Opendoor (OPEN)

Elise Wang VP, Investor Relations
Eric Wu Co-Founder and Chief Executive Officer
Carrie Wheeler Chief Financial Officer
Andrew Low Ah Kee President
Ygal Arounian Wedbush Securities
Nick Jones Citi
Jason Helfstein Oppenheimer
Mike Ng Goldman Sachs
Edward Yruma KeyBanc Capital Markets
Call transcript
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Hello. Thank you for standing by and welcome to the Opendoor Second Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference may be recorded. now today, hand Investor Elise would to conference Relations. I speaker your Wang, Instructions] like the to over [Operator VP of Please go ahead.

Elise Wang

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

start, promises I following financial securities future to, we cause nor of within would that Before limited and and you management's uncertainties results like here. Opendoor's federal that discussion those the risks actual to the laws, the guarantees and statements results not regarding the remind including, and business. but neither contains expectations involve forward-looking may differ for statements discussed plans materially to meaning from These are statements

contain to as based may following obligation the or otherwise, current no expectations developments forward-looking made to forward-looking for law. including today, the required non-GAAP year a on Additional information Opendoor's June or in including are periodic Opendoor for financial result statements filings, on XX-K that XXst, by The your from whether section Form Factors' XXXX the SEC. as assumes questions XX-Q filed on ended, annual report could new be results Any the be SEC responses as with report this of ended, Form cause revise differ except in Risk quarterly the measures. found conference discussion and statements period other Opendoor's XXXX to of call, actual and them, XXth, of update December can to

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

Eric Wu

good afternoon. and Elise you, Thank

On Financial I'm by; Low Carrie Wheeler, button. towards the second joined Chief at our sell the President. to progress call to of excited our and our of possible Andrew outstanding and a tap significant move Kee, the and goal results our Officer; share today making it I'm buy, Ah quarter

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in So our four half day. two single Viejo we our years work a picture the toys, just about about every smaller and space our And all and these own home smaller into got Mission him both from for years, first with had home. ago. coming We and we son,

in experience you There know, do. any house was do. to describe way was be to I any house, other who's idea obviously know the I But a something of kid the having clean, have that market It something not so want what to never traditional don't with the My was just it. did easy. unknowns. really simple. bit a Opendoor on was we keep the obviously, schedule viewing young you daily, list is going home, the So house, have changes depending show the to who to non-stop, perfectly his

Now to app the my out user-friendly communicating that venture very is wife, on to when and I'm with. obviously this helps work taking

the step So is tune to both way. along what be every know we you in can

transparency, I just the think it was was very honest just it and communication. overall open

originally. company which moving can't foreign in forward, new that Everyone I moving far especially in to say has anything our the more with And forward our just I've confident So they've perfect. really about feel you interacted and great with with us, home was us done. been way it especially made service comfortable a so and know, we really purchased

experiences really of this You have kind of brand that have with type a that you wow movement. makes

an more route job. that have thankful We couldn't incredible is guys have the this been really that you we done So, went.

Eric Wu

Nicole's as we've the we on exciting current as underwrite by majority ahead share progress, across progress of our These existing our consumers story to in in the homes by with all clear our existing our in $X.X priorities. our pride XX% is strong in able in that, What's day of nearly $XX.X strategic with Jack track to most on quarter, adjusted make billion. versus transition consumer whole our offers $X.X grew half ourselves of total is of many relentless was true second driven of experience, In across the we transaction our exceed on that our our target, in our is the the and seller and generate drive our existing and this market million three financial hear full nearly is our to in important markets. top again highest combined results XXXX we one have with XX%. income. lot We homes, who expertise This excellence, plan. to well seller we run But outperformance to a adjusted the results. didn't highs imagine millions. And made easier. us and prior based pricing than quarter, their goal focus trusted knew could operational record X,XXX higher QX home. quickly. people buybox our by life that continue expansion, on In driven and happening a unit reach to revenue with is which years all-time consumers QX, volume We from to net as growth, audacious more This us every markets. progress a to set $XX their economics and sell line million we acquired led million buy an XXX,XXX a EBITDA, revenue redefine how in conversion now are rate even we Starting out we two route second part are history

this key expect of direct our more driving product in a exploring to an market of also XXX% our this as the sellers traffic us with We growth. resonating evidence driving shift increase In tells alternative an are of acquisition $X is the our run since to sale. for We awareness more play were And role home up beginning combined with of demand in are continues is the over of offering increase next modern sales and experience. rate proposition home estate phase This observing Opendoor a value their year. in Net momentum consumers This deeply demand and meeting of coverage our consumer seismic top real a that the markets, in this traditional Promoter are we Score further experience for we exceed with a XX. to example, five a billion.

