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Opendoor (OPEN)

Participants
Eric Wu CEO
Elise Wang Investor Relations
Tyler Botma Marketing Expert at TTEC
Carrie Wheeler CFO
Andrew Low Ah Kee President of Opendoor Technologies Inc.
Nick Jones Citi
Jason Helfstein Oppenheimer
Ygal Arounian Wedbush Securities
Stephen Ju Credit Suisse
Adam Hodge Goldman Sachs
Abbie Zvejnieks KeyBanc Capital Markets
Ryan Mckeveny Zelman and Associates
Call transcript
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Operator

Good day and thank you for standing by and welcome to the Opendoor Third Quarter 2021 Earnings Conference Call. At this time, all participants on a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]. Please be advised that today's conference is being recorded. Instructions]. [Operator like Wang. conference now host to hand Elise today, to would over the your I ahead. go Please

Elise Wang

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

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

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

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

Eric Wu

our Officer I Good afternoon President. a our us start work customer. us which with Andrew to Financial Chief Low quarter joining excited want and first with Aligning Carrie Ah at value, our results core to today. recent customer thank I'm end and and you for to is the ground share Wheeler, our our third alongside story. Kee, with

You'll hear a and sold a childhood Opendoor completely fulfilling Botma, Tyler from who his bought home while home dream. with

Tyler Botma

to also of sale that wanted, we selling I'm wanted member, and why that and through had Opendoor specific was, if locate weren't of live 's I high balancing quite was life that, house we home process. home. was you'd reason the was that, conventionally a sure to in for and and probably Park, possible didn't or even to a bought big a importantly, include would us ideal we was, Opendoor. Botma, want I value think Hi, the Litchfield a essentially how fund the the really through or through made managing the for easier getting these a home go to Being couldn't going This what able much process, of started process possible. of a sellers of sold location for going they -- Arizona sell get of a or family, to we the school one home is complexity a the that to probably we dream why we just I X was. What move and better transactions had to the sold experience, The hardship conventionally in I'd work and apprehension to the able family we the that wanted a bought buy us our pressures move Tyler I X/X then word process buyers. one dream education getting our don't and while the The be matters. drive and of put We've work, prior, trying most We lot We are and our to a often really realities marks new we've son. house. forming for life. my pandemic, first cite district. But easy. death say is in detailed externally dream neighborhood Opendoor that also realities of the timing really And home, through

which has is button. real will at transaction to certain end-state tap starting the move by matter a powered since buy, the but be We technology. make and It's of know possible vision, the of not marketplace simple, remained and when. Opendoor, Our the sell, for a the it if, fast same to estate

So, building at this piece heads-down we've piece mind step. future the experience been in with by every consumer

billion byproduct are of exceeding top this We $X.X a Our on a of focus, over profit, line generated of of homes, delivered over third acquired EBITDA. $XXX $XX line. revenue, adjusted quarter results XX,XXX generated our and and bottom million contribution expectations the million

and of on our continue While our and execution. team we has been foundation be, are vision strategy, to our the will performance clear and

of terms past team, talent added In our this we've quarter. substantial

years in and really people a to upgrade scale to In logistics build made our Skylight, and strengthen are acquisitions. special digital Pro.com to we've operations. pricing, seasoned home teams We X ability pool spent addition turn technology will our to that and product, consumer of our combining teams, executives expanding experiences This home. acquired engineering, across continue X to operations,

a less experience. teammates of our new mobile reddoor.com, also financing seconds elegant to pre-qualified the out XX in possible evolution next digital an it with we excited welcome build We Opendoor, as makes our We're a acquired products, to home products. than for which get to mortgage

on driving which quarter-on-quarter. and This and driven building in was terms In again we in experience. execution, record QX, gains saw existing our an an real in market rising With and by market of we're continuing growing consumer conversion. solid resulted expanding our growth awareness resales growth, nationwide record end-to-end existing offer coverage, XX% of of buy Opendoor acquisitions the and material digital adoption journey growth, box by by XX% expanded

