk about defaults the way they talk about brands. You use a line I ran my friends.

是的。這是一個很好的問題。預設設定非常強大。人們通常談論預設設定的方式，就像談論品牌一樣。你用了我朋友用的那句話。

I put band-aid on my kids legs basically every night. I want you to Opendoor your home. But brand is just another like word for reputation and reputations are earned backwards, not forward, right? You can't spend your way into having a great brand. Otherwise, all of you, all of you would be watching me right now on Quibi.

我基本上每天晚上都會給孩子腿上貼創可貼。我希望你打開你家的大門。但品牌和聲譽其實是同義詞，而聲譽是後天累積的，而不是提前建立的，對吧？你不可能靠砸錢打造一個偉大的品牌。否則，你們所有人現在都應該在 Quibi 上看我直播了。

Look, Selling your home is one of the most important financial decisions for average American families. [Sun Home] is -- it's an active trust right? And historically, folks have placed that trust in people, not software. Opendoor exists to build software worthy of that trust. And to become trusted, you need to have a lot of people use your product, lots of people be delighted by your product, right?

你看，賣房是一般美國家庭最重要的財務決策之一。 [Sun Home]——它是一個活躍的信託，對吧？從歷史上看，人們一直信任的是人，而不是軟體。Opendoor 的存在就是為了打造不辜負這份信任的軟體。要獲得信任，你需要讓很多人使用你的產品，讓很多人對你的產品感到滿意，對嗎？

So my favorite example of this is like Jeff Bezos and [Sam Walton], right? The best marketing is a product that delights you. Jeff Bezos didn't spend money on advertising. He spent money on making the product there and fast, same with --.

我最喜歡的例子就是傑夫貝佐斯和山姆沃爾頓，對吧？最好的行銷就是打造一款讓你滿意的產品。傑夫·貝佐斯沒有在廣告上花錢。他花錢在那裡快速生產產品，也是如此。——。

So for us, if we want to be the first place people go to we need to kind of earn that same level of trust. And that for us starts with the offer. The offer is a product. It needs to be accurate, fair, reliable, it needs to feel great. And if I'm being honest, we're not the default yet, but we're on the right track.

所以對我們來說，如果我們想成為人們首先想到的地方，我們需要贏得同樣的信任。對我們來說，這一切都始於發出邀請。提供的服務就是一種產品。它必須準確、公正、可靠，而且要讓人感覺良好。說實話，我們目前還不是預設選項，但我們正走在正確的道路上。

Like I know we underwrite track. Let me tell you why. In markets that we've been operating for a while, in our mature markets, 20% of folks who go on to list their home before they call a person, they try opendoor.com. That's the beginning of looking like a default, right? As we expand more markets, we'll get there.

我知道我們承保賽道。讓我來告訴你為什麼。在我們經營了一段時間的成熟市場中，有 20% 的人在聯繫房產經紀人之前會先嘗試 opendoor.com，然後再決定是否掛牌出售房屋。這看起來就像是預設選項的開始，對吧？隨著我們拓展更多市場，我們終會實現目標。

But so how do you -- like how do you become the default? That was your question, I think. I realize I've been talking for a really long time. So in order to become a default, you'll have to do a few things. First, you have to be available.

那麼，你該如何——比如說，你該如何成為預設選項？我想，這就是你的問題。我意識到我已經說了很久了。所以，要成為預設用戶，你需要做幾件事。首先，你必須有空。

Like at the end of last quarter, Opendoor wasn't available everywhere. So we expanded all over the --. We're available to almost everyone right now.

與上個季度末的情況一樣，Opendoor 並非在所有地方都能使用。所以我們把業務擴展到了各地。——。我們現在幾乎對所有人開放。

Second, you have to remove every point of friction, right? Opendoor needs to make a fair offer, a good offer, a real offer fast, trying open door needs to be a delightful experience for our sellers. And last, you need to consistently deliver value. You need to be a fast transaction, better pricing, great services, including an amazing mortgage product. And our new unit economics help us do that, right?