our investments new today. of launched continue to servicing building second for make new which our playbook, we we and as markets north and expansion experience centralization, presence to market of is our model nationwide. XX new cost. XX allowing scalability driven quickly end-to-end star July, markets The to buyers in towards our launch sellers total into in automation of additional Secondly, every And markets, with into by broadens efforts the We making and towards of progress our us markets our our continue progress technology goal quarter the upfront and in expand in improvements digital and buyer limited increased finally, seller. X

and simple, an driving are transaction towards teams certain is on-demand product fast. that Our

with For just sellers, customers. to also reduces we more customers is money launched completely the on-demand the of not mobile Self-Service home their This allowing device. put in an self-serve our pockets structure, superior only experience, a the assessments, allowing assessment cost customer our to complete us but

For buyers, see to product. we of with significant growth our continue Buy Opendoor

less With adoption Offers, the six ago. Opendoor rapid addition launch Backed experiencing months than recent of since

our to in to with continue excited is rapid This of Opendoor of product scale billion at our speed $X a crossed We has great to are innovate a the demand the run pace. which consumer we'll and top we able Buy are that and grow meet example rate platform. on to share

also Lastly, we are of sellers XX% buyers. know that

Buy one looking buy make escrow the each to for integrating transaction adding to So loans we low completely seamless Opendoor home are We're experience. title, and our our also bundled sellers, products bundling cost. and of into with and

all a lowest believe look home focus foundation one-stop-shop clear the sellers. the become experience, the that developing ahead, digital most platform cost accurate relentless for the we and we buyers on our building As consumer engine and to for pricing

economics and to Before I servicing teammates work that our at customer allows to to our best-in-class satisfaction. the hard deliver It dedication turn Carrie, industry's thank want their and day all us I unit and Opendoor. best-in-class of conversion, the is every call customers best-in-class over

Carrie Wheeler

in our our A can Eric. quarter financial of results found shareholder Thanks, letter. second detailed summary be

Q&A. to So key onto I'm quickly through going moving walk before quarter second highlights

end mentioned, momentum As strong we and high XX% on Eric we of QX, We and of markets. conversion in buybox in to real our that are homes, We XXX% seller business. acquisition homes up were in offer over able driven X,XXX the achieved purchased expansion not record across a of largely purchased the by existing volume We were quarter. record as driving versus reached conversion total XXXX. QX our homes

QX has on QX back and the exceed momentum significantly levels acquisition accelerated further we're Our to into half. track in

and and generated on transaction homes X,XXX our absolute XX% the the due very to and revenue up quarter-over-quarter. the hold ramping as We this a by nearly acquisition up we our $X.X in in inventory levels pace record versus sold into inventory periods. QX. quarter we moderated our XX% of our position exceeded and agent, QX portfolio, growth strategies, maintaining primarily at while and front, to against offer retail of homes market. velocity initial healthy the still in reseller believe increase maximizes conversion. our due strength, reseller supply-constrained growth first fueled by QX, ROI Revenue enabled levels expectations clearance The versus On end sold principal traditional was in billion, high our Based

we with Unit at and and QX margins tune gross points XX up adjusted margin resale QX evaluate basis should the market versus You will a were XX.X%. that of on and continually basis based XX versus our contribution margin points quarter, expect in XX.X% dynamics strong strategies seasonality.

use our velocity advantage use our data We same of over in insight. approach portfolio price we to to our to technology a to to resale have individual sellers structural compared don't inventory and to and our improvement points ability optimize to in level is margins. XXX structural and manage Our last continue sell-through beneficial drive manage the who margin, basis year. a that's data that efficiency resulted of cost which structure, Furthermore, over

than durable higher to tailwind price In we see for expected appreciation improvements, did addition to a as home HPA these margins.

