Opendoor Broadcasts Fourth Quarter and Full Yr 2022 Monetary Outcomes

SAN FRANCISCO, Feb. 23, 2023 (GLOBE NEWSWIRE) — Opendoor Applied sciences Inc. (Nasdaq: OPEN), a number one e-commerce platform for residential actual property transactions, right this moment reported monetary outcomes for its fourth quarter and 12 months ended December 31, 2022. Opendoor’s fourth quarter and year-end 2022 monetary outcomes and administration commentary could be accessed via the Firm’s shareholder letter on the “Quarterly Studies” web page of Opendoor’s investor relations web site at 

“2022 affirmed our conviction in what we’re constructing – essentially the most trusted e-commerce platform for residential actual property that can allow customers to purchase, promote, and transfer on the faucet of a button. Prospects come to Opendoor as a result of they crave the understanding and comfort of our money supply that they’ll’t get anyplace else. Even on this second of excessive spreads, we’re in a position to convert over 10% of actual sellers and earn an NPS of practically 80,” mentioned Carrie Wheeler, CEO of Opendoor.

Wheeler continued, “As we enter 2023, our new e book of properties is outperforming our expectations, and we’re pacing forward of promoting our older e book of properties. We’re targeted on working with excellence and leaning into our core strengths – the unbelievable energy of our vendor product, our distinctive pricing and operations capabilities, and our robust stability sheet – to emerge from this 12 months stronger and extra resilient than we’ve ever been.”

Full Yr 2022 Key Highlights

  • Whole income of $15.6 billion, up 94% versus 2021; with 39,183 properties offered, up 80% versus 2021
  • Gross revenue of $667 million, which displays a listing valuation adjustment on properties remaining in stock at 12 months finish of $458 million; Gross Margin of 4.3%, versus 9.1% in 2021
  • Internet lack of $(1.4) billion, versus $(662) million in 2021
  • Adjusted Internet Lack of $(574) million, versus $(116) million in 2021
  • Contribution Revenue of $525 million, inline with 2021; Contribution Margin of three.4%, versus 6.5% in 2021
  • Adjusted EBITDA of $(168) million, versus $58 million in 2021; Adjusted EBITDA Margin of (1.1)%, versus 0.7% in 2021
  • Bought 34,962 properties, versus 36,908 properties in 2021
  • Entered right into a multi-year partnership with Zillow, Inc. in July 2022 to allow residence sellers on the Zillow platform to seamlessly request an Opendoor supply to promote their residence
  • In November, launched our third-party (3P) product providing, which immediately connects patrons and sellers of a house
  • Launched 9 new markets in 2022, bringing our whole footprint to over 50 markets

Fourth Quarter 2022 Key Highlights

  • Income of $2.9 billion, down (25)% versus 4Q21; with 7,512 whole properties offered, down (23)% versus 4Q21
  • Gross revenue of $71 million, which displays a listing valuation adjustment on properties remaining in stock at 12 months finish of $73 million; Gross Margin of two.5%, versus 7.1% in 4Q21
  • Internet lack of $(399) million, versus $(191) million in 4Q21
  • Adjusted Internet Lack of $(467) million, versus $(80) million in 4Q21
  • Contribution (Loss) Revenue of $(207) million, versus $152 million in 4Q21; Contribution Margin of (7.2)%, versus 4.0% in 4Q21
  • Adjusted EBITDA of $(351) million, versus $0.4 million in 4Q21; Adjusted EBITDA Margin of (12.3)%, versus breakeven in 4Q21
  • Stock stability of 12,788 properties, representing $4.5 billion in worth, down (27)% versus 4Q21
  • Bought 3,427 properties, down (64)% versus 4Q21
  • Ended the quarter with 1,011 properties underneath contract for buy, down (81)% versus 4Q21

2023 Monetary Outlook

  • 1Q23 income steerage of $2.45 billion to $2.65 billion
  • 1Q23 Adjusted EBITDA1 steerage of $(350) million to $(370) million

Convention Name and Webcast Particulars

Opendoor will host a convention name to debate its monetary outcomes on February 23, 2023, at 2:00 p.m. Pacific Time. A dwell webcast of the decision could be accessed from Opendoor’s Investor Relations web site at An archived model of the webcast can be obtainable from the identical web site after the decision.

About Opendoor

Opendoor’s mission is to energy life’s progress, one transfer at a time. Since 2014, Opendoor has offered folks throughout the U.S. with a easy method to purchase and promote a house. Opendoor at the moment operates in a rising variety of markets nationwide.

