One of the worst-hit industries last year was real estate. With skyrocketing interest rates, fewer people could afford to buy a home. Naturally, all sorts of companies that sell products related to home buying have been negatively affected, some to the extreme. Opendoor Technologies (OPEN 4.65%) is in that boat. It's down 91% from its highs and trades at a dirt cheap valuation. But not all cheap stocks are bargains. Should you buy Opendoor stock right now?Why Opendoor is down in the dumpsOpendoor is an iBuy ...

Opendoor Technologies Inc. (OPEN) closed the most recent trading day at $3.68, moving -0.54% from the previous trading session. The stock's change was less than the S&P 500's daily gain of 0.57%. At the same time, the Dow added 0.46%, and the tech-heavy Nasdaq gained 0.75%.Heading into today, shares of the company had gained 7.56% over the past month, outpacing the Business Services sector's gain of 2.21% and the S&P 500's gain of 3.4% in that time.Investors will be eagerly watching for the performance of O ...

SAN FRANCISCO, Jan. 04, 2024 (GLOBE NEWSWIRE) -- Opendoor Technologies Inc. ("Opendoor") (NASDAQ:OPEN), a leading e-commerce platform for residential real estate transactions, today announced that it will report fourth quarter 2023 financial results for the period ended December 31, 2023 following the close of the market on Thursday, February 15, 2024. On that day, management will host a conference call and webcast at 2:00 p.m. PT (5:00 p.m. ET) to discuss the company's business and financial results. What: ...

Summary of Opendoor Technologies Inc. Conference Call Company Overview - **Company**: Opendoor Technologies Inc. (NASDAQ: OPEN) - **Event**: UBS Global Technology Conference - **Date**: November 28, 2023 - **Participants**: Carrie Wheeler (CEO), Stephen Ju (UBS) Key Points Industry Context - The real estate market is currently facing challenges due to high mortgage rates and buyer affordability issues, leading to seller inertia as many homeowners are locked into low mortgage rates [20][21] - The ongoing lawsuits regarding buyer commissions may lead to changes in the real estate commission structure, which could impact the industry dynamics [2] Business Model Insights - Opendoor's business model does not rely on buyer commission revenue; instead, it incurs costs from paying buyer agents approximately 2.5% in commissions when reselling homes [2] - The company aims for unit margins of 5% to 7% annually, and the potential unbundling of buyer commissions could be neutral or slightly beneficial for Opendoor [2][3] Transaction Platform - Opendoor has developed a platform that allows direct transactions between buyers and sellers, emphasizing transparency and customer choice [3] - The company has seen a 76% increase in contracts through partnership channels since Q1 2023, indicating successful expansion efforts [13] Partnership Channels - Opendoor has partnerships with around 90 homebuilders, thousands of agents, and online platforms like Zillow, Realtor, and Redfin, enhancing its market reach [9][12] - The partnerships allow for efficient customer acquisition and provide agents with cash offers to present to potential sellers [11] Market Dynamics - Despite low overall market volumes, Opendoor is capturing market share, with a focus on price stability rather than volume alone [23][25] - The company has improved its pricing accuracy and reduced spreads, leading to a 17% increase in acquisition volumes in Q3 2023 [22] Future Outlook - Opendoor aims to achieve $10 billion in revenue and return to adjusted net income breakeven, with plans to double acquisition volumes from current levels [39][40] - The company is focused on expanding its market footprint and improving unit economics through better pricing algorithms and operational efficiencies [32][46] Consumer Behavior - There is a noted shift in consumer behavior, with buyers becoming more discerning about the value of agent services, which Opendoor can leverage [7][42] - The company has a high Net Promoter Score of 80, indicating strong customer satisfaction [27] Strategic Goals - Opendoor's long-term aspiration is to be the first choice for home sellers in a $600 billion addressable market, focusing on brand awareness and customer retention [58] - The company plans to maintain tight cost controls while scaling operations to realize operating leverage [59] Conclusion - Opendoor is well-positioned to navigate the current housing market challenges and capitalize on emerging opportunities through strategic partnerships, improved pricing strategies, and a focus on customer satisfaction [57][60]

TABLE OF CONTENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ____________. Commission file number 001-39253 Opendoor Technologies Inc. (Exact name of registrant as specified in its c ...

TABLE OF CONTENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ____________. Commission file number 001-39253 Opendoor Technologies Inc. (Exact name of registrant as specified in its charte ...