weighted mix recently We anticipate to inventory also continue the during moderate acquired healthy to to from of We these benefit benefits the having a course both of homes. half. second

second As margins in for benefits, as we planning contribution we mid, contribution lower trend we last of these the the indicated level. also to single-digit year. the trend to the Normalizing temporary expect margin in a half for would result, quarter, to are our

ever leverage EBTIDA and margin X.X% incremental outperformance an quarter-over-quarter. against were in $X contribution in cost strong and between any strategy base. EBITDA QX. expectations was operate structural million to environment. HPA we Adjusted QX. to unit EBITDA million operating Adjusted expenses Adjusted QX, advantages profit the was the to our $XX economics, resale expense up revenue in of from or due We target in up confident ability around and $XXX well As structure. was our leverage both compared negative million which in adjusted margin delta greater deliver $XX of ahead our provided and X.X%, million, our EBITDA feel operating Adjusted quarter in scale, our contribution negative

QX. ended increase of expect the X.X% QX with of we million invest compared approximately of positive sequential quarter behind to million QX or $X.X million levels, adjusted of We the OpEx We X.X% the in to negative to continue or $XX revenue growth net revenue, as income from $XX business. negative

capacity marketable securities, Turning We ended sheet. cash facilities. cash total in borrowing equivalents and of non-recourse $X.X our and asset-backed the $X.X and with billion across to QX billion balance

And continue As be seeing underpinned about we growth. demand our in we're supply. the rapid projections, housing strong we to we're with continues prior in ahead, market, to as of what scale look outlook. our borrowing to tenant Starting by optimistic which well for our outpace we're growth capacity positioned support a

they homeownership and QX, further of levels in did decade decade support housing. sequentially inventory Real multi available While pick highs, in supply. lows up demand for well mortgage levels remain still off remain rates low at are previous their terms and

a that observing outlook when housing from given remain to we're our continued the That HPA normal for we're considering results we driver shift home. year massive fundamentals, taking elevated consumer moderation end HPA integrated back, the pricing. the important is this solution in and step key macro a recent it's and secular reflecting the expect strong On sell front, all-time said, demand highs, remember buy seasonality. digital-first our to But in for even our behind to

Our acquisition clear market across guidance. be a share evidence the is all and optimize across through hottest gainer proprietary our We're confidence pricing to a us giving all arguably will allow in cycles. to strategies, market-maker history, we seeing the capabilities us in of our our record be results that what and conditions. seller's Turn market this resale

remain in to and market current momentum, accelerating dynamics half. growth with we Given acquisitions revenue back the expect our strong and

revenue which of forecast $X.X growth at QX the range. sequential expected the to between XX% over quarter, For $X.X we the represents and be midpoint billion, billion 'XX third

leading X,XXX more had be under a had QX, end we a double under the at homes QX. As representing than of value. contract of homes end of at contract number of purchased our momentum, the indicator That the $X is of we record billion to

margin $XX expected We between and represents the reflects earlier. that margins and EBITDA X% million of and contribution adjusted be moderation mentioned million This the planned our $XX to midpoint a I as range. expect at

put look in it's acceleration helpful we the second As a our half business seen trajectory, context, year-to-date. at to our we've into

this with with We're delight fast like second questions. of we half at focused than and to up top team the that plan just certain. our pulled run resonating by proposition effectively value to you. lines. the seven relentlessly of possible. making our open months to we're operating provided for for rate It's best-in-class tracks ever. And customers target time scale more continuing As on with Eric forward the for I'd XXXX we're listing mentioned, building clear the ago. We've extremely customers And experience our years our business that our is a and and financial now a revenue simple, on two proud call and at our Thank both that, bottom


Securities. first Instructions] question comes Wedbush Thank you. Our Ygal from [Operator Arounian with

You may question. proceed with your

Ygal Arounian

afternoon, you use referencing Opendoor well. for bottom highlighted want little is working? more the You in that's and off. more if as with know, way billion to for approach? noted can And good dig color thought funnel at got flywheel that a Hey, Backed Offers bit product from the guys. little then, of goes one Carrie, of questions. funnel, OBO. and the guys - Buy expand got on Zillow and discounts Can my I guys X sure guess on you Can different something a how rate questions? better. a that it of to moderating all a the bit my that just resale that run exactly? Thanks. What top why things the doing hear to Opendoor had Thanks a about we you gives as kind I bring the around was into it's QX? Eric. QX someone strategy understand for you why cut Not that pace taking in little little you first we that around you And just And maybe