其次，你必須消除所有摩擦點，對吧？Opendoor 需要盡快給出公平、合理、真實的報價，並且希望賣家在使用 Opendoor 的過程中獲得愉快的體驗。最後，你需要持續不斷地創造價值。你需要提供快速的交易、更優惠的價格、優質的服務，包括一款出色的抵押貸款產品。我們新的單位經濟效益可以幫助我們做到這一點，對吧？

Better economics means better offers, better offers of build a trust, defaults, follow trust and trust follows great products.

更好的經濟效益意味著更好的產品，更好的產品能夠建立信任、預設設置，從而贏得信任，而信任最終會轉化為優秀的產品。

Great. Our next question comes to us from --.

偉大的。我們的下一個問題來自——。

With the stock down significantly since your tenure began, should investors assess progress. what key metrics best reflect operational improvement? What is the strategy to restore market confidence?

自您上任以來，股價已大幅下跌，投資人該如何評估您的工作進度？哪些關鍵指標最能反映營運改善？如何制定策略來恢復市場信心？

I mean, look, just like answer a question that personally first. I am very highly motivated to see Opendoor's stock price go up, right? My family is the most levered family in the world on Opendoor stock. My salary is $1 and unless stock levels see levels they haven't seen in years, I don't get paid. So I don't want you to take what I'm about to say the wrong way, but I just want you to let me say this.

我的意思是，你看，就先回答一個你個人提出的問題吧。我非常希望看到 Opendoor 的股價上漲，對吧？我家是全世界持有Opendoor股票槓桿率最高的家族。我的薪水是 1 美元，除非股票價格達到多年未見的水平，否則我拿不到薪水。所以，我不想讓你誤解我接下來要說的話，但我只是想讓你讓我把話說完。

I don't manage the stock price. I manage the business and look at what we're building. Now my responsibility is to create shareholder value. That's literally my job to create value for our shareholders who I deeply appreciate. But I fulfill that is fulfilled my responsibility by not looking at the stock price every day.

我不負責管理股價。我負責管理業務，並專注於我們正在建立的東西。現在我的職責是創造股東價值。為股東創造價值是我的職責所在，我對此深表感激。但我透過不每天查看股價來履行我的責任。

I fulfill it by building something people want and value. the stock price will follow, it literally always does. My favorite book, one of my favorite books is a book called, The Score Takes Care of Itself. I have it at my desk. It's in our library at Opendoor.

我透過打造人們需要且重視的產品來實現這一目標。股價自然會隨之上漲，事實也總是如此。我最喜歡的書之一，書名叫《分數會自己解決》。我桌上就有。它在我們 Opendoor 的圖書館裡。

It was written by Bill Walsh. Look, Bill Walsh didn't win Super Bowls by telling his team to focus on the scoreboard. This is a football deemed earnings call. His whole philosophy was like execute the right way, take care of everything, the score takes care of itself. And I'm pretty sure he won more than 82 games this talk is not the company, right?

這是比爾·沃爾什寫的。你看，比爾沃爾什可不是靠讓球隊只專注在比分中才贏得超級盃的。這是足球相關的財報電話會議。他的整個理念就是：用正確的方式執行，處理好一切，分數自然會水到渠成。而且我很確定他贏的比賽不只 82 場，這場對話與公司無關，對吧？

Jeff Bezos didn't become the worst CEO when Amazon stock dropped 90%. I bet you, I bet you he didn't even flinch. You kept building and the stock eventually reflected the business, not the other way around.

亞馬遜股價下跌 90% 並沒有讓傑夫貝佐斯成為最糟糕的 CEO。我敢打賭，他連眼皮都沒眨一下。你不斷發展壯大，最終股票反映了業務狀況，而不是反過來。

Now I've been here for four months. In that time, we've demonstrated clear evidence that the model we are building is working and the business is structurally improving, right? But how should you judge our progress. I think that was the question. I don't think you should do it by where the stock is today, but you should think about whether the underlying business is getting structurally better.

我在這裡已經四個月了。在那段時間裡，我們已經提供了確鑿的證據，證明我們正在建立的模式是有效的，業務也在結構上得到改善，對嗎？但我們該如何評斷我們的進步呢？我想這就是問題所在。我認為你不應該只根據股票目前的價位來判斷，而應該考慮公司的基本面是否在結構性地改善。

I've given you how I would create us but I genuinely honestly think you should find a way to do that too, you should build your own model on us.

