OPEN - Earnings call transcript Q4 2024 | Opendoor Technologies Inc.

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Operator

Good day, and thank you for standing by. Welcome to the Opendoor Technologies Fourth Quarter 2024 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

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

Kimberly Niehaus

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

management could forward-looking statements regarding we other for forward-looking, Opendoor's the that began business Before future facts including, statements I following federal anticipated the to would conditions, limited and than historical financial statements performance, the you to, remind within opportunity securities as objectives start, like of deemed financial market strategy are operations. but be All and of statements meaning not expansion and discussion laws. statements

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

December XX-K updated statements XX-K. the could filed recent that forward-looking differ annual from Opendoor's the be on that section found results by in report our Form to periodic information cause Risk ended most as actual year Factors Additional XX, after can XXXX, of for reports

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

measures operational useful believes non-GAAP evaluate certain company's measurements to financial these to investors references non-GAAP measures. financial contains supplemental discussion The following the performance. to as company are financial The

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

call Carrie Executive over now Wheeler, Officer I Opendoor. to the Chief will turn of

Carrie Wheeler

Financial Chief today With everyone. our Selim Good is us Freiha, Officer. joining Thanks today. for me afternoon,

At real steps to in reinvent the growth. towards our mission residential took Opendoor, decisive simplify profitable we're to business, drive U.S. And sharpen industry. sustainable, we and estate our on a XXXX, focus

year, proactive we in the saw with workforce time, and a separation adjusting But completed strengthen in pointed swiftly, cost we healthy momentum. In acquisition we to a we took goals. our our align signals launched steps QX, maintain operations. instability our late the of to QX, to risk Mainstay, pricing to Early a economics. strong program QX, structure efficiency we acted potential as unit and same in the home profitability our and At macro manage reduction

Despite persistent in headwinds, significantly from negative We homes net reduced adjusted purchased macro than In X.X% more before, XXXX. discipline. we and with margin to X.X%, XX% contribution our we year losses. improved we up XXXX, the executed

slower seeing As last we to the to compared start pressures with spring a we're year. enter selling macro season XXXX, additional

meaning On XX% quickly last clearance pacing side, are under contract, go year. the supply than homes rates, lower how

signaling nearly but slowing market. New holding active listings are steady, XX%, up listings are a

to XX%, XX% delistings more XX%, demand as decade to hitting while market. highs the down new exit listings up the visits are On are side, over sellers

will with effect rates affordability And lock-in mortgage for rate the persist. relief sellers for low sight, near-term of challenges little and buyers in

positioned Given value. revenue opportunities optimizing these refining ensuring exploring dynamics, and we long-term approach new to further, drive dollars, profit is are contribution our Opendoor

X profitable, improving there growth, clear, areas are on business. key we're and sustainable commitment focused cash is offer Our our where

margin. contribution setting to optimize First, spreads we our are

manage risk. housing backdrop particularly Given slow January continued selling spring the start depressed increasing and spreads in a to season, began the we to

and will for we bias to contribution margin. been towards monitor always make key adjustments indicators has optimizing a macro prudent spreads As case, the with

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

that we get an before making know Opendoor, then many come and sellers a decision. offer wait to Additionally,

our In ready, fact, but strategy when declined acquisitions over came of accepted strengthening offer, XX% top refresh our from sellers is of This later XXXX year, we're first their who sellers a one. mind. so are reengagement Opendoor

spend marketing acquisitions Third, QX greater. will the position efforts selling in will with our This our and to to lower demand seasonal be us closely lower peaks. and selling QX spring align in those focus proposition result homes acquired environment to the We'll buying marketing buying of sell we aligns and the us quarters in strategy scale marketing aligning summer in price when change QX to seasons spreads when value better even over how to period. expect are for in to we tend and since In typically swings those and customers spend sold patterns. more This marketing and, when and Opendoor's value allows increased from recognize turn, is homes maximize our QX, holding back our into a appreciation demand throughout and transaction. benefit spreads and price the strategy acquisitions lower seasonal every and we year to our

drive greater efficient discipline. continue and we're as leaner, a We the organization, throughout entered more continuing to with fourth, year. And efficiencies to we'll operate XXXX

business, cash revenue service our and to Beyond improving new sellers and expanding unlock expanding offerings we're more our focused opportunities. also on offer

