OPEN - Earnings call 3 2023 | Opendoor Technologies Inc.

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Operator

Good day, and thank you for standing by. Welcome to the Opendoor Third Quarter 2023 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker today, Kimberly Niehaus, Investor Relations Officer. Please go ahead.

Unknown Executive

afternoon. good and you, Thank website Details of in can commentary available of additional found results earnings release and our section our Relations which the management investor.opendoor.com. and in are Investor our at shareholder be letter, simultaneously Please Investor on corporate Relations will company's the the webcast note of call that website. this be section

fact I securities to forward-looking historical remind performance These start, here. should placed condition, the meaning statements laws. within actual statements statements statements on financial from and operations. are of statements expansion that than are involve opportunity them. the we Such Opendoor's anticipated be including, Before neither those materially federal not could you would discussed like the be All forward-looking other to, guarantees, financial contains plans, deemed and cause following strategy not reliance may but that business statements uncertainties discussion promises that statements market of undue forward-looking, regarding results future management objectives risks differ for nor to and and limited

on financial December XX-K the useful updated could as XX-K. non-GAAP the company as information including filed law. The The to Any recent these differ as future result financial discussion can on information, current required or operational statements expectations conference annual to performance. forward-looking of and made measurements Opendoor's the this results on that financial investors assumptions section whether except supplemental found certain actual believes measures call, references by and reasonable company's responses evaluate to following or in report no of to as a by our otherwise, Form are non-GAAP Additional periodic from contains events update assumes to questions, be measures. today revise them, Opendoor obligation new Risk ended most as to year management's Factors based cause XX, after that XXXX, of for are reports forward-looking statements your

of directly investor.opendoor.com. I reconciliation Wheeler, of please measures the financial call most website a at of Executive now Chief For over Carrie will Opendoor. to the metric, GAAP our each comparable turn non-GAAP Officer these see to

Carrie Wheeler

Also Capital Fraser, me Exchange. the Open Financial Christy is Dod of President Officer; Chief call on Good and and afternoon. today Schwartz, with Interim

a is transform buy company generational disrupt way Opendoor and leveraging that massive market-leading a As simplify build has the platform the to their opportunity and technology market. sell to people the home, and

profitable the markets. build Over and the the pricing a increase acquisition quarter, been team despite our past XX% This future year, next we our listings new quarter-over-quarter fact to as were down X% an homes. foundation average gain spread spend in sustained for our within us cost accelerate of to Opendoor year customer ability laid We revenue buybox our at accuracy has purchased us and with cost work XXXX, lower that to systems improvements, of next of growth. In the pricing was first to our channels improving to allow advertising year. which Throughout enabled the partnership demonstrating plans combined acquisitions growing through increase to and spreads in increase half improvements we acquisitions made These should share structure pass our XXXX our quarter-over-quarter. those home despite and turn third X,XXX hard reaccelerate structure. we've scaling volumes. market in transaction believe channels reductions and

expected results continued demand. Market depressing with further rates market. in in Mortgage demonstrate U.S. X% uncertain rates had more reported execution what August. QX points historically XXX over higher in XX-year October, a housing Our third high clearance basis declined remains since buyer rates still and quarter at healthy were an of results levels up than

current on controlling conditions do to and within framework have control. Based on operate continue for our observing, next changed. volumes to and we we have year risk While management we're implications not increase these signals business, our focus plans market can moves acquisition our what

we shifts so closely and We XX% indicators respond are to can to XX% increased to leading in compared in QX. up the our monitor over sequentially continue QX that partnership market. Acquisitions channels from

real expanding continue on to homebuilders. our We partnership progress channels make agents across platforms, estate online and

early Our exclusive continues and markets this live scale largest partnership customer to a independent and EXP management announced as with offer transaction in markets clients company saw dashboard. to partnership their and is the continuing behalf October, with drive growth continue and properties operations. across pricing, agreement directly previously AI leveraging to of meaningful we for Ultimately, the reengagement home other we EXP With productivity. By platform, This more a in including agents cash real enables on believe clients quarter. on better serve we of launched mature, technologies, in to inventory this week. the to improve Realty, qualifying world. Zillow in EXP and channel Opendoor agents excellence XX our opportunities In we operational our estate request their the within enables