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Ahead Trying Statements

This press launch accommodates sure forward-looking statements inside the that means of Part 27A the Non-public Securities Litigation Reform Act of 1995, as amended. All statements contained on this press launch that don’t relate to issues of historic truth ought to be thought-about forward-looking, together with statements relating to the well being of our monetary situation, anticipated future outcomes of operations and monetary efficiency, priorities of the Firm to attain future objectives, Firm’s skill to proceed to successfully navigate the markets during which it operates, anticipated future and ongoing impacts of our acquisitions and different enterprise selections, well being of our stability sheet to climate ongoing market transitions, Firm’s skill to undertake an efficient method to handle financial and business threat, in addition to stock well being; enterprise technique and plans, together with any plans to develop into further markets, market alternative and enlargement and targets of administration for future operations, together with our statements relating to the advantages and timing of the roll out of latest markets, merchandise or expertise; and the anticipated diversification of funding sources. These forward-looking statements usually are recognized by the phrases “anticipate”, “consider”, “ponder”, “proceed”, “may”, “estimate”, “count on”, “forecast”, “future”, “steerage”, “intend”, “could”, “may”, “alternative”, “outlook”, “plan”, “attainable”, “potential”, “predict”, “challenge”, “ought to”, “technique”, “attempt”, “goal”, “imaginative and prescient”, “will”, or “would”, any destructive of those phrases or different comparable phrases or expressions. The absence of those phrases doesn’t imply {that a} assertion just isn’t forward-looking. Ahead-looking statements are predictions, projections and different statements about future occasions which are based mostly on present expectations and assumptions and, in consequence, are topic to dangers and uncertainties that may trigger precise outcomes to vary materially from these in such forward-looking statements. The components that would trigger or contribute to precise future occasions to vary materially from the forward-looking statements on this press launch embrace however should not restricted to: the present and future well being and stability of the economic system, monetary situations and residential housing market, together with any prolonged downturn or slowdown; adjustments basically financial and monetary situations (together with federal financial coverage, rates of interest, inflation, precise or anticipated recession, residence worth fluctuations, and housing stock) that will cut back demand for our services and products, decrease our profitability or cut back our entry to future financings; precise or anticipated fluctuations in our monetary situation and outcomes of operations; adjustments in projected operational and monetary outcomes; funding of sources to pursue methods and develop new services and products that won’t show efficient or that aren’t enticing to clients and/or companions or that don’t permit us to compete efficiently; the length and impression of the continued COVID-19 pandemic (together with variants) or different public well being crises on our skill to function, demand for our services or products, or basic financial situations; addition or lack of a big variety of clients; acquisitions, strategic partnerships, joint ventures, capital-raising actions or different company transactions or commitments by us or our opponents; precise or anticipated adjustments in expertise, merchandise, markets or companies by us or our opponents; skill to guard our model and mental property; skill to acquire or preserve licenses and permits to assist our present and future enterprise operations; skill to function and develop our 1P and 3P core enterprise merchandise, together with the power to acquire adequate financing and resell bought properties; our skill to develop market share in our present markets or any new markets we could enter; our skill to handle our development successfully; our skill to entry sources of capital, together with debt financing and securitization funding to finance our actual property inventories and different sources of capital to finance operations and development; our skill to keep up and improve our merchandise and model, and to draw clients; our skill to handle, develop and refine our expertise platform, together with our automated pricing and valuation expertise; our success in retaining or recruiting, or adjustments required in, our officers, key workers and/or administrators; the impression of the regulatory surroundings inside our business and complexities with compliance associated to such surroundings; the impression of pure disasters and different catastrophic occasions; adjustments in legal guidelines or authorities regulation affecting our enterprise; and the impression of pending or future litigation or regulatory actions. The foregoing checklist of things just isn’t exhaustive. It’s best to fastidiously take into account the foregoing components and the opposite dangers and uncertainties described underneath the caption “Danger Components” in our most up-to-date Annual Report on Type 10-Okay filed with the Securities and Alternate Fee (the “SEC”) on February 23, 2023, as up to date by our periodic studies and different filings with the SEC. These filings establish and handle different necessary dangers and uncertainties that would trigger precise occasions and outcomes to vary materially from these contained within the forward-looking statements. Ahead-looking statements communicate solely as of the date they’re made. Readers are cautioned to not put undue reliance on forward-looking statements, and, besides as required by regulation, we assume no obligation and don’t intend to replace or revise these forward-looking statements, whether or not on account of new data, future occasions, or in any other case. We don’t give any assurance that we’ll obtain our expectations.

Contact Info

Elise Wang
[email protected] 

Sheila Tran / Charles Stewart
[email protected]