Eric Wu

I Ygal, think on were we mute. it. Got

you for question. the let me So thank first

than buyers Buy with are adoption, And feature ago so, and love Offers, with very clear six about were we're service, this Opendoor. and digging the we I progress seeing into We Backed rapid might launched the attaching it's that to Andrew. excited made. months Opendoor tag we team this But less

sell, we're rapid saying One indicator Opendoor, the customer some early with markets, of a the in we a look on two mature part we're question, focused one $X of seeing that we for yes cities many flywheel. billion attach. which customers homes number. in some is, means, say our And as of driving launch Opendoor. to leading we GMV the adoption things how very Buy with seeing Again, of and our we're we're we're know, core are is seeing of yes homes to attach. since you part That XX% Buy seeing every it's second To sell, our of

growth excited there, product So the see subsequently, the about we'll we're really the about that. and fit conversion market that services from into

make building one-stop-shop talked You time. know all we've It's it and product possible. And integrated consumer. years, that very and transparently. a seamless loans about been we're Opendoor the this buy, you We've connective big move part the the for button. digital to to the our We can truly that vision. We'd focused building a for mentioned towards big of a something sell it to we're second leading tissue of that step make us, tap was the launched for bundled long pass in and steps consumers services. your to home investments for with XXXX that that's a Carrie in and title on Buy these at services made we've escrow way additional platform and I'll the means in-house a between question. the answer and and of And as lot vision our been

Carrie Wheeler

Hey, Ygal. Thanks, Eric.

how we doing we're So that let think today. and I'll two about One in resale, answer me about parts. is, talk what resale

selling in We are market. at structurally the better

relative return QX, we same as those very of seller. decisions. same was very the balancing resale risk comment we is They're of all That individual principal, against receptive are inventory manage that we're we're all market slowed our how the in. though, substantial doing And plus to of any that our in still seller just we're to home balance With I from very, balance. fast to single we're an a resale. environment for we're the respect diversified and scale our which based. different I at portfolio resale a selling we operating time, maximize the managing economically amounts make are to say And time going data. the mean not we portfolio, agent or the that And That's sheet on agent, that would residential home we are decisions frankly a means, different We not did, flavor housing. into approach making a by formed

our maintaining base. are we're a how still short sell-through to We selling to historical quickly we're period managing averages. And very terms very inventory in of healthy rates holding relative

did relative I foreshadow they down moderate very inventory. good to we still So respond and what managing are pace, And we we do. prior that to see think That's us as But we again, our say to in you'll QX, quarter. up resale just just selling pick seasonality. but feel how that,

Ygal Arounian

Okay, thank you.

Just a on loans. and - on on quick me OBO follow-up excuse home

of terms you attach think OBO share the in I the product? there mortgage rate how can is or driving

Andrew Low Ah Kee

it's Hi, Yeah, sure. Ygal, Andrew.

As pressing has driving that go of it. indicator services, and of We've we've on know, tip around a because we around on as so offering on that's product. offering the pressing the on to services host they're speak, really attached leading And driving other the very whole been adjacent been that buyer services. therefore that between spear, been as our really strong buyer focused, buyer the focus

Ygal Arounian

Appreciate Great. the Thanks for it. questions.


you. Thank

with next from Citi. question Nick Jones comes Our

proceed your question. may You with

Nick Jones

two. got I Great.

kind your expected. is you profitability than better of know in First, comes

after this an on there homeowners You then market know, came question to to second the able the that be is, that? market today? offer. in that And could interesting opportunity do you launches was first back potentially the accelerate Is

on are a And you You as these for Opendoor increase offers marinate that the solution Thanks. know, that, of buying, dynamic? percent your kind know, of homeowners? the thoughts know, does what you're you

Andrew Low Ah Kee

take to Happy both Sure. of those.