In that enabling human terms AI is with Opendoor models. pricing, proprietary of home asset expertise built decade, build the to over data coupled deep last our real-estate-specific we've proprietary

our AI home For improve our from with and centralized accuracy pricing the durably reducing conditions use to images customer conversations, of provided videos. These are example, chat inputs as used pricing team spreads. extract inputs we such objective by and

with our conduct work. of technology our respond signals Maintenance improved We've issues. customer feedback standards each enhances work quality statements and develop from categorize processes, to we which centralize and agent control to significantly and data proprietary quality AI has security meeting to real-time points. our to to from of operations cost-effectively and system home and visit For get feedback continue extract of automatically inventory remotely. We our ability leveraged home management, XX% quickly home-specific improved quality and

the home feedback has year. Additionally, quality over throughout improved agent indicated XX% that listed by

it the quarters. and Finally, all our platforms an assignment X across continue expanding to effectively We to groups work and operations operator are we more over work successfully QX. enhance balance automated pilot in transactions operator to load operators next

transaction platform gears our to revised respond I on real the disruption of on each is completed in end-to-end commission. a structured to buyer the wanted have minute. industry We regarding potential for data Changes a that estate to the us ensure faster, enabled make comment time. Switching also the broker and customers to more useful capture step CRM. recently

very jury the therefore, from this business ruled and practice against week, NAR Just Opendoor's the challenged to does commission. brokerages required of pay sellers, buyer not other To listing a in derive one and being are broker commission. the core that lawsuits agents in several buyer brokerage revenue be clear, of home

we currently homes. away, broker buyer broker or sell their structure, home. built cost our will a will commission buyer went focus approximately transparency is our reduce cost entire a the we we giving The be pay points of cost represents with platform is and X.X choice meaningful. contrary, BBC how customers reduced. At the If to that when which Opendoor, overall commission on us resell as On our they those to the

As the such, we estate believe sellers the real ecosystem we're of buyers well changes improve positioned in experience materialize. and as to

paralyze balance we a customer as broken strong growth steadfast we future I to one estate reshape built sheet turn the channels, with time. call the the structure, and and improved our for I'd progress mission acquisition the remain continued We Opendoor move exit in an believe work fix the scaled and at cost their Before to profitable Christy, real team a process. hard we year our like industry thank for foundation to to

Christy will you. review on financial guidance Thank now the results.

Christy Schwartz

you, Thank Carrie.

through remain guidance discipline. acquisition quarter continued We cost the revenue third disciplined volume, expected of focus Our mix margins range. reflect cost $XXX capital our in increased inventory and of new delivered slightly on healthy exceeding midpoint growing contribution delivering million third our focused quarter, results the risk-adjusted book the preserving management. We of and our of on

our XXX sell old through to with homes longest continued end. book homes in than quarter resale have contracts held We not at less

strong results reflects range of both of the book quarter, we in were generating resales a homes mix On The in our X.X% higher implied returned X,XXX old QX market XXXX. within the slightly to quarter of negative margin new These outperformance front, third expected. to versus contribution ahead well third acquisition new XX% in X.X% increase of versus a as X.X% homes the despite new buy-box. We of positive purchased in guidance as decline our our book performance sequential than X%. book listings positive the

the prior period 'XX. our of in quarter. Adjusted gross third in new is we margins in reflects XXXX, certain quarter delta of adjusted our of and million $XX in down in prior were loss $XX between Our EBITDA previously homes in million. structure. Adjusted adjustments sequential of XXXX. Adjusted in XXXX. that versus QX cost and the as high $XX from increase The an of inventory margin generated began $XXX define of now $XX guidance in contribution the we operating book rebuilding $XXX EBITDA while second from quarter, operating EBITDA X.X% up expenses our expect XX% end adjusted and improved to the an valuation recorded million, range million that expenses, decline the fact million profit of and outperformed of third the million which inclusive was reflects improvement contribution of the the This timing the million primarily of guidance beat incur our expenses QX, due negative to inventory $XXX quarter, year QX from the third we loss XQ

the in some quarter, expect to as to reflects as expenses continuing in fourth expectation shift our from both approximately rebuilding discipline. million well which to prioritize inventory $XXX while expenses to We operating cost XQ the XQ and adjusted be continue

total billion billion and in We facilities, of million asset-backed to from At capital securities $X assets capacity quarter homes in of billion is cash, $X of of we composed capacity facilities $X.X $X.X equity unrestricted cash $X.X mezzanine a Turning net second debt the the equivalents borrowing credit includes in marketable quarter borrowing third ended revolving valuation and term with inventory quarter billion in end, which and of shareholders' had sheet. and in related billion quarter $XX and ended XXXX. our total balance $XXX billion. with the of of senior which equity, We senior million third billion total $X.X decrease $X.X was of nonrecourse invested adjustments. committed which