Raleigh. can in we choose sellers more them, the option and continue XXXX, List ensuring sellers our fits Charlotte of launched In We needs. expanding Opendoor List their all best and Opendoor with expanded that are choices. XXXX, we we'll give more markets, to products nearly with marketplace. growing Marketplace These In our and

visit fit agents, if who successfully for buy helping our box. site don't a We're to also homes more every Opendoor. transact opportunity day connect while these with revenue sellers We sellers new see our sellers helping even our them streams are of buy Many their within high-intent box. outside significant creating

by estate driven seamless, transforming and and the real making it were convenient Opendoor, buyers. our certain by mission: sellers for experience At

day. platform as sustainable forward, same, and that sellers, the every for Our buyers focus of agents customers business profitable, move continue solutions the And to a alike. delivers remains building innovative reinforce our we value our

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

Selim Freiha

you, EBITDA. Carrie. In revenue, the the Thank acquisitions, outlook fourth exceeded end of quarter, our adjusted we margin for and high contribution

XXXX. the XX% to due a homes was delivered to We quarter, Revenue X,XXX $X.X the of lower versus revenue representing year $X.X entering compared starting inventory quarter XXXX, billion in fourth the primarily in in for full sold. XXXX, billion, up billion $X.X same balance

homes in the quarter, compared fourth purchased year, remain X,XXX quarter as last side, levels to acquisition we in the X,XXX elevated. the same On spread

the our able However, given enhancements to our to product quarter acquisition we to improvements in pace conversion we at moved as as of we levels. and were through saw enabled spread flow These conversion pricing improvements accelerate gains by our were models.

XX,XXX full versus year, we XXXX. XX% the For homes, acquired up

Contribution profit $XX versus XXXX, was margin of contribution the $XX in a quarter million X.X%. in fourth representing million QX

X% of the full of year, contribution profit our X%. contribution improved $X.X $XXX in for of XXXX just margin shy X.X% the margin a and million was X.X% XXXX. For by And versus to annual target negative range loss in $XXX year, billion million full to versus

loss year-over-year in representing was $XX million EBITDA the quarter, fourth a Adjusted improvement. $XX million

EBITDA $XXX loss $XXX in expense million driven by was adjusted profit EBITDA contribution adjusted million, and better our of year, a improvement loss full management. was versus in XXXX. This primarily losses improved the For

balance year. up sheet. homes, to XX% prior with representing our year in net Turning the from We the inventory, ended X,XXX $X.X billion

of capital, equity total and in marketable billion $X.X million of unrestricted valuation which had assets adjustments. in also invested in homes and cash We $XXX includes and related million net $XXX inventory securities

senior facilities mezzanine of $X.X debt borrowing of and had nonrecourse in billion credit senior term borrowing We of billion of revolving capacity facilities also capacity total was $X.X and billion. composed $X.X which billion committed asset-backed $X

capital our certain strengthened term by position facilities. we XXXX, the debt early of extending amending and In

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

XXXX, making homeowners unit economics with our real ensuring in environment estate strong enter on and been attractive rates The on higher low we with who our business, has offer the progress operating cost rate on by discipline and marked As cash are entrenched interest focused sidelines. macro buyers path mortgages we remain to profitability. for existing

helping are putting near in headwinds we impact programs place pressures, are term. counter these and in that these changes we some the the our performance anticipate to will of to continue of many While

billion. expenses implies Adjusted million. following. between Contribution between a Adjusted EBITDA million, Revenue X.X%. to operating million margin represents compensation Our quarter decline which stock-based of contribution million. $XX approximately of $XX of outlook between and be loss XXXX XX% $XX expectations to $X.XXX first the $XX of And year-over-year. between $X million million and $XX expected expense which million, noncash over $XX billion is include and the $XX for profit X% a and

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

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

is quarter-to-quarter margin other our that X% while by margin Additionally, factors. seasonality and to business, our an believe X% from contribution fluctuate will continue to appropriate we annual driven for

varying we the are effectiveness, basis. meaningfully implementing continue losses on efficiencies experience for expect on achieve profitable on focused that our customer that real our position to we term, and to improve drive is to Opendoor improve year-over-year building our enhance year strategy this will amidst a pricing Our backdrops. our Longer discussed, growth and platform adjusted Carrie estate offerings to strategy net

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

Operator

Lee comes line Dae of question first Our Instructions] [Operator . the JPMorgan. with from

Dae Lee

Great.

for about profitability need Could one about now, cost savings on with versus could opportunities? you, being you years thinking at efficiency bit X guess talk depressed achieve First cost a levels you housing housing to Selim. scale? than more maintaining you're operational And the and the elaborate balancing current for how more market your I

you're in could Charlotte broadly? an you more gives then update Marketplace give And the offering expand to from that secondly, confidence Raleigh on us you what and seeing