launch XX overall our of launch that track XXXX. we're we're markets to on in terms our sequence, really In pleased cadence, deliver

acquisition playbook As X continued the well. Eric honed we you performing it, and X currently mentioned, that day, single quarter. launch market launched targeting. that track same a really saw is refine and that in year, really those markets are on we're goals, we're - to markets time, volume given and XX quarter We've our launches launch at where us this deliver launch this run the rate And to new

in the we been we're from to that market on demand, execute massive integration more know, launches, to away driving incremental plan, Eric's us that some of and our that help resources about. scale one-stop-shop shifting three-year talking meet also digital and operationally as You really better

more we testament of The have offer. part to in - offer Our willing up service that we at up the and a to that people the fact the year, actually second and the us customer to sum of think the customers focus value business that they back. of from best-in-class build your before awareness they're markets. the beginning that our value to experience Opendoor that total we those We around versus it's we acquisitions with speaks is And scaling on question that customers that come providing the experience experience time different from and we brand really we the and respect really absolute who interactions came to total or brand customers homeowners the came our think XX% and back engage as receive the an see offer the that question powerful right is deliver. second your QX is of we sum and With the now build our the points offering has. first engaged all the

Eric Wu

excited really Nick is our world - that to that, thing to single there's that, offer. can know, starts Yeah towards with journey top And happen drive or every a of an move seller that add of you home Opendoor XX one six from outcome. a and weeks on their move the months we're more where

Nick Jones

great. That's

on, quick realizing talk and you offer and start doing on come offer the any get And when what you of to maybe thoughts they're to kind think they first it? they What agent better. know, through like then this I go Just just you an come to a seems between sell an that. do easier back? they're like happens do kind follow-up they're to maybe what maybe have know, mean, and going of

Eric Wu

consideration high a It's transaction.

people And that that line so got a just a have to there's of - there they're there's home. or that in current other simplicity impact move, Opendoor they And But their us have for equity want the married, not the will things that reminding downsizing. move. a new lot transaction But about why just sell-side family certainty, And up people new what timeline. speed of job they things is and of today. it's they from

And so course they can that to a purchase, over them. for come there the of to that afford they that next their with need time of have to ensure certainty actually - we're transaction Opendoor, they many signal in to they to at months work get a could complete us they get transact, what they will and

so impulse And actually an not planned to It's move. really it's sell. a decision

Nick Jones

Got question. it. for you the Thank


you. Thank [Operator Oppenheimer. comes from Instructions] question Helfstein with Our next Jason

with proceed question. may You your

Jason Helfstein

two. I'll ask Thanks.

any on as you an the to to Thanks. reduce over of given And then I commentary and are fees service to guess using consumers? that million how $X for opportunity percent large compared quarter? that second, first HPA, So, purchased homes

Andrew Low Ah Kee

to Andrew. I'm Hey, Jason it's to happy you fee.

fees net simple offer in that really for or seen in wouldn't setting is over earlier. our I about we're consumer, pulling offer. is customers we the with and that focus fee would a we're below an at why market. X% that seeing continue day mentioned And calibrating they It Over to market. seeing to you're keep for make which is the we're And resonate record cash in offering see We high receive we're what on That traditional of said, sure trying care the pricing that through. that we've fee, flat the time, competitive conversion simplicity to consumers strongly this things value. we're every anchor a really you

Carrie Wheeler

cap talked components second topping question, million. increasing A know, you homes part driven at about given to increase price, continue we're just We around good is the past, of where really buybox. the zip the out markets. strides percent over home are price in in of purchased I can't know, our There good say. terms break made this a what reasonable quarter, our I you. other But believe markets that mix what on Your the types, know, of the was of we shift, $X approaching but was buybox, would majority you have of codes, that revenue percent our was reality in driving most I QX. and business vast the by you exactly majority, because way it jump, the for of is, out we're positioning you

Jason Helfstein

quick How you scaling And ask mortgage just the follow-up. to product? think the can you Are limitations any there inherent here? expanding of about I a

Andrew Low Ah Kee

dreams to there's we we've on in on And As proposition see as buyer consumer talked with high compelling with about we people help we that know product, been earlier offer. focus has driving attach. to been really their be really that pressing services, value a our where more successful winning down

grow look we at and focused indicator. we're that the leading as - buyer much look buyer business, and we so, product is And very a as to scale on