This increase of October, over years XX results basis in in decline of and mortgage As level in rates. seasonal is buyer rates our market in quarter impact reached for typical this in the in demand, second August. highest reflected reported clearance over up amplifying balance X% we points softened outlook since Carrie the The their the rates XXX mentioned, year.

market likewise impacting clearance have projected resales reduced, fourth our slowed, pace rates quarter as revenue. is of First,

out shifted flows as third, some a clearance And the contribution reduced result quarter. prices to through from we margins. slower the old to sales level lower book clearance objectives, which our order in of Second, of rate list meet revenue and resale third home

$XXX We to quarter-over-quarter. of with expect $XX we process, line is part turns old you and in homes and it's helpful throughout flat resale the million home contribution but between of return fourth to a that profile. Responding between impact of expect market inventory With our our portfolio turns we normal to which the purchases million; expect not X the cause contract EBITDA seasonality, margin we XXX inventory and management may quarter $XX under vary seasonality inventory in between inventory end, of normalized more at There and quarter their per to margin including operating we continue drag acquisition $XXX million factors to back be contribution be to homes about X,XXX fourth will on a mind outlined adjusted the be fourth million, pace keep other given tail in adjusted year. inflows are implies outflows. profit mind, to X.X%; to quarter book million. In than as less to approximately to contribution million quarter-to-quarter, believe With to of expect million; X.Xx overall $XXX changes year. roughly most May, notably quarter that the those of expectations and revenue pace expenses margin and the loss X.X% balancing $XXX $XX and a model

place adjusted to best Q&A. our for in income, have turn we to We the return so. the over up now continue cash operating to the business to to believe to manage sheet net I'd for the operator positive do structure our cost open call line to and flow like proxy and balance

Operator

first Our the of line comes Instructions] Securities. Nick Jones JMP with [Operator question from

Nicholas Jones

you lawsuit maybe how and NAR the the that go-to-market If expect convert, I on can saw recent but I kind your does of on guess to of commissions in this I if the the value were longer judgment comments cost spread come see it and your a term? proposition change and dynamic out down, guess, I your then kind and to lowers bit, little Missouri. realize homes we

Carrie Wheeler

mean looking I short is we're And certainty simplicity as it's with Nick, -- broker to and if worst, said today. to mean and in Carrie. buyer commission a I we that my fee their It -- the sell doesn't that's comes here answer mean our us it's out no. a terms home of and we serve I someone our earlier in homes neutral sell we the time. margins over comments, at pay is return cost for then overall down. charge

Nicholas Jones

to kind reaccelerate the you is and buybox you things I see we those the the to of expansion as much Or how to I view? shareholder a and transaction do to about, And think continue improve through? kind really kind of normalized and will it continue kind growth do of talked margins of need kind XXXX, that volumes of in letter grow Great. environment? longer-term affordability for enough Is of overhang to semi-historic to to be? navigate guess, current an think and of levels the mean we to come

Dod Fraser

really Yes. with navigate. and think ability our grow to comfortable we I mean feel I

we in is allows billion. I price the volumes think past market it's us stability mentioned today our a price and spreads. From addressable I our from as talked distinguish about really to between stability as in a we've -- perspective, important that $XXX to letter, about because volumes most we reduce care think calls,

And just cash that market a profitable back fraction of need so to flow breakeven. to addressable we small scale

Carrie Wheeler

Nick, the the year The good throughout share, add we Dod's want we're I that and been course it's that to thing Carrie. only is on we're to showing gaining answer of have our declining what market value is against do I continuing prop market. for focus share the that's and And and think so. . putting having gaining into a we're to a customers

Operator

line from next the of Ygal Citigroup. Our Arounian with comes question

Ygal Arounian

focus spreads a not to for I'm bit. want sure you're Just on little that. prices surprised about and

now, how seeing thing. on world. -- prices that an you just right talked obviously some so on their Just [ a that's impact in view, call the softening think good home I on has ] reference signals know of about about

And end so factoring terms in challenged into right may missed about prices through what as just of of environment this spreads we work the kind through time have more year we and as I of of your in year, commentary, get thoughts next but than thinking the now and home what's you're some on been last we spoke. a or of