我已經告訴你我會如何創建我們，但我真誠地認為你也應該找到一種方法來做到這一點，你應該在我們的基礎上建立你自己的模式。

But I want to be transparent about this. My job is to build a company that can host a product that people want. My job is to improve the economics of that business. And everyone here, everyone who works at Opendoor is focused on executing. This score will take care of itself.

但我希望在這件事上保持透明。我的工作是打造一家能夠提供人們想要的產品的公司。我的工作是改善這家企業的經濟效益。Opendoor 的每一個人，每一個在這裡工作的人，都專注於執行。這個分數自然會水到渠成。

Great. Thank you. Next, Victoria B asks if home prices drop another 5% to 10% nationally, what happens to your margins and inventory risk? I prepared is open door for that scenario.

偉大的。謝謝。接下來，Victoria B 問道，如果全國房價再下跌 5% 到 10%，你的利潤率和庫存風險會發生什麼變化？我已經為這種情況做好了準備，敞開大門。

Thank you for the question, Victoria. It is the right question to ask. Opendoor 2.0 is built to move homes, not hold them. The longer you hold when the market turns, the more it hurts. So the whole game has turned faster.

謝謝你的提問，維多利亞。這是個值得問的問題。Opendoor 2.0 的設計宗旨是搬家，而不是留住房屋。市場逆轉時，你持倉的時間越長，損失就越大。所以整個比賽節奏都加快了。

And here's what's genuinely different now. We have more tools than we've ever had. Previously, the primary lever was spread price conservatively enough to absorb a market move, and that works, but it's blunt and it has terrible adverse selection. We now have a broader toolkit. First, selection.

而現在真正不同的是：我們現在擁有的工具比以往任何時候都多。以前，主要的槓桿是將價差控制得足夠保守，以吸收市場波動，這種方法雖然有效，但過於簡單粗暴，而且逆向選擇非常糟糕。我們現在擁有了更廣泛的工具包。首先是篩選。

Under Opendoor 2.0, we are a more tailored approach. We offer strong prices on high-quality homes where we expect faster resale velocity and we maintain wider spreads on homes with more risk or slower clearance expectations. Second, velocity. We reduced homes on market greater than 120 days from 51% to 33% in a single quarter. Our October cohort is clearing at 2x the velocity of October 2024.

在 Opendoor 2.0 下，我們採取了更個人化的方法。對於預期轉售速度較快的優質房屋，我們提供極具競爭力的價格；而對於風險較高或預期轉售速度較慢的房屋，我們則保持較大的價差。其次，速度。在一個季度內，我們將上市超過 120 天的房屋比例從 51% 降低到 33%。我們10月份的批次清算速度是2024年10月份的2倍。

We home we own for 45 days has fundamentally different risk exposure than one we own for 180 days. And as we grow volume, the goal isn't to hold more homes, it's to move more homes. Scale and velocity compound together.

我們擁有的房屋（45 天）與擁有的房屋（180 天）的風險敞口有根本差異。隨著交易量的增長，我們的目標不是擁有更多的房屋，而是售出更多的房屋。規模和速度共同作用。

Third, Cash Plus. This is an underappreciated as a risk management tool. When a seller opts in, they're retaining more of the price risk and we earn fees with less capital at risk. That structurally shifts our exposure. Are we immune from a 5% to 10% decline?

第三，現金加。作為一種風險管理工具，它的價值被低估了。當賣家選擇加入時，他們將承擔更多的價格風險，而我們可以用更少的資金風險賺取費用。這從結構上改變了我們的風險敞口。我們能否避免 5% 到 10% 的經濟下滑？

No, nobody is. But the question isn't whether it hurts it's whether Opendoor is structurally positioned to navigate and withstand it. The October cohort is a great example of this. Over the past five months, national home prices came down roughly 300 basis points. During that exact period, our contribution margins on that cohort held steady or slightly improved.

不，沒有人。但問題不在於它是否會造成損害，而在於 Opendoor 的結構是否足以應付和承受這種損害。十月的學員就是一個很好的例子。過去五個月，全國房價下跌了約300個基點。在此期間，我們對該群體的貢獻利潤率保持穩定或略有增加。

That's not hope or an expectation that happened.

