Q2 2024 Opendoor Technologies Inc Earnings Call Transcript
Key Points
- Revenue, contribution margin, and adjusted EBITDA all outperformed guidance.
- Acquisitions grew nearly 80% year over year.
- Seller NPS reached the highest level in two years.
- Expanded product offering with 'List with Opendoor' to nearly all markets.
- Maintained a strong balance sheet with $1.2 billion in total capital.
- Observed additional slowing in the housing market, impacting acquisition volumes.
- Increased spreads and larger home level price drops to maintain clearance levels.
- Adjusted EBITDA loss of $5 million, though improved from the previous quarter.
- Potential risk of full-year contribution margin falling below the 5% to 7% target.
- High delistings and slowing clearance rates led to a decline in home price appreciation.
Good day and thank you for standing by. Welcome to Opendoor's second-quarter 2024 earnings conference call. (Operator Instructions) Please be advised, today's conference is being recorded.
I would now like to turn the conference over to your speaker today, Kimberly Niehaus, Head of Investor Relations. Please go ahead.
Thank you, and good afternoon. Details of our results and additional management commentary are available in our earnings release and shareholder letter, which can be found on the Investor Relations section of our website at investor.opendoor.com. Please note that this call will be simultaneously webcast on the Investor Relations section of the company's corporate website.
Before we start, I would like to remind you that the following discussion contains forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical facts, are statements that could be deemed forward-looking, including, but not
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