Dod Fraser

just like So off, been has like. step of at first back and look year let's the sort what

we we're observed X your in but resilient demand. XXXX, sold To seeing supply, we've buyer million U.S. also homes the still that paired So point, have being annually. with low

largely and a price really we've the which shareholder and helps reflect market pace it because what that focus demand of clearance look historical letter, at or in we you has our the in is so And be home demand. continues really back balance is at if resulted seen above the to supply market periods. The lot look of We stay And resales. metric balance, clearance on stability. of supply

show the buying up strongest the So the us that XQ some price selling be historically tailwinds selling month-over-month homes in of we'll started those to been next season given spring our acquisitions today, we're home for mid-February. into cohorts have year.

clearance our part been So and growth and risk. is margin down. to be leading able stable price this disciplined has thus we that continue a monitor to house been why spreads But indicators, and balancing will we've our far in take monitor about market,

Ygal Arounian

that. on just Maybe it. a Got follow-up

clearance of I So here, bridge. align prices were want right and rates about I does understand seeing sure the make the you're factor? with it lower lowering seasonal that you talking Is now? what a and more year -- how to make just

Dod Fraser

Very of part much management seasonal a our framework. and factor risk

saw we that with wanted and targets. stay softening, to our So line in clearance

if see forward and November December. October you a roll effect. XX% you'll a month short-term X, down go And listings the that market it's of or new very and cost December, is between so your point, And another to sort --

supply to people shift a the both so and move during for demand And holidays. significant November December, want don't way and in

much that look very perspective, back you home in think to a I with a show stability if nominal from starts it's again So price And continues in at in seen line phenomenon. the price short-term, a we've those near-term perspective, prior years. really what

Operator

next of Bank question line Nagle with Our of comes America. from the Curtis

Curtis Nagle

I Nick's thinking on setup 'XX. tacking of kind of for just about, terms the in Maybe Great. just guess, points,

So rates just back guess kick bit. little but not some seasonal, buying are of lower, clearance that's the why high, a rates I

obviously I super mean, are -- look, volatile. things So

maybe risk to then more into a selling could yes, just little soft that. So you next lower that's follow-up, as think, shift, spend? sounds such detail the what on again, color Is I It more guess, I the that market. And like a spring XQ? a the year. up, just us drove gear inventory of marketing some and on give season But

Dod Fraser

we the said I moment of which be was a acquisitions are acquisitions, on cohorts. approximately just Well, X,XXX, what they of XQ would historically some XQ ago, flat quarter-over-quarter. mentioned our also strongest is sort

I next will that think very we're remember selling positive homes buying to right selling the season. year spring now into important it's early be that that really

the mentioned an asking decreasing or I starting if that, think I So new I is significantly down tell given couldn't I what November being with -- were mean about in quite should volumes hard, if we increasing market, we December. in and like listing the those if perspective, given increasing think I -- increasing listings months you're just from be volumes

Curtis Nagle

a volatile a decreasing of market, risk time, potential a just on X again, on right? was of sort point. is months that's It inventory long question the sort

Dod Fraser

you see those if through where point changes of that's March, the are positives. XXX XXX, February to you and in sort think basis price track I

I hit are And targets. guided our that where those so so spreads setting to, X% will we that's new perform margin contribution that targets in comfortable those we with so -- that think line we've our we that X%, annual that acquisitions feel will to

Curtis Nagle

Okay.

Carrie Wheeler

to have did Curtis, question related you marketing? And as a follow-on

Curtis Nagle

did. I Yes,

bit sounds like up couldn't marketing I fixed are it increasing So either the to shifting spend costs because or XQ, a quite going tell was XQ from quarter-to-quarter.

to the what putting marketing So that we're and hoping in square type market? of just

Christy Schwartz

Curtis, it's Christy.

we're between I on the adjusted in think Those In main relatively there's flat between well, there XQ, to some OpEx, SG&A. as costs; I are letter, expected was marketing; So are XQ what XQ. remarks prepared X the expenses that our fixed marketing. basically actually through that's mentioned in in to all just marketing, and some and and going had come shift XQ for components: It's QX that variable QX. specific guiding and that we not to

past, especially profit thing will sorry, which -- the is adjusted growing. about rebuild at million burden rate to inventory adjusted OpEx the inventory move sold That's a fixed inventory adjusted to $XXX OpEx, we that as holding the resales, when through compared other costs we've is that to total eventually guide when dynamic in or in OpEx. the seen the The high that contribution is

that's QX. plan bit seeing so a lean And starting you're in We into QX. paid of to the uptick some in marketing