Selim Freiha

we we what We've in Dae, disposition well to implemented fixed Yes. significant operate cost before of time initiatives. that, the deliver Mainstay and reduce cost $XX of And as as overall as operating efficiency continue latter and said we'll the savings. look of our the areas that I'll the the about savings progress as question action we base. we at more million other business taken of we how 'XX, did to worth half take RIF costs. that expected within for savings further did Look, we throughout And on cost we've to talked the your drive year executed a cost year. towards and effectively to look

we we cost we perspective, from to at contribution be materially longer-term margin the would that That million environment, part the our as working contribution $XXX for efficiency as into will are well programs optimizing by in and in a down in XXXX. improved impact profit contribution profit year-over-year. Looking again, say XXXX, full-year we or And have that our I place. of significantly expect, reduce losses losses, which done it in put to reduce driven this

support we feel but to the medium cost And the outlook the should how growth for higher the scale, we come on over scale up, rightsize long the in we reason, think today we but all the have believe to for to from time, in a scale of fixed it's we that we of like like Don't those pass. and level can back about business term. growth rightsized we current cost at dependent need continue within think fixed our we're term perspective, also costs at feel operating business can, will over terms a levels,

Carrie Wheeler

Dae, it's your question Carrie. for I'll Marketplace comments. take the

that we And and we So customer than last yes, twofold. on to into opting some expanded visibility a pretty to Marketplace, a rate And year in Raleigh been saying, Texas, rate then reason Dallas people into take high One, product. to you being, have just Marketplace, trial time. have mostly home that And clearance for lot the on quite Charlotte. the would fact recently MLS. good into have the for we notwithstanding that less

always Marketplace in wanting it's home a shy of because cash creating of put on do but want different but oftentimes taint to and have not they're the to the just on not to back don't can home is in think certainly we aspirations themselves to And who kind ready, some to expose they MLS, fall to trial their something, to and What we're they market of they offer, of want all is the seller but list days sell a that. conditions, position that.

market, those this having of is still to affordability In buyers available kinds focused on we're homes pressures something pursuing. given

in And continue iterate the a so very way to X in got. markets we'll test we've measured and investment

Operator

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

Ygal Arounian

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

Carrie Wheeler

with Sure. balance about Selim touch-base Opendoor, to Carrie. Ygal, talk sheet. really hand over List it I'll it's just on quickly to I'll

end as towards that's offer access letting year. period List with time, just reminder, a last with test of markets Opendoor, the Opendoor the all a finite certainty market, So of it for cash the in of someone

lean we in percentage us XXXX. terms for spreads are of be of to what as given with small a it In we revenue. environment, be will Selim? this overall in will just we relatively it more where macro, feel still soft continues and into So something

Selim Freiha

Yes.

increasing facilities, On our we've we've through about better losses as at or indicated, reduce this good at XXXX. over capacity the recently billion borrowing balance extended and amended In extended XX% side, our borrowing have position. sheet more or our year, planned is liquidity regards than we half $X our of look, capacity we entering of feel And year-over-year, our spreads. similar to overall significantly available to facilities, of now least credit

demonstrates assets market which solid long-term in our done a We've amongst of performance, difficult steady the partners. this our lending environment, credit and financeability commitment of

to X.X on structure August from we're feel of converts, future for about and $X.X have capital sheet. they don't opportunistically in we mature ways good constantly capital currently transactions We with billion regards the now. don't now. and, out And our while until right assessing comment That's to years market we our capital our evaluating balance support we But XXXX. are overall, where

Ygal Arounian

maybe could And follow-up. I ask one if Okay. more

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

Carrie Wheeler

Yes.

for right that, time. better price at expansion home done whether the have we segmentation at buy would how back we the is for What price box point. done haven't a all we've made, I right take me spread and adjust the lot geographically Let on right pulled or say Ygal. the we

conversion. So of in things the meaningful on Letter on a spread-adjusted about we one talked gains Shareholder we've had the is basis

so retrenching condos, our And pricing wide are buy certain our team challenging, that "Let's is to we're and get at answer improvements that Florida we're segments -- question? to to we really but from continue have better and on certain," what if not your we'll going box in pricing not example, discriminating make be Does like, and home, our today. for challenge

Ygal Arounian

It does.