dates of awareness our the well advantages, to servicing bringing cost to movers. Opendoor box. already way acquisitions Most shop shift opportunity. As to market groundwork goal Complete, to offline market our importantly, and we new investments we double equity of year-to-date, buyers ahead next the impact in were happening in buy are demanding. and disparate double the expansion integrated up efficiency, avoid footprint laying our The cash digital total the an buy the launched XXXX continued buyer's together instant for streamlined and expanded and sellers and provides into more QX, from footprint, growing standing homeowners and of for power There, single operational the the launch increasing all and our a tangible in customers Upcoming, and our to our strengthen offer, long-term coming markets certainty home intend further the moves closing sell our and pricing Complete our expanding to generational are This experience we of a this to scale experience. XX and Last, mortgages. reduces not to of one-stop in in we're forecast. are Opendoor which X and of driving nearly doubling which With the With than continued our nationwide, home. from capture to efforts is half guarantee our still. cost our seeing we example brings we to markets. markets, steps online, count their we ability more on every year and benefits nationwide. access building launched a week, Last line the of a

performance. with to grid defined that, the past the years. over and focus same to forward it speed, our has will us discuss I Carrie pushing are over now turn X financial We

Carrie Wheeler

Thanks, Eric.

for homes of from in real purchased XX% to Eric capabilities, QX expanded XX% was record provided of proposition superior XX,XXX was Buybacks Opendoor. up acquired offers quarter As another robust record tailwind led coming This and our QX, levels conversion. of the strong homes, driven which than our and operational of growth to value We strong more QX. seller XXXX. by the versus said, end expansion buybacks

stronger Marketing our anticipated addition, efforts Lifecycle In growth. than delivered and brand-building

and the overall strength Home revenue in our growth guidance of to On sequential we of were revenue homes, demand also XX% QX generated to up and high-end billion, gains XX%. versus of sell-through driving home due X,XXX faster and Buy-Box $X.X nearly up the rate volumes for price-related we'd the a which led of tailwinds sold revenue, sold than home appreciation, reseller primarily to driven front, acquisition exceeded We price strong increase per homes, unit quarter-over-quarter. XX% anticipated. by a

sequential in our guidance. was margin contribution and Our profit These moderation adjusted line and to respectively our QX. our prior with margin This compared is XX.X%, and expectation XX.X% XX.X% was in in gross X.X% QX.

As a these primary our mid-single-digit reminder, operational for basis, of on In capabilities. QX can to cost annual the we given structure pricing QX, levels sustainably X%, and contribution margins margins and our of reasons. we and approximately believe deliver strength our outperformed X% X. X

we're and QX, much our temporary HPA As particularly recently heavily And the we We and over-indexed HPA into early these exited homes. bit part of was how two the accelerated unwind internal acquired to XXXX, with throughout provided expectations to in we year, with quarter. guidance our deliberately the in we levels, very last in QX. as low our line resale inventory a pricing mix conservative both of saw begin factors embedded

in back X% be QX. range our target to margin within operating expect to to We X%

the to Over and unit services the this of One understand continue X% of: few to margin we to last streams. importance long given X. we we on our note additional news the the weeks, X%, term, as margins, believe moves grow revenue

Forecasting, and X. changes. and macro market Managing seasonal

our and payer our a since embedded investments strong acquisition These that's prioritized pricing in pricing, our management our with valuation, and in our have teams. We our finance forecasting, capabilities resale D&A operations, across inception. risk investments systems

the that growth contribution million, for our EBITDA outperformance compared our ahead of quarter be the XXXX anchored operating I'd Adjusted was always base. and expectations our $XX operating quarter-over-quarter. on mark in contribution in Adjusted profit between quarter and provide of incremental of defined consecutive million will philosophy expenses economics. unit has adjusted XXth well QX. Our QX $XX a which against EBITDA million will margins. EBITDA leverage economics, up both positive to million revenue to strong was note $XXX continue and were been $XX due disciplined in Adjusted dealt of to expense unit

increase of operating net We -$XX growth. quarter QX million to adjusted $XX basis with for the net in We from adjusted as in to our it flow ended best OpEx to expect the purchases. sequentially as how view cash Income an fund continue we QX from We distinguishes flow, income invest QX. +$X million free million cash levels, proxy as we approximately on platform compared by true and inventory our free

cash with Turning to the working financing. in and we well as balance million in our QX securities, $X.X sheet represents restricted equivalents to marketable that and cash as cash related ended inventory $XXX capital billion

of maximum our from to today, doubled borrowing $X across up have our more quarter non-recourse now facilities. than capacity billion As we last asset-backed

We to seeing tremendous fuel we're our are growth the well across capitalized business.