那不是希望或期望實現的。

Great. Our next question comes to us from [Andrew Boone from Citizens] who was wondering there's some testing of a mortgage product with -- where Opendoor and extending the services opportunity. What's your expectation for 2026 for Opendoor to be able to attach more adjacent products or transactions?

偉大的。下一個問題來自 [Citizens 的 Andrew Boone]，他想知道 Opendoor 是否正在測試一種抵押貸款產品，並擴展服務機會。您對 Opendoor 在 2026 年能夠附加更多鄰近產品或交易有何預期？

Like I'm now in a football thing, so I need to find a football analogy. I just don't have one. Okay. Look, like I said, we started building our mortgage product in January, and we're going to launch it in beta this week. I showed it to Christy last night.

我現在迷上了足球，所以我需要找一個足球相關的比喻。我沒有。好的。正如我所說，我們從一月就開始研發我們的抵押貸款產品，本週我們將推出測試版。我昨晚給克里斯蒂看了。

I'm very, very bullish on this product. I think it's going to be good. It's going to take us a second to get all the right things because that's how products work. But I'm very bullish, and we're going to have more news on this soon. I think it was a part of the question that was about the economics, let me hand wave because I think the unit economics of the mortgage space are relatively well understood.

我非常非常看好這款產品。我覺得應該沒問題。我們需要一點時間來準備所有需要的東西，因為產品就是這樣運作的。但我非常看好，我們很快就會有更多相關消息公佈。我認為問題的一部分是關於經濟學的，我先簡單概括一下，因為我認為抵押貸款領域的單位經濟學已經得到了比較充分的理解。

We're going to do some special things about them, but let us tell you about them when we do those things.

我們將對他們進行一些特別的處理，但具體情況我們會在處理這些處理時再告訴你們。

So I think the primary unknown question is this. What will be our attach for mortgage and adjacent products, right? How many people who buy or sell a home from Opendoor, take a mortgage from us? I have a hypothesis, but not a good answer. I've done this a couple of times but we're going to under promise and over deliver here.

所以我認為最主要未知的問題是：我們針對抵押貸款及相關產品將採取什麼措施？有多少透過 Opendoor 買賣房屋的人選擇向我們申請抵押貸款？我有一個假設，但沒有令人滿意的答案。我已經這樣做過幾次了，但這次我們要少承諾，多兌現。

But separately, I think there's a very likely what is a world where we have partners, especially our homebuilder partners that use some of the software we're building. We're building a new stack with the help of some partners and it will be more finely tuned to people who own assets they're selling than a typical mortgage stock. I still don't have a football analogy.

但另一方面，我認為很有可能存在這樣一個世界：我們的合作夥伴，特別是我們的房屋建築商合作夥伴，會使用我們正在開發的一些軟體。我們正在一些合作夥伴的幫助下建立一個新的技術堆疊，它將比典型的抵押貸款股票更適合那些擁有待售資產的人。我還是想不出可以用足球來類比的例子。

We can come back. Our next question comes to us from Dae Lee from JPMorgan asking what has stood out to you so far about the quality and profitability of the homes you're buying since ramping up acquisitions? Any surprises as you pick up the pace and have those led to any changes in your approach. And looking ahead, one of the key factors or milestones you're watching most closely to gauge progress towards your current profitability and margin targets.

我們可以回來。下一個問題來自摩根大通的 Dae Lee，他想知道自從加大收購力度以來，您所購買的房屋在質量和盈利能力方面有哪些突出之處？隨著節奏加快，有沒有出現什麼意外狀況？這些意外情況是否導致你改變了方法？展望未來，您最密切關注的關鍵因素或里程碑之一是衡量您當前獲利能力和利潤率目標進展的關鍵因素或里程碑。

Thank you for the questions today. As you may have noticed, the October 2025 acquisition cohort is something we've been paying a lot of attention to. And that is because that's the first cohort where we had a the ones the contracts, the acquisitions and now 50% of the resales are under the Opendoor 2.0 model. So it is a very important source of data for us. The performance of this cohort isn't just one thing.

謝謝大家今天提出的問題。您可能已經注意到，我們一直非常關注 2025 年 10 月的收購對象群。這是因為這是我們第一批簽訂合約、完成收購的客戶，現在 50% 的轉售都是在 Opendoor 2.0 模式下進行的。所以它對我們來說是一個非常重要的資料來源。這群學生的表現並非只取決於某一方面。

It's everything working together for the first time. So I talked earlier about selection and spread dispersion, but we are targeting higher quality, higher velocity homes so that we can turn them faster and get better selection.

