Opendoor Investor Presentation Deck
November 2023, 42 slides
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investor presentation | Opendoor
| Opendoor
table of contents overview our delivery platform proven playbook to attract sellers path to positive adjusted net income investment highlights | Opendoor
overview | Opendoor
we powering life progress one move at a time | Opendoor
residential real estate is the category in the us and it highly fragmented the market is massive of are homeowners million homes are sold annually market incumbents are highly fragmented million real estate agents of realtors have another occupation cry | Opendoor
the traditional process is complex uncertain time consuming and of today of buyers and sellers use an agent and this is their experience decide to move finally move decide to move | Opendoor
transforms the home selling process into a simple and certain experience simplicity skip showings making repairs on spec buyer negotiations and managing multiple intermediaries certainty sell for a competitive cash offer on your with no risk of fall through | Opendoor
we make selling a home this simple get a preliminary offer in minutes complete a video assessment get a offer within days choose your closing date and move see how simple it really is | Opendoor
and our customers are delighted by the experience industry leading seller net promoter score to it not about the sale it about trying to help families move they treated me like i was their only client and i had that one on one attention | Opendoor
we creating innovative products so consumers can choose how they want to sell their home sell direct to list with | Opendoor
to do this we rebuilt real estate from the ground up experience product operations pricing foundation of and data science i make | Opendoor
and we just getting started bringing real estate into the digital age category retail grocery used auto real estate category leader | Opendoor
we powering life progress for families like the it pretty incredible thinking back on it now but what allowed us to do is sell our home to them buy a new home and keep the process as seamless as possible see their full story | Opendoor
our delivery platform tools and technology we use to power the best pricing inventory management and operations | Opendoor
home level pricing we collect proprietary data at scale to underwrite every home we purchase third party and proprietary of data computer vision based tools feature level home data | Opendoor
inventory management we balance growth margin risk and capital by optimizing in and out acquisition pricing resale pricing demand and supply indicators market liquidity portfolio allocation home visits portfolio optimization home level pricing structured visit feedback inflows outflows | Opendoor
operations we built a vertically integrated platform with proprietary tools centralized data and proprietary tooling centralization transaction work management platform improves operator productivity ability to centralize in market roles increasing and consistency proprietary tool optimizing assignment of trade partner capacity for home repairs | Opendoor
proven playbook to attract sellers | Opendoor
today we in markets markets market share homes sold fall in our | Opendoor
as markets mature we gain share through marketing investments and a growing future customer base ability to extend pricing capabilities and acquisition playbook to new markets with brand and targeted marketing spend materially higher awareness in mature markets aids offer generation and conversion ability to grow retained customer base with active engagement of those who previously solicited offers expanding national footprint drives increasing spend relative to local media buys | Opendoor
our serviceable market has increased since via market and expansion | Opendoor
we attract sellers through paid marketing and the expansion of our cost partnerships our paid marketing drives top of funnel to our and we grown our partnerships repeat agents national agencies brand digital direct mail search social real estate platforms cost efficient | Opendoor
our growing base of potential customers provides ongoing opportunities to engage future sellers we seeing more engagement from potential customers and they come back when they ready to sell | Opendoor
we see improvements in conversion as we lower spreads and increase brand awareness we understand how conversion responds to adjustments in our offer spreads increased awareness improves conversion | Opendoor
path to positive adjusted net income with of run rate revenue and performance at the high end of our annual targets | Opendoor
we well positioned to deliver margin improvements in and beyond we building a new book of inventory with healthy margins the old book of homes is nearly behind us we reduced our cost structure for near term volumes | Opendoor
since we have expanded our reach through increases to markets and partnerships markets in market coverage serviceable market sam share needed to achieve of revenue acquisitions from partnership channels current significantly | Opendoor
we adjust spreads to target an annual contribution margin of holding selling costs home price appreciation assumption adjacent services fee based products service fee spread annual target contribution margin teel | Opendoor
we incorporate annual home price seasonality into our spread assumption typically majority of realized in with at to moderately negative in revenue a | Opendoor
we have a track record of leveraging our operating expenses over time adjusted operating expenses as a of revenue | Opendoor
we target inventory turns of times per year mitigating the impact of interest rate changes at the transaction level weighted average interest rate turns turns turns turns we have a robust and dynamic capital structure built to adapt for growth | Opendoor
illustrative we have a path to adjusted net income at steady state run rate of of revenue home price of homes acquired and sold month revenue contribution margin operating expenses net interest expense net income | Opendoor
investment highlights | Opendoor
investment highlights massive highly fragmented market superior consumer experience highly differentiated purpose built delivery platform proven playbook for expansion and a growing customer base path to positive adjusted net income | Opendoor
appendix | Opendoor
non references | Opendoor
non references | Opendoor
non references | Opendoor
non references | Opendoor
non reconciliations definitions | Opendoor
investor presentation | Opendoor
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