highs, simplicity the positive $XX business our the we of we our and reiterating that original for for quarter-on-quarter, puts GMV out fundamentals product time is volume last Overall, all-time north at in certainty for almost rate our X-year family accelerate. largely Turning this for adoption with pulls above housing. are years. year, alongside now rate, high multi-decade which plan continues products, to loans and billion. financial puts us to at our in levels is HPA seasonality, which by quarter, to importantly, inventory that, of X But run housing of a an continued single remains of of expected our dominating the XX% acquisition well guidance, us customers run evident time levels This for due has laid remain most growth the typical expectations relative softened value driver demand and strong annualized year. to this

due to QX. of be management volumes the to middle third acquisition lower We initiated in than expect QX proactive quarter, volume

a associated slowdown as well As typical with QX. seasonal

As continue our the we growth to a made customer significantly deliver experience. meet expectations, we our decision seamless exceeded and ensure acquisition to our growth

customer and and and another meet aggressively been year vendor strong operations, financial tooling the have overall objectives. With for operating lay internal to in XXXX. continuing to growth We network, of continued in our foundation and to our automation invest

-$X adjusted We be million at range outlook $X.X to quarter. last billion, at EBITDA expect with range. billion $X.X and sequential is growth the expectations represents outlined of midpoint in the fourth of midpoint. we which consistent represents expect between we which quarter revenue And breakeven over XX% +$X the to expected the This the QX million,

QX. are hyper-growth agility the and simple, their for team Kudos focus proud that, trusted conditions a their a to you. we'll questions. and for period of delivering of up And navigating We with these our customers. to results, on experience certain, for for and Thank call market unwavering and now open our

Operator

And you Citi. yourself first And limit And thank to question. please Jones you. from Instructions] comes our ask from question [Operator that, we Nick one

line Your open. is now

Nick Jones

over some given iBuying Thanks. compression last Great, the let's thanks say and then we model a for its a how prices X. my the withstand detected maybe do housing that contribution two on pricing if, expect? you headlines margin questions. guess, is compress other can how bit, turnover. to And can and can much withstand, taking positioned how And given One, weeks? volatility, model your and of you much little the I feel touch

Eric Wu

Thanks, Nick.

-- the that from volatility offline me to contribution compression Carrie talk in -- love a online. our in products, empirically and pass margin we're shift want strong housing very I price we of unit the we and consumers to generational just question stable Let to the before economics. to And question, re-emphasize understand have housing about I price

about to pass X you me to the had. Let talk Carrie questions

Carrie Wheeler

at in Nick. forecasting? X. Hey, core do very for In your comments. do. couple that is, A of is what This we we to think Eric. how do we we're homes, Thanks, how and question price about this. good

the over robust very systems. years, built We pricing X last have

our improve our We have operate in continuously the of that modeling, investment us and data, to X model in and years team home approach we in allows valuations. the how We price can said, they entire are conditions. highly every back we we fast discipline, market changing models react loops, responsive, Eric and feedback have to business testing day, with rigorously as our they're

net within ability what of quarter to our contribution consecutive want to I was that X% XXth QX with we've manage margin allows range Ultimately, again, margin our accuracy the proof CM. us X% reasonable will deliver our forecasting mark the s of Our results. the mention that, and business range to of a in do outcomes you. just is guided positive to

they in really model -- up-market, this that the customers, flat that, target that, I part total. range And fluctuate define we for that may was So provided and go to would spreads paid to to like, Important our business we're forecasting just in down, we're look a managing market-maker X% with market, liquidity to taking and a to is it's work the We've but we our HPA margin that's to that getting question in spread, range. going we're a housing increase housing were going pricing around means we're in question indicated. our before, of and two that. changes in X% to manage If your And to fluctuate, it's HPA. contribution we in in margins our work are down-markets. how about works talked certainty,

together. marry would and contribution within that consistency margin trend HPA driving trends outcomes. We're not of I for range So

Nick Jones

Great. just a ask Maybe I around could models. follow-up pricing

about available lot think a the and in a there's of to estate have we angle this, lot Is a an think deployed to a -- Thanks. to people of ton more do of try structured mode? how of need to to real there that data. competitive I data they'll agents data terms

Eric Wu

it's as and that moat get something large over scale and Nick, competitive question, good to a It's time. proprietary that treated we we a compounds

And across we the data energy multiple housing and the vectors in Opendoor, this the team, about be since that just feedback invested so today. in been And pricing the I in core foundational to we has loops position to are business. of say where time, pipelines, we've would started

the going not I'm so to very big for And Company. investment it to but a is speak the specifics, area

Nick Jones

Great. taking questions. Thanks for the

Eric Wu

you. Thank

Operator

you. from thank our from Helfstein Jason comes And And question next Oppenheimer.

is line Your now open.