這是所有環節首次協同運作。我之前談到了選擇和分散，但我們的目標是更高品質、更高速度的房屋，這樣我們就可以更快地週轉房屋並獲得更好的選擇。

When you have better selection coming through the door, that really improves our operations. Those are homes that we can get relisted faster and have less variance and outcomes. And then it comes to the resale systems and our ethos We, as an organization, fundamentally believe that it's better to identify a margin-optimized clearing price than to wait around for the perfect offer to come along. And so our machine learning pricing model it has meaningfully improved the precision of pricing decisions. Better demand signals better timing and better calibration at the individual home level rather than blanketed spread reduction or price reductions.

貨源充足時，我們的營運效率將會顯著提升。這些房屋我們可以更快地重新掛牌出售，而且結果的差異性更小。然後就涉及轉售系統和我們的理念。我們作為一個組織，從根本上相信，與其等待完美的報價出現，不如確定一個利潤最大化的清算價格。因此，我們的機器學習定價模型顯著提高了定價決策的精確度。需求好轉意味著時機掌握得更好，並且在單一家庭層面上的調整也更精準，而不是一刀切地降低價差或價格。

The result, resale velocity in our October cohort was 2x what it was in October 2024 and with margins that exceeded our expectations. And so that puts to rest the idea that speed and margin are a --. We've shown the answer to both can be yes, in a market that, frankly, no one would characterize as particularly strong.

結果是，我們 10 月的轉售速度是 2024 年 10 月的 2 倍，利潤率也超出了我們的預期。因此，這就否定了速度和利潤率是…的觀點。——。我們已經證明，在這樣一個坦白說，沒有人會認為特別強勁的市場中，這兩個問題的答案都可以是肯定的。

To answer your question about surprises, I think what surprised us was how quickly some of the changes we put in place showed up in our results. for example, the degradation. And so when you have a cohort of homes that you buy, you expect the homes that you sell right upfront to probably perform a little bit better than the homes later in the cohort. But in this last October cohort, we saw that from 10% to 50%, our margins basically held flat. They were actually up about 18 bps, and that was during a tough market.

關於你提到的意外情況，我認為讓我們感到驚訝的是，我們實施的一些改變措施很快就在結果中顯現出來。例如，性能下降的情況。因此，當你購買一批房屋時，你會期望最先賣出的房屋表現會比後來賣出的房屋略好。但在去年十月的這群客戶中，我們發現利潤率從 10% 到 50% 基本保持不變。實際上，它們上漲了約 18 個基點，而且當時市場行情不佳。

And so seeing that flat degradation was very promising.

因此，看到這種平穩的衰減是非常令人鼓舞的。

Finally, you asked about looking ahead, and I guess I would just bring us back to our management objectives. Scale acquisitions. We've said we want to exit the year with 6,000 acquisitions per quarter, and that will set us up well for our adjusted net income profitability. As a reminder, we're now available through the Lower 48, and we'll start leaning into marketing in Q1 as we expand to reach those markets. Objective number two is improving margin and resale velocity so that we return to our 5% to 7% targeted CM and objective the build operating leverage as we rescale fixed operating expenses flat or down and trailing 12-month operation expense flat as a percentage of revenue or down.

最後，你問到了展望未來，我想我只想把我們帶回管理目標。規模收購。我們曾說過，我們希望今年每季完成 6000 筆收購，這將為我們調整後的淨利潤盈利奠定良好的基礎。再次提醒大家，我們目前已覆蓋美國本土48州，我們將於第一季開始加大行銷力度，以拓展業務範圍，覆蓋這些市場。第二個目標是提高利潤率和轉售速度，以便我們恢復到 5% 至 7% 的目標 CM，並建立營運槓桿，同時將固定營運費用調整為持平或下降，並將過去 12 個月的營運費用佔收入的百分比調整為持平或下降。

Great. Our next question also comes to us from video submission and will be answered by Brad Bonney, Opendoor's Chief Business Officer.