Carrie Wheeler

year, spend for I we quarter I the to level And marketing and fact of us now in to to those year, Yes. for there we in spreads relatively what QX. in we add a marketing along QX, next us make are it's just consistent investments do at so about a mean with the a more into volumes mean, during listing way. that, given right earlier cost-effective can lead the expect quiet course said on Dod motion the

natural pretty us. a motion that's So for

Operator

Dae comes Lee next JPMorgan. the with Our from of question line

Dae Lee

[ in right neutral for [ give and already Sorry, Carrie, that on your revenue embedding of holds commission discipline target kind the net on guys? and But then you your asked. plans? And XXXX? it of early [ [indiscernible] the profit is you core macro some that this Visser time has to in guys contribution environment are Burnet think curious achieving kind positive income ] changes the sales], rate for plans from if And ], this been you secondly, XXXX? I'm current can just what color your environment dollar still

Carrie Wheeler

hand with data maybe talk Dave, take let briefer first I'll about up a will then follow part to breakeven, we'll the the on the Chris [indiscernible] over do here. macro and me

your item revenue to On us a the the to first the margin that's part, us, come view. cost neutral commission for not was, be part, it's question it were would buyer which that's Again, is broker if item. our down. NAR And a

so the you margin want worst it's macro Dod, to neutral we do a easier. from case, That was And us take perspective. question.? the to think

Dod Fraser

points, Yes, is I the are, a -- think perspective there's 'XX, I a from mentioned your ago, resales, macro moment outlier and pace market historical that on the on think which still some 'XX or excluding I of of above norms, were couple a question, which clearance that years.

of seeing still demand. very healthy a resales are We and and supply pace balance of

the really are shocks price monitoring supplier think focused to then that I for changes. through translate that is demand place would home we

but this, our rapidly that, adjust can not the one is to see seen of we ability of business which model and the change, a quickly. we exactly adapt if have spreads advantages is We

Christy Schwartz

to depends to breakeven. aren't changed. to specific on housing commit The going what on And which a respond be organization whole to flow just continue to signals. market market, to we And we month. cash then in time dynamic. with continues ANI hasn't the breakeven, off returning will line we're is close framework to And focused our therefore, things seeing The

As today, sitting were cost-effective growth, said, here half XXXX. That the XXXX, risk. a book is reduced In but that margins. we'll to which to In margin growing we spreads, we growth we believe leading led margin doubling balancing first here of investment and from marketing plans balance our risk, current on we're in track given continue business, gross risk, will XXXX, achievable for channels new volumes and on do metrics. always outperformance real-time and focused partnership

Operator

KBW. Tomasello from comes the Our next of with line Ryan question

Ryan Tomasello

down guess I for just the include that level OpEx. in the obviously $XXX a as costs. again to on support provide certainly is fourth quarter, absolute but doesn't next of something drill perhaps wide million year? some can needed marketing of by guardrails OpEx you volume chance range -- purchase to being higher assumptions the you spend, mentioned, Any the burdened is holding that Just

general what in to next just a expectation XQ $XXX any the relative for year? is million guardrails So reasonable for

Christy Schwartz

Ryan, it's Christy. Thanks for the question.

For $XX to we equal happen revenue, resales. expect roughly acquisitions ANI at breakeven, billion that are to meaning steady-state

And towards. so at with adjusted what OpEx, marching that's X% to we're $XX billion X%

As inventory -- incurring earlier, discussed for I as as or expense is buildup your operating holding we're that of building your sorry, revenue, have in the you outpacing can costs have revenue. and can building you you're kind inventory

Dod Fraser

you size to out the the add those basically quarter-to-quarter. other the of one that in of XQ costs think XQ are about think I this taking if is flat sort on to versus operating time, our point adjustments,

in are, trying marketing real we management. And will spend. to think, be So I your continue be point, change the disciplined to to about cost

Ryan Tomasello

But Open. is addition to then the potential have And posed to just not another the could a that that earlier, one in point MLS to follow-up, getting Nick lawsuits. and disruption we're impact the that, that the belabor the around it. the system to Got on commission question question

a pose any to alternative puts to Obviously, databases use hand, moving power those just for takes. the you a you that could one disruption provide model models? from to value sellers like on risk MLS possible innovative data pieces Opendoor. to different a the your rely And possible is -- to it's other, on the the dense to flexibility that On could pricing consider an it could and proposition trying the that all weaker topic, MLS and unpack the more here a argue but