Jason Helfstein

home increase revenue your in marketing with efficiency -- to Thanks. And appreciation? marketing going versus the price or impact was this general much think of of do then Thanks. XX% thoughts how there? home you byproduct exiting, ask just quarter-to-quarter the or efficiency Zillow a buybacks per impact second, I'm to, no expansion how

Carrie Wheeler

I'd in XX% we Jason. and those X expansion, it's weighted really buybacks Hey price-related per of some specifically, out the would side. don't break home, good say, The say increase buyback appreciation, just a revenue a but market mix things mix More above. I to

Eric Wu

resonating. category, market Zillow the and it before we To expand existing the within question, nationwide And of just second it's part cities. deepening value proposition continue that, is the share drive resonate, to the would and will within resonated I our say as

happening scale to becomes efficient. to In quite fact, our cities, see the ops marketing as get is, we we within

Jason Helfstein

you. Thank

Operator

comes And next Ygal thank question you. Wedbush Securities. from And our Arounian from

open. is line Your now

Ygal Arounian

guys. Hey, good afternoon

One of the what's came in happened the that on has over been couple the our of with bank's business weeks past side. things up presence

think, come that's up scale bit the in drives Can I when letter. you and bit side. it you re-known and then touched XX,XXX you integrate can public, with a benefits little you that on update you the little side, investor more on thing how number? about the you maybe and help the improve contractors can other app, first mentioned, talk maybe Scout The acquisitions on operational a it is scalability your expound comments You operational in in Scout on how guys efficiently? And helps

Andrew Low Ah Kee

see to really manage we Hey, QX, system proactively Opendoor. Ygal, to the it's steps at we of here our acquisition speak significantly system Andrew integrated demand to run in expectation early reflection that. own It's and We overall a good outpace the here. did Happy beginning took balance.

XX our one we've from years in in It's do which without take Or things lets Those to investment, for on our footprints incredibly in operations timeline, by person. increase quickly, convenient and video customer ability volume vendors XX% just us in centralization, absorb and too platform, are acquisition and or instead or led self-serve, X standard. mentioned Scout most flex technology even rapidly more customers a not quarter highlighted capabilities maintaining that, while our for broadly. like when them their location, but up own don't You of things in-person. so our ever to actually and actions things investments a across customer and ability or Capabilities experience Scout, those market of to high the alluded new calls that take quarter-over, happen do overnight. really the virtualization, so employees that involving it

Ygal Arounian

Okay, that's the that's then lost more helpful. guess was something that or And that all potentially attention is, Complete expect you. back better to how -- little a And pile on coming really in Complete ancillary Any Opendoor general services. I the bit just drive in on in update a happening bit little offers? usually shortfalls and Opendoor can together open how that quarters? attraction then and Thank in you gets

Andrew Low Ah Kee

Opendoor about to focused business. services know on over on and on focused those that offs comments ready next there. our successful were Sure investments hit tech investing critical in shared delivering Opendoor markets and thing. home. our more scalability, winning billion back that product upfront customers time, we We that their core our to helping that offers, for we GMV then Right really Last scale. quarter, we're sure are offers be $X making and back our was milestone great on we're now, experiences are platforms Further

to last which in make nearly the of home, offer buying of up the All power the an week, dates. our home you certainty equity seamless one and sellers and we to Opendoor's Opendoor to back are Opendoor on of power offering. innovation in launched have helps also sale the the lining called continue of next convenience their all X/X who progress win the We complete have as their out,

less also We're on delightful to truly the go a of install buyer digital focused the Eric crave. XX rolling our in forward deliver that customer look getting strong mortgage app announced And seeing that part in experience a fully come. experience. to brokerage year. strategy will we're from than licensing mentioned prepared and out, seconds. early signs next We that –pre-qual acquisition remarks, RedDoor, integration execution is delivers a and done in the the what we're end-to-end that for customers Overall, to digital confident can our of years the and

Ygal Arounian

you. Thank answers. the Appreciate

Operator

Ju, Thank you. next comes Credit And Stephen Suisse. from question from our

Your line is now open.

Stephen Ju

much. quarter? your earlier, of each little market guess a operational XX that you city decision is bit the you another the more more new of But right, holding is into so point, so there's a subsequent traditional talk And constraints but this can each here? Should there sorry was it to into up prep timeline work All about can nuances the bit you yourself coming a or time market? for give elongating each finding thank this really probably period thinking And timeline down I'm market. maybe get I to how inventory this you build if or level does we go be bit factor to labor or practice? around much given here refurbish going that's at take XXX are little that a days, launch covered as you to Okay, thanks.