Operator

comes from Nick of Citizens. the next line Our of Jones question

Nicholas Jones

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

Carrie Wheeler

-- we I the exclusives obviously, highest level, right side Marketplace the about us. business. just Yes. Consumer-first at I we're we mean consumers. on mean talked for of

is room to critical. think giving CCP consumers access choice. doesn't same think at we those about things home for and think availability. their everyone are always full It expose and people have All But to transparency I the and also the for work I should MLS, there's time, evolution.

to extent shy we're having favor all that zone. choice, in around strike It's it liquidity traditional So in to that again, of explore It's full for consumer their home to it's about customers there's of that and option which long expose do for Marketplace the the to something us innovation an system, in giving MLS. so it. is

Nicholas Jones

I then costs. Yes, I back makes want sense. guess and go double-click And to on deeper

towards should model, think market. a path like the guess, work you this to in profitability, I As single

wait end larger infrastructure, out industry? cost change infrastructure of do can maintaining a the a so basis just what versus markets bringing less on within to smaller business to more grow or geography of the to of of amount costs larger tide and kind maintain for maybe you the in get kind to focusing scale. you certain kind try a have To really You aggressive,

Selim Freiha

Yes.

trade-off quite we that do that and I look at trade-off discuss a think we bit. internally

we with level geographic are We various and resources that in the inventory to in and have comfortable spread of selling that the we're we the there. the markets, relative have doing today, that place buying

purpose look pull So to the for each market contribution the no savings. in we're then at that retrench for level for cost about And to addressable We plans real do contribution we . no long there's to think markets at any reason back just getting in or as we're our of shrinking the market. those as the it see, want homes buying markets. margins margin

Operator

Our next line Deutsche Black Ben question comes from the with Bank. of

Jeffrey Seiner

Seiner This for on Ben. is Jeff

about the mean, quickly, market able Is move you XX% as year the to that under with your margins? you're -- XQ X% But been sort on talked given ended know year, just start to an be year. to and going to clearance at when the thinking into overhang X.X%. of the kind like that I that and about XXX to how is Just contribution attain, to I think contribution 'XX you down year of full about XX% rates are guiding you're having something we margins inventory, days, of the in XQ maybe full over

keeping rates you is the spread as anything about the just any far kind and clearance other, talked follow-up, -- adjusting on kind a maybe I to as might of brought -- segmentation. your the be rates? you of lower segment account you clearance model drag pricing be points. whether earlier one of price kind some the price point it that's different a regional up seeing there as then the And there of or success more in in one Is into or Is know points price what's take versus that really

Selim Freiha

Ben. Thanks,

then start, the margin hand to and Let to it Carrie. on contribution me take over question DOM and I'll

was and XXX-day ended inventory year-over-year. with yes, which year greater XX% of So we up homes DOM, the than at our

metric As on factors, strategies. to probably does tend market seasonal dynamics know, fluctuate resale you this and our based

little of bit A context on that.

acquisitions our in in the foremost, XX% and QX down were quarter First year-over-year.

expect And slightly basis fresh higher XXX-day-plus so because year. year-over-year DOM have you inventory this homes the last a less to as year would versus we of result, on a be share

lower not say would QX slow. to slowed as sell drops environment. home started in I Secondarily, We those demand price did homes want level market into to a we the

that, share XXX the so days. the obviously we extends And of overall that the as slowed DOM over of DOM

we guidance, X% a which Taking a inventory step the X% to to below to in say X% for our confident implied margin being in range, would but we is, I even back older. X% the is from little QX, are that, with our are deliver contribution what ability

results. pressure be We inventory and of or we a X come are that spring our That factor think lower beyond. we our seeing of tale contribution QX bought at about the the will margin don't in spreads in that through repeat QX for on puts in point

X% higher to But X%. acquired able starting us contribution [ to we've cohorts ] sell to through confidence levels, does which to margin give recently operate are a more the be within

And we're don't don't like a we DOM longer we significant to the so -- view be overhang. homes those portfolio, managing as overall,

Carrie Wheeler

seeing couple And on conversion, some Great. spread because benefits And just price resulted QX. better pricing comments of a of higher maybe to new seeing. We of really is model in make we're the like-for-like a segmentation. what conversion, implemented gains conversion has

changing condition like do not like for willing understand the a acquire, home unit-level for an to market accuracy really price individual better, given we liquidity level about in or expected home things points willing offer level what better dynamics So an make market. to It's on. we're

can increase are increases conversion And we will in for to expands that our homes do our homes, what we be those offers hard-to-sell we lower we frontiers. of because that in that, the equivalent Alternatively, spreads found are conversion for relatively able attractive. for net spreads believe to an easier-to-sell X see When we conversion segment those more don't homes. and reduction harder-to-sell things that

seeing we've gains benefit the to has been so which -- been been real great. has that's which So volumes, a far, are those