Dod Fraser

Yes.

think to give trying you choice. if think I model, business our So we're customers about

We I transparency if are process sort of to how them. giving NPS and we're pick look solution at the focused for letting on the our product. you trying think best -- scores and have and -- And our they reacted them product, love we're customers to the

these to well to very think we're products I continue to customers. offer So positioned

we're the of years. think and we data feel think I capitalize do -- or I we think well -- positioned positions especially almost fronts Carrie either so we mentioned, best unfold our a all it. on -- have whatever XX think, store to any things for but been well one on these in fast positioned now side, on unfolds. I for slowly data as unfolding, home and are unfolding I building think a obviously, are We we so data likely slow components, the I

Operator

Our the Instructions] of Oppenheimer question Helfstein next [Operator with line Jason from comes Company. &

Charles Larkin

target to fourth This you the on rates is rate $XX you're as quarter slowdown still billion of for from Can Chad the confident maybe in help hitting guidance? it out coming us Jason. letter, in quantify relates the like kind sounds the some run quarter at in It time the of 'XX.

to the of kind revenue So just kind Xx ramp of fourth going trying quarter to be. you to is understand how what

Carrie Wheeler

there in the shareholder actually. back I charts the letter of series are a mean, of

a of you at If market take clearance. like sort you can look pace of want, the

was always up year, of But historical do Dod October back XX% to think a by the starting slowdown healthy we of the measure. remains on seasonally made I spike in in back rates there little mortgage half but extra comment -- anticipated. any we X%, it his the earlier, maybe and XX%, disclose worse seeing than

So We our seeing in in outline letter, to QX. show for moves the you're up to that guide we that. and took shareholder some reacted

against to Now targets I hit go we for the pace constrained resilient We're And We've pretty supply, that XXXX? people is for that in volume to for this are persisted. we think to course. Dod demand like to where price their like that frankly, change supply. done that the from and what we're really very acquire actually that mentioned And homes, there's more value XXXX, seen I'm sitting from constrained do should has that able here here set reluctant were and backdrop. homes, us to for up buyer that's stability. seeing important talking has how are plan list is in us dynamic we do year. forecasting relative And we, earlier, for nothing seeing which today, us month. a will them kind that double we them then suggests about, be for of continue to per X,XXX and plus point looking we sell good for

we've right coming real into starting year. next in seasonal the of Second, residential here. tailwinds headwinds doldrums Those got the first seasonality turn part of now. in sort of estate We're up

channels able good that to will Again, invest lot amplify of year lot that for there some down. to at volumes accuracy. we've volumes. And lot, basis. that will improve a just cost-effective will We've purchases growing, them appropriate of back invested be in the more So a today a That's done of are selling into spreads to of for spring marketing market is then cost in those And we a be make this there's a that. done level, on and work like to thing been take season. those at down today. by are lot a partnership work, that those A help stronger QX. top is work where we take to we can looking a of price got a spreads feel And be into level lot we're on gains that we enabled also

inflows We're a in rate continue did outflows on imperative what going we space. We're still the risk going to framework reaction management frankly, our high us make fourth very we're to is quarter volumes. those XXXX. we're mortgage to to about the risk in is to a responsive that the mean, making at of We're and to assumptions dynamic, operate things, housing But good I going for going in is be on level, to always feel increase balance volume always the within to and track all So us. always framework.

Operator

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

Carrie Wheeler

you. Thank Great.

First of all, joining you us thank for today.

benefit housing this XXXX, want more team I exit years to stronger, work to just proud us I'm we but for for I continues that sure, am be doing just we've will be to that has been As The working challenging, the come. resilient we've year, to changes Opendoor the been a on confident market, say of implemented company.

No doubt about it.

We cost going to we is getting and deliver our of opportunity are the we we're sheet going in there, manage balance flow, committed massive and we're back cash that have to to positive us because to very and on against we're that it. get structure ensure front our focused

speaking for you us quarter. and to next forward to thank So all we look today, listening with you

Operator

This concludes today's conference Thank for participating. call. you

may You disconnect. now

Opendoor (OPEN) 2 Nov 232023 Q3 Earnings call transcript