Carrie Wheeler

Stephen, this Carrie. Hey is

quarter. bit we speak our in That's us New lot, feel last Andrew, touch of a right inventory to a base, grew the resale. in note. growing, help part on question. we thing. good now And of such on what pace function about your of last this the the inventory own a Yes, little good

in. Our time certainly is there. one the the going we're resale is pace environment on to And depending or year, market slower faster, of be consideration

the people moving during You, love don't holidays.

resale to period, on ask part pace QX how So but that etc. our housing a I'd price QX we how slower, your into holding and bit now continues about and that very little comment has a right to market. what latter We question. expectations Andrew our QX fundamentally healthy Nothing manage we where say the faster, really against of inventory. I'll reflects may changed at resale And be factor we're a be

Andrew Low Ah Kee

think two I Sure, parts in there. and

period did, to elongated. we steps our overall with periods. is I that balance system holding the system as the across end period Overall, proactively the vast holding balanced the -- our We're manage that the majority mentioned, will of around because outlook footprint supply XX-market by confident year. the first of be take The demand

labor call homes some are Now, labor. to across buy see really generally specialty that important jobs the of doesn't good small it's prevalent a out that conditions. resale certainly like constraints We do we home country now, we the are so right in so repairs, getting require ready but typically

our system market the we this ability good So additional cities. balance? had feel launch more completely?in is playbook to have than now refinement the XX made. then the market about of to the we've testament our of doubled team's to markets, a with that question XX, around XX that And but We in we've started our by you a we're in the that think execution really also year. footprint. time end Look, I there year increase and

time launch day. team X us so in single to quickly. footprint a more good investment our so that's playbook's that saw team centralizing us only you continues scale we could to year-to-date, hard the nationwide, of there. And a at XX saw the about in expand not work our markets markets we be actually but And launch feel launch and and function You

Stephen Ju

Thank you.

Operator

is your open. next now comes (ph) from from question And our Sachs, line Ling Goldman Michael

Adam Hodge

is This for on Adam have afternoon. Hey, good questions. I two. taking for the Mike. Thanks Hodge

XX% a quite give think in expanded buybacks And us be bidding to markets process much. a so be just of sense you to the you wars high as how for are you mentioned good the much acquisitions in dynamics coming the core quickly homes more of buybacks traditional impressive. the Thanks quarter? markets? driving you and the gives this how could Could ramped launch velocity through is of would with guess expansion a them seems sense I the First, conversion, real then the second, versus it new that of I you the given from XXXX, confidence what you of heterogeneous do you there. market what since the some mentioned markets give and other the the get your you and going think, sense of in record of us seller which buybacks

Eric Wu

focus mentioned, record conversion, highlight focus Adam. which seller which team is turning real drive vectors, the you and happen started that is then X awareness. To really of simplicity in The Like And that, requests appreciate we're and seeing then offer offer vectors the speed. Carrie where buybacks it additional debt amount is to to conversion and takes talk we what to And second over XX. to we've helps market I'll trust. -- in is on is, about aggregate the we that we're And of extension. I working markets north see last Yes, can conversion. question on drive and that, factor highs MPS part is question, the pass X to to continue --

Carrie Wheeler

too. happy I'm Yeah,

driven or of the XXXX that's just It's any mostly markets. expanding have existing can you, by side. vast market, is market and in whether price it's area really in seen surface time So period, increase by majority existing what given since we that the what's driven buybacks age XX% our type or cover with we've the home

Operator

And next Yruma from thank our Edward KeyBanc from question And you. comes Capital Markets.

is open. line Your now

Abbie Zvejnieks

on Abbie for Ed. Hi, Zvejnieks this is

low. I So that due changes if is do penetration have to and sellers iBuyer you were know of pricing iBuying then But housing or also you localized the you of a older remodel? that to open higher-value second apparent homes. extended to But question, cross-shopping to buybacks exit seen the Zillow? any stock different And part it still that homes require so, s, believe has seems are the like then