Financial Data and Key Metrics Changes - The company reported Q1 2023 revenue of $3.1 billion, exceeding guidance due to better-than-expected market sell-through rates driven by a significant decline in new listing volumes [7][57] - Adjusted EBITDA loss was $341 million, which included $295 million in previously recorded inventory valuation adjustments [49] - Contribution margin was negative 7.7% in Q1, reflecting the performance of older inventory, while new inventory generated a contribution margin of 8.5% [60] Business Line Data and Key Metrics Changes - The company purchased 1,747 homes in Q1 2023, down 81% compared to Q1 2022, indicating a significant reduction in acquisition activity [23] - The company expects to maintain double-digit spreads for the rest of 2023 while focusing on expanding low-cost partnership channels [21][24] Market Data and Key Metrics Changes - New listings within the company's buy box were down almost 25% in Q1 2023 compared to the previous year, contributing to higher market clearance rates [57] - The company observed a decline in new market listings from a 17% decline in January to a 27% decline by March [8] Company Strategy and Development Direction - The company aims to build the most trusted e-commerce platform for residential real estate, focusing on transforming the complicated home buying and selling process [53] - The company is enhancing its operating pricing platforms to deliver greater efficiencies and higher unit economics over time [74] - Partnerships with top online real estate platforms like Zillow, Redfin, and Realtor.com are expected to drive acquisition volumes [4] Management Comments on Operating Environment and Future Outlook - Management noted that home sellers remain on the sidelines, and the outlook for home prices is uncertain, but they are optimistic about the stabilization of home prices [57] - The company plans to operate cautiously regarding home pricing, expense management, and capital discipline due to the uncertain macro environment [24] Other Important Information - The company announced a workforce reduction of approximately 22% or 560 employees to align with the decline in market transaction volumes [44] - The company has partnered with over 90 homebuilders to facilitate trade-ins for customers of new build homes, enhancing its service offerings [48] Q&A Session Summary Question: Outlook on contribution profit and EBITDA - Management indicated that contribution profit is expected to improve sequentially through the remainder of the year, with positive EBITDA anticipated starting in Q3 as the new inventory comprises the majority of resales [12][50] Question: Dynamics between restricted cash and inventory - Management explained that the increase in restricted cash is primarily related to term debt facilities, which are collateralized by inventory or restricted cash [46] Question: Acquisition pace and market conditions - Management stated that the acquisition pace is expected to stabilize around 1,000 acquisitions per month, contingent on spreads and market conditions [51][62]

TABLE OF CONTENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 (State or other jurisdiction of incorporation or organization) OR 410 N. Scottsdale Road, Suite 1600 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Tempe, AZ 85281 For the transition period from ___________ to ___________ ...

Opendoor Letter to Shareholders and and and 2022 affirmed that our vision – to build the most trusted e-commerce platform for residential real estate – is needed more than ever. Consumers want to be able to buy, sell, and move between homes with confidence and control. Yet, navigating a major housing cycle has certainly been challenging, to say the least. That's why I want to begin this shareholder letter, my first as CEO, with a thank you to all our Opendoor teammates who are working hard every day for our ...

Financial Data and Key Metrics Changes - The company reported Q4 2022 revenue of $2.9 billion, a decrease of 25% year-over-year due to slower resale clearance rates and reduced acquisition pace [34] - Full year revenue for 2022 was $15.6 billion, representing a 94% increase compared to 2021 [34] - Adjusted EBITDA loss for Q4 was $351 million, with adjusted operating expenses totaling $144 million [18] - The adjusted EBITDA loss for the full year was $168 million, compared to an adjusted EBITDA of $58 million in 2021 [18] Business Line Data and Key Metrics Changes - The company purchased 3,427 homes in Q4 2022, down 64% year-over-year, and acquired a total of 34,962 homes for the full year, a decrease of 5% compared to 2021 [35] - The gross profit margin was 2.5% in Q4, with a contribution margin of negative 7.2% [36] - The new book of homes delivered a 9.7% contribution margin in Q4, expected to align with the target of 4% to 6% once fully sold [42] Market Data and Key Metrics Changes - The company noted that transactions in the housing market were down 40% year-on-year, with new listings at their lowest since 2004 [60] - The company is experiencing a cautious stance due to the Fed's actions impacting the housing outlook, but early signs of stabilization have been observed [20] Company Strategy and Development Direction - The company aims to stabilize its core business and return to positive free cash flow, with a goal of achieving adjusted net income profitability by 2024 [6][38] - Key strategic areas for 2023 include enabling more sellers to choose Opendoor, realizing greater operational efficiencies, and building exclusives for a managed marketplace [16][27][29] - The company plans to scale its exclusive product offering in three phases, focusing on perfecting the consumer experience and building liquidity in selected markets [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the challenging housing environment and achieve long-term financial objectives [125] - The company anticipates returning to positive unit margins by the second half of 2023 as the mix of inventory shifts towards the new book [53] - Management remains cautious about the potential impact of rising mortgage rates on consumer demand and plans to adjust spreads accordingly [120] Other Important Information - The company ended 2022 with total capital of $2 billion, including $1.3 billion in unrestricted cash and $670 million in equity invested in homes [18] - The company has $12 billion in non-recourse asset-backed facilities, significantly exceeding current inventory levels [19] Q&A Session Summary Question: Can you unpack where efficiencies will show up in 2023? - Management indicated that efficiencies will be seen across the entire business, impacting contribution margin and operating expenses [45] Question: What are the expectations for contribution margins in the first half of 2023? - Management expects to return to positive unit margins by the second half of 2023, with a focus on selling the old book while preserving margins [53] Question: How does the company plan to achieve adjusted net income profitability at $10 billion of revenue? - Management outlined that achieving $10 billion in revenue is feasible based on historical performance and market expansion, with a focus on operational efficiencies [100][103] Question: What is the company's strategy if mortgage rates do not decrease? - Management stated that they will continue to adjust spreads and manage costs to mitigate losses while maintaining capital [120]