偉大的。我們的下一個問題也是透過影片提交的，將由 Opendoor 的首席商務長 Brad Bonney 回答。

[I love] Opendoor. My name is [Coupa Mikaela]. I'm here with my daughter, Eva. And we're -- that relocated to Tennessee. We purchased with Opendoor a few months ago because of the convenience.

我喜歡 Opendoor。我的名字是[Coupa Mikaela]。我和女兒伊娃一起來的。而我們——已經搬遷到田納西州了。幾個月前，我們因為方便而在 Opendoor 上購買了商品。

We tried the traditional way many times. And we stumbled plant Opendoor. It allowed us just unlimited access to the property we're looking at. speed of response, and it's just the easiest way to work with. We didn't need any real turn.

我們多次嘗試過傳統方法。我們偶然發現了 Opendoor 工廠。它讓我們能夠無限制地查看我們正在看的房產，回應速度也很快，而且使用起來非常方便。我們不需要任何真正的轉彎。

We didn't need our attorney to help us. It was just us an open door. And we're promoting Opendoor a lot to our whole -- because this is new to us. is a new way of buying and selling or relocating.

我們不需要律師的幫助。只有我們兩個人，一扇敞開的門。我們正在大力向全體員工推廣 Opendoor，因為這對我們來說是全新的。這是一種全新的買賣或搬遷方式。

And because of that, that's what got us to also invest into the company because we saw something brand new, something convenient and something totally different that goes against the traditional way of buying and selling. My question to Kaz is, as you know, I'm a veteran. A lot of military people have to move. We come on orders really quick. And I see this being a great platform for a lot of military people, veterans, active duty.

也因為如此，我們也決定投資這家公司，因為我們看到了全新的、便利的、與傳統買賣方式截然不同的東西。卡茲，你知道，我是一名退伍軍人。很多軍人都要調動。我們下單速度很快。我認為這將是一個對許多軍人、退伍軍人和現役軍人來說都非常棒的平台。

What is Opendoor doing to help our community. I really appreciate the time. --, Talk to you guys later.

Opendoor 為幫助我們的社群做了哪些工作？非常感謝你們抽出時間。 ——回頭再聊。

Thank you for your question, and thank you for your service. as a fellow veteran who spent more than seven years in the Navy, serving primarily on a nuclear submarine. I know what it means to raise your hand and say, "I will go where you need me, when you need me for as long as you meet me. That commitment to the American dream possible for all of us and it shouldn't come at the cost of the dream itself.

感謝您的提問，也感謝您為國家所做的貢獻。身為一名曾在海軍服役七年多，主要在核潛艇上服役的退伍老兵，我深表贊同。我知道舉起手說「只要你願意，無論何時何地，我都會在你遇到我的時候出現」是什麼意思。我們每個人都有可能實現美國夢，而這種承諾不應該以犧牲夢想本身為代價。

Nearly 400,000 service members PCS every year. That's almost 0.5 million families navigating a home sale. On a time line, they don't control. The traditional real estate process wasn't built for that reality. Opendoor was, fast offers, close dates you control and certainty in an otherwise uncertain transition.

每年約有 40 萬名軍人調動。這意味著將近 50 萬個家庭正在經歷房屋買賣的過程。在時間線上，他們無法控制。傳統的房地產交易流程並非為應對這種情況而設計的。Opendoor 提供快速報價、您可以掌控的成交日期，以及在原本充滿不確定性的過渡時期所帶來的確定性。

Here's how we're helping. We've already launched the [Heros Home Credit]. This is a $4,000 credit that's closing costs for active duty service members and veterans buying an open door home. It's not just some marketing gimmick that's open door recognizing that military families already absorbed significant out-of-pocket expenses every time they move. They shouldn't have to sacrifice when buying their next home, too.

以下是我們提供協助的方式。我們已經啟動了[英雄之家信用]。這是為現役軍人和退伍軍人購買開放式房屋提供的 4,000 美元購房補貼，用於支付房屋交割費用。這不僅是某種行銷噱頭，而是真正承認軍人家庭每次搬家都要承擔大量自付費用。他們在購買下一棟房子時也不應該被迫做出犧牲。

We're building from there. We're working hard to make sure [VA] loans work seamlessly with Opendoor because that's how many military families buy.