Eric Wu

questions. appreciate I the

how competition. less and and the iBuying, observed we of of part cross-shopping, what first was The question impact is

that fact, that say while is we've a all there's experience, certain, demand are that's we and of than in really our expectations changes, hasn't of expansion. where home in the could your customers. around customers Opendoor. simple, take cross-shopping buybacks our the at on be it in if for more much could home any what we're little to people of the a XX%. older are the our lower our our deliver will be It our investing heavily ability dimensions long is think homes could cases different perspective an the of to customer that our offers and number could to question condition, product. And with to it yes seen list that expanding to home, coverage people costs bit we of offer. fast and too again be attributes it of conversion pick transaction, Again, drive that can accuracy be be on I that delight could in Carrie grow, offer impaired around on. we drive meet your mentioned, there We cross-shopping, trust north And experiences The capabilities And expansion. want and can that pricing win price, the

been team our making not we expanding opportunities, pricing good Our finding felt forecast. sure those has making them offers the through while really to were to good accuracy customers -- that about our and where we offerings and about weren't ability we where really

Abbie Zvejnieks

you. Thank Great.

Operator

Associates. Instructions] And from Our comes question and from next Ryan McKeveny, you. [Operator thank Zelman

Your now open. line is

Ryan Mckeveny

the Carrie for thanks Eric question. and congrats Hey, and taking on the results

the Company, in of can of the mind obviously several of relative ask have risk of risk inventory general the the Just inventory, cohorts resale the also geography with So or of philosophy we different pace. for inventory, selling it risk mentioned terms managing an managing margins obviously that results bit but talk clearly so risk size it's The a my colleagues ultimately where where the and good. the is situation about end the about managing top here, helpful. so time that inventory, you of think of to the your the once would to and you relates side inventory caught portfolio accuracy at how about the to that's asked, management be at and it's on what obviously, very thought based start managing not inventory you day you Carrie staying thoughts call clearly the and unit valuation things management on Part around, it management tailor in then just you way. but see the pricing whether Can the maybe would? DNA thinking get there's of some would impairment modest avoid to that on remaining

Carrie Wheeler

happy color to some you more I'm that. Sure. on give

Ryan, time DNA. We're As the our part constantly looking said side it and as is we at they you spend you sure looking together. hold where at X but on remarks, as We're management feet side, segment, the at own do with every line cohort segments. obviously We thinking our looking performing about really on day. that in performance to geographies, price expected. of highlighted we we're much just not risk on are We our acquisition paired and things home are making fire those that

they we our into the to and forecast it name relative the feeds we are time? to understand, ability how to had, manage to that expectations You ranges have. And over performing margin

for Officer. a risk have We their all who management in people, extend system's lead Chief to core the of our and not It's and But beyond ownership big just time topic this pricing a the team, really spent Investment that. risk by team. the pricing investment very smart

managing homes risk. held and Our for accountable off team,

about, operating Capital our to and has it Our Opendoor thinks really daily levels be. from the risk at we management cadence, what Markets. core It's there. just certainly the down and then part of We meet finance team, do, regularly to team of topic it's senior very management on of

Ryan Mckeveny

Thank That's helpful Carrie. you.

so on the for material of renovation. Second side of question things labor

Scout long take of renovators, of some those customer guys near-term, Opendoor the think and you. an get customizations, like that you that theory, actually platform. time? think to Maybe things term in further into I on Pro.com as over picture in So become, digitally there the a income it obviously are acquisitions that to as step start opposed upgrades, options, commentary and homebuilders, guess Thank stream call could platforms Skylight, and and and should customizing the makes we whether added over and constraints it's some things big can the come in. how bit to Pro.com ties Skylight and just whether sense it's out a a

Eric Wu

good about the founder logistics Pro have expertise known in and find to a rare that and the idea. and consumer road technology. And we pull housing. These scale years. that's I've map, question acquired the have the solving problems and working on for passionate capabilities companies. are us helping forward that they're why going good understand perspective, my can it's be and our to complexity teams They Yeah, teams these a it's combine And in of to Skylight technology Opendoor.

scale. something on with can that we once homes that The we Adding motion comfortable in experience add to lastly, feel want do the will future second consumers in dream something that we about in into something that and these more part deliver and consumer operational put category. capabilities And we we of It's do fantastic your then we to a future. can revenue streams? the importantly, question is, personalize apply help our that

Ryan Mckeveny

Eric. Thanks,

Operator

And further Eric remarks. I the over call Wu would thank to for to closing I'm And showing now questions. you. turn no like back

Eric Wu

one to here put I spend customers. nights thank the that our around when that weekends in delight their our you. Opendoor work are customers. These of and at to is just byproduct a the second helping teammates table teammates want hard no hard that the a Thank spending work results our looking and to

Operator

This call. may conference you. you disconnect. now Thank today's you concludes participating, for Thank