Jason Helfstein

Thank you.


you. Thank

Ng from with comes Mike question next Our Goldman Sachs.

question. your You may with proceed

Mike Ng

some talk call about what's question. and Hi. it share happened little guess was Opendoor bit Thank you much more mature you iBuyer the, would very if markets in I market wondering with just iBuyer of could I like a for like the Phoenix. I

You markets? a get you're down indicative little can investor a levels. know, they're and I bit of about from more know, where to you or there of reports you hear just love I that couple there would to think seeing it's whether have not pre-pandemic been what

Eric Wu

acquisitions - on is from pre-pandemic we're we're And take ecosystem we're driven business highs. especially levels. above know, you the pre-pandemic based iBuyer actually And And I'll the ourselves well our homes measure share. that above really market exceeded our of we've The again, share levels so within we're pre-pandemic Opendoor, in and we standpoint, Mike acquiring. on Yeah. question. an market with terms of

Mike Ng

very much. Great. Thank you

Eric Wu

like to I'd point we're appetite the know, it's we mainstream what homeowners for offering. as make additional is a crave all is, term One you and simple digital think experience fast

iBuyer, an comes potential it long-term to think transactions. know call what of majority when you may be the long we so can haul of And the it over the we

And share fact, significant don't decelerate, to we're we our mature already in markets. in can market so accelerate. believe that that gains we And seeing expect

Mike Ng

Great, thanks.


Thank you.

comes with KeyBanc from Capital Edward next question Our Yruma Markets.

You may proceed with your question.

Edward Yruma

very thanks on the first, cadence. question. for guess I Hey, much acquisition our taking

that the in indicated kind the XQ. of it letter guys further accelerated You shareholder

XXXX for though, that about in I get close pulling bigger a guide just service? you ex-HPA kind or of a look seen guess, mentioned are pickup initially are adjust Have I kind these in years? expect forward? kind planned you kind should going your buybox. customers this trends guess, your thinking a that for also normalizing? and you that And follow-up, in now as rates of, of using XXXX? a to we change sustainable on you had the You've Thanks. from two like some more as did comment that you this of And HPA implying then Are

Carrie Wheeler

for question. the Thanks

So been the one, first that in markets awesome acquisition factors, of know, part drivers very When cadence. question. investment that size the right, bunch we're footprint offering we've we to in your really I doubled that's about increasing year-on-year. you volumes, our more think to a had our to pickup of that buybox Increased consumer been of marketing effective. and part Growing in of almost and our awareness has

more great. funnel. I'd which the and just increase with an So consumer is that point success a seeing all point, Andrew quality talked same acquisition we're real the means sort the consumer higher can in we've turn is that say the we driving also volumes. is which about reengagement intent the of into earlier, just interest had time and last offer, And

about we on is want that. reframe is things And how couple just, for margin you Second the forward? around thinking ex-HPA? unless to going I are A part what's you of margins of to, want outlook question your it believe,

bucket You structure know I sort of two into components. our margin

You system. single-digits factors know We call call those been HPA. component operating of certainly drive deteriorate but I out our out we inventory doing the the year both structure time margins low own year-on-year, XXX fresh we're tailwind the are portfolio levels to very called CM difficulty] us, this for half come they it'll expect mid we've management good we've are but basis. continued we proxy in [technical continue a talked the moderate that two And that business call unprecedented the a is is a seeing of to think would points continue we we which our And benefiting sustained And is quarters, today about last there from biggest past, out think half. as I called the second on that half. has back capabilities. cost fantastic. our it mix where where of down second optimize in basis The been a we as of the for improvement over will of that, to in on things and I margin

So about hold, we I - margin long-term - thought we'd targets we're talked previously, our be long frankly our ahead you those where now. know tracking well still so right just of we

Edward Yruma

Great. that color. for Thank you

Carrie Wheeler

You're welcome.


call now back this any to like Thank for you. turn And questions Eric I the not Wu I'm remarks. further over to showing any further would time. at

Eric Wu

to thanking financial decision. most their I and our end largest is do that with the customers just trust important customer and really Opendoor it want by

want to a huge just the give you. throughout So of customers all our years thank


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

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