Operator

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

Ryan Tomasello

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

Selim Freiha

QX yes, by operating OpEx in variable Yes. were QX increase OpEx We million, as expect a QX. the from is implies is $XX quarter or that a million, in this uptick $XX we result so guidance have inventory expenses have higher That to we our and in and driven which of to -- slight fact inventory QX. for really our higher

As implies is growth you've that quarter-over-quarter guidance seen, will higher our lend through in acquisitions, costs drive balance which to inventory on basis. to itself sequential and going the acquisition the running with quarter, higher a of a related course

marketing the when that, I of far, spend expect well and closely what QX. we've thus more we to that the down as cost say impact are be spreads QX of to implemented year as cost of effective, costs the periods would Beyond and QX aligning come is, to as speaking, drive time and look would and optimization marketing marketing the full generally balance that year the get the in and and further strategy relative QX efficiency within to savings in adjusting our marketing is -- more can our we the over initiatives business, lower our which

Ryan Tomasello

the Great. to run just you this, then, again, on acquisition color. rate apologies efficiencies you've the business already has last on to in the terms for appreciate previously lot relative set I over I changed And volume the approach driving that and you're revenue, think base. targets but and $XX year all your touched breakeven if expense revenue. a of the Obviously, of billion

pace breakeven? revenue drive what type we could So be line framework top of any thinking update for on and should that acquisition about

Selim Freiha

Yes.

significantly again in in XXXX of a sooner. ANI losses that to to of get to breakeven on we focused Just, able again, sort position service to our are relative being reminder in XXXX, reducing a be

that the We prior versus the on you ANI volume lower need revenue of expect would breakeven significantly framework deliver framework. to updated specifically, have that we at the amount but can is and not

to margin unit delivering the on realizing spread enable We X%, in do resale. of that economics contribution by range by upon this within target positive and levels us operating to focusing margins target and X% with achieve

our as side, progress structure, the more of On the optimizing continue we took We further entered in cost efficient the cost of and we'll are breakeven drive on in the sooner. half service we've this efficiencies. made cost all significant to actions year reaching second we that year discussed, ANI leaner,

step will take I continue a leverage do, work in any and we the market. that given believe positioned well done favorable all housing back, If shifts we've to extremely to we're the

meaningful We be macro to progress environment headwind. positive, but ANI the have made a continues towards

should contribution much cost as our serve conditions spread maintaining elevated structure, which to our we are and in monetize rather funnel. while us a dollars levels, ways profitability. drive spreads, So reduce lower our volume to for can path stabilize, all well exploring optimizing think higher of other conversions profit and than managing risk we We macro volumes and advantage take

Operator

comes question Zelman Nick of line McAndrew from & next Our with the Associates.

Nick McAndrew

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

Carrie Wheeler

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

by who doesn't cash us way, if the market. to want needs, say if you able we market FOMO, looking come explore to to solution, test oh, and for then people offer meet them, selling got So to can the you've that are you some are your

can a markets, You exposing an a slow, in listing assurance off-MLS with less potentially of select that do in way. you the can backstop explore and

You don't all have to default you the to back some houses. cash have that get can you the offer. for again, open your do home assurance ready don't to with And resale,

leveraging these we to them [ And exactly high-intent do what place you have our funnel, solutions perfectly. cash fit job incredible all sell offer to be the doesn't if we we're ] is So the then and of this is strength best suggested, people sellers. get the

Nick McAndrew

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

Carrie Wheeler

got us market more not we and certainly. did per outcome. I had right? people, incredible solution, Yes. a to million of funnel. and But enter offer our people We want a looking X.X se. because many We that on come selling right? buy them can't We're not million to convert servicing similar an are website year. to We've of potential our all are outcome. up address to box, mean, to this a who lot out people last we people convert show they're there X.X great help who for it. their theme, think get to don't We their We there's of people And convert

in them But what their them go or that out on do solution. them introduce we can to to an that help is attach agent to figure can market

us for it's get to another again, more to we and the an revenue, answer way, help to which and them so leads some that monetize traffic way have customers capital-intensive, all and by And is sell the capital-light. not generate

So we're doing XXXX focused and that of beyond. in on more

Operator

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

Carrie Wheeler

quarter. everyone to care. next today, to want look Just for we joining say to forward on reporting you progress us thank Take and

Operator

for This concludes participation. Thank today's conference call. you your

You may disconnect. now

Opendoor (OPEN) 27 Feb 252024 Q4 Earnings call transcript