我們以此為基礎繼續發展。我們正在努力確保 [VA] 貸款與 Opendoor 無縫對接，因為許多軍人家庭都是透過這種方式購屋的。

These are some early steps, but we really need to continue to build trust with the military community. Trust doesn't happen with ads. It happens through word of mouth. One soldier tells another how easy it is to sell their home. One sailor tells her --, how they seamlessly moved their family across the country.

這些只是初步舉措，但我們確實需要繼續與軍方建立信任。信任不是靠廣告建立起來的。它透過口耳相傳的方式傳播開來。一名士兵告訴另一名士兵賣房子有多容易。一位水手告訴她，他們是如何順利地將家人搬到全國各地的。

And each time, it's Opendoor who made it happen. That means the most important thing we can do is exactly what we've always said, build a product that actually works for the people who need it most and deliver on every promise we make. Every military family, we help becomes an advocate, and every advocate helps spread the word. --, your question today is exactly what this looks like. Thank you, and thank you again for your service to our country.

每一次，都是 Opendoor 促成了這一切。這意味著我們能做的最重要的事情就是我們一直以來所說的，打造一款真正能為最需要它的人服務的產品，並兌現我們所做的每一個承諾。我們幫助的每個軍人家庭都會成為倡議者，而每位倡議者都會幫助我們傳播訊息。 ——您今天提出的問題正是這種理念的體現。謝謝，再次感謝您為我們國家所做的貢獻。

Great. Thanks, Brad. I think we have time for one more. And Zack H is wondering where do you expect to see Opendoor in two years?

偉大的。謝謝你，布拉德。我想我們還有時間再來一個。Zack H 想知道，你認為兩年後 Opendoor 會發展成什麼樣子？

That's a great question. It's actually my favorite question. Before I answer that question, I want to say something. One of the things that makes me deeply proud of working at Opendoor is the number of veterans that work in Opendoor. We deeply recognize that freedom isn't free.

這是一個很好的問題。這其實是我最喜歡的問題。在回答這個問題之前，我想先說幾句。在 Opendoor 工作讓我深感自豪的一點是，Opendoor 有許多退伍軍人。我們深知，自由並非免費的。

So thank you genuinely thank you. So where we would be two years from now? And what do I expect? Well, as from now, I expect to be sitting in front of you, telling you that we delivered exactly what we said we would do. Per from now, I want Opendoor to be the default that we talked about.

所以，真心感謝你。那麼兩年後我們會身在何方呢？我還能期待什麼呢？從現在開始，我希望能夠坐在你們面前，告訴你們我們已經完全兌現了我們的承諾。從現在開始，我希望Opendoor成為我們之前討論過的預設。

I don't want to have to choose anymore between margin and volume two years from now, we're going to get both. Two years from now the AI infrastructure we're building right now, is going to have a compounding effect across our cohorts. We're no longer going to be talking about the model. We're going to be talking about scaling it and how we can serve as many people as we can. And we're going to be okay with the people who doubt us now taking credit for our work two years from now.

兩年後，我不想再在利潤率和銷售之間做出選擇了，我們將兩者兼得。兩年後，我們現在正在建構的人工智慧基礎設施將對我們的所有群體產生累積效應。我們將不再討論這個模型。我們將討論如何擴大規模，以及如何服務盡可能多的人。即使現在有人質疑我們，兩年後他們可能會把我們的勞動成果據為己有，我們也不會介意。

But the most important question for me generally is where homeownership is going to be two years from now? Well, a teacher living in Kansas City, be able to afford a home on our salary stator kids can grow up in a home owned by --. Today, the answer to question is no. Two years from now, I hope we can stand in front of you and say the extra question is yes. Because then our work will have mattered. Okay. Thank you.

但對我來說，最重要的問題是，兩年後房屋所有權會是什麼樣子？嗯，像我這樣住在堪薩斯城的老師，靠我們的薪水就能買得起房子，孩子們也能在自己擁有的房子裡長大。——。今天，這個問題的答案是否定的。兩年後，我希望我們能站在你面前，對你說，那個額外的問題是「是的」。因為那樣的話，我們的工作才算有意義。好的。謝謝。

Thank you. Thanks for dialing up with us. We'll see you in three months. Cheers.

謝謝。感謝您撥打我們的電話。三個月